This week it will be a once -in -a -lifetime experience for the market. A) You’ll probably hear about market positioning, selling the kind we are getting out of, and yes, the second week of President Trump, on February 1. For us, we have a lot of revenue, budget, expiration date, and it is going to be a long week. What are you preparing?
Sandip Sabowar: India is the most influential because it is one of the most affected countries from the United States and President Trump’s tariffs. Well, I believe that the belonging itself is wrong. Because India’s problem is more domestic than happening around the world. Thus, in a country that should be affected by tariffs, the stock market has been very strong. But now, look at things fundamentally.
Basically, the results from Nifty companies are quite decent, and they are rarely disappointed, as most leading companies have reported good or lines.
Therefore, the profit status of large stock universe has been maintained, and some carefully selected medium -sized stocks have also given good numbers. Basically, the situation is not so bad after the corrections you have seen so far. Looking at the whole and small shares of a specific pocket, the large shares of the large shares are rational.
By the way, there are so many concerns about the budget, tax system, the possibility of tariffs, the flow of the news on February 1, and the impact of the US dollar, so this week has become potentially unstable. , The market may be formed. From next week, there will be a clearer trend.
In particular, ICICI Bank numbers have been published, and given that the market has always given ICICI banks such a premium, what is the position in private bank? Is it?
Sandip Sabowar: That’s right. That’s why CEO management is very important overall. Most companies we have seen have changed, many companies have a new CEO, and they look like a completely different sector, but the Indian Hotel has completely changed the company by the change of CEO. An example, that is the result. ICICI Bank was a very risky bank, but now it has become a relatively conservative bank and is growing at a good pace. Therefore, the results were clearly very good. They have optimized deposits.
Some analysts have a negative view because their deposits were not so good. But the important thing is why it is necessary to maintain low -cost deposits, despite the slowdown in credit.
I think it was optimized while managing the operation cost. NPAs have a rapid increase in gloss bass, but recovery is also strong. Therefore, the current macro environment and the reasonable situation in the context of the balance sheet are also considerably appropriate.
In my guess, stock prices should be strong. Obviously, there is no stock that leads from the entire market, the market as a whole will fall, and all large shares will be adjusted, but basically the bank is in a fairly good position and a good return to long -term investors. I think it should be available.
Considering the overwhelming market share that Intergloves continues to cherish, what do you think of the number of interloves due to a decrease in profits?
Sandip Sabowar: In fact, the number was very powerful. In the balance sheet, leasing debt and all maintenance contracts (long -term contracts for 10 to 20 years) are US dollars, so in the quarter when rupees have suddenly fallen, the rupees in the balance sheet need to be revised. Due to the fact, it was recorded in the income statement and a non -cash spending of about 140 billion yen was included. In this example, the actual profit in cash profits far exceeded most analysts.
Therefore, the intergrove aviation continues to be strong. As the ground aircraft flies over the future in the future, many costs continue to be controlled.
I think the intergrove aviation is in the sweet spot. Most reports you read states that profits are declining. In fact, it is not a decline. Therefore, I think that the valuation after adjustment is reasonable. The stocks should have achieved good results in the next one or two years. I think that the intensity of competition is much lower in the whole aviation industry.
What about daily consumer goods? We talked about this last week when Unilever announced the number. It seems that there are signs that this sector may end, but do you think you will get the opportunity to buy or at least a little bit of daily consumer goods?
Sandip Sabowar: The stock price was clearly understood and was in the bottom of the bottom, and most of these companies announced the latest information before the settlement of financial results, which showed clearly inhibited numbers, so the quarterly financial results were modest as expected. Ta.
They say they are also suppressed this quarter number. However, what I have always claimed to consumer companies is that our company has been growing slower for the past two years. And ultimately, natural growth itself comes out without giving fiscal stimulation to consumers.
Thus, most of these brands have valuations, and the valuation of daily consumer goods remains high, but the valuation is nearly a low in a few years.
Therefore, at the same time next year, if these companies are growing very steadily with a 7-8% or 10% sales rate of 7 to 8% or 10% in the quarter, they will obtain these shares at these prices. You cannot.
Therefore, it makes sense to build an exposure to these strains right now, depending on which shares you prefer.
I’m just looking at the data. Nifty has been in the range for 10 days, but the crash of small and medium -sized stocks continues. By this weekend, there is a budget, there is a deadline for F & O, there are numbers, and there are Fed, so you can almost understand how things go.
Sandip Sabowar: Yes, you should do so. This global phenomenon is misunderstood because most of the main markets have risen from the beginning of the year. I’m depressed in India. Therefore, what is happening here cannot be blamed for global factors.
I think that there are concerns that financial and financial authorities are not at the same time, or today, the loop of recognition of economic deceleration and not being able to take action to reverses the economic deceleration, but the world. I think it’s a bigger fear rather than a target. And, as you said correctly, you will have a budget, then there is a monetary policy, and you will know to some extent what the government and RBI are trying to activate the economic growth scenario.
There is one important number this week, which is L & T. Expectations are high, but the stock price has been flat since the last few quarters. Is this the groundbreaking moment for L & T?
Sandip Sabowar: All of the previous quarterly achievements and order reservations were very strong, and the stock prices rose later, and then adjusted with the remaining parts of the market. I think L & T is currently maintaining a lot of strong performance. Orders that are occurring in many companies show deceleration in the flow of domestic orders.
Therefore, it is necessary to check what it will affect orders in the third quarter, and what they are saying about the fourth quarter, but except for the company’s important orders and growth. Considering the outlook, I think it is in a pretty good position. However, it is very important to make an order reservation and the order of ordering for the quarterly quarterly.
Will PSU transactions be done prior to the budget or after the budget? The same time last year was also popular with everyone. No one wanted to sell PSU. Now no one wants to buy it. When the investor doesn’t want to buy it is when buying.
Sandip Sabowar: But why do you basically want to buy PSU, even though no one wants to buy? Therefore, there is no relationship between PSU and non -PSU at this time. It is all related to relative shares. Therefore, I think the whole situation where PSU was performing only in a specific time or in a specific sector was the past. Now I think we have to go in stock units.
