Stock-split news sweetens Ugar Sugar

DALAL STREET SPIKES

Ugar Sugar Works went up on stock spilt. The stock of the sugar company hit the daily circuit filter of 2 per cent to close at Rs 268.10. The gains were however on thin volumes of just 5,959 shares on BSE.

The company said that its board of directors is scheduled on April 27 to take on record the unaudited financial results for quarter ended March 31, 2005 and also consider sub-division (split) of existing equity shares of Rs 10 each.

Ugar Sugar is the second largest single location sugar manufacturer in southern India. The company recently got a Rs 40 crore refinance facility from Rabo India Finance to retire its high-cost debt.

"Sugar sector stocks have witnessed smart gains of late in anticipation of firm sugar prices," said a dealer with a domestic broking firm.