Remain invested in Shree Renuka: Sharmila Joshi

Sharmila Joshi, Head of Equity, Peerless Securities advises investors to remain invested in Shree Renuka.
 
Joshi told CNBC-TV18, “If one is a long term investor then he can hold Shree Renuka because while the kind of profit booking that we are seeing today is largely because the cabinet decision was deferred and the run up in the stock had happened as a result of that, but overall my sense is that sugar as a sector has kind of bottomed out and now one should see an upward movement in the sugar cycle as such and therefore going forward one could see some improvement overall in terms of prices of sugar and therefore stock prices going ahead.”
 
She further added, “The cabinet decision has been deferred is not really – we shouldn’t really assume that it is never going to happen though it does seem like a tough decision for the government to take at this stage, but we have seen enough postponement so hopefully something will come out of that as well. So, if you are a longer term investor I would say it is a hold and if you are shorter term investor I would say we have seen a run up and may be you could see little bit more of selling coming in, in this space. So, you need to position yourself depending on what kind of investor you are. If you are a longer term investor I think you can stay invested.”