Limited downside seen in Sintex Industries , says SP Tulsian, sptulsian.com.
Tulsian told CNBC-TV18, "Sintex Industires, going by the results that has partly boosted because of the Rs 15 crore M2M gain because now they have opted for revised accounting standard 11 because if you recall in Q2 they had a hit of Rs 60 crore and in this quarter it has come to Rs 15 crore but even if you knock off this Rs 15 crore gain they have posted a PAT of about close to about Rs 65 crore and on hearing the management that they are positive on Q4 on the textile operations and all sort of things. Going by the valuations I don't think that further downside is really seen in the stock below Rs 70."
He further added, "Lot of trading positions have got created in the last couple of days back when the share used to rule at about Rs 60-62. So probably that will take some time but I think the time had come to take a fundamental call on the stock because from here on the biggest worry of M2M is going to give them a good relief in the quarters to come not only on the accounting standard 11 but otherwise also. So taking all this into consideration trading call is a different issue but the fundamental call can be taken on the stock anywhere from Rs 65-70. Even on a technical front barring a day or two the things can start looking positive again for the traders as well from here on."
