Stock market analyst Salil Sharma has maintained 'buy' rating on Shree Renuka Sugars Ltd stock to achieve a target of Rs 76.

According to analyst, the investors can hold the stock with stop loss of Rs 63.

The stock of the company, on June 29, closed at Rs 493.70 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 123.60 and a low of Rs 53 on BSE.

Shree Renuka Sugars Ltd. (SRSL) has declared that it has been successful in resolving a revised deal to get hold of a controlling equity stake in Equipav Acucar e Alcool or Equipav AA.

According to the new conditions, the company will make an investment of $250 million in Equipav leading to a bulk, controlling equity stake of 50.34%.

As per the company statement, Equipav AA comprises two big and high-tech sugar/ethanol mills with combined co-generation plants in Sao Paulo state in Southeast Brazil with a joint cane crushing capability of 10.5 million tons annually.

Besides, Equipav AA holds a co-generation capacitance of 203MW.

The mills will be elaborated to a joint capacity of 12 million tons annually and 295MW with a capex of BRL218 million.