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Hospital space we like but it is just that the stocks have just run up too quickly and as I said, in hotels, even in hospitals again the capital allocation has improved significantly. So, for example, Max is only focussed on Delhi, Mumbai, largely metros.
Also, I think I would be eagerly looking forward to the announcements in Jio Financial, considering that is the latest one which got demerged. They are stitching together a good team. It is a great brand. They have a good capital base and more importantly they have the technology and data analytics. So, this is what you need for any financial services to do well.
There are a lot of similarities. The old economy stocks are coming back. There is massive infrastructure spend which is taking shape through metros, through road, rail, airport infrastructure and there are early signs of capex and a lot of private capex picking up.
Also, I think once the merger goes through, this concern on are we getting shrink and NIM compression, high LDR which is almost at 110% at the time of merger, I think gradually will get addressed.
Absolutely. I think what we have just seen is it is just coming back to 1700 plus levels. If you see again, the combined entity trades at about 15 times earnings. In fact, if you see valuations, I have not seen HDFC at about 3 times, 3.5 times book value.