Thursday, May 27, 2021

credit growth which has been 6-7 percent could go up to 15 percent.


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Rakesh Jhunjhunwala lists SBI & Canara Bank as top picks in PSU banking space

MONEYCONTROL NEWS
 
MAY 27, 2021 / 12:21 PM IST

Both Canara Bank and SBI reported strong earnings for the March 2021 quarter.

Investor Rakesh Jhunjhunwala (Illustration: Moneycontrol)

Big bull Rakesh Jhunjhunwala expects PSU banking stocks to lead economic recovery post-pandemic amid a rise in credit growth. In an interview with Moneycontrol’s Nisha Poddar, Jhunjhunwala said he prefers Canara Bank and State Bank of India (SBI) from the space.

“The credit growth which has been 6-7 percent could go up to 15 percent. I see India growing in double-digit this year, and then next year the growth rate could be 6-10 percent, said the ace investor often dubbed India's Warren Buffett.

According to Jhunjhunwala, credit growth will pick up and public sector banks are well-provisioned and they also have deposit gathering ability.

Both Canara Bank and SBI reported strong earnings for the March 2021 quarter.


Last month, India pledged to fast-track approvals for foreign vaccines but its insistence on local trials was a key reason for stalled discussions with Pfizer.

"The provision has now been further amended to waive the trial requirement altogether for the well-established vaccines manufactured in other countries," the government said in a statement.

None of drugmakers has sent in applications for approval with India's drugs regulator, it said.

"We reiterate our request to all international vaccine makers to come and make in India – for India and for the world."

Just about 3% of the country's 1.3 billion people have been fully vaccinated, the lowest rate among the 10 countries with the most COVID-19 cases. Officials have said that 98% of the population remains susceptible to infection.

The country reported 211,298 new infections on Thursday, still the world's highest daily rise, but nearly half the daily infections it recorded earlier this month.

The overall case load is now at 27.37 million, while deaths stand at 315,235, according to health ministry data.

But experts believe that figure grossly underestimates the actual toll as only people who have tested positive are counted, whereas many victims were never tested.

Desperate Indian states are launching global tenders or seeking expressions of interest from firms including Pfizer and Moderna, but vaccine makers said they would only talk with the federal government.

The government said supplies were tight.

"The fact that global tenders have not given any results only reaffirms what we have been telling the states from day one: that vaccines are in short supply in the world and it is not easy to procure them at short notice," it said.

REUTERS
TAGS: #coronavirus #Covid-19 #Current Affairs #India
FIRST PUBLISHED: MAY 27, 2021 02:35 PM
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