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Share Market News: Shares of Davangere Sugar Company Limited surged around 8 per cent on Monday i.e. February 19. The counter opened with a gain of 4.95 per cent and went on to rise 7.96 per cent to hit an intraday high of Rs 107.69. The stock has been gaining for the last 4 days. The surge in price comes as the company has reported strong Q3FY24 results.
Davangere Sugar Company Ltd, a leading player in Sugar, Sustainable Power and Ethanol Solutions, witnessed a 190 per ecnt increase in total revenue on a sequential basis, soaring from ₹26.92 crores in Q2FY24 to ₹78.31 crores in Q3FY24.
Concurrently, the net profit experienced a surge of 478%, escalating from ₹0.97 crores to ₹5.61 crores.
Additionally, the company board approved the commissioning of the CO2 Plant to Convert the waste molasses fermentation into liquefied Carbon dioxide and dry ice for an investment of ₹ 3 crores.
From its inception in 1970, Davangere Sugar Company Limited has evolved since its location in Kukkuwada, Karnataka, has been an important part of the city’s development. As part of its commitment to innovation, the company has expanded its product portfolio beyond Sugar into Sustainable Power and Ethanol Solutions. Its offerings reflect a harmonious blend of tradition and modernity, providing customers with a diverse range of high-quality products.
With its refinery and high-capacity ethanol facility, Davangere Sugar Factory stands out as a pioneer in sustainability. In addition to its commitment to Zero Waste & Green Energy principles, the company actively promotes local livelihoods and provides significant employment opportunities.
Currently, Davangere Sugar Company Ltd boasts a capacity of 6000 TCD (Tones of Cane Crushed per Day) at its expansive sugar plant. With an area of approximately 2,83,874 square feet, the company’s sugar unit demonstrates the company’s dedication to efficiency. Moreover, the establishment of five large warehouses, capable of storing 6 lakh quintals of sugar, underscores its emphasis on robust storage and distribution capabilities, ensuring a seamless supply chain.
Disclaimer: The article is for informational purposes only and not investment advice.
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