HDFC Bank is doing a great job with the PayZapp app.

1. Interface is clean and modern.
2. There are rewards for bill payments, recharges and UPI payments. So, HDFC is spending bucks to acquire customers.
3. They are pushing their UPI Rupay Card (not lifetime free) through this app and also asking users to get savings account. So, customer acquisition through app is also ongoing.
4. Customer service is also very responsive and can be accessed through the app.
5. I have seen PayZapp UPI Scan & Pay QR at some marchant shops.
6. App has many features which has been mentioned in the newly released YouTube video.
   https://www.youtube.com/watch?v=KbBm62jiGnI
7. They have made made advertisements with Tiger Shroff, Kapil Sharma & Prabhu Deva. So, they have seriously heightened their promotion game too.
   https://www.youtube.com/watch?v=YMQq6IlWHeA
   https://www.youtube.com/watch?v=WNYu0UOxtJw
   https://www.youtube.com/watch?v=Rk25yErlZqM

well that’s quite a huge task to rebalance the index every six months)
i have another question –
While you’ve calculated normalized Z Score at the bottom of raw data sheet, but in the parallel worksheet. you’ve picked ranking of momentum ratios (for 6M,12M and for (strangely) normalized z score).
it seems you’ve replicated 200Momentum30 index – and if that be so, one should rank basis normalized Z scores only to pick top 30 stock, instead of looking at Momentum ratios.
Would you elaborate why have you ranked basis momentum ratios in smallcap 250 table?

Why I own what I own!

• Polycab (25%)- Entry Price- 2200, Average Price- 4000, CMP- 5400

• Tailwinds in power, infrastructure and real estate.

• Foray in FMEG- Higher capital efficiency business, natural synergy- May not work but still nothing to lose as invested capital is less.

• Home innovation products with the acquisition of Silvian labs (small company) but shows management’s focus on this big market.

• Setting up capacity for Extra High voltage cable which will get operation in FY25.

• Setting up distribution network/warehouses in US for wires and cables.

• Aspiration to come from Top 10 players into Top 5 players in wires and cables.

• Dilip Buildcon (25%)- Entry Price- 367, Average Price- 330, CMP- 395

• Buying the pessimism strategy- Lot of pessimism in the price.

• Order book of INR 25,000 crores plus gives revenue visibility.

• Target to become net debt free in the next two years through monetization of assets to Alpha Alternatives INVIT.

• Arvind Ltd (10%)- Entry Price- 175, Average Price-200, CMP- 265

• Growth in advanced materials (technical textiles) to improve capital efficiency.

• Tailwinds in the garments and fabric division due to UK FTA.

• Revival of denim with supply side being consolidated and demand slowly and steadily increasing.

• Very huge land bank to further bring down the debt.

• DCM Nouvelle (8%)- Entry Price- 170, Average Price- 175, CMP- 180

• Foray in specialty amines to change the quality of bottom line.

• Mean reversion of margins in yarn business.

• Strong promoter pedigree- the promoter is from Carnegie Mellon and the nephew of SRF MD- Mr. Arun Bharat Ram.

• Arvind Smart spaces (8%)- Entry Price-400, Average Price- 355, CMP-415

• Bullish on prospects of Ahmedabad and Bangalore real estate market.

• Asset light business model, JDA’s with land owners.

• Horizontal development rather than vertical development which makes the project turnaround faster.

• On ground channel checks suggest no dealing in cash- Only bank payments accepted.

• 20 Microns (6%)- Entry Price- 155, Average Price- 172, CMP- 190

• Ancillary to paint- supplier of extended inorganic pigments- Kaolin and calcium carbonate.

• Tailwinds due to lot of paint capacities coming in.

• Reasonable growth, cash flow conversion for the last 10 years above 70% and decent capital efficiency of 15% ROE.

• Consistent compounder at reasonable valuations.

• Carborundum Universal (4%)- Entry Price- 1160, Average Price- 1130, CMP- 1100

• Leader of the material world with Innovation at the core.

• Strong promoter pedigree and a visionary mindset.

• Diversified application of the product portfolio.

• Lot of optionality in the product portfolio.

• V-Mart (4%)- Entry Price- 2000, Average Price- 2036, CMP- 2030

• Buying the pessimism strategy

• Good management in a good business at reasonable valuations.

• Play on value consumption which is the belly of the Indian market.

• Challenges there in online- Limeroad, store aesthetics but management will figure it out !

• Less than 4% position cumulatively around 10%

• Voltamp Transformers

• Bharat Bijlee

• Tata Power

• Chembond

• Vodafone Idea

• SW Solar

• Emudhra

thank you for your valuable input

JKIL Followup
CMP 593

Projected target achieved.