Indiabulls Real Estate has target of Rs 229: Tulsian
Investment Advisor SP Tulsian is of the view that Indiabulls Real Estate has target of Rs 229.
Tulsian told CNBC-TV18, “My pick is Indiabulls Real Estate at Rs 213.65 with a target of Rs 229. This company has a presence in realty and power generation; realty development with total land bank of close to 10,000 acres and a power generation target close to 10,000 mega watts obviously all these things will take time maybe 3-5 years. They have a very low equity base of Rs 80 crore. What we have found that whenever they have the requirement of funds they come out with the preferential issue or maybe the QIP and all those issues gets easily subscribed.”
He further added, “In the recent past they have raised close to Rs 2700 crore by issue of these shares at Rs 185. So there is no shortage of the funds at their end plus they have a strong presence in Mumbai and around Mumbai because they have been very active in acquiring National Textile Corporation (NTC) mills which have been underdevelopment and majority of that will get leased out. So maybe the future and the kind of run-up we have seen for the power generation company, so this company has a combination of both and my call is there for the day but otherwise also I hold long term positive view for the stock.”