BackThis sugar stock jumps for second straight session, rallies 45% in 2 days
The company said it has paid entire overdues towards term loan installments to all the lenders
PremiumShares of Bajaj Hindusthan Sugar Ltd continued to surge for the second straight session with the stock rallying more than 19% to ₹16 apiece on the BSE in Monday's trading session. The counter has rallied more than 45% in just two sessions after the company informed the payment of overdues to its lenders.
“..on 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. 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," the company said in an exchange filing on Friday, December 2, 2022.
Accordingly, Bajaj Hindusthan Sugar added that there are no overdues in our account and the account is fully regular with all the lenders as on date.
Bajaj Hindusthan Sugar Limited (BHSL) was incorporated on November 23, 1931 as ‘Hindusthan Sugar Mills Limited’, set up by late Jamnalal Bajaj. In 1988, Hindusthan Sugar Mills Limited was renamed as Bajaj Hindusthan Sugar Limited (BHSL). The company is engaged in the manufacturing of sugar, distillery, power and others. The sugar stock is up about 5% in 2022 (YTD) so far.
For the quarter ended September 2022 of the current fiscal or Q2 FY23, the company reported a consolidated net loss of ₹160 crore as against a net loss of ₹112 crore in the year ago quarter. Meanwhile, its revenue from operations declined to ₹1,320 crore from ₹1,345 crore in the corresponding quarter of the previous fiscal.
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