Bigger than IT? Are we at the start of a financial inclusion revolution? Raamdeo Agrawal answers
Raamdeo Agrawal, Chairman & Co-founder, Motilal Oswal Group, says he doesn’t think Nifty is expensive at all. 20-21 times for the India story is not out of line. The economy should pick up as we go forward. Monsoon has been fierce and that will have a very good effect in the second half, in the festival season and hopefully the interest rates will also come down somewhat, at least 50 basis point in next six months. On corporate earnings, Motilal Oswal research department is saying that next year it will be at least 14-15% Nifty EPS. From Rs 1,000 EPS in 2024, it could be Rs 1,130.
Agrawal also says FIIs will be back. Maybe not in a big way, but they will be net-net positive going forward. Then there will be a lot more capital market activity in terms of I-Banking, wealth management and those sectors will rocket. It is a kind of revolution in capital market and it feel like what happened in IT in the late 1990s – 1997, 1998, 2000. It has changed the entire country. Capital market industry could be even bigger than that.
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Raamdeo Agrawal: Yes, I am surprised by the result of our own company. I was indicated that it will be about this number, but when the actual number came
