Stock Markets continue to crash :)
Tata Steel FPO is starting on Jan 19 @ Rs.594-610. The share last traded @ Rs. 622. Its not clear as yet, if there would be 5% Retail Discount. Even assuming that, the Issue does not look attractive. Street view is that in the Secondary Market, Tata Steel will be available at around 580. I am not excited to apply for FPO but if it does come to 580 or so, I would like to buy. Valuations are less than PE of 8. I however don't understand Steel Business. All commodity businesses follow a cycle.
We bought few Yes Bank, LIC Housing about a week before. I have been sitting quiet so far. Let's see. Intention is not to deploy any additional funds in Stock Market.
My friend Bhuvan Singhi has started a blog with his analytical thoughts on the current state of affairs. You can visit his blog on the below address. Happy Reading.
http://bhuvanoninvestments.blogspot.com/
Regards, Rohit
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