No need to have more than 3 public sector banks, says ace investor Rakesh Jhunjhunwala

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Published: February 22, 2018 6:18:12 PM

Sharing his market strategy with the audience, Rakesh Jhunjhunwala said that sooner or later a political will arise to privatise public sector banks. However, it’s first needed to consolidate public lenders before carrying out there privatisation, he said.

An investor should buy shares with lots of conviction and patience, he advised.

Upbeat about the future prospects of Sensex, Nifty, ace investor Rakesh Jhunjhunwala on Thursday said private investment cycle, that has already begun, along with ongoing local flows will support the stock markets. The Indian economy is expected to grow in double digits, Rakesh Jhunjhunwala said at the TiE Conference in Mumbai. Sharing his market strategy with the audience, the ‘big bull’ said that sooner or later a political will arise to privatise public sector banks. However, it’s first needed to consolidate public lenders before carrying out there privatisation, he said. “No need to have more than 3 public sector banks,” he added. “It’s unfortunate that we had Mrs Gandhi as Prime Minister who nationalised banks,” the veteran investor said.

An investor should buy shares with lots of conviction and patience since investments test patience, he advised. He also expects interest rates to hover around current levels for now. Talking about long term capital gains (LTCG) tax, Rakesh Jhunjhunwala said, “LTCG will not defer investors in indian equity markets.”

Rakesh Jhunjhunwala, known by the nickname ‘big bull’ in the stock market world, is rated among the top most investors in India and the world. He is known for his perfect market strategies that have helped him get big returns from the markets. He always advises investors to stay put in the markets for a long term, and play with patience.

Meanwhile, ace investor Rakesh Jhunjhunwala backed firm John Energy filed draft papers with Sebi days back. The firm is estimating to raise Rs 350 crore from the markets through an initial public offering (IPO). An offer for sale of up to 16,77,744 scrips by the current shareholders and fresh issuance of shares to the tune of Rs 218 crore will be launched by John Energy IPO. The investment raised from the IPO will be used to repay certain amount of borrowing made by the company and for some other general purposes. The IPO may raise nearly Rs 350 crore, as per the merchant banking sources.

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