With the market In a long time high, there should be a Garmahat on your good morning.
Agarwal: No, I think the markets don’t have anything to complain. I mean, the valuations are they, but flow and the expectations from the growth of interest rates and government expenditures should be the possibilities of the year, that is the positive market.
And like your work partner pointed earlier, Kek Receives some orders, another train company received orders, I think that is the nature of the beast we face.
Hope, a Capex-headed heal that is all we expect to see. Therefore, no complaint. May the Middle East Cardance also say. We can see how it unfolds because it seems, we have to take every day as it comes. But in the context of the household, blocking valuations pointed, not a lot of complaining.
While we can discuss the valuations we are all discussed, but it is a two-year story that valuations that Mehenge hai, however markets continue to go to higher.
Agarwal: See, we’re in a closed box around. I mean, most Indian savings cannot leave India. The established over doubt of investment together in the last 20-25 years is that equities give you better tax tax. So, the transfer of storage from bank deposits to equities is a continuous trend. NEW RBI Data also teaches a shift in that direction. And it’s like what happened to the US, for example, if the 401k transfer took place in the 80s and 90s. So, that’s the drive to the market. I mean, if we are a capital open economy and if investors have free investments anywhere in the world, I do not know their possessions, but this is to recognize it.
For markets higher from here, we need a trigger and we need a surprise. What is positive surprise? Can this income be? Can this be?
Agarwal: So, there is a lot of doubts around growth and while the RBI has made a reasonable amount of heavy lifting by cutting the MOKROSO And reduced rates and the government keeps pushing investments in rails and infrastructure and what you are, the private sector that can occur since you have a positive surprise. I’m not sure if it happens or not. I hope.
So, I use the word hope that is uncertain behind it. But that is a true surprise and then you can enter a situation where your earnings canceled recovery from 10% to 12% for APPEARANCEFor example, for fiscal 26 that everyone deals with 15-17% in the next three years.
Now, if that happens, then valuations can remain expensive for long terms because everyone starts to focus on anywhere else in anywhere else in anywhere else in the world, therefore do not have significant macroeconomic development. I mean, that’s the account that can improve if you look for a positive surprise.
So, financialization of saving is driving the Indian markets higher, that is your take, but how should one take advantage of that in terms of the stock picking because, we have seen all these amcs on the stock price movement, they have been doing well. But do you believe in this point at the point that valuations are equal placed or what do you need to get to a person to benefit from it?
Agarwal: Capital capital games reasonably priced price. Now, of course, they will give you 12-15% back in accordance with market development growth because their business develops even if not more. But what I want to do is find for regime beneficiaries in a low interest. NBFC specifically because their lending costs are quite sticky while their borrowing costs are likely to fall.
Akong gipasabut, karong buntag nagbasa ako usa ka artikulo sa pamantalaan nga naghisgot bahin sa pagdali sa mga low-grade bond o usa ka minus nga matang sa mga gapos sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita mga tigpamuhunan nga nangita alang sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita alang sa mga namuhunan nga nangita alang In investors looking for investors looking for investors looking for investors looking for investors looking for investors looking for investors looking for investors to seeks for investors Looking for monsters now, if that began to happen, then you can see an improvement in spreading for the NBFC, so a place I can look at. And in a similar root, I look at some of the small banks.
Today banks have a kind of an edge edge edge that their asset book has earned more quick marks than the books of his loan at short running short running. But I think the progress of interest income comes from a lower CR and it also comes from a better loan growth. So, the development of net income of interest will come from two reasons, from the loan growth as well as from the lower CR, so that something is so annoying.
And the valuations in this space if they are banks and NBFCs are more reasonable, so it looks like a place where things are from this life from a concerted view.
Banking and financial, they taste the weather later, apart if you adopt a way underneath, what else is still looking?
Agarwal: the HEALTH The sector continues to look attractive. It’s a long story that progresses in India. Health care costs increased. So, if it is health insurance or if it is hospitals or health service providers such as diagnostics, and so on, it will continue to grow at a reasonable rate.
Now, in some cases the values are expensive, in other cases they do not have. So, on a basic basis it is a place where one can find for some ideas. There are optional opportunities to do different places if they are related to export or if defensive related, some of the cliffs of engineering companies are a bit better.
There are home services playing outside financial services where one can look. Now, I have to say that the whole board valuations are hard. So, there’s no cry bought there, but relative to grow, you can find some ideas here and there, but harder to find interesting ideas.
