Short 3i Infotech , says Jagannadham Thunuguntla of SMC Global
Thunuguntla told CNBC-TV18, "Short 3i Infotech with a day target of Rs 24.50. The company has posted very disappointing results. The profit has fallen about 60% in this quarter and the company is facing tremendous pressure on the FCCB redemption because currently the stock is trading at lower than the conversion price of FCCB."
He further added, "On top of that the rupee depreciation is adding to the FCCB paying amount. All in all the 3i Infotech is under pressure both from the operational business point of view as well as the FCCB redemption point of view."
