Jaiprakash Associates can touch Rs 85-88: Amit Gupta

Jaiprakash Associates can touch Rs 85-88, says Amit Gupta, Head-Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "The feeds that we are getting from institutional side has been really positive for Jaiprakash Associates and they believe that there are good number of upsides actually in it in the coming sessions. But looking at this current development, I think we need to look at those sectors like cement where this particular stock lies which were not moving before and now after lot of consolidation we are seeing some signs of the fresh build up coming up in those sectors."
He further added, "Because Jaiprakash Associates is in cement space, it is likely to perform from here on. So, utilize that decline in the stocks to go long. I think Rs 85-88 kind of levels can be hit."
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 14.47. The latest book value of the company is Rs 57.86 per share. At current value, the price-to-book value of the company was 1.37. The dividend yield of the company was 0.63%.