Do not recommend Havells at this valuation: Mehraboon Irani, Nirmal Bang Securities

In a chat with ET Now, Mehraboon Irani, Principal & Head- Pvt Client Group Business, Nirmal Bang Securities, shares his views on Havells and its results. Excerpts:

ET Now: How do you like Havells and what do you make of the results?

Mehraboon Irani: At this valuation I am not going to recommend. The stock looks expensive, the valuations look stretched. This is not to state that this company is not going to do well in the days ahead. At the end of it all this is like Motherson Sumi. Motherson Sumi is a stock which we are invested in. We find it a little bit expensive, consolidate. We are not going to sell. We will possibly end up buying more if the stock corrects by 5-6 per cent. The same does not apply with Havells. Valuation wise it is expensive. While the company will do well in terms of numbers. At this present price of 270-275 Havells possibly could relatively underperform quite a few stocks in this space.