Bajaj Hindusthan stock closes 20% higher, defies market correction; here’s why

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Shares of Bajaj Hindustan Sugar soared 20 per cent today after the company said it has paid the entire dues for term loan installments due till September 2022.

The stock of Bajaj Hindustan Sugar opened lower at Rs.11.12 today on BSE as against its previous closing price of Rs.11.27. It was trading slightly above its opening level for almost half of the trading hours.

However, the statement of settling the entire dues took the stock to the upper circuit of 20% around 1:43 PM. Since then, the Bajaj Hindustan stock was stuck in the upper circuit and closed at the same level.

The stock hit the upper circuit of 20% at Rs 13.52 on BSE. On NSE too, the stock hit upper circuit of 20% at Rs 13.50 and closed at the same level.

A total of 101.41 lakh shares of the firm changed hands on BSE for a turnover of Rs 13.03 crore. The stock of Bajaj Hindustan Sugar is trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.

Bajaj Hindustan shares have gained 5.79 per cent in one year and declined 10.94 per cent in 2022. The market cap of Bajaj Hindustan increased to Rs 1727 crore on BSE.

Read also: Share Market News Highlights: Sensex Tanks 416 Points, Nifty Below 18,700; Eicher Motors, Tata Consumer Products, M&M Top Drag

The stock hit a 52-week low of Rs 8.37 on Aug 17, 2022 and a 52-week high of Rs 22.58 on Apr 22, 2022.

The sugar producer has paid term loan interest and optionally convertible debenture (OCD) coupons due till November 2022, all due for FY2022, to lenders. Accordingly, there was no overdue in its account and as on date the account is fully regular with all the lenders.

In a communication to BSE, the sugar producer said, “Please refer to our letter dated October 31, 2022 on disclosure on default on payment of interest/repayment of principal amount from banks/debt securities as per SEBI circular no SEBI/HO”. /CFD/CMDI/CIR/P/2019/140 dated November 21, 2019. In this regard, we would like to inform that we have sent to all the lenders the term loan installments (up to September 2022), term loan interest (up to November 2022) and have paid the entire outstanding balance towards Optionally Convertible Debenture (OCD) Coupons (due for FY 2022). Accordingly, there is no overdue in our account and the account is fully settled with all the lenders as on date. Regular since.”

The company posted a consolidated net loss of Rs 162.37 crore in Q2 FY23 as against a loss of Rs 113.01 crore in Q2 FY22. Net sales declined 1.5% to Rs 1,323.40 crore in Q2.

Bajaj Hindustan Sugar Limited is a holding integrated sugar company. The company is engaged in the production of sugar, alcohol and electricity. The company’s segments include sugar, distillery, power and others.

Meanwhile, Sensex closed 415 points lower at 62,868 and Nifty closed 116 points lower at 18,696. The Indian market today broke eight consecutive sessions of gains.

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