Ansal Properties has target of Rs 79: Betadpur

Betadpur told CNBC-TV18, "Ansal Properties is in the real estate space, its usual for me to pick this stock as I have always been negative on this space and for me to pick this stock means there is some unusual happening in this stock and unusual valuations and some certain new information that is going to come out of this stock in the near future.”

He further added, “This company is from Delhi. They are mainly in north Indian markets and mostly in second tiers where the new projects are coming in like Lucknow and Mohali. Their houses are mid market priced, which is very attractive segment and the demand for this project is very high. More importantly they are talking with various private equities and hedge funds for fund raising and once these things are tied up and they are very close to tying up and announcing these deals. I think the market will look at this and re-rate this stock.”

“It has been basing for a while, I think its due for a breakout. There is a lot of bad news in the real estate space but I think by another quarter or two we would start getting earnings and revenues from this stock and it should be a great performer going forward. My day target is Rs 79 but it should do much better on the long haul.”

At 10:48 hrs the share was quoting at Rs 76.50, up Rs 2.75, or 3.73% with volumes of 219,435 shares. Market capitalisation stands at Rs 941.87 crore.

The company touched its 52 week high Rs 89.20 and 52 week low Rs 31.55 on 05 Oct, 2009 and 08 Apr, 2009, respectively. Currently, it is trading -14.24% below its 52-week high and 142.47% above its 52-week low.