Yes all negatives are priced in, but is there catalyst for turn around? I am mostly interested in cyclicals when turn around is extremely solid.

There are chances that sugar price can go up substantially but only after couple of years and only in certain conditions. So right now nothing much. On the other hand, there so many good stocks available cheap.

I believe that the cycle may finally turn. Due to scarcity of water in Maharashtra/ Karnataka and due to already high payout dues, I believe that sugar prices may improve. Also in Shree Renuka 3QFY13 call transcripts, management indicated that due to low sugar prices, sugarcane may be diverted towards ethanol in Brazil leading to decrease in world sugar stock.

Does anybody have a different view? Can it get worse?

Disclaimer: Have not yet taken any position in any sugar stock yet.