Stock market guru SP Tulsian of sptulsian.com on Tuesday said that he remains positive on Bharat Forge, Motherson Sumi and Reliance Industries Ltd (RIL) from long term perspective.
Speaking on Muthoot Finance, he said, "The recent Kerala floods have taken away the good results. In the last monsoon also, Kerala was the sole state seen the devastating effect of the flood. Probably this time also, Kerala got covered and we are seeing that fear factor being played out. However, I don't think that that fear should really translate into such big destruction at least in case of Federal Bank. Maybe Muthoot also can get settled with the fall of more 5 percent and then that should be seen as a bottom."
"10 percent kind of move may not have been expected today but partly it is because of short covering. If you recall, we have seen the share price falling to as low as Rs 1,110-1,120 couple of days back. Yesterday, after the annual general meeting, I had said that I won't be surprised to see the share moving up by 6-7 percent today and form a new high in 2019. I am expecting the share to move to its previous high or the lifetime high of Rs 1,415 or Rs 1,416 which we have seen a couple of months back because of the announcements that we have seen. Now the new oil for the company is seen to be data. If you see ecommerce, cloud and content, on all three fronts they will be really seen doing quite well," Tulsian said.
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