The shares of this renowned sugar producer declined by 4.5 percent to Rs 52.35 a share on Thursday after the State Bank of India reduced its stake by 2.06 percent in the company.
At 11:30 a.m., Rajshree Sugars and Chemicals Ltd shares were trading at Rs 53.50 a share, down 3.37 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 175 crore.
According to the company’s exchange filing, State Bank of India has reduced t its shareholding in the company by 6,81,508 equity shares or 2.06 percent in the September quarter of 2023-24, from 24,37,000 equity shares or 7.35 percent to 17,55,492 equity shares or 5.30 percent.
Rajshree Sugars and Chemicals revenue has increased by 1.3 percent yearly, from Rs 224 crore in Q1FY23 to Rs 227 crore in Q1FY24. In the same time frame, the company’s net profit increased from a loss of Rs 11 crore to a profit of Rs 8 crore.
As of the September 2023-24 quarter, Dolly Khanna holds 3,47,035 shares in the company, or 1.05 percent.
The stock has returned 25 percent in the last six months and 53 percent in the last year.
According to the recent shareholding pattern, the company promoters hold 40.66 percent of the company, while Domestic institutional investors hold 11.8 percent and retail investors hold 47.49 percent stake.
Rajshree Sugars & Chemicals Limited is engaged in the business of sugar, industrial alcohol, and Power cogeneration activities.
Written by Omkar Chitnis
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