The shares of Balrampur Chini Mills Limited were trading 1.5 per cent lower till Thursday afternoon at Rs 324 levels. For the past month, the stock has been volatile and has shed approximately 10 per cent.
However, the stock has delivered a multibagger return of 118 per cent in 2 years as the share price has risen from Rs 149 to the current levels.
Balrampur Chini Mills Limited is one of the largest sugar manufacturers in India. The company was one of the first to diversify its business from Sugar to distillery and cogeneration.
The board of the sugar company recently announced a share buyback of Rs 145.44 Crores. The shares will be bought back by the company at Rs 360 apiece which gives it a premium of 11% from the current levels.
In Q2FY23, the company reported a total revenue of Rs 1,113 Crores as compared to Rs 1,213 crores in the same period a year ago. In the quarter under review, the company reported a loss of Rs 31 crores as against a profit of Rs 81 crores in Q2FY22.
The company has a market capitalization of Rs 6,689 Crores and a dividend yield of 0.76% as of November 10th, 2022.
The promoters hold a 42.42 per cent stake in the company and the Foreign Institutional Investors (FIIs) hold a 15.27 per cent stake.
Written by Anoushka Roy
