Book profits in Spice Comm: A Madan

Ashu Madan of Religare is of the view that one can book profits in Spice Communications.

Madan told CNBC-TV18, "In Spice Communications lot of people because of open offer bought it around Rs 50, so at the end of the day it’s left to the pricing of the open offer, which is expected as per the market rumour to be Rs 75-77. So for the last 5% it is always advisable not to venture into a stock or for somebody who is holding must book profit. So Rs 65-70 is a band where we are recommending everyone who has bought at a lower level to book profits. Because for the last 5% the syndromes are that one should buy on rumours and sell on news and so its only that people are waiting for news, so it might see some upside from here and so one can hold it but it is not advisable to buy at higher price."

Disclosure: Analyst doesn't hold the above stock.