Bannariamman Sugars has target of Rs 1800: Shah

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Bannariamman Sugars has target of Rs 1800: Shah

Bannariamman Sugars has target of Rs 1800, says Rajen Shah, CIO, Angel Broking.

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Excerpts from Closing Bell on CNBC-TV18 Watch the full show » ALSO READ See previous views by Rajen Shah See what other Experts & Brokerages are saying about Bannariamman See messages about Bannariamman Bannariamman BSE | NSE 10/02/12 Are Mutual Funds betting on Bannariamman?

Bannariamman Sugars has target of Rs 1800, says Rajen Shah , CIO, Angel Broking.

Shah told CNBC-TV18, "We had given a buy signal for Balrampur Chini and Bajaj Hindusthan quite a long while back and the stocks have moved up significantly since then no doubt sugar prices have moved up significantly over the past two years and retail prices are about Rs 38 a kg and it would continue to remain quite strong for quite a while.

He further added, "No doubt the sugar space still looks interesting but there is a significant price gap between certain midcap sugar companies. Last time, about three years back, when the sugar prices were about Rs 30-32/kg, Bannariamman Sugars was at Rs 1,800 and today when the prices have moved 20% above those levels, the stock is still about 20-25% below those levels. So we have a target of about Rs 1,800 for Bannariamman Sugars and for Rajshree Sugars and Chemicals also the performance is going to be exceptionally good this year and we are expecting the stock to move upto about Rs 130 levels in the next six months."