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Buy Avadh Sugar target of Rs 790: ICICI Direct

ICICI Direct is bullish on Avadh Sugar has recommended buy rating on the stock with a target price of Rs 790 in its research report dated August 06, 2022.

August 08, 2022 / 09:52 PM IST
 
 
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ICICI Direct's research report on Avadh Sugar


Avadh Sugar has 31800 TCD sugarcane crushing capacity 325 KLD distillery capacity & 74 MW saleable power capacity. The company produces 6.0 lakh tonnes (lt) of sugar, 8 crore litre of ethanol & 15 crore units of saleable power. The company has increased its distillery capacity from 240 KLD to 325 KLD with a capex of Rs 135 crore. This would help it increase its annual ethanol production to 11 crore litre.



Outlook


We continue to maintain our BUY rating on the stock. We value the stock at Rs 790, valuing the business at 8x FY24 PE.

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Avadh Sugar - 080822 - ic

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first published: Aug 8, 2022 09:52 pm
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