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05 October 2011

Sell Shree Renuka Sugars Limited (SRES.BO) Research Tactical Idea:: Morgan Stanley Research,

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Shree Renuka Sugars Limited (SRES.BO)
Research Tactical Idea
We believe the share price will fall relative to the country index over the next 30 days.
In our view, stiff lobbying by farmers on cane costs is likely to put the stock under pressure near term.
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Equal-weight
Industry View: In-Line

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