Bajaj Hindusthan Stock Price Today: Shares of Bajaj Hindusthan rose 43 percent in three sessions on Dec. 6. The sweet rally follows an announcement in which the sugar producer said it has paid all arrears on term loans through September 2022.
“We are pleased to announce that we have paid full delinquencies on term loans (until September 2022), interest on term loans (until November 2022) and optional convertible bond (OCD) coupon (payable before FY 2022) to all lenders,” said the company in an exchange request dated Dec. 2.
Bajaj Hindusthan stocks are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock gained 16.48 percent in a year and rose 2 percent this year.
On Dec. 5 and Dec. 2, it gained 20 percent and was locked in an upper circuit amid high volumes.
The company posted a consolidated net loss of Rs 162.37 crore in Q2FY23 against a loss of Rs 113.01 crore in Q2FY22. Net sales fell 1.5 percent year-on-year in the September quarter to Rs 1,323.40 crore.
Bajaj Hindusthan Sugar Limited is an integrated sugar holding company. The company is engaged in the production of sugar, alcohol and energy generation. The company’s segments include sugar, distillery, energy and others.
Sugar stocks were in the spotlight as reports suggested India’s production could fall 7 percent year-on-year. The sharp decline is likely to weigh on the country’s sugar exports and push up world prices.
Adverse weather conditions were to blame for the surprising drop in sugar cane crops, as farmers blamed intense heat and strong monsoons earlier this year.
Maharashtra, which accounts for a third of the country’s production, is likely to see its production fall to 11.7 million tons in the new sugar year starting October 1, from a record production of 13.8 million tons previously expected.
The sharp decline is likely to weigh on the country’s sugar exports and push up world prices. India is the second largest exporter of sugar in the world.
Reuters report noted that in the event of a drop in production, the government could limit exports until there are enough supplies to meet domestic demand of 27.5 million tons.
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