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Introduction
Shree Renuka Sugars Ltd. is an agribusiness and bioenergy company, which engages in the manufacture of sugar, ethyl alcohol, and ethanol. It is also involved in the generation and sale of energy. The firm operates through the following segments: Sugar-Milling, Sugar-Refinery, Distillery, Co-Generation, Trading, and Other.
Observation
As we can see on weekly chart stock facing a rejection from falling trend line. Stock breakout and retraced that falling trend line on 10th of June with good volume also stock show a strength RSI looks positive on a day chart. Technical show a cup & handle on monthly time frame crucial level is 55 if its breakout this level stock will become rocket. my 1st target is 55 levels from CMP. Although fundamental is not strong this stock is only technical pic. however,
All sugar stock will be in focus till budget announcement. Sugar stock like, Balarampur Chini, Bajaj Hindustan, Dalmia Bharat etc.
Technical Analysis & indicators 🔍
Weekly chartCup & Handle
Falling Trend Line Breakout
News of the day
1. UltraTech Cement Middle East Investments, a wholly owned subsidiary of UltraTech Cement, has acquired an additional 25% stake in United Arab Emirates-based RAK Cement Co for White Cement and Construction Materials PSC, increasing its shareholding in the latter to 54.39%.
2. BPCL The southern Indian state of Andhra Pradesh wants state-run Bharat Petroleum Corp to set up a refinery and petrochemical complex costing up to 700 billion rupees ($8.4 billion) ₹6.89 lakh crore in Indian rupees in the state, its chief minister said in a post on X. "Strategically placed on the eastern coast of the country, our state has a significant petrochemical potential," said chief minister N. Chandrababu Naidu after meeting with a delegation led by BPCL chairman G. Krishnakumar. The new plant could cost 600 billion rupees (₹60,000 crore) to 700 billion rupees (₹70,000 crore), he said, adding the coastal state would look at providing 5,000 acres of land required for the project.
India's oil minister Hardeep Singh Puri last month announced that BPCL was considering setting up a new refinery.
BPCL is the country's second biggest refiner owning a capacity of 706,000 barrels per day through its three refineries in the country.At present, another state refiner Hindustan Petroleum Corp HINDPETRO operates 274,000 bpd coastal refinery at Vizag in the state.
3. Indian shares declined on Wednesday, weighed by banks on worries of moderation in their earnings and by Mahindra and Mahindra after it slashed prices of some cars.
Educational content
Thu Jul 11, 2024
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