As per technical charts, investors can buy Shree Renuka Sugars above Rs 830 with strict stop loss of Rs 800 for the target of Rs 1141 in short term and Rs 1573 in long term. This is a delivery based call.

On National Stock Exchange, the stock has touched 52-week high of Rs 900 and a low of Rs 260. The stock has an intraday high of Rs 900 with a low of Rs 820.

The group’s principal activities are to manufacture and market crystal sugar, industrial alcohol, iron castings, soya products, sunflower oil, molasses, fertilizers, chemicals, seeds, bio earth and other industrial products.

Sugar sector has been performing well in last one week after the government announced some relief package for the industry. The sugar prices have been weak since last two quarters and this has casted bad effect of profit of all sugar companies. Balrampur Chini, Triveni Engg and Sakhti Sugars are other stocks in the sector which are trading strongly on back of high volumes for past few trading sessions. Based on current results, Renuka Sugars is trading at a P/E of 38 and offers an earning per share of Rs 22.

As per the available profit and loss account, company has registered a net profit of Rs 2.40 for quarterly ended September 2007.