Sep 05, 2013, 05.51 PM | Source: CNBC-TV18

Exit Shree Renuka Sugars, says SP Tulsian

SP Tulsian of is of the view that one may look to exit Shree Renuka Sugars at Rs 18.50 level.

SP Tulsian of told CNBC-TV18, "In Shree Renuka Sugars one may look for a price of Rs 18.50. The only positive trigger is monetisation of some of the Brazilian assets. The company has been talking of monetization of that part maybe like its power plants or some of the sugar mills for the last about 18 months or so, but nothing has happened. Now it seems to have come at a breaking point where it will be forced to do that."

"If we take a call on the sector, I don't think that there is any positive. In fact, we have seen couple of days back that all sugar stocks have been moving up on the news that probably government will go for mandatory blending of 10 percent of ethanol into petrol, but that also fizzles out. One may look to exit it at Rs 18.50," he added.

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