1:10 Stock Split: Friday, 31st May 2024 Fixed As Record Date; Buy/Sell The FMCG Sugar Stock?

Since its founding in 1970, the Kukkuwada, Karnataka-based Davangere Sugar Company Limited has expanded its range of products from sugar to ethanol solutions and sustainable power. With an immense sugar facility that can now process 6000 tonnes of cane crushed per day, Davangere Sugar Company Ltd is a major participant in the sugar sector. With a phenomenal 24.45 MW capacity, the firm's cogeneration operation generates 6,22,17,400 KWH per day. Meanwhile, its 65 KLPD capacity powers its production of 1,99,39,345 KL of ethanol, making it a prominent and sustainable company that produces sugar and ethanol.

Davangere Sugar Company Stock Split

"This is to inform you that in terms of Regulation 42 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Company has fixed Friday, May 31, 2024 as the Record date for the purpose of sub-division of 1 Equity Share of nominal value of Rs. 10/- (Rupees Ten only) each fully paid up into 10 Equity Shares of Re. 1/- (Rupee one only) each fully paid up, ranking pari-passu in all respects which was approved by the Equity Shareholders through an Extra Ordinary General Meeting held on 15th May 2024," said Davangere Sugar Company in a regulatory filing.

The stock split has been approved with a view to enhance the liquidity of the company's equity shares and to encourage the participation of retail investors by making equity shares of the company more affordable.

Davangere Sugar Company News

The company has informed the exchanges about Board Meeting to be held on 24-May-2024 to consider and approve the yearly audited financial results of the company for the period ended March 2024 and other business.

Davangere Sugar Company Financials

Davangere Sugar Company's net profit jumped 143.91% to Rs 5.61 crore in the quarter that ended in December 2023 from Rs 2.30 crore in the quarter that ended in December 2022. Sales for the quarter ended December 2023 dropped 17.32% to Rs 78.31 crore from Rs 94.71 crore in the quarter ending December 2022. Its EBIT stood at Rs 13.55 Cr in Q3FY24 which was Rs 12.31 Cr in Q3FY23.

Davangere Sugar Company Share Price Target

"Davangere Sugar stock price is sideways to bearish on the Daily charts with strong resistance at 103. A daily close below support of 91 could lead to a target of 71 in the near term," said AR Ramachandran from Tips2trades.

Disclaimer

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