Power cos warrant a look at from a longer term perspective: Mangal Keshav

ET Now caught up with Amit Khurana, Co-Head, Institutional Equities and Head, Research, Mangal Keshav, to seek his views on some of the recently listed power companies. Excerpts:

What is your view on some of the recently listed power companies like Adani Power, Indiabulls Power, JSW Energy. A lot of people are talking about Adani Power. Indiabulls Power is a forgotten story, it is at Rs. 30, significantly down from its issue price, and there were some mull deals yesterday. Would it warrant a look at?

If you are looking at a longer term, then surely it could warrant a look at. Most of these issues when they came out in the market, they were tightly priced and they left very little on the table for the investors and that has been the experience with most of the issue that we have seen over the last two to three quarters. So, I am not surprised by the price behaviour of these issues. Also, one has to see the execution progress of their power projects and most of these projects would only come up on stream in 2012 and later part of 2013. Market would obviously wait and watch and adjust the valuations accordingly. However, at a certain price, I would agree that they warrant a look at from a longer term perspective.