Avoid Jindal Steel & Power, says Sukhani

Avoid Jindal Steel & Power, says Sudarshan Sukhani of s2analytics.com.

Sukhani told CNBC-TV18, "Midcaps have become so oversold, there are no patterns that justify selling them because you sell them on rallies, you sell them on consolidations and you sell them on breakdowns. All three have happened. Now they are just freefalling. You can’t sell in the middle of a freefall. So really, I don’t think we should buy Jindal Steel & Power at all. Most midcaps can’t be sold at this point.”
At 13:28 hrs Jindal Steel & Power was quoting at Rs 382.75, down Rs 3.55, or 0.92%. It has touched an intraday high of Rs 387.30 and an intraday low of Rs 380.70.
The company's trailing 12-month (TTM) EPS was at Rs 19.68 per share. (Dec, 2012). The stock's price-to-earnings (P/E) ratio was 19.44. The latest book value of the company is Rs 116.01 per share. At current value, the price-to-book value of the company was 3.3. The dividend yield of the company was 0.42%.