Ambareesh Baliga of Karvy Stock Broking feels that Ispat Industries may slip further.
Baliga told CNBC-TV18, "We felt that it (JSW-Ispat deal) was a positive for JSW Steel and we have seen the movement. At the same time, for Ispat Industries shareholders also, after two-and-a-half decade wait, can see some light at the end of the tunnel-but I don't think that will be immediate. It is also positive for Ispat but that would take at least two-three years. So for the time being Ispat would be rangebound-I think the upside is very clearly capped."
He further added, "In the short-term, I think the upside is capped at around Rs 20.50-21. I think you will see the stock (Ispat Industries) in coming down further today like after the open offer price has been announced. But over the next couple of months, Rs 24-25 could be the cap for the stock."
