Bajaj Hindusthan Q2 net up 120%, to launch rights issue of upto Rs 2000 crore
India's largest sugar firm Bajaj Hindusthan Ltd (BHL) today reported a more than two-fold jump in net profit at Rs 72.82 crore for the quarter ended March.
By PTI | Updated:
MUMBAI: India's largest sugar firm Bajaj Hindusthan Ltd ( BHL) today reported a more than two-fold jump in net profit at Rs 72.82 crore for the quarter ended March and announced a rights issue to raise up to Rs 2,000 crore.
The company had posted a net profit of Rs 31.79 crore in the year-ago period.
Net sales more than doubled to Rs 1,252.49 crore from Rs 567.44 crore in the review period.
"The board of directors...decided to issue equity shares on rights basis to the existing shareholders of the company for an issue size not exceeding Rs 2,000 crore," BHL said in a filing to the Bombay Stock Exchange (BSE).
The filing did not mention the purpose for which the funds would be utilised from the proposed rights issue.
BHL, which has 14 sugar plants in Uttar Pradesh with a daily cane crushing capacity of 1.36 lakh tonnes, has forayed into power business.
It is setting up five new coal based power plants in UP with total power generation capacity of 450 MW each at a cost of Rs 2,300 crore. That apart, BHL through a consortium is setting up two mega thermal power projects with a capacity of 1,980 MW each.
Shares of the company had closed 2.09 percent lower at Rs 74.90 on yesterday's trade at BSE.
The company had posted a net profit of Rs 31.79 crore in the year-ago period.
Net sales more than doubled to Rs 1,252.49 crore from Rs 567.44 crore in the review period.
"The board of directors...decided to issue equity shares on rights basis to the existing shareholders of the company for an issue size not exceeding Rs 2,000 crore," BHL said in a filing to the Bombay Stock Exchange (BSE).
The filing did not mention the purpose for which the funds would be utilised from the proposed rights issue.
BHL, which has 14 sugar plants in Uttar Pradesh with a daily cane crushing capacity of 1.36 lakh tonnes, has forayed into power business.
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It is setting up five new coal based power plants in UP with total power generation capacity of 450 MW each at a cost of Rs 2,300 crore. That apart, BHL through a consortium is setting up two mega thermal power projects with a capacity of 1,980 MW each.
Shares of the company had closed 2.09 percent lower at Rs 74.90 on yesterday's trade at BSE.
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