Escorts needs to reinvent itself in newer areas: Prakash Diwan

Benchmark indices Nifty and Sensex ended with a positive bias after a turbulent day of trading. Nifty ended at 8778.40 gaining 0.11 percent after recovering from the lows of the day. Meanwhile, Sensex ended at 28329.70 gaining 39.78 points, an improvement of 0.14 percent.SP Tulsian of sptulsian.com commented on public sector undertaking (PSU) banking space and said Union Bank has been a disappointment. However, he quickly adds it is a one off and said the overall PSU banking space looks very positive.Sudip Bandopadhyay, market expert said he remained cautious in the PSU banking space particularly the smaller PSU names. However, he was quick to add that he is positive on SBI and likes the stock. Bandopadhyay added that pharma has structural issues along with other problems bugging them, but remained positive on Lupin and advice a buy on the stock.Prakash Diwan of Altamount Capital Management commented on agriculture based engineering company Escorts, which posted its quarterly earnings for Q3FY17. According to Diwan, Escorts needs to reinvent itself in newer areas like defence or railways. He said the stock justified its rich valuations and said that is a clear vindication of the faith that people had on the stock. However, he added it needed more positive triggers in reinvention.In the interview Prakash Gaba, prakashgaba.com and Mitessh Thakkar of miteshthacker.com also gave stock specific views.