Suzlon Energy may settle around Rs 21: SP Tulsian

Suzlon Energy may settle around Rs 21, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “On Suzlon Energy, I maintain my view that it was compulsion for the management to sell the 11 crore shares to mobilize close to Rs 250 crore to contribute as a condition stipulated while the banks have restructured the 9.5 thousand crore debt and management smartly have sold 11 crore shares yesterday because the stock was coming out of the F&O from today and if they would have started that selling from today it would have been very difficult because selling such a big quantity in a staggered way could have damaged more the valuation of the company.”
He further added, “I just see that one off which has happened yesterday and since the debt of the company has restructured to the extent of 9.5 thousand crore and the kind of confidence which has been repeatedly expressed by State Bank of India (SBI), the lead consortium, the leader of the consortium gives confidence that RE Power is a very good asset. I am not saying that the stock is exciting from a short term point of view but no more downside is seen and I expect the stock to settle at around Rs 21 in next couple weeks.”
“Core Education, I don’t think that there is point in taking a look to the stock because the kind of correction which we have seen that reminds me of the Varun Industries or GTL kind of things where the stock lost 90 percent value. Now it has corrected about 75-80 percent. Even if now it has to correct by 90 percent it has to fall almost 50 percent from the current levels. So, may be traders can look for short term ideas just for punting into the stock, but I will not advice the investors to have a look to the stock of Core Education.”