Multibagger Sugar Stock Hits Consecutive 52-Week High; jumped 37% in 2 days, almost 300% in one year
Sugar stocks have been on track for a month and have risen significantly over the past year on the back of strong third quarter earnings and an ethanol blending plan.
One such stock that has shown an unprecedented rally is Mawana Sugars.
Shares of Mawana Sugars jumped 17% to trade at a fresh 52-week high of Rs 128.90 per share in Thursday’s intraday trading on BSE. Shares of this sugar stock have soared 37% in the past two sessions. It was locked in a 20% higher circuit at Rs 109.95 on Wednesday amid a surge in volume. The shares traded at a 52-week low of Rs 33.40 per share on BSE on February 17 last year.
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As of Feb 17, 2022, this multibagger sugar meter has gained 46% in one month, returned almost 50% in six months and jumped 273% in just one year, technical data from the share showed with Stock Edge, an application to analyze NSE, ESB data.
As of 9:55 a.m., shares of Mawana Sucres were trading with gains of Rs 14.55 or 13.29% to Rs 124.05 per share on BSE.
Mawana’s sugar stock recovered after the company reported total revenue of Rs 488.10 crores in the quarter ended December 31, 2021 against Rs. 336.438 crores in the period ended September 30, 2021. Additionally, the company reported total revenue of Rs 345,290 crores during the period ended December 31, 2020.
The company posted a net profit/(loss) of Rs. 15,185 crores for the period ended December 31, 2021 compared to the net profit/(loss) of Rs. -18,050 crores for the period ended September 30, 2021.
Mawana’s sugar activity includes the plantation of white sugar, refined sugar, the production of ethanol and the cogeneration of electricity from bagasse.