Mayuresh Joshi of Angel Broking is of the view that one may buy Carborundum Universal on declines.
Mayuresh Joshi of Angel Broking told CNBC-TV18, "From the large cap names ICICI Bank looks very attractively poised. Earnings growth seems to be a plausible option over the next few quarters. Hindalco Industries from the metals space in the large cap name also becomes a very attractive propositions for all the reasons enumerated earlier."
He further added, "Within the midcap space Carborundum Universal is something that I will continue to prefer. If the stock does correct meaningfully over the next few weeks, investors can look at the stock in a very staggered way. Again I think part of the Murugappa Group and the kind of business that it is into, abrasives and ceramics, the organised share thereof along with Grindwell Norton, I think they assume a majority of the share."
"With the unorganised pie assumed to come to the organised players like Carborundum or Grindwell Norton, I think these players are going to benefit significantly and that will probably get reflected in terms of the operational efficiency because a lot of capex probably has already been undertaken for the company per se."