Technical Analyst Salil Sharma has maintained 'buy' rating on Shree Renuka Sugars Ltd stock with an intraday target of Rs 63.50.

According to Mr. Sharma, the investors can buy the stock with stop loss of Rs 58.

The stock of the company, on June 01, closed at Rs 60.85 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.

According to reports, Shree Renuka Sugar is reconstituting its projected 51% acquisition deal of Equipav.

The report stated that the deal, which was previously stood at Rs 1530 crore, is now slashed to just Rs 1100-1150 crore.

The report added that the deal is likely to be sealed by the end of the existing week.

But, the company's directors declined to comment.

In Feb 2010, Shree Renuka made announcement about its plan to buy majority stake in Brazilian sugar and ethanol maker.

Previously, the company paid $240 million to get hold of another Brazilian sugar company, VDI.