Buy Ceat; target Rs 140-150: Sharmila Joshi

Sharmila Joshi, Head of Equity of Peerless Securities told CNBC-TV18, "We do have a buy on Ceat with a target of about Rs 141. It trades at very, very reasonable valuations, so Rs 140-150 is a good target. The only reason why it is correcting is that there is some amount of profit booking. The reason is because we had seen this stock move up from Rs 110 kind of levels. In terms of numbers I think it is progressing along the expected lines."

The share touched its 52-week high Rs 129.75 and 52-week low Rs 87.15 on 31 July, 2013 and 22 March, 2013, respectively. Currently, it is trading 8.86 percent below its 52-week high and 35.69 percent above its 52-week low. Market capitalisation stands at Rs 404.93 crore.