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Indian Express
13 hours ago
- Business
- Indian Express
Stillness as strategy: How Pulak Prasad built Rs 50,000 crore the quiet way
Last week, we explored how Parag Parikh built an investment philosophy centered around discipline, patience, and investor behaviour. There is another investor who takes this idea even further. His name is Pulak Prasad. He manages over Rs 50,000 crore through his fund, Nalanda Capital. He invests in a small set of listed Indian companies and holds them for years. He avoids thematic fads, stays away from frequent trading, and maintains a portfolio turnover ratio of less than 5% annually. One of Nalanda Capital's earliest and most successful investments is Page Industries, the company behind the Jockey brand in India. It first invested in 2008 when the stock price was around Rs 420, adjusted for corporate actions. As of 2025, the stock trades above Rs 46,000. Nalanda still owns close to Rs 3,600 crore worth of Page Industries. Although the fund has trimmed its stake from around 10% to 7%, the return remains exceptional. In annual terms, that is a 32% compounded return, turning the original investment into a 100x gain. Few investors achieve such results, especially at this scale. Even fewer do so by holding quietly for over 15 years. At the core of Prasad's philosophy is a simple idea: avoid harm, choose carefully, and let time do the work. His investing lens is shaped by Charles Darwin, not stock market cycles. And this mindset holds lessons for every retail investor, especially those who want to grow wealth steadily, with clarity and patience. Prasad's entire philosophy starts from the idea that avoiding destruction is the first rule of wealth creation. In evolution, most species do not die because they fail to grow fast. They die because they cannot survive shocks such as weather changes, habitat loss, and new predators. Survival is the base condition for all progress. Prasad applies this thinking to investing. He does not try to maximise upside first. He tries to minimise irreversible damage by avoiding poor governance, uncertain business models, fragile balance sheets, and sectors where he has no control over outcomes. At Nalanda Capital, this shows up clearly: they avoid highly leveraged businesses, they stay away from financials, and they do not invest in anything they cannot explain in one paragraph. Most investors focus on return potential. 'Can this become a multibagger?' is the first question. But they ignore the more important one: 'What can go wrong, and will I survive it?' That is why people hold a collapsing stock from Rs 800 to Rs 200, hoping it will bounce back. The capital is not just lost, but the compounding engine is broken. Build your portfolio with strong foundations first. Avoid companies where accounting is questionable, or where you do not understand how they make money. Prasad's fund holds 10-15 companies, and it has done that while managing Rs 50,000 crore. This is very similar to how Parag Parikh Asset Management Company also operates. This is intentional focus. Prasad also seems to believe that every additional holding weakens the clarity of thought. If you do not know why something is in the portfolio, it should not be there. His investment in Page Industries is a case in point. Nalanda studied the company deeply, including its pricing power, its category leadership, and the promoter's capital allocation, and then committed large capital with conviction. The result: a holding that compounded at 32% annually for over a decade. Most people over-diversify out of fear. They add another stock, another fund, another NFO, thinking it reduces risk. But it often does the opposite. It hides underperformance, spreads attention too thin, and leads to a portfolio without a centre. Worse, when something fails, there is no learning. The investor says, 'It was only 2% of my capital,' and moves on. But Prasad would ask, 'Then why did you own it at all?' Own fewer funds. If you pick stocks, stick to companies where you would be confident putting 10% of your net worth. If that feels too risky, it may be a sign you do not understand the business well enough. Fewer, better decisions – that is what leads to clarity and conviction. Prasad often says investors should be 'very lazy.' It sounds quirky, but it is deeply rooted in behavioural science. When people feel uncertain, they reach for action as a coping mechanism, such as checking prices, switching funds, or watching market news. And stock prices tend to feed that, and it feels like control, but it usually leads to poor decisions. Nalanda Capital avoids this trap. The fund's portfolio turnover is below 5%, year after year. Again, very similar premise to what PPFAS follows to the core. These funds do not reallocate due to temporary underperformance. They do not chase sectors. They do not respond to other fund managers' trends. They only act when the investment thesis has structurally changed. Retail investors often measure involvement by activity, not just in terms of buying and selling, but by mirroring signals they assume are credible. They think: Each of these is an attempt to stay engaged. But most of this activity is based on cues or actions, not actual understanding. Prasad avoids this entirely. His decisions are not shaped by what others are doing. He trusts his filters, waits patiently, and does nothing if there is no clear reason to act. Build a system where you act only when your logic tells you to and not because someone else acted. Choose investments that make sense to you. Once selected, allow them time. Remember that your job is not to match others' moves. Your job is to grow your capital slowly and steadily. Prasad does not believe in timing the market. He says: nobody knows what will happen next quarter. So instead of trying to be early or clever, he lets time reveal the real nature of a business. His investment in Page Industries or Berger Paints was not done for next year's results. He invested because Nalanda believed these businesses could grow, evolve, and survive over a 10-15 year period, even if the stock price did not reflect that in the short term. Most investors waste years trying to find the 'right time to enter.' But while waiting for a correction, they miss the very asset that could have compounded quietly in the background. Or they panic and exit after three bad months, possibly just before the bounce happens. Prasad's philosophy flips this. If the business is good and the future looks healthy, then the only timing that matters is how long you are willing to wait. Stop trying to find the perfect entry. Invest regularly. Let valuations average out. And once invested, stop looking at monthly performance. Your edge is not in the entry point. Your edge is in how long you can stay. It is easy to believe that if everyone is buying something, it must be safe. That is exactly what Prasad avoids. Over decades in markets, he has seen how popular narratives collapse together, whether it was the K-10 stocks of the late 1990s, the infrastructure boom of 2007, or the tech IPO rush of 2021. When retail flows were pouring into companies like Zomato, Paytm, and Nykaa, Nalanda stayed away. Possibly because these businesses lacked consistent profitability, had unclear moats, and were priced for perfection. Just because the market celebrated them did not make them long-term bets for Nalanda Capital. Retail investors often use popularity as a proxy for safety. They assume: But most of these signals reflect past attention, not future strength. When too many people crowd into the same idea, the downside grows larger than it seems. Make decisions based on business logic, not market buzz. Ask: Does this company have earnings power? Is its balance sheet strong? Is it reasonably priced? If yes, stay with it even if no one is talking about it. If no, walk away even if everyone else is buying it. Prasad does not claim to know the future. He does not predict markets. He does not rely on momentum or moods. His strength lies in stillness. The ability to observe, act selectively, and then wait without anxiety. It comes from years of watching how companies behave, how cycles unfold, and how investors often act too soon. Prasad's method is not built for thrill, and for anyone who wants to build wealth with peace, it remains one of the most useful philosophies in Indian investing today. Note: We have relied on data from the annual reports throughout this article. For forecasting, we have used our assumptions. Parth Parikh has over a decade of experience in finance and research, and he currently heads the growth and content vertical at Finsire. He has a keen interest in Indian and global stocks and holds an FRM Charter along with an MBA in Finance from Narsee Monjee Institute of Management Studies. Previously, he has held research positions at various companies. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
Time of India
19-06-2025
- Business
- Time of India
Nalanda University expands globalfootprint and academic offerings
1 2 3 4 Patna: One year after Prime Minister Narendra Modi inaugurated its permanent campus, Nalanda University has undergone major progress in academic expansion, international partnerships and infrastructure development, reaffirming its role as a global centre of learning rooted in ancient tradition. The university, located in Rajgir near the site of the ancient Nalanda Mahavihara, has launched six new Master's programmes in the past year. While two of these programme began in the last academic session, four more were introduced this year. It has also initiated post-doctoral fellowships to strengthen its research ecosystem and academic output. In a statement marking the anniversary, Nalanda University highlighted its efforts to balance its historical legacy with the demands of modern education. "In reviving the ancient seat of learning at Nalanda, the university honours its historic legacy while embracing contemporary global challenges through innovation, inclusivity,and academic excellence," the statement read. The university's global reach has deepened through the signing of at least 20 new memoranda of understanding (MoUs), including bilateral partnerships with institutions such as the University of Salamanca (Spain), University of Kelaniya (Sri Lanka) and the Archaeological Survey of India. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo As the nodal institution of the ASEAN-India Network of Universities, Nalanda also signed 11 MoUs with institutions including IIT Kanpur, IIT Roorkee, Universitas Indonesia, University of Malaya and Chiang Mai University in Thailand. Student enrolment has witnessed notable growth. Nalanda now hosts over 400 regular students from 21 countries in its Master's and PhD programmes, alongside more than 800 students in short-term courses, taking the total number of learners to over 1,200. The introduction of the Common University Entrance Test (CUET) for admissions this year has further broadened access to the university's programmes. Sachin Chaturvedi, an economist and policy expert, currently serves as the full-term vice-chancellor of the university. He is also director general of the research and information system for developing countries (RIS) and an independent director on the board of the Reserve Bank of India. Reflecting on the past year, Chaturvedi said, "This has been a foundational year in the modern journey of Nalanda. The university is steadily realising its vision of becoming a global centre of learning – rooted in ancient wisdom, attuned to contemporary realities and committed to shaping the future. We remain dedicated to academic excellence, intercultural dialogue and building pathways for future generations of scholars. "
India Gazette
18-06-2025
- Politics
- India Gazette
"Sanatan pride rebuilding with stronger determination," says VP Jagdeep Dhankhar
Puducherry [India], June 18 (ANI): Vice President Jagdeep Dhankhar on Tuesday said that Sanatan pride was rebuilding in India with stronger determination. He recalled the historical importance of Takshashila, Nalanda, Mithila, and Vallabhi, calling them 'great centers of learning' that defined Bharat for the rest of the world. While addressing students and faculty members at Pondicherry University, Dhankhar said, '...Sanatan pride is rebuilding. What was lost is being rebuilt with stronger determination.' 'Scholars from all over the world came to share their ideas and learn about our wisdom,' he said. He spoke in detail about the destruction of Nalanda University, once home to a nine-story library known as Dharamganj, calling it a tragic loss for global knowledge. 'In two waves of invasion, first the Islamic invasion, and then British colonialism, India suffered a blow to its knowledge heritage. Bakhtiyar Khilji, around 1190, demonstrated cruelty and barbarity. He acted totally against any sense of civilizational ethos. And then, the books alone did not burn. He slit the throats of monks, smashed stupas, and razed the soul of India in his assessment not realizing that the soul of Bharat is indestructible,' he said. 'The fire raged for years. It swallowed 9 million, 90 lakh books and texts. Our history turned to cinders. Nalanda was much beyond a school of thought; it was a living, vibrant temple of knowledge for the benefit of the entire humanity,' Dhankhar added. Vice President Dhankhar also urged for more dialogue and less confrontation in politics, warning against a rising political temperature in the country. 'Friends, there is a need for a change of national mindset also... We have picked up the habit of not making a difference but differing one with one another... There has to be Abhivyakti, there has to be Vaad-Vivad, there has to be expression, there has to be dialogue,' he said. 'We are too keen to raise the political temperature. Climate change is doing that for us. We all are concerned. Why should we melt the glaciers of our patience? Why should we act impatiently getting away from our civilisational, spiritual essence?' he asked. He appealed to political leaders to focus on national interest and development, stating that 'India at the moment is the most aspirational nation in the world.' Expressing concern over the commodification of education, Dhankhar stressed a return to India's Gurukul system. He said, 'There was a time when education and health were means by those who had enough resources to give back to the society... Our education must align with India's traditional Gurukul system.' He called on corporates to use CSR funds to create world-class educational institutions: 'I appeal a mindset change with the corporates. India has been home to philanthropy. Pool your CSR resources to create by converging Institutes of global eminence as green field projects, much away from the concept of balance sheets.' Dhankhar encouraged Pondicherry University alumni to contribute to the university's development. 'Let every alumni of this institute contribute to this fund. Boys and girls, the amount does not matter, the spirit matters,' he said. He quoted astronaut Neil Armstrong, saying, 'A small step by him, a giant leap for humanity... So, for alumni, it may be a small step, but cumulatively, the results will be geometric.' On India's linguistic diversity, the Vice President underlined it as a strength, not a divider. 'How can we be divided on languages?... Sanskrit is important globally, Tamil, Telugu, Kannada, Malayalam, Odia, Marathi, Pali, Prakrit, Bengali, and Assamese. I name these 11 because they are our classical languages,' he said. 'Our languages indicate inclusivity. Sanatan teaches us nothing but to be in togetherness for the same sublime purpose,' he added, appealing to the nation to rise above divisiveness. Dhankhar urged everyone to reflect on India's achievements, stay grounded in its spiritual values, and unite for a better future. (ANI)
India Gazette
06-06-2025
- Politics
- India Gazette
Indian parliamentary committee for SC-ST welfare convenes two-days meeting in Dharamshala, meets Dalai Lama
Dharamshala (Himachal Pradesh) [India], June 6 (ANI): 18 members of the Indian parliament (including 12 from Lok Sabha and 6 from Rajya Sabha) of the parliamentary committee on the welfare of scheduled caste and scheduled tribes along with their family members and officers of the parliamentary committee and other officials came here to attend a 2-day meeting in Dharamshala for June 5 and 6. The delegation, led by chairman Dr Faggan Singh Kulaste, a Lok Sabha member, is here for a meeting with various stakeholders. The Indian parliamentarians also met with the Tibetan spiritual leader, the Dalai Lama. Some members met the Dalai Lama on Thursday, and a few met him on Friday. While interacting with the delegation, Tibetan spiritual leader the Dalai Lama said, 'Honoured and happy meeting with this big delegation. We consider India to be truly our father's are followers of Buddha, and one institution in India--Nalanda- we study Nalanda's thoughts. So when I visited Nalanda, I really felt something very moving, so now. I state more or less India now, not only because of its big population but also because of all the major world's rich traditions live together. Thank you.' Faggan Singh Kulste, Lok Sabha Member and the committee's chairman, told ANI, 'This is an SC-ST welfare committee of the parliament, which has a wide significance in the country. The parliament has announced this committee for the welfare of India's 25 per cent population. The committee talks about the rights and welfare of SC-ST government employees. Although the SC and ST commissions already exist, this committee takes note of all the proceedings done by the commissions, and then the Parliament and the government act according to the recommendations of this committee. The committee has a total of 30 members, 20 from Lok Sabha and 10 from Raj Sabha, and we have nearly 18 members attending the 2-days meeting in Dharamshala here. Some of the committee members met the Dalai Lama yesterday, and a few are meeting him today. It was a nice meeting with him. It was an informal courtesy call. The Dalai Lama has very positive thoughts for this country, and we also supported him.' Mithilesh Kumar, Rajya Sabha member, Shahjahanpur, Uttar Pradesh, told ANI, 'We have come to Dharamshala on a study tour and we got so many things here which will be raised and discussed in the Parliament. We also met the Dalai Lama, who said that we must be strong while living in India and be cautious of China. And we also extend our support towards him.' (ANI)
Time of India
26-05-2025
- Business
- Time of India
India focused on making telecom ubiquitous, ensuring customer safety on digital highway: Minister Jyotiraditya Scindia
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India has proven its mettle from domestic communications manufacturing and 5G rollout to being among the top six nations filing for 6G patents, and is now prioritising telecom customer protection in digital economy, Union Minister Jyotiraditya Scindia said on Monday. The Minister was speaking at the launch the Sanchar Mitra Scheme that aims to strengthen the connect between the telecom sector and unveiling 'Innovate to Transform' as the theme for the 9th Edition of the India Mobile Congress 2025 scheduled in October 2025, the Minister said India is positioning itself as a hub for designing, solving and asked about the timelines for satellite communication services becoming operational in India, Scindia indicated that it is for individual companies to define their own path, once the licences are given and allocation of spectrum takes place as per government's role is to provide licences once the companies meet all necessary conditions, which two companies have already fulfilled, while a third company is close to doing so, he said."Our job is to be able to provide the licence if they have fulfilled all the conditions which two companies had, we are close to third company doing so, and then the rules for the spectrum allocation, which now TRAI has come out both of these, when the spectrum will be administratively assigned, then it depends on the individual companies to define their own path. We can't define that for them," Scindia, who is Minister for Communications, told reporters on the while addressing the event, Scindia said that India has always shaped the future, rather than waiting for it to arrive. The Minister cited prominent centres of learning in India including Nalanda that shaped global curriculum and pedagogy, and also outlined India's progress in space transformation that India is going through is systemic, structural, and indigenous, he said."We marched with the world on 5G, we will lead the world in 6G. We are among the top six countries today that are filing for 6G I am confident that when the World Radio Communications Conference is held in they decide which waves will go in for is from now till then. There are entrepreneurs, companies, innovators across the board, must aspire to ensure that India leads that technology wave in the days to come," Scindia country is not only making indigenous telecom products, and ensuring services are ubiquitous, it is also prioritising the safety of customers, he said."Our private sector companies coming out with their Kavach to protect our customers from online fraud, from spam. DOT's Sanchar Sathi portal, which acts like a shield, which by itself, has disconnected almost close to 3.4 crore fake mobile connections..."Our job is to be a provider of services, but our job is also to protect every citizen as we transcend from the physical highway of roads to the informational and telecommunications digital highway, which today has become all-pervasive across the length and breadth of our country," he said launching the Sanchar Mitra scheme aims to empower a wider youth network to act as digital ambassadors, further strengthening the connection between the telecom ecosystem and the citizens. In addition to public awareness efforts, the scheme will also provide student volunteers exposure to emerging telecom technologies and DoT initiatives, fostering job readiness and research interest in the sector."This is a whole of our ecosystem approach. And this is a whole of nation approach to safeguarding the digital security, of every single one of us," he Mobile Congress 2025, is scheduled to be held from 8-11 October 2025 at Yashobhoomi Convention Centre, New by the Department of Telecommunications (DoT) and the Cellular Operators Association of India (COAI), IMC 2025 is expected to attract over 1.5 lakh visitors from 150 plus countries, feature over 400 exhibitors and partners and more than 7,000 global flagship startup program, ASPIRE, introduced in 2023, will feature over 500 startups and connect them with more than 300 investors, incubators accelerators and VCs for mentorship, live pitching sessions and networking. IMC, Asia's largest digital technology forum will also witness 800 plus speakers participating in over 100 conference sessions, according to a release.
