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Mint
3 days ago
- Business
- Mint
Expert view: Can Nifty 50 surpass 26k in June? 5 stocks to buy for next 1 year and more
Expert view on markets: Vinit Bolinjkar, Head of Research at Ventura Securities, says India's healthy economic growth, robust corporate earnings and steady inflows from domestic institutional investors have supported the Indian stock market. He, however, is cautiously optimistic about the domestic market for June 2025. In an interview with Mint, Bolinjkar shares his views on markets, key triggers and five stocks to buy for the next one year. Here are edited excerpts of the interview: The Nifty 50 is demonstrating notable resilience, having recently surpassed the significant 25,000 mark in late May 2025. This strength is underpinned by several positive domestic factors: India's healthy macroeconomic indicators, robust corporate earnings from the recent quarter showing continued momentum, and steady inflows from domestic institutional investors. Further bolstering sentiment, the RBI announced a substantial record dividend of ₹ 2.69 lakh crore to the government in May 2025, and the monsoon season has commenced, reportedly on an early to normal schedule according to IMD. Looking towards June 2025, the outlook remains cautiously optimistic. While the market digests recent gains, further upward movement towards the 26,000 level would be a significant next step. The Indian equity market enjoys several structural tailwinds. These include strong GDP growth, stable fiscal and external accounts, buoyant high-frequency indicators like GST collections and PMI, and strong domestic liquidity from mutual fund SIPs. Additionally, the government's capex push and formalisation of the economy continue to support long-term growth. However, there are notable headwinds, too—elevated valuations, especially in mid- and small caps, pose risks of correction. Global concerns like US inflation, uncertainty around rate cuts, and geopolitical tensions can also trigger volatility. Furthermore, rural consumption remains under pressure due to weather uncertainty and high food inflation, which could weigh on consumption-driven sectors. Lastly, election-related volatility could lead to short-term swings in sentiment. The recent rally in mid and small-cap stocks has been significantly supported by retail and HNI participation, evident from surging volumes and mutual fund inflows into small-cap schemes. However, it is not just retail froth—there is genuine earnings growth in many companies, especially those linked to manufacturing, defence, railways, and infrastructure. Several promoters have increased their stakes, suggesting long-term confidence. That said, valuations in many pockets are rich and call for careful stock selection. While the broader index might seem expensive, opportunities still exist in under-researched companies with strong balance sheets, good governance, and clear earnings visibility. Investors must stay selective and avoid chasing momentum blindly. Q4 earnings were largely in line with street expectations, but there were positive surprises in some pockets. Banks and NBFCs continued their strong performance with healthy loan growth, stable asset quality, and robust NIMs. Capital goods and industrial companies reported strong order books and execution, while the auto sector delivered margin improvement, aided by lower input costs. On the flip side, IT services disappointed due to weak discretionary tech spending and delays in deal ramp-ups. Consumer staples saw sluggish rural demand, and some cement players struggled with weak pricing trends in certain regions. Among PSUs, select companies like NTPC, BEL, and BHEL surprised positively, triggering earnings upgrades and valuation re-ratings. Overall, earnings growth remains broad-based, with cyclicals and investment-driven themes outperforming. Yes, India's long-term structural growth story remains compelling and globally attractive. Driven by a young population, rapid digital adoption, formalisation of the economy, and a shift in global supply chains towards India (China+1, Europe+1 strategies), the country is well-positioned to sustain 6–7 %+ real GDP growth. The government's continued thrust on infrastructure, PLI-linked manufacturing, and digital financial inclusion is a further enabler. Investors looking at long-term themes can participate through sectors such as private banking, capital goods, real estate, renewables, and defence. Additionally, focused bets in mid and small-cap companies with niche capabilities can generate alpha. Building a diversified portfolio across these structural themes, with a three to five-year view, remains an attractive investment strategy. HBL Engineering is gaining traction in defence electronics and railway safety systems, benefiting from India's infrastructure and indigenous defence push. Strong order visibility, operating leverage, and niche capabilities support earnings growth. Thomas Cook is benefiting from a rebound in outbound travel and a strong recovery in MICE and forex services. Operational efficiency and a strong brand recall offer room for margin expansion and earnings growth. Adani Green is a leader in renewable energy with strong capacity expansion and long-term PPAs ensuring cash flow visibility. Deleveraging efforts and India's clean energy focus make it a structural long-term play. Welspun Living is witnessing export recovery and expanding in domestic branded home textiles. Easing raw material costs and diversification into newer geographies support earnings and margin improvement. India's largest private bank, HDFC Bank, remains a core holding with a strong deposit franchise, superior asset quality, and rising traction from its merger with HDFC Ltd. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
Business Mayor
24-05-2025
- Business
- Business Mayor
Commodity Talk: Gold to outperform Nifty in 2025, hike allocation, recommends NS Ramaswamy of Ventura Securities
Notwithstanding the US-China tariff truce and recent easing in geopolitical tensions, gold will have enough triggers to continue its dream run, says NS Ramaswamy , Head of Commodities Desk & CRM, Ventura Securities. With 23% returns so far in 2025, seasonality in the second half of the year remains favourable for yellow metal's prospects, he adds, expecting shinier bullion. Edited excerpts: Q: The world seems to be a little less uncertain now with the US-China tariff truce, India-Pakistan ceasefire and other things. Gold is consolidating so how long do you expect the consolidation to go and what is the target for 2025? Actually, at the hindsight if you just see that this has actually prompted a surge in this risk sentiment going by the way the truce is… the de-escalation between the US and China, so that has actually promoted more towards the risk sentiment and probably it also dented a bit of gold appeal, but actually it was very short-lived. USD, also dollar shot up, and the treasury yield also rose, thus the dent in gold appeal temporarily, which we witnessed. In fact, the surprising thing was when Moody's downgraded the US government on the credit rating part of it… Yes, we are expecting the consolidation at this stage to the levels may be around $3,300, which is going on. At best, a bit of correction can happen, and it can consolidate in the range of 3,230. It is too early to call out as a top for the gold prices, and also it is better cushioned by the central bank demand and the ETF retail segment in the first quarter of 2025. So, there are enough trigger points which can lead gold prices other than the calming down of the geopolitical trade tensions between the US and China. For 2025, gold should be hovering in the range of $3,440 to $3,570 roughly, and the strength in gold would continue through this year, Q: Gold prices have fallen by over 4% (Rs 4,000 as on May 21) from their peak, and trading around Rs 93,000 per 10 gram on MCX. Do you see the weakness to continue in the short term and what level could be hit on the downside? See, after having corrected from 3,500 on April 22 to close to around 5% to 6% at the present levels, I do not see much weakness in the MCX range also, and the domestic price level should be close to 96,500 should be the stiff resistance, in fact, I would say. Once, it were to cross 96,500 in the short term, I am even expecting a trend that could take it to 97,500. So, probably the squeeze or the support can be expected around 93,600 for the short-term investor. Weakness per se in gold could set in only below 91,800. So, I do not see that going that far, but the support should be anywhere close to 93,600. Read More Beware a Chinese Fall Stall Q: Do you think gold as an asset class could outperform Nifty in 2025? Absolutely, if you were to see the gold spot versus the Nifty in 2023, it was 13% versus 20% for the Nifty… 13% was the rise in gold price. In 2024, gold rose by 27% while Nifty gave a return of 9%. In 2025, in the last 4-5 months, there is already a 23% rise in gold, whereas 4% is the rise in Nifty. So, this impressive performance should take it along for the second half also because of the seasonal pattern in favouring the strength in the second half for gold internationally. So, I find Nifty would be a laggard as compared to gold for the year 2025. Q: By seasonal, do you mean wedding season and the festival? No. What I mean is the seasonal pattern of the gold behaviour, in the second half of the year literally if you flashback and see, unwind and see how the trend has been, gold internationally in the second half always performs very well. We are still left with the second half to come, so that would also give a sentimental support that can add on to the gains made so far. Q: The demand for gold has been coming from various quarters like central banks, funds and retail investors and in that context do you think supply and demand are evenly matched and if there is a gap, can you quantify that? Supply is not at all a constraint per se when you compare at par with all other commodities. Gold need not be compared with other commodities in supply-side terms. I would say when the gold is above ground is close to around 2,16,000 tonnes which is proven and from that if you were to see the breakup, in 2024 there is almost the supply is always to the extent of 3,600 to 3,700 tonnes per annum and adding to the recycling of gold which is around 1,400 tonnes, it takes to 4,600 tonnes as the demand factor. For 2024 if you were to see, as per the World Gold Council's statistics, 4,606 tonnes were the demand from 2024 year whereas the supply was close to 5,042 tonnes. In the first quarter of 2025, the demand was 1,311 tonnes whereas the supply was 1,201 tonne. The one very salient feature we observe here is the ETF, which in 2024 year was a reduction of 7 tonne whereas in 2023 it was 244 tonnes reduction in the ETF. Now, in the first quarter of 2025, we saw buying of 227 tonnes. So, in the basket of 1,311 tonnes, which is the total demand for the first quarter of 2025, 227 tonnes has come by way of the ETF. So, basically, the traction for the ETF is growing, is what you want to say? Exactly. Whereas the jewellery demand is a little bit on the downside, while the investment demand and probably even the central bank is averaging out. I would not say it has really picked up, as the central banks bought 244 tonnes in the first quarter of 2025 compared to 1,086 tonnes in 2024. Q: How are you seeing credit rating cut for the US by Moody's, and can it take the prices even beyond your targets? We saw immediate knee-jerk reaction would have been cut came because of unsustainable debt levels in the US, ballooning interest cost and political uncertainties. If you were to compare the same scenario in 2011 when S&P downgraded the US credit ratings, there was a fall of almost close to 10% in the equity markets in the next two months. A similar pattern was observed after the Fitch downgrading in 2023 as the S&P 500 plunged to almost 17% over the next three months. So, the rating cuts have proven negative and maybe this time it is different… it is much more amid fiscal erosion, rising yields, and mounting geopolitical scenario. I find gold could cross the targets with further catalysts other than this downgrading, which you are talking of. The other catalysts are inflation data, economic instability and probably the Fed interest rate cuts, which can come up and also let us not forget the yield is also picking up. I mean, this we are maintaining, that is the reason we are maintaining the gold to be at a level close to $3,570 per ounce in the year 2025. So, the rating has not much impact immediate terms, but yes, other catalysts are going to really support gold. Q: Gold-to-silver ratio is at an all time high which means that silver is underpriced. Does this make silver a better value buy for investors? Yes, I observe that this ratio is so heavily skewed (in favour of gold). It is not the first time that this has happened. Today GSR (gold-silver ratio) of a 30 year average history is around 68 though the current ratio is 99. During the COVID times, the ratio went up to 113 and over the next year, we saw silver shooting up by 73%. Similarly, at the time of the financial crisis in 2008, when the ratio went from 53 to 80, silver rallied almost 81% and gold that time rose by only 44%. So I expect a rally in silver when the economies get back to shape and the growth path is set in line. I am expecting a close to 15% to 20% jump in silver prices once the storm settles and this should take the domestic prices to Rs 1.15- 1.20 lakh per kg. Q: What should be the strategy to trade gold and silver, and how much should the allocation be in one's portfolio? The conventional method recommends a 10% to 15% allocation in gold, but one can increase it for risk aversion Silver's prospects are tied to the global economy, so it is more volatile than gold. Gold could be a good diversifier and could be a better proportion. Retail investors have 18 ETFs in India to choose from. One could also go for futures & options.
Time of India
24-05-2025
- Business
- Time of India
Commodity Talk: Gold to outperform Nifty in 2025, hike allocation, recommends NS Ramaswamy of Ventura Securities
Notwithstanding the US-China tariff truce and recent easing in geopolitical tensions, gold will have enough triggers to continue its dream run, says NS Ramaswamy , Head of Commodities Desk & CRM, Ventura Securities. With 23% returns so far in 2025, seasonality in the second half of the year remains favourable for yellow metal's prospects, he adds, expecting shinier bullion. Edited excerpts: Q: The world seems to be a little less uncertain now with the US-China tariff truce, India-Pakistan ceasefire and other things. Gold is consolidating so how long do you expect the consolidation to go and what is the target for 2025? Actually, at the hindsight if you just see that this has actually prompted a surge in this risk sentiment going by the way the truce is… the de-escalation between the US and China, so that has actually promoted more towards the risk sentiment and probably it also dented a bit of gold appeal, but actually it was very short-lived. USD, also dollar shot up, and the treasury yield also rose, thus the dent in gold appeal temporarily, which we witnessed. In fact, the surprising thing was when Moody's downgraded the US government on the credit rating part of it… Yes, we are expecting the consolidation at this stage to the levels may be around $3,300, which is going on. At best, a bit of correction can happen, and it can consolidate in the range of 3,230. It is too early to call out as a top for the gold prices, and also it is better cushioned by the central bank demand and the ETF retail segment in the first quarter of 2025. So, there are enough trigger points which can lead gold prices other than the calming down of the geopolitical trade tensions between the US and China. For 2025, gold should be hovering in the range of $3,440 to $3,570 roughly, and the strength in gold would continue through this year, Q: Gold prices have fallen by over 4% (Rs 4,000 as on May 21) from their peak, and trading around Rs 93,000 per 10 gram on MCX. Do you see the weakness to continue in the short term and what level could be hit on the downside? See, after having corrected from 3,500 on April 22 to close to around 5% to 6% at the present levels, I do not see much weakness in the MCX range also, and the domestic price level should be close to 96,500 should be the stiff resistance, in fact, I would say. Once, it were to cross 96,500 in the short term, I am even expecting a trend that could take it to 97,500. So, probably the squeeze or the support can be expected around 93,600 for the short-term investor. Weakness per se in gold could set in only below 91,800. So, I do not see that going that far, but the support should be anywhere close to 93,600. Q: Do you think gold as an asset class could outperform Nifty in 2025? Absolutely, if you were to see the gold spot versus the Nifty in 2023, it was 13% versus 20% for the Nifty… 13% was the rise in gold price. In 2024, gold rose by 27% while Nifty gave a return of 9%. In 2025, in the last 4-5 months, there is already a 23% rise in gold, whereas 4% is the rise in Nifty. So, this impressive performance should take it along for the second half also because of the seasonal pattern in favouring the strength in the second half for gold internationally. So, I find Nifty would be a laggard as compared to gold for the year 2025. Q: By seasonal, do you mean wedding season and the festival? No. What I mean is the seasonal pattern of the gold behaviour, in the second half of the year literally if you flashback and see, unwind and see how the trend has been, gold internationally in the second half always performs very well. We are still left with the second half to come, so that would also give a sentimental support that can add on to the gains made so far. Q: The demand for gold has been coming from various quarters like central banks, funds and retail investors and in that context do you think supply and demand are evenly matched and if there is a gap, can you quantify that? Supply is not at all a constraint per se when you compare at par with all other commodities. Gold need not be compared with other commodities in supply-side terms. I would say when the gold is above ground is close to around 2,16,000 tonnes which is proven and from that if you were to see the breakup, in 2024 there is almost the supply is always to the extent of 3,600 to 3,700 tonnes per annum and adding to the recycling of gold which is around 1,400 tonnes, it takes to 4,600 tonnes as the demand factor. For 2024 if you were to see, as per the World Gold Council 's statistics, 4,606 tonnes were the demand from 2024 year whereas the supply was close to 5,042 tonnes. In the first quarter of 2025, the demand was 1,311 tonnes whereas the supply was 1,201 tonne. The one very salient feature we observe here is the ETF, which in 2024 year was a reduction of 7 tonne whereas in 2023 it was 244 tonnes reduction in the ETF. Now, in the first quarter of 2025, we saw buying of 227 tonnes. So, in the basket of 1,311 tonnes, which is the total demand for the first quarter of 2025, 227 tonnes has come by way of the ETF. So, basically, the traction for the ETF is growing, is what you want to say? Exactly. Whereas the jewellery demand is a little bit on the downside, while the investment demand and probably even the central bank is averaging out. I would not say it has really picked up, as the central banks bought 244 tonnes in the first quarter of 2025 compared to 1,086 tonnes in 2024. Q: How are you seeing credit rating cut for the US by Moody's, and can it take the prices even beyond your targets? We saw immediate knee-jerk reaction would have been cut came because of unsustainable debt levels in the US, ballooning interest cost and political uncertainties. If you were to compare the same scenario in 2011 when S&P downgraded the US credit ratings, there was a fall of almost close to 10% in the equity markets in the next two months. A similar pattern was observed after the Fitch downgrading in 2023 as the S&P 500 plunged to almost 17% over the next three months. So, the rating cuts have proven negative and maybe this time it is different… it is much more amid fiscal erosion, rising yields, and mounting geopolitical scenario. I find gold could cross the targets with further catalysts other than this downgrading, which you are talking of. The other catalysts are inflation data, economic instability and probably the Fed interest rate cuts, which can come up and also let us not forget the yield is also picking up. I mean, this we are maintaining, that is the reason we are maintaining the gold to be at a level close to $3,570 per ounce in the year 2025. So, the rating has not much impact immediate terms, but yes, other catalysts are going to really support gold. Q: Gold-to-silver ratio is at an all time high which means that silver is underpriced. Does this make silver a better value buy for investors? Yes, I observe that this ratio is so heavily skewed (in favour of gold). It is not the first time that this has happened. Today GSR (gold-silver ratio) of a 30 year average history is around 68 though the current ratio is 99. During the COVID times, the ratio went up to 113 and over the next year, we saw silver shooting up by 73%. Similarly, at the time of the financial crisis in 2008, when the ratio went from 53 to 80, silver rallied almost 81% and gold that time rose by only 44%. So I expect a rally in silver when the economies get back to shape and the growth path is set in line. I am expecting a close to 15% to 20% jump in silver prices once the storm settles and this should take the domestic prices to Rs 1.15- 1.20 lakh per kg. Q: What should be the strategy to trade gold and silver, and how much should the allocation be in one's portfolio? The conventional method recommends a 10% to 15% allocation in gold, but one can increase it for risk aversion Silver's prospects are tied to the global economy, so it is more volatile than gold. Gold could be a good diversifier and could be a better proportion. Retail investors have 18 ETFs in India to choose from. One could also go for futures & options. Also : Catch the full interview here ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
News18
30-04-2025
- Business
- News18
Akshaya Tritiya 2025: Gold Glitters, Delivers Over 200% Return In A Decade
Gold has risen over 200% in the last decade, with a 30% return since last Akshaya Tritiya. Prices jumped from Rs 73,240 to Rs 94,000–Rs 95,000 per 10 grams. Akshaya Tritiya 2025: Gold is often seen as a safe asset during times of market volatility. Its value endures through geopolitical tensions, tariff wars, economic challenges, and macro-level uncertainty. According to a report by ET citing Ventura Securities, gold has appreciated by over 200% in the last decade, and it has delivered a 30% return since the last Akshaya Tritiya. The ET report, citing Ventura Securities, notes that gold traded around Rs 73,240 per 10 grams for 24Kt during Akshaya Tritiya in 2024, and has now surged to Rs 94,000–Rs 95,000 per 10 grams in 2025. Over a longer period, the gains are even more remarkable, with gold prices increasing by over 200% from Rs 30,182 per 10 grams during Akshaya Tritiya 2014. Gold Price Outlook 2025 Mr. Deveya Gaglani, Senior Research Analyst- Commodities, Axis Securities, commented on the impressive growth of MCX Gold prices over the past three years, with double-digit returns for investors. He noted that the first four months of 2025 have been one of the strongest starts for gold investors in over a decade, with prices rising nearly 25%. Many investors purchase gold on Akshaya Tritiya, regarded as an auspicious day for acquiring gold as a symbol of wealth and security. He said those who invested in gold during the last Akshaya Tritiya have seen returns of more than 31%. Gold has solidified its status as a safe-haven asset this year, especially after the tariff war between the USA and China shook the financial market. Investors turned to gold for refuge due to economic uncertainty. Gaglani also highlighted other factors supporting the bullish case for gold, such as central bank purchases, a correction in the dollar index, and geopolitical tensions. With gold prices approaching overbought levels, he recommended that investors consider buying gold in a staggered manner if prices correct by 5-10%. He stated that the current risk-reward ratio is unfavorable at these record levels. In a bullish scenario, if prices hold above Rs 100,000, they could reach 110,000 by the next Akshaya Tritiya. Conversely, prices may consolidate around the 87,000 level on the downside. Satish Dondapati, Fund Manager at Kotak Mahindra AMC, pointed out that after reaching a record high, gold prices have recently dropped due to profit-taking and renewed interest in the U.S. dollar. In the short term, gold's appeal will depend on upcoming economic data, including US inflation and employment figures, which will be crucial in determining the Federal Reserve's stance on interest rates. However, the long-term outlook, he said, remains bullish, supported by strong central bank purchases and geopolitical uncertainties. Silver prices have also shown resilience due to ongoing industrial demand and their status as a safe-haven investment. The long-term trend for silver remains upward, bolstered by industrial demand, lower interest rate expectations, and continued economic uncertainties. First Published:
Economic Times
30-04-2025
- Business
- Economic Times
Your grandmother was right! Gold prices have zoomed 200% in 10 years
Ahead of Akshaya Tritiya 2025, gold has delivered impressive returns, exceeding 30% since last year and over 200% in the past decade. While high prices may slightly temper volumes, overall revenues are expected to remain steady due to larger ticket sizes. Experts suggest exploring options like lighter jewellery and Sovereign Gold Bonds for investment. Tired of too many ads? Remove Ads (Source: Ventura Securities) Tired of too many ads? Remove Ads Impact of rising prices on consumer behaviour Outlook for gold prices Tired of too many ads? Remove Ads Gold has continued to solidify its reputation as a resilient investment ahead of Akshaya Tritiya 2025 . Domestic brokerage firm Ventura Securities reports that the yellow metal has delivered more than 30% returns since the previous Akshaya Tritiya and is up by over 200% in the last 10 to the brokerage firm, gold, which was trading around Rs 73,240 per 10 grams for 24Kt during Akshaya Tritiya in 2024, has now surged to the range of Rs 94,000–Rs 95,000 per 10 grams in a longer horizon, the gains have been even more impressive. Gold prices have increased by over 200% from Rs 30,182 per 10 grams during Akshaya Tritiya buying on Akshaya Tritiya is deeply embedded in Indian culture, symbolising prosperity, good fortune, and wealth creation. Traditionally, the day is considered highly auspicious for financial decisions and new Securities notes that South India dominates Akshaya Tritiya gold buying with a 40% share, followed by the West (25%), East (20%), and North (10%). However, high gold prices this year are likely to temper the volumes read: Is the white metal ready for a catch-up rally? Ventura Securities also pointed out that even though gold prices are at record highs, overall revenues may remain steady compared to last year, driven by higher ticket sizes despite lower volumes. Experts anticipate a 10–20% decline in the quantity of gold sold compared to the previous Akshaya are increasingly opting for lighter jewellery (such as one sovereign items instead of two) and exploring options like exchanging old jewellery, monthly instalment schemes, and shifting interest toward 14Kt and 18Kt jewellery to balance durability and affordability. There's also rising interest in studded jewellery, natural diamonds, and gemstone the domestic brokerage firm highlighted that investors are showing greater preference for gold bars and coins over jewellery, focusing on flexibility, liquidity, and long-term wealth read: Gold glitters with 25% return in 2025 this Akshaya Tritiya: Should you invest now? Looking ahead, Ventura Securities projects that gold prices could reach $3,600–$3,700 per ounce (approximately Rs 1,01,000–Rs 1,04,000 per 10 grams) by Akshaya Tritiya 2026 if global geopolitical tensions escalate or if economic conditions deteriorate further. Factors such as potential US Federal Reserve rate cuts could act as triggers for further it also cautions that if US rate cuts are delayed, central bank gold purchases slow down, or if the US economy surprises with strong performance, gold prices could temporarily correct to $2,900–$3,000 per ounce (Rs 87,000–Rs 90,000 per 10 grams).For the remainder of 2025, gold is expected to remain volatile, fluctuating between Rs 86,000 and Rs 96,000 per 10 at Ventura Securities suggest that consumers looking to invest may find attractive opportunities in the post-festival off-season (April–July), when seasonal buying pressure typically eases and jewellers may offer discounts to clear Ventura points out that Sovereign Gold Bonds (SGBs) continue to offer a tax-efficient route for investors. Gains from physical gold are now taxed as regular income after the removal of indexation benefits in 2023, while SGBs, if held till maturity, allow for tax-free capital gains along with an annual taxable interest of 2.5%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
