Rajesh Agarwal of Eastern Financiers told CNBC-TV18, "In Jet Airways there may be some short term upside, may be a level of Rs 400 is quite possible on the stock but fundamentals do not justify the kind of valuation, which is there because we all know that the company has been reporting losses quarter on quarter.”
“Even going forward I don’t feel the fundamentals are going to change very soon. Not only this the entire airlines pack is not doing anything be it due to high fuel costs, be it due to high employee cost or lower ticket pricing,” he added.
“This Etihad deal is positive trigger for the stock – may be in the short term one can witness a price of Rs 400-410 and that would be a prudent level to book out because as we all know yesterday SEBI has also said that there would be no open offer for this stock. So, that possibility is also gone. So, it is better to book profits around Rs 410 levels.”
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