Sure, Dr. Lal will always be Dr. Lal.
It’s a confluence of negative sentiments, IT raid, tepid results and more conservative guidance. I think if everything didn’t happen at once, the picture would be different.
I don’t own GPIL. I’d be tempted if it falls back to book value, as the clean balance sheet, eventual revoke of the export duties etc will bode well for the stock.
Had a nice discussion with Harsh about how cyclicals in India are punished on sentiment, even if they put out excellent RoCEs in the downcycles. Ex: Maithan Alloys. This is the only reason I’d like a little more safety.
With regards to the portfolio, I’ve been aggresively rebalancing in the last 3 months, trying to reduce the overall valuations and improve on quality.
Major reductions:
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Laurus Labs is now <2% of the portfolio
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Have started trimming Deepak Fert.
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Sold Lux and Piramal.
New additions:
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Shivalik Bimetals ~ 5% position size at 410.
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Aegis ~ 7% position size at 205.
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Avanti Feeds ~ 5% position size at 440.
Tracking:
- Arvind Fashions, Alembic Pharma, Equitas, PNC Infra, Dhruv Consultancy Services, and a whole lot more.
On the family portfolio front, have been aggresively rebalancing there too, and HDFC is now the largest allocation. Have trimmed Tata Elxsi significantly.
Will continue to give disclosures on company threads when I do post. This quarter has been a tremendous learning experience for me.
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