AVENDUS CAP
It's a party on Dalal Street as India m-cap soars to Rs 426 lakh crore
Indian equities surged to new highs on Monday as investors reacted positively to the likelihood of the Bharatiya Janata Party (BJP) winning with a strong majority based on exit polls. Benchmark indices jumped over 3%, the biggest gain in four years.
ETMarkets PMS Talk: We will see a strong build up for India as a single-country destination for FII flows: Tridib Pathak
India’s growth gap over the rest of the world is widening and India will be the fastest-growing major economy in the world over the next 5 years at least.
India's market-cap crosses $5-trillion milestone
At the close of Thursday's trading, the market-cap of all BSE-listed companies stood at $5.05 trillion (or ₹420.22 lakh crore). India is the fifth country after the US, China, Japan, and Hong Kong whose market capitalisations have crossed the $5-trillion mark.
Indices sink as Dalal Street takes cues from Poll Street
The selloff resulted in markets shedding ₹7.5 lakh crore in market capitalisation. Growing chatter on social media and betting trends in the unofficial satta bazaar suggesting that the BJP numbers could be lower than anticipated has made investors nervous.
3 investing traps and how to avoid them
This time we discuss popular ‘Traps’ in equity investing, which we are often aware of, but do tend to ignore in flow with herd mentality and conformity with popular opinions.
Five years on, Morgan Stanley PE to exit cardiac stent maker SMT
Existing investor Samara Capital and the promoter, Dhirajlal Kotadia and his family, are also likely to sell an about 15-20% stake between them. The potential deal is likely to value SMT at ₹3,500-4,000 crore and the process will be launched by the end of April, said the people. In 2018, Morgan Stanley acquired its 17% stake in SMT with an investment of ₹160 crore. Samara Capital holds a 32% stake, while Kotak Pre IPO Opportunities Fund owns 6% and the promoters hold the remaining 45%.
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EverEnviro eyes debut PE fundraise in India biogas sector
At present, EverEnviro has an operational Bio-CNG plant in Indore with 550 tonnes per day capacity and supply CBG into Avantika Gas’ piped natural gas (PNG) grid since September last year. It plans to add 5 more plants operational by FY24 - in Punjab, Uttar Pradesh and Madhya Pradesh with a total capacity of 60 MT CBG per day.
ETMarkets PMS Talk: Don’t wait for correction; India’s narrative is changing, and it is changing fast: Tridib Pathak
Tridib Pathak says: "FII flows will remain volatile and will continue to be influenced by global monetary conditions in the short to medium term. Most of the FII flows in India have been as a part of an allocation to emerging market /Asia funds and very less is direct as an India-dedicated/country-specific exposure."
ETMarkets PMS Talk: This 600-cr fund manager focuses on price value gaps to identify stocks for portfolio & manage risk
"We are bottom-up stock selectors. We look for market inefficiencies to identify opportunities, and we believe in market efficiency for these opportunities to turn profitable. We like to identify ‘change’ in business fundamentals which can lead to ‘change’ in growth or ‘change’ in valuation – or both. We are long-term investors with a minimum of 3–5-year horizon."
Going into Q1 of next year, another 5% upside expected: Andrew Holland
“In terms of premiumisation, we are really at the beginning of a runway here for the whole kind of movement towards luxury goods and experiences and that is what the market should be pricing in and will continue to price in over the next two to three years as well.”
Three private equity firms eye Rs 2,000-crore Adani Capital buyout
Adani Capital's management - led by former Lehman Brothers and Macquarie investment banker Gaurav Gupta, who joined the conglomerate in 2016 - owns around 10% of the company. Promoters own nearly 90%, which is up for grabs.
ETMarkets Fund Manager Talk- We’re more bullish on consumer discretionary than staples sector: Avendus Olivo PMS
That the markets are at an all-time high is merely optical. Just as in the past, markets will inevitably continue to hit and surpass several all-time highs over time in the future. This is purely because of ‘Growth’.
ETMarkets Fund Manager Talk: India becoming “too big to ignore” for FIIs: Tridib Pathak
"India’s growth gap over the rest of the world is widening and India will be the fastest-growing major economy in the world over the next 5 years at least. So, visibility of growth is the key reason. India is largely a domestic consumption-driven economy, helping to relatively insulate itself from a potential global slowdown/recession."
What decoupling? India has always been a domestic driven economy: Andrew Holland
“We can talk about decoupling, but from a global economic and financial angle, India cannot be decoupled. Yes, one can say India is a domestic driven economy and so it was in 2007 as well. That has not really changed. I am not into this decoupling kind of theory at the moment as a way of why our markets are doing better.”
Beware! Market getting overbought and leadership rotating too fast: Andrew Holland
“Market leadership I think will continue to come from the banking sector because that is obviously a great inflation play but as we are probably noticing now, it is starting to get more rotational around the sectors, which means that the leadership is changing and it is probably not sustainable.”
Growth stock can be a value bargain: Tridib Pathak, Avendus Olivo
"We are style agnostic, and we do not differentiate between value or growth style factors. We think value is not a statistical measure. A company’s worth is the present value of its future cashflows. However, it has become popular to use price multiples as a crude approximation of this. We believe that relative valuation measures, whilst useful, need to be interpreted carefully."
ETMarkets Smart Talk: Deploy cash gradually as longer-term story for India is attractive: Vaibhav Sanghavi
"While the correction in our markets has set in, it's still much better than the global peers. We would be one of the fastest and the most consistent growing economies backed by incomparable demographics and robust democracy. From a longer-term perspective, we have a great opportunity available to invest. The shorter-term albeit would be impacted by many fast-moving variables making it difficult to predict."
Six months on, expect new capex cycle and opportunities across new sectors: Andrew Holland
“The next capex cycle will be across renewables, defence and many other industries where either countries or companies have a supply constraint or risk. That is going to throw up a lot of new opportunities in a lot of new sectors. It is going to be a global factor. That is going to play out six months on.”
How Startup IPOs are changing the valuation game in India
The blockbuster IPOs of new-age tech companies, such as Zomato and Nykaa, show the valuation game has changed, as focus shifts from earnings to growth potential.
Any dip in market next week may see retail investors swoop in
“We haven’t seen even a 5-10 per cent correction for quite some time now. So that could be on the cards in the next few months,” Andrew Holland, chief executive officer at Avendus Capital Public Markets Alternate Strategies told ETNow earlier this week.
Not value versus growth, Andrew Holland believes in barbell strategy
There is still a long runway for IT, FMCG and pharma if we are talking about 10% GDP growth and earnings growth of 32% for next year, says the CEO of Avendus Capital
High & higher: M-cap of BSE cos tops Rs 200 lakh cr
After logging an all-time high of 50,687.51, the BSE Sensex ended up 358.54 points, or 0.7 per cent, to close at 50,614.29. The Nifty ended up 105.70 points, or 0.7 per cent, at 14,895.65 after touching an all-time high of 14,913.7 .
Andrew Holland on 4 sectors that can take the market higher this year
One of the big destinations of funds is going to be Asia because the growth in Asia led by China and India will be huge, says Andrew Holland
Three reasons why FPIs are so excited about Indian market
Street surprised by the kind of earning upgrades in the IT and pharma sectors.
Dream11 parent secures $225 million in fresh funding
The funding, which is largely secondary in nature with a smaller primary component, is expected to result in the further reduction of Chinese gaming and social media giant Tencent Holdings’ stake in the company to single digits, sources told ET. The investment values Dream Sports at about $2.5 billion, said people with knowledge of the matter.
This is a trading market; participate only on a selective basis: Andrew Holland
‘Volatility remains a cause of concern in the short term’
Capex coming back in these 4 sectors: Aniruddha Naha, Avendus Capital
Specific pharma, construction cos and some PSU banks could play out well over next 2 years.
The earning season is going to be hugely uncertain: Vaibhav Sanghavi, Avendus Cap
We would be buyers in the small finance banks space, if they are managed well and retain a good track record: Vaibhav Sanghavi
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