Davangere Sugar Company shines on getting nod to expand capacity of Ethanol production
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Davangere Sugar Company is currently trading at Rs. 78.00, up by 3.10 points or 4.14% from its previous closing of Rs. 74.90 on the BSE.
The scrip opened at Rs. 74.90 and has touched a high and low of Rs. 81.90 and Rs. 74.90 respectively. So far 4082 shares were traded on the counter.
The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 89.75 on 18-Jan-2023 and a 52 week low of Rs. 21.00 on 22-Aug-2022.
Last one week high and low of the scrip stood at Rs. 81.90 and Rs. 72.00 respectively. The current market cap of the company is Rs. 733.86 crore.
The promoters holding in the company stood at 74.45%, while Non-Institutions held 25.55% stake in the company.
Davangere Sugar Company has received approval from board of directors to expand capacity of Ethanol production from 65KLPD to 110 KLPD. The investment required for said expansion is Rs 54 crore. The government set ambitious targets of achieving a 10% blending of ethanol with petrol (E10) by 2022, with a further goal of reaching 20% blending (E20) by 2025. These targets are part of the government’s broader strategy to boost the production and consumption of ethanol in the country. The Board of Directors at its meeting held on July 28, 2023 has approved the same.
Davangere Sugar Company is exporter, supplier and manufacturer of sugar. The company also engaged in the business of Sugar, Power.
