Bajaj Hindusthan Sugar soared 17.16% to Rs 15.84, extending gains for the second trading session after the company said that it has settled entire overdues towards term loan installments till September 2022.
Shares of Bajaj Hindusthan Sugar have jumped 40.55% in two sessions. The stock hit has surged 89.25% from its 52-week low of Rs 8.37 hit on 17 August 2022. The stock hit a 52-week high of Rs 22.58 on 22 April 2022.Meanwhile, the sugar manufacturer on Friday said that it has also cleared term loan interests till November 2022 and optionally convertible debentures (OCD) coupon, payable for FY 2022 to all the lenders. The company added that accordingly there are no overdues in its account and the account is fully regular with all the lenders as on date.
On the BSE, 173.11 lakh shares were traded in the counter so far compared with average daily volumes of 20.58 lakh shares in the past two weeks.
The stock had outperformed the market over the past one month, soaring 50% compared with 2.8% rise in the Sensex.
The scrip outperformed the market in past one quarter, surging 36.08% as against Sensex's 5.75% rise.
The scrip had outperformed the market in past one year, jumping 19.19% as against Sensex's 8.59% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 88.369. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 10.89, 10.95and 12.99 respectively. These levels will act as crucial support zones in near term.
Bajaj Hindusthan Sugar is engaged in the manufacture of sugar, alcohol and generation of power.
The company reported a consolidated net loss of Rs 162.37 crore in Q2 FY23 as against a net loss of Rs 113.01 crore in Q2 FY22. Net sales slipped 1.5% YoY to Rs 1,323.40 crore in the quarter ended 30 September 2022.
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