Best Time to buy

While the correction has been deep and painful, there is still room to make money in select stocks, reports CNBC-TV18. It has been a sharp knock for all the midcap or smallcap stocks. But there are still some very interesting stocks to pick up.

Radico Khaitan is one of them, with a current market price around Rs 130. The stock has corrected nearly 45%, from its all-time highs or 52-week high, of around Rs 220. Reliance Capital has bought nearly 37.67 lakh shares, which is around 4% stake, at a value of around Rs 150. So, one is getting around 15% discount to the level, which Reliance Mutual has bought into.

Alok Industries is another stock, where the stock has corrected nearly 25%, from its 52-week high of around Rs 110. The most interesting thing is that the company has issued warrants to the promoters at Rs 102 per share, which is again a 15% discount to the prevailing market price.

JP Associates is another stock, where the current market price is hovering around Rs 400. The stock has corrected nearly 21%, from its 52-week high, of around Rs 510. There has been a bullish brokerage report on the stock. Merrill Lynch’s target is at Rs 530 per share. Merrill Lynch reiterated buy on value creation via subsidiary JP Infratech & Power.

Inox is another stock, which has seen correction. The stock has corrected 30%, from a 52-week high, of around Rs 242. Again, Reliance Capital has bought nearly 43 lakh shares or nearly 5% stake at Rs 143 per share on an average.

Noida Toll Bridge, where the stock had seen exceptional run up, has corrected 28% from its 52-week of around Rs 85. India Infoline’s price target is at Rs 107.

Saregama is another very interesting stock, which it has corrected nearly 34%, from its 52-week high of around Rs 388. It is now trading at around Rs 250. Reliance MF had bought nearly 7% stake at Rs 250 per share in September 2007.

Aban Offshore has corrected nearly 25%, from its 52-week high, of around Rs 5,416. Goldman Sachs has reiterated buy with target of Rs 5,400.