A: In terms of pure valuations, we all know it is extremely expensive. But it is a great promise of India’s infrastructure development. There is a definite business plan, which obviously QIP investors have done due diligence and will see the execution of thereof. So, it is a stock which will always remain in the limelight because it is purely a great surrogate to India’s development plan. But it is an expensive stock.

Q: Any thoughts on United Spirits?

A: I think everybody understands the potential of the underlying product of United Spirits and that is not something that one can argue with. But this has been going on for a long time now. It has hurt the valuations and will continue to keep a burden on the valuations until the full strategy of lowering the leverage and the divestment process is over. After that whether it has been done at levels, which allow the company to show you high return on investments (ROEs) or higher returns on the new capital that has come in. It is a question that only time will allow us to answer. I just hope that they finish the process fast.

Q: Would you buy Tata Motors now?

A: Yes, they do have a problem in terms of their balance sheet. However, I think, the investors who have bought into Tata Motors in the last two months say for the price of Rs 150 onwards, I think the call here is similar to the call which was there in 2002-2003. At that time, if you ask me, the situation for Tata Motors was even more difficult because we could not really forecast the growth of the country. The growth of the country came and that really changed the parameters for Tata Motors. Here, we now already see a potential for the growth for the country and therefore the downturn which has taken place in CVs is now definitely on improvement basis. Yes, JLR and its debt remains an issue. But, in terms of the fact that this company has such a robust size, it has good products. It will always attract investors at lower levels.