Market News
3 min read | Updated on September 27, 2024, 12:58 IST
SUMMARY
Shares of sugar companies such as Praj Industries, Shree Renuka Sugars, among others, were trading with remarkable gains in the morning trade on Friday, September 27, after Food Minister Pralhad Joshi said on Thursday that the government is considering increasing the ethanol price for the 2024–25 season as well as the minimum selling price of sugar.
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Among individual names, Shree Renuka Sugars was trading 7% higher at ₹51.50 apiece on the BSE, while Triveni Engineering and Industries was trading nearly 4% higher at ₹489.80. Balrampur Chini Mills was trading around 7.5% higher at ₹658.50. Praj Industries shares were trading o7.54% higher at ₹817.45 apiece on the NSE.
Besides, the company has also announced an open offer, triggered by the acquisition of a controlling stake, to acquire a 26% stake in the company from the market.
The acquirers have offered a price of ₹864 per offer share, aggregating to a total consideration of ₹544.17 crore.
However, the company, in its clarification, said, “We believe if claims were a quicker and smoother experience, it would increase the number of people buying health insurance. It would be much better if interests were aligned between insurers and hospitals to give customers amazing claims experience, and we believe that would grow insurance penetration.”
The company further said, “We continue to explore, but have no decisions to update at the moment. A decision if and when it arrives will be informed to the stock exchanges.”
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