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Sensex 58710.52 (0.43%)
Nifty Bank 36808.9 (0.82%)
Nifty IT 36314.8 (0.43%)
Nifty Financial Services 17956.7 (-0.15%)
Adani Ports 743.45 (0.59%)
Asian Paints 3166.70 (-0.44%)
Axis Bank 685.95 (1.46%)
B P C L 386.25 (1.95%)
Bajaj Auto 3318.00 (-0.31%)
Bajaj Finance 7166.45 (-0.20%)
Bajaj Finserv 17792.95 (0.20%)
Bharti Airtel 725.05 (-1.02%)
Britannia Inds. 3576.45 (-0.06%)
Cipla 915.10 (-0.67%)
Coal India 160.30 (0.63%)
Divis Lab. 4737.80 (-0.83%)
Dr Reddys Labs 4632.45 (-0.65%)
Eicher Motors 2475.85 (0.99%)
Grasim Inds 1724.15 (0.02%)
H D F C 2812.65 (0.17%)
HCL Technologies 1181.25 (-0.29%)
HDFC Bank 1534.25 (0.56%)
HDFC Life Insur. 703.15 (-0.30%)
Hero Motocorp 2479.10 (0.26%)
Hind. Unilever 2379.40 (-0.16%)
Hindalco Inds. 431.40 (-0.16%)
I O C L 121.85 (0.99%)
ICICI Bank 729.05 (0.92%)
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Infosys 1775.40 (1.55%)
ITC 225.30 (-0.07%)
JSW Steel 648.05 (0.20%)
Kotak Mah. Bank 1975.80 (0.59%)
Larsen & Toubro 1826.05 (2.06%)
M & M 851.30 (0.21%)
Maruti Suzuki 7255.45 (-0.95%)
Nestle India 19348.30 (-0.79%)
NTPC 130.05 (1.05%)
O N G C 146.00 (1.39%)
Power Grid Corpn 214.90 (0.19%)
Reliance Industr 2476.15 (-0.27%)
SBI Life Insuran 1179.75 (-0.70%)
Shree Cement 26210.55 (-0.30%)
St Bk of India 479.90 (0.61%)
Sun Pharma.Inds. 762.95 (-0.43%)
Tata Consumer 771.85 (-0.18%)
Tata Motors 482.20 (0.65%)
Tata Steel 1112.85 (0.04%)
TCS 3649.90 (0.19%)
Tech Mahindra 1629.35 (-0.02%)
Titan Company 2387.60 (0.05%)
UltraTech Cem. 7361.95 (0.53%)
UPL 714.95 (2.40%)
Wipro 647.40 (0.09%)

Vijay Kedia Portfolio

Vijay Kedia Portfolio
by 5paisa Research Team 21/10/2021

Vijay Kedia may have started out in a family of stockbrokers, but his heart always lay in long-term research-based investing. That is what he has fine-tuned over time. Over the last few years, his out of the box thinking and his ability to identify and hold on to small and mid-cap stocks with conviction has been well appreciated. It is not surprising that his investment actions are closely tracked.

As of the close of September 2021, Vijay Kedia held 15 stocks in his portfolio with a market value of Rs.816 crore as of 20th October. Here is a snapshot of his top holdings in rupee value terms.
 

Here is Vijay Kedia's portfolio as of Sept-21.
 

Stock Name

Percentage Holding

Holding Value

Holding Movement

Vaibhav Global

1.8%

Rs.211 crore

No Change

Tejas Networks Ltd

3.4%

Rs.147 crore

Reduced in Q2

Cera Sanitaryware

1.0%

Rs.77 crore

No Change

Sudarshan Chemicals

1.4%

Rs.64 crore

No Change

Repro India

7.5%

Rs.52 crore

No Change

Mahindra Holidays

1.0%

Rs.33 crore

No Change. Bonus Adj.

Ramco Systems

1.8%

Rs.26 crore

No Change

Heritage Foods

1.1%

Rs.24 crore

No Change

Neuland Laboratories

1.0%

Rs.21 crore

No Change


The top-10 stocks account for 80% of the value of the portfolio of Vijay Kedia as of end Sep-21.
Stocks where Vijay Kedia added to the holdings

Let us look at the fresh addition of stocks to his portfolio in the Sep-21 quarter. There have been no significant new additions made by Vijay Kedia during the Sep-21 quarter. While there may have been some minor additions, only additions taking the stake to above 1% of the company get reported and there have been no such specific cases in the quarter.

There were also no significant accretions to the stock holdings during the quarter, although there have been some minor additions in certain stocks. In the case of Mahindra Holidays, the number of shares have gone up by 50% while the percentage holding remains the same. That is because of the effect of the 1:2 bonus issue effected in the quarter, which is largely value neutral to the shareholders.
 

What stocks did Vijay Kedia downsize in his portfolio?
 

There were a number of stocks in which Vijay Kedia has used higher levels to reduce his stake marginally like Vaibhav Global and Elecon Engineering. In terms of significant reductions, there were 3 stake reductions worth noting.

a) Despite being a small stake overall in value terms, Vijay Kedia did reduce his stake in Lykis Ltd by 70 bps from 10% to 9.3%.

b) His holdings in Cheviot Company used to be 1.3% till the June quarter and the fact it is not reported in this quarter shows it has fallen below the 1% reporting threshold.

c) A significant stake reduction was Tejas Networks where the stake has come down by 200 bps from 5.4% to 3.4%. As a result, Tejas has dropped to being the second largest holding in his portfolio after Vaibhav Global.

All the above reductions in stake happened during the Sep-21 quarter.
 

Check - Vijay Kedia's Portfolio - June 2021
 

Vijay Kedia Portfolio Performance in retrospect
 

In a way, Vijay Kedia’s portfolio came a full circle between 2015 and 2020 and despite a sharp rally in 2017, the portfolio value came back to the 2015 levels by September 2020. Hence most of the returns that Vijay Kedia portfolio earned in the last 6 years has been predominantly driven in the last one year only. Let us look at this last one year show.

Between Sep-20 and Sep-21, the portfolio value of Vijay Kedia has gone up from Rs.229 crore to Rs.816 crore. That translates into annualized portfolio appreciation of 256%. It is perhaps a classic case of conviction and staying power in mid and small caps.

Also Check -

1) Radhakishan Damani Portfolio - Sept 2021

2) Ashish Kacholia Portfolio - Sept 2021

3) Rakesh Jhunjhunwala's Portfolio - June 2021

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Rakesh Jhunjhunwala Portfolio

Rakesh Jhunjhunwala Portfolio
by 5paisa Research Team 21/10/2021

Rakesh Jhunjhunwala is known in the stock market by many epithets. From being called the Pied Piper of stock markets to the Big Bull to the Indian Warren Buffett, there is no gainsaying his immense influence on investors. His portfolio changes are also closely tracked and his profits on Titan, by now, are the stuff that legends are made of. Here is a quick look at his portfolio shifts as of end Sep-21.

As of the close of September 2021, Rakesh Jhunjhunwala held 38 stocks in his family portfolio with a market value of Rs.24,235 crore as of 20th October. Here is a snapshot of his top holdings in rupee value terms.

Here is Rakesh Jhunjhunwala's portfolio as of Sept-21.

Stock Name

Percentage Holding

Holding Value

Holding Movement

Titan Company

4.9%

Rs.10,442 crore

Small Increase

Tata Motors

1.1%

Rs.1,838 crore

No Change

CRISIL Ltd

5.5%

Rs.1,163 crore

No Change

Nazara Technologies

10.8%

Rs.942 crore

No Change

Escorts Ltd

4.8%

Rs.921 crore

No Change

SAIL Ltd

1.8%

Rs.866 crore

Increased in Q2

Fortis Healthcare

4.2%

Rs.812 crore

Minor decrease

Jubilant Pharmova

6.3%

Rs.632 crore

No Change

NCC Ltd

12.8%

Rs.614 crore

No Change

Jubilant Ingrevia

5.5%

Rs.593 crore

Reduced in Q2


The top-10 stocks account for 78% of the value of the portfolio of Rakesh Jhunjhunwala as of end Sep-21, with Titan alone accounting for 43% of his total family portfolio.

Stocks where Rakesh Jhunjhunwala added to the holdings

Let us look at the fresh addition of stocks to his portfolio first in the Sep-21 quarter. There were 2 important new additions made by Rakesh Jhunjhunwala to his portfolio. He added a 1.6% stake in Canara Bank via the bank’s equity placement with market value of Rs.569 crore. He also added a 1.4% stake in Nalco, worth Rs.274 crore. Interestingly, both his fresh additions are from the PSU space.

There were also some stocks where Rakesh Jhunjhunwala increased his positions. Firstly, he did make some marginal additions to his holding in Tata Communications. He increased his stake in Titan by around 10 bps in the quarter while his stake in SAIL increased by 40 bps from 1.4% to 1.8% in the September 2021 quarter.

Check - Rakesh Jhunjhunwala's Portfolio - June 2021

What stocks did Rakesh Jhunjhunwala downsize in his portfolio?

In the Sep-21 quarter, Rakesh Jhunjhunwala did make some marginal reductions in his holdings in Crisil, Geojit, Aptech, Fortis and Rallis. Most of these reductions ranged between 2 bps and 8 bps. However there were some significant stake reductions as under.

a) He reduces his stake in Jubilant Ingrevia, part of the Bhartia group, by 80 bps from 6.3% to 5.5% in the Sep-21 quarter.

b) He significant reduced his stake in real estate company, TARC Ltd, by 180 bps from a level of 3.4% to just about 1.6% during the quarter.

c) A very significant stake reduction was in Mandhana Retail, the manufacturers of Being Human apparel, by 540 bps from 12.8% to 7.4%.

d) In the case of 2 stocks, Rakesh Jhunjhunwala’s stake fell below the 1% threshold. In the case of Multi Commodity Exchange (MCX) his stake fell from 4.9% to below 1%. In the case of one of his old favourites, Lupin, his stake fell from 1.6% to below 1%.

All the above reductions in stake happened during the Sep-21 quarter.

Rakesh Jhunjhunwala Portfolio Performance in retrospect.

How did the portfolio perform as of the end of September 2021 quarter compared to different time frames in the past. Interestingly, the portfolio of Rakesh Jhunjhunwala virtually did not make any returns between September 2015 and March 2020, when the markets bottomed out after the pandemic. The real story started after that.

Between Mar-20 and Sep-21, the portfolio value has gone up from Rs.8,356 crore to Rs24,235 crore. That is a 2.9 fold appreciation or you can almost call it a 3-fold increase. That is actually much better than what the Nifty and Sensex have done. If you just consider the last one year between Sep-20 and Sep-21, the portfolio is up by a whopping 87% from Rs.12,945 crore as of one year back.

Also Check:-

1) Vijay Kedia Portfolio - September 2021

2) Radhakishan Damani Portfolio - Sept 2021

3) Ashish Kacholia Portfolio - Sept 2021
 

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Vodafone opts for 4 Year Moratorium on AGR Charges

Vodafone opts for 4 Year Moratorium on AGR Charges
by 5paisa Research Team 21/10/2021

Almost a month after the government offered the telecom relief package, Vodafone idea has opted for the 4-year moratorium which pertains to payment of AGR charges and spectrum usage charges. Bharti is yet to respond to the 4-year moratorium offer. The last date for giving a declaration of intent to avail the moratorium happens to be 29th October.

AGR stand for the Annual Gross Revenues and has been the bone of contention regarding the inclusion of non-telecom revenues. That has been settled by the court and the telecom companies have to pay the AGR dues to the government and the moratorium only allows for postponement of the dues considering the cash flow constraints.

However, even Vodafone plans to avail the facility in tranches. To begin with, the board of Vodafone Idea has only approved the moratorium for the Spectrum Usage Charges and not for the AGR charges. The SUC will now be deferred during the four year period from October 2021 to September 2025.

The Telecom Relief package offered by the government on 15-September included this four year moratorium clause as well as the facility to convert the principal statutory dues to the government into equity; subject to conditions. However, this can be done at the end of 4 years once the moratorium is completed. It will address the cash flows issue but not the profitability issue for the telecom companies.

Vodafone has total debt of Rs.191,000 crore in its books and there were worries that the implosion of Vodafone would have serious repercussions in terms of jobs, dues to banks, dues to the government and dues to other operating creditors. The telecom companies basically have 4 years to bring their operations back on track.

The catch in the entire moratorium story is that the company availing the moratorium facility will have to pay interest on the outstanding amount. This interest will be charged at 2% above the MCLR (marginal cost of funds based lending rate). That would be a substantial cost and add to the eventual liability by a big chunk. 

That explains why telecom companies have been generally wary of jumping at the moratorium offer. Bharti Airtel has already hinted that it may not be too keen to avail the moratorium considering its huge costs.

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Mirae Asset Mutual Fund Crosses Rs.1 Trillion AUM

Mirae Mutual Fund Crosses Rs.1 Trillion AUM
by 5paisa Research Team 21/10/2021

Mirae Mutual Fund, part of the Mirae group of South Korea, may not have been around as many of the bigger names. But the growth in AUM of this fund has been phenomenal. The fund started operations in India in 2008 and by 2016, the fund had AUM of just about Rs.6,495 crore. Most of the humongous growth in AUM has come after that.

The growth since 2016 has been virtually explosive. For example, between 2016 and 2021, the AUM of the Mirae AMC has grown from Rs.6,495 crore to Rs.100,841 crore. In the last 6 years, the AUM has grown at above 100% in 2 years and above 80% in 1 year. In the remaining 3 years, AUM grew at above 50%.

The overall AUM has grown almost 15-fold in the last 6 years and positions Mirae among the top 10 in terms of overall AUM and top 6 in terms of pure equity AUM. We will come to the equity story in greater detail.

Out of the total AUM of Rs.100,841 crore, equity AUM accounts for a whopping 84% while hybrid funds and debt funds account for 7% each. The balance is accounted for by ETFs. In terms of share of equity as a percentage of AUM, Mirae has the highest ratio and this growth in equity AUM has been driven by performance and consistency over the years.

The growth in AUM of Mirae has not just come from the equity market rally. Some of the folio numbers are impressive. Its investor folios have crossed 43.7 lakhs and it has a whopping 15.4 lakh SIP folios. Out of the Rs.10,300 crore of SIP flows in the month of September, Mirae alone attracted Rs.796 crore.

In a way, good performance of Mirae equity funds has pulled in a lot of long-term SIP-based funds. For example, just two of their extremely popular funds viz. Mirae Asset Large Cap and Mirae Emerging Market Blue Chip Fund have a combined AUM of around Rs.52,000 crore accounting for over half the overall AUM of Mirae.

If you look at the top-12 fund houses by AUM, most of them are either bancassurance plays or affiliated to large industrial conglomerates. The only examples of pure fund house driven AUM is of DSP and Mirae. That is what makes this milestone unique for Mirae.

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Fisdom Launches Stock Broking Services

Fisdom Launches Stock Broking Services
by 5paisa Research Team 21/10/2021

Fisdom, one of India’s fastest growing wealth advisory platforms, has now made a foray into stock broking. Fisdom is backed by Naspers. Incidentally, Naspers is a South Africa headquartered technology investor with deep value investments in a number of internet and fintech propositions across the world.

The stock broking venture will position Fisdom as an advisory based stock broker offering a wide array of financial products and services. This would include equity, futures, options, ETFs, Gold Bonds, NCDs as well as services like currency broking. All this would be backed by strong research pool as well as screeners to shortlist companies.

Direct investing or do-it-yourself investing has become the big craze in India, especially after the surge of millennials in stock market trading. This trend has been underlined by a lot of value added digital services being provided by the low cost broking houses like Zerodha, Upstox, 5Paisa and Paytm Money.

Of course, cost would continue to be a major consideration for the do-it-yourself or DIY investor. Fisdom will target the long term investors and the aggressive traders. The idea is to have a dual pricing approach. For the long term investors and the small traders, the focus will be on offering zero brokerage or near zero brokerage offerings to clients. 

For the aggressive traders, who churn large volumes on thin spreads, Fisdom will offer a fixed subscription model. Here the clients will pay a fixed brokerage amount for a month and on that amount they will be allowed to put in almost limitless trades. Only the statutory charges will be billed on actuals. This is likely to attract aggressive churners of capital.

Fisdom already operates a successful mutual fund distribution platform and wants to extend that logic to equities. Apart from low costs, Fisdom will also offer a host of add-ons like research coverage on nearly 3,500 stocks, research tools like quants and technicals as well as smart screeners enabling the right search in a short time.

The broking opportunity looks salivating with the demat account doubling in the last 18 months from 3.5 crore to 7 crore. Of course, the risk is that the broking end is already getting crowded and differentiation and a unique proposition will make the difference in the final analysis. That would be Part-2 of the fight for the broking mindshare.

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Bandhan Financial May Look to Buy into Future Generali Insurance

Bandhan Financial May Look to Buy into Future Generali Insurance
by 5paisa Research Team 21/10/2021

Bandhan Financial, the holding company of Bandhan Bank, plans to foray into the insurance business by picking up a stake in Future Generali Insurance. Bandhan Financial had monetized close to Rs.10,600 crore from the sale of its stake in Bandhan Bank to comply with the RBI stipulations on promoter holding in banks. This cash will now be used.

Future Generali is a 3-way joint venture between Future Group, Generali and Industrial Investment Trust (IIT). While Future group holds 34% and IIT holds 17%, the balance 49% is held by Generali group. Bandhan Financial has already made it clear that it would be willing to pay a control premium, but only if it gets management control of Future Generali. It is not keen on being a junior partner.

This is not the first attempt by the Future group to monetize its stake in Future Generali. Future group was in talks with Sachin Bansal of Flipkart some time back but the talks did not materialize. Future Group has been looking to monetize its assets but then insurance is one of the few businesses to be left with Future group after their merger with Reliance Retail.

An important factor in this entire deal will be the Generali group. This Trieste, Italy based group already has 49% and as per the modified FDI rules for insurance investments, they can take their holding in the insurance joint venture up to 74%. They would be keen to make the best of the vast insurance opportunity available in the Indian context.

For FY21, Future Generali had collected first year premiums of Rs.521 crore and total gross premiums written was Rs.1,322 crore. The business model is up and running and that will be an advantage. Bandhan bank, with its vast distribution network, will be in a position to leverage the insurance business to the hilt. In short, there are synergies in the deal.

Recent reports on the insurance industry outlook show a humongous opportunity. India is at an inflexion point wherein the gap between the longevity funding needs and the retirement savings are at their highest level. 

That makes insurance an important part of the financial plan. While neither Bandhan Financial nor Future group or Generali have commented, the battle for insurance mind share is going to be the next big battleground.

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