Key Points
Pankaj Pandey: Real estate as a sector has a five, six year cycle, probably we are in the second year of that cycle but unlike 2003 to 2007, our sense is that you will see more of a measured growth both in volumes as well as in pricing, unlike the time earlier when the pricing had sort of gone up..
Now inventories have come down significantly if you look at the top seven cities, so it is down to about 17 months and our sense is that a good part of the rally is already there in most of the stock prices..
I may look at the last two years return and say, wow, it is a huge return, PSU banks have got re-rated, but the reality is for SBI, it is 100% in five years, PNB 20% in the last five years and the Union Bank 34% in five years?..
Power as a space is looking quite good for the next five-seven year perspective and our sense is that the government focus will come back once the elections are out..
NTPC has already achieved a target price post result we will look at reviewing our target prices but NTPC remains top pick...
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