Market makes everyone humble, one.
Proponent is a wrong word. I like this company because of its potential vis a vis valuation and cash and yield. I have discussed pros and cons like many others on this forum. Never asked anyone to buy or sell.
I believe in the future potential of many rev streams Mr. Chouhan is trying to create here at bse. There is always a leap of faith when it comes to investment decisions.
I invest for not just 1-2 year timefeame. Bse for me is a long term bet where there is a huge optionality element, not just one or two…but multiple.
At the same time, this is a cyclical business like AMCs. We are in the downleg as far as new listings and mkt participation is concerned.
A lot of investments are being made here, which are not contributing to pat at the moment. Many of these investments are like investing in insurance businesses, which takes its own sweet time attaining breakeven, but once breakeven is attained…one gets consistent free cash flows. You have to remain watchful, but patient.
I like Mr. Chouhan. He has been leading the company from the front and has been quite successful in making a sleepy stock exchange frontrunner as far as areas other than equity is concerned. Equity is a losing battle as they don’t have derivatives. Volumes attract volumes in exchange battles.
India will grow, and indian capital, currency, bullion, commodity markets will grow along. One needs to determine his investment timeframe before buying into something.