Bajaj Hindusthan Sugar Limited
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BSE Code:
500032
NSE Code:
BAJAJHIND
Business Profile
Business Profile
Bajaj Hindusthan (BHL) of the Bajaj Group is India`s largest sugar and ethanol manufacturing company. The company produces sugar and industrial alcohol at its plants at Gola (capacity 9,000 TCD) and Palia (5,000 TCD) in the cane-rich area of western Uttar Pradesh.
The company has a sugar capacity of 56,000 TCD. It plans to raise this to 95,000 TCD by Oct`06. It also intends to step up its well distillery capacity to 320 KLPD by Oct`06. The company has planned a Rs 7.5 billion expansion to scale up its production capacity to 95,000 TCD by September 2006. Under this capex plan, it will add three greenfield projects in Saharanpur, Pilibhit and Lakhimpur regions of UP. Part of this expansion plan will be financed through global market borrowings and internal accruals to the extent of Rs 2.7 billion. After expansion, BHL will become Asia`s 3rd and the world`s 6th largest sugar producer. The company is also setting up a new 160-kilolitre per day capacity distillery at Kinnauni near Meerut in Uttar Pradesh. The estimated project cost is Rs 600 million.
In the year 1988, The Hindusthan Sugar Mills was renamed as Bajaj Hindusthan and shortly thereafter in 1990, Sharda Sugar & Industries, its subsidiary, was amalgamated with Bajaj Hindusthan. Subsequently, the company acquired Pratappur Sugar and Industries in UP giving itself a strategic foothold in the sugar-deficient region of eastern UP.
Financials
The company swung to loss for the quarter ended December 2008. During the quarter, the company reported loss of Rs 559.40 million compared with a profit of Rs 296.70 million in the same quarter previous year. Net sales for the quarter rose marginally 4.65% to Rs 3,599.50 million, while total income for the quarter rose marginally 2.05% to Rs 3,599.50 million, when compared with the prior year period. The company reported loss of Rs 3.96 a share during the quarter compared with earnings of Rs 2.10 a share in previous year period.
Recent Developments
14-MAY-09
The company has decided to issue 14.5 million warrants to its promoters.
02-APR-09
The company approved a proposal to issue 14.5 million convertible warrants to promoters. These warrants will be converted into equal number of equity shares.
31-DEC-08
Bajaj Group chairman Rahul Bajaj bought 39.9 million shares of sugar producer the company in two block deals transacted at the Bombay Stock Exchange (BSE) on Tuesday.