Bajaj Hindusthan Sugar share price locked at upper circuit for 2nd day in a row; analysts tag buy - check target

Bajaj Hindusthan Sugar Share Price NSE: The movement in Bajaj Hindusthan Sugar shares comes in the backdrop of the GST Council's decision to reduce the tax rates on Ethyl alcohol from 18 per cent to 5 per cent, supplied to refineries for blending with motor spirit (petrol).

Bajaj Hindusthan Sugar Share Price NSE: In the past 1 month, Bajaj Hindustan has yielded a whopping 75 per cent return, resulting in wealth gain for investors. Pic: Pixabay/ Representational image

Bajaj Hindusthan Sugar Share Price NSE: Bajaj Hindusthan Sugar stocks locked in an upper circuit of 10 per cent on Monday, December 19. The stock opened at Rs 18.50 apiece on NSE and hit the upper circuit of 10 per cent at Rs 18.85. The trading was suspended thereafter.

The movement in Bajaj Hindusthan Sugar shares comes in the backdrop of the GST Council's decision to reduce the tax rates on Ethyl alcohol from 18 per cent to 5 per cent, supplied to refineries for blending with motor spirit (petrol).

The stock was recommended last week by Managing Director and CEO of Enoch Ventures Vijay Chopra on Zee Business channel in a special show 'New Year Pick 2023'.

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Chopra had said that the company has sales of Rs 6000 crore and a market capitalization of Rs 2000 crore, which is less than its sales. Additionally, the company is revamping, indicating higher returns for investors.

He had recommended buying shares of Bajaj Hindustan for Rs 45 and Rs 50 targets. Duration: 1 year

According to Manoj Dalmia, founder and director, Proficient Equities, the government has said that it would consider increasing sugar export quota for the current 2022-23 marketing year. "Investors can expect some moves in the coming days and expect a target of Rs 22. Heavy positions should be avoided as these are speculative moves."

Ravi Singhal, CEO of GCL, said that the stock looks good technically as well fundamentally.

"Nicely placed at a price of Rs 1. It is trading at 1/4 times of turnover as well government reduced GST on ethanol supplied to the refinery. Technical break out above 17 for a target price of Rs 24/29," he added.

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Bajaj Hindustan Share Price History

In the past 1 month, Bajaj Hindustan has yielded a whopping 75 per cent return, resulting in wealth gain for investors. YTD, the stock has gained nearly 25 per cent. Putting into perspective, Bajaj Hindustan stock which was available for Rs 15.10 apiece on January 3, is now available at around Rs 18.85.

At current levels, Bajaj Hindustan has a market cap of 2.41 thousand crore.

The company Bajaj Hindusthan Limited manufactures sugar. It is a leading ethanol producer. It is also pioneer in fuel ethanol initiative.

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