Bajaj Hindusthan shares surge on FCCB repayment, sugar import duty

The repayment has created positive sentiment in the counter, dealers said

Shares in Bajaj Hindusthan Ltd surge after the company said on Monday that it repaid foreign currency convertible bonds aggregating to Rs 108 crores.

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 Rs 11,000 crores.

Bajaj Hindusthan shares were up nearly 8% to Rs 31.60 at 10:00 a.m.