Apollo Tyres may test Rs 90-92: SP Tulsian

Apollo Tyres may test Rs 90-92, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, “I don’t think that there is any negative seen in the Apollo Tyres results. In fact I found results to be quite on the line or may on the expected line, but equity dilution of infusion of about Rs 800 crore seems to be a big negative by the market, but again that looks to me as short lived and may be the share can start moving up again because the trading interest.”
He further added, “If some of the trading interest those who have been holding the long positions, if they look to or if they think to exit from the stock in the near term just to play on the trading probably that can make the stock to fall further by may be about couple of rupees. I don’t see it falling Rs 82 or so. Again it has the potential to bounce back, may be in this series again crossing Rs 90-92. So, this is a very classic stock for the traders, those who can have the positional view with a very good risk reward in favour of the longs. I am not honestly disappointed on the results and even equity dilution I am not seeing it so negative which in fact has been keeping the stock negative for last couple of days.”