Bajaj Hindusthan Sugar stock ends 20% higher after settling all term overdues

The shares of Bajaj Hindusthan Sugar ended 20 per cent higher today after the company said it settled all overdues towards term loan installments until September 2022.

Bajaj Hindusthan Sugar stock was lower at Rs 11.12 against the previous close of Rs 11.27 on the BSE. It traded slightly higher than its opening level for more than half of the trading hours.

The stock took a 20% increase in value after settling the entire overdues, which took it to the upper circuit of 20% around 1: 43 pm. Since then, the Bajaj Hindusthan stock has been closed at the same level and stuck in the upper circuit.

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

Total of 101.41 lakh shares of the firm changed hands on the BSE, giving a turnover of Rs 13.03 crore. Bajaj Hindusthan Sugar stock is higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In a year, the shares of Bajaj Hindusthan have gained 5.79 per cent, and fell 10.94 per cent in 2022. The market cap of Bajaj Hindusthan rose to 1727 crore on BSE.

The stock hit a 52 week low of 8.37 on August 17, 2022 and a 52 week high of Rs 22.58 on April 22, 2022.

The sugar producer has paid term loan interest up to November 2022 and an optionally convertible debentures OCD coupon, which is payable to all lenders for FY 2022. There were no overdues in its account, and the account is fully regular with all the lenders as of date, it said.

In a communication to BSE, the sugar producer said: Please refer to our letter on October 31, 2022 on disclosure on default on payments of principal amount on loans from banks debt securities pursuant to SEBI Circular No. SEBI HO CFD CMDI CIR P 2019 140 dated November 21,2019. We would like to know that we have paid entire overdues towards term loan installments until September 2022 term loan interest until November 2022 and Optionally Convertible Debentures OCD coupon for FY 2022 to all the lenders. The account is fully regular with all the lenders as of date and there are no overdues in our account. The company posted a consolidated net loss of 162.37 crore in Q 2 FY 23 against a loss of Rs 113.01 crore in Q 2 FY 22. Net sales fell 1.5% YoY to Rs 1,323. In Q2 there were 40 crore.

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

Sensex fell 415 points to 62,868 and Nifty lost 116 points to 18,696 at the end of the day. The Indian market snapped eight straight sessions of gains today.