See 20% upside in Seamec this week: SP Tulsian

SP Tulsian of sptulsian.com told CNBC-TV18, "Seamec own four support vessels and of those multi support vessels two are employed in India and two are in middle-east and South-east Asia. Its Q3 income stood at Rs 126 crore against Rs 87 crore of the previous quarter and EBITDA was at Rs 40 crore against Rs 9 crore in the previous quarter. The company's PAT stood at Rs 30 crore as against a loss earlier, so for Q3 alone the EPS is at Rs 9 while for whole of nine months the EPS is minus 9 that means there was loss of Rs 18 in the first two quarters, so net loss is of Rs 9."

He further added, "The 75 percent stake is held by the promoter and they have expressed in the past that they want to sell shares or their entire stake, but because of the poor valuations and poor financial performance they kept it on hold."

"If you take the financial performance now Rs 30 per share is lying as cash in the books of the company about Rs 100 crore. The book value is Rs 140 and share is now ruling at Rs 70. So from any parameter from the financial performance, the stake sale by the promoters expects to happen, which may be seen in the next three-six months. Once that comes in, the price can zoom to a level of about Rs 100 plus. But I am expecting the stock can move to a level of Rs 85, can give you a return of 20 percent may be in this week itself," Tulsian said.