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According to PN Vijay, Portfolio Manager at www.askpnvijay.com, one should use every opportunity to sell Core Education.
Vijay told CNBC-TV18, “The way the Indian markets behaved especially in terms of institutional selling of midcaps, one needs to rejig the fundamentals from the price earnings-market cap concept to institutional action and corporate governance. These two are becoming so relevant in the Indian context that they are like Tsunami’s that override all fundamentals. In the case of Core Education what has happened is last quarter results were not bad at all, they were pretty good but what started as an institutional selling has turned into a retail stampede.”
“The point I would like to make is that my experience of these type of stocks is that they do recover but they never go back to those old levels. So, one should not be in a world where he/she will get back his Rs 120-130. There is no great hurry to sell today but when he/she gets a whiff of a rally he/she should use that. Because what happens is at every rise balance investors go and sell and institutions don’t touch it with a barge pole for quite some time. So, there are no buyers in the stock. He/she has to be watchful. Might not be today but when he does get a bounce he should bite the bullet.”
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Economy turning for sure but cant say for mkts: DSP