“The government had to act decisively because there was an absolute sense of pessimism and 'given up' feeling, which has gone," Damani said.
Ramesh Damani, member, BSE, said on September 30 that the negativity towards investing has gone due to the government's recent measures to revive the economy, adding that now is the right time to invest as there are better days ahead for the investors.
"The government had to act decisively because there was an absolute sense of pessimism and 'given up' feeling, which has gone. People are talking about capital expansion plans, what shares to buy and that would unleash the animal spirits in itself. There are better days ahead. It is a good time to invest," Damani said in an interview with CNBC-TV18.
"If they (the government) show the decisiveness to do an open, transparent disinvestment or privatisation of BPCL — invite global bidders — and whoever is the highest bidder walks away with it, I think that will set a huge fire on the market and we will be surprised with the upsides of the market rather than worry about the downsides," he added.
In terms of foreign portfolio investors (FPIs), Damani said, "We are at a sweet spot right now because there is a problem in China... India is a great place to move into these APIs, we already have some market share, we will probably gain more market share. So we set up new facilities with low tax rates, that would encourage investments coming into India."
On IRCTC IPO, Damani said, "Indian Railway Catering and Tourism Corporation (IRCTC) is an extraordinarily good initial public offering (IPO). Look at the whole public sector, people make a huge mistake in understanding public sector and I watched them for 30 years. They lump the baby and the bathwater together. You should not confuse the baby with the bathwater. There are some great public sector undertakings (PSUs), a lot of the recent listings, for example, are railways and defence offer extraordinary values. IRCTC is an extraordinarily well-priced IPO."
Source: CNBC-TV18The Great Diwali Discount!
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