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Dwarikesh Sugar extends fall on profit booking; trades ex-stock split

SI Reporter/Mumbai 10 Aug 17 | 10:52 AM

Dwarikesh Sugar Industries dipped 9% to Rs 61 in intra-day trade, extending 11% decline in past two days on BSE, on profit booking. The stock is trading at ex-stock split in a ratio of 10:1.

In past three weeks, between July 17 and August 8, the stock of sugar Company zoomed 76% from Rs 42.65 to Rs 75 (adjusted to stock split). On comparison, the S&P BSE Sensex was up 0.62% during the same period.

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The board of directors of the company is schedule to meet today to consider unaudited financial results for the quarter ended June 30, 2017 (Q1FY18).

Dwarikesh Sugar had fixed the book closure date from August 12, 2017 to August 19, 2017 (both days inclusive) for the purpose of Dividend & Annual General Meeting (AGM),  and also for the purpose of sub-division of 1 (one) equity share of face value of Rs 10 each into 10 (Ten) equity shares of Re 1 each.

Stock splits are usually carried out to make the company’s stocks more affordable to retail shareholders, thereby widening the shareholder base, which in turn boosts the liquidity for these stocks.

Dwarikesh Sugar has equity capital of Rs 18.83 crore, of which 41.87% stake are with the promoters. Bodies corporate held 11% holding, while institutional investors hold 2.67% stake.

Individual shareholders hold 35.73% stake in the company. Anil Kumar Goel (4.21%), Mukul M Agarwal (2.66%), Seema Goel (1.6%) and Dolly Khanna (1.5%) are among individual shareholders hold more than 1% stake as of June 30, 2017, the shareholding pattern data shows.

At 10:47 am, the stock was down 3.5% at Rs 64.40, after hitting high of Rs 68.50 on BSE in intra-day trade. A combined 2.09 million shares changed hands on the counter on BSE and NSE so far, against an average 1.8 million shares were traded daily in past two weeks before stock split.

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