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This Sugar Stock Zooms 43% in Three Sessions; Do you Own?

By: Aparna Deb

News18.com

Last Updated: December 06, 2022, 14:30 IST

New Delhi, India

Shares of Bajaj Hindusthan

Shares of Bajaj Hindusthan

Bajaj Hindusthan Share Price Today: Shares of Bajaj Hindusthan extended gains on December 6, rallying 43 per cent in three sessions

Bajaj Hindusthan Share Price Today: Shares of Bajaj Hindusthan extended gains on December 6, rallying 43 per cent in three sessions. The sweet rally follows an announcement where the sugar producer said it has settled entire overdues towards term loan installments till September 2022.

“We would like to inform that we have paid entire overdues towards term loan installments (till September 2022), term loan interests (till November 2022) and Optionally Convertible Debentures (OCD) coupon (payable for FY 2022) to all the lenders," the company said in an exchange filing dated December 2.

Bajaj Hindusthan shares are trading higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 16.48 per cent in a year and risen 2 per cent this year.

On December 5 and December 2, it gained 20 per cent and was locked in an upper circuit amid high volumes.

The company posted a consolidated net loss of Rs 162.37 crore in Q2FY23 as against a loss of Rs 113.01 crore in Q2FY22. Net sales fell 1.5 per cent year-on-year to Rs 1,323.40 crore in the September quarter.

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

Sugar stocks were in focus as reports suggested that India’s output may fall 7 per cent YoY. The sharp drop will likely weigh on the country’s sugar exports and push up global prices.

Adverse weather conditions were to blame for the surprise drop in cane yields as farmers blamed intense heat and strong monsoons earlier this year.

Maharashtra, which accounts for a third of the country’s production, will likely see its output drop to 11.7 million tonnes in the new sugar year starting October 1 as against expectations of record produce of 13.8 million tonnes earlier.

The sharp drop will likely weigh on the country’s sugar exports and push up global prices. India is the world’s second-largest exporter of sugar.

Reuters report noted that in the case of a production fall, the government may curtail exports until there are sufficient supplies to meet the domestic demand of 27.5 million tonnes.

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  1. sugar
first published:December 06, 2022, 14:25 IST
last updated:December 06, 2022, 14:30 IST
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