Won’t advise a buy in Fortis for now: Fayeza Hafizee, Intime Spectrum Securities Ltd

Fayeza Hafizee, Vice President, Institutional Sales, Intime Spectrum Securities Ltd, in a chat with ET Now talks about Fortis.

What is your view on Fortis?

For now, our view is a hold. What happens with the Parkway stake is going to be extremely important. The fact that the company is looking at further dilution in terms of debt or possibly even equity is not necessarily a short term positive.

Frankly, if it decides to actually exit the Parkway stake, you could actually see the company make a short term gain on its holdings but obviously the longer term positives of having Parkway would be diluted. For now, our recommendation would be that if you are a long term player, continue to hold the stock and see the way it plays out but if you are a short term player, then only an aggressive trader should look to trade in the range because there is likely to be a fair amount of volatility on the counter.

But we are not looking at it as any kind of a short term buy at all and we would not advise a further buy in the counter for now.