Valuations stretched for UBL; expensive for minority inestors: Sandip Sabharwal

In an interview with ET Now, Sandip Sabharwal, asksandipsabharwal.com, shares his views on markets. Excerpts:

ET Now: What is happening with UBL, on a consistent basis it is slowly creeping higher and higher on a daily basis?

Sandip Sabharwal: It is more to do with the expectation that the promoter is going to diffuse the joint holding. Foreign promoter may become the actual promoter, so that would be the story but valuations are so stretched and at these valuations, I do not see, unless there is an open offer, how minority investors are going to make money by buying at this price.