Balrampur and Avadh will also benefit from better pest control leading to improved recovery (Uttam i am not tracking). While Balramur is fairly valued, there could be upside in earnings from further recovery improvement, and also the regular buyback of shares – this is a very prudent measure which all profit making sugar companies should do. it makes sense to buyback rather than give dividend as the companies are undervalued. They should in fact increase debt.
Companies like Triveni, Dhampur Sugar are fairly valued (may be little higher than peers – as they are more ethanol focused including grain based).
I am positive on DBOL sheerly due to the valuation gap – its operations have improved along with good capacity addition. Mkt will realise this by nxt quarter so till then it is wait for DBOL.
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