Bajaj Hindusthan stock closes 20% higher, defies market correction; here’s why

Bajaj Hindusthan Sugar shares opened lower at Rs 11.12 today against the past close of Rs 11.27 on BSE. They traded hardly higher over its initial level for almost around 50% of the piece of exchanging hours.

Shares of Bajaj Hindusthan Sugar finished 20% higher today after the company said that it has settled whole overdues towards term loan portions till September 2022. Bajaj Hindusthan Sugar stock opened lower at Rs 11.12 today against the past close of Rs 11.27 on BSE. It traded insignificantly higher over its initial level for almost around 50% of the piece of exchanging hours. Notwithstanding, the assertion of settling whole overdues took the stock to the upper circuit of 20% around 1:43 pm. From that point forward, the Bajaj Hindusthan stock was caught in the upper circuit and shut at a similar level.

The stock hit upper circuit of 20% at Rs 13.52 on BSE. On NSE as well, the stock hit upper circuit of 20% at Rs 13.50 and shut at a similar level. All out 101.41 lakh shares of the firm changed hands adding up to a turnover of Rs 13.03 crore in on BSE. Bajaj Hindusthan Sugar stock stands higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving midpoints.

Shares of Bajaj Hindusthan have acquired 5.79 percent in a year and fallen 10.94 percent in 2022. The market cap of Bajaj Hindusthan rose to Rs 1727 crore on BSE.

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.

The sugar producer has paid term loan intrigues till November 2022 and alternatively convertible debentures (OCD) coupon, payable for FY 2022 to every one of the banks. As needs be, there were no overdues in its record and the record is completely standard with every one of the banks as on date, it said.

In a correspondence to BSE, the sugar producer said, "Kindly allude our letter dated October 31, 2022 on divulgence on default on installment of interests/reimbursement of principal sum on loans from banks/obligation protections as per SEBI Circular no.SEBI/HO/CFD/CMDI/CIR/P/2019/140 dated November 21,2019. In such manner we might want to illuminate that we have paid whole overdues towards term loan portions (till September 2022), term loan interests (till November 2022) and Alternatively Convertible Debentures (OCD) coupon (payable for FY 2022) to every one of the banks. As needs be, there are no overdues in our record and the record is completely ordinary with every one of the moneylenders as on date."

The company posted a combined overal deficit of Rs 162.37 crore in Q2 FY23 as against a deficiency of Rs 113.01 crore in Q2 FY22. Net deals fell 1.5% YoY to Rs 1,323.40 crore in Q2.

Bajaj Hindusthan Sugar Limited is a holding integrated sugar company. The company is taken part in the assembling of sugar, liquor and age of force. The company's sections incorporate sugar, refinery, power and others.

In the interim, Sensex fell 415 focuses to end at 62,868 and Nifty lost 116 focuses to 18,696. The Indian market snapped eight straight meetings of gains today.