Saurabh Mukherjea of Marcellus Investment Managers, expresses concerns about the broader PSU capex theme in India. He believes that the government s heavy spending on sectors such as roads, defence, and power is not supported by underlying tax collections. Mukherjea also discusses the potential performance of HDFC Bank and highlights the worries surrounding the PSU capex recovery. He mentions that the implosion in China could benefit India s economy, and expresses optimism about the Indian IT services industry.