Uttam Sugar Mills surges on getting nod to increase distillery, cane crushing capacities
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Uttam Sugar Mills is currently trading at Rs. 315.20, up by 11.35 points or 3.74% from its previous closing of Rs. 303.85 on the BSE.
The scrip opened at Rs. 315.90 and has touched a high and low of Rs. 321.50 and Rs. 313.55 respectively. So far 53606 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 337.30 on 22-Apr-2022 and a 52 week low of Rs. 182.00 on 24-Feb-2022.
Last one week high and low of the scrip stood at Rs. 321.50 and Rs. 278.00 respectively. The current market cap of the company is Rs. 1212.60 crore.
The promoters holding in the company stood at 73.32%, while Institutions and Non-Institutions held 1.09% and 25.58% respectively.
Uttam Sugar Mills has received an approval from board of directors to increase/ enhance its Distillery capacity (Ethanol) from 150 KLPD to 250 KLPD at Barkartpur plant of the company. The project cost is Rs 56 crore will be financed through internal accruals and loans under the interest subvention scheme of Department of Food and Public Distribution, GOI.
The Central Government is encouraging mixing of ethanol with fuel as the same is eco-friendly & saves foreign exchange for the Country. Keeping in view the Government's policy and increased demand of Ethanol at National level, the Company has decided to increase/enhance the Distillery capacity (Ethanol) at Barkatpur Plant of the Company.
The board has also approved the increase / enhancement in the Cane Crushing capacity from 23750 TCD to 26200 TCD of the company and improvement in energy efficiency. The project cost is Rs 40 crore will be financed through internal accruals / loans. Keeping in view the increased yield and sugar content in the cane as a result of intensive ‘Cane Development Programme’ undertaken by the Company, the Company has decided to install the balancing equipments to take care of additional cane availability and higher sucrose content in cane. It shall result in improvement in operating performance and energy efficiency of the plants as well as resultant capacity enhancement. The Board of Directors at its meeting held on January 10, 2023 has approved the same.
Uttam Sugar Mills is among the leading producer of Double Refined Sugar in the country.
