Buy Bajaj Hindusthan With Stoploss Of Rs 203: Hitendra Vasudeo

Buy Bajaj Hindusthan With Stoploss Of Rs 203: Hitendra VasudeoHitendra Vasudeo of stockmechanics.com has suggested traders to buy Bajaj Hindusthan Ltd with an intraday target of Rs 225.

According to Mr. Vasudeo, interested traders can buy the stock around Rs 214.60-Rs 207.80 with a strict stop loss of Rs 203.

Shares of the company, on Thursday (June 11), closed at Rs 218.80 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 221.50 and a low of Rs 38.25 on BSE.

Mr. Vasudeo also said that if the stock market remains positive, the next target for the day is above Rs 242.

Bajaj Hindusthan, on June 09, declared that it has decided to import around 1,00,000 MT of raw sugar for processing at its sugar facilities in the upcoming sugar season 2009-2010.

The company has executed deals for raw sugar cargo aggregating to 91,000 MT.

During the last month (May 2009), the company said that it would lift around Rs 756.03 million via issue 14.5 million warrants to its company’s promoters.

The company’s directors have given their consent in this regard.

Hence, each warrant will entitle the warrant-holder to subscribe for and be allotted one equity share having face value of Re 1 each at Rs 52.14 per share, being the minimum price computed in line with SEBI preferential issue principles.

For the three month period ended March 31, 2009, the company’s standalone net profit increased 89.15% to Rs 813.90 million as against Rs 430.30 million.

Net sales during the period surged 5.23% to Rs 5,159.30 million, whereas total income during the same period rose marginally 3.18% to Rs 5,159.30 million.

The company recorded EPS of Rs 5.76 during the quarter.