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Aug 16, 2012, 06.29 PM IST
Sanjay Manyal of ICICI Direct feels implementing those orders in India seems to be a far-fetched idea which is likely to take a long time. However, ITC still remains a good buy on dips, he added.
ITC has seen a significant upside over a period of time and was creating fresh record highs. News from an Australian court saying that cigarette companies everywhere will have to give more graphic representation on cigarette boxes indicating the damage on account of smoking, has pulled down the stocks significantly.
Sanjay Manyal of ICICI Direct feels implementing those orders in India seems to be a far-fetched idea which is likely to take a long time. However, ITC still remains a good buy on dips, he added. According to him, ITC is at par with the others in the FMCG space and valuation wise also it is a good stock. Manyal is optimistic about Dabur and Marico from the FMCG space and believes Hindustan Unilever too is a favourable pick taking into consideration its volumes.
Here is the edited transcript of the interview on CNBC-TV18. A: I think any dip in this stock should be taken as an opportunity to buy because I don’t think we can really replicate the assumptions which were being given by the Australian court, about the pictorial warning or the plain packaging. I don’t think these regulations really can be replicated in India so soon. The concern about packaging is far-fetched and you need to understand that government of India earns almost Rs 80-Rs 20,000 crore in terms of taxes from the industry and these concerns and the implementation of these regulations in India would really take a lot of time before it comes to India.
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