| Pretty Stocks - Irresistible Temptation |
Circa - 2000, Wipro P/E - 200, Infy P/E - 150, Sify P/E - 100. Circa - 2001, Wipro P/E - 100, Infy P/E - 60, Sify P/E - 30. Don't think it's a daydream. It's the Y2K1's most pleasant reality so far. Yeah, happily, the darlings of the markets have all fallen down, obviously in terms of affordability for the investors. These pretty women, I mean scrips, who have fan following right from the Hindi heartland to the Bush's angrezi land are looking pretty, extremely exciting, and of course sexy at these levels. And seem to be worth chasing. What do you say? NASDAQ and NYSE are already getting crazy about these sexy sirens, as they (the scrips) lost enough extra flabs (premium) in the beginning of the year, as they got battered bruisly in the US markets in the early January 2001. Indian market too was shying away from them following their big brothers NASDAQ and NYSE as an obedient younger brother.
Ah! Now, it looks like the days of those heady valuations are really, really thing of the past. The dhamaka created by the skyrocket valuations of even the obscure, dud IT stocks made many die-hard doomsayers skeptical about their own doomsayings. But they must be a relieved lot by now as the dhamaka actually turned out to be like dhamaka today, get heart burns tomorrow. Now it is clear that those dhamaka ladies (mainly dotcoms) did not have any inner beauties but had smart makeups on their ugly faces. With the dotcoms now leaving behind a deep hole in the follower's pants (investor's wallet), and me-too IT startups turning out to be real damp squibs, sanity seems to have started prevailing in the markets, if the sight of once-bitten twice shy, overcautious venture capitalists are any indications. And after all the heat and dust getting settled what you are left with now are the real beauties. But don't jump straight away on the street. There could be a danger in ek anaar sau beemaar (too many bulls chasing few hot potatoes).
But….you can't really help it. The patrons' neglect looks like did the trick as the beauties which had turned to gym after being ignored for a long, have returned back slim, smart and of course are looking irrestively attractive!!!!
Amit Singh
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