How are you analysing the investing landscape right now? In the extreme short term, do you find a case of stretched valuations or are you comfortable with the steepness of the rally? Valuations are more on the rich side especially when one looks at FY22 . It is only when we look at FY23 that it looks reasonably acceptable. Having said that, there are quite a few pockets which we find attractive. Some look very overpriced but on an average, that is the challenge we have, the market being slightly more expensive. The real answer lies in the expensive part is the liquidity comfort because globally the interest rates have come down so drastically that people are fearing to invest in equity even at a lower rate of return expectations which typically means markets are overvalued for the time being.