{"id":132164,"date":"2024-08-28T15:18:55","date_gmt":"2024-08-28T09:48:55","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=132164"},"modified":"2024-08-28T15:19:00","modified_gmt":"2024-08-28T09:49:00","slug":"ethanol-stock-falls-10-after-sebi-bans-companys-promoters-for-fund-diversion","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/ethanol-stock-falls-10-after-sebi-bans-companys-promoters-for-fund-diversion\/","title":{"rendered":"Ethanol stock falls 10% after SEBI bans company&#8217;s promoters for fund diversion"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3628093184\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Shares of the company specializing in manufacturing Sugar, Ethanol, and co-generation of power, dropped nearly 10 percent after SEBI banned some of its promoters for fund diversions and mismanagement, and imposed a fine of Rs.63 crore on the company.&nbsp;<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-927195506\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><h2 class=\"wp-block-heading has-medium-font-size\"><strong>Price Movement&nbsp;<\/strong><\/h2><p>The share price of <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/RANASUG\/standalone\" target=\"_blank\" rel=\"noreferrer noopener\">Rana Sugars Limited<\/a><\/strong> dropped by 10 percent, reaching an intra-day low of Rs.21 per share, down from its previous close of Rs.23.32 apiece.\u00a0<\/p><h2 class=\"wp-block-heading has-medium-font-size\"><strong>What lead to the fall&nbsp;<\/strong><\/h2><p>SEBI has banned the promoters and officials of Rana Sugars from securities markets for two years and imposed a Rs.63 crore fine over fund diversion and financial misstatements. The order, issued on August 27, found that company funds were misused to benefit the promoters and their families.&nbsp;<\/p><p>Fines include Rs.9 crore for managing director Inder Pratap Singh Rana, Rs.5 crore for chairman Ranjit Singh Rana, and Rs.5 crore for director Veer Pratap Singh Rana&nbsp;<\/p><div class=\"trade-content_5\" id=\"trade-1440237821\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>SEBI also instructed Rana Sugars to recover Rs.607 crore from related entities, including Rs.339 crore in receivables and Rs.268 crore in interest dues.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Also read<\/strong><\/p>\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-trade-brains wp-block-embed-trade-brains\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"GJsgMePUU7\"><a href=\"https:\/\/tradebrains.in\/features\/ashish-kacholia-stock-hits-5-upper-circuit-after-receiving-296-cr-order-from-solar-energy-corp\/\">Ashish Kacholia stock hits 5% upper circuit after receiving \u20b9 296 Cr order from solar energy corp<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Ashish Kacholia stock hits 5% upper circuit after receiving \u20b9 296 Cr order from solar energy corp&#8221; &#8212; Trade Brains\" src=\"https:\/\/tradebrains.in\/features\/ashish-kacholia-stock-hits-5-upper-circuit-after-receiving-296-cr-order-from-solar-energy-corp\/embed\/#?secret=zmrpsw53O6#?secret=GJsgMePUU7\" data-secret=\"GJsgMePUU7\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure><\/blockquote><p>SEBI\u2019s investigation, covering from FY15 to FY21, resulted in a show-cause notice on August 10, 2023, sent to 15 parties including Rana Sugars and its promoters.&nbsp;<\/p><p>The notice alleged that the company funneled money through intermediary companies Flawless Traders, Century Agros, Jay Aar Builders, RJ Texfab, and RGS Traders, which then quickly passed the funds to individuals like Inder Pratap Singh Rana and others.&nbsp;<\/p><p>The allegations of misusing company funds for personal benefits may damage the long-term reputation of Rana Sugars and its management. This reputational hit can affect future business dealings, partnerships, and customer trust, potentially impacting sales and market position&nbsp;<\/p><h2 class=\"wp-block-heading has-medium-font-size\"><strong>Production Capacity&nbsp;<\/strong><\/h2><p>Rana Sugars Limited operates three manufacturing facilities with a total cane crushing capacity of 20,500 tonnes per day. These facilities are spread across different locations Moradabad, Rampur (both in Uttar Pradesh), and Amritsar (Punjab).&nbsp;<\/p><h2 class=\"wp-block-heading has-medium-font-size\"><strong>Financials&nbsp;<\/strong><\/h2><p>Rana Sugars Limited reported poor financial performance for the quarter ending June 30, 2024. The company\u2019s consolidated revenue was Rs. 462.05 crore, down 7.6 percent from Rs. 499.94 crore in the same quarter last year. Additionally, net profit for Q1 FY25 decreased significantly by 87.7 percent to Rs. 1.9 crore, compared to Rs. 15.37 crore in Q1 FY24.<\/p><div class=\"trade-content-10\" id=\"trade-3976889775\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><h2 class=\"wp-block-heading has-medium-font-size\"><strong>Company Profile&nbsp;<\/strong><\/h2><p>Rana Sugars Limited (RSL) is part of the Rana Group and was established as a joint venture with Punjab Agro Industrial Corporation Ltd. The company operates as an integrated sugar manufacturer with interests in sugar production, ethanol production, and power generation.&nbsp;<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong><em>Written by &#8211; Siddesh S Raskar&nbsp;<\/em><\/strong><\/p><\/blockquote><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Also read<\/strong><\/p>\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-trade-brains wp-block-embed-trade-brains\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"moQ9ZmOPU2\"><a href=\"https:\/\/tradebrains.in\/features\/stock-hits-5-upper-circuit-after-it-sets-record-date-for-11-stock-split\/\">Stock hits 5% upper circuit after it sets record date for 1:1 stock split\u00a0<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"&#8220;Stock hits 5% upper circuit after it sets record date for 1:1 stock split\u00a0&#8221; &#8212; Trade Brains\" src=\"https:\/\/tradebrains.in\/features\/stock-hits-5-upper-circuit-after-it-sets-record-date-for-11-stock-split\/embed\/#?secret=4zR1HP3zAx#?secret=moQ9ZmOPU2\" data-secret=\"moQ9ZmOPU2\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure><\/blockquote><h2 class=\"wp-block-heading has-medium-font-size\"><strong>Disclaimer<\/strong><\/h2><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-622739126\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Shares of the company specializing in manufacturing Sugar, Ethanol, and co-generation of power, dropped nearly 10 percent after SEBI banned some of its promoters for fund diversions and mismanagement, and imposed a fine of Rs.63 crore on the company.&nbsp; Price Movement&nbsp; The share price of Rana Sugars Limited dropped by 10 percent, reaching an intra-day [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":94946,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[19933,21994,10904,948,936,21995],"class_list":["post-132164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-ethanol-stock","tag-rana-sugars-latest-news","tag-rana-sugars-share-price","tag-stock-market","tag-stock-market-news","tag-why-is-rana-sugars-share-falling"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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