Stock market analysts are of the view that investors can buy Shree Renuka Sugars Ltd stock to achieve an intraday target of Rs 219.75.

According to them, investors can buy the stock with a strict stop loss of Rs 213.5.

If the stock markets remain on the positive path then the stock price will hit a target above Rs 223.

Shares of the company, on Tuesday (Dec 15), closed at Rs 215.60 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 240.45 and a low of Rs 61 on BSE.

Shree Renuka Sugars on Dec 15 announced that it is making discussions with Balrampur Chini Mills in order to obtain promoters' equity stake in India's second biggest sugar company.

The discussions are at a beginning stage currently, Shree Renuka Sugars CFO K K Kumbhat said.

In Oct 2009, reports stated that the promoters of Balrampur Chini were making discussions to sell their entire holding of 36.67% to Bajaj Hind.

But, Balrampur Chini refused the statements.

Balrampur Chini owns 9 sugar plants in eastern UP and has a total capacity to crush 73,500 tonnes of sugarcane on a daily basis. If the deal happens, Renuka Sugars, which presently has a daily cane crushing capability of 60,000 tonnes, would become second biggest sugar maker.

Recently, Shree Renuka bought Brazil-based sugar and ethanol manufacturer Vale Do Ivaí (VDI) for $82 million.