JBF Industries can move upto Rs 300: Tater

JBF Industries can move upto Rs 300, says Ashish Tater, Fort Share Broking.

Tater told CNBC-TV18, "JBF Industries is a call from our side because we have been bullish into the textile space as a whole. Thanks to cotton prices, we feel there will be further switch into the polyester business. JBF, after Reliance, is the second largest player into the space in India. But before I take a fundamental call into this, I feel there is something hidden into the balance sheet of the company. JBF Industries actually bought shares from Citi, JBF Pte 30% stake at close to USD 104 million last year. That means entire subsidiary of the company is valued at close to Rs 1,200 crore." He further added, "The company is actually going to list JBF Ras Al Khaimah, a joint venture between the prince of Ras Al Khaimah and JBF Industries, in coming months into Singapore. These two developments make me feel that there is no downside into the stock, but a potential 40-50% upside. Now, if I take a fundamental call into the stock, the company is going to post close to Rs 32-33 EPS on standalone basis. Close to Rs 65-70 in terms of consolidated EPS because it