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May 30, 2013, 08.22 PM IST | Source: CNBC-TV18

Hold Tata Power, target of Rs 100: Rajesh Agarwal

According to Rajesh Agarwal, Head of Research at Eastern Financiers, one should hold on to Tata Power with a target of Rs 100 in the next three months.

Rajesh Agarwal, Head of Research at Eastern Financiers told CNBC-TV18, “One should hold on to Tata Power with a target of Rs 100 in the next three months or so. They are planning to add around 250 megawatt (MW) of renewal energy every year and with government trying to give leeway on tariff hike, we think all the negatives have already been discounted.”

“The finance charges last quarter were very high; they have gone up by 72 percent. We have to look at this quarter how they manage the finance cost. However, it is still trading at 1.5 times FY15 price to book, it is undervalued and one can hold on with a target of Rs 100-105 in the next three months,” Agarwal said.

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