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Venugopal Garre says: “The current play on PSU infrastructure is good. It is good for the next maybe 12 months but you will have to start looking at more proactively potential opportunities in the private sector and whether these PSUs can actually tap that or not. Quite a few of them cannot. So this is a transition phase for them because a mix of capex will change over time.”

“High-end consumption will probably continue to do well. Lower-end consumption is something that we have to watch out for if the festival season lends some kind of help. Till then it will remain on a wait and watch mode. Of course, the other thing that we keep discussing is the whole valuation challenge of the Indian market.”