Short JP Associates with a target of Rs 68: Prakash Diwan

Short JP Associates with a target of Rs 68, says Prakash Diwan of Asit C Mehta Investment Intermediates.

Diwan told CNBC-TV18, "JP associates had off bad news in terms of some of the rejections of permission that was sought to develop the particular corridor between Agra & Delhi that was supposed to be one of the future cash cows for this company that has come under the cloud and also given the fact infrastructure as a whole has really not seen uptick given the high interest rate regime that we are likely to see. JP Associates is also expected to be under fair amount of stress. I would like to short JP Associates with a target of Rs 68 and stop loss of Rs 75."