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Anshul Saigal analyzes the potential returns of PSBs compared to private banks, discusses VIP and Safari s competition, and highlights the impact of US FDA regulations on Indian pharma companies, emphasizing improving business models. On Piramal Pharma and Wockhardt, he points out their business models are improving without recommending a buy. ....
Prashant Jain praises the Indian economy and the budget. He believes the budget has provided good support for PSU stocks and key sectors like capex, infrastructure, railways, defence, and Make in India. Despite weak exports and tightening money conditions, the economy remains strong. Jain suggests that large banks and NBFCs focused on project finance will have good growth opportunities. He also mentions that power demand in India will increase, although the power sector has already rerated and may pause in rerating. ....
Post 2015 and then again in 2018, RBI did a strong rejig in various banking policies, right from capital adequacy to the operational matrix were tightened. The first set of banks which street took note of were larger private sector banks than PSU banks. There is another set of banks, which dont have the distribution reach which large private banks have, but when it comes to ownership they are not the same as the PSU banks. They have very different hybrid kinds of ownership, a sort of quasi private sector banks. These are private sector banks of mid-sized banks which operate in particular regions. Over a period of time they have also been forced to clean up their act. Will they see a strong re-rating? ....
“For the next 12 to 18 months, cement, capital goods, banks would be the areas I would look for in largecaps. I do not see largecap banks as the leader of the next bull market for sure, but will they participate and will there be a mean reversion in their returns. Of course.” ....
“Some of the largecaps have been doing well otherwise, for example the consumer stocks like Levers. Then there are the IT stocks and the financial stocks. Broadly, we believe that the financial stocks have actually been delivering but they have not gone up and so they shall outperform. That is we hope and pray and position ourselves for.” ....