Thursday, 11 October 2007

Sharekhan Recommendations

Sharekhan has given buy ratings on the following stocks

SBI with a target of Rs 2282. CMP is Rs 1944
Sun Pharma with a target rating of Rs 1287. CMP is Rs 969

Idea Cellular

I had given recommendation for Idea cellular when it was trading at Rs129. The CMP of this stock is Rs 143. Today Rajesh Jain of SMC Global securities and Mehraboon Irani of Darashaw & Company have given a target of Rs 155-160. The general advice is to remain invested in this stock from a long term perspective.

Bad day for IT

Infosys results for this quarter have generally disappointed the markets resulting in a bad day for IT stocks in general. Infosys crashed by almost 7% today and closed at Rs 1976. Satyam lost about 8.5 % today and closed at Rs 448. All the sectors were up today except for IT. The major factor contributing towards this downfall is obviously the rising rupee. In this calendar year rupee has appreciated by almost 11%. Considering that you can imagine the kind of impact it will have on the IT Company’s financial numbers. Infosys alone has lost almost Rs 2000 cr because of this appreciation.

DISCLAIMER: The author is not a registered stockbroker nor a registered advisor and does not give investment advice. His comments are an expression of opinion only and should not be construed in any manner whatsoever as recommendations to buy or sell a stock, option, future, bond, commodity, index or any other financial instrument at any time. While he believes his statements to be true, they always depend on the reliability of his own credible sources. The author recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction, before making any investment decisions, and that you confirm the facts on your own before making important investment commitments.