How do you see the potential to play the infra story and the recovery story in that context?
We have had L&T from Rs 900 levels. It sounds a little pompous but L&T was our dark horse for industrial recovery. L&T and Siemens were both bought at Rs 900 level.
has been one of our stars but we have been overweight on and Ambuja at much lower levels. The combined strength of ACC, Ambuja is about 63 million tonnes compared with 110 of UltraTech. We think there is much more value in Ambuja. We also have Shree Cement in our portfolio which is another dark horse headed towards Rs 32,000.
What would you go for from the mid tier financials?
Chola and LIC Housing are two stocks we have in our portfolio. We are not chasing it because we think the cost of money is bound to rise but they are very well entrenched in their business model. These are two stocks which we are very bullish on. A disclosure, we have had them for some time and now they are already up 40% from the levels which we entered but these will remain two of our big plays. We also have HDFC and Bajaj Finance — of course at much lower levels. That takes care of the basket of NBFCs in our portfolio.
