Sakthi Sugars falls 3% after Asset Reconstruction Company sells 17 lakh shares

On August 17, 71 lakh Sakthi Sugars shares changed hands on the exchanges, which was almost seven times more than its monthly traded average.

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Sakthi Sugars shares were down 2.93 percent at Rs 26.50 at 12.25 pm on August 18 after Asset Reconstruction Company sold 17 lakh Sakthi Sugar shares on August 17.

Asset Reconstruction Company sold Sakthi Sugars shares at Rs 27.33 on the National Stock Exchange.

On August 17, 71 lakh Sakthi Sugars shares changed hands on the exchanges, which was almost seven times more than its monthly traded average.

Asset Reconstruction Company had sold 9.56 lakh Sakthi Sugars shares on June 22 and 7.42 lakh shares in June 16.

Asset Reconstruction Company had picked a partial stake in Sakthi Sugars after Indian Overseas Bank dragged the company to NCLT for a Rs 46 crore loan default.

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Sakthi Sugars had a weak April-to-June quarter. Net profit for the company fell 53 percent Year-on-Year (YoY) to Rs 81 crore in the April-to-June quarter. However, revenue increased 22 percent YoY to Rs 373 crore.

Sakthi Sugars’ revenue from sugar business increased 16 percent YoY to Rs 370 crore in the same period.

Sakthi Sugars is one of the largest producers of sugar in the country. Expanding its industrial presence, Sakthi Sugars expanded its activities into manufacturing of Industrial Alcohol in the year 1972 at Sakthinagar, Tamil Nadu.

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