Prefer MM Forgings: Kunj Bansal

Kunj Bansal of Centrum Wealth Management told CNBC-TV18, "With this correction in the market for last two months which has been a little bit of up and down movement also lot of opportunities have arisen. So lot of stocks which were in monitoring earlier were continuing to move one way up and as a result probably not giving as much comfortable opportunity to buy. So one of those stock which come to my mind currently is a little bit of a midcap stock a company called MM Forgings. It is a Tamil Nadu based forgings company supplies products mainly to automotive industries and to other engineering industries as well, 70 percent of its products are exported."

"One of the reasons why I am recommending this stock is that even after the sharp rise over the last one year or so the stock has had of course it has corrected from its peak but at current price of about Rs 650 it is still available at a forward price to earnings (PE) of 9 times odd which in the current market when opportunities are not there is a relatively very attractive level to buy. Also fact that unlike the results of quite a lot of companies from various sectors this company has reported a very good March quarter numbers and is likely to continue to do so," he said.