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The announcement was made after market hours on Monday, 3 October 2016. Shares of Dhampur Sugar Mills rose 2.63% to Rs 124.90 yesterday, 4 October 2016. The stock has risen 4.93% in two sessions from Rs 121.70 on Monday, 3 October 2016.
Meanwhile, the BSE Sensex was down 137.72 points, or 0.49%, to 28,196.83.
On BSE, so far 2.01 lakh shares were traded in the counter, compared with average daily volume of 2.59 lakh shares in the past one quarter. The stock hit a high of Rs 129 and a low of Rs 123.55 so far during the day. The stock hit a 52-week high of Rs 137.65 on 4 August 2016. The stock hit a 52-week low of Rs 34.40 on 6 October 2015. The stock had outperformed the market over the past 30 days till 4 October 2016, rising 18.61% compared with 0.69% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 6.98% as against Sensex's 4.30% rise.
The small-cap company has equity capital of Rs 66.39 crore. Face value per share is Rs 10.
Dhampur Sugar Mills announced that its finance sub committee of directors has approved acquisition of 4.28 lakh equity shares, or 51% stake, of DETS at Rs 33 per equity share. Consequently, DETS has become subsidiary of Dhampur Sugar Mills with effect from 3 October 2016. DETS is in the business of engineering and technical services and fabrication and supplying engineering goods in India and abroad.
On a consolidated basis, Dhampur Sugar Mills reported net profit of Rs 33.08 crore in Q1 June 2016 as against net loss of Rs 88.11 crore in Q1 June 2015. Net sales declined 6.09% to Rs 477.69 crore in Q1 June 2016 over Q1 June 2015.
Dhampur Sugar Mills is one of the leading integrated sugarcane processing companies in India.
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