独家
瑞来斯的配股以提振投资者信心,帮助实现无债一身轻的梦想:德文R Choksey
计划基本上是积极的,因为它将带来更多的流动性进入系统,医学博士说,基米-雷克南Choksey投资经理。
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BSNL名字六个官员被迫退休
强制退休的军官派是印度电信服务(其)干部分批从1988年到1992年。
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我是扫描的数字IndusInd银行。大部分券商表示,有一个在帕特小姐,控制不力的更高,存款增长比率是一个关心和已经的成本收入比率更高。你感觉IndusInd银行是什么?是股票走向更高或更低的数字,数字给清晰与银行发生了什么,为什么股票暴跌80% ?
我认为大部分的担心你了。最后一个季度的数据可能不完整的反映可能来自4月至6月的季度。我认为我们必须更确定4月至6月季度如何玩,因为一方面,我们有一个商用车投资组合和其他方面,我们也有其他的投资组合包括钻石的贷款业务。我认为这些都是一些地区的人还没有完全确定,事情可能会有什么样的结果的附加条款,将会在这种情况下。肯定,评论的管理理解的主题将是更有意义的和重要的。到目前为止,不管他们的数字,有可能是我们提供。我们必须看看更好的数字或清晰如果我可以把它放在一个明智的方法。
你让新闻的依赖?乐动扑克他们正在考虑配股,这表明什么呢?你认为这整个配股的目的已经完成减少债务?
很少有东西来到我的脑海里。当然,我们会知道更多关于它一旦公司4月30日给主题宣言》;但两件事。一个,他们已经邀请了价值45000卢比的钱脸谱网,这是进入Jio平台。另一方面,假设我想与一个9十万的卢比市值股本大约633卢比,股票的数量,他们即使他们配股在说,例如,Rs 1000,他们基本上是谈论价值630000卢比的股票市值。10%的市值,假设我们把它派生的数量和说63000卢比的数量的地方是正确的问题,在这种情况下,50%的资金必须来自推动者和50%将来自平衡股东。在这个节骨眼上,这63000卢比更有意义,这是进入集团和公司,45000卢比已经进入Jio平台。所以你有价值十万的1卢比的钱进入集团,我认为基本上是积极的因为一个,有现金的流动性进入系统,这是一个重要方面。
第二个我看到目前最重要的方面是,它也会带来大量的信心的潜在投资者。在这种情况下,沙特阿美可能看公司和推动者如何筹集资金,并把资金投入的操作;所以对他们来说,额外的信心水平将会增加。
第三个最重要的方面,因为路线图已经吸引了2021年3月公司还清债务,我认为这个特定的事务应该在那个方向以及其他事务。显然所有的放在一起,我发现它是更多的自信心。
Ambuja出来的数字,虽然销售量下降了10%,你看到了很舒适的利润率飙升。你读到季度表现ACC和Ambuja吗?
我认为2021年将是水泥公司基本上表现出较低的体积主导的经济增长水平。我说的是一个正常的情况。不幸的是我认为COVID时期,这个季度的影响。在我的观点,它将是一个时间问题,当建筑活动将开始回升,如果我读正确,所有的信号也许我们可能会看到更大的资金进入的国家陷入FDI-related项目,这就是我们很可能看到商品像水泥扮演着非常重要的作用。
我对水泥作为一个明显的积极空间,愿认为帖子季风的场景中,这种情况会改善在建筑方面。我们真的应该看水泥反弹在随后的财政年度的一部分。
为什么市场保持?没有治愈电晕,造成继续销售,没有明确是否锁定将扩展。公司继续遭受和大多数公司无法提供指导。所以你认为市场是只更高的流动性,因为我们都知道,如果市场走高,因为流动性,那么它就是一个危险的主张吗?
是的,它绝对是你不能忽视的情况。我们看到了丑陋的一面流动性在过去的10 - 12年后,刺激了全球市场。和我们看到每一个资产类别疯狂地朝着不同的方向在不同的时间点。股票也完成了一些在过去的12年。我认为刺激排除。
这次,刺激的大小是六倍的一些主权财富基金和其他可能会坐拥大量现金前进,这是一个地方绝对是警惕,同时剩余的希望就像印度这样的国家而言。因为可能如果我们玩我们的游戏计划作为管理经济的健康而言,财政的一部分经济而言,那么在这种情况下,地平线上的一边你会负利率和零的利率和剩余的钱,另一方面会有较高的印度经济的明确的项目,同时今年成为有利的就经常账户赤字和财政赤字情况根据相对而言。
我认为这有点因为原油。所以有点我想有更多的支持在这一点上的时间来吸引更多的资金进入市场,这是市场基本上是要吸引流动性。受流动性推动的上行的可能性不能排除。这种情况可能不会发生但选择公司哪里有可能部署资金,甚至你会看到的钱进入,他们并不会惊讶地看到一个领土进入更高的价格。所以留意。我警惕的同时我绝对相信这个事情的丑陋一面可能是非常危险的;所以关注积极的一面。
就在昨天,你有50000卢比的储备银行开放特殊流动性窗口。这是共同基金给予的信用额度行业。你看到很多的AMC股票也有很棒的运行。你读到这类共同基金行业的生命线,和你会押注这些股票吗?
所以我认为这是一个很好的举动。很及时,没有太多的延迟;所以必须升值采取的行动储备银行注入流动性的银行和银行最终会提供流动性AMC公司,当他们看到赎回压力。是的,我想我们收集有一个数量的债务基金赎回压力,我认为因为这个需求钱,一定及时帮助来自央行的一面。
是否应该让AMC的理由在这一点上,我不能完全确定,因为一方面,你很可能会得到偿还的债务基金,这是一个给定的,另一方面,流动性将系统中。所以我认为不应该有消极的下降,从这个角度来看,将会有一个平衡的情况。我不太确定是否将立即投入资金AMC但是的,任何下跌,下降或纠正市场将是一个机会,将它们添加到组合。
点的依赖;事实是,我们已经看到了一个巨大的复苏,股票和大规模的从3月份的低点。你认为积极的价格;特别是在Facebook的交易宣布,这种提高股票了吗?或者你认为,今天的消息后,他们会考虑到配股发行,股票可以进一步推动从这些水乐动扑克平更高?
我认为给的钱进入公司;已经有45000卢比进入Jio平台。如我们假设如果他们今天配股的10%,那么也许这将是另一个Rs 60000卢比;然后进入公司1十万的卢比。你已经有Rs 90000卢比现金流的价值。这里当然有充足的理由。
同时,与原油价格的下跌和他们的处理器,我认为有大量的操作优势进入他们,因为较低的资本要求。所以总的来说,他们肯定会相对更好,我的看法是:这样的公司依赖可能会吸引更多的资金;一些我在一段时间后,当投资者想公园他们的资金,他们会看大小和这是一个公司的形式提供这个特殊的机会大小。
当然,你可能会看到更多的钱让吸引进入阿拉伯国家石油公司的交易,等等,当它发生时,它可能会进一步增加。所以我相对更有信心在公司有能力执行规模和成长。他们会吸引大量的资金和市场支持会在价格和行为而言。
我认为大部分的担心你了。最后一个季度的数据可能不完整的反映可能来自4月至6月的季度。我认为我们必须更确定4月至6月季度如何玩,因为一方面,我们有一个商用车投资组合和其他方面,我们也有其他的投资组合包括钻石的贷款业务。我认为这些都是一些地区的人还没有完全确定,事情可能会有什么样的结果的附加条款,将会在这种情况下。肯定,评论的管理理解的主题将是更有意义的和重要的。到目前为止,不管他们的数字,有可能是我们提供。我们必须看看更好的数字或清晰如果我可以把它放在一个明智的方法。
很少有东西来到我的脑海里。当然,我们会知道更多关于它一旦公司4月30日给主题宣言》;但两件事。一个,他们已经邀请了价值45000卢比的钱脸谱网,这是进入Jio平台。另一方面,假设我想与一个9十万的卢比市值股本大约633卢比,股票的数量,他们即使他们配股在说,例如,Rs 1000,他们基本上是谈论价值630000卢比的股票市值。10%的市值,假设我们把它派生的数量和说63000卢比的数量的地方是正确的问题,在这种情况下,50%的资金必须来自推动者和50%将来自平衡股东。在这个节骨眼上,这63000卢比更有意义,这是进入集团和公司,45000卢比已经进入Jio平台。所以你有价值十万的1卢比的钱进入集团,我认为基本上是积极的因为一个,有现金的流动性进入系统,这是一个重要方面。
第二个我看到目前最重要的方面是,它也会带来大量的信心的潜在投资者。在这种情况下,沙特阿美可能看公司和推动者如何筹集资金,并把资金投入的操作;所以对他们来说,额外的信心水平将会增加。
Ambuja出来的数字,虽然销售量下降了10%,你看到了很舒适的利润率飙升。你读到季度表现ACC和Ambuja吗?
我认为2021年将是水泥公司基本上表现出较低的体积主导的经济增长水平。我说的是一个正常的情况。不幸的是我认为COVID时期,这个季度的影响。在我的观点,它将是一个时间问题,当建筑活动将开始回升,如果我读正确,所有的信号也许我们可能会看到更大的资金进入的国家陷入FDI-related项目,这就是我们很可能看到商品像水泥扮演着非常重要的作用。
我对水泥作为一个明显的积极空间,愿认为帖子季风的场景中,这种情况会改善在建筑方面。我们真的应该看水泥反弹在随后的财政年度的一部分。
为什么市场保持?没有治愈电晕,造成继续销售,没有明确是否锁定将扩展。公司继续遭受和大多数公司无法提供指导。所以你认为市场是只更高的流动性,因为我们都知道,如果市场走高,因为流动性,那么它就是一个危险的主张吗?
是的,它绝对是你不能忽视的情况。我们看到了丑陋的一面流动性在过去的10 - 12年后,刺激了全球市场。和我们看到每一个资产类别疯狂地朝着不同的方向在不同的时间点。股票也完成了一些在过去的12年。我认为刺激排除。
这次,刺激的大小是六倍的一些主权财富基金和其他可能会坐拥大量现金前进,这是一个地方绝对是警惕,同时剩余的希望就像印度这样的国家而言。因为可能如果我们玩我们的游戏计划作为管理经济的健康而言,财政的一部分经济而言,那么在这种情况下,地平线上的一边你会负利率和零的利率和剩余的钱,另一方面会有较高的印度经济的明确的项目,同时今年成为有利的就经常账户赤字和财政赤字情况根据相对而言。
我认为这有点因为原油。所以有点我想有更多的支持在这一点上的时间来吸引更多的资金进入市场,这是市场基本上是要吸引流动性。受流动性推动的上行的可能性不能排除。这种情况可能不会发生但选择公司哪里有可能部署资金,甚至你会看到的钱进入,他们并不会惊讶地看到一个领土进入更高的价格。所以留意。我警惕的同时我绝对相信这个事情的丑陋一面可能是非常危险的;所以关注积极的一面。
就在昨天,你有50000卢比的储备银行开放特殊流动性窗口。这是共同基金给予的信用额度行业。你看到很多的AMC股票也有很棒的运行。你读到这类共同基金行业的生命线,和你会押注这些股票吗?
所以我认为这是一个很好的举动。很及时,没有太多的延迟;所以必须升值采取的行动储备银行注入流动性的银行和银行最终会提供流动性AMC公司,当他们看到赎回压力。是的,我想我们收集有一个数量的债务基金赎回压力,我认为因为这个需求钱,一定及时帮助来自央行的一面。
是否应该让AMC的理由在这一点上,我不能完全确定,因为一方面,你很可能会得到偿还的债务基金,这是一个给定的,另一方面,流动性将系统中。所以我认为不应该有消极的下降,从这个角度来看,将会有一个平衡的情况。我不太确定是否将立即投入资金AMC但是的,任何下跌,下降或纠正市场将是一个机会,将它们添加到组合。
点的依赖;事实是,我们已经看到了一个巨大的复苏,股票和大规模的从3月份的低点。你认为积极的价格;特别是在Facebook的交易宣布,这种提高股票了吗?或者你认为,今天的消息后,他们会考虑到配股发行,股票可以进一步推动从这些水乐动扑克平更高?
我认为给的钱进入公司;已经有45000卢比进入Jio平台。如我们假设如果他们今天配股的10%,那么也许这将是另一个Rs 60000卢比;然后进入公司1十万的卢比。你已经有Rs 90000卢比现金流的价值。这里当然有充足的理由。
同时,与原油价格的下跌和他们的处理器,我认为有大量的操作优势进入他们,因为较低的资本要求。所以总的来说,他们肯定会相对更好,我的看法是:这样的公司依赖可能会吸引更多的资金;一些我在一段时间后,当投资者想公园他们的资金,他们会看大小和这是一个公司的形式提供这个特殊的机会大小。
当然,你可能会看到更多的钱让吸引进入阿拉伯国家石油公司的交易,等等,当它发生时,它可能会进一步增加。所以我相对更有信心在公司有能力执行规模和成长。他们会吸引大量的资金和市场支持会在价格和行为而言。
I was scanning the numbers for IndusInd Bank<\/a>. Most of the brokerages are saying that there is a miss on PAT, slippages are higher, deposit growth ratio is a concern and cost to income ratios have gone higher. What is your sense on IndusInd Bank? Is the stock headed higher or lower post the numbers and are numbers giving clarity on what is going on with the bank and why the stock has collapsed 80%?<\/strong>
I think much of the concerns that you have raised are there. The last quarter numbers are probably not the full reflection of the likely situation coming in from April to June quarter. I think then we will have to be a little bit more sure about how exactly the April to June quarter plays out because on one side, we have a commercial vehicle portfolio and on other side, we also have the other portfolio including the lending to the diamond business. I think these are some of the areas where one is not fully sure as to how things are likely to pan out for the kind of additional provisions that will have to be given in that kind of a situation. Definitely, the commentary of the management to understand the subject would be more meaningful and important. As of now, whatever the numbers that they have provided probably is something which we go by. We will have to look at better numbers or the clarity if I may put it in a sensible way.
I think much of the concerns that you have raised are there. The last quarter numbers are probably not the full reflection of the likely situation coming in from April to June quarter. I think then we will have to be a little bit more sure about how exactly the April to June quarter plays out because on one side, we have a commercial vehicle portfolio and on other side, we also have the other portfolio including the lending to the diamond business. I think these are some of the areas where one is not fully sure as to how things are likely to pan out for the kind of additional provisions that will have to be given in that kind of a situation. Definitely, the commentary of the management to understand the subject would be more meaningful and important. As of now, whatever the numbers that they have provided probably is something which we go by. We will have to look at better numbers or the clarity if I may put it in a sensible way.
<\/div><\/div>What do you make of the news in Reliance? The fact that they are considering a rights issue, what does that indicate? Do you think this whole objective of rights issue has been done to reduce debt?<\/strong>
There are few things that come to my mind. Of course, we will come to know more about it on 30 April once the company gives the declaration on the subject; but two things. One, they have already invited Rs 45,000 crore worth of money from Facebook<\/a>, which is going into Jio platforms. On the other side, assuming that I think on a Rs 9 lakh crore market cap with a equity<\/a> of around 633 crore, the number of shares that they have and even if they place rights issue at say, for example, Rs 1,000, they are basically talking about 630,000 crore worth of equity as its market capitalisation. 10% of that market capitalisation, suppose we take it for deriving the number and say Rs 63,000 crore is the number at which they place right issue, in such a situation, 50% of the money will have to come from promoters and 50% will come from balanced shareholders. At this juncture, this Rs 63,000 crore makes more sense that this is coming into the group and into the company along with that Rs 45,000 crore which has come already into the Jio platform. So you have got Rs 1 lakh crore worth of money coming into the group which I think is fundamentally positive because one, there is cash liquidity available into the system, which is an important aspect.
Second most important aspect as I see currently is, it could also bring in a good amount of confidence as far as the prospective investors are concerned. And in this case, Aramco could possibly look at the company and how promoters have raised money and are putting money into the operations; so for them, the additional level of confidence will increase.
There are few things that come to my mind. Of course, we will come to know more about it on 30 April once the company gives the declaration on the subject; but two things. One, they have already invited Rs 45,000 crore worth of money from Facebook<\/a>, which is going into Jio platforms. On the other side, assuming that I think on a Rs 9 lakh crore market cap with a equity<\/a> of around 633 crore, the number of shares that they have and even if they place rights issue at say, for example, Rs 1,000, they are basically talking about 630,000 crore worth of equity as its market capitalisation. 10% of that market capitalisation, suppose we take it for deriving the number and say Rs 63,000 crore is the number at which they place right issue, in such a situation, 50% of the money will have to come from promoters and 50% will come from balanced shareholders. At this juncture, this Rs 63,000 crore makes more sense that this is coming into the group and into the company along with that Rs 45,000 crore which has come already into the Jio platform. So you have got Rs 1 lakh crore worth of money coming into the group which I think is fundamentally positive because one, there is cash liquidity available into the system, which is an important aspect.
Second most important aspect as I see currently is, it could also bring in a good amount of confidence as far as the prospective investors are concerned. And in this case, Aramco could possibly look at the company and how promoters have raised money and are putting money into the operations; so for them, the additional level of confidence will increase.
<\/div><\/div>Third most important aspect, as the road map has been drawn down for March 2021 for the company to become debt-free, I think this particular transaction should be seen in that direction along with the other transactions. So obviously all in all put together, I find that it is going to be more of a confidence booster.
Ambuja came out with its numbers and although the sales volumes did decline by about 10%, you did see quite a comfortable margin spike. How have you read into the quarterly performance for ACC and Ambuja?<\/strong>
I think 2021 would be the year for cement companies basically showing a lower level of volume led-growth. I am talking about a normal situation. Unfortunately I think with the COVID period, this particular quarter is affected. In my viewpoint, it is going to be a matter of time when construction activity will start picking up in the country and if I am reading correctly, all the signals maybe that we are likely to see the larger amount of money coming into the country into the FDI-related projects which are there and that is where we are likely to see commodity like cement playing a very major role.
I am distinctly positive about cement as a space and would like to think that post monsoon scenario, the situation will start improving on the construction side. We should be really looking at cement bouncing back in the subsequent part of the financial year.
Why are markets holding up? There is no cure for corona, FIIs continue to sell and there is no clarity on whether lockdown will be extended or not. Companies continue to suffer and most of the companies are unable to give guidance. So do you think somewhere markets are only going higher because of liquidity and both of us know that if markets are going higher because of liquidity, then it is a dangerous proposition?<\/strong>
Yes, it is definitely a situation which you cannot ignore. We have seen the ugly side of liquidity in the last 10-12 years after the stimulus was given in the global markets. And we have seen each and every asset class crazily moving in a different direction at different points of time. Equity has also done its bit in the last 12 years. I think that stimulus was ruled out.
This time around, the size of the stimulus is six times more and some of the sovereign funds and others are likely to be sitting on a huge amount of cash going forward and that is an area where one is definitely watchful and at the same time remaining hopeful as far as a country like India is concerned. Because probably if we are playing our game plan right as far as managing the health of the economy is concerned and as far as fiscal part of the economy is concerned, then in such a situation, on one side of the horizon you will have the negative interest rate and zero rate of interest rate and surplus money, and on the other side there will be Indian economy with higher amount of clarity on the projects and at the same time this year becoming favorable as far as current account deficit or fiscal deficit situation on a relative basis is concerned.
I think this was slightly because of the crude oil. So slightly I think there is more favor at this point of time to attract more money into the market and this is the market which is basically going to attract liquidity. Liquidity-driven upside cannot be ruled out. Across the board that situation may not happen but select companies where there is possibility to deploy money, even you will see the amount of money coming into it and one will not be surprised to see them going into the higher price territory going forward. So keep an eye on that. I am watchful but at the same time I definitely believe that ugly side of this particular thing could be really dangerous; so keep an eye on the positive side as well.
Just yesterday, you had the Reserve Bank opening that Rs 50,000 crore special liquidity window. This was for mutual funds to give a line of credit to the industry<\/a>. You did see a lot of those AMC stocks as well that had quite a terrific run. How have you read into this sort of a lifeline that has come for the mutual fund industry and would you be betting on some of those stocks?<\/strong>
So I think it is a good move. It is very timely and without much of a delay; so must appreciate the actions taken by Reserve Bank in infusing that liquidity in the hands of banks and banks in turn would end up providing that liquidity to AMC companies as and when they see the redemption pressure. Yes, I think we do gather that there is an amount of redemption pressure in the debt fund and I think because of this requirement of money, definitely the timely help has come from RBI\u2019s side.
Whether one should make the case for AMC at this point of time, I am not completely sure because on one side, you are likely to get the redemption of the debt funds, which is a given and on the other side, the liquidity will be there in the system. So I think there should not be a negative fall and from that perspective, there will be a balanced situation. I am not too sure about whether one will immediately put in money into the AMC but yes, any fall or the corrective fall in the market would be an opportunity to add them into the portfolio.
The point on Reliance; the fact is that we have already seen a massive recovery in the stock and a massive move from those March lows. Do you think that the positives are well in the price; especially after the Facebook deal got announced, the kind of bump up that the stock has seen? Or do you think that today after the news that they are going to be considering the rights issue, the stock can push even further higher from these levels?<\/strong>
I would think that given the kind of money that is coming into the company; already there is Rs 45,000 crore coming into the Jio platform. Expectedly suppose if they make 10% as a rights issue today, then probably this is going to be another Rs 60,000 crores; then about Rs 1 lakh crore comes into the company. You already have Rs 90,000 crores worth of cash flows as of last year. So certainly there is a strong case here.
At the same time, with the fall in the crude oil prices and they being the processor, I think there is a significant amount of operating advantage coming into them because of lower amount of requirement of capital. So all in all, they will be relatively better placed for sure and my take is that companies like Reliance would probably attract more amount of money; something which I was talking a little while back that when the investors want to park their funds, they would look at the size and this is one company which is offering this particular opportunity in the form of size.
So certainly, you are likely to see more money getting attracted into it with Aramco deals, etc as and when it takes place, it probably would add further to it. So I am relatively more confident in the companies which have the ability to execute and grow the size. They would be attracting large sums of money and that is where the market support will come in as far as the price and actions are concerned.
<\/div><\/div>
Ambuja came out with its numbers and although the sales volumes did decline by about 10%, you did see quite a comfortable margin spike. How have you read into the quarterly performance for ACC and Ambuja?<\/strong>
I think 2021 would be the year for cement companies basically showing a lower level of volume led-growth. I am talking about a normal situation. Unfortunately I think with the COVID period, this particular quarter is affected. In my viewpoint, it is going to be a matter of time when construction activity will start picking up in the country and if I am reading correctly, all the signals maybe that we are likely to see the larger amount of money coming into the country into the FDI-related projects which are there and that is where we are likely to see commodity like cement playing a very major role.
I am distinctly positive about cement as a space and would like to think that post monsoon scenario, the situation will start improving on the construction side. We should be really looking at cement bouncing back in the subsequent part of the financial year.
Why are markets holding up? There is no cure for corona, FIIs continue to sell and there is no clarity on whether lockdown will be extended or not. Companies continue to suffer and most of the companies are unable to give guidance. So do you think somewhere markets are only going higher because of liquidity and both of us know that if markets are going higher because of liquidity, then it is a dangerous proposition?<\/strong>
Yes, it is definitely a situation which you cannot ignore. We have seen the ugly side of liquidity in the last 10-12 years after the stimulus was given in the global markets. And we have seen each and every asset class crazily moving in a different direction at different points of time. Equity has also done its bit in the last 12 years. I think that stimulus was ruled out.
This time around, the size of the stimulus is six times more and some of the sovereign funds and others are likely to be sitting on a huge amount of cash going forward and that is an area where one is definitely watchful and at the same time remaining hopeful as far as a country like India is concerned. Because probably if we are playing our game plan right as far as managing the health of the economy is concerned and as far as fiscal part of the economy is concerned, then in such a situation, on one side of the horizon you will have the negative interest rate and zero rate of interest rate and surplus money, and on the other side there will be Indian economy with higher amount of clarity on the projects and at the same time this year becoming favorable as far as current account deficit or fiscal deficit situation on a relative basis is concerned.
I think this was slightly because of the crude oil. So slightly I think there is more favor at this point of time to attract more money into the market and this is the market which is basically going to attract liquidity. Liquidity-driven upside cannot be ruled out. Across the board that situation may not happen but select companies where there is possibility to deploy money, even you will see the amount of money coming into it and one will not be surprised to see them going into the higher price territory going forward. So keep an eye on that. I am watchful but at the same time I definitely believe that ugly side of this particular thing could be really dangerous; so keep an eye on the positive side as well.
Just yesterday, you had the Reserve Bank opening that Rs 50,000 crore special liquidity window. This was for mutual funds to give a line of credit to the industry<\/a>. You did see a lot of those AMC stocks as well that had quite a terrific run. How have you read into this sort of a lifeline that has come for the mutual fund industry and would you be betting on some of those stocks?<\/strong>
So I think it is a good move. It is very timely and without much of a delay; so must appreciate the actions taken by Reserve Bank in infusing that liquidity in the hands of banks and banks in turn would end up providing that liquidity to AMC companies as and when they see the redemption pressure. Yes, I think we do gather that there is an amount of redemption pressure in the debt fund and I think because of this requirement of money, definitely the timely help has come from RBI\u2019s side.
Whether one should make the case for AMC at this point of time, I am not completely sure because on one side, you are likely to get the redemption of the debt funds, which is a given and on the other side, the liquidity will be there in the system. So I think there should not be a negative fall and from that perspective, there will be a balanced situation. I am not too sure about whether one will immediately put in money into the AMC but yes, any fall or the corrective fall in the market would be an opportunity to add them into the portfolio.
The point on Reliance; the fact is that we have already seen a massive recovery in the stock and a massive move from those March lows. Do you think that the positives are well in the price; especially after the Facebook deal got announced, the kind of bump up that the stock has seen? Or do you think that today after the news that they are going to be considering the rights issue, the stock can push even further higher from these levels?<\/strong>
I would think that given the kind of money that is coming into the company; already there is Rs 45,000 crore coming into the Jio platform. Expectedly suppose if they make 10% as a rights issue today, then probably this is going to be another Rs 60,000 crores; then about Rs 1 lakh crore comes into the company. You already have Rs 90,000 crores worth of cash flows as of last year. So certainly there is a strong case here.
At the same time, with the fall in the crude oil prices and they being the processor, I think there is a significant amount of operating advantage coming into them because of lower amount of requirement of capital. So all in all, they will be relatively better placed for sure and my take is that companies like Reliance would probably attract more amount of money; something which I was talking a little while back that when the investors want to park their funds, they would look at the size and this is one company which is offering this particular opportunity in the form of size.
So certainly, you are likely to see more money getting attracted into it with Aramco deals, etc as and when it takes place, it probably would add further to it. So I am relatively more confident in the companies which have the ability to execute and grow the size. They would be attracting large sums of money and that is where the market support will come in as far as the price and actions are concerned.
<\/div><\/div>
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