Buy JK Tyre on dips, says Prakash Diwan

Prakash Diwan, Director at Altamount Capital Management is of the view that one can buy JK Tyre and Industries on dips.

Prakash Diwan, Director at Altamount Capital Management told CNBC-TV18, "On goods and service tax (GST) impact till yesterday we had a lot of logistics and FMCG players going a buzz with this whole potential introduction of the GST. However, companies like tyre manufacture will also benefit a lot because it is consumed all across but gets produced in the few locations. Anything that meets the criteria will benefit out of the introduction of GST. You no more need to stretch yourself to kind of produce in only tax favorable location and supply that."

"Tyre companies are getting re-rated of sorts with the kind of benefits that they will get. JK Tyre and Industries  has been a promising stock for lot of reasons, underowned earlier, has a great replacement market story and commercial vehicle (CV) cycle is turning around. However, people need to get cautious at these levels and not go overboard investing too much into these stocks nibble into these but buy on dips not necessary on days like this," he said.

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