I can talk a bit about fundamentals – The reason PFC and REC started coming down was NPAs in the private sector thermal plants and this problem could be seen reversing 3-4 years back and from then this pack has been trading at an unbelievable valuation (e.g recently PFC at 100 with the consolidated earnings at almost 60).
As far as renewables are concerned, it is not a new story and most of the loan growth has to come from this segment (as they don’t have much of a choice). If you look at their 10 year top line/profit growth, it has been phenomenal.
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