The Hindu Business Line : India Infoline opens 2nd branch in Vizag

INDIA Infoline maintains that the stock market has not peaked out yet, despite the Sensex crossing the 10,000-barrier, and investors need not apprehend any correction in the near future.

While opening a branch at Gajuwaka near here, Mr R. Venkataraman, Executive Director, told newspersons that the fundamentals are still strong and the economy as a whole is growing. "Ten thousand is a big psychological landmark for the Sensex. But we foresee no correction in the near future."

Expressing confidence in the capital market, he said there is no "bubble-like quality in the present upsurge." Institutional investors from Japan, Korea and Australia have also been investing in the Indian capital market, in addition to FIIs from Europe and the US.

"It really augurs well for our market and we are optimistic about the future," he said. Mr Venkatraman, however, cited a possible risk factor in the form of crude prices, which may upset these calculations.

He said India Infoline has opened its second branch in Visakhapatnam district at Gajuwaka and shortly two more branches would be set up in Srikakulam and Nellore.

"We have 18 branches in Andhra Pradesh and 160 in the country. This week, DSP Merryl Lynch has invested Rs 90 crore in our company in the form of optional convertible debentures," he said.

The financial services company is also dealing in commodities trading, which is picking up in the country, Mr Venkataraman said.

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