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Indian Stock Market2
(rajesh jain)

Publicidade
think








we









will breach that 9,000

again,



probably





later






rather








than









sooner," he says.



















At 10,000 levels,
Malkani

says,


he




would





look






out







for








some









good quality midcaps
with a


higher



risk





reward,






as







some









that have fallen 40-50-
60%


below



their





peaks,






have







good









growth stories and are

stars of




tomorrow.



















Excerpts from CNBC ?
TV18's



exclusive





interview







with









Jagdish Malkani:



















Q: Do you think it is
the

end


of



the





pullback






rally








that we









had seen for the last
few

days?



















A: I would think so.
The

1,400-



point




Sensex






rise is








quite









something, but it must
be

on


the



back




of





pretty






low









institutional
activities.


Clearly,



with





these







Bernanke









talks and the end of
F&O,

the




institutions





have







been









generally sitting on
the


sidelines,


the



wise




men





have






been








telling









us about the housing
loan


increase




across





the







board,









retail, etc, all of
which

does


not



bode





well






for








consumer









spending power in the

months to



come.



















Q: Would you stay away
from

the



banks




right





now?



















A: By and large, a lot
of

that


has



been





built






into








prices.









I have been looking at
PSU


banks -




Oriental






Bank of









Commerce is at Rs 170
and

it is


a



very




well





run







bank on









various criteria. They
had

to



absorb




this





whole







Global









Trust Bank (GTB) thing.
It

has



taken it




in





its







stride,








but









that is a stock, which
has

a


lot of




value



















Q: What do you think
will


happen to



the





steel







stocks








next?









There is a bit of sell
on

the


news



of




Tata






Steel







and








SAIL.









Do you think they can

bounce


back



after





they






absorb







the









supply or do you think
they


have




peaked?





























A: There is no doubt
that

this


is a



big





move.







Pricing








power









clearly gets hardened

across


the



world




and





our








companies









take the cues.



















If nothing else, then
look

at


the



sheer






bullishness









expressed by the fact
that

Tata



Sons




wants





to






take







its









stake up pretty much
around


these




levels.



















But still, in a
skittish

world


and




steel





being






such







a









global commodity, with

China


CAR



being






important,







if









economies are really

slowing


down,



in






commodities I








would









stick to safer plays
like


cement



and




sugar.



















Q: You would not back

anything


in



the




non-






ferrous







pack








or









buy it on this weakness

because



stocks




like







Sterlite









Industries and
Hindustan

Zinc


have



come




off





a






fair







bit?



















A: They are far too

volatile


from



myliking,






but








certainly,









I would have Hindustan
Zinc

on


my




radar. On





bad







days








and on



























Q: You said that we
would

give


back



a




fair






share of







the









rise that has happened,

1400



points. Do




you






think







we








will









form a higher bottom or
do

you



think we





will






give







up








all









the gains?



















A: In months to come, I

don't


think



we




are






going to







see









12,500 for the rest of
the

year


and



I




do





think






we







will









breach that 9,000
again,


probably



later





rather






than








sooner.



































































Q: What do you think will

happen to


the




steel






stocks







next?








There is a bit of sell on
the

news


of



Tata





Steel






and







SAIL.








Do you think they can
bounce

back


after




they





absorb






the








supply or do you think they

have



peaked?


























A: There is no doubt that
this

is a


big




move.






Pricing







power








clearly gets hardened
across

the


world



and




our







companies








take the cues.

















If nothing else, then look
at

the


sheer





bullishness








expressed by the fact that
Tata


Sons



wants




to





take






its








stake up pretty much around

these



levels.

















But still, in a skittish
world

and



steel




being





such






a








global commodity, with
China

CAR


being





important,






if








economies are really
slowing

down,


in





commodities I







would








stick to safer plays like

cement


and



sugar.

















Q: You would not back
anything

in


the



non-





ferrous






pack







or








buy it on this weakness
because


stocks



like






Sterlite








Industries and Hindustan
Zinc

have


come



off




a





fair






bit?

















A: They are far too
volatile

from


my




liking,





but







certainly,








I would have Hindustan Zinc
on

my



radar. On




bad






days







and on








slippage of zinc
international


prices,




purely






because







of








the sheer monopoly that
they

enjoy,




possibly






Hindalco








Industries is turning
around.

















If you look at copper, they

have


done



Rs 14




as






historic







and








they will probably do Rs 17-
18

at


least



in




this






year.







So it








is not looking very
expensive

at Rs



160,




with





all






the







capex








plans that Mr Birla is

announcing.

















Q: What do you do with
autos?

















A: I have been wary of this

whole


pack,





especially






with







all








this interest rate,
multiple


whammies,




input





cost






and








specially retail, with
lending


expected



to




get





more








expensive, fuel cost, etc.
So

in


that



pack,




I





would







rather








play on something like
Punjab



Tractors. Or





there






are







two-








three good companies even
in

auto




ancillaries,






which







have








been beaten mercilessly.

















Q: You said that we would
give

back


a



fair





share of






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