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ramv agrawal managing director and co-founder of mutila losal security JN now ramdev what is The View on the market do you think majority of the correction in India is behind us and the underperformance could correct itself I think uh we have a lot of things happening uh I mean counter forces are there in the sense that uh we have political headbands uh a lot of political activity in next 12 months 18 months we have little uh higher valuation we have Foreigner selling but on the other hand we have the economy picking up we have seen the iip we have seen the GDP numbers uh what I'm seeing from the companies is that it is spreading in the sense that recovery in the economy is so we have a positive outlook on the earnings the domestic flow is very good so all these counter forces but eventually the current slightly higher valuation must correct to make the market very uh healthy so I would think that some more correction even time wise even if it is not by levels even if time wise we stay here for 2 3 months 4 months or a little lower I think that will make the market very very hethy everyone is talking about earnings recovery do you you know even uh think that uh Market should not really be worried about earnings recovery they should be focusing on the political outcome more it's very difficult to figure out uh what Market will do because uh Market keeps resetting the expectations every every day every minute because uh uh one one election in biar or up uh that resets the expectation for the May so I would think that uh the market is very Dynamic but uh I mean I think the real driver is the earnings if there is a very strong recovery uh better than what the market has built in today I think uh Market will tend to form up higher or at least it will not fall Ram morning PSU Banks clearly after the P&B scam have been in a spot of bother but irrespective of the recent correction would you say that investors need to still be wary and they could still be accelerated selling even in the pipeline for psbs uh it's a I mean so long as it is not systemic problem it is only one branch One Bank of course it's a large problem it's a uh it's for the the entire asset category it has been classified as a big red flag but uh I think as the time passes and uh the system says that no uh it's a problem confined to one branch of a bank then of course the markets will get reconciled to that uh so I would think that it's a I mean so far what I've seen that it is a uh operational gaps in a uh operation of a branch in a bank though the size is very large so what could be a Fallout of uh you know this murky move across psbs could we see uh money actually flow in private Banks or nbfcs as opposed to psbs see the the trend has been going on right from 95 this is a 20e story uh where when they open the gates for the private sector Banks uh clearly uh the value migration started from public sector Banks to private sector bank so it has been they have been losing share in the uh credit Market in the fee Market in profit Market in Toto so they have been uh uh you know losing uh share uh this particular event uh does it further I mean does it accelerate the migration uh it's a difficult question to say because uh uh you know uh if it is managed well then I think the pace at which they were losing uh they will lose at that pace and and uh uh and the private sector in any case was doing very well there was no D of business for them all of them are growing at 25 30% I think most of them are operating in their full capacity so even if the opportunity becomes a little bigger I don't think they can do uh significantly better do you think insurance is the sector which is at the stage where private Banks were let's say about 10 12 years back yes so you know this value migration of uh from psus commanding Heights of uh 8 90% share or almost 100% share to more like uh 60 and then 50 that process is still on and that is on in uh uh say even in mutual funds I mean UTI was the only mutual fund company till about 92 and then the private sector started coming in now you see bulk of the mutual fund is in private sector and that to domestic private sector even foreigners have fled from here so same was in uh uh if you look at uh Insurance private insurance and in life insurance General insurance and uh banking of course is happening so wherever uh there was a 100% Monopoly in the financial sector whicher segment I think it is giving way to more efficient newer business model from private sector can you speak about mutual fund flows are you getting a sense that mutual fund flows could now be sticky given that markets are no longer in this uh free flowing mode till February we have got uh very healthy flows and uh I mean recently in the month of March more in the second week and all we have seen some slowdown but I think broadly I'm meeting investors day and night I don't see any concern in fact they're looking for opportunity to put more money if the market corrects a little bit so I think on the whole uh the investor sentiment is very positive and very stable so I don't see any impact of this entire thing any significantly on the the Laing for equity and the mutual funds
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