India's Uttam Sugar Mills hits 8-month high on increased capacity at plant

Uttam Sugar Mills

11/01/2023 04:17

** Shares of Uttam Sugar Mills Ltd  UTSM.NS  rise as much as
5.8% to 321.7 rupees, their highest since April 25, 2022
    ** The Indian sugar manufacturer late on Tuesday said it
increased its distillery capacity for ethanol from 150 KLPD to
250 KLPD at Barkartpur plant
    ** UTSM said it requires investment of 560 mln rupees ($6.85
million) for the Barkartpur plant    
    ** Cane crushing capacity was also increased from 23750 TCD
to 26200 TCD at the plant
    ** Co said it will install balancing equipments at the cost
of 400 mln rupees for additional cane availability and higher
sucrose content
    ** More than 620,000 shares change hands by 09:34 a.m. IST,
2x the 30-day moving avg of 304,621 shares
    ** Stock rose ~59% last year
($1 = 81.7820 Indian rupees)
 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))