In an interview with CNBC-TV18's Prerna Baruah, UTI AMC MD Leo Puri talked about the recent stock market volatility, his view on the reforms progress and when one could see the company get listed.
Below is the transcript of the interview on CNBC-TV18.
Q: We've seen volatility in the Indian markets in the past few months. What is your outlook?
A: We have seen of course recent times consumer, pharma do well. IT has shown resilience, infra has suffered, banks have been volatile.
I think at the end of the day if you do believe there will be a pick-up in investment cycle and you will see to some extent some of those rate sensitive sectors and perhaps a little bit of a pullback in banks and infra related as well.
Despite the apparent volatility what you are seeing in fact is underlying resilience in the Indian market compared to many other markets in the world. We will continue on a steady trend. I wouldn’t expect the same momentum we saw last year, but certainly a very steady trend, upward trend to continue not just this year but perhaps the year after that as well.
Q: Also in terms of reforms -- major bills such as goods and services tax (GST) and land acquisition bill are pending. There is a low probability that both the bills could be passed in the upcoming monsoon session. What do you have to say regarding that?
A: Of the two I would certainly retain hope that the GST bill goes through. I agree land acquisition is politically far more complex but GST I would certainly retain optimism and would expect it to be passed and indeed implement it in the timeline that the Finance Minister has proposed.
Q: Do you also outline or could give us a timeline as far as the UTI AMC’s listing goes? Have you heard anything from the government coming in so far? Anytime line that you could share on that?
A: That issue is with Ministry of Finance and we have made our case that we think it is something that would be in the best interest of the institution of our stakeholders, ministry itself and it would board well for development of capital markets in India. I am sure that they are giving it fairly active consideration.
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