Exit Varun Shipping: Ambareesh Baliga

Ambareesh Baliga, VP, Karvy Stock Broking Ltd. in an interview with ET Now discusses shipping stocks.

What would you do with the shipping space?

As contrarian players, we have picked up some of these shipping stocks when the Baltic Freight Index was hitting the lows. This time we have done that on Mercator and Varun. Varun was languishing at that 40.5-41 levels for quite a while and tomorrow if I get 48-49, I will exit, possibly today the circuit is at 47.5-48. If I get more than that tomorrow, I will exit.

Okay, so you would book profits out of most of the shipping stocks?

Yeah surely, if I am making 20% in just about a month, month-and-a-half, why not.