Book profit in Excel Crop around Rs 240, says SP Tulsian

SP Tulsian, sptulsian.com feels that one can book profit in Excel Crop around Rs 240.

Tulsian told CNBC-TV18, “Positive news for Excel Crop because the endosulfan – the panel has recommended it to be phasing out in the next two years. If you see globally, the same product has been allowed for five years for phasing it out and earlier it was expected probably the same maybe the recommendation or the fate for the India also. But even if the recommendation of two years seems to be a good relief for Excel Corp Care.”
He further added, “If you see the run up having taken place in the stock, in the last maybe couple of months, the stock has moved up by about maybe 70-80 percent and definitely at Rs 235 even if you have to take the point that the two years has been given as a relief to the company then also I don’t think that one can justify a price of Rs 235. We see these kind of exuberance coming in on any kind of this news and maybe the stock can move to about Rs 240-245, but I will be throwing a caution that fresh entry or fresh buying should not be made at the current level and those who have been holding it since maybe the levels of about Rs 150-200 even they can contemplate going for the profit-booking at the level of Rs 240 or so- but yes, definitely positive news for the industry.”