While stock research reports are supposed to aid the investors, there are doubts raised on the authority of these reports.An unknown crew member of `Titanic' said to a boarding passenger, Mrs. Sylvia Caldwell, "God himself cannot sink this ship." The Indian economy is doing well, everybody is `feeling good' and stock markets are booming like never before! Why talk about the credibility or otherwise of stock research reports in such a situation.

History shows that markets have been ruthless in the past. Good times lead to laxity, laxity leads to `bad numbers' and finally to `bad times'. So, it is better to be on guard. In a scenario of `booming' stock markets, investment recommendations become more popular as everybody wants to make `quick' money. And so, it is the right time to raise a question about the credibility of investment recommendations.

Stock `research reports' have become more important in the face of the ongoing boom in the stock markets. A team of `expert analysts' prepares these `research reports'. Each report is expected to provide the investors with an in-depth analysis and future financial projections for a company. The objective is to give investors a qualitative feel for the opportunities and risks facing each of the companies covered. Conventionally, research reports are privileged and are made available only to select audiences, such as institutional investors.

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