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Feb 23, 2010, 03.33 PM IST
Anish Jhaveri, Group Chief Executive Officer of Antique Stock Broking, said that the offers were lacking confidence despite going through. “The fatigue from government paper is showing in subscription.”
As a result of this the retail category is giving thumbs down to FPOs which is a cause of concern.
Commenting on the same, Anish Jhaveri, Group Chief Executive Officer of Antique Stock Broking, said that the offers were lacking confidence despite going through. “The fatigue from government paper is showing in subscription.”
The largest power utility in the country, NTPC, he said, was a great buy at Rs 2020 a share. “Life Insurance Corporation (LIC)’s investments in the primary market are impacting equity flows.”
Bullish to the Union Budget 2010, Jhaveri said the time was ripe for the government to move towards fiscal consolidation. “The market expects direction and velocity for reforms. It is not looking at minor issues like rollback.”
Looking at Finance Minister Pranab Mukherjee’s intent on fiscal deficit, he said, “We expect the government to implement the Kirit Parikh report on petroleum product pricing partially.”
Here is a verbatim transcript of the exclusive interview with Anish Jhaveri on CNBC-TV18. Also watch the accompanying video.
Q: Your sense of how these follow-on public offers (FPO) have gone so far with all indications are that REC might be very lukewarmly subscribed today?
A: I think there is a little bit of resistance to these FPOs and very clearly they have been largely bailed out by government owned institutions or insurance companies. So they have gone through, but it lacks the confidence that one would have like to see in such a large interesting FPO, especially things like NTPC.
Tags: Market, FPO, follow-on public offer, National Thermal Power Corporation, Rural Electrification Corporation, REC, Anish Jhaveri, Antique Stock Broking, Union Budget 2010, Budget, Union Budget, Budget 2010, Pranab Mukherjee, Kirit Parikh report
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