Bajaj Hindusthan Updates on cancellation of Sugar Policy 2004 by UP government

Bajaj Hindusthan Ltd has announced that through Media reports, it has come to the Company's notice that the State Government of U P, has decided to cancel the Sugar Promotion Policy 2004 with immediate effect and is intending to announce a new policy in its place.

Except for the news in the press on the subject, the Company has not received any communication from the State Government or is aware of issuance of any Gazette Notification to this effect by the Government of Uttar Pradesh.

The Company would be able to comment on the impact of the cancellation of Policy once it receives detailed communication in this regard. Nevertheless, it is imperative to mention that the cancellation of the Sugar Promotion Policy 2004 would have a significant adverse impact on the financials of the Company, which is not quantifiable at this stage.

The stock closed the day at Rs.165.70, down by Rs.9.25 or 5.29%. The stock hit an intraday high of Rs.176.30 and low of Rs.164.20. The total traded quantity was 1035020 compared to 2 week average of 563729.

Source : Equity Bulls

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