Hold Mangalore Chemicals, says Baliga

Ambareesh Baliga, Managing Partner-Global Wealth Management, Edelweiss Financial Services told CNBC-TV18, "In Mangalore Chemicals and Fertilisers I don't think this is investment buy for either Zuari Fertilisers or Deepak Fertilisers. Finally I think there would be a takeover war and even looking at the market cap which is there I don't think the market cap even covers the value of land, forget the plant and machinery and the performance of the company, I think the land value itself is higher than the market cap. So I suppose even at these levels if one has Mangalore Chemicals one should just hold on and wait for that war to start."

At 10:20 hrs Mangalore Chemicals and Fertilisers was quoting at Rs 50.60, down Rs 5.60, or 9.96 percent. It has touched an intraday high of Rs 56.05 and an intraday low of Rs 50.60.
The company's trailing 12-month (TTM) EPS was at Rs 6.47 per share. (Mar, 2013). The stock's price-to-earnings (P/E) ratio was 7.82. The latest book value of the company is Rs 50.80 per share. At current value, the price-to-book value of the company was 1. The dividend yield of the company was 2.37 percent.