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Dolat Capital Report
Triveni Engineering and Industries Ltd. and Balrampur Chini Mills Ltd. are Dolat Capital's preferred picks in the sugar sector, with the brokerage reiterating its 'Buy' rating on both stocks.
It has set a target price of Rs 360 on Triveni Engineering, implying an upside of about 25% from the current market price of Rs 287, while Balrampur Chini carries a target price of Rs 817, indicating a potential upside of 24% from Rs 660.
Dolat Capital has turned constructive on the sugar sector as domestic sugar prices surge amid tight inventories, lower-than-expected production and firm global sugar markets.
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The brokerage believes the industry is entering the new sugar season with a favorable demand-supply balance that could support elevated sugar realisations and improve earnings visibility for sugar companies.
According to the report, domestic sugar prices have climbed sharply from around Rs 48 per kg in July to Rs 57-58 per kg currently, driven by lower sugar production, festival-led demand, weather concerns and reduced availability ahead of the new crushing season.
The brokerage expects prices to remain elevated rather than witness a sharp correction.
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