If any deduction claimed for expenditure made on purchase of sugar has been disallowed, an application can be made to the assessing officer, who will recompute the income of the relevant previous year after allowing such deduction up to the price fixed or approved by the government for such previous year.

Record production, surging exports and the ethanol story is working wonders of Indian sugar companies. But can the past returns sustain despite an ongoing correction?

“On the largecap side, L&T should continue to outperform because it is still very under-owned relative to growth prospects. I like M&M because fundamentally they are doing much better than what everyone expected and will continue to do much better and valuations are not so high. Among midcaps, it could be a wide variety of stocks across sectors on the capex theme. I like something like VA Tech Wabag.”

The stock holding limit will be worked out on the basis of giving 100% weightage to the month-end notional stock of the preceding month," the ministrys notification said.

This will boost stock holding limits for sugar mills and monthly allocation for sales will increase, said industry experts.

A long bull candle was formed with a minor upper shadow on the daily chart, placed beside the long negative candle of the previous session. Technically, this pattern signals a counter attack of bulls after a sharp weakness.

Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8078.96 Crore) operating in Sugar sector.

JK Paper shares rallied 3.5 percent to Rs 440, the highest closing level since August 16 this year and formed another long bullish candle with robust volumes on the daily charts. The stock has given a strong breakout of horizontal resistance trend line adjoining several points - August 12, September 1, September 8 and December 19 this year.

“In the four-wheeler space, I like Mahindra & Mahindra. Autos should continue doing well and the commodity pressure is also coming down. The margins should also improve going ahead. In the case of Mahindra & Mahindra, new launches have been doing very well; their margins are also very decent and the return ratios are very strong. ”

Nifty futures on the Singapore Exchange traded 31 points, or 0.17 per cent, lower at 18,456, signaling that Dalal Street was headed for a negative start on Tuesday.

Some analysts warned that export quota relaxations, reduction in GST rates for ethanol production, and early forecasts of production shortfall were only short-term triggers.

India’s sugar production in the 2022-23 sugar season (SS ), which began in October, is estimated at a record 410 lakh tonnes

“Next year will be tough for most of these IT companies. The management has been unwilling to accept this and so have the analyst and that creates the risk for investors. Once this acceptance comes in, then the risk reduces and so opportunities will come over the next three to six months but in the meantime, we could see further decline in most of the IT stocks.”

Balrampur Chini Mills, incorporated in the year 1975, is a Mid Cap company (having a market cap of Rs 8284.02 Crore) operating in Sugar sector.

We have collated stocks from various experts for traders who have a short-term trading horizon:

US stocks fell for the third consecutive session on Friday as investors continued to worry over the impact of tightening monetary policy on economic growth.

The price configuration on daily time frame chart in Balrampur Chini Mills can be termed as a ‘Bullish Cup and Handle’, which unfolds the next leg of the rally.

​Nifty broke down its upsloping trend line support and slipped below the 20-SMA (18,528), indicating weakness ahead in the near term. If Nifty remains below 18,500, it will witness supply on any minor pullback.

The benchmark index Nifty has now sneaked below the key swing low of 18,350 on a closing basis. Ideally, looking at the price structure, the development does not augur well for bulls. A close below this support opens the possibility of an extended correction in the coming week

Promoters held 42.42 per cent stake in the company as of 30-Sep-2022, while FIIs owned 19.07 per cent, DIIs 18.2 per cent.

“In two-wheelers, although Hero MotoCorp numbers look a bit better on the face of it, Hero as a company has a habit of flooding the market and then course correction is happening, whereas other players like TVS and Bajaj Auto are more careful on how many vehicles are put on the ground. So to that extent, the two-wheeler space still is a concern. ”

“After UPL splits, there will be four very clear companies dealing with domestic agrochemicals, international agrochemicals, a global seed company and manufacturing. In three of these companies, foreign investors are coming in and the corporate governance issues seen historically are going to get addressed. These are some of the areas where the stock is still cheap at 10 or 11 times FY24 numbers. There are a lot of places where there is value in the market.”

Sharekhan is bullish on Balrampur Chini Mills has recommended buy rating on the stock with a target price of Rs 425 in its research report dated November 24, 2022.

Breaching either side of 18,200-18,450 range can give some kind of direction to the market in the coming days, but having a monthly expiry and FOMC minutes scheduled this week, volatility and consolidation is at the top before any kind of big move on either side of range

Wall Street's benchmark S&P 500 index ended higher on Friday in a choppy trading session, as gains in defensive shares overshadowed energy declines, and investors shrugged off hawkish comments from Federal Reserve officials about interest rate hikes.

ICICI Direct is bullish on Balrampur Chini recommended buy rating on the stock with a target price of Rs 485 in its research report dated November 11, 2022.

Wall Street's main indexes ended lower on Wednesday as a grim outlook from Target spurred fresh concerns about retailers heading into the crucial holiday season, while semiconductor shares slid after Micron's supply cut.

“All our commodity stocks, at least agri commodities, have done very well in the last one year. Talking about the sugar space, Balrampur Chini being the largest player remains interesting for us. So from this space, I would bet on Balrampur Chini rather than playing any other sugar stocks.”

The company for the September quarter posted a net loss of Rs 29 crore versus profit-after-tax of Rs 83 crore on a year-on-year (YoY) basis. Revenue of the sugar company during the review period under review came in at Rs 1,113 crore versus Rs 1,214 crore YoY.

“Some of the mid-tier IT companies have been operating out of their own niche and they also deserve to be in that particular space, provided they scale up and that is where the LTI-Mindtree combine could register that particular claim, having got a niche in certain area of engineering made services that they have been providing.”

All seven analysts covering the stock have recommended a strong buy on the counter. The company for the September quarter posted a net loss of Rs 29 crore versus profit-after-tax of Rs 83 crore year-on-year (YoY).

The board of Balrampur Chini will also mull buyback of shares other than the quarterly results. The Byke Hospitalitys board will deliberate the issue of warrants.

“One still needs to be wary about technology companies. Indian companies are good, cash rich and with high dividend yield. All those things are there but if we enter into a scenario where instead of earnings growth, there is going to be earnings decline, then we need to be ready for the valuations. I would still think that there are downsides in these companies.”