Short Term Buy Call For Shree Renuka Sugars
Technical analyst Mitesh Thacker has maintained 'hold' rating on Shree Renuka Sugars Limited with a target of Rs 91.
The analyst said that the stock has strong support at Rs 75.
Today, the stock of the company opened at Rs 76.40 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.
For the three month period ended September 30, Shree Renuka Sugars Ltd reported an increase of 15.5% in its consolidated net profit, which stood at Rs 116.9 crore as against the corresponding period of last year.
The company had registered a consolidated net profit of Rs 101.2 crore in the same period of 2009.
For the three month period ended September 2010, the company's total revenue climbed to Rs 2,571.2 crore as compared to Rs 1,087.6 crore in July-September period 2009.
India's biggest sugar company, Shree Renuka Sugars (SRSL), looks to have commenced garnering the benefits of its contrarian shift to get hold of two abroad sugar firms when sugar rates were near to their peaks.
But, it needs to be watched whether SRSL will truly come out as an outlier among Indian sugar firms all of whom are going thru losses as the commodity price cycle became unfavorable since the first month of the existing year.