Rajen Shah, CIO, Angel Broking shares his view on EID Parry .
Shah told CNBC-TV18, "We have been buying shares of EID Parry since the levels of Rs 215- 220 and currently it is about Rs 195 and we have been accumulating these shares almost on a daily basis. I think EID Parry- sugar is a cyclical business. The best time to buy a sugar stock is the one that particular industry is going through crisis and today this industry is going through crisis and that is a specifically the reason why we are getting sugar stocks at this kind of levels. I expect the cycle to turn around. It takes normally 24 to 36 months and yes it will turn around."
He further added, "Besides EID owns a 63% stake in Coromandel International and value of the 63% holding in Coromandel is much more than market cap of EID Parry so you are getting the sugar business absolutely free. We own the stock and certainly going to buy in days to come."
