Uttam Sugar Mills gains 3% on capacity enhancement

The enhanced capacity is to be added by December 2023 with an investment of Rs 56 crore.

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The Uttam Sugar Mills share price climbed nearly 6 percent intraday on January 11 after the company decided to increase its distillery capacity (ethanol) at the Barkartpur plant.

At 11:52am, Uttam Sugar Mills was quoting at Rs 315.00, up Rs 11.15, or 3.67 percent, on the BSE.

The board of directors of the company in their meeting held on January 10 approved to step up the distillery capacity (ethanol) from 150 KLPD to 250 KLPD at the Barkartpur plant of the company, the company said in a release.

The enhanced capacity is to be added by December 2023 with an investment of Rs 56 crore. The existing capacity utilisation of the said plant is 100 percent, the company said.

The project cost will be financed through internal accruals and loans under the interest subvention scheme of the Department of Food and Public Distribution of the Government of India, it said.

Keeping in view the government’s policy and increased demand of ethanol at national level, the company has decided to increase the distillery capacity (ethanol) at the Barkatpur plant, it added.

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The company also decided to increase the cane crushing capacity from 23,750 TCD to 26,200 TCD and improve energy efficiency with an investment of Rs 40 crore by November 2023.