Below Rs 96, Hindalco an attractive buy: Tulsian

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Below Rs 96, Hindalco an attractive buy: Tulsian

Investment Advisor SP Tulsian is of the view that below Rs 96, Hindalco Industries is an attractive buy.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Hindalco rights issue: What should one do? Exit Hindalco on rallies: Bhambwani Exit Hindalco on upside: Baliga Hindalco among major losers ALSO READ See previous views by SP Tulsian See what other Experts & Brokerages are saying about Hindalco See messages about Hindalco Hindalco BSE | NSE 10/02/12 Are Mutual Funds betting on Hindalco?

Investment Advisor SP Tulsian is of the view that below Rs 96, Hindalco Industries is an attractive buy.

Tulsian told CNBC-TV18, "This is the typical situation, which we have seen in case of Indian Hotels or in case of many other rights issues whatever price you discover because in case of Hindalco, first the people thought that this price is quite attractive because the company came out with the earlier rights issue of about 18 months back at the same price and when the rights price was announced at Rs 96, the secondary market price was ruling at around Rs 140 or Rs 145, and I don't think that at that time you had any grievance of having discovered the higher price at Rs 96 because that kind of price was discovered or given by the company about 18 months back. But this is the phenomenon now that you see the rights issue price coming closer to the rights issue or maybe even falling below that, so at Rs 96 if the price at which it is ruling, you are obviously going to get all the additional shares, which you are applying and I wont be surprised if it falls below Rs 96 in the secondary market and at those levels it definitely makes an attractive buy."