Sell Adani Power on rallies, says Eastern Financiers

Rajesh Agarwal, Head of Research at Eastern Financiers Limited advised selling Adani Power on rallies.

Agarwal told CNBC-TV18, "Exit at the first opportunity that would be the advise for Adani Power because if you look at the numbers, they were pretty pathetic. They reported a loss of around Rs 619 crore in Q3, the fuel supplies are not in place in the sense that they are not optimum to run the plant at the optimum stage."
"They are fighting with the government for new fuel supplies and all. Until there is fuel supply thing is sorted out, I do not think there is any future for this company in the near future. So I would suggest a sell on Adani Power. Wait for some rallies because midcaps are seeing a buzz maybe 5-10 percent from the current price, which would be a better point to exit but it is a sell on rallies sort of a stock," Agarwal added.