The harsh portfolio!

1. Ashiana Housing is a great pick for real estate. I believe this is the only company on which I can bet on in the sector.

2. ITC : It is a great pick. But since you have allocated 6% in FMCG, you can look at nestle as well. Nestle has an absolute dominance of about 97% in children cereal industry. And due to India’s regulation regarding advertising the children cereal industry, competition affecting Nestle’s position in this growing market is difficult to disrupt.

3. Interglobe : I do understand your thesis of airline being a growing industry. Globally, the most profitable airlies are those of the developed nations. So, if you have a very big time horizon for aviation (about 20-25 years) , then I believe you are at a good spot. But, if its not for such a long duration, I believe you can think it once again. But, no doubt Indigo is a better investment than other listed airlies in India.

4. HDFC : You should be loading HDFC bank I believe. The stock has not moved much in the last 2 years, but the earnings have compounded on a healthy rate, making it relativelty cheap right now since earnings have grown but the stock price has not. Thus, a good time to enter the league.
   Would like to advice you to see IDFC first bank as well. Stock is lead by very good management. The CEO has built the retail business of ICICI bank back in the days. The COO of the company is ex-ICICI COO guy and a very respect person in the industry. And naturally, good management translates to ethical banking practices → good asset quality → less NPA/defaults. Also, this is a retail focused bank now.

Feel free to express disaggrements if any. Happy to learn!
I am not an advisor. These are not recommendations. These are based on my understandings.