Main problem for Renuka Sugar is its location i.e. Maharashtra and Karnataka. Here sugarcane crop is mainly for 18 months and needs 2 rainy season to grow. If this year rain is good, it will reflect in 2017-18 crushing season provided next year is also good. Shree Renuka MD has said that company will get 20% less sugarcane next year i.e. 2016-17. Please read interview here.
It is different in UP. They need only one rain to grow sugar cane. Also there are very less chances of drought in UP because of its geographic position.
Company is not going to get sugarcane to crush that’s why it is not participating in sugar share price rally.
There is no data available for Brazil operations. It might be possible that Brazil and refinery operation may lift share price.