Book profit in Jain Irrigation at Rs 80: Agarwal

Rajesh Agarwal, Head of Research, Eastern Financiers Limited is of the view that one can continue to hold Jain Irrigation Systems and book profit around Rs 80.”

Agarwal told CNBC-TV18, “I am not very optimistic on Jain Irrigation because of the NBFC related issues. The company has suddenly decided from being an irrigation company to moving into NBFC space and rolling out its NBFC operation in different states. Considering the fact that yesterday they had raised around Rs 54 crore by way of FCCB and which is going to help them in expanding their business. At least in the short-term the stock can move up to the levels of Rs 78-80. One can continue hold this stock and book profit around Rs 80.”