Did you expect the rally to continue after November? Did you expect the broad-based move in the market to happen in December as well?
Normally the thinking is that it is the holiday season for the foreign investors and markets tend to go sideways but for many years, we have had a strong December and for many years, we have had quite a weak December. We did enter December with some amount of trepidation.
Do you expect this sort of flows to continue?
You can go back in history and see what happened 15 years ago, 5 years ago, 10 years ago, etc, and then try to make a projection but the reality is that a post-Covid revival is expected in most parts of the world and India is no exception to that. Apart from the experience of the rest of the world, the eastern side of the world is benefitting out of coming out of the Covid problem, even without the application of the vaccine.
Stocks in focus today: Mrs Bectors, Antony Waste, RIL, Bharti Airtel, Vodafone Idea, HDFC, DHFL
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Sensex, Nifty end near record highs on Thursday; here s what experts make of today s trade
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On Mrs Bectors IPO
Investors should not confuse Mrs Bectors with Britannia. It is a B2B business. It does not have such strong brands or that kind of flavour as far as the company is concerned for it to get multiples is equivalent to FMCG businesses. Lot of their brands are clearly unknown and then there are institutional sales and exports which are not as profitable as the branded business. Despite being around for decades, they have been able to grow the branded business.
Britannia has done a fabulous job over the last 10 years despite being a laggard to the market leader Parle. Also Mrs Bectors valuations are on the higher side, return ratios are nowhere comparable to the large FMCG companies and I would like to at least not go over and invest in Mrs Bectors on listing. But typically, because of liquidity flows and various dynamics in the IPO market, one does tend to see very sharp trading rallies on listing and then at least for the first few trading sessions after that and the