Wednesday, February 21, 2024
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HomeStocksTechno-Fundamental Analysis – Bajaj Hindusthan Sugar

Techno-Fundamental Analysis – Bajaj Hindusthan Sugar

Today, Bajaj Hindusthan Sugar share started its trading journey with a positive momentum, opening at Rs 36.3, and quickly reached a peak of Rs 39.3. However, the stock encountered some resistance as it dipped to a low of Rs 33 before eventually settling at Rs 37.9 at the close of the intraday session. This movement indicates a notable volatility, with the stock showcasing a 4.84% increase compared to the previous day’s closing price of Rs 36.15.

Despite today’s fluctuations, Bajaj Hindusthan Sugar’s performance reflects a wider trend, with its 52-week high standing at Rs 39.3 and its 52-week low at Rs 11.45, underlining the significant variance in its valuation over the past year. With a market capitalisation of Rs 4,840.86 crore, BHL continues to be a focal point of interest in the market, with investors closely monitoring its movements.

Bajaj Hindustan Sugar monthly chart

Monthly chart Bajaj Hindusthan Sugar Ltd

The technical analysis of the stock suggests a significant bullish sentiment, with the price breaking out to a 12-year high. This breakout is accompanied by a notable increase in trading volume since 2021, indicating strong investor interest and potential momentum. Furthermore, the stock has delivered multibagger returns of 171.68% over the past year, reflecting robust underlying strength and positive market sentiment. With the next potential target set at Rs 65, investors are eyeing further upside potential in the stock.

Bajaj Hindustan Sugar daily chart

Daily chart Bajaj Hindusthan Sugar Ltd

Additionally, the stock recently experienced a breakout from its 52-week high, supported by a surge in trading volume observed over the past two weeks, particularly in anticipation of upcoming results. The previous quarter’s earnings saw the stock price break out to a 10-year high, signalling sustained bullish momentum. Moreover, the 50-day Exponential Moving Average (EMA) is acting as dynamic support, further reinforcing the bullish outlook and suggesting potential opportunities for investors to enter or add to their positions. Overall, the technical indicators point towards continued strength and potential upward movement in the stock price.

Earnings Update

The announcement of the company’s third-quarter (Q3) results for the fiscal year 2023–24 (FY24) caused shares of Bajaj Hindusthan Sugar Limited to spike upward during the last 2 weeks’ trading. The maker of ethanol and sugar saw a narrowing loss with a 116% increase in net profit in Q3 FY24, from a loss of Rs 122.83 crore to a profit of Rs 20.07 crore, compared to the same time the previous year’s quarter. Net sales for the firm increased by 21% from Rs 1430.84 crore in the September 2023 quarter to Rs 1,740 crore in the Q3 FY23. Compared to Rs 4,284.16 crore in the same quarter previous year, the company’s revenue decreased to 4,234.05 crore in Q3 FY23, a 1.16% decrease.

Bajaj Hindusthan Sugar Limited (BHSL) was incorporated in 1931 under the name ”The Hindustan Sugar Mills Limited”. The Company is engaged in the manufacture of sugar, alcohol, ethanol, and the generation of power.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.
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