HDIL can move to Rs 108-110: Mithil Pradhan

HDIL can move to Rs 108-110, says Mithil Pradhan, Violet Arch Capital Advisors.

Pradhan told CNBC-TV18, "When I look at the chart of HDIL, it was making new lows. So it has made actually three different lows. So basically I see it as failed breakouts. There are about two failed breakouts below previous swing lows. So I feel that it can easily move to about Rs 108-110 levels. But again these targets would be on a conservative side because the market seems to move, I feel Nifty can move towards 5500-5600 range in the immediate short term. So I think the gains are pretty large in HDIL being a high beta stock."

The company's trailing 12-month (TTM) EPS was at Rs 21.62 per share. (Dec, 2011). The stock's price-to-earnings (P/E) ratio was 4.67. The latest book value of the company is Rs 223.91 per share. At current value, the price-to-book value of the company was 0.45.