Rajesh Agarwal, Director - Research of Eastern Financiers told CNBC-TV18, "Shree Renuka Sugars is sitting on a huge debt, the management has been talking about reducing the debt by selling some of its Brazilian stake or the co-generation stake but nothing has happened in the recent past and we don't believe that something will happen in a real hurry. As the crushing season approaches, that is in mid-November, the sugar stock starts moving up and that is what has happened with a lot of sugar stocks."
"I think it is a prudent time to book profit around Rs 21-22 levels and if one wishes to be in Shree Renuka, one can re-enter at Rs 15-16 levels once that corrects. But at this point of time, the best thing would be to book profit," he said. Also Read: On verge of extinction, UP sugar mills send 'SoS' to govtDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
