Corporate

Shree 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. _________________________________________________ Jindal Steel brightens on acquisition buzz (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.

Add your comment:

Name:
Site address:	http://
Your message:
Enter today\\\\'s date, 2 digits (spam protection):