Buy Himatsingka: Ambareesh Baliga

Ambareesh Baliga, VP, Karvy Stock Broking Ltd. in an interview with ET Now talks about Himatsingka.

Himatsingka in particular and pure textile stocks in general they have given a bit of an up move. Do you think a good time to book profits or one can stay long?

I am sure the traders would be cursing me because I mean this stock has not really moved in the last one year. It just started moving but we still have our the same targets which were set earlier. We are looking at price target of around 78-79 possibly over the next couple of months but then if one holds on for the next year or year and a half clearly it is a multibagger because unlike other textile companies Himatsingka is into high margin business and that is what is going to pay off in the future.

With their fund raising plans and all that so I think clearly it is an upward move right now. It has broken out of that range which was there earlier so right now I think one can even buy it as a trader which they could not in the last one year.