Friday, June 27, 2008

Exit Blue Dart

Got out of Blue Dart yesterday - it is cheap on numbers (14x-16x fwd PE). But air frieght business when oil prices are soaring is dicey. Plus, believe it or not, Parliament might actually pass a bill making it mandatory that packages < 500gm only get shipped by India Post. At least there was a 7% type gain.

PSU banks - I am down 40% on Union bank and 5% on Bank of baroda (have held it for 3 years). I will wait for the quarterly numbers before I sell. On the ground, economy is still solid and growing and NPAs are low, so any hit is 6 months away. They have already been hammered so much.

Looks like the Nifty call options are going to expire worthless. The Fed trade didnt work, it actually went the other way.

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