Mumbai: Shares in Bajaj Hindusthan Ltd surge after the company said on Monday that it repaid foreign currency convertible bonds aggregating to $17.7 million.

The repayment, coupled with the government’s move to raise the import duty on sugar, has created positive sentiment in the counter, dealers said.

The food minister said on Monday that India will raise its import duty on sugar to 40% from 15%, as the government tries to revive business at mills that owe farmers around $1.84 billion.

At 10.12am, Bajaj Hindusthan shares rose 7.12% to 31.60, while the S&P BSE Sensex was trading 1.11%, or 278.83 points, higher at 25,310.15. Reuters