The shares of Bajaj Hindustan Ltd hit the roof as it mounted gains for two days in a row. On Monday, they gained 20% to reach an intraday high of ₹ 16.20 apiece on the National Stock Exchange (NSE). Volumes jumped at the counter. More than 15.83 crore shares changed hands by 01:33 PM on Monday.
The sugar producer on Friday, informed the exchanges that it has paid the entire overdue 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.
In the exchange filing, it added that it had defaulted on the payment of interests/repayment of principal amount on loans from banks/ debt securities on October 31, 2022. However, there are no overdues in its account and the account is fully regular will all lenders as of date. Its shares gained 43.36% in the past two days as its share price increased from ₹ 11.30 to ₹ 16.20 apiece.
The company posted a consolidated net loss of ₹ 162.37 crores in Q2 FY23 as against a loss of ₹ 113.01 crores in Q2 FY22. Its net sales fell 1.5% YoY to ₹ 1,323.40 crores in Q2.
Bajaj Hindusthan Sugar Limited is a holding integrated sugar company. It manufactures sugar and alcohol and is engaged in the generation of power. The small-cap company has fourteen sugar plants having an aggregate sugarcane crushing capacity of 1,36,000 TCD, six distilleries having an aggregate capacity to produce industrial alcohol of 800 kilolitres per day and fourteen cogeneration plants having a total power generation capacity of 449 MW.
Written by Simran Bafna
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