Accumulate BOC India near Rs 280-300; tgt Rs 400: Kulkarni

Shardul Kulkarni of Angel Broking is of the view that, one can accumulate BOC India around Rs 280-300 as the stock is expected to rally towards Rs 390-400 in next 6-8 weeks.

Kulkarni told CNBC-TV18, "In the midcap stocks I would look at very specific counters. Probability is that one may see some bit of that here and there. BOC India is one of them but it is a little longer-term trade. It is about 6 to 8 weeks. Wherein in case of BOC India, the stocks has given two upper circuits after that it has given a correction." He further added, "I think Rs 280 to Rs 300 that is a good range to accumulate the stock. From a positional perspective the stop loss is quite big but the rewards will be significant. I would expect the stock to move to around Rs 390 to Rs 400, time frame, 6 to 8 weeks but the charts are quite good." The company's trailing 12-month (TTM) EPS was at Rs 11.32 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 24.42. The latest book value of the company is Rs 158.27 per share. At current value, the price-to-book value of the company was 1.75. The dividend yield of the company was 0.54%. Disclosures: It is possible that we have positions in the stock discussed and recommend them to our clients.