Update on second half of 2022 –
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PTC India keet the portfolio returns below par. Holding in the hope that issues would be resolved and as promised by management the performance would improve/sustain. Dividend yield is still reasonable ~8% so need ~7% capital gain to reach my target return of 15%/annum. Plan to hold PTC India for at least few more months hoping for clarity on (i) corp. governance issues at PTC & PFS (ii) sale of wind business (iii) performance of HPX as new products are launched and (iv) next quarterly results of PFS and PTC
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Allocated 8% to Piramal Pharma at average of ~Rs 150. Company has been a consistent performer for last 10 years and going through difficult time. Plan to hold for 5 years expecting average 15%/annum return.
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Initiated purchase of MOFSL. At ~10K Cr market cap I feel there is margin of safety and the stock may not fall much. I will average if it falls further. The company has investment of ~4300 cr which has delivered 19% IRR so on a conservative basis investments can be expected to be ~8500 cr in 5 years. Their broking, asset & wealth management and housing finance can generate average 800 cr/annum after 5 years which at 12 P/E is ~10K cr.
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Purchased Rupa and co ~3% allocation below 300.
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Slowly reducing the allocation to ABCL and selling some IIFL Finance stock to create liquidity.
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Continuing to hold GHCL, Gujarat Ambuja, Piramal Ent., IIFL Finance, SH Kelkar, Tata Steel Long, Tata Power, LT Foods, Ujjivan, Rupa and Zydus Life.
Disclosure – Not an investment advice. Views are biased. Please do detailed analysis before purchasing any stock.
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