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'The Finance Minister must take UTI to task''UTI has overtaken the market. Tax payers should not be bailing them out every 3-4 years,' says Ramesh Shrichand Damani.KALYANARAMAN : Is our real estate assets, an asset bubble, funded to a great extant by companies (who are now with BIFR) ?Further, for example, Indian bank staff have also contributed to higher real estate prices(thousands of them have bought flats on loans)and the bank is now bankrupt..thus many have contributed to higher real estate prices and are bust..another example is SBI Home finance. Is this an asset bubble? Ramesh Shrichand Damani : I am not sure about real estate. It has come down. But a lot of IDBI, IFCI funded companies are not earning a return on capital that would justify the investment investor : Sir in the aftermath of rolling sett. and now UTI-64 debacle will you advice three most preffered stocks by you for investment by small investor like me and lot of other around so that we can have a decent chance of getting back some of the huge money last year. Ramesh Shrichand Damani : I would wait till the UTI problem is settled. IF UTI is a seller it will act as a top to any rally. investor : Sir what is your outlook on VSNL at 300 rs. , L&T at 205 rs. and Tata Tea at 190 rs. Ramesh Shrichand Damani : Do you believe that VSNL disinvestment will take place. I am having some doubts. If it does not take place I would not buy it. L&T and Tata Tea, I own and are better placed will : mr damani when will BSE start option trading? isn't it stupid for the country's premier exchange not to be ready? Ramesh Shrichand Damani : I don't have a date unfortunately. It is embarrassing we were not ready for options trading. There is a leadership vacuum at the BSE. investor1 : Mr. Damani what seems the likely support level for the investment in index future for three months futures. Ramesh Shrichand Damani : Hello everyone. Thanks for joining in. Index seems ready to test lows of 3100. It might even break it. investor1 : Sir after the results of E-serve what is the outlook for that stock. when should I invest. Ramesh Shrichand Damani : I was happy with the results. Growth is good and bottom line will come in a year's time. However, market conditions remain fraught with peril. I still own it though. kelly : It is nice to see you mr damani. wat is your take on options trading tat has been introduced? Ramesh Shrichand Damani : For the derivative markets to take off it will required a new bull market. Options will be long and painful adjustment. kelly : wat do you feel about yesterday's news tat a broker lost Rs 1 billion becoz of selling acc at re 1!!!! y did tat happen? Ramesh Shrichand Damani : No that figure was wrong and exaggerated. The trades were also annulled. Maybe the broker in question lost Rs 10-20 million kitty : suprisingly the market has not reacted very badly to badla being removed. why is tat so? Ramesh Shrichand Damani : It is reacting badly. Market has become hollow. deepa : last week, the market showed amazing stability..for the first friday in june, it closed positive..but this week has been a complete anti-climax..what do you think? Ramesh Shrichand Damani : You are right. I was hoping for a rally. However UTI has overtaken the market. It is big and serious. Rajesh : I am interested in investing in Rel. Petro should I wait for the prices to fall down more Ramesh Shrichand Damani : I would wait. ksr : Please comment on Dr. Reddy's Lab. What of its short, medium and long-term prospects. Which is the right time to buy and sell? Ramesh Shrichand Damani : The price action looks good. It could be a leader in a new bull market investor1 : Is rel Ind. a good bet if it breaches under the buy back price. Ramesh Shrichand Damani : Dupont just gave a profit warning. Petro chem and telecom are in a down cycle. taran : What do you think of Unit Trust of India's decision to freeze sales and repurchases of its flagship US-64 scheme? Ramesh Shrichand Damani : JPC should take a look at it. It was done incorrectly in my view. dharmesh : How do you see the Short Term Rate Cuts at US? What do you think is the current state of the Market ?UTI is already selling stocks since January ? Do you think they are going to become slow buyers with? Ramesh Shrichand Damani : I think Greenspan has cut interest rates too much. It will lead to inflation and ultimately to protectionism. UTI has little free money to buy stocks. They will be sellers. BigBull : Hi Mr Damani,Is stock broking scientific? If so why it is so sentimental? Is it because in India most of the stock-brokers are ill-professional??? Ramesh Shrichand Damani : I will defend my fellow brokers. We have bad people in all professions. Among markets, the stock market works the best in India. Try getting payments in other markets. Rakesh : Ramesh, What is your view on BEL, Engineers India, Dredging Corp & CONCOR? Ramesh Shrichand Damani : BEL results and div of Rs 4 was excellent. CONCOR I would buy on a bad day. Dredging is too ill-liquid. I won the first two. harshadmehta : ur view on balaji share price movements Ramesh Shrichand Damani : Results were mixed. If market heads down it cannot head up. BigBull : Hi Mr damani,Yes, good and bad are there everywhere. the sensex for that matter will take ladder to grow and uses lift for coming down..Why it is so ?? Ramesh Shrichand Damani : That is always true. Bull markets last 3-5 years. Bear markets 1-2 yrs. People get scared faster, then they get optimistic sanjaykharia : i read u r discussion with brokers in smart investor where every one gave their top picks sadly there was none from u what are ur top five picks Ramesh Shrichand Damani : Thanks, I hope you enjoyed it. I was the moderator and not the participant. MrWiseGuy : Who do you think should be held responsible for the CSE Broker having lost Rs. 100 Cr on a single transaction yesterday ?Are the Stock Exchange prone to many such tragedies ? Ramesh Shrichand Damani : If you are talking about ACC, it is incorrect. That figure is wrong. It was a BSE broker and the loss was a 2-3 crs shreechakra : MFs are supposed to be the safe and most adviced destination as it is not advisable for them to go to equity market directly in the wake of US-64 where should the small investors go now Ramesh Shrichand Damani : I feel your hurt. The FM should take UTI to task. They want bailouts every few years. karthik : damani whats ur prediction in the stock turmoil Ramesh Shrichand Damani : Market is taking the changes badly. I am afraid pain is left. With rolling no one can take a contrary view. The lack of leverage is hurting. harshadmehta : UR FAVORITE MONSANTO HOWS IT FARING STILL A GOOD BUY?????? Ramesh Shrichand Damani : I still like it. Good opportunity for it. investor1 : Sirji in next six months bel prise target can be put at 100 rs. plus????or am i expecting too much. Ramesh Shrichand Damani : It should be there if the market becomes buoyant. It is a one of a kind company. priyanka : sir what is your view on HFCL, Global, DSQ and Infosys Ramesh Shrichand Damani : They are not in the same category but all look very weak naidu : Is it good now to invest in financial stocks like IDBI, ICICI, Kotak Mahindra. Please answer Ramesh Shrichand Damani : Kotak came out with good results, but it will have a rough year. HDFC Bank on a bad day looks okay. Avoid the rest. avinash : hi ramesh many a time i hear about stop losses what are they and what is the correct stop loss. thanks Ramesh Shrichand Damani : They are mainly for traders. If you buy Reliance at Rs 340, an analyst might put a stop loss at say a brevious bottom of Rs 325. That way you made a loss of Rs 15 or are stopped out. options : dont u think since the market is at such a low state, its a good time to buy fundamentally strong stocks at cheap prices and then wait for sometime.if so which is ur pick currently? Ramesh Shrichand Damani : Market is still trying to find its bottom. Bubbles end with multi-year lows Bhojwani : Hello Sir ! Can u suggest Damani 10 portfolio Ramesh Shrichand Damani : We will do that in a future edition. It is a good idea. It would require great appliaction. shUTI : Mr Damani Elliot wave analysis says that sensex will dip below 2000 i foresee this as a possibility since elliot of the dow also shows 3800 target for the dowso there can be a world wide depression... do you agree ? Ramesh Shrichand Damani : It could happen. But cental bankers are smart set now. They will try and avoid a global depression by creating liquidity gajasur : dEAR damani,WHAT ARE THE THREE THINGS THAT WILL MAKE THE SENTIMENT REACH GUNG-HO? Ramesh Shrichand Damani : Revival of tech spend. A carry forward system that is fair and easy. Direction from New Delhi in opening up the economy. Doing disinvestments and the like. These would help. winston : which software stocks are good to buy and at what rate Ramesh Shrichand Damani : Take a look at the IT enabled sector. Software is still reeling. satish : Why is it that the futures are so expensive that a small retail investor can not enter it ( a single contract is 50 * futures price)? Ramesh Shrichand Damani : The value is mandated by SEBI. satish : Do you believe in technical analysis or fundamental analysis? Ramesh Shrichand Damani : Mainly fundamental. satish : I am sorry but just a curiosity, what is the rationale for that given by SEBI? Ramesh Shrichand Damani : No particular reason. Just a recommendation by L. C. Gupta. Sateesh : What's ur. opinion on buying stocks of Silverline Technology? Ramesh Shrichand Damani : I would avoid it. Bhojwani : What is your opinion on US 64? Ramesh Shrichand Damani : I think JPC should take a look at it. Clearly tax payers should not be bailing them out every 3-4 years KetanParekh : target question sir.......IS THIS THE TIME TO BUY???? Ramesh Shrichand Damani : market may test and break its lows. Lets wait and see. UTI is a major problem. Administrator : Ramesh Damani has signed off. Please do join us for chat next tuesday at 4 pm. Join the Ramesh S Damani chat every Tuesday at 1600 IST. ALSO SEE:
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