Any insights from AGM ?

Confidence petroleum chart shows 2 solid technical patterns here. One is breakout from a long, multiyear triangular channel, with good volumes. Second is breakout from cup and handle pattern in a shorter time frame.

I have invested in Jindal poly from long time and had a very bad feedback for complete Jindal group.

They never care about retail investor and also not provide any benefits to share holders. They always trying to cheat and also try to perform many corporate action without thinking morality or ethical standard to perform those.

I have attended many of their AGM and as investor we keep complaining their issue and they even not bother to respond to any investor.

So, be careful investing even small amount in any of Jindal group shares even there is lot of value in any counters. I am planning to take exit soon in all my Jindal holdings in few quarters before someone comes with report like Adani listed groups.

Happy Investing
Karthik
Disclosure: I am having exposures to many Jindal group company share for past 10 years and this is not buy or sell recommendation.

It’s been only few days since my last PF update. But there’s been significant churn in the PF, mostly from selling the holdings in the tail with lower weightage and shifting money to attractive stocks

Major changes and Thesis
1: Added Angel One: Valuation comfort with 16x FY24 P/E. FnO growth for the Aug month is 26% (MoM) for NSE. expect Angel One to perform same. Plan to exit when the P/E crosses 20x. Stock broke out of 52 week high recently.
2: Bough little qty of MTAR: Still doesn’t reflect in above data as I bought just today. Company targets to make 3000cr revenue by 2028. Fluence energy business could scale similar to Bloom business. Revenue growth would be 340 % CAGR for FY23-28 as per me and expect the valuation to sustain. Can make 30% CAGR if thesis plays out. Stock broke out of ATH recently.
3: Bought Confidence Petro: Management growth guidance of 40% for FY24. Stock at ATH. Valuations are reasonable if the co. can scale revenues and improve upon margins. Scale up of LPG fueling stations in Banglore and other similar opportunities that the management is working on forms part of my thesis
4: SJS and Manappuram: Added some quantity as the momentum is good with valuation comfort
5: Bought SBCL: Old GTT order got triggered. I feel that it’s a good opportunity after recent fall. But my allocation is too small for me to care. I prefer to scale it up or sell completely rather than holding a co. with very small allocation.
6: added very small qty of Venus pipes: Just slow and steady uptrend is the reason for me to add this. Future outlook for the co. is good with recent capex coming online (If memory serves correct, the capex can 2-5-3x the revenue at full utilization). But valuation is expensive. May sell if the trend reverses (and shift to cos with better risk reward)
7: Cigniti Tech: Management aims 1bn USD revenue by FY28 via organic and inorganic growth. Cash on books of ~230 cr will fund any Acquistion and adds valuation comfort as it’s 10% of the Co’s market cap. May scale up the allocation in future (either by averaging up or down)
8: Sold IIFL Finance, GLS, CosmoFIrst, MPHASIS, AARTI Drugs, AJANTAPHARM: As I feel that the allocation is small and used the money to add/buy other cos
9: Sold Laurus labs and Federal bank: I found better opportunities elsewhere (all the stocks added and bought freshly)
10: Bought ShardaCropchem: Want to play the possible turnaround in Agrochem business with this co. may add in future.
11: IGPL: It doesn’t show in my PF, as I bought just today. This is a proxy to Pigment space. I see that the historical performance of the co mimics Pigment cos like Ultramarine pigments and Sudarshan Chem.
12: Sold Tanla: Sold Tanla which was previously my biggest investment at purchase price as the stock is seeing severe downtrend (from 1300 to below 1000in last few months) shifted to other cos
12: Bought Deepakfert: It’s play in anticipated uptick in commodity chemical price in China and so globally. The stock is in stage 1 as per me, so the downside is limited.
13: Others: Sold some qty of Ujjivan and bought Pitti, SJS in addition to other stocks. I plan to exit Ujjivan and Equitas gradually and shift to cos with better valuation.

Funding for all the new buys was from selling existing holdings and by adding some fresh funds.

Few thoughts:

1. From this recent churn in PF I’ve cut some holding in the tail of PF but added some cos, but the tail is thicker with only 5 cos with weightage below 2%
2. Really went ahead and added Angel one and Manappuram as per my previous post.

3. Would’ve loved to add more of Kama Holding before. Will look for opportunities to add Fluorochem and Kama Holding (Probably by selling Ujjivan and/or Equitas)

Things I’d like to improve:

1. Reduce the no. of stock by ranking them based on both Fundamentals and Technicals.
2. Build the mindset to average up on existing holdings.

Please feel free to quiz me or share opinion on my post or PF. Hope to improve and at the same time add value to the community.

Disc: There are lot of transaction in the PF recently. I may have added/reduced/bought/sold other stocks that I didn’t mention here. No recommendation to buy or sell

Thanks for your patience in going through this long post.

Good news for HBL Power