Balrampur Chini continues to sweeten investor appetite owing to buy-back plan

Balrampur Chini, country’s second largest sugar making company is all gearing to buy back its equity shares worth 175 crore not exceeding one crore equity shares. According to the company statement to the bourses, the company will buy the stocks at a price of Rs 175 per stock.

The stock of the company on December 3, is trading with a gain of 2.49 per cent at Rs 132.80 as at 10.14 am.  On an intra-day the stock even touched an intraday high of five per cent. In the last one month the stock has rallied as much as 14 per cent.

The competitors of the company also are reveling in glory, as the government has announced debt restructuring plans for the sugar companies. The sugar stocks on Jan 2, closed up in the range of 3 to 15 per cent. The stock of Uttam Sugar has jumped as much as 35 per cent; whereas Simbhaoli Sugars is up by 25 per cent; Shree Renuka Sugars and Bajaj Hindusthan Sugar closed high on Jan 2 with gains in the range of 12 to 11 per cent.