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Are you recommending your clients to be buyers of this fall or in the last two-three days, have you been taking some chips off the table for them?
Rahul Shah: Obviously, we are in the bull markets and some kind of selling like this will keep coming, but I have been advising them to keep buying and use this fall as an opportunity. After the healthy corporate earnings season got over, we have seen a good round of all players in the entire Nifty universe. So, largecaps should be continued. In midcaps, in select pockets, we have been booking profits at select levels and in our largecaps we are overweight and we are spreading our portfolio to become more overweight in largecaps. We have been doing the same thing with the clients. Cutting a little bit of exposure from the midcaps after the spectacular run-up and shifting towards largecaps.
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Ahead of the results tomorrow, the Jana Small Finance right stock gained 5%. Did you get it in the recent IPO or that of any other mid-sized bank?
Rahul Shah: No, Jana SFB also we have not looked at. We just invested for clients only for listing gains, but nothing great in the near-term perspective. But yes, but we have been recommending on the PSU banks for quite some time and that too also on the smaller banks and not the largecaps.
Among largecaps, State Bank has done fantastically well, we continue to own it, but we are overweight on midcaps like PNB, Union Bank, Bank of Baroda, Jammu & Kashmir Bank. Most of the stocks have almost doubled in the last one year or in some cases like Jammu & Kashmir Bank maybe more. I still believe there is still more upside left for the next 15 to 18 months. There is a fair chance of most of the banks going up 50% from here onwards also.
A lot of block deals keep happening these days. Any name where you have participated at the fund level – be it in Minda or even Devyani or Whirlpool? Have you added positions anywhere?
Rahul Shah: I do not think that we have participated in any of these three names.
What is the view on ABB at this point of time?
Rahul Shah: It had spectacular results and there was a great conference call. The way the management has spoken about and the way we see the order book and obviously also from the places where they were not seeing the order books in terms of the businesses they have started getting it. I think the stock will continue to do well and the pockets where they have been seeing strong order inflows obviously from sectors which are firing, One is real estate sector, then metals.
Data centre has been a good business for them. The numbers were good. We are seeing the reflection in terms of the prices as well and this remains our top pick in the capital goods in spite of this run up in the stock. So, very few select names are there in the capital goods side that one can have in the portfolio. ABB remains our top bet, followed by L&T.
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