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Consumption remains strong, but market share is shifting, according to Vikas Khemani of Carnelian Asset Management. He highlights that while sectors like real estate and cable services thrive, some industries, such as tiles, are losing ground to unorganised players. Khemani also notes that capital expenditure is not slowing, despite a decline in bank credit growth to corporates.
Vikas Khemani, founder of Carnelian Asset Management, downplays concerns over a slowdown in earnings, predicting a 14-15% growth over the next two years despite potential short-term dips. He notes that the narrative of foreign investors pulling out of India due to economic worries is misleading, as much of the capital reallocation to China has already occurred. Khemani emphasizes the importance of fund managers' strategies in market performance, explaining the shift of capital towards China during its market surge.
Carnelian Asset Management exited its investment in Ola Electric just a week after the IPO, achieving nearly 100% returns, which surpassed the expected three-year target. Founder Vikas Khemani remains optimistic about Ola's market share and profitability potential, while the firm has also invested in Hyundai Motors and Spicejet, anticipating growth in domestic consumption and a turnaround for Spicejet.
Godavari Biorefineries' ₹555-crore IPO had a slow start on October 23, with a subscription rate of 27% on the first day. Retail investors booked 48% of their quota, while non-institutional and qualified institutional buyers showed lower interest, securing 12% and 0.2% of their respective portions. The IPO, which includes a fresh issue of ₹325 crore and an offer-for-sale of ₹229.75 crore, is priced between ₹334-352 per share and closes on October 25.
Vikas Khemani
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Godavari Biorefineries Ltd.
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14:10 23.10.2024
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