Buy Force Motors, may go above Rs 5000: Ashu Madan

Ashu Madan of Religare Securities told CNBC-TV18, "A week back we came out with a fundamental call at around Rs 4,400 to buy Force Motors with a target of Rs 5,200. They are doing everything right, they are in the right space, enjoying that competitive edge amongst others. So, I would say add more at this price if you want to and I am sure you will be able to get price above Rs 5,000. So, clearly a buy from my side."

At 15:30 hrs Force Motors was quoting at Rs 4,620, up Rs 69.10, or 1.52 percent on the BSE.

The share touched its 52-week high Rs 4,839 and 52-week low Rs 2,924.50 on 27 October, 2016 and 24 June, 2016, respectively.