In its latest research report, Nirmal Bang, an equity research firm said that Bajaj Hindusthan, which has been consolidating in the range of 172-183, can give good returns in the short term.

The report further stated that, if the stock maintains above 183 with huge average volumes of 25 lakh, then it will hit a target of Rs 210.

The stock has strong support at Rs 177.

Today (Oct 07), the shares of the company opened at Rs 183.40 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 234.35 and a low of Rs 38.25 on BSE.

Bajaj Hindusthan Ltd (BHL) anticipates to more than double the capacity utilization of its mills in the following 2009-10 season (October-September) abiding by the implementation of agreements for import of 7-lakh tonnes (lt) of raw sugar.

During the 2008-09 season, the company's 14 mills comprising 4 of its 75% owned division, Bajaj Hindusthan Sugar and Industries Ltd (BHSIL) - developed 6.13 lt of sugar on a total cane crushed of 67.31 lt.

BHL, which is a part of the 'Bajaj Group', is the country's Number One sugar and ethanol making company, headquartered at Mumbai.

BHL owns 10 ten sugar plants, which are all situated in the northern Indian state of Uttar Pradesh.

The company registered a yearly turnover of Rs 18,794.9 million for the twelve month period ended Oct 1, 2007- September 30, 2008.