CorporateShree Renuka at new 52-wk high on overseas acquisition
The stock touched a high of Rs 233 and finally settled 4% higher at Rs 228. The counter clocked volumes of 1.93 million shares on the BSE.
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(Updated at 1006hrs)
Shree Renuka Sugars has gained in opening trades following acquisition of Brazilian firm.
The stock opened at Rs 222 and surged over 3% to a new 52-week high of Rs 225. It is now trading with a gain of 2.3% at Rs 224. Around 112,461 shares have changed hands at the counter so far.
The company has acquired Brazil"s Vale Do Ivaí SA Açúcar e Álcool (VDI) at an enterprise value of $240 million (Rs 1,112 crore). This is the first overseas acquistion by an Indian sugar company and comes at a time when sugar companies are looking for opportunities abroad, partly due to restrictions on undertaking farming directly.