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Tuesday, February 12, 2008

Value picks from current market



While the correction in the markets has been deep and painful, it provides an opportunity for some investors to invest. A number of funds have actually spotted stocks which are trading at a discount of around 20-30% to what institutions paid for it.

 

For instance, Praj Industries is currently trading around Rs 180. It has corrected around 33% from its 52-week high. Tata Sons has bought over 7% stake in the company for Rs 252 per share. At today’s current market price, investors can buy the stock at around 20% discount of what the Tatas paid. The other shareholders in the company include the likes of Vinod Khosla, who has nearly 6.7% stake, and Rakesh Jhunjhunwala, who holds nearly 7.8% stake. 

 

NIIT is currently trading at around Rs 116. The stock has corrected nearly 30% from its recent high of around Rs 167. HSBC Global Investment Fund has bought 67 lakh shares, or over 4%, in this company yesterday at Rs 114 per share. This means that investors can actually buy stock at around the same price where HSBC sees value. NIIT’s management has said the company is looking to sell its 25% stake in NIIT Tech. That would be another bonus for NIIT’s shareholders, if it goes ahead. The other prominent shareholders in this company include Citigroup, which holds nearly 8.3% stake, CLSA 5.4%, and Morgan Stanley around 4.5%.

 

Peninsula Land is trading at around Rs 95 per share. The stock has corrected nearly 40% from its recent high of around Rs 167. Franklin Templeton, HSBC, and ABN Amro have picked around 10% stake in this company for Rs 120 per share. If one were to buy this stock today, it would give a neat discount of nearly 20% to prices that these institutions paid.     

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