Balrampur Chini may rally 5-7%: Ashu Madan

Balrampur Chini may rally 5-7% from current levels, says Ashu Madan, President - Core Client Group, Religare Securities.
 
Madan told CNBC-TV18, “Balrampur Chini the kind of news we were waiting since so long has not really done anything. Last many months we have been always talking about decontrol and when actually the news has come out that the partial decontrol has happened there is 5-10 percent movement. I don’t think that there is anything talk about because these kind of spurts and spikes we have seen in the past many times during the buzz of this decontrol which certainly signifies that there will not be a major change in the fortune of these companies.”
 
He further added, “The news is welcome and some impetus is there in sugar stocks. So, maximum 10-15 percent rally was expected which is already there in the current prices. So, another 5-7 percent from here would be the immediate move which few of the sugar stocks can have. Nothing bad today, if you look at the overall market also certain midcaps are taking support. For the first time in the last many months if you notice the frontliners are falling and midcaps post multiple carnages which they have undergone, they are taking some support. So, particular stock which they are talking there is another 5-7 percent up move which certainly looks on the card but I don’t think there is major upside immediately available.”