Chettinad Cement may test Rs 1200: SP Tulsian

Chettinad Cement may test Rs 1200, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "Chettinad Cement is a very interesting story if you see the promoter stake of 87 percent,  that means the float is of 13-13.5 percent and in that Tamil Nadu Industrial Investment Corporation is holding close to  about 3.5 percent."
He further added, "If you see the financial performance, I think the share can get delisted at a P/E multiple of more  than Rs 20 and I am expecting an EPS of close to about Rs 55 for FY13 going by their first half performance."
"They have a very good capacity with captive power plant, so it will be interesting to see. Infact this delisting move was  hinted by the promoters maybe about 3-4 months back but the process got delayed and now they have initiated this  process day before the board has approved and now they are going for the shareholders’ consent and all that. I am  keeping that atleast the price of Rs 1,200 should be seen in the reverse book building process but ultimately it all  depends at what will be the intention of the Tamil Nadu Industrial Investment Corporation."