Shares of Bajaj Hindusthan zoomed 20% for the second straight session today after the sugar producer said it has settled entire overdues towards term loan installments till September 2022. Bajaj Hindusthan stock opened with a gain of 10.95% at Rs 15 today against the previous close of Rs 13.52 on BSE. The stock touched an intraday high of Rs 16.22 rising 19.97% on BSE.
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% in a year and risen 2% this year. At 10:09 am, Bajaj Hindusthan Sugar shares were trading 14% higher at Rs 15.40. Total 189.68 lakh shares of the firm changed hands amounting to a turnover of Rs 30.11 crore in on BSE. Market cap of the firm rose to Rs 1,968 crore. On Friday, the stock hit 20% upper circuit of Rs 13.52 and closed at the same level.
The statement of settling entire overdues took the stock to the upper circuit of 20% in the last trading session. The stock hit a 52-week low of Rs 8.37 on August 17, 2022 and a 52-week high of Rs 22.58 on April 22, 2022.┬а
The sugar producing firm has paid term loan interests till November 2022 and optionally convertible debentures (OCD) coupon, payable for FY 2022 to all the lenders. Accordingly, there were no overdues in its account and the account is fully regular with all the lenders as on date, it said.┬а
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In a communication to BSE, the sugar producer said, тАЬPlease refer our letter dated October 31, 2022 on disclosure on default on payment of interests/repayment 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. In this regard 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. Accordingly, there are no overdues in our account and the account is fully regular with all the lenders as on date.тАЭ┬а
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.┬а
Meanwhile, Sensex fell 313 points to end at 62554 and Nifty lost 86 points to 18,610 in early trade. The Indian market is trading lower for the second straight session today.
