Shree Renuka Sugars is looking good for long term investment as per Technical Analyst Ashwani Gujral. TopNews had recommended the stock on 12 December at Rs 800. The stock has gained smartly and is ended the day on Wednesday at Rs 1033. The stock touched a 52-week high on Wednesday of Rs 1052.

As per recommendation of Mr. Ashwani Gujral, the stock can be good for long term target of Rs 1300. Investors should keep a stop loss of Rs 920 for Shree Renuka Sugars.

Shree Renuka Sugars is currently trading at a P/E multiple of 51. The net profit for the last quarter was lower due to drop in price of sugar. The company registered a net profit of Rs 2.4 crore for quarter ended September 2007 compared to Rs 55 crore for the same quarter previous year.

Sugar stocks have been performing well after government announced relief packages for the industry. Other stocks from the sector looking good for long term are Balrampur Chini (recommended earlier by TopNews), EID Parry, Triveni Engg (recommended earlier by TopNews) and Bajaj Hindustan.