Shares of Uttam Sugar Mills Limited zoomed over 6 per cent to hit a day’s high of Rs 321.50 on BSE on Wednesday after the company approved the enhancement in the “Distillery Capacity (Ethanol)” from 150 KLPD to 250 KLPD at Barkartpur plant of the company.
Project cost will be financed through internal accruals and loans under the interest subvention scheme of the Department of Food and Public Distribution, GOI, the company said.
“The Central Government is encouraging mixing of ethanol with fuel as the same is eco-friendly and saves foreign exchange for the Country. Keeping in view the Government’s policy and increased demand for Ethanol at the National level, the Company has decided to increase/enhance the Distillery capacity (Ethanol) at the Barkatpur Plant of the company,” it added.
Notably, the multi-bagger stock has delivered over 200 per cent return in the last two years and over 1,400 per cent return in the last 10 years.
Shares of Uttam Sugar Mills hit a 52-week high of Rs 337.30 on April 22, 2022, and a 52-week low of Rs 182 on February 24, 2022.
Recently, the sugar stocks were in focus after the government said it may consider increasing the sugar export quota for the current 2022-23 marketing year.
The government would consider allowing additional sugar exports under the quota system in January after assessing local production, Food Secretary Sanjeev Chopra told news agency Reuters.