The shares of Renuka Sugar have been touching the sky for the last two days. Renuka Sugar share price today opened with an upper margin of approx. 2.50 per share and reached intraday high of 49.15 Each level, close to its upper circuit level 49.50 per. Due to such a sharp jump in the past two days, the Chinese stock has been able to deliver around 35 per cent returns to its shareholders in the past one week.
according to this Share Market specialist, renuka sugar share price The news of the acquisition of a Chinese company by the Adani Group in the near future is gaining appreciation. As the sugar sector is already discussing the ethanol blending policy announced by the central government, this news break has acted as an additional catalyst for sugar stocks. However, market experts said that the increase in Shree Renuka Sugar’s share price is purely speculative as none of the company has issued any official statement in this regard.
Speaking on Renuka Sugar Share Price Rally; Avinash Gorakshakar, Head of Research, Profitmart Securities said, “This rise in the shares of Renuka Sugar is purely speculative as no company has issued any official statement in this regard. By Adani Group, this increase in two days is much higher than the current valuation of the company. Hence, my advice to the based retail investors is to refrain from taking any position in this Chinese counter and look at other Chinese counters .
Echoing the thoughts of Avinash Gorakshakar; Saurabh Jain, Vice President of Research at SMC Global Securities said, “The sugar sector is discussing the ethanol blending policy announced by the Government of India (GoI) and it is going to have a long-term impact on sugar companies. Hence, one should Balrampur Chini, Triveni Buy quality and big sugar companies like Engineering and Dhampur Sugar.”
Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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