Bajaj Hindusthan Sugar net up 7-fold at Rs 49 cr

 Bajaj Hindusthan Sugar & Industries today reported a seven fold jump in net profit at Rs 48.84 crore for the second quarter ended March 31, 2009.   

The sugar maker had a net profit of Rs 6.82 crore in the second quarter of previous fiscal, Bajaj Hindusthan Sugar & Industries (BHSIL) said in a filing to the Bombay Stock Exchange.  

The total income of the company rose 43 per cent at Rs 95.90 crore in the March quarter, from Rs 66.97 crore in the same period last fiscal.    

During the March quarter, BHSIL incurred foreign exchange losses to the tune of Rs 21.36 crore, the filing said.   

For the six months ended March 31, BHSIL reported a net profit of Rs 9.26 crore, while it had a net profit of Rs 12 lakh in the corresponding period last fiscal.   

The total income rose to Rs 182.16 crore during the six-months period, from Rs 84.42 crore in the year-ago period.   

The company would seek shareholders approval in the EGM for further issue of shares in domestic or international market in one or more tranches, BHSIL said.   

Besides, the board has approved the increase in authorised capital of the company to Rs 100 crore, from the existing Rs 40 crore.   

Shares of BHSIL surged as much as five per cent to hit its upper circuit of Rs 18.95 on the BSE.