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Buy Avadh Sugar; target of Rs 890: ICICI Direct

ICICI Direct is bullish on Avadh Sugar has recommended buy rating on the stock with a target price of Rs 890 in its research report dated May 12, 2022.

May 14, 2022 / 01:53 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 890, valuing the business at 8x FY24 PE.

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For all recommendations report, click here


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first published: May 14, 2022 01:53 pm
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