Buy Elecon Engineering: Mayuresh Joshi

Mayuresh Joshi - fund manager - PMS at Angel Broking told CNBC-TV18, "Elecon Engineering is something that we are liking at the current level, so the kind of business opportunities that will come up through the power trading equipment and the material hunting equipment business can be quite humongous for Elecon. The working capital days had probably gone up but with EBITDA margin expansion expected to come through with no capex and debt reduction, fourteen, fourteen and a half percent is not probably ruled out in the next couple of years."

"So earnings growth expected to be strong over the next couple of years, margin expansion seen happening over the next couple of years as well and again strong execution on the order book side will ensure probably that the kind of valuations that it currently derives at twelve times forward would have greater valuations going forward so we remain extremely optimistic on a stock like Elecon but again buy at the current levels and probably even buy more at declines," he said.