Sell Adani Power , says Rajesh Agarwal, Head of Research, Eastern Financiers.
Agarwal told CNBC-TV18, "In Adani Power I believe the price is going to correct till Rs 65 in the very short term, in the next six months or so, because the numbers were pretty poor with around Rs 358 crore loss against a profit of Rs 109 crore. We have seen coal prices being tripled and there is no respite on that front also."
He further added, "The Indonesian coal restrictions have been taken a hit on the company. In the near term also this coal problem is going to be there. Not to forget that kind of capacity expansion this company has planned and with the kind of coal shortage this operational problem will continue to be there for the next three to four quarters. Hence I would suggest a sell and switch to some other company."
