Inline with all sugar stocks Renuka sugar has come up almost 400% in last 1 year. Apart from sugar prices Renuka sugar had some other triggers

1. Increased refining capacity.
2. Stake in NCDEX
3. Profit from imports

As domestic prices stays high Renuka can take advantage of this opportunity to import and sell sugar. Now the key is international price. In nymex sugar for march is quoting at 23 cents per pound. That translates to around 50 cents per kg and hence 24 Rs per kg. Once you include 3 Rs/kg transportation cost it lands in India at 27 . Now local prices  stands above 30. That leaves room for Renuka to make profit of more than 10%.

http://www.nymex.com/YO_cso.aspx

Now Technically Renuka sugar stock is looking strong and consolidate at current level. But this stock needs to pass few test to show if it still has power lft to move up. No. 1. it needs to show good volume on rising levels and no.2 how can it survive market weakness.  Stock tried to cross beyond 200 2 times but failed to break that resistance. Next attempt need to come with good force ( volume ) else stock will see at least 20% correction.  As far next few trading session is concerned its headed lower. RSI is trending down.

With around 11 trading days left for September to end, Renuka Sugars should consolidate this week up to 187-88 levels before moving up.

Estimated targets for September - 195-200.

This stock can be bought around 187-88 levels for a small bounce play.