The share price of Bajaj Hindusthan extended gains on December 6, rallying 43 percent in three sessions. The sugar producer has seen massive buying interest after it told exchanges of settling all overdues towards term loan installments till September 2022.
"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," the company said in an exchange filing dated December 2.
The account is fully regular with all the lenders as on date, it added.
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At noon, the stock was quoting at Rs 16.55 apiece on the National Stock Exchange, up 2 percent. Trading volume on the NSE stands at 5.4 crore share, over 3x higher than the 20-day average volume of 1.5 crore.
On December 5 and December 2, it gained 20 percent and was locked in an 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 percent year-on-year to Rs 1,323.40 crore in the September quarter.
Sugar stocks were in focus as reports suggested that India’s output may fall 7 percent YoY. The sharp drop will likely weigh on the country’s sugar exports and push up global prices.
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