Shree Renuka Sugars may rally to Rs 35, says Sharma

Sharma told CNBC-TV18, "Shree Renuka Sugars chart has done well today and if it manages to close above Rs 29 then that would be a breakout which could take it up to Rs 35."

"Renuka Sugars' trailing 12-month (TTM) EPS was at Rs 1.19 per share. (Mar, 2012). The stock's price-to-earnings (P/E) ratio was 25.59. The latest book value of the company is Rs 27.76 per share. At current value, the price-to-book value of the company was 1.1. The dividend yield of the company was 3.28%."

He further added, " JP Associates has also gone down today but I look at it as an opportunity to buy because I think the charts had given an excellent breakout on very strong volumes and the correction is not on such high volumes. So that seems to suggest that there is more steam left in it. So one can go long in it for a target of closer to Rs 77-78."