Although the Silicon Valley internet bubble may have burst back in 2000, some are seeing a fresh wave of web speculation in another tech hub: Mumbai. Two Indian internet firms, Rediff.com (REDF) and Sify.com (SIFY) fell more than 8% Monday after an article in Barron's revealed their sky-high P/E ratios should give investor's pause. With India's red-hot Sensex index up 42% in one year, could a "Dot-Com Meltdown" derail the India boom?
Pete Najarian says India is still growing but recommends being very selective. He looks for liquidity and likes ICICI Bank (IBN) as an India play.
Eric Bolling says if Sify is the Google of India… own Google (GOOG) instead.
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Trader disclosure: On July 16th 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Macke Owns (ATVI), Bolling Owns (DIS), (ICE), (MPEL), (NMX), (T), (XOM), Corn; Bolling Is Short (FXI) And Owns (FXI) Puts; Finerman's Firm And Finerman Own (C ) (FTWR); Finerman's Firm Owns (KFT); (MO); (GLNG); S&P Puts; Russell 2000 Puts; (TGT) Calls, Finerman's Firm Is Short (IYR)