TTM is another ADR that I like a lot. It has been beaten up by rising Indian interest rates, which have been rising because of anti-inflationary policy by the Reserve Bank of India (RBI). I think that this is an indirect rate play - we have seen the price of oil drop from $145 to around $115, which should lower the inflation outlook by the RBI and perhaps even encourage it to lower rates, which are currently at 9%.
TTM also recently announced that they were decreasing the size of their proposed rights offering. I believe that this announcement has yet to be disseminated into the market as the stock is trading on very low volume today and is actually down for the day.
Full disclosure: long TTM (calls).
is it back? is it back?
13 years ago
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