The company's board approved the proposal for raising funds from its holding company Wilmar Sugar Holdings through external commercial borrowings (ECB) to refinance existing debts.
Total income dipped to Rs 1,003.9 crore in the third quarter from Rs 1,140 crore in the corresponding period of previous year.
The acquisition of the shares triggered an open offer, under which WSH proposed to buy up to additional 26 per cent in Shree Renuka Sugars at a price of Rs 16.29 per share totalling Rs 811 crore.
Due to the falling domestic sugar prices and the company’s aggressive expansion plans for South America, Shree Renuka Sugars has been reeling under debt.
But the divestment of the Brazilian operations of the company is subject to any necessary approvals, Shree Renuka Sugars said in a BSE filing.
In a regulatory filing, the company said "Narendra Murkumbi has tendered his resignation from his executive position as Vice Chairman and Managing Director of the company."
Shree Renuka Sugars reported its Q2 numbers with sugar segment dragging the revenues down. In an interview with CNBC-TV18, Narendra Murkumbi, VC and MD, Shree Renuka Sugars spoke about the results and his outlook for the company.
According to Satish Gupta of astrostocktips sugar stocks like Balrampur Chini, Shree Renuka Sugars, Triveni Engineering, Uttam Sugar and Dalmia Bharat Sugar will get astrological support.
Dhampur Sugar Mills went up 3.98 per cent, Triveni Engineering and Industries 3 per cent, Balrampur Chini Mills 3 per cent and EID Parry India 2 per cent. The food ministry had proposed an increase in import duty on the ground that fall in local prices will affect millers' capacity to pay cane dues to growers.
Satish Gupta of astrostocktips is of the view that sugar stocks like Shree Renuka Sugars, Bajaj Hindustan, Balrampur Chini, Dhampur Sugar, Dwarikesh Sugar and Triveni Engineering will get astrological support.
"I do not expect the government to allow prices to spike, I expect that some imports will be required and will be allowed", Narendra Murkumbi, VC & MD of Shree Renuka Sugars told CNBC-TV18.
The allotment of equity shares to Standard Chartered Bank, which is one of the lenders from the Joint Lenders' Forum, in lieu of and against the conversion of a part of the loans availed by the company from Standard Chartered Bank.
Acccording to Satish Gupta of astrostocktips, sugar stocks like Oudh Sugar, Mawana Sugar, Upper Ganges, Shree Renuka Sugar, Dalmia Sugar and Dwarikesh Sugar will get astro support.
In an interview to CNBC-TV18‘s Manisha Gupta, Narendra Murkumbi, Vice Chairman & MD at Shree Renuka Sugars spoke about the rise in sugar prices and whether there would be any stringent measures from the government to ramp up production and curb prices.
Mitessh Thakkar of miteshthacker.com recommends buying Shree Renuka Sugars and Sun Pharmaceutical Industries.
Here are a few top buzzing midcap stocks picked by CNBC-TV18's analysts in trade today. We have - M&M, Tata Motors, Bajaj Auto, CCL Prodcuts, Dishman Pharma, Shree Renuka Sugars, Chennai Petro, MRPL & Cholamandalam Investment.
The prices for the first nine months were around Rs Rs 30-32/kg ex-mill but increased over the last 30-days to Rs 36/kg. Hopeful of them going up further, said Narendra Murkumbi, VP & MD, Shree Renuka Sugars.
Tata Motors | Mahindra & Mahindra | Cipla | Marico | Tata Global Beverage | RPG Life | Cummins India | Apar Industries | Oricon Enterprises | Teamlease | NHPC and Sona Koyo are stocks, which are in the news today.