Bajaj Hindusthan fell 2.54% to Rs 30.65 at 15:11 IST on BSE on profit booking after the stock jumped 17.13% in the preceding two trading sessions to Rs 31.45 on 24 June 2014, from a recent low of Rs 26.85 on 20 June 2014.
Meanwhile, the BSE Sensex was down 50.08 points, or 0.20%, to 25,318.82.
On BSE, so far 7.71 lakh shares were traded in the counter, compared with an average volume of 12.03 lakh shares in the past one quarter.
The stock hit a high of Rs 31.65 and a low of Rs 30.40 so far during the day. The stock hit a 52-week high of Rs 32.60 on 10 June 2014. The stock hit a 52-week low of Rs 11.70 on 24 September 2013.
The stock had outperformed the market over the past one month till 24 June 2014, rising 11.52% compared with 2.74% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 89.46% as against Sensex's 15.02% rise.
The small-cap company has an equity capital of Rs 63.94 crore. Face value per share is Re 1.
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Shares of Bajaj Hindusthan jumped 6.61% to Rs 31.45 on Tuesday, 24 June 2014, after the company said it has made repayment of $17.723 million of foreign currency convertible bonds (FCCBs) on due date, in connection with FCCBs issued to International Finance Corporation (IFC), Washington.
Bajaj Hindusthan had issued FCCBs worth $15 million to IFC. The company has made repayment of $17.723 million, including the redemption premium of $2.723 million on the due date (16 June 2014), in accordance with the terms and conditions of the said FCCBs. With the aforesaid repayment, entire outstanding FCCBs held by IFC stands redeemed on maturity, Bajaj Hindusthan said.
In the past two trading sessions, shares of sugar companies in general were in demand on reports that the government promised higher import protection and offered other sops to the industry.
Bajaj Hindusthan reported a net loss of Rs 423.90 crore in the quarter ended 31 March 2014 as against net profit of Rs 1.95 crore in the quarter ended 31 March 2013. Net sales rose 2.9% to Rs 1324.85 crore in the quarter ended 31 March 2014 over the quarter ended 31 March 2013.
Bajaj Hindusthan is engaged in the manufacturing of sugar and ethanol.
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