Exit GVK Power around Rs 23-24, says Sharmila Joshi

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Exit GVK Power around Rs 23-24, says Sharmila Joshi

Exit from GVK Power around Rs 23-24, says Sharmila Joshi, FairWealth Securities.

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Excerpts from Your Stocks on CNBC-TV18 Watch the full show » ALSO READ See previous views by Sharmila Joshi See what other Experts & Brokerages are saying about GVK Power See messages about GVK Power

Exit from GVK Power around Rs 23-24, says Sharmila Joshi, FairWealth Securities.

Joshi told CNBC-TV18, "GVK Power, we have seen overall that steep correction come across the power space especially projects where you would see earnings not coming into the bottom line immediately, where your projects were going to take 2-3 years kind of gestation period. But 2-3 developments with GVK Power, one was the fact that just couple of weeks back we had heard of Changi Airports investing in the airport side of their business and then of course there was a denial so the stock fell again."

She further added, "The latest development that you have heard about some norms for ECB where companies have ECB for the accounting norms to be the way that has reported to be changed or relaxed or whatever and a beneficiary of that are companies like GVK Power or companies where the borrowing is long term and ECB in nature. So that was a bit of positive news and you have seen the stock pull back from there. So my guess is that as you said it's time to hold the stock, they seemed to have bottomed out, a lot of concerns are already in the rise. So stay put, probably when you get closer to that Rs 24 price then take a call and then really look at what the news flow around the stock is and then take a decision but my guess is when it comes back to that level you will see a round of selling anyway. So if you were to see it go back to that Rs 23-24 levels than look to exit."