Jet Airways can move to Rs 630-635: SP Tulsian

Tulsian told CNBC-Tv18, “First I will go with news flow and two stocks which come in my mind are Jet Airways and SREI Infrastructure Finance . For Jet Airways the due diligence has been completed by Eithad and now it seems a foregone conclusion that a formal announcement will come in next week.”

He further added, “I am expecting the share allotment to Eithad likely to happen at Rs 660-665 per share because they will be pumping in close to Rs 1800 crore for about 2.73 crore shares. So once the news flow starts coming in we can see the share moving to about Rs 630-635 and that should be a strict level. I don’t think that people should really be too greedy to look for a price beyond that. There they should look to book profits.”

”Second stock is SREI Infrastructure where they are looking to sell or divest their loan portfolio of Rs 430 crore of Kingfisher Airlines which they bought from ICICI Bank . This loan portfolio is backed by 200 percent shares of United Spirits Ltd (USL) has margin and that will be giving them a good profit. Apart from that the company has also hinted that they will be keen to look for foraying into banking once the banking license guidelines comes out.”

”Two other stocks as an investment idea which comes in my mind are Bata India and Exide Industries . I don’t think anybody can really doubt about the working fundamentals and pedigree of both the stocks and both stocks having corrected, Bata having corrected ahead of the numbers and Exide having corrected after the dull Q3 numbers also gives an entry point in both these stocks with a view of about one month or so as pure investment ideas.”