Balrampur Chini is best bet in sugar space, says SP Tulsian of sptulsian.com.
Tulsian told CNBC-TV18, " Balrampur Chini - after scraping the levy of 10 percent this second relief or the contracts all the oil companies have entered into with the oil marketing companies I see it as a big positive. UP mills have entered at Rs 34 per litre. Karnataka have entered at Rs 36 per litre, Tamil Nadu has entered at Rs 35 per litre and Balrampur Chini is the most efficient unit. They may have the second largest capacity in terms of the crushing capacity and the molasses capacity but they are the best managed and in fact I see that as quite positive because the regular lifting of the ethanol will not put pressure on their cash flow and they will be able to process the molasses faster which otherwise they have to store it for a very longer time."
He further added, "If one really sees the scenario part of the quantity will definitely get sold by them in the open market also. So, a significant portion are getting diverted to the oil marketing companies from blending which is becoming mandatory from June this year, I am seeing that as quite positive for the sugar sector. Probably the blending may get extended by about a month or so because this contract finalization has delayed. Taking overall positive view on the sugar sector but Balrampur Chini looks the most promising amongst the lot."
Tulsian told CNBC-TV18, " Balrampur Chini - after scraping the levy of 10 percent this second relief or the contracts all the oil companies have entered into with the oil marketing companies I see it as a big positive. UP mills have entered at Rs 34 per litre. Karnataka have entered at Rs 36 per litre, Tamil Nadu has entered at Rs 35 per litre and Balrampur Chini is the most efficient unit. They may have the second largest capacity in terms of the crushing capacity and the molasses capacity but they are the best managed and in fact I see that as quite positive because the regular lifting of the ethanol will not put pressure on their cash flow and they will be able to process the molasses faster which otherwise they have to store it for a very longer time."
He further added, "If one really sees the scenario part of the quantity will definitely get sold by them in the open market also. So, a significant portion are getting diverted to the oil marketing companies from blending which is becoming mandatory from June this year, I am seeing that as quite positive for the sugar sector. Probably the blending may get extended by about a month or so because this contract finalization has delayed. Taking overall positive view on the sugar sector but Balrampur Chini looks the most promising amongst the lot."
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