Exit Indiabulls Real at Rs 120: Tulsian

Exit Indiabulls Real Estate at Rs 120, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "Indiabulls Real Estate main business is property development. Due to bad news for realty sector there is a question mark on the profitability for upcoming quarter. The two mills that they have taken in Central Mumbai; they may have some problem in that going forward. If the share is around Rs 120 because the trading interest in the stock is there, there the market recovers. As per the trading interest with the market jump, there is a jump of Rs 8 to Rs 10. So exit at around Rs 120 levels." He further added, "With the long term prospective or 6 months time frame HCC can reach to Rs 50. Investor can hold this stock for Rs 50 target. When Lavasa matter will resolve, company can gain new speed. May be HCC only have to give some penalty for Lavasa and get Clearance, with this expectation stock price of HCC can move up."