The stock jumped 8.86% on September 6.
Shree Renuka Sugars is a global agribusiness and bioenergy company. The company is one of the largest sugar producers in the world, India’s largest sugar manufacturer and one of the largest sugar refiners in the world. The company makes fuel-grade ethanol that can be blended with gasoline. The company also generates electricity from bagasse (a by-product of sugarcane) for captive consumption and sale to the utility grid in India and Brazil.
The company posted strong results for the June quarter. Sales amounted to Rs 1,919.70 crore, a year-on-year growth of 141.56% from Rs 974.70 crore in the first quarter of FY22, driven by volume and price growth, the refinery and distillery segments being the major contributors.
In Q1FY23, the company reported a loss of Rs 103 crore against the loss of Rs 228.30 crore reported in Q1FY22, recording a 54.71% reduction in losses.
The stock has gained over the past 5 days and has returned 14.72% over the period. It has a maximum of 52 weeks of Rs 63.25 and a minimum of 52 weeks of Rs 24.45. On Tuesday afternoon, the stock rose by 8.76% and the certificate is trading at Rs 52.15.