Triumph International's Shah on Indian Stock Markets: Comment
Bloomberg News
August 26, 1999, 5:30 a.m. PT
Mumbai, Aug. 26 (Bloomberg) -- Nikesh Shah, head of research at brokerage Triumph International Finance India Ltd., comments on the rise in the stock market. The key Mumbai stock exchange index rose 2.7 percent to 4846.31 today, led by cement shares.
"Cement shares are being helped by the rise in cement prices all over the country, coupled with the economic recovery."' Larsen & Toubro Ltd., which is reorganizing its businesses, would benefit from the rising cement prices, he said.
``Infotech (software) stocks are our favorite; Infosys Technologies Ltd. is the best buy in the sector (while)Satyam too is a long term buy,' he said.
Shares of Infosys Technologies Ltd., the only share to trade on the Nasdaq exchange, have quadrupled this year, while Satyam Computer Services, one of India's largest software companies, have more than doubled.
``Among other Infotech shares, there's Aftek Infosys Ltd., which is producing electronic commerce solutions and other value added services,' he said. A number of financial institutions have bought Aftek shares, he said. |
