Financial Daily from THE HINDU group of publications
Sunday, Dec 25, 2005
Financial Daily from THE HINDU group of publications Sunday, Dec 25, 2005 |
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Investment World
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Mutual Funds Fundview
At last, the economic numbers are indicating what the market has been suspecting for long - that 8 per cent growth rate for India was eminently achievable and that India was moving towards a higher growth trajectory. Perhaps, the stock market, in its wisdom, started reflecting these higher growth numbers and therefore the discounting has moved to a higher level on current earnings. Franklin Templeton Investments * * * Stretching valuations and supply from IPO's failed to deter the markets and renewed buying by FII, though limited, pulled the market to new highs. Complacency is becoming alarming and therefore the question that one needs to keep asking is: are we on the verge of a bubble? Prudential ICICI Mutual * * * There is a need to have more modest return expectations in the future as market returns should track earnings growth. There is also a need to invest with a minimum view of two- to-three years and also be tolerant to volatility. HDFC Mutual * * * Mid-cap valuations are at a premium relative to large cap stocks. The markets are fairly valued and we do not see significant re-rating triggers for the market going forward. However, liquidity remains strong with positive offshore interest and fund raisings. HSBC Mutual * * * On valuations front, after the last month's run up, we believe we have again moved into the zone where risk reward ratio for the investor is moderate in short to medium term. However, we would also like to reiterate that valuations are not out of whack! Kotak Mutual * * * Mid-cap stocks have under-performed the market for the last one and half months. However, going forward, we expect them to do well in the near term. DSP Merrill Lynch Investment Managers
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