Stock Review: Praj Industries

Coming on Praj, again because of the increase in the sugar production expected, there are quite hopes that new distilleries or the new order flows from sugar companies will come, which will result into the setting up of distilleries. But I don't think that is likely to happen because sugar is typically an industry, which needs to be taken a year-to-year call and the last year has not been so good. So, I don't think that the capex will be chalked out by these companies. But yes, because they had bad performance, the share has corrected a lot. Hence, we have some technical renewed buying interest coming in the stock. But on a fundamental basis, I think share has reached its value of close to about Rs 90 and I don't think that upside is seen beyond that.