Irani told CNBC-TV18, "I have been very negative for over almost 12-18 months on PSU stocks on the whole. If you take away banks stocks or oil and gas stocks then on the whole, the entire pack is in very bad shape. This is largely due to the government's conflicting objectives. Pricing the issue nearly 10-15 percent lower than the prevailing market price, just a few days ago, shows the desperation on part of the government to get the numbers right on the fiscal deficit front."
He further added, "In this particular scenario, taking a call and saying that SAIL maybe at Rs 60-70 is a great buy from a longer term angle or Nalco at Rs 40 is a great buy, I agree with that view. The factors in the market, going back to the valuation which they were seven months ago and with macro showing some signs of improving, are these PSU stocks outside oil and banking stocks are concerned a great opportunity or is it going to involve a lot of opportunity cost considering the stocks may do nothing over the shorter term till the time growth comes back into the economy. So, it is a very difficult call."
"I would prefer to possibly keep my money idle and look at opportunities somewhere else rather than saying that SAIL is a complete long term buy or a NALCO is a great long-term buy. Although they would be, I am not disputing it considering the prices that they are going at. However, in the shorter term, I don't think there is an opportunity here."
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