Heavy buying witnessed in this multibagger penny stock; do you own it?

Heavy buying witnessed in this multibagger penny stock; do you own it?

Bhavya Rathod

The stock has witnessed significant buying activity as it has given multibagger returns of more than 180 per cent in just 3 years

On Friday, shares of Bajaj Hindusthan Sugar zoomed 9.8 per cent reaching an intraday high of Rs 16.65 apiece on BSE. The scrip witnessed a massive spurt in volume by more than 1.6 times.

In March 2023, the net sales recorded a significant increase, reaching Rs. 2,035.59 crore, reflecting a growth of 25.97 per cent compared to March 2022, when it stood at Rs. 1,615.92 crore. The EBITDA level for March 2023 stood at Rs. 219.28 crore, showing a rise of 5.95 per cent in comparison to March 2022, when it was Rs. 206.97 crore. During the same period, the quarterly net profit amounted to Rs. 120.01 crore, displaying a growth of 20.9 per cent from March 2022, when it was Rs. 99.26 crore.

At present, sugar stocks have become a topic of widespread discussion as the share prices of numerous companies in the sugar industry are trading at elevated levels. On the morning of June 9, 2023, sugar producers in India witnessed an increase in their share prices. This rise can be attributed to a rally in US sugar futures, driven by concerns over a potential shortage due to the arrival of El Niño weather patterns.

The climate phenomenon known as El Niño, which contributes to global warming, is anticipated to have an impact on significant sugar-producing nations such as India, Brazil, and Thailand. The potential decline in sugar production due to this weather pattern may lead to a shortage in supply, subsequently driving up the price of sugar. As a result, the prices of sugar stocks have seen an upward trend.

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Bajaj Hindusthan Sugar primarily engaged in the production of sugar, ethanol, and co-generation of power. Bajaj Hindusthan has a significant production capacity, enabling it to cater to both domestic and international markets. Its product portfolio includes a wide range of sugar variants, catering to diverse customer requirements.

The stock has witnessed significant buying activity as it has given multibagger returns of more than 180 per cent in just 3 years. Keep a close eye on this trending penny stock.

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