Sell Hindustan Motors

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Irani told CNBC-TV18, "Hindustan Motors is a clear sell from my side. The only positive, which has come, is the West Bengal government has released an order about the 314 acres of land. If that is the positive I wouldn’t say it’s a real positive because at a present price of Rs 43 with nothing going in favour.

He further added, "The auto component business was hyped off into a separated entity Actis took 31% stake in that company. Hindustan Motors is still holding around 40-42% in that and now the Uttarpura facilities again been converted into auto component facility. So nothing in favour of the company except this 314 acres of West Bengal land and that is not a reason for anybody to buy into a stocks maybe at Rs 30 also I would say it’s a clear sell from my side."

"If anybody is interested into buying a company at the same level I would say one should convert it into a scrip like Nirlon where everything is clear the land part is clear, the Voluntary separation scheme as it worked out for the workers they have been paid off. Nirlon would be a good story if one is looking for the real estate angel at Rs 33-34 at present, their AGM is there today and I would definitely request that this is a time for sell off Hindustan Motors and switch to Nirlon. One is going to recover its cost and make money in that scrip."