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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India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article