Good time to buy into blue-chip stocks: A K Roy, GIC Re

A K Roy, chairman and managing director of GIC Re, India's largest re-insurer, speaks to ET Now about their investment plans for the current financial year and how certain blue-chip stocks' valuations look attractive. Excerpts:

ET Now: Give us an idea of your total invested funds?

AK Roy: Our total invested funds are in the order of Rs 60,000 crore, and about 20% of that is in equity.

ET Now: Given the kind market movement we are witnessing now, would equity be a good attraction for you, in terms of the kind of valuations available. Do we see the investments going up this fiscal year?

AK Roy: The Indian market has been quite volatile over last two to three years. But in the last one year we have seen that it has remained quite buoyant. However, right now, it has again entered into a volatile phase and is fluctuating almost on a daily basis. Looking at the overall economy of the country, one can say that at this point of time the equity market is actually on its lower side and there are very good opportunities to enter into some blue-chip companies, which are today available at a very cheap price.

ET Now: I know I have been pushing you a bit, but in terms of value can you say couple of Rs 1,000 crore is what we can expect you to pump into the equity market this fiscal year?

AK Roy: Normally, that is the amount which gets invested every year, so that is possible.

ET Now: Close to Rs 2,000 crore?

AK Roy: Could be about Rs 1000 crore.