SP Tulsian of sptulsian.com told CNBC-TV18, "The ultimate objective of Reliance Communications (RComm) is to pair its debt. So, I don't see any value."
He further added, "If one recalls, in December, it has given a saleable area of 10 million square feet for the same 135 acre of New Mumbai land which now they have stated it to be at 15 million. Apart from that the JV with Wanda for development of the property was very much in existence."
"So the profit booking is advised at the current level because I don't see it moving beyond Rs 150," Tulsian said.
The share touched its 52-week high Rs 149.55 and 52-week low Rs 46.60 on 08 July, 2013 and 30 August, 2012, respectively. Currently, it is trading 4.68 percent below its 52-week high and 205.9 percent above its 52-week low. Market capitalisation stands at Rs 29,422.70 crore.