Shree Renuka Sugars: A perfect ingredient to sweeten your portfolio
The stock is up by nearly 18 per cent on MTD basis while on a YTD basis, it is up by nearly 28 per cent.
Shree Renuka Sugars is a global agribusiness and bio-energy corporation. The company, which is one of the largest sugar producers in the world, is also, the leading manufacturer of sugar in India, and one of the largest sugar refiners in the world. The company has its corporate office in Mumbai (Maharashtra) and head office in Belgaum (Karnataka). It operates seven integrated sugar mills and two port-based refineries in India.
The company operates in the following segments: Sugar, ethanol, and power.
The stock is trading up by nearly 2 per cent on Friday while the markets are seen trading in deep red as Nifty is down by over 1.5 per cent. As a result, the stock is seen outperforming the stock market. It is trading near its seven-month high and thereby, is above its 20, 50, and 100-DMA. Moreover, all these key moving averages are trending up and are in the desired sequence, which suggests that the trend is strong.
The stock's relative strength index (RSI) has reached its highest value in the last 14 weeks, which is bullish. The daily MACD is pointing northward while sustaining above its nine-period average, which validates positive bias in the stock. Also, it is above the prior swing high.
The stock is up by nearly 18 per cent on MTD basis while on a YTD basis, it is up by nearly 28 per cent.
The technical evidence indicates that the stock has the potential to relatively outperform the benchmark indices.