Stay away from metal space: Baliga

(My Original Blog Post: http://www.onlineequitycalls.com/2008/12/stay-away-from-metal-space-baliga/)
Ambareesh Baliga of Karvy Stock Broking is of the view that one should stay away from metal space.

"We need to look at the steel cycle, which is still on the way down, as long as the commodity prices still moved on or possibly hold at these levels. You can’t expect the sort of performance, which you have seen from Tata Steel over the last 8 quarters. I don’t think that will be repeated at least for the next 2-3 years. So I don’t think any sort of bounce back should be a reason to buy this stock. I think one should stay away from the metal space, which includes Tata Steel and Steel Authority of India."

Source : MoneyControl