Buy Asian Paints for long term, says Mehraboon Irani

Mehraboon Irani of Nirmal Bang Securities told CNBC-TV18, "Bharat Bijlee's numbers were impressive. Another name which attracted attention was TTK Prestige. Two years ago I had stated that all companies having a valuation of 35, 40, 45 times, may be they all need to go for a walk because we need to accept the fact that valuations are going to come down. Two years later, I think Asian Paints at more or less is at the same price now and I think with improved earnings it would be a stock to buy for the longer term angle." Asian Paints closed at Rs 845.20, down Rs 5.40, or 0.63 percent. It has touched an intraday high of Rs 871.00 and an intraday low of Rs 825.00.