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

Bajaj Hindustan Share Price Today: Shares of Bajaj Hindusthan extended gains on December 6, surging 43 per cent in three sessions. The sweet rally came after an announcement where the sugar producer said it has paid the entire dues towards term loan installments by September 2022.

“We wish to inform that we have paid the entire outstanding dues towards term loan installments (by September 2022), term loan interest (by November 2022) and optionally convertible debenture (OCD) coupons (due for FY 2022) to all the lenders. Has paid of.” the company said in an exchange filing on December 2.

Bajaj Hindusthan share is trading above 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 16.48 per cent in one year and is up 2 per cent this year.

It rallied 20% on December 5 and December 2 and hit 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 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.

Sugar stocks were in focus as reports suggested India’s output could fall 7 per cent year-on-year. The sharp fall will impact the country’s sugar exports and push up global prices.

Unfavorable weather conditions were responsible for the surprising drop in sugarcane yield as farmers blamed extreme heat and strong monsoon earlier this year.

Maharashtra, which accounts for one-third of the country’s production, may see a shortfall in its output to 11.7 million tonnes in the new sugar year starting October 1, as against a record output of 13.8 million tonnes expected earlier.

The sharp fall will impact the country’s sugar exports and push up global prices. India The world’s second largest sugar exporter.

In the event of a drop in production, the government may cut exports until there is enough supply to meet domestic demand of 27.5 million tonnes, a Reuters report said.

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