There is a time when all with prefix or suffix bharat or psu is very good. It should be a PSU, it has a name, have to have a named Bharat at least at the beginning or final and stock conditions. We have found a large wave of PSUS purchase. Where are PSU stocks, now we see a fierce step there or a broken price action there?
Shreyash devalkar: Since one year ago, the market is actually getting forward to the point of themes per se, blocking the recent Theme of defensewide themes – it can be psu or house or anything. Themes are very difficult. Since the market has been discovered almost a year ago and gets recognizing all good things in many sectors whatever their market cap, their sector and sector related to risk.
In this context, many PSUs are well done. Well done PSUs and have reasons for it. Many as PSU parts are based on any sector they operate, reasonably valued in the market of sectors. From here, just because of that, a theme each is probably unwise pursued. It is better to go to each other even at PSU pack – if it’s banks, PSUS or capital and we should choose a specified theme.
In the last time you associate with us, you say you have added some financial services of the Farma’s chosen counters. We also added to names. Recently, any other sector where you have started a shopping or added to your overdue principle.
Shreyash devalkar: As you highlight, six months ago and even three months ago, we have that view. Today, whatever we do in the last two – three months, it means that it usually has a stock picking now because there is a sharp underperformance at a financial services during financial services during financial services. The sharp underperformance on the part of the part is covered, not completely, and so that it can be completely covered, some things need to play like credit growth. We are surprised at that particularly in the credit credit growth ahead and do not have any NPA related issues.
So, assume that the choice of a sector is difficult today, it is better to follow individual names in individual sectors than a particular theme or sector. Due to tariffs, some exporting companies have been exported. At the same time, we have some companies in industries doing good and some faced margin pressure and therefore somebody need to sell someone playing than the themes of someone’s progress.
I want to attract your attention in a pocket where the growth is strong, but valuations are a function of all who understand. This is digital space. I can argue that we need to value zomato on cash flow or GVA. You can argue with saying this is a tech company; I can tell that it is a company. Where is that space going?
Shreyash devalkar: We classify such companies not only easily commercially or oriented to shipping but as well as platform companies. For me, even an exchanging is a platform company. Now, if the main model is the loss of making is key different from some Platform companies against others. The loss of these and many points in the time we see in history and not only in cases where industry is in the end is very important. If the industry goes toward consolidation and leads to a nearby monopoly or duopoly, in such cases certainly one makes money over a period of time, one should bring uncertainty. In fact, not the right thing to compare, but the same case is on the telecom of SOPECO in the true end, if the reality is, but in the end the sector gets wealth. So, one should bet on something that can last, a company with a strategy as well as deep pockets that last long. So, this is why variety of successful investments against unsuccessful investments in difficult times in sectors. There are many sectors that pass such problems. One has to be pritts to which companies you want to bet because everyone does not win. So, so it’s important that I give a telecom example. Everything is not a winner and only one or two becomes a winner from it, so take care of choosing those and backing the most important.
