Adani Power may slip further: Thununguntla

Adani Power may slip further from current levels, says Jagannadham Thununguntla, Head of Research, SMC Global.
 
Thununguntla told CNBC-TV18, “I think power itself is an industry we are not at all bullish. Until and unless there is more reform kind of process in the power sector, I do not see a reason why the power stocks should be in the buying list. Even Adani group itself is in the heavy debt. So power overall we are not bullish, Adani Power is definitely we are not bullish, I feel much lower levels are very much possible on Adani Power.”
 
He further added, “If you are thinking to build up the portfolios, this year again unfortunately fast moving consumer goods (FMCG), pharmaceuticals will remain to be the focus areas because it has been the case for the last three years that may remain to be the case this year as well. However, looking at the stocks like Hexaware Technologies, which are completely beaten down and available at reasonable valuations and moreover reasonable zero debt companies, I think Adani Power is not the place I am comfortable at.”