Can this sugar stock under Rs 100 hit a fresh 52-week high? Let's find out

The stock jumped by 8.86 per cent on September 6.

Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company is one of the largest sugar producers in the world, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world. The company manufactures fuel-grade ethanol that can be blended with petrol. The company also produces power from bagasse (a sugar cane by-product) for captive consumption and sale to the state grid in India and Brazil.  

The company posted robust results for the June quarter. The sales stood at Rs 1919.70 crore a growth of 141.56 per cent YoY from Rs 974.70 crore reported in Q1FY22, driven by volume and price growth, with refinery and distillery segments being the major contributors.  

In Q1FY23 company reported a loss of Rs 103 crore against the loss of Rs 228.30 crore reported in Q1FY22, registering a reduction of 54.71 per cent in losses. 

The stock has been gaining for the last 5 days and has given 14.72 per cent returns in the period. It has a 52-week high of Rs 63.25 and a 52-week low of Rs 24.45. On Tuesday afternoon, the stock increased by 8.76 per cent and the scrip is trading at Rs 52.15.