Rajesh Agarwal of CD Equisearch is not bullish on sugar space.
Agarwal told CNBC-TV18, "We are not bullish on sugar pack because we expect sugar companies to continue to under perform the broader market over the mid-term horizon of 9-12 months due to lag of any immediate positive triggers. So I don't think investor should have enthusiasm to enter in sugar stocks. In Uttam Sugar the numbers were not impressive in December quarter and this bounce back that we are seeing in sugar pack is only because they have been beaten down a lot from the higher levels for eg Uttam Sugar has been seeing a high of Rs 495 and it has gone down to Rs 100 levels and it is just a technical bounce back."
