Know why penny stock Bajaj Hindusthan is seeing only buyers!

Know why penny stock Bajaj Hindusthan is seeing only buyers!

Karan Dsij
/ Categories: Trending, Mindshare

It seems that the market participants are expecting things to turn around for one of India’s largest sugar manufacturers.   

The stock of Bajaj Hindusthan Sugar Ltd had seen a severe correction of over 50 per cent from its April 2022 high and made a low of Rs 9.70 last Friday.  

This correction has certainly given many sleepless nights to its shareholders. However, Monday turned out to be a magnificent one for the stock as it is trading at the highest point of the day on NSE, which is also its upper limit of the day.   

On the first trading session of the month of August, the stock opened at Rs 9.95 and made a low of Rs 9.70, which coincided with the previous trading session’s low of Rs 9.70. However, the stock bounced back and went from strength to strength to hit the upper circuit limit.   

The stock has a market cap of Rs 1,385 as it has underperformed in the last one year as well as in the last three months. This was mainly on account of the lending banks, which had declared Bajaj Hindusthan Sugar as a non-performing asset (NPA) after it failed to repay its debt, having a gross value of Rs 4,814 crore as of March this year.   

In the recent press release, the company stated that it has paid Rs 26 crore up to July 30, 2022, towards the principal installment of Rs 108.6 crore of June 2022 while the principal installment of Rs 82.60 crore is still due.   

Interestingly, the book value of the company is Rs 17 and currently, it is quoting below its book value as the current market price stands at Rs 10.90.   

It seems that the market participants are expecting things to turn around for one of  

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