Exit Hindalco on upside: Baliga

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Exit Hindalco on upside: Baliga

Ambareesh Baliga of Karvy Stock Broking is of the view that one should use higher level to exit from Hindalco Industries.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by Ambareesh Baliga See what other Experts & Brokerages are saying about Hindalco See messages about Hindalco Hindalco BSE | NSE 28/05/12 Are Mutual Funds betting on Hindalco?

Ambareesh Baliga of Karvy Stock Broking is of the view that one should use higher level to exit from Hindalco Industries .

Baliga told CNBC-TV18, "We have been negative on Hindalco Industries for a while especially the metal packs overall and we see aluminum prices going down further from here. So incase if there is any sort of bounce back should be utilized to sell and at least the next 1-1.5 years we are quite negative on the metal's space especially Hindalco and Tata Steel . As far as Hindalco is concerned, the Novelis deal is putting pressure on all the earnings ratios and till FY10 or FY11, I don't see Hindalco really recovering from where it is right now. So you should utilize all upsides to exit."

Disclosure: Analyst doesn't hold the above stock.