Ambit Capital Downgrades SENSEX Target from 23000 to 21000
Ambit Capital’s Star Analyst Saurabh Mukherjea who went on a BUY Recommendation as soon as P. Chidambram took over as the Finance Minister a year ago boldly set SENSEX Target of 23,000 by the end of FY 2014. However, things turned out to be mere Lip Service from the Government and Mr. Saurabh Mukherjea had to DOWNGRADE the BSE SENSEX Target for India from 23,000 to 21,000. The 23,000 target was premised on FY14 Sensex EPS of Rs1,350 (implied YoY growth of 14%) and a forward P/E multiple of 17.0x (in line with the six-year average). (more…)
The Indian Finance Minister Mr. P.Chidambaram came this evening with a “communique” that he thinks the Government must have done [In reality for how long & for how many quarters the Government wants to do Lip Service ?]. Mr Swamy Iyer, Editor at the Economic Times ripped P. Chidambaram apart and raised few questions of which I remember the important ones – Why is the GDP Growth on Downtrend? It has been 12 months for FM in office why the so called Project Clearances have not transformed into Orders and the industry not working on the same ?