Exit Alok Industries around Rs 20.50-21: Tulsian

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Exit Alok Industries around Rs 20.50-21: Tulsian

Exit Alok Industries around Rs 20.50-21, says SP Tulsian of sptulsian.com.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by SP Tulsian See what other Experts & Brokerages are saying about Alok Industries See messages about Alok Industries

Exit Alok Industries around Rs 20.50-21, says SP Tulsian of sptulsian.com.

Tulsian told CNBC-TV18, "We have heard the management of Alok Industries in the last 3-4 months saying that probably they will be able to sell the property which they are owning at Lower Parel and they are likely to fetch about Rs 1000 crore. Three months back they had given the plans that they are going to lease it out which was not accepted by the market very well. Then about couple of months back, we had news that probably they are likely to sell even the name of Morgan Stanley surface, that one tower has been purchased by them."

He further added, "I don't think that market will really be happy unless until they really take concrete steps of monetising their real estate property to the extent of at least Rs 1500 crore. Because Rs 8000 crore debt in the books of company is really a problem seen in the company and that is infact keeping the profits of the company down because of the annual interest burden of Rs 1300-1400 crore. So since we have seen some interest coming back into the textile stocks in the last couple of days, the investor can look for a target of about Rs 20.50-21 and there one should look to exit."