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Last Updated : Jun 05, 2013 04:41 PM IST | Source: CNBC-TV18

Sell IVRCL on upside, says Pankaj Jain

One can sell IVRCL on upside and get into a better stock, better sector, says Pankaj Jain, Director at Sunteck Wealthmax Capital Pvt Ltd.

Pankaj Jain, Director at Sunteck Wealthmax Capital Pvt Ltd told CNBC-TV18, "IVRCL has become more of a trading play, Rs 2-3 kind of a trading play rather than an investment play and recently there was news about 15-20 days back that company is trying to monetise some of its highway assets then National Highway Authority of India (NHAI) intervened and they said you can’t sell 100 percent of your stake in those projects and maybe less than 50 percent can be sold and that was a sort of a dampener and stock came down from Rs 23-23.50 levels to about Rs 18-19.”

He further added, “I am not all that optimistic about the performance of the company and I feel that times are challenging and the economy as such is not looking very exciting for next say 6-12 month kind of thing. So, all-in-all I am not all that optimistic, I am ready to average my cost of acquisition in IVRCL rather if there is any big move in IVRCL I would be more inclined to sell my stock and come out of the stock and get into a better stock, better sector rather than trying to hold my position in IVRCL."

First Published on Jun 5, 2013 04:41 pm