Jaypee Infra can move to Rs 45, says SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, “Sometimes when I take a call on JP Infra, sometimes I find that it is really unfortunate that the share is ruling at such a pathetic valuation. We have seen news coming in the last week that company has sold their 300 acres of land for about Rs 1,500 crore. If you see the land parcels held by the company in the form of 1,240 acres at five locations of which three locations are in the National Capital Region (NCR) region that is Greater Noida and Gautam Buddh Nagar. Greater Noida - 1,240 acres and in Gautam Buddh Nagar they have two land parcels of 1,240 acres parallel Yamuna Expressway.”

He further added, “The company has been developing real estates also on a very speedy basis. If you see the debt of Rs 7,000 crore plus for having availed for Yamuna Expressway can get quickly liquidated by monetising part of the land and all that. But maybe some laziness or maybe some lethargy is seen on part of the management that things are not moving in a very speedy manner. The OFS seem to be the real culprit because we all know that now we are at fag end. In the next one week the OFS process has to come to an end because the listing guidelines, the deadline is approaching in the next one week or so.”
“The OFS is a hangover but maybe once this OFS goes through today which is most likely to happen, I don’t honestly see any problem in happening that. There after at least I am keeping my positive stance on the stock and can expect that share can move to a level of Rs 44-45 maybe in next one month or so.”