MNS stocks no longer attractive at current levels: P Phani Sekhar

In a chat with ET Now, P Phani Sekhar, Karvy Stock Broking, shares his views on MNC stocks. Excerpts:

ET Now: What about some of the MNC companies and we just had ABB India come out with the good set of numbers, these foreign owned companies subsidiaries listed in India are you looking at any of those businesses, Glenmark also was recommended today earlier on the session?

P Phani Sekhar: Well, we will be a bit too late to look at them now, because they have been performing so well for the last five to six years. Everything has played out right from the relative advantage of corporate governance and to many of the consumption driven stories doing well to the buyback theme.

I don't know what theme is left now except for the fact that they are the only space left to buy which thankfully it is not. So, I guess what you are seeing right now is that this space is not really correcting, but at the same time you do not see the kind of excitement that you saw may be a couple of years back.

Back then investors would actually compete with each other to own these stocks. So, now if for some reason the god forbid the market goes or the economies goes into some kind of a tailspin or some kind of difficulty then that is the time that these MNC stocks will again start doing well.