Book profits in JSW Steel, says Phani Sekhar

Phani Sekhar of Angel Broking told CNBC-TV18, "JSW Steel has seen strong rally over the last month or so, I do not know where it goes in the short-term but if you are looking at it from a medium to long-term perspective then this is an excellent opportunity to book your profits."

"The primary steel demand in this country is still weak, you have input prices like iron ore and coking coal, which have gone up and there is no pricing power except for some exports that are taking place here or there and because of the strong rally that you have seen, valuations are almost at around 7.5 times EV/EBITDA, which to my mind are completely stretched for JSW Steel. So, in the medium-term the stock might see some correction, so it’s better for the investor to not to buy the stock at this point in time."