Mayuresh Joshi of Angel Broking told CNBC-TV18, "One stock that we like on declines would be Garware Wall Ropes. Clearly, the company has posted decent set of numbers for the quarter gone by and our take is that the topline growth should grow in excess of 12-13 percent over the next couple of years. The key raw material, polyethylene has seen quite sharp decline and again with crude going down, the earnings before interest, taxes, depreciation and amortization (EBITDA) margin expansion, should be quite evident. It exports currently to 72 odd countries, the export percentage is 50 percent and is expected to grow to around 65 percent.""Clearly, the kind of debt levels that the company was sitting on at Rs 145 odd crore, it has come down to Rs 40-45 odd crore. Interest payments have come down from Rs 17 crore to Rs 10 crore and the return on equity (ROE) has expanded from 9.6 to 13.8 percent. So, any decline onto this stock becomes a good buying opportunity for medium to long terms investors," he said.
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