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Time of India
8 hours ago
- Business
- Time of India
Are current market valuations hiding opportunities or risks? Christy Mathai explains
Christy Mathai , Fund Manager - Equity , Quantum AMC , says they like buying underpriced companies, aiming to buy at a 25% discount to their intrinsic value. Currently, IT and banking sectors present opportunities due to earnings not reflecting their normalized potential. Relative valuation within sectors, particularly among second or third-tier players, offers prospects. Insurance and AMCs are also viewed favorably. A lot of factors are impacting the market at present – be it the global or local factors, but a clear trigger to boost the market is still missing. The earnings are also not trying to help the market at present. What is your short, medium, and longer-term view on the market? Christy Mathai: When we look at the markets at the current juncture, we are in an easing cycle monetarily. The central bank is trying to revive the credit growth which is lagging from the past couple of quarters and also to stimulate growth in the economy. Broadly some of those can come through because we are sitting at a lower base versus last year but from a normalised perspective, it is nothing so great. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Operations Management Cybersecurity MCA Healthcare Finance Product Management Degree Data Analytics Digital Marketing Data Science others Artificial Intelligence Technology PGDM Management Data Science CXO MBA Project Management Public Policy Others Leadership Design Thinking Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Join new Free to Play WWII MMO War Thunder War Thunder Play Now Undo Coming to the tariff issue , in the last few days, several deals have been done and it looks like the peak uncertainty with respect to tariffs is over even though the India part is not yet solved. So, at the current juncture, given where the valuations are, the market is looking at the earnings trend. If you were to look at some of the numbers that have come out, it seems to be a mixed bag. So, there is no certain acceleration in the company reported numbers. Looking short-term, it is very difficult to say as it is all a function of flows, possibly if the FIIs come back in a big way, we will see some rally, but it is very difficult to call out. But from a medium and long-term perspective, given where valuations are, it will be driven by the earnings trends and in its absence, there is a general expectation of earnings inching up. If that were not to come through, we would be in a state of consolidation for some time. What is your investment philosophy and what are the sectors currently on your radar? Your investment philosophy says that you buy stocks of companies that are at a minimum 25% discount from their intrinsic or fair value. Having said that, these opportunities come when the market, especially in the short term, is fixated and when there are disappointments. Looking at the current trajectory of the market, how are you placed in sectors or the companies that you are looking at, especially the midcaps and smallcaps ? Christy Mathai: Our philosophy is typically trying to buy underpriced companies. If 100 is supposed to be the intrinsic value, we would want to buy it at least 25% cheaper; that is our philosophy. In a way, we run a value style here. From that framework, if you were to look at the current juncture, not a lot of sectors fit into that bucket because many of those sectors are trading at fair or above fair in terms of valuations. Live Events You Might Also Like: Mark Matthews on why FTA with UK, US trade deal shouldn't matter much for India If we were to look at what should be a normalised earnings for a company two to three years out and, some of the sectors like IT, the current two-year, three-year earnings have been somewhere in the vicinity of mid-single digit. Do we think this is where the normalised earnings would be? We think not. We are more exposed to that sector. Same is the case with banking where the recent earnings print is not reflective of what their normalised earnings should be. In this case, there is book value growth. We think those are the opportune sectors to get in. This is a market of relative valuation. In a great sector, the top player would be perfectly priced, but when you move down to the second player or third player, relative to the valuation that the market accords, there could be some opportunities. Hence we are present in some of those names. We think in sectors like insurance, AMCs, etc, those will be some of the great opportunities. Now from a relative market cap segmentation, an investor should have exposure across the breadth. It is how you want and what percentage you want in terms of an exposure. In smallcaps and midcaps, you have to be extremely selective and that is what we are trying to do in some of our funds. We are not exposed much to the euphoric part of the markets –be it capital goods, defence, and so on and so forth, but we are trying to minimise the risk from that perspective. At any point in time, you should have that perfect asset allocation to help you navigate these markets. You Might Also Like: Keep investment goals in mind; focus on a five-year horizon for better results: Shiv Chanani Recently India-UK FTA has been signed. and I want to understand from you, will you be redrawing your strategies in the aftermath of this deal and more importantly you mentioned about the India-US trade deal as well which looks like round the corner, how do you view it? Christy Mathai: We just talked about the India-UK tariff deal, and so we just look from a market perspective. Some of the sectors get impacted, not really much, though it would be great from an economic standpoint that now some of the barriers are out of the way, but not much from a market perspective. If you were to look at the US tariffs now, our exports to the US is minuscule compared to the overall import basket. So, from that perspective, the few sectors which everybody knows and talks about are gems and jewelleries, pharma is a large sector from our vantage point, but we do not think there could be a major impact as there is always room for error because this is all policymaking. But given the generic nature, you are in a way trying to reduce the cost to the end consumer in the US. So, how much punitive action do you want to put in that sector? Some of the middlemen who are profiting quite a bit, would be exposed to some of these tariffs if there is more pricing action on that front. This is one sector that could be on the radar given the deal front and the whole IT services is indirectly impacted by this sector because the Fortune 500 companies of the world would possibly not be spending so much on it when the expectations are not very clear, where to invest, how to invest. Some of the issues with respect to how supply chains would be revamped and how it would impact the Fortune 500 companies and thereby their spending – that uncertainty would decrease. In a way, IT services are currently impacted, but incrementally we expect positivity when this dust settles. You Might Also Like: Nilesh Shah on how to treat smallcaps and midcaps right now
Time of India
5 days ago
- Business
- Time of India
Bajaj Housing Finance Q1 profit rises 21% to Rs 583 crore, AUM up 24%
Bajaj Housing Finance reported a 21% rise in net profit for the first quarter of the fiscal at Rs 583 crore as compared with Rs 483 crore in the year-ago period. Pre-provisioning operating profit stood 25% higher at Rs 798 crore against Rs 640 crore. Net total income also grew 25% at Rs 1012 crore. Explore courses from Top Institutes in Please select course: Select a Course Category healthcare Product Management Data Science others Operations Management CXO PGDM Data Science Cybersecurity Project Management Degree Design Thinking Data Analytics Healthcare Technology MCA Leadership Management MBA Artificial Intelligence Others Public Policy Digital Marketing Finance Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Outdoor Clothing | Designed to Perform. Built to Endure. Trek Kit India Shop Now Undo Its net interest margin remained steady at 4% for the last three quarters. It is expecting a moderation in the ratio as its operating expenses are likely to rise on account of its investment in SBU and non-metro markets. The non-deposit taking mortgage lender is targeting a 21-23% growth in assets under management amid a "heightened competitive pricing on acquisition of new loans, increased portfolio attrition coupled with moderation in real estate demand," it said. The lender's AUM grew 24% year-on-year to Rs 1.20 lakh crore. Asset quality remained healthy with gross non-performing assets ratio being at 0.30%.
Time of India
6 days ago
- Business
- Time of India
Vodafone Idea sees over 1 lakh jump in retail shareholders in Q1
Vodafone Idea saw a surge in the number of retail shareholders in the June 2025 quarter. According to the latest shareholding data uploaded to the exchanges, the telecom operator added 1.17 lakh new retail investors, pushing the total count to 60.24 lakh—up from 59.07 lakh at the end of the March quarter. Retail investors, defined as those holding equity shares worth up to Rs 2 lakh, also increased their collective shareholding volume. They held 543 crore shares as of June 2025, compared to 522 crore shares in March. Explore courses from Top Institutes in Select a Course Category healthcare Product Management Project Management Data Science Leadership Others Healthcare Degree Public Policy Data Analytics Operations Management MCA Digital Marketing PGDM CXO Technology Finance Design Thinking MBA Data Science Management Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Dhoni's Exclusive Home Interior Choice? HomeLane Get Quote Undo While the number of shareholders and total shares held by retail investors rose, their percentage shareholding dropped to 5.01% from 7.32%. This suggests a possible increase in overall share capital or larger investors accumulating more stake. On the institutional side, the trend was also downward. Mutual fund holdings slipped to 3.88% from 4.50%, while Foreign Institutional Investors (FIIs) saw a sharp decline, falling to 5.98% from 10.11% in the previous quarter. Live Events Stock Performance and Technical Snapshot Vodafone Idea stock has had a tough year, plummeting nearly 52% from its 52-week high of Rs 16.55. It hit a 52-week low of Rs 6.30. On Tuesday, the stock traded marginally lower at Rs 7.62, showing a slight negative bias. From a technical perspective, the Relative Strength Index (RSI) on a 14-day basis stands at 59.3, indicating that the stock is neither overbought nor oversold. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
21-07-2025
- Business
- Time of India
'A dissatisfied culture': Deepinder Goyal reveals what may be fueling Blinkit's quiet ascent
Blinkit's rapid growth and improving unit economics may have less to do with business strategy and more with how the company works internally. In a shareholders' letter, after Eternal 's Q1 earnings were released on Monday, CEO Deepinder Goyal pointed to the team's working style as a key differentiator. Explore courses from Top Institutes in Select a Course Category healthcare Leadership Product Management MBA Project Management Data Analytics PGDM Digital Marketing Degree CXO Operations Management Management Data Science Design Thinking others Finance Cybersecurity MCA Others Technology Public Policy Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details 'Maybe the difference between us and other companies comes from the 'dissatisfied' culture in the team,' Goyal said. 'Our teams rarely celebrate wins, keep a low profile, and believe in the 1% done philosophy. We want to keep our heads down, and keep up the momentum in solving problems for our customers, without having or needing to look back to see how far we have come.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Upgrade to Exclusive 3 BHKs ASBL Book Now Undo His remarks come at a time when Blinkit has emerged as a significant contributor to Eternal's topline. During the quarter, Blinkit added 243 net new stores, taking the total count to 1,544 stores. The company reiterated its target of reaching 2,000 stores by December 2025. It also added 0.4 million sq ft of warehousing space, bringing the total warehousing footprint to over 5.6 million sq ft. Including store area, Eternal now manages around 10.4 million sq ft across its supply chain. Live Events The number of transacting customers also saw a sharp jump. Net order value (NOV) grew 127% year-on-year, supported by a 123% rise in average monthly transacting customers, from 7.6 million to 16.9 million over the last year. On the profitability front, margins improved from -2.4% of NOV in Q4FY25 to -1.8% in Q1FY26, even as the company continued to invest in new store rollouts and navigated seasonal pressures. Eternal, which owns the Zomato and Blinkit brands, reported a consolidated net profit of ₹25 crore for the quarter ended June 30, 2025, sharply down from ₹253 crore in the same quarter last year. Revenue from operations rose to ₹7,167 crore from ₹4,206 crore a year ago. Total expenses for the quarter stood at ₹7,433 crore, up from ₹4,203 crore. The company noted that it has begun transitioning its quick commerce operations—led by Blinkit—from a marketplace model to a combined marketplace and inventory-led approach. 'Owing to this change, the revenue under quick commerce segment will increase on account of direct sales to customers on the Blinkit platform and revenue in Hyperpure supplies ( B2B business ) will reduce as the non-restaurant B2B buyers were sellers on the Blinkit platform,' the company said in its filing. Additionally, Eternal announced the incorporation of Blinkit Foods , a new wholly owned subsidiary that will engage in food services, including innovation, sourcing, preparation, sale, and delivery.
Time of India
21-07-2025
- Business
- Time of India
28 states, UTs formulate export strategy to promote India's outbound shipments: Official
As many as 28 states and Union Territories (UTs) have formulated their export strategy with a view to promoting the country's outbound shipments, an official said on Monday. The official also said all 36 states and UTs have constituted State Export Promotion Committee (SEPC) and District Export Promotion Committee (DEPC). Explore courses from Top Institutes in Select a Course Category healthcare Digital Marketing CXO Product Management Data Science Data Science PGDM Operations Management MBA Public Policy others Project Management Data Analytics Others Cybersecurity Degree Design Thinking Healthcare Finance Technology Leadership Artificial Intelligence MCA Management Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details Further, a draft district action plan has been prepared by the regional authorities of the Directorate General of Foreign Trade (DGFT) for 590 districts. Out of this, 249 are formally notified by DEPCs. These plans include a broad strategy for promotion of exports from districts, the official said. Live Events The Centre is promoting states to engage in export promotion activities as it would help boost domestic manufacturing and job creation. "State export strategy has been prepared in 28 states/UTs," the official added. These include Uttar Pradesh , Maharashtra, and Karnataka. In the Foreign Trade Policy (FTP) 2023, the DGFT has included the 'Districts As Export Hubs' initiative with an aim to channelise the potential and diverse identity of each district of the country to make them export hubs. Towards this goal, the products and services with export potential in all the districts of the country have been identified, and an institutional mechanism in the form of SEPC at the state/UT level and DEPCs at the district level has been created in all districts to provide support for export promotion and address the bottlenecks for export growth. District export action plans are being prepared for identified products and services, to benefit both producers and manufacturers - addressing challenges to export, identifying infrastructural bottlenecks, supply chain gaps, improving market accessibility and providing handholding for increasing exports. India's exports remained flat at USD 35.14 billion in June due to global economic uncertainties, while the trade deficit narrowed to a four-month low of USD 18.78 billion during the month. During April-June 2025-26, exports increased 1.92 per cent to USD 112.17 billion, while imports rose 4.24 per cent to USD 179.44 billion.
