Shares of Bajaj Hindusthan Sugar Limited rose sharply in Monday's trade after the company announced its fourth-quarter (Q4) results for the financial year 2022-23 (FY23). The stock today surged 12.37 per cent to hit a day high of Rs 15.53 over its previous close of Rs 13.82. The sugar and ethanol manufacturer's net profit stood at Rs 130.91 crore in Q4 FY23, up 119.21 per cent from Rs 59.72 crore in the same period a year ago. The company's net sales came at Rs 2,053.87 crore in March 2023 quarter, up 26.65 per cent from Rs 1,621.67 crore in Q4 FY22. The company's expenses were reduced to 1,931.75 crore in Q4 FY23, down 22.31 per cent from Rs 1,579.41 crore in the corresponding quarter last year.
Around 92.23 lakh shares changed hands today on BSE, which was more than seven times compared to the two-week average volume of 12.56 lakh shares. Turnover on the counter stood at Rs 13.67 crore, commanding a market capitalisation (m-cap) of Rs 1,954.36 crore. There were 10,09,328 sell orders against buy orders of 6,48,202 shares.
At today's high price of Rs 15.53, the stock traded 22.97 per cent lower from its 52-week high of Rs 20.16, a level seen on December 20 last year. That said, the scrip has gained 85.54 per cent from its one-year low of Rs 8.37, hit on August 17, 2022.
Bajaj Hindusthan Sugar's stock was last seen trading higher than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 48.87. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a negative price-to-earnings (P/E) ratio of 10.48. It has a price-to-book (P/B) value of 0.66.
The scrip has a one-year beta of 0.96, indicating average volatility.
The Mumbai-headquartered firm is a part of the Bajaj Group. The company has fourteen sugar plants, all located in Uttar Pradesh. The plants have an aggregate sugarcane crushing capacity of 136,000 TCD (tonnes crushed per day) and alcohol distillation capacity of 800 KLD (kilolitres per day). The company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP-State Grid. Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid.
Meanwhile, Indian equity benchmarks extended their gains in today's deals amid positive global cues. The domestic indices surged today, led by gains in banks, financial and consumer stocks.
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