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Market paradox: Nifty near all-time highs; valuations stretched; growth at multi-year lows
The trailing price-to-earnings (P/E) multiples for the Nifty index is hovering at 26.8, which is the highest in the past 20 years. In the last 5 years, the index has risen nearly 40 percent and this rally has been mainly driven by liquidity and domestic fund flows. The index multiples have surged as stock prices have gone up despite the fact that earnings, for the Nifty pack, have seen annualised growth between 5-6 percent over the same period. Clearly, there’s a divergence between the valuations and the return on equity in recent years. Read more.
Should ETFs be the investment vehicle of choice in India?
Ever since legendary investor Warren Buffett won a $1 million bet against Protege Partners that the S&P Index Fund would outperform hedge funds over 10 years, a lot of institution money has started flowing into index funds or exchange traded funds (ETF) that track the index. Apparently, the Index Fund Buffett invested in returned 7.1 percent compounded annually while the basket of Hedge Funds returned an average of only 2.2 percent. But how have ETFs done in India? Read more.
HOEC Q2FY20 – Reduced gas offtake continued to impact performance
This is yet another tale of subdued earnings performance in the September quarter. Limited gas offtake continued to hurt Hindustan Oil Exploration Company’s performance. The September quarter saw a 12 percent year-on-year (YoY) dip in revenue along with lower margins and profits. While problems at the Dirok block are now resolved, PY1 block’s offtake continues to be impacted and is expected to recover only post-December 2019. Should you buy, sell or hold the stock? Read more from our independent research team’s call.
Ideas for Profit: Blue Star
Blue Star’s three business segments delivered robust revenue growth, disappointing margins in electro-mechanical projects dragged the company’s overall profitability. Emphasis on cash flow-steady electro-mechanical projects and measures to boost unitary product sales (for e.g. air conditioners) will be critical to the company’s success. Our independent research thinks that the stock is worth a buy. Read more for our analyst’s reasoning.
Picks from our technical analysts (Please click on security name to access recos)
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Updated Date: Nov 20, 2019 19:33:34 IST