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The primary capital market (pertaining to initial public offerings or IPOs) is still weak and it is going to be tough to get IPOs done this fiscal, said Ajay Garg, Managing Director, Equirus Capital Pvt Ltd, a mid-sized investment banking company.
While a few qualified institutional placement issues (QIP) are getting done, there is need for better earnings from companies before approaching the primary market, he said.
The market sentiment about an incipient economic recovery is not sufficiently strong, looking at symptoms, such as housing sales or auto sales, he said.
Ajay said banks need to pass on the full quantum of cuts made by the RBI. While this may not be sufficient, it was necessary to cut rates to provide a direction to consumer spending, he said.
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