Thukral told CNBC-TV18, "According to us all sugar counters for that matter are slightly on a dead cat bounce. They are just doing a catch up with all the other stocks what they have done."
He further added, "For Shree Renuka - we feel - should not go beyond Rs 188-189, therefore we are recommending to sell 190 calls to all our clients. Closing was around Rs 4.90 paise, you might get even a better rate today after a gap up opening but the idea behind this strategy is that, we do not expect Renuka to go above Rs 189, we expect it to retrace back to Rs 175-176 levels."
At 11:17 hrs the share was quoting at Rs 186.00, up Rs 4.65, or 2.56%. Its Market Cap stands at Rs 5,894.34 crore.
Currently the share is 133.23% above the 52-week low of Rs 79.75. The company's trailing 12-month (TTM) EPS was at Rs 10.35 per share.
