Indian markets not in serious bubble territory- Uday Kotak
Amid widespread concerns over high stock valuations, including from the regulators, financial services industry veteran Uday Kotak on Wednesday said Indian markets are not in a bubble.
There may be some “early froth”, and it may be a “little bubbly” but the markets are not out of control, Kotak said, speaking in the presence of top officials from Sebi in a conference organised by the capital markets watchdog.
The statement from Kotak, the founder and non-executive director of private sector lender Kotak Mahindra Bank, comes two days after Sebi chairperson Madhabi Puri Buch had said that there are pockets of froth in the small and mid-cap stocks and the regulator is looking into the same to come out with a possible consultation paper.
Market outlook- Geopolitics to remain in focus
By Gaurang Somaiya
Rupee in the last few weeks has been consolidating and trading in a narrow range of 82.80 and 83.50 despite unfolding of important events that triggered volatility for the dollar index and the other major crosses. Last week, it was geopolitics which was in focus and gains for the greenback were seen on back of safe haven buying in the currency. During the weekend, gunmen from the Palestinian group Hamas rampaged through Israel, thereby killing at least 250 Israelis and escaping with dozens of hostages. Israeli government formally declared war and gave the green light for “significant military steps” to retaliate against Hamas for its surprise attack, as the military tried to crush fighters still in southern towns and intensified its bo…
Mutibagger PSUs REC, PFC rise 2% after UBS initiates coverage with ‘Buy’
Shares of Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) gained over 2% on Thursday following the initiation of coverage by UBS. The foreign brokerage firm has a bullish view on these dividend stocks, citing strong growth prospects driven by the shift towards renewable energy and infrastructure financing.
UBS Initiates Coverage with ‘Buy’ Rating
UBS has initiated coverage on PFC with a ‘Buy’ rating and a target price of ₹670 per share. Similarly, REC also receives a ‘Buy’ recommendation with a target price of Rs 720 per share.
UBS notes that while both REC and PFC share similar growth drivers and trajectories, REC is expected to grow slightly faster.