Buy IFCI at Rs 60-65: Choksey

By CROW -
Deven Choksey of K R Choksey Securities is of the view that IFCI is available at a PE of 4.5 on EPS of Rs 17 and it has around Rs 1,100 crore worth of quoted/unquoted investment into the books, which translates about Rs 18-20 per share. So if the opportunity comes in the market, it would be a good opportunity to buy Rs 60-65 levels.

Choksey told CNBC-TV18, "There are two ways to look at IFCI. The deal, which failed through, has resulted into a good amount of mark to market loss for the people because of the stock opening straightway 25% lower compared to yesterday. So to a greater extent that marks to market loss will be troubling the people who have been carrying forward their position. To that extent, some amount of adjustment is natural in the market.”

He further added, “From fundamental side, the stock is not all that bad at around Rs 70-75 levels. On a Rs 17 kind of an earnings and around 4.5 kind of a PE multiples and with around Rs 1,100 crore worth of quoted/unquoted investment into the books, which translates about Rs 18-20 per share. I think Rs 60-65 levels, if the opportunity comes in the market, it would be a good opportunity to buy. Otherwise, those who want to average for some reason, this may be an average opportunity for them."

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