Asia’s No. 1 Sugar Producer Soars 20% on Day 2, Rallies 40% in 2 Sessions

  • Stock Market News
Asia’s No. 1 Sugar Producer Soars 20% on Day 2, Rallies 40% in 2 Sessions
Credit: © Reuters.

By Malvika Gurung -- Shares of the sugar-producing major Bajaj Hindusthan (NS: BJHN ) Sugar rallied 20% for the second straight session on Monday, soaring by 40% in the two sessions.

At the time of writing, the sugar stock jumped 17.41% to Rs 15.85 apiece. On Friday, the shares of Bajaj Hindusthan were locked in the 20% upper circuit, following heavy volumes traded after the company announced the regularization of accounts with all the lenders on payment of entire overdues.

Bajaj Hindusthan is Asia's Number 1 integrated sugar company and holds the fourth position globally. It is among the largest sugar ethanol manufacturing firms in India.

On Dec 2, 2022, the sugar major informed the domestic bourses in a filing that it has paid the entire overdues towards term loan instalments till Sept 2022, term loan interests till Nov 2022 and Optionally Convertible Debentures or OCD coupon payable for FY 2022 to all the lenders.

The company has stated that there no longer are any overdue left in its account and the account is fully regular with all the lenders as of date.

The small-cap sugar stock has outperformed the benchmark indices Nifty50 and Sensex today, as the latter indices are trading up to 0.3% lower on Monday.

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