Kapadia told CNBC-TV18, "Most of the sugar stocks have declined for 19 weeks in a row, so we are overdue, we are deeply oversold. I think the bounce back has already started, so I think if you take a couple of months view I think sugar should stage a decent rally but I am not sure if this going to sustain."
He further added, "If you take a slightly longer term view on the rebound I think GVK Power and Bajaj Hindusthan is what one can switch from. One can hold ICSA for the long term, I think for the past one year the stock has underperformed, hasn't done anything much but from a longer term point of view, I think ICSA should comfortably be Rs 200 or more. So as of now ICSA would be a hold, Bajaj Hindustan and GVK Power probably would be a switch on the rebound, there seems to be a rebound in sugar as of now."
