Ugar Sugar Works tanks 5% despite posting profit in June quarter

NEW DELHI: Shares of Ugar Sugar Works, the flagship unit of Shirgaokar Group of companies, fell 5 per cent in morning trade on Wednesday despite posting a profit of Rs 1.1 crore for the June quarter.

The company had reported a net loss of Rs 92.60 crore in the same period last year. Total income from operations stood at Rs 83,730.22 lakh compared with Rs 65,209.98 lakh reported for the corresponding quarter last year.

Ugar Sugar has been involved in the manufacture of white crystal sugar for over 75 years and crushes a total of 18,000 tcd (tonnes of cane) daily.

At 10:53 am, shares of the company were trading at Rs 59.95 apiece, down 4.99 per cent from its previous close on the Bombay Stock Exchange (BSE).