Varun Shipping has target of Rs 48: Pankaj Pandey

Pandey told CNBC-TV18, "In terms of Varun Shipping if you exclude the sale of a tanker I think the numbers would look pretty bad especially the company would have reported loss. In terms of its total fleet size if you take which is about 20, about 10 are LPG carriers and about 3 are in crude carriers. From on a year on year basis we are not seeing significant improvement in terms of day tanker rates that is because of increase supply as well as subdued market conditions, so in that sense we really do not expect too much of a bright earnings going forward for the company. We have a under performer rating on the stock and have a target price of Rs 48 on the counter.”

Disclosure: It is safe to assume that analyst and his clients  could be holding positions into the above stock.