HCC has resistance at Rs 50-51: Thukral

HCC has resistance at Rs 50-51, says Hemant Thukral, Head - Derivatives Research, SBI Capital Securities.

Thukral told CNBC-TV18, "HCC is one of the midcaps, which were thrashed due to news base, lot of shorts outstanding but Rs 40-45 has been the base where it has managed to pullback. I would be really interested if it crosses Rs 51 on the upside; otherwise the traders should stick to the range between Rs 43-42 on the downside and Rs 52-51 on the upside. 50 Call outstanding positions are also huge, around 12-15 lakh shares. So, Rs 50-51 would be a major resistance for this counter going forward from here on." The company's trailing 12-month (TTM) EPS was at Rs 1.62 per share. (Sep, 2010). The stock's price-to-earnings (P/E) ratio was 28.73. The latest book value of the company is Rs 25.01 per share. At current value, the price-to-book value of the company was 1.86. The dividend yield of the company was 1.72%.