Buy Balrampur Chini, Shree Renuka: Ambareesh Baliga

Ambareesh Baliga of Edelweiss Financial Services told CNBC-TV18, "One cannot expect too much of action from the government especially as far as reducing the cane prices is concerned, especially looking at the elections. So clearly it will be status quo but the sugar cycle is more or less at the bottom and we see some green shoots as far as sugar is concerned possibly in the next two-three quarters."

"I don't think this is the right time to get out of sugar stocks and possibly if one has patience one should look at some of the better of those sugar stocks at these levels, something like Balrampur Chini or even Shree Renuka Sugars where we have seen a decent move in the last one-two days. These are the stocks where one can actually buy and hold for long-term. But then one needs to keep in mind that the risk of cyclical stocks and one needs to hold on for atleast the next two-three quarters," he said.