Your favourites are Yes Bank and Kotak Mahindra Bank but Axis

Here are a few investment ideas from SP Tulsian

Below is the verbatim transcript of SP Tulsian interview to Anuj Singhal Latha Venkatesh.Latha: Today there is a bit of news on the construction companies, Ahluwalia Contracts India has lost something, ARSS Infrastructure Projects has gained a contract. In this entire space, what do you like at all?A: This is a very good space and we need to pick and choose the companies which are purely into engineering, procurement and construction (EPC) play and the way the road construction sectors are really picking up, that is doing quite well. So, maybe few stocks which you have mentioned, in fact ARSS, we gave a buy call at around Rs 30 32 about four five months back and since then it has moved to a level of Rs 80 85 considering the same thing. But now, in the current scenario, two or three stocks which are really looking quite good, one could be MBL Infrastructures, second could be J Kumar Infraprojects because though the controversy has all been surrounding for J Kumar, but I do not think that you can really keep on dragging those controversies or those apprehensions for a very long time because the metro rail contracts have already been, we have seen the work started in the western suburb where J Kumar has been awarded in the canada goose outlet region of Andheri and Jogeshwari. So, maybe these two stocks are looking quite good for me from that point of view.Latha: What about Manpasand Beverages. They are going in for a qualified institutional placement (QIP) that will be in a bit of a dilution but do you think it is a stock worth buying in the dip?A: I have never been convinced with the valuation, in fact I repeatedly say that whenever you see QIP coming in, you see this momentum play catching on but Manpasand Beverages since its time of listing, it has been seeing good amount of momentum and I am not convinced with the valuations and I won’t take a call on the stock canada goose outlet reviews at canada goose black friday sale the current valuations as well.Anuj: Axis Bank, has it corrected enough to buy. Your favourites are Yes Bank and Kotak Mahindra Bank but Axis has corrected a bit and there is overhang of Specified Undertaking of UTI (SUUTI) stake sale of course but has it corrected enough to have a look?A: When I have been looking to the behaviour of the stock, the correction which we have seen in the last three days, I do not think that you can just attribute the SUUTI stake sale canada goose outlet nyc only as a reason for this correction because if you see the volatility, if you take 2016 price behaviour, I do not think that at any time Axis Bank has shown any kind of strength.The second weakest amongst the private sector banks was ICICI Bank, but for last three four months it has canada goose outlet sale seen a smart canada goose outlet uk sale bounce back but it never happened in Axis Bank. Therefore, I do not think SUUTI canada goose outlet store stake sale can only be attributed as a weak reason for the stocks to correct, in fact when you talk to the institutional guys or the large investors, they have never been comfortable on Axis Bank, it maybe in terms of future working going ahead, canada goose outlet canada maybe on the asset quality, maybe on the results which have been posted but yes, the stock has to settle at some place or some level and maybe that level will come once we see the liquidations because the stock has gone in an overbought position also because a couple of weeks back, it had moved to a level canada goose outlet of Rs 615 620 where a lot of positive bias was created on the stock saying that it is canada goose outlet parka a good, having gone into new territory, breakout of above Rs 600 etc, and there the huge long positions got created which is still getting liquidated, in fact in the last two days the maximum margin calls are seen or maybe in last three days maximum margin calls have seen got triggered in the case of Axis Bank, people are still holding canada goose outlet toronto factory their position in Futures and I am not talking in the Options alone. But at Rs 871, is this still a good buy?A: On that day also I have said that market is doing a mistake in interpreting this stake sale by the promoters. First, they will be retaining 50 percent stake which is now at 54 percent, number one. Number two, a strong institutional hand like KKR is coming, replacing that. It is not like where we have seen the stake sale happening in the open market where the public float is increasing and the promoters are reducing their stake. In fact, this 4 percent stake which is being talked of or maybe 3.5 percent stake which is being talked of will go into strong hands and in fact, goose outlet canada that should be seen more positive. A while back you have carried a story of Vivimed Labs where Ashish Kacholia has bought.So, if this has been viewed as positive news where the Rs 14 crore worth of stocks are bought and you see the stocks moving up, this should be interpreted exactly on the similar lines. If KKR is buying the stake from the promoters and on that day I had categorically said that I will not be taking this as a negative and will use that dip and on that it was ruling at Rs canada goose outlet new york city 835 when we discussed a couple of days back.Therefore, I am keeping my positive stance. I have said on that day also with Rs 50,000 crore marketcap, 50 percent promoter stake, maybe at a price earnings ratio (P/E) canada goose outlet in usa multiple of 16 17 time on an expected earnings per share (EPS) of Rs 50 or Rs 48 to be precise for FY17. I do not see any reason for Rs 16,000 crore topline company, from whatever angle you may see it, this is an excellent stock for an investor to remain invested with a long term view, but if you have a near term view, one can always look for a level of Rs 890 or Rs 900 maybe in a couple of days.Latha: The other stock I wanted to ask you was Tata Global Beverages. It is just reaching for the skies.A: Honestly, canada goose outlet black friday the kind of disappointment which we have seen from this stock in the last three four years and merely on the pretext that they are making the presentations to the analysts or investors in US will not be a good reason because if you really take the analyst presentation, that is happening practically with all the companies. Sometimes it happens to the overseas investors; canada goose factory outlet sometimes it happens with the local investors or maybe the domestic firms and all that. So, I will not be because actually the problem with the stock is that the anytime which we have seen any kind of up move in the past in the canada goose outlet store uk case of Tata Coffee when the good results were posted by Tata Coffee in the previous two quarters, the stock prices because Tata Global is a holding company of Tata Coffee and at that time, the prices have moved up of Tata Global. official canada goose outlet But the prices, they do not sustain at the upper level.So, this sustaining of the prices at the upper level is very important which should not fizzle out, with one quarterly results coming in and I have always been saying this for the last couple of years. The conscious decision which Tata Global has taken about three four years back that exit totally from the tea cultivation and just be a marketier and if you have a global, if you have rising prices of tea, that always will put pressure on the marketier and not on the tea producer. So, that seems to be going against the company. I am not disputing their global presence, they have a strong brand across the globe, whether you talk in Australia, Europe, India, US, they have a very strong brand, but they purely being the marketier, I do not think that will really be seen good as long as the tea prices keep moving up which is the scenario going forward.Latha: Balaji Telefilms over the past few weeks shown a bit of an uptrend. Today it is up, up and away. Is there anything in that stock?A: I have heard the management canada goose outlet uk about taking step for merger of Balaji Films. However, I do not see any reason except for tax benefits; in fact this move should have been initiated by the company maybe a couple of years back. If you see the kind of, I would say the lower wisdom, I will not use the harsh word, the company had for FY16 profit before tax (PBT) of Rs 18.78 crore on which they have paid tax of Rs 15.78 crore. Mind it that this is not because of the survey having carried out in the promoter premises because that has only attracted extra tax liability of Rs 21 lakh. That means canada goose outlet shop the company is paying 80 percent of the income tax and that is because Balaji Films has shown earnings before interest and taxes (EBIT) loss of Rs 14 crore. Therefore, what is happening is they are incurring a loss in wholly owned subsidiary but are unable to set this off against holding company which is quite profit making. And now, I am not going by the Q1 where the film division has shown some kind of minor profits on a Q1 level, but continuously this film division has been making losses. Probably they wanted to get rid of that, they may not have found the buyers. So, now they thought that let us merge this, at least take advantage of the tax benefits which they have been paying. Even in FY15, the tax liability was to the extent of 60 percent. Again because of the losses of Rs canada goose outlet jackets 6 crore incurred by the film wholly owned subsidiary.So, whenever these wholly owned subsidiaries are merged, I do not canada goose outlet online see that that is such a big corporate development where you should play. If it is demerged then probably you are looking to monetise those assets or that property or that company. But I just see this as a tax angle and this is a pragmatic move, it is a wise move, though it is late, it is a belated move, but that is fine and if market is really going gung ho merely on this news then I will canada goose jacket outlet not be taking a positive call as a buy call on the stock.

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