Stock market analyst Ketan Karkhanis of ICICI Securities has maintained 'buy' rating on Shree Renuka Sugars Ltd stock to achieve a target of Rs 96.

According to analyst, the interested investors can buy the stock with a strict stop loss of Rs 78.

The stock of the company, on Sep 27, closed at Rs 85.40 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 123.60 and a low of Rs 53 on BSE.

Shree Renuka Sugars Ltd announced that it has lifted up its equity stake in National Commodity & Derivatives Exchange (NCDEX) to 12% by buying out 26.25 lakh equity shares of the stock exchange from Crisil for more than Rs 38 crore.

The Karnataka- based sugar-manufacturer said that it has bought 26.25 lakh scrips of NCDEX from CRISIL worth Rs 145 a share, totaling to Rs 38.06 crore.

"With the aforesaid acquisition, the company has increased its stake in NCDEX from 5 per cent to 12 per cent," the company said.

CRISIL, which possessed a 12% equity stake in NCDEX, had to lessen it to 5% by September according to the principles of DIPP.

As per the company's statement, Equipav S. A. Acucar e Alcool (Equipav) has been renamed Renuka do Brasil S/A.

Shree Renuka Sugars Ltd bought a controlling stake in Equipav on June 23 this year.