Stocks of JP Associates may slip to Rs 64-65

Tulsian told CNBC-TV18, “Definitely Rs 100 crore penalty is quite negative for the JP Associates. But more negative I have seen is that High Court has restrained the company from putting this 62 Megawatt captive power plant and in fact we all know that for these energy intensive industries like the non-ferrous metal or may be like the cement. If you don’t have your own captive power plant it will really be a big problem for the company. So, in fact that is seen more negative for the company in fact in my point of view. But in the near term the stock looks negative, but may be at a level of Rs 64-65 one can look to initiate long trades on the stock.”