According to financial statements of both companies, I observed that SINI is fairly undervalued than REG at present price levels.
As per the balance sheets the total assets of both companies is around Rs.1.0Bn and both companies have recorded attractive profits of REG-45.0Mn,SINI-55.0Mn for the past six months.
However the market capitalization of SINI is still at Rs.1.40Bn whereas the Market cap of REG stands at Rs.2.30Bn.Accordingly SINI should be traded at Rs.613/-(2.36Bn/3,846,300) when compared with REG.
This is not a Buy/Sell recommendation and please note that I also have traded both shares and still holding a considerable amount in my PF as a medium-long term investment.