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Prefers JSW Steel over Ispat: Mehta
Ispat Industries wouldn’t be a best or a prudent buy at this time. If one has the stock in one’s portfolio, then one can hold on to it but JSW Steel would be a preferred pick other than Ispat at this point of time, says Devang Mehta, Vice President & Head - Equity Sales at Anand Rathi Financial Services.
Ispat Industries wouldn't be a best or a prudent buy at this time. If one has the stock in one's portfolio, then one can hold on to it but JSW Steel would be a preferred pick other than Ispat at this point of time, says Devang Mehta, Vice President & Head - Equity Sales at Anand Rathi Financial Services.
Mehta told CNBC-TV18, "As such Ispat Industries has been making losses since last 5 years except for the year 2008 and also huge debt on its books was a concern but as JSW Steel has taken over it and they are quite confident that they would be using the synergies well to its own advantage, I guess JSW Steel would get to have the more advantage in the deal as 3.3 million tonne capacity of Ispat of HR coil would be utilized by JSW and it will also utilize its balance sheet strength to refinance the debt of Ispat. So Ispat Industries wouldn't be a best or a prudent buy at this time. If one has the stock in one's portfolio, then one can hold on to it but JSW Steel would be a preferred pick other than Ispat at this point of time."
Ispat Industrie touched an intraday high of Rs 24.30 and an intraday low of Rs 22.85. At 14:43 hrs the share was quoting at Rs 23.75, up Rs 0.15, or 0.64%. It was trading with volumes of 15,908,617 shares. Yesterday the share closed up 11.32% or Rs 2.40 at Rs 23.60.
