JP Associates has target of Rs 135: Bhatia

Jaiprakash Associates has target of Rs 135, says Sandeep Bhatia, Kotak Institutional Equities.

Bhatia told CNBC-TV18, "On JP Associates numbers - actually if you look segment wise the cement and construction business margins have been lower than our expectation. As far as the real estate business is concerned there has been a positive surprise both in terms of earnings and revenue booking."

He further added, "We have not seen cash flows, the balance sheet is not available. We have liked the stock, with the price target of Rs 135. I think there is external noise around this stock, which has led to some pressure in sell-off. I think if there is stability in terms of interest rate hikes are behind you and we see movement on the ground in terms of the project and the stock can definitely perform."