Sugar stocks turn bitter; Shree Renuka hits 52-week low

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Sugar stocks turn bitter; Shree Renuka hits 52-week low

Sugar stocks turned bitter for traders and investors in trade today. UP government raised the SAP for sugarcane in season started October by Rs 35-40 per quintal to Rs 235-250 per quintal.

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Sugar stocks turned bitter for traders and investors in trade today. UP government raised the SAP for sugarcane in season started October by Rs 35-40 per quintal to Rs 235-250 per qtl. Mills will now have to pay farmers at least Rs 240 per quintal for fair average cane, Rs 250 per quintal for early maturing varieties that have higher recovery and Rs 235 for late maturing cane, against Rs 205, Rs 210 and Rs 200 per qtl respectively during the last year.

Brazil's main sugar industry group Unica showed production to fall at 30.8 million tonnes from 31.57 million tonnes. The crop will decline for the first time in 11 years due to bad weather during crop development and poor yields from aging cane fields have led Unica to cut its output forecasts. (12th October 2011).

Shree Renuka Sugars, country's largest sugar company by market cap, reported a dismal performance in the quarter ended September 2011.

Its consolidated net loss stood at Rs 615.8 crore in the fourth quarter of FY11 as against profit of Rs 127.9 crore in the corresponding quarter of last fiscal. Adjusted net loss came in at Rs 46 crore.

Sales fell 5.1% to Rs 2,334.9 crore from Rs 2,459.8 crore during the same period.

EBITDA dropped 17.8% to Rs 244 crore in the July-September quarter of 2011 versus Rs 297 crore in a year ago period. Operating profit margin grew at 10.5% versus 12.1% year-on-year.
 
Interest cost moved up sharply by 63.5% to Rs 192 crore from Rs 117.7 crore year-on-year while on quarter-on-quarter basis - it rose 18.5%.

Depreciation cost jumped 53% to Rs 225.1 crore from Rs 147.1 crore year-on-year whereas on quarter-on-quarter basis - it went up 25.5%.

Bajaj Hindusthan touched a 52-week low of Rs 30.30. At 10:28 hrs the share was quoting at Rs 30.80, down Rs 0.85, or 2.69%. It was trading with volumes of 412,138 shares.

Shree Renuka Sugars touched a 52-week low of Rs 36. At 10:28 hrs the share was quoting at Rs 41.40, down Rs 10.30, or 19.92%. It was trading with volumes of 4,931,111 shares.

Dhampur Sugar Mills touched a 52-week low of Rs 37.20. At 10:27 hrs the share was quoting at Rs 37.30, down Rs 0.65, or 1.71%. It was trading with volumes of 11,622 shares.

Triveni Engineering and Industries touched a 52-week low of Rs 18.20. At 10:29 hrs the share was quoting at Rs 19.25, down Rs 0.75, or 3.75%. It was trading with volumes of 87,967 shares.

Balrampur Chini Mills touched an intraday high of Rs 49.75 and an intraday low of Rs 46.95. At 10:29 hrs the share was quoting at Rs 47.35, down Rs 3.40, or 6.70%. It was trading with volumes of 95,872 shares.