Trending stock below Rs 100: This multibagger sugar stock jumped 900 per cent in past three years! Do you own it?
The stock has registered a strong price volume breakout as it soared another 4 per cent to hit an all-time high level of Rs 68.65 on NSE
The Indian indices experienced weakness on Tuesday amid bad global cues. Stock-specific action continued on D-street as quality Mid-Cap and Small-Cap stocks are being bought at lower levels. Interestingly, the sugar stocks are having the time of their lives as strong buying is witnessed over the past several weeks. The main driver for the sugar stocks has been the government’s increased push towards ethanol blending in fuel. Ethanol is the by-product of sugar and the government plans to blend 20 per cent ethanol with the fuel.
The stock of Shree Renuka Sugars (NSE Code: RENUKA) has thus seen strong buying interest and delivered massive 900 per cent returns in the past three years, making it one of the top-performing multibagger stocks in India. Recently, the company’s board of directors reported that Renuka Sugars plans to expand ethanol production from 720 KLPD to 1,250 KLPD by December 2022.
On Tuesday, the stock has registered a strong price volume breakout as it soared another 4 per cent to hit an all-time high level of Rs 68.65 on NSE. It has already surged 18 per cent in the past four trading days. The volumes have been above-average lately, which indicates strong buying interest in the stock. The technical parameters are extremely bullish and show strong trend strength across all timeframes.
Currently, Renuka's share price trades at Rs 68.50 level on NSE. Long-term investors can keep an eye on this stock to track its further progress!