Bajaj Hindusthan Shares Surge on FCCB Repayment, Sugar Import Duty
Shares in Bajaj Hindusthan Ltd surged after the company said on Monday that it repaid foreign currency convertible bonds aggregating to $17.7 million.
The repayment, coupled with the government's move to raise the import duty on sugar, has created positive sentiment in the counter, dealers said.
The food minister said on Monday that India will raise its import duty on sugar to 40 per cent from 15 per cent, as the government tries to revive business at mills that owe farmers around $1.84 billion.
Bajaj Hindusthan shares were up nearly 8 per cent to Rs 31.60 as of 10:00 a.m.
Copyright: Thomson Reuters 2014
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