Buy Century Textiles at around Rs 275-280: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "I don’t think there is any point in going with Gitanjali Gems kind of stock because this rally is getting fizzled out may be in the near term. I don’t think that fundamentals, looking to the leveraged balance sheet of the company one can really take a call. We have seen Raymond's real estate play moving up by Rs 40, from Rs 260 it moved to a level of Rs 300."

He further added, "There has been talk that Kumar Mangalam Birla is looking to increase the stake in Century Textiles. The plans are on the drawing board, he is planning to increase that from 40 percent to 55 percent through the Pilani Investments which is now in the BK Birla fold. One can expect that probably the rally will not fizzle out. So, one can't take a generalised call. I won't recommend Orchid Chemicals and Pharmaceuticals now at the current level."

"Gitanjali Gems is a clear no, but Century Textiles and Industries can be looked into. I am quite apprehensive on third quarter numbers because I don’t think that cement or may be the paper division is going to contribute anything to the results. At that time if Century Textiles gets corrected back to the level of Rs 275-280 then look to enter at that point," Tulsian said.