Avoid fresh buying in VRL Logistics; existing investors may hold on to stock: Mehraboon Irani

In a chat with ET Now, Mehraboon Irani, Principal & Head-Private Client Group Business, Nirmal Bang Securities, shares his view on recent listing VRL Logistics.

ET Now: Any thoughts on VRL Logistics? Does it look exciting? We saw a stellar listing, but as a business model, as a fresh investment, does it make sense to put in money in the counter?

Mehraboon Irani: No. I do not think that I am going to put money on the counter at present levels. There are many investors who are asking us whether they should sell their shares. But, I would recommend them to hold on to it. This is a sector, which is going to attract a lot of attention. VRL Logistics is a company which stands out — it is a little bit different than most other peers in the sector.

ET Now: But would you buy the stock at this price?

Mehraboon Irani: I am hesitating a bit because I not very comfortable the overall market trend.