Technical analyst Mitesh Thacker is bullish on Bajaj Hindustan Limited and has maintained hold rating on the stock with a target of Rs 78-80.
Mr. Thacker said that the stock has resistance at Rs 72.
Today, the stock of the company opened at Rs 70.65 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 146.50 and a low of Rs 67.90 on BSE.
Current EPS & P/E ratio stood at 1.03 and 70.11 respectively.
Under open general licence (OGL), empowered Group of Ministers (EGoM) sanctioned the export of up to five lakh tonnes of sugar as production in 2011 is ready to surpass the domestic demand.
Previously, the Food Ministry has permitted and proposed 5 lakh tonnes of export under OGL.
But, the decision was kept on hold considering high inflationary figures and the matter was shortly referred to the empowered Group of Ministers.
The EGoM, led by Finmin Pranab Mukherjee, settled to permit normal sugar exports not surpassing 5 lakh tonnes.
The country's sugar fabrication is approximated at 24.5 million tonnes in 2011-12 sugar year (October-September) as compared to 18.8 million tonnes during the last year.
The administration had previously permitted sugar mills to fulfill their export responsibilities of around one million tonnes under ALS.