Hold HDIL, says SP Tulsian

Hold HDIL, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "I will advise to hold HDIL because if you see the changes which has happened particularly on the stock, we have been seeing positive view again coming back on all the real estate stocks whether you talk of the Peninsula, Prestige Estate, Sobha Developers, DLF, HDIL, Indiabulls Real Estate, so probably the renewed buying interest is seen in all the stocks.”
He further added, “Secondly, in the conference call on Friday, the management has clarified that 50 lakh shares which was sold by them have been used for making part payment of 15 acre land at Byculla, the value of which is estimated anywhere between Rs 1,500 crore and Rs 2,000 crore because earlier it was seen more as a distressed sell call.
“Thirdly, we have seen these selling having tapered off in the HDIL by the other institutional investors also. Lastly Q3 numbers have been more or less on the better lines, the company has posted good numbers.”
“Going forward, if you take a call probably you may not have the fear of selling further by the promoters maybe the renewed buying can come in on all the stocks as I said in the real estate in fact the stocks like DB Realty and Unitech, which have taken a hit also seems to have got stabilised.”