IVRCL may slip to Rs 40- 42: SP Tulsian

Tulsian told CNBC-TV18, “I am disappointed with all three- IVRCL, Orchid and Adani Power, except for maybe an IVRCL. As I said that the corporate actions are some way having some hopes. If you see for the Orchid Chemical honestly I won’t be relying on the guidance growth of about 15-20%.”

He further added, “For the FY12 also we heard the same kind of guidance given by the management and we have seen an erosion of 40% in the bottom-line, if you take on the effective EPS basis. Third, if you take the case of Adani Power I think the pain of fuel cost continues. I am not going by the mark-to-market gains on the derivatives in this quarter and maybe because of the higher tax burden on account of the deferred tax. If you purely take the fuel cost I think it has further aggravated even on a sequential basis. I am not talking YoY. YoY there has been an increase of 200%. I am disappointed on all three, but if you need to take a call, probably the IVRCL could only be because of the corporate action. One can look at maybe a lower level of about Rs 40-42 where the renewed actions will start from the Essel Group and all sort of things.”

"I am not that disappointed with the results of Sintex Industries. If I need to pick and choose maybe amongst the GVK , GMR , IVRCL and all that, probably Sintex Industries interest me at the current levels. I don’t think that one can really take a trading call, but on a fundamental basis even with the shorter time horizon of about couple of months can give a reasonably good result of 10-15% from hereon, because I think it has been taking a beating more because of the long liquidations which we have been seeing after the results having announced which are not as bad as it is seemed to be."