Others seem to be best option (as not employed does not seem right).

Looks like Piramal Capital and Housing Finance need to list by Next year. I do not think they have ever mentioned about this in PEL con call so far.

By the way Baja Housing Finance is getting to ready for IPO sometime this year with valuation of around $10 billion as per NDTV Profit

Some of the interesting facts on Q3 commentary

1. Why Gross Block is one of key parameter of FMCG company?
   Some key aspects on gross block of commentary:
   I would like to highlight that in the last 5 years, our gross block has grown fivefold to more than INR1,000 crores. This has been done on the back of both greenfield expansion as well as M&A. This strong foundation is now enabling us to plan for new investments that will set tone for the future growth over the next few years!!!
   We will invest around INR800 crores, INR900 crores in gross block in next 2 years. Some of it already been in public domain, the ice cream factory or the shoe business or Baddi and all those things. And the fundraise, which we have done, coupled with the debt which we take and also the internal accruals will fund this growth for next 2 years.

Assume at the end of the FY26, Gross block will be 1800-1900 Cr and 4X assets turnover means ~ 3600 -3800 Crores turnover in future. (The company target of 4000 Cr, which one match on this concept)

2. In addition to the continued investment in the FMCG business, like our new ice cream plant in Haryana, the new beverage plant in Assam and a few others that we are working on, we’ve also been working on opening up adjacent sectors where we think we can grow. One of these sectors is OTC pharma and health care products in which the company has identified certain M&A opportunities. : This one apart from existing unit at Baddi.

3. The other sector that we’ve been bullish about has been the sports shoe category, where we are seeing some tailwinds due to the government policies and global trade movements. To leverage this, we again have decided to go the route of inorganic growth and have identified some M&A opportunities, which should help us scale this business sooner. They have already announced on 01.04.2024.( perfectly tick)
   Now after the shoe acquisition, and I’m talking about maybe a quarter from now, we will have a slightly larger take in terms the gross margins for a couple of reasons. One, that there is a lot of shared manufacturing as far as the shoe business is concerned. And the shoe business functions in a completely different way. The shoe business will become sizable in the next, let’s say, 6 months. And post that, I will come back to you with some kind of definite guidance in terms of
   gross margins. (Improvement in Gross margin means bottom-line to some extent will be improved)

Mishra Dhatu Nigam Limited (MIDHANI) has reported its highest ever sales of Rs. 1,065 Cr. for FY 2023-24, up from Rs. 871.94 Cr. in FY 2022-23. Additionally, the company achieved its highest ever direct exports of Rs. 66.88 Cr. for FY 2023-24, compared to Rs. 37.45 Cr. for FY 2022-23.

@LarryWink

Momentum or I guess relative momentum here is to participate in stocks that are relatively strong compared to others, irrespective of the market. Yes, if the market is going down, there will be fewer and fewer such stocks, and yes, even these can fall.

On an opposite note, despite a bull market, some stocks which have shown relative strength may fall after we purchase, the initial buyers who are responsible for the momentum, which we have captured may have changed their view, and exit, so we too will have to do the same, if we follow a stop loss at individual level. Here, the draw down will not be more, as a strict SL exists.

If no such individual SL mechanism exists, and SL is applied at PF level, then there could be a big draw down, but this is part of the sysytem design, just like there is upper limit to profit booking, there is no manual intervention with losses too, exit entire PF at 30% loss, current loss is 29%, do nothing.

Many ways to handle SLs, each perhaps with varying pros and cons.

Valuation has no place here, the stock selection here is based on momentum, like a screener, we are just chasing the price, no concern about value, and this is not investing either.

So unlike sector/trend following concentrated PFs which have given stellar returns, like you have mentioned, this momentum strategy continues in thick and thin, so XIRR/CAGR is perhaps a better calculation. There is no lookout for the next hot sector/stock, this is a basket approach.

As far as taking hit every week, I can say that, it is hard to predict what can happen next week, every time. If there are many results in the search, it essentially means that market is good, if the next week results exceeds the previous week’s results, then the market is very good, so on and so forth. One strategy that is mentioned is to allocate more when market is strong, and relatively less when market is week.

A momentum strategy may look simple, but I think there will be a few things that need to be tuned, in order to do it for extended periods, not to mention this is a work in progress.