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embarking on a quarter Century of Excellence hello and welcome to this special program on what is a very special day for us here at CNBC TV8 we are 25 years old today and to mark this Milestone we have with us ramal chairman of motal financial services uh he's Our Guest editor Rami of course is someone who needs absolutely no introduction at all all right exciting show lined up for you ram is someone who is regularly referred to as the Warren Buffett of India ramd is it's a pleasure to have you with us here on the show we will of course talk markets politics money-making ideas with him Ram's big bet by the way is zato he has been a big voy and champion of the theme of value migration and he thinks that the runway for growth uh for zato is a long one so what we've done is very interestingly invited the zomato management also on the show in the next half hour very exciting conversation lined up we have the zomato management Waiting by with us so let's go straight to you know discussions Ram first on the market we can't start the show without asking you your view and we of course celebrating 25 years of business news Excellence so thank you for being a part of our journey I think you have been with us throughout these 25 years right so that's what I was uh my congratulations to CNBC and entire team team and I'm really fortunate to have been uh coming here for last 25 years uh in on various occasions so I've seen the entire Journey from somewhere in wly to the Empire then here so it's been amazing thing and the consistency of CNBC brand and you actually CNBC has changed the way people look at the market the way accessing the market so all the screens you see of the business Channel they look cnvc the consistency of the CNBC brand married with the consistency of the motilal oal brand right it's brand building together and that's how this Equity Market cult has also sort of developed we've seen it grow in front of our eyes huge contribution of CNBC in spreading the uh Equity culture knowledge of the equities I mean a lot of uh I mean I I get to hear lot of people that all the YouTube YouTube actually host your programs so they learn they play repeatedly and you know you create those programs and people learn out of that so uh beginners they they get so people lot of people are benefited very different way apart from watching it on a day-to-day basis and thank you so much RAM for being a part of it for the last two and a half decades so we rely on you I can say that much uh you know we spoke around the time of Diwali yeah and at that point you had said one way or the other post the state election results Market is running up it's going to run away yes what a run we've had right in the last 3 4 days and your call was that we will get a rally all the way into general elections yes I mean uh reflect on what you said and what you've seen so we have started with a you know uh uh huge sixes and force uh with the state election and uh I mean at times it is scary to see at what place market has moved from 2 to 21,000 it's been just few days you know so I don't think we can maintain the space we we need calibration otherwise wrong things start happening wrong kind of Trades start happening wrong kind of money starts coming in so I think we need a little better but I don't know what will happen in the short run in the market but you know uh the real good thing about I mean one of the actually India is Soni Chia maybe in the past in the economy but I think Indian stock market is Sonia you know if you see we are at about $4 trillion plus counting and it has been very consistent if you see last 20 25 years Journey that about 12 to 14% kind of a compounded return where can you get it in a very predictable way and I'm I mean what I'm saying it doesn't break down I mean of course in 78 years when you do 67x expansion then of course it corrects want wholesale but otherwise it has been amazing journey and uh I think postco the new Journey started from 8 9,000 index and uh we are building up at times it feels that are we in New Era or something like that uh can we get 15 17% 20% compounded I would think that has little Caution and from this level uh build between 12 to 14 build 12% compounded rather than 14% compounded in your expectation but lot of wonderful thing can happen oil can fall to $50 you know rupee can strengthen uh we can have a component growth of 7 8% for many years to come so it is India's decade maybe India's few decades and in that corporate profits can also grow at 15 177% uh digital era is there so we have companies which can grow very rapidly so the complexion of top companies can change the way it has changed in us I think the there is a chance that here also we may we may find 30 40% growth for these kind of companies are new normal altogether just uh one briefly Ram the election verdict itself just to go back to that what does it mean from a market point of view political economy wise which sectors will uh because we've seen a lot of Reform and now the conviction that more will happen will get strengthen yeah so it's more more of the same but what happens is that if you keep growing at 6 and half 7% I'm not talking about anything higher if you keep growing 6 and a half 7% your uh uh your nominal GDP grows at about 12% but the tax collections they go at 13 14% now when when tax collections grow like that uh the there is a lot in the hands of uh government to spend uh on the there's so much of infrastructure deficit we can spend $1 trillion and still we are not done so there is a huge backlog of uh infr Trend and your defense and Railways and so I think uh uh the real thing is that how well economy does and how is the government collection so government tax collections are the core of uh and I mean when you are a trillion dollar economy you can collect only say 12% or say 15% tax you can collect $150 billion when you have $4 trillion you can collect 600 billion when you are $8 trillion in next 5 6 years 7 years time you'll be able to collect say more like one and half trillion dollar kind of taxes so the the size of the project the the variety of the projects you'll get to see the size they will they will just explode so I think like if you hear Mr gari he says that I don't have any shortage of money I'm doing one lakh CR project between Mumbai and Delhi so those kind of one lakh CR today is looking very big but a day will come when he will talk about five L CR a single project okay so that's the kind of expansion we are going to see I hope there is no break but nothing happens in a straight line so you know from a stock market perspective right ra psus have done really well yes uh but there are so many spaces under that there are PSU defense companies PSU power companies Banks from here on where do you see both value and growth in the PSU basket yeah so see PSU basket were beaten down big time I mean they they didn't I mean they they wanted little lower valuation but not so much lower like if the index is studying at 22p multiple they they got stuck in single digit like 6 S 8 mulp and some of them are large monopolies very important part of the economic like all the oil companies your power grid your some finance companies so they were all at uh in fact low single digit P multiple so obviously I mean it's like saying that uh uh in in South Bombay property pric have gone from say 50,000 rup per square foot to a lakh per square foot but in uh Andheri and bandra it is still at 20,000 it can't remain so there is an Arbitrage and uh uh and I think under the this government in last 78 years I believe the at least the banking side is being managed much better than the way it was managed earlier there's no there's no directed Landing there's not much of interference in their work so I mean all those things are playing out and finally when the market is taking off and other markets are at 25 30 P multip become normal these companies must go up and they are very important and they were important part of the infra buildup and the moment inra infra buildup started your defense buildup IS started uh I mean the story but some of these companies have rallied a rot right like the defense space for example do you think there's still more growth there I Frankly Speaking I have not been beneficiary of this okay so the guys who have you know studied more about it ask them but uh uh I I I think this is a good time for all all the companies which are running well uh this is amazing time for Indian equities Ram's big bet has been financials Banks Capital Market Place he's been extremely bullish on yes yes those Remain the focal kind of points where a lot of wealth can be made in the next couple of years yes because the shift of uh Indian retail uh which was uh I mean particularly it was a bank related kind of uh savings the first fall point was the banking or maybe to some extent insurance but now uh thanks to covid digital onboarding and digital infrastructure and uh you know this optional trading being popular you see what kind of participation you getting we getting about 3 million customers per month 100,000 customers per day I mean uh uh we talking about 100 I think I just saw November data it is uh it is 133 million uh as of last month so we are headed to become 250 275 million so my sense is that uh demand for equities will continue for next four five years without any problem all right without any problem so in fact particularly the continuity of the government is there that it gets strengthened even more so so uh I would think that in that backdrop you have to see which are the companies uh who are are able to scale up and maybe at index level is expensive but uh at individual company level the new stories the turnarounds the uh the the the companies which are digital Focus digital Focus new companies which is getting listed in in fact this is a amazing time once in a lifetime kind of opportunity for unlisted companies to come in the market the large unlisted companies must come create wealth for themselves and create wealth for the nation uh I mean let let the people per se uh participate and I I'm sure the guys who get listed they will have because I'm listed I know the benefits of listing is more than getting remaining unlisted okay well you know one space that you've been really bullish on and one stock is zomato so what we've done is we've invited the management of zomato to chat with us very interesting discussion lined up so let's slip into a very short commercial break don't go anywhere when we return akant goyel who's the Chief Financial Officer of zamato will be with us
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