Mehraboon J Irani, MD & CEO of Gini Gems gave his analysis on the fundamental side of the market as well as specific stocks and sectors.
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On banks, Irani said, “Considering the sharp run-up which we have seen and the announcements which have come, I expect possibly the larger banks to relatively underperform the Bank Nifty at least in the very short term. I think the third quarter will be the real answer as to how the banks are ultimately going to come out. As far as stock price performance goes, I think I will not be in a hurry to buy now, especially after the sharp run-up which we have seen and the impact of the announcements of the government’s stimulus three could possibly provide a slight dent as far as stock price performance of banks goes at least in the near future.”
On real estate companies, he said, “Certain properties company I think will attract attention and I think in this there are not too many options available. I would go with a name like Oberoi Realty and Godrej Properties and from a purely short-term angle, a DLF also would not be a very bad bet. So the space one having its positives as far as the announcements which came from the finance ministry the point is the markets somewhere had seen it coming. So in terms of valuations, I think there would be an opportunity for the longer-term angle, but I think this type of concession needs to play themselves out.”
On Tata Steel, Irani said, “Somewhere I feel that if we believe that the global economy will come back, I think Tata Steel will do its job of taking care as far as the leveraging of the balance sheet goes. The price at which it is right now despite the run-up which we have seen in the last 2-3 weeks I think look attractive for somebody who believes that the economy will come back on -- at least in the second half of the 2021 Calendar year if that is the case and somebody is a little bit patient enough I think Tata Steel despite the run-up looks fairly decent to be bought in to for a little long term.”
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