CNBC-TV18’s Executive Editor, Udayan Mukherjee – IDFC-Standard Chartered deal is a directional move and IDFC clearly has let it’s intent clear or made it’s intent clear that it wants to create a bit of a financial supermarket kind of model. So it was strong in infrastructure financing, then it picked up SSKI and got into the brokerage business, which was a significant move I thought. Now it’s getting into the asset management business as well or the equity asset management and fixed income asset management business, it already has private equity.
 
So it’s creating nice little blocks for itself. In a sense it’s probably like Reliance Capital without the hype. The only problem with IDFC was its valuations. Because of its interesting business model and the fact that the management is strong and credible we saw the stock trading at 5.5-6 times price to book which made it quite expensive. But after the fall, the stock has lost nearly 30% from its peak of Rs 235. It now trades at about 3.5 price to book. Is that cheap? No, it is cheaper than 6-times book for sure. So if you get this stock around under 3-times book etc given it’s interesting model that is building for itself, I think there will be takers.
 
So it’s a strong stock, it’s good business model with a strong management and is putting the right pieces in place. This one too might actually be lauded by the market. In a different market context it might have gone down very well but even now there is some value, which is emerging in the stock.