Balrampur Chini has target of Rs 64-62: Thacker

Balrampur Chini has target of Rs 64-62, says Mitesh Thacker, Technical Analyst, miteshthacker.com.

Thacker told CNBC-TV18, "Balrampur Chini is hovering around the support of Rs 70. The last swing low ended at Rs 70. There are signals that the stock price is likely to break those levels. So I would wait for the stock to trade below Rs 70. I think once that happens, it would be a good opportunity to open up some kind of short positions over there. The stoploss would be above Rs 73.50 and my belief is that then the stock price would head towards targets of Rs 64 to Rs 62." The company's trailing 12-month (TTM) EPS was at Rs 1.42 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 50.42. The latest book value of the company is Rs 46.37 per share. At current value, the price-to-book value of the company was 1.54. The dividend yield of the company was 4.19%.