Sharmila Joshi of Fairwealth Securities share her view on United Spirits .
Joshi told CNBC-TV18, "Numbers of United Spirits were quite disappointing and really the hit came from Tamil Nadu and I think Bengal as states. Tamil Nadu, I think they have increased duties as well as the fact that they are trying to promote local brands which is what we hear. So as a result of which sales dropped in Tamil Nadu. So honestly, not a great set of numbers at all, quite disappointing."
She further added, "The overall concerns that you have on the group with what is happening with Kingfisher, etc and I think recently they have announced that they are going to be looking at an FCCB also. So lot of things happening on the stock and I think a lot of the negative news getting factored in at this price. So to my mind, this is not a price to sell. I don't think that it will go back to that Rs 780 level either. So again I think just wait it out a bit and perhaps let all the negatives kind of get factored into the price."
"When you see it moving back to that Rs 670-680 kind of levels then take another call on the stock, see how things are, whether you need to stay invested or not. But my guess is that if it goes back to that Rs 660-670 kind of levels, you are going to see pressure on the stock again. So I would really wait for that and then take a call on this stock."
