Patni Computer can test Rs 450: Tulsian

Patni Computer Systems can test Rs 450 in next 3-4 months time, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "Generally we have seen that after the open offer the shares starts correcting and the same thing has happened with Patni, open offer came at Rs 503.50 which closed in the last week of April and now the share is at Rs 380. But I think the reason for this poor performance or maybe a fall in the share price is more to do with their first quarter results, which in my view is not so disappointing if you see that it can maximum be called as flat results with topline of close to about Rs 900 crore and bottom line of close to Rs 160 crore which translates into an EPS of Rs 12.20 and if I extrapolate the same the company may post about and EPS close to Rs 50 which was at Rs 47-48 for calendar year 2010."

He further added, "The interesting story here is that iGate have acquired 63% stake in the company from the promoters as well as from part of the GDR holdings and thereafter they have made a open offer of 20% and I presume that all that 20% shares must have come to them in the open offer because we will know the fate maybe in next week or so. So they will be holding about 83% of the stake. Sebi has stipulated a condition on iGate that the company will not get delisted because that has been the track record of iGate that they go and delist the company."

"I presume that if they remain with 83% either the stake sale will happen, the dilution by them will happen. So, maybe after 6 months time once all these activity gets over they may again look to reinitiate the process of delisting because post open offer about 10-12% stake will be held by GDR as well as the FII. So 83% float as well as 12% this makes 95-96% with very least public float."

"At Rs 380 I don