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Mar 27, 2012 02:23 PM IST | Source: CNBC-TV18

Exit Sesa Goa on upside: Rajesh Agarwal

Exit Sesa Goa on upside, says Rajesh Agarwal, Eastern Financiers.

Exit Sesa Goa on upside, says Rajesh Agarwal, Eastern Financiers.

Agarwal told CNBC-TV18, "With almost no solution on the Karnataka mining and noise on the ban on Goa mining, I think Sesa Goa is going to be under pressure in the near future. Yesterday De-Novo has said they are going to review all mining licenses given in the last 10 years. There will be compliance audit etc and I think this will put pressure on Sesa Goa in particular because most of its mines are in Karnataka and Goa. This is the reason the stock has been underperforming from quite some time. If one has horizon of one-two months; I think its no point holding onto this stock. One should take any spikes in the stocks to cut down the losses and sell."

He further added, "We would suggest investing in PSU banks especially the midcap side, maybe the likes of Dena Bank or Andhra Bank which can give you some stability although there are some concerns regarding them but we think if held for a medium to long-term horizon of around 9-12 months, these kind of stocks can give you 20-25% return."

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