Mawana Sugars shares rallied 7 percent on March 29 following plans to sell non-agricultural land in Uttar Pradesh. The stock has seen the biggest single-day rally since March 8.
The sugar producer informed exchanges that its board of directors has constituted a Committee of Independent Directors to explore the possibility and take all necessary steps to sell the company's non-agricultural land in Uttar Pradesh.
The land admeasuring 40.493 acres is situated at village Bajhera Kalan in Ghaziabad.
In the quarter ended December FY23, Mawan Sugars has recorded significant decline in profit after tax on weak operating performance and lower topline growth. Consolidated profit fell by 65 percent to Rs 5.3 crore and revenue declined 1.2 percent to Rs 481.8 crore, compared to year-ago period.
The stock traded at Rs 84 on the NSE, up 7 percent at 14:27 hours IST. It has formed long bullish candlestick pattern on the daily charts with above average volumes, recouping all its losses of previous three consecutive trading sessions.
Also the stock seems to have formed double bottom kind of pattern in previous session, which is a bullish reversal pattern, the technical experts feel.