Prefer Grasim Industries in cement space: UBS India

Prefer Grasim Industries in the cement space, says Gautam Chhaochharia, UBS India.

Chhaochharia told CNBC-TV18, "We like the Bangalore office space exposure which is Prestige Estates Projects. Then we like Phoenix Mills from Mumbai as well as retail point of view. From the bigger names we like DLF. Again it has faced overhang because of political issues, but both from a valuation point of view as well as company specific strategy in terms of deleveraging I think that stock looks very, very interesting to us."
He further added, "We have not been really bullish on cement and we have gone wrong on that space. The only stock which we like is Grasim Industries. Grasim is a name which we still like in terms of both valuation support as well as their growth profile."
"I think the sector has positively surprised us as well as the Street to some extent over last couple of years both in terms of pricing momentum as well as demand. Demand strength still remains robust despite the macro slowdown and the key hereon would be the pricing environment, which I think we do not really have a very strong view right now. But Grasim is a name which we like for sure."