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Adani Ports 737.45 (-0.22%)
Asian Paints 3110.45 (-2.21%)
Axis Bank 673.00 (-0.46%)
B P C L 385.90 (1.86%)
Bajaj Auto 3287.85 (-1.22%)
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Bajaj Finserv 17488.70 (-1.52%)
Bharti Airtel 718.35 (-1.94%)
Britannia Inds. 3553.75 (-0.69%)
Cipla 912.05 (-1.00%)
Coal India 159.75 (0.28%)
Divis Lab. 4757.05 (-0.42%)
Dr Reddys Labs 4596.50 (-1.42%)
Eicher Motors 2455.55 (0.16%)
Grasim Inds 1703.90 (-1.16%)
H D F C 2771.65 (-1.29%)
HCL Technologies 1171.40 (-1.12%)
HDFC Bank 1513.55 (-0.80%)
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Hero Motocorp 2462.45 (-0.41%)
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Infosys 1735.55 (-0.73%)
ITC 221.65 (-1.69%)
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Kotak Mah. Bank 1914.20 (-2.55%)
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Ashish Kacholia Portfolio

Ashish Kacholia Investment Portfolio
by 5paisa Research Team 18/10/2021

Ashish Kacholia has emerged as a very focused value investor in mid-cap and small cap stocks in India. He floated Lucky Securities in 1995 but eventually went on to become one of India’s ace investors.

As of the close of September 2021, Ashish Kacholia held 26 stocks in his portfolio with a market value of Rs.1,770 crore as of 15th October. Here is a snapshot of his top holdings in rupee value terms.
 

Ashish Kacholia's portfolio as of Sept-21:
 

Stock Name

Percentage Holding

Holding Value

Holding Movement

Mastek Ltd

2.8%

Rs.232cr

No Change

Vaibhav Global

1.4%

Rs.161cr

No Change

Poly Medicure

1.7%

Rs.159cr

No Change

HLE Glasscoat

1.4%

Rs.140cr

No Change

Shally Engineering

6.5%

Rs.119cr

Reduced in Q2

NIIT Ltd

2.3%

Rs.104cr

No Change

Acrysil Ltd

3.8%

Rs.75cr

No Change

Mold-Tech Packaging

3.3%

Rs.69cr

No Change

Garware Hi-Tech Films

3.3%

Rs.68cr

Increased in Q2


The top-10 stocks account for 64% of the value of the portfolio of Ashish Kacholia as of end Sep-21.

Stocks where Ashish Kacholia added stake

Let us look at the fresh addition of stocks to his portfolio first in the Sep-21 quarter. Ashish added 7 stocks to his portfolio in the Sep-21 quarter to the extent of more than 1%. The fresh stock additions include Tarc Ltd (+1.5%), Gateway Distriparks (+1.5%), VRL Logistics (+1.4%), Somany Home Innovations (+1.6%), Ami Organics (+1.4%), Xpro India (+2.5%) and Venus Remedies (+1.1%). Two out of the seven fresh additions are logistics stocks.

Also Read: Stock holdings of top Stock Market Investors

There were also some stocks where Ashish increased his positions. For example, he raised his holdings in Garware Hi Tech Films by 70 bps from 2.6% to 3.3%. Holdings in Safari Industries and HLE Glasscoat were raised very marginally in the Sep-21 quarter.

What stocks did Ashish Kacholia downsize in his portfolio?

In the Sep-21 quarter, there were several stocks in which he cut down his stake. For example, his stake in Shally Engineering was cut by 70 bps from 7.2% to 6.5%. There were marginal cuts in Vaibhav Global and Mold Tech Packaging.

There were 4 stocks in which Ashish reduced his stake to below the 1% mark, as a result of which statutory reporting is not required. He cut his stake in Apollo Pipes from 3.6% to below 1%, Birlasoft from 1.2% to below 1%, Caplin Point Labs from 1.2% to below 1% and in Apollo Tricot Tubes from 2.4% to below 1%. There was no stock which Ashish exited fully from his portfolio in the Sep-21 quarter.

Ashish Kacholia’s Portfolio Performance over 1 year and 3 years?

How did his portfolio perform as of the end of September 2021 quarter compared to the year ago period and the 3 year ago period. His portfolio currently stands at Rs.1,770 crore while a year back the portfolio value stood at Rs.821 crore. That is an appreciation of 115.6% for Ashish Kacholia on his portfolio in the last 1 year.

Let us turn to a 3-year perspective. The value of his portfolio was Rs.747 crore in Sep-2018. In terms of compounded annual growth rate, the annualized returns stand at 33.4%, which is still impressive. But clearly,  most of the returns for Ashish appear to have come in the last one year only.

Also Check - Radhakishan Damani's Portfolio 2021

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Radhakishan Damani Portfolio

Radhakishan Damani Portfolio
by 5paisa Research Team 18/10/2021

In a way Radhakishan Damani’s wealth creation has been synonymous with D-Mart (Avenue Supermarts). That is true and D-Mart alone accounts for  over 97% of the total portfolio value of his holdings. However, Damani is also known to be one of the most astute value investors as some of his recent acquisitions like India Cements have shown.

As of the close of September 2021, Radhakishan Damani held 14 stocks in his portfolio with a market value of Rs.230,830 crore as of 15th October. Here is a snapshot of his top holdings in rupee value terms.

Radhakishan Damani's portfolio as of Sept-21:

Stock Name

Percentage Holding

Holding Value

Holding Movement

Avenue Supermarts

65.2%

Rs.224,747cr

No Change

VST Industries

32.3%

Rs.1,869cr

Increased in Q2

India Cements

21.14%

Rs.1,402cr

No Change

Sundaram Finance

2.4%

Rs.646cr

No Change

Trent Ltd

1.5%

Rs.626cr

No Change

United Breweries

1.2%

Rs.556cr

No Change

3M India Ltd

1.5%

Rs.434cr

No Change

Blue Dart Express

1.5%

Rs.227cr

Reduced in Q2

Metropolis Healthcare

1.6%

Rs.218cr

No Change


Avenue Supermarts alone accounted for 97.3% of the total portfolio and the top 3 stocks consisting of Avenue Supermarts, VST Industries and India Cements jointly accounted for 98.8% of the overall portfolio of Radhakishan Damani

Stocks where Radhakishan Damani added stake in Q2

Let us look at the fresh addition of stocks to the portfolio of Radhakishan Damani in the Sep-21 quarter. There was increase in holdings in just 1 stock during the September quarter. He increased his stake in VST Industries, the Hyderabad based cigarette manufacturer, by 210 bps from 30.2% to 32.3%. At 32.3%, Damani now holds one-third of VST Industries and as much as its global promoters, Raleigh Investments.

Check - Radhakishan Damani Portfolio - June 2021

What stocks did Radhakishan Damani downsize in his portfolio?

Mr. Damani has been a focused long term investor and not known to churn his portfolio too often. In the Sep-21 quarter, There was just one stock in which he cut his stake i.e., Blue Dart Express. He cut his stake in Blue Dart Express by 20 bps from 1.7% to 1.5% during the September 2021 quarter. In all the other holdings, his stakes have remained the same.

Radhakishan Damani Portfolio Performance over different time periods?

In the case of Damani, looking at his portfolio prior to March 2017 may not add much value as the stock of Avenue Supermarts was only listed on the bourses in March 2017. Prior to that, his listed portfolio was very small. We will look at 3 different time periods to evaluate the portfolio of Radhakishan Damani.

a) Over the last one year period i.e., between Sep-20 and Sep-21, the value of his portfolio increased from Rs.97,326 crore to Rs.230,830 crore. This 137% appreciation in one year was largely driven by Avenue Supermarts with India Cements doing its bit.

b) Over a 3 year period i.e. between Sep-18 and Sep-21, the value of his portfolio showed accretion from Rs.63,628 crore to Rs.230,830 crore. That is compounded annual growth in portfolio value of 53.65% over the last 3 years.

c) We also look at his portfolio since the listing of Avenue Supermarts in 2017 i.e. between Mar-17 and Sep-21. The value of his portfolio showed accretion from Rs.30,316 crore to Rs.230,830 crore. That is compounded annual growth in portfolio value of 57% over the last 4.5 years.

Also Read: 

Stock holdings of top Stock Market Investors

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Penna Cements gets Nod for Rs.1,550 Crore IPO

Penna Cements gets Nod for Rs.1,550 Crore IPO
by 5paisa Research Team 19/10/2021

Hyderabad based Penna Cements, which had filed DRHP with SEBI for its proposed IPO about 2 months back, has secured IPO approval from SEBI. It can now go ahead with the IPO and can take up the next steps like filing the RHP with the Registrar of Companies (ROC), doing the road shows and fixing the IPO dates as well as the price band for the issue.

The IPO of Penna Cements will be for Rs.1,550 crore. This will comprise of Rs.1,300 crore by way of fresh issue while Rs.250 crore will be way of offer for sale (OFS) wherein the promoters will hive off part of their stake in Penna Cements to the public. PR Cements, the holding company of Penna Cements, will offer its shares in the OFS.

Out of the fresh issue proceeds of Rs.1,300 crore, Penna will use Rs.550 crore for repaying debt. A sum of Rs.105 crore will be allocate for capex at its KP Line 2 project. Penna will invest another Rs.80 crore in upgrading its raw grinding cement plants. Finally, a total of Rs.240 crore will be used to set up waste heat recovery plants at 2 locations.

Penna Cements currently has a total of 4 integrated cement plants and 2 grinding units that are spread across the states of Telangana, AP and Maharashtra. Its current cement making capacity is 10 million tonnes per annum (MTPA) and as per its ongoing expansion plan, the capacity will increase to 16.50 MTPA by the year 2024.

For the Mar-21 quarter, Penna Cements had reported top line revenues of Rs.2,476 crore and net profits of Rs.152 crore implying; net margins of 6.14%. The profits had spurted by over 6-fold yoy due to robust cement prices. This is the second major cement IPO in the year 2021 after Nuvoco Cements of the Nirma Group raised Rs.5,000 crore in Aug-21.

Cement stocks have been in the limelight of late due to robust demand and higher cement prices. Cement demand is expected to grow at 7% CAGR over next 5 years and the key to leveraging this opportunity is capacity and reach. Interestingly, Nuvoco was the first cement company IPO after a gap of almost 14 years. We should hopefully see more of them now.

Also Read:-

List of Upcoming IPOs in 2021

List of Upcoming IPOs in October 2021

Upcoming IPOs to raise Rs.45,000 Crore in Oct-Nov

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Reliance Allowed to Seek Creditor Nod for Future Group Deal

Reliance Allowed to Seek Creditor Nod for Future Group Deal
by 5paisa Research Team 19/10/2021

In an interesting development, the NCLT Mumbai Bench permitted Reliance Retail Ventures to call for an Extraordinary General Meeting (EGM) to seek approval of its creditors and shareholders for the Future group merger deal. The NCLT Mumbai Bench also ruled that the objections raised by Amazon were premature and could be dealt with later.

The Rs.24,713 crore merger deal between Future group and Reliance Retail Ventures had run into legal wrangles after Amazon had objected to it. Amazon has an indirect stake in Future Retail due to its 49% stake in Future Coupons. Amazon’s contention was they should have been given the first right of refusal on account of the non-compete clause.

Check - Reliance Takes Over Future Group; So What is the Big Deal?

This ruling of the NCLT is all the more interesting because on 28-Sep, the NCLT had permitted six of the Future group companies to seek approval of creditors and shareholders via EGM for the proposed restructuring of companies ahead of the merger with Reliance Retail. However, since the Supreme Court final order on the subject is still pending, the NCLT has underlined that this is just a preparatory step ahead of the final Supreme Court order.

As the next step, the Future group companies will hold their respective EGMs between 10-Nov and 14-Nov while RRVL will hold its EGM on 30-Nov. The merger will still be subject to the final verdict of the Supreme Court in this subject. Future group companies and Amazon are parties to the litigation, which is pending with the Supreme Court.

Post the merger deal announcement in Aug-20, Amazon had approached the Singapore International Arbitration Centre (SAIC), which had asked for the merger to be put on hold till the final verdict. Future had objected to the jurisdiction of the SAIC, but the Supreme Court has set that debate to rest by ruling that Future group is bound by the SAIC decision.

Under the terms of the merger deal, Future Retail, Future Consumer, Future Supply Chain and Future Lifestyle Fashion will first merge into Future Enterprises. While the retail and wholesale business will be transferred to a subsidiary of RRVL, the logistics and warehousing business will be directly transferred by Future group to RRVL. 

Post the deal, Future group will repay its debt, but will be only left with a handful of businesses, including the 2 insurance joint ventures.

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Domestic Air Passenger Traffic Grows by 5.45% in September 2021

Domestic Air Traffic Grows by 5.45% in September 2021
by 5paisa Research Team 19/10/2021

If Aug-21 seemed like a good month with over 67 lakh passenger flying domestically, Sep-21 has done even better. The Sep-21 figure was higher than the August figure by 5.45% at 70.66 lakh passengers. These numbers were reported by the Directorate General of Civil Aviation (DGCA), which puts out monthly passenger traffic numbers.

On a YoY basis, the passenger traffic for Sep-21 was up by 79%, but that may be a tad misleading as the corresponding month of Sep-20 was an exceptionally tepid month wherein the flying percentage was much lower. In September, flights were allowed to operate at 85% of pre-COVID capacity as compared to just 72.5% in Aug-21.

There have been a number of factors for this surge in passenger traffic, apart from the higher flying ratios permitted and the higher PLF. One reason was the pent-up demand or the revenge spending as it is called. Also, the festival travel has shown a surge in the month of September and flying for non-business purposes was quite robust in Sep-21.

If you consider the 9 months period between Jan-21 and Sep-21, then the total passengers ferried stood at 531 lakhs. This is about 20.5% higher than the passenger traffic in the first 9 months of year 2020. Again, this is not strictly comparable since the period between March 2020 and May 2020 was a virtual aviation washout due to flying restrictions.

It may be recollected that in Jun-21, the flights were forced to reduce the flying to just 50% of pre-COVID capacity to limit the spread of COVID 2.0. However, that has now been raised to 100% in October. That should result in the PLF or passenger load factors getting back to the 85% plus levels, which is where airlines can once again hope to return to profitability.

Check - Ministry of Civil Aviation allows Airline Companies to Fly with 85% Capacity

The overall aviation industry is likely to benefit from this demand surge. For Sep-21, Indigo Airlines had a commanding market share of 56.2% while Air India, Go Air, Spice Jet and Vistara all had market share of 8-9% each. Air Asia had a share of around 5.5% in Sep-21. The big challenge for other airlines will now be to take back their market share from Indigo.

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Policybazaar gets SEBI Approval for its Rs.6,017 Crore IPO

Policybazaar gets SEBI Approval for its Rs.6,017Crore IPO
by 5paisa Research Team 19/10/2021

SEBI has given its approval for the Rs.6,017 crore IPO of PB Fintech. Incidentally, like in most cases, this is another case of the digital brand being better known than the promoting company. PB Fintech is the company that owns and operates some of the marquee digital brands like Policybazaar and Paisabazaar. The IPO is expected around the last week of October with Post Diwali listing.

PB Fintech is targeting valuation of around $7 billion for the entire property. In rupee terms, that would translate into a starting IPO market cap of around Rs.53,000 crore. Policybazaar is a digital platform that allows uses to select the insurance policy that is best suited to them based on a variety of parameters that customers can specify. 

Policybazaar not only offers a digital platform to research and compare insurance policies from different originators, but it also enables transaction fulfilment through the portal itself. Paisabazaar, another property of PB Fintech, is into arranging of loans from leading financiers for customers based on a digital evaluation of credit needs and credit scores.

The Rs.6,017 crore IPO will comprise of a fresh issue of Rs.3,750 crore and an offer for sale of Rs.2,267 crore. Out of the total OFS size of Rs.2,267 crore, nearly Rs.1,875 crore worth of shares will be offered by early investor, Softbank Vision Fund Python. Tencent of China owns 9% in Policybazaar but will not be participating in the OFS. The founders of Policybazaar will also be looking to monetize part of their holdings via OFS.

Check - Policybazaar file for IPO

The digital business is an upfront spend-heavy business and requires a lot of investment in customer development, branding etc. Policybazaar will use a large part of the fresh issue proceeds towards enhancing the visibility and awareness of the brands as well as for customer acquisition. The company will also explore organic and inorganic expansion.

Among the major early investors in Policybazaar, Softbank of Japan owns around 15.76%, Tencent of China holds 9% and Claymore Investments owns 6.26%. Interestingly, Info Edge, owns a 14.56% stake in Policybazaar. It may be recollected that Info Edge was also the largest investor in Zomato although it had only sold a small part of its holdings in the OFS.

Also Read:-

List of Upcoming IPOs in October 2021

List of Upcoming IPOs in 2021

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