Jaiprakash Associates may move to Rs 53: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "Jaiprakash Associates have been trying their best and one cannot be too excited with the deal because Rs 1,000 crore will get reduced, they will be receiving about Rs 690 crore and Rs 300 crore will go out of their books; Rs 270 crore to Rs 300 crore, but at least the process has started.”

“They have two joint ventures (JV) with Steel Authority of India (SAIL) Bokaro and Bhilai. They have sold the Bokaro steel plant, similar plant is there at Bhilai also which they are likely to sell and I am expecting that since this deal has happened, one can expect that also to get happen and about Rs 1,200-1,300 crore will get reduced,” he added.

“The efforts are there, the move is there; they are on the right track to monetise their assets and pare the debt, so I am taking a positive call because I have been maintaining my positive call since they have started doing this. Therefore, one can look for a level of about Rs 53. I am not saying by expiry but maybe in next couple of weeks or so because I am taking this as a positive call.”