Raamdeo Agrawal, Director and Co-Founder, Motilal Oswal Financial Services, is surprised by the extent, strength, and longevity of the rally. However, he was quick to add that valuations don't look extended after the recent rally.
He feels it is a good time to build a portfolio with bluechips trading at 10-12 times price to earnings. "At 8,000 or so, the market was very pessimistic. That was an opportunity to buy and invest without looking at anything. Even now, I don’t think valuations are anything to be worried about if one is a long-term investor with 3-4 years horizon. I think at 10-11-12 P/E multiple for the broader market and more like 8-10-12 times for individual companies are times to build your portfolio with bluechips."
Commenting on Q4 earnings, he said numbers are on expected lines with some positive surprises.
He sees FY10 Sensex EPS at Rs 880-900. "There have been no downgrades yet. I think FY10 earnings are likely to be in line with FY09."
Agrawal is surprised by the robust demand in cement companies and said he will remain invested.
Monday, April 27, 2009
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