Exit Polaris around Rs 132-135: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "I don't see Polaris moving beyond Rs 140. It all depends on the price at which the unit is going to get sold, whether that happens at USD 350 million or USD 375 million. Ultimately, if we take a call, company probably will be having about Rs 1,800 crore or so as the cash balance. The remaining business will constitute about 25-30 percent of the existing one."

Tulsian further added, "If we take the present market cap of close to Rs 1,300-1,400 crore because generally, in case of the major business selling, we have not seen the minority shareholders getting rewarded in the form of hefty dividend. We have seen that happening in case of Strides Arcolab, Piramal Enterprises, etc. This will not have much upside. So, one should not really get too exuberant whenever we have the news coming in that the deal is likely to get finalized. Price around Rs 132-135 should be used as an exit opportunity because Rs 140 is seen to be the strong resistance for the stock under any circumstances."