Buy JP Associates around Rs 58-60: Ambareesh Baliga

Buy Jaiprakash Associates around Rs 58-60, says Ambareesh Baliga, Market Analyst.

Baliga told CNBC-TV18, "In Jaiprakash Associates there could be some more pressure because of yesterday’s news. So it is possible that we could see levels of Rs 58-59. But the development is much better than – in fact defaulting on the FCCB is going ahead. So I suppose raising this money surely is a positive if you are talking of at least the longer term perspective. So in case we see lower levels closer to Rs 58-60, I think it is a decent buy."
The company's trailing 12-month (TTM) EPS was at Rs 5.48 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 11.43. The latest book value of the company is Rs 48.07 per share. At current value, the price-to-book value of the company was 1.3. The dividend yield of the company was 1.28%.