Into a skillet, add the sugar and stir until it fully melts. When that happens, gradually add the water, and stir nonstop. Keep stirring until it reaches caramel consistency. Once that's done, set aside.
Into a blender, add the eggs, the condensed milk, the milk, and the milk powder. Let it all blend very well for about 5 minutes or until combined.
Into a ring pudding cake mold, pour all the caramel syrup we’ve made, spreading it very well. I’m using a 17cm diameter mold.
Then pour all the milk cream we’ve made and cover the mold with aluminum foil.
Put the mold into a large pan, add some water until it covers half the mold, close the pan, and let it cook for about 20 minutes.
After this indicated time, remove the foil, and partially close the pan. Let it cook for 10 minutes.
After this indicated cooking time, pudding got firm. Remove it from the pan and take it to the fridge, leaving it there for about 1 hour.
Run a knife around the edges of the mold, to help unmold it.
Unmold and serve.