Buying opportunities seen in power equipment stocks- like Siemens , ABB, Alstom Projects etc, says Jagdish Malkani, Member- NSE/ BSE.
Malkani told CNBC-TV18, "I have been completely taken off guard by this kind of whips or moves in all these stocks and BHEL way up there. If you take the whole pack- L&T, Crompton Greaves , the entire capital goods pack there is no doubt that there is extremely disturbing trend anecdotally and otherwise one is seeing the capex spending has come down dramatically"
He further added, "The order books of these companies are very poor but if the India story has to stay, stock like these, the companies like these have to flourish. The government is also going to intervene with duties on specially Chinese imports etc and power equipment. I think it is only a matter of time before some of that happens. I think these are extremely tempting levels but who has to argue with momentum and I think it has got way over done. It has spread to in this week. I don't know if you have commented on this but some of the other power equipment blue chips, MNC have joined the pack- Siemens, ABB , Alstom Power etc in a very viscous manner and I suspect that there is a buying opportunity there in this whole lot."
