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Exit Shree Renuka Sugars on rise: Devang Mehta

Devang Mehta of Anand Rathi Financial Services is of the view that one may exit Shree Renuka Sugars on any bounce.

February 20, 2014 / 15:59 IST
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Devang Mehta of Anand Rathi Financial Services told CNBC-TV18, "The investors should look to exit Shree Renuka Sugars on any bounce if the deal is announced with Wilmar. There would potentially a bit of re-rating on the stock but last one-two days we have seen good momentum among the sugar space and particularly for Shree Renuka Sugars.”

“Yesterday there was a report stating that in north India the price rise has been taken around Re 1 and sugar is priced at around Rs 28.50 per kg. So, probably little bit of sweetener is again coming in for the sugar space in the last 10-15 days; some major announcements were also made and some export sops were also given to the sector. So, a bit of re-rating seems to be on the cards but as a pure fundamentalist I would never recommend the investor to stay in sugar space which is purely cyclical and has not done anything spectacular in the last four-five years,” he added.

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first published: Feb 20, 2014 03:59 pm

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