Bajaj Hindusthan Sugar Terminates JV With EverEnviro And Unique One RNG
Bajaj Hindusthan Sugar Ltd. terminated its joint venture agreement with EverEnviro Resource Management Pvt. on Monday.
The joint venture was created for the development of biocompressed natural projects.
Bajaj Hindusthan Sugar terminated the agreement, citing failure to adhere to timelines to set up the required plants by other parties.
Bajaj Hindusthan Sugar was set to acquire 15.5% shareholding of Unique One RNG in accordance with the joint venture.
Bajaj Hindusthan Sugar Ltd. on Friday reported a 31% decline in its consolidated net profit to Rs 90.56 crore for the fourth quarter ended March 2024. Its net profit stood at Rs 130.91 crore in the year-ago period.
Its total income fell to Rs 1,874.77 crore in the fourth quarter of the last fiscal from Rs 2,059.10 crore in the corresponding period of the preceding year, an exchange filing said.
Bajaj Hindusthan Sugar is an integrated sugar company that operates through a network of 14 mills across Uttar Pradesh. The company reported an aggregate sugarcane crushing capacity of 1,36,000 metric tonnes per day and an alcohol distillation capacity of 800 kilolitres per day. The firm also manufactures ethanol, which it plans to sell as a green fuel to increase its share in the country's fast-developing energy market.
Share Price of Bajaj Hindusthan Sugar closed 6.35% lower at Rs 37.88 apiece on the NSE, compared to a 0.87% decline in the benchmark Nifty 50.
The stock has fallen 36.26% on a year-to-date basis and 47.39% over the past 12 months.
The relative strength index was at a downturn of 52.45.
Out of the analysts tracking the company, none have a 'buy' rating on the stock, none suggest a 'hold' and none recommend 'sell', according to Bloomberg data. The average of 12-month analysts' consensus price target does not apply in this situation.
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