The JM Financial's India conference kicked off today. From the sidelines of the conference, managing director and chief executive officer of institutional equities at JM Financial, Sameer Lumba expects the market to be volatile in the near-term. However, he feels that the capital preservation remains very important in the current environment. He also stated that the domestic concerns have priced into the market.
Talking about the telecom sector, he said that there is a need to monitor market share changes in the space. Moreover, he sees 10-15% upside in the telecom space from current levels.
Lumba prefers exposure to non-banking financial companies (NBFCs) and likes M&M Financials at current valuations. He also pointed out that sovereign issues and asset quality are weighing on the bank valuations. Below is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying video. Q: India has suddenly seen a big knock in sentiment. What's the mood among your investors on how the tail-end of this year may shape up? Is it much worse than what the best part of the year has been for India?
A: The response has been fairly overwhelming. We have got close to 90 companies in our conference. We have around 300 investors present at the conference. These investors are from all over the globe. There is a good breadth of investors.
Over the last many months, the country funds aren
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