SP Tulsian of sptulsian.com told CNBC-TV18, "I will not advise to buy Tata Steel for the simple reason that all the people have been focusing on increase in the EBITDA margin of Corus; there has been USD 7 increase if we take on a sequential basis. The Corus is giving 3.2 million tonne volume in one quarter while the Indian operations give 2 million tonne volume."
He further added, "If we take Q1 numbers, I have been taking a contradictory view that the unanimity is that the company has posted very good numbers, but I don't agree because the deferred tax credit of close to Rs 500 crore has seen the volumes to go up."
"Overall, I am keeping my negative stance on all these ferrous metal makers whether you talk of JSW Steel. They have gone for the price hike also. In Tata Steel, I see more of a technical strength which is not likely to loss for a very long time," Tulsian said.
He further added, "YES Bank, IndusInd Bank and Axis Bank are the maximum gainers. So look for the stocks, which has not participated in this rally. If one wants to build up then FMCG looks a very good. Idea Cellular which has corrected today, one can look to enter in that stock. Also few pharmaceutical stocks look good at the current level, I will go with Glenmark, I may not go with Lupin and Sun Pharmaceuticals at this stage. So one should have a mix of portfolio at the current level maybe these three-four stocks which I have mentioned."
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