Jay Shree Tea & lndustries Ltd executes agreement for sale of land for Rs. 100 crore

Jay Shree Tea & lndustries Limited has entered into a definitive agreement for sale of its 16.59 acres (more or less) freehold land at a consideration of Rs. 100 Crore on 'as is where is, basis situated at Plot no. 635 at Bohra Kalan Road Tehsil pataudi in the district of Gurugram, Haryana.

The Board of Jay Shree Tea & rndustries Ltd in their meeting herd on 23d July, 2024 approved closure of the surphuric acid and oleum manufacturing unit at the Jay shree Chemicals & Fertlizers, Pataudi, Gurugram, Haryana.

The unit was manufacturing around 30000 M.T. of surphuric acid and 3000 M.T. of oleum per annum. In the said meeting the Board also approved sale of land at Bohra Karan Road, Pataudi, Haryana at a consideration of Rs. 100 crore. This deal will be consummated within 3 months and shall be used to retire the debts and improve liquidity.

The company is producing around 156 lakh kg of tea in its Tea Estates located in Darjeelin & Dooars, Assam and Africa. There is improvement in performance of the fertilizer unit at Kolkata. Sugar & Ethanol plant production is further raised by almost 20% in the current year, which will help in achieving good profitability.

Both sale of land and closure of unit shall strategically help in restructuring of the company and improve its financial performance.

In tough time of Tea industry, the company is taking relentless steps to improve its performance and its revenue and profitability should improve with price realization of tea up by Rs.35/- per kg in the current year. The Company has raised its crop in current year by 5 lakh kg.

Shares of Jayshree Tea & Industries Limited was last trading in BSE at Rs. 117.25 as compared to the previous close of Rs. 121.10. The total number of shares traded during the day was 22506 in over 752 trades.

The stock hit an intraday high of Rs. 124.25 and intraday low of 114.25. The net turnover during the day was Rs. 2657362.00.

Source : Equity Bulls

Keywords

JayshreeTeaandIndustries INE364A01020 LandSale Agreement