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Aug 29, 2011, 01.53 PM IST
Advanta India can test Rs 345, says Siddhartha Chatterjee of Trustline Securities.
Chatterjee told CNBC-TV18, "Advanta is into the business of hybrid seeds and has done reasonably well in the last quarter. Post monsoons, there are genuine requirements of hybrid seeds, so topline growth is likely to be robust going forward.”
He further added, “Apart from a fundamental agro input story, the price has been able to cross the last 4 months trading range on the higher side and can be construed as a breakout to that extent. If we keep a stoploss of Rs 315, we could go for booking profits at Rs 345. It is a company which should be part of someone’s defensive portfolio but right now there are technical trading calls which suggest the price technically should go up."
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