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Meanwhile, the BSE Sensex was up 143.75 points, or 0.85% to 17,006.56.
On BSE, 3.57 lakh shares were traded in the counter as against an average daily volume of 8.81 lakh shares in the past one quarter.
The stock hit a high of Rs 62.40 and a low of 60 so far during the day.
Shree Renuka Sugars, through Renuka Brasil Holdings, owns two sugar companies in Brazil. About 50% of the company's revenue comes from its Brazilian subsidiaries. Proceeds from the stake sale will help Renuka Brasil to reduce its $1-billion debt and expand capacity.
Shree Renuka Sugars' consolidated net profit jumped 107.3% to Rs 187 crore on 12% rise in net sales to Rs 2240.10 crore in Q3 June 2011 over Q3 June 2010.
Shree Renuka Sugars is the 5th largest sugar producer in the world.
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