Rajesh Agarwal, Head of Research of Eastern Financiers is of the view that Sesa Goa may touch Rs 150-160 in the near term where he advises to enter the stock with a long term view.
Rajesh Agarwal, Head of Research of Eastern Financiers told CNBC-TV18, "I would not advice buying at this point of time in Sesa Goa because we have seen a lot of run up on the stock in the recent past due to Sterlite merger. There are lot of hopes that Supreme Court verdict will come in the next few days regarding the Goa mining but what I would like to add is given the verdict is positive it would take some time for the mining operations to track. We have seen in Karnataka case also where verdict was given but mining is still to see some amount of operation."
"Going forward with the kind of inventory they have they might report some good numbers. Even the iron division is doing well. But in the short term I see the stock going down to around Rs 150-160 levels which I believe would be a good entry point for a long term view," he said.
Set email alert for
ADS BY GOOGLE
video of the day
Neutral on India as good news discounted; like Voltas: HSBC