TV Today may test Rs 72- 75, says SP Tulsian

Tulsian told CNBC-TV18, “TV Today, I may see some dissatisfaction happening on part of Reliance Capital. If you have seen the price movement of the stock I am not saying that there is going to be the hostile or maybe the Fame, Inox saga getting repeated here also but if you see the price behavior of the stock for the first couple of hours it was ruling 11-12% up. At one point then thereafter it fell to the level of about 10% rise. But thereafter we have seen huge volume into the stock. In fact 30 lakh shares have already got traded on BSE and NSE put together.”

He further added, “We need to see the total delivery percentage at the end of the day once the market closes so if that kind of movement happens then probably the share price can move to about Rs 80 but in the normal case presuming that Reliance Capital will have a gracious exit from the stock and that stake of 13.5% are going to get acquired by Kumar Mangalam how is effectively holding 15.5% stake then I have been taking a call of about Rs 72 to Rs 75 on the stock. I don’t think that it has the leg to move beyond a level of Rs 72 to Rs 75.”