Is it time to run screaming from the Indian stock market?
Here, from an e-mail I just got from the folks at Russell Investments, are the world's 10 top-performing stocks of 2007:
Inner Mongolia Yitai Coal Co. Ltd., China, 1017%
Jai Corp. Ltd., India, 877%
Reliance Natural Resources Ltd., India, 823%
Ispat Industries Ltd., India, 742%
Jindal Steel & Power Ltd., India, 664%
Essar Oil Ltd., India, 570%
Shougang Concord Int'l Enterprises Co. Ltd., Hong Kong, 534%
China National Building Material Co. Ltd., China, 496%
Lanco Infratech Ltd., India, 487%
Adani Enterprises Ltd., India, 467%
My immediate reaction to this is sell India! I mean, I'm willing to believe the Indian economic miracle is real and will continue, but those kind of gains can't. Of the top 100 stocks worldwide in 2007, 41 were from India. Like they say, past performance is no guarantee of future results.
The top U.S. performer was Onyx Pharmaceuticals, in 12th place, up 426%. In all, six U.S. companies made the top 100. Which is actually more than I would have thought.
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1
This kind of return in such short time may be possible only in emerging markets only where the scripts remained undervalued as the growth potential of the companies were not considered previously. The Indian market should remain buoyant for some more time as in addition the whole entity is made unique by making it a judicious mixture of domestic and export growth potential.
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2
The Indian economy will remain buoyant for many years to come. It will see a multi-faceted and well rounded growth across a broad spectrum of industries. Its the fruit of having over a billion people living under a democratic umbrella. That has not happened anywhere at any time in the history of mankind. Keep watching!
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3
Since the Indian economy is growing and democratic govt is bit strong the market is in full swing now. If everything goes on well definetely it will reach more heights in the years to come. I guess the market is fundamentally strong and no bad news so far. Being an Indian I am proud and happy too.
Surya
Chennai
India -
4
I think it still has a bit of growth to go, but you are right - it cant go on for too much longer.
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