On hearing that the government will reduce the Goods & Services Tax (GST) on ethanol intended for blending under the Ethanol Blended Petrol (EBP) programme from 18% to 5%, sugar stockpiles rose today. During Monday’s trading session, the sector’s momentum persisted as numerous equities experienced intraday gains. They suggested that you do this. Since the government previously made a suggestion that it would think about raising the sugar export quota for FY23, sugar stockpiles have been in operation (April-June).
Stock pick: Bajaj Hindusthan | CMP: 18.89 | Upside target
On the NSE, Bajaj Hindustan shares increased by Rs 1.71 or 9.95% to reach the 10% upper circuit at Rs 18.89. According to statistics from Trendlyne, the company outpaced Nifty50 over a 12-month period by 26%, returning 32% compared to the wider index’s return of 6%.
Simi Bhaumik, an analyst, has previously endorsed the stock and advised investors to hold it for price targets of Rs 22 and Rs 24.
Small-size firm Bajaj Hindusthan has a market valuation of Rs 2400 crore on the NSE. Bhaumik claimed that the stock appeared robust on technical charts and advised investors to keep it in their portfolios.
Triveni Engineering Stock to Buy/Hold | CMP: 299 | Upside Target
Kunal Sarogi, a panellist and market analyst, suggested making a buy call at the present price. The stock was up Rs 9.85 or 3.41 percent, trading at Rs 298.85 on the NSE. He claimed that a few trading sessions ago, the stock created an exhaustion gap structure, and that gap is now appearing to be closing. Keeping a stop loss at Rs. 295 and buying with a goal of Rs. 317/322 were his advice.
Shree Renuka Sugars Stock to Buy/Hold | CMP: 64 | Upside
Around this time, the stock was trading up Rs 4.50, or 7.56 percent. Expert Sumeet Bagadia advised purchasing Shree Renuka shares with price objectives of Rs. 70 and Rs. 75. He recommended setting a stop loss at Rs. 60.
Balrampur Chini shares also increased by more than 2% to trade at Rs. 402.90 on the NSE.