State-run stocks due for re-rating: Morgan Stanley
Reuters Market Eye - Shares of state-run companies are due for a re-rating, Morgan Stanley said in a short note on Tuesday.
The investment bank says these public sector stocks are trading at multi-year low valuations against the MSCI India index and would also benefit from an expected shift to cyclicals over defensives in coming months.
Morgan Stanley adds the government's proposal to create an ETF for public sector stocks would also be a positive.
(Reporting by Abhishek Vishnoi)
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The finance ministry is increasingly optimistic that it can meet a tough fiscal deficit target, helped by a 12 percent decline in global crude oil prices since Prime Minister Narendra Modi took charge in May. Full Article