Hold Shree Renuka Sugars: Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "On every front, sugar is having a dream run and this run is expected to continue. But, I am afraid all these past interactions. If somebody wants to be in sugar, Balrampur Chini Mills led by the frontliners are the best buy. Shree Renuka, because of the overall fundamentals situation, though it will get benefitted, but not the way as the rest of the companies would be."He further added, "I would say overall sugar pack would continue to do well. So, Shree Renuka will get benefitted, so one can hold. But I am not too gung ho on the stock. I am positive on the sugar sector, but not on Renuka.""At the current price structure, I still feel there could be some possibility of going up and market supporting. One can still say that it is a hold. But otherwise, considering the fact that they are not sugar investor, I would say at first available opportunity, because the market is buoyant, the sector is doing well, one should try to get out. With some upside probably at these levels but otherwise, not a great expectations," he said.