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Jhunjhunwala bullish about state-owned banks, says they are undervalued

There will be run up in stock when government disinvests its stake, says investor.

Markets may correct in the short term. But in a bull market the correction is always sharp, swift and short-lived: Rakesh Jhunjunwala
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Investor Rakesh Jhunjhunwala.

Samie Modak Mumbai
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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