Book profits in Jet Airways , says Rajesh Agarwal, Head of Research, Eastern Financiers.
Agarwal told CNBC-TV18, "If you look at the fundamentals of Jet Airways, this company is sitting on an operational loss. This quarter it was a loss of around Rs 100 crore and a nine month accumulated loss is an excess of Rs 900 crore. I don't think that in the very short term or maybe two three quarters the operations are going to turn into positive. Not only this but other alliance companies also has the same fate and there's no point being invested in these kinds of stocks for a longer term horizon."
He further added, "The news flow which came in yesterday about the ATF imports, I am a little skeptical about that because that needs a cabinet nod first, second then again the logistics and the storage problem will crop up. So these things will take a longer term horizon and maybe whether that would be viable or not would be later on seen."
"Investor should book profit at this point of time because the kind of run up which we have seen yesterday was not viable, was not there. So I think one should definitely book profits and if the investor wants to be in this stock wait for some correction maybe Rs 30-40 down from the current market price would be a level to re-enter. But certainly one should book profit at this levels."
