Hold Jaiprakash Power for long term, says Phani Sekhar

Phani Sekhar, fund manager of Angel Broking told CNBC-TV18, "Jaiprakash Power is a hold from a long-term point of view. If we look at horizon of say till FY15, their power portfolio will go up by more than two and half times to 3,800 MW. And that portfolio will be very interesting because it will not have the usual problems associated with the availability of coal. So to that extent if the company can execute flawlessly on their plans I guess the valuations will reflect in a premium over their peers."

"At this point in time it is fairly valued. As a longer term investor if one can hold for a couple of years then one can look at a price of closer to Rs 35 over the next 18 months or so when the market starts factoring in these developments," Sekhar said.