KMT - Indian Market Isn't Cheap Look Towards Capital Goods Sector Stocks
The Indian stock market is trading at high valuations as the popular iShares MSCI India Index ETF (INDA) is currently trading close to 52-week highs. For investors looking for value in the Indian market, some of the capital goods sector stocks like Larsen & Toubro (LTOUF), Thermax (THXXY), Cummins India (CMQMY) and Kennametal Inc. (KMT), look very cheap. At the current price, INDA ($35) is just too expensive, considering that there is a lot of economic and political uncertainties which are going to affect consumption, investment activity and thus corporate earnings going forward.