Sold off PFC and Hazoor multi project. PFC was mostly a cash parking space. PSU, large caps are not my favourite areas, bit conservative that way.
Hazoor seems to depend on corruption in road contracts and growth was nothing special, mauritius based FII heavily bought preferential issue so could be money laundering too, not worth the risk. Thanks to the value pickr thread for this info.
Bought permanent magnets, it’s a difficult investment, very close compared to shivalik bimetal, they use some electronic parts and make larger product, possibly start making bigger magnets, good management. What happened to Shivalik also hit them, EV subsidies have been reduced at several places worldwide and so inventory reduction is going on, demand should slowly start picking up in next few months, hence the difficult part of waiting and watching. Thanks @phreakv6 for the💡
Bought Azad engineering, simplistic pre IPO calculations were pessimistic because they didn’t account for debt pay off, this simply boosted PAT by almost 2x, since there were huge interest payments. Now it’s just fairly valued for a high tech company. Given growth triggers lined up, perhaps on the cheaper side.
Both positions are about 3% of folio each.
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