Jaiprakash Associates may touch Rs 48: Sharmila Joshi

Sharmila Joshi of Peerless Securities told CNBC-TV18, "Jaiprakash Associates has agreement with UltraTech to sell their Gujarat based cement plants. The negative here is that it will have cement plans in Andhra Pradesh (AP) for which we haven’t heard anything yet. But that entire debt - the recovering part of their debt or making good the debt by asset monetization, which process has started. So just looking at JP Associates from the summer parts because the real estate business has done well, cement business has been a little sluggish but now they are getting out of that. So looking at all that, you can assign a price of about Rs 48 to JP Associates; the horizon is about nine months."

"We must remember that JP Associates is one of those high beta plays. So if we were to see market correct again then it might be a good idea to just cash out and try and buy lower or whatever. It is not one of my favourite stocks but just looking at it from a valuation perspective, I would give it a target of about Rs 48," she added.