Bajaj Hindusthan drops on profit selling

7 Dec 2022 , 02:31 PM

Shares of Bajaj Hindusthan Sugar rallied 50.63% in the past four sessions. The company on 2 December 2022 announced that it settled entire overdues towards term loan installments till September 2022. It also cleared term loan interests till November 2022 and optionally convertible debentures (OCD) coupon, payable for FY 2022 to all the lenders. Accordingly there are no overdues in our account and the account is fully regular with all the lenders as on date, the company added. The stock had outperformed the market over the past one month, soaring 43.95% compared with 2.16% rise in the Sensex. The scrip outperformed the market in past one quarter, surging 34.87% as against Sensexs 5.89% rise. The scrip had outperformed the market in past one year, jumping 15.05% as against Sensexs 8.45% rise. On the technical front, the stocks daily RSI (relative strength index) stood at 79.32. 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 11.10, 11.03 and 13 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. Powered by Capital Market – Live News