Sell Unitech with target of Rs 30: Prakash Agarwal

Sell Unitech with target of Rs 30, says Prakash Agarwal, Equity Analyst - India Pharma & Property at Royal Bank of Scotland.

Agarwal told CNBC-TV18, "We have a sell rating on Unitech with a target price of Rs 30. We believe that apart from the telecom overhang there are other issues also in terms of balance sheet as receivables have been increased significantly, the debt remains quite high on the absolute front though on the debt equity front it has reduced a bit post the fund raising it did in 2009."
He further added, "Also if you look at the execution that I am talking about though the launches have been very good and aggressive but completion have been little slower because of access to funds is becoming very difficult. So we believe it is still under that tight spot and it would take some time to come out of it."