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On Tuesday, the sugar manufacturing company saw its shares rise by 5.4 percent, reaching an intraday high price of ₹84.10 per share. This surge came as the company’s board announced plans to discuss a stock split during the April 19th board meeting. 

Davangere Sugar Company Ltd is a micro-cap stock with a market capitalization of ₹776 crore. At 1:30 p.m, company shares were trading at ₹82.55 per share, up 3.45 percent from the previous close price on the stock exchange. 

The company’s board of directors to consider and approve the proposal to Sub-Division or split the equity shares at the upcoming board meeting, which is scheduled for Friday, April 19, 2024. As per the company’s filing. 

Shares of Davangere Sugar Company Ltd have experienced a 24% decrease in value over the past month and a 50% decrease over the past year. 

Davangere Sugar manufactures sugar from sugarcane and generates electricity through co-generation. The company has a manufacturing operation in Karnataka with a sugar-crushing capacity of 4750 TCD. 

Recently, the company’s board of directors approved an expansion of ethanol production capacity from 65 KLPD (Kilo Litre Per Day) to 110 KLPD. For an investment of ₹54 crore. Currently, the company’s capacity utilization stands at an impressive 99.96%. 

In a recent quarter, the company board approved the commissioning of the CO2 Plant. To convert the waste molasses fermentation into liquefied Carbon dioxide and dry ice for an investment of ₹ 3 crores. 

As of the recent shareholding pattern, the company promoter holds a 74.36 percent stake in the company and retail investors hold a 25.65 percent stake in the company.

Written by Omkar Chitnis 

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