Bajaj Hindustan Sugar zooms 20% on payment of entire overdues

Shares of Bajaj Hindustan Sugar were locked in the 20 per cent upper circuit at Rs 13.52 on the BSE at 02:35 PM, backed by heavy volumes after the company announced regularization of accounts with all the lenders on payment of entire overdues.

“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,” Bajaj Hindustan Sugar said in a regulatory filing.

Accordingly there are no overdues in our account and the account is fully regular with all the lenders as on date, Bajaj Group company said.

The average trading volumes at the counter jumped over nine-fold with a combined 60.17 million shares changing hands on the NSE and BSE. There were pending buy orders for a combined 15.42 million shares on both the exchanges, the data shows.

Bajaj Hindustan Sugar is the leading sugar and ethanol manufacturing company in India with its fourteen sugar plants having an aggregate sugarcane crushing capacity of 1,36,000 TCD, six distilleries having aggregate capacity to produce Industrial Alcohol of 800 kilolitres per day and fourteen cogeneration plants having a total power generation capacity of 449 MW.

Meanwhile, besides Bajaj Hindustan Sugar, Rajshree Sugars & Industries, Dhamoure Speciality Sugars, KCP Sugar, Rana Sugars, Shree Renuka Sugars, Balrampur Chini Mills, Dlamia Bharat Sugar and Industries and Triveni Engineering among other sugar stocks were trading higher by over 2 per cent in an otherwise weak market. At 03:09 PM, the S&P BSE Sensex was down 0.70 per cent at 62,840.

The government has allowed 6 million tonnes (MT) of exports in 2022-23 season by allocating 18.4 per cent of the average three-year production. Further, it is also likely to announce additional around 3 MT of exports in the next four to five months.