Ok today I got a call from hsbc offering a credit card. Since It said no joining fee and lifetime free I agreed to take it. Shared my personal details, salary slip and aadhar over whatsapp. Then saw the ad for idfc credit card so applied to that too. The application and kyc for idfc are already done, while the hsbc rep is still filling out the form and asking me for more info like copy of pan card.

I see them demerging their Basic Construction business, roads tunnels and stuff in future once all the new plays are stabilized and in growth mode.

Will rerate it completely. Professional run business playing in all segments of new econ as you said. Its one of the hold till market allows type of stock.

Anyway, the tech and finance is already 30% of consolidated profits. Once they cross 50% in next few years it will look a whole new company.

Only Concerns are on the Hyderabad Metro and GCC slowdown in Oil and Gas contracts.

Push For Smart Meters, Will They Be Affordable & Sustainable? | Sanjay Banga | Climate Clock Podcast

Smart meters – NCC is doing that too

@hitesh2710

Sir, I would like to know your thoughts about retail liquidity in the Indian market. How do you see investments from retail in mutual funds or direct equity in the market? And to be more specific, is there any connection between the returns that are being generated in the past 3-4 years and the liquidity that is coming from retail, and if there is a connection, does that mean that the returns will reduce if these retail leave?

I read comments of retail sir, to some extent, it appears educated people have at least some idea about how things work, so I am guessing these folk will remain at least with mutual funds, but I see a lot of people who don’t have much idea about what is what but are enthusiastic about just buying something, it appears they are in good numbers and are putting in good money, mostly in lesser known small names, beyond Nifty 500. I have no idea about what percentage these kind of participants constitute in the overall liquidity, and what would be the impact w.r.t returns if they leave?

I am participating right with these retail sir, with somewhat better idea, but I don’t know what portion of my return should I attribute to liquidity in the overall market? I am getting profit with my shorter term trades only because someone exists on the other side and is willing to buy from me at a higher price, and if that someone disappears, I would be holding the bag, as there is no greater fool.

Have you felt this way too, in the sense that, you have always had good returns in tandem with your knowledge and experience, but in the past 3-4 years, you have had stellar returns, returns beyond your expectations, which are quick too, that even you got the feeling of ‘this should not happen’.

I know that you take bigger bets, with both fundamentals and technicals in place, having a holistic view of the market, you identify froth, you go where the puck is, you know which sectors to not look at, all of which we get to know as you post about them from time to time, but have you had the feeling in the past few years that things have become too easy, or do you feel liquidity from retail is not that powerful to move the needle and you are reaping what you had sown, so even if retail flush disappears, you will continue to do good, and to some extent, it applies to us as well.

Or is it that bull markets constitute all kinds of participants, nothing surprising here, then does this mean, bear markets constitute only learned participants, so no one is in a hurry to buy, and as such, momentum essentially does not exist in bear market?

Thank you.

I am reading about this business and trying to answer the question – Why is the stock price under tremendous pressure? Few things that caught immediate attention were:

• Lack of growth in Housing Finance portfolio: Merged GRUH, which had a portfolio of ~₹181 bn, in Dec19. GRUH as an independent company used to grow at ~20% CAGR, implying an expected loan book of ~₹375 bn by Dec23. However, overall Housing Asset as on Dec23 is ~₹284 bn. In the last 4 years, two heads for ‘Housing Finance’ have moved out.
• Uncertainty due to the ongoing forensic audit initiated by National Credit Guarantee Trustee Company Ltd. (NCGTC).
• Higher unsecured book | Geographical concentration | Loan book concentration: These 3 are being mitigated slowly by the management. However, they seem to be progressing slowly.

@manhar : Would appreciate your latest view since you would have reflected on this business for more than a year now.