Exit IVRCL on rally: Joshi

Sharmila Joshi of Peerless Securities advices one to wait it out and give IVRCL a couple of quarters to kind of come back into a little bit more of a positive momentum and then look for an exit from the stock.

Joshi told CNBC-TV18, “I think it’s a little unsettling when you see a stock correct the way IVRCL did yesterday. As precisely as the investor said - there were some kind of rumours doing the rounds which the management has kind of denied today. But there is no getting away from the fact that a lot of these midcaps which are leveraged or which have high debt etc in their books are the ones that took it on the chin yesterday.”

She further added, “I think perhaps the rumours were just the starting point but you have seen a pretty much deep cut. But that being said, at this price it is not a selling price in IVRCL for me because I do think that going forward - a lot of the negatives are now in the price. So if one is in a hurry then can sell on a bounce. You are already seeing the stock bounce back a little today. But else, I would really advice one to wait it out and give the stock a couple of quarters for midcaps to kind of come back into a little bit more of a positive momentum and then look for an exit in IVRCL.”