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Renuka stock takes a hit

Mumbai, Feb. 21: The stock markets today gave a thumbs-down to the Rs 1,200-crore deal between Shree Renuka Sugars and Wilmar International Ltd.

On the Bombay Stock Exchange, the Shree Renuka scrip ended with losses of 6.22 per cent at Rs 21.10 after falling nearly 10 per cent to an intra-day low of Rs 20.25.

In the process, the market capitalisation of the company eroded Rs 74 crore to Rs 1,416 crore.

Experts said the downtrend in the counter was largely on equity dilution concerns after the Wilmar deal.

Pursuant to the deal, the Singapore-based agri-business major and the founders of the Indian company would own equal stakes in Shree Renuka.

Meanwhile, domestic benchmark indices today staged a strong comeback on good buying in capital goods, banking and IT shares amid positive global cues, logging their first weekly gain in four.

After shedding over 186 points yesterday, the Sensex resumed higher at 20600.58 points and firmed up further to a high of 20725.04. It settled at 20700.75, showing a sharp gain of 164.11 points, or 0.80 per cent.

The Nifty of the National Stock Exchange spurted 64 points, or 1.05 per cent, to end at 6155.45. For the week, the NSE barometer gained 107.10 points.

 
 
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