MUMBAI (Commodity Online): KM Sugar Mills continued its upward trend on the Bombay Stock Exchange (BSE) today following one of the group companies rising its stake in the company.

Company stocks were locked at 5% upper circuit at Rs.27.60. The company made the announcement of acquisition of stake of the company by one of the promoter group companies during the market hours today.

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The stock has been on the buying circuit during past three trading sessions. Additionally, the stock has gained by over 19% during past five trading sessions on the BSE.

Mravel Business, a promoter group company, has hiked its stake to 16.16% from 15.89% after acquiring 48058 shares representing 0.27% of the equity capital of the firm through open market purchases in four tranches between 26 October 2009 and 29 October 2009.

Increase in stake by promoters in a company helps bolster investor confidence. Total promoter shareholding in the company is 66.64% (as on 30 September 2009).

KM Sugar Mills reported net profit of Rs 2.38 crore in Q3 June 2009 as compared to net loss of Rs 1.70 crore in Q3 June 2008. Net sales slumped 41.3% to Rs 39.03 crore in Q3 June 2009 over Q3 June 2008.

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