Ace investor Rakesh Jhunjhunwala on Thursday said he is bullish on the banking space and particularly the state-owned enterprises.
“I am bullish on the banking sector. Within that, the most-undervalued are those in the public sector space. The credit cycle has turned. There is a lot of demand for money. Cost to income ratio will come down. Public sector banks (PSBs) are hopelessly undervalued,” he said.
Jhunjhunwala, one of India’s well-known individual investors, was speaking at the India Economic Conclave organised by the Times Network.
He said he won’t rule out 5-10 times gains in state-owned banks over the next five years.
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