 "Balrampur Chini hits 52-week high; soars over 10%")
Shares of Balrampur Chini Mills has soared 19% to Rs 85.70, also its 52-week high on the NSE, in an otherwise weak market in late noon deals on the back of heavy volumes.
The trading volumes on the counter jump multi-fold with a combined 14.17 million shares changed hands against an average sub three million shares that were traded daily in past two weeks on the NSE and BSE.
In past five trading sessions, the stock surged 32% from Rs 62.05 on November 10, as compared to 0.57% decline in the Nifty 50.
Balrampur Chini had posted standalone net loss of Rs 14.42 crore for the quarter ended September 2015 against a net loss of Rs 63.9 crore in the same quarter of last fiscal.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 0.68% from 0.01% during the quarter.
Commenting on the performance for Q2 results, Mr. Vivek Saraogi, Managing Director, Balrampur Chini Mills said, “The Central Government has announced a slew of measures for the ailing sugar industry. We welcome these steps to help resolve the problems being faced by the sugarcane farmers and the sugar industry”.
We remain hopeful that as the new crushing season commences a longer-term solution on cane pricing is arrived at, which would ensure the sustainability of the sugar sector, he added.
Balrampur Chini has 11 sugar factories in Uttar Pradesh with aggregate crushing capacity of 79,000 tonnes per day.
At 03:05 PM, the stock was up 17% at Rs 84.20 as compared to 1.43% fall in Nifty 50.
The trading volumes on the counter jump multi-fold with a combined 14.17 million shares changed hands against an average sub three million shares that were traded daily in past two weeks on the NSE and BSE.
In past five trading sessions, the stock surged 32% from Rs 62.05 on November 10, as compared to 0.57% decline in the Nifty 50.
Balrampur Chini had posted standalone net loss of Rs 14.42 crore for the quarter ended September 2015 against a net loss of Rs 63.9 crore in the same quarter of last fiscal.
EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved to 0.68% from 0.01% during the quarter.
Commenting on the performance for Q2 results, Mr. Vivek Saraogi, Managing Director, Balrampur Chini Mills said, “The Central Government has announced a slew of measures for the ailing sugar industry. We welcome these steps to help resolve the problems being faced by the sugarcane farmers and the sugar industry”.
We remain hopeful that as the new crushing season commences a longer-term solution on cane pricing is arrived at, which would ensure the sustainability of the sugar sector, he added.
Balrampur Chini has 11 sugar factories in Uttar Pradesh with aggregate crushing capacity of 79,000 tonnes per day.
At 03:05 PM, the stock was up 17% at Rs 84.20 as compared to 1.43% fall in Nifty 50.