Hi Ranvir,
Cannot stop myself but to praise you.
Earlier you were specialist in FMCG,now you have Pharma in your kitty also.
I invested in Alkem labs at around 2400 levels but forms a small part of my portfolio.
Wanted to add more but the stock ran up. Thinking of adding more at these levels as it seems they will do good in future(2 to 3 years).This is my observation only.Not recommending any one.
Thanks,
Deb
ALEMBIC PHARMA Q1 CONCALL HIGHLIGHTS -
Revenues up 41 pc to 1341cr, EBITDA up 108 pc to 416cr, PAT up 144 pc at 301 cr. EBITDA margins at 31 pc.
Capex for the Qtr - 142 cr, Cummulative capex including CWIP- 1511 cr. Gross borrowing at 1440cr vs 1700cr in Mar 2020. Cash in hand - 260cr. Debt/Equity at- 0.33.
Sartans mkt now stabalising. New entrants have come in. Total- 14 products. No player is taking up too much mkt share or is present across all products.
US base business - aprox 70 million ( aprox 525 cr with INR @ 75 ). This qtr was exceptionally good for Europe and ROW business. API pickup- also very smart. Management expects the API pick up to continue. R&D @ 143 cr, 11pc of sales. Filed 8 ANDAs, got 6 approvals, launched 3 products during the qtr. Will launch 5 products in the next qtr. Cummulative approvals at 125.
Intl business at 771 cr, US business at 596 cr…both up aprox 65-70 pc. API business at 264 cr…up 54 pc.
India business down 6 pc. Slowdown in liquid formulations ( pediatric - antibiotics for cough and cold etc) and Gynaecology. Company intends to be a prescription driven company and not depend on trade discounts.
Adv, Travel, R&D expenses - down 13 pc qoq, and 5 pc yoy…largely impacted by COVID, Lock downs etc.
Company may eventually launch 15-20 products in US this yr…3 already launched in q1.
Management sees competitive intensity moderating in US. With strong demand, they are bullish on the US mkt.
Domestic mkt was back into positive territory…growing by 5 pc in June. Alembic grew by 8 pc in the month of June.
Company has launched new products in Opthal, Derma categories. Opthal doing well. Ramp up happening at a descent pace. Derma is more competitive.
New fund raising ( QIP ) has been for longer gestation and slightly riskier products. Company would target complex generics, 505(b)(2) kind of products. No biosimilars.
Success / Failure of any product depends on various factors like - the API quality, API compliance, formulation quality, formulation compliance, supply chain efficency, marketting abilities etc.
Intend to launch 15-20 products every yr for next 3-4 yrs.
Maint capex this yr - around 300 cr, pre-op expenses - 350 cr across all facilities. For next 2-3 yrs, aprox capex may be around 600-700 cr on expanding injectables, OSD facilities and also for new API manufacturing.
Had launched Vildagliptin ( used in Type - 2 diabetes ), Ticagrelor ( Cardiac drug ) in in early 2020…2 imp launches in India.
Working cpital debt is being charged to profit and loss statements. Debt used for capex is being capitalized.
APIs form 15 pc of overall business. Company is the largest maker of Azithromycin in India.
Over the last few yrs, total capex on Injectables- $ 250 million. Company hopes to generate a revenue of $ 400-500 million from these capex investments in 3 yrs time.
Company will start with simple injectables and slowly move towards more complex products.
80 pc of present products sold in the mkt are backward integrated. This will go down going fwd as more injectables, opthal, derma products are launched.
The management did sound bullish on the US business despite the competition.
Disc: invested from Rs 850 levels.
Granules India Q1 concall notes -
Company has spent additional 13 cr towards employee well being in the Qtr due - Covid.
Production running at 130-140 pc levels vs same qtr last yr. Large parts of capacity may get used up. This is much earlier than anticipated.
Recall of Metformin 750 ER ( 1 out of 12 batches due higher NDMA levels )- a minor set back.
Expect continued high demand in current high volume products. Expect to get approvals for 4-5 high value but complex products in next 1-2 yrs. Capex for the same started at Gagillpur @ Rs 250 cr over next 15-18 months. Likely to be a huge multi particulate, integrated tableting facility. Also expanding PFI facility. All funding through internal accruals…no extra debt.
Buyback completed at Rs 200 per share. Total money spent - 142 cr. Confident of growing bottomline by 30 pc this yr.
Q1 sales @ 736 cr, up 24 pc. Gross margins up at 59 pc vs 51 pc…due better realisations in PFIs and FDs. EBITDA expansion due operating leverage. PAT up 34 pc @ 111cr. Adjusted for Metformin recall ( costed 15.4 cr ), profit from associates of 22 cr ( now divested ), PAT would have grown by 93 pc. US business ( under GPI ) performance was lower than anticipated due pre buying in Q4. Expect to launch 7 more products this yr. Two launches made this qtr.
Current gross debt at 884 cr, aim to reduce to around 430 cr by year end.
Slight increase in recievables and inventories resulting in lower FCF this qtr.
Promoter pledge down to abt 3.65 pc from around 15 pc.
Going fwd, company aims to file 7-9 products per yr including DMFs. Company to spend signifigantly on backward integration. These would be high to med volume integrated products.
Commenced commercialization of Oncology block.Some revenues have started flowing from APIs. Full impact would be visible after a few qtrs.
Capex this yr- 350 to 400 cr. Another 300 cr next yr ( includes the new MUPS block, APIs, some other basic raw materials ) The new multi particulte sustained release block to be fully integrated, one of the largest in the world, would produce products with much higher revenue potential due higher complexities.
GPI revenues at 11 pc to total revenues. Expect it to go up 4- fold in next 3 yrs.
Five core molecules contribute to 85 pc of sales…acetaminophen ( paracetamol ), metformin, gauifenesin ( used to relieve chest congesion ), ibuprofen, methocarbamol ( musle relaxant ). Their contribution would reduce to say 70 pc …once newer molecules get commercialized. But they will remain the company’s backbone.
Company to make newer products like omeprazole, metoprolole and some more at the new multi tableting sustained release block.
Also, new APIs that company would expand into will be for the products that company has already filed for.
The demand uptick for the company is here to stay…according to the management. ( its not a one off COVID related bump )
Disc : invested from Rs 275 levels.
Notes from HUL Q1 Concall -
Production of sanitizers ramped up by 100 X and hand wash by 5X. Launched 50 new products / packs to cater to rapidly changing demands.
GSK merger completed. Nutrition business up by 5 pc in Q1. Relaunched Horlicks with new formulation with extra zinc, Vit-C,D and new packaging. Also launched Boost and Horlicks in pouches.
In house consumption categories like Jams, Soups, Ketchups, Tea, Coffee…growing well.
Shikhar app for Retailers to order directly from HUL - seeing very good growth in orders.
With the GSK products, revenues up 4 % YoY. Excluding GSK brands, sales down 7 %. EBITDA contraction of 1.1 % due cost pressures. Still EBITDA at a healthy 25%. Near term outlook - uncertain.
80 pc of business representing health, hygiene and nutrition grew by 6 pc. Remaining business being discretionary in nature or dependent on Out of Home consumption- de grew sharply pulling down the overall growth rate to (-) 7 pc.
Good performance in soaps, led by Lifebuoy and Hamam. Lifebuoy grew in strong double digits across all formats. Oralcare - good show led by closeup. Soft performance in hair care due production loss in April and May. Good pick up seen in June. Skin care, Color cosmetics, deodorants- slow demand. It forms 15 pc of business and was down by 45 pc. Green shoots now visible in skincare. Tea, Coffee grew in double digits. Ice creams, OOH consumption, Water purifiers , Vending business forms 5 pc of business and was down 69 pc.
Cost and margins headwinds wrt both adverse product and pack mix. Skin care, Color cosmetics etc are higher margin businesses. Also…there was operational de-leveraging , increase in other costs to ensure supply chain resilience. Commodity head winds also seen in veg oils, skimmed milk powder ( SMP ) and tea. Full benifit of lower crude could not flow due inventories / stocks. CSR costs were also higher in Q1.
Most of the channel re-stocking completed in June.
Management expects heightened demand for liquid hand washes even after the pandemic. India has been slow to convert to liquid hand washes. Pandemic has…kind of accelerated it.
HUL …expected to launch new packs / innovations wrt GSK products.
Rural mkts doing better than before. But company is still cautious and want this trend to continue for another couple of qtrs before calling it out in a concrete fashion.
Most new product / packaging launches happened towards the end of the Qtr…so their impact would only be visible in q2.
Disc : invested in HUL from Rs 1800 levels
Notes from Ajanta Pharma’s Q1 results -
Company has 4 segments in India ( in branded genrics ) - Opthalmology, Cardio, Pain management and Derma. Company is No 2 in Opthalmology in IPM.
Company’s growth in Pain management and Opthalmology was ahead of IPM in q1. In Cardio it was slightly below, in derma it was signifigantly below IPM.
Overall India sales @ 174 cr vs @194 cr last yr q1. Seagment wise share of sales - Cardio - 42pc, Opthal- 30pc, Derma 22pc, Pain 6pc.
Company is present in 19 African, 10 Asia plus CIS countries and US.
Export sales @483 cr vs @404 cr. Good growth across Asia, Africa branded and US mkts. African institutional business de-grew.
Export sales break up- US- 31 pc, Asia - 33 pc, Africa branded- 22 pc, Africa institutional -13 pc.
Consolidated sales at 657 cr , up 10 pc. R&D spends at 40 cr for q1 vs 31 cr last year.
Total of 7 formulations and 01 API ( for captive consumption ) manufacturing facilities.
EBITDA at 223 cr vs 168 cr. EBITDA margins - 33 pc - very healthy. PAT at 148 vs 115 cr. PAT margins - 22 pc - again, very healthy.
Main contributors to margin expansion- operating leverage and lower other expenses.
Disc : invested from Rs 1450 levels.
That’s good set of points. I feel a company as big and diverse as HUL in FMCG would have stable earning but excellent growth maybe missing for an year or two. Maybe gradually a low to mid single digit volume and that’s because they do not have major foods segments. If you see all FMCG excelling are those with either foods or hygiene/nutrition/ayurveda/OTC
dominance.
Market knows above and still values it at 70PE…that’s the strength of this franchise. It is certainly a hold for me but I am fathoming at what stage would it be a buy. Would be good to know your thoughts…
Disc. Hold small position in HUL. Not a buy/sell recommendation.
The brands that HUL owns are indeed very very strong and dominant. Plus the number of categories that they dominate is truly exceptional and unmatched.
As u rightly brought out, their presence in foods is not so big. And we know that packaged foods are the flavour of the season.
As the pandemic recedes / vaccine is found, the HUL brands will be back in fashion. And it wont take long. Thats my expectation.
I would say, one can start nibbling at levels below 2100 maybe and more if it falls further.
Disc: These are my personal views. Not a buy / sell recommendation .
I agree with you, stocks such as HUL are and will remain a buy in dips always…
I somehow feel a little missed out on opportunities such as an Amazon, Netflix, Google and microsoft in last few years…maybe last 5-7 years…these excellent future tech consumer franchisees are missing in indian markets. These are companies of league of unilevers and P&G’s and as small indian investors, we are unable to participate in the humungous sustainable growth of these. I see you like quality and sustainability and are a deep thinker on long term story. Do you see any alternative to above names in India or any such high growth story? I am well aware pharma and speciality chemicals is new areas many are looking for growth and you as well. Agree they maybe excellent bets. But by above names, I am on lookout for a consumer focussed growth story in technology or any new disruptive fields. Always good to know your perspective. Thanks
Natco Pharma Q1 concall Notes -
Consolidated sales at 582 cr vs 513 cr YoY…increase of 13.4 pc. Net Profit at 122cr vs 143cr…down about 14.5 pc. Topline growth led by lower value, high volume formulation exports…like Oseltamivir, Cloroquine ( basically COVID related supplies ). Domestic oncology business was slow due lesser hospitalizations due COVID situation.
Earnings growth guidance for this FY at 25 pc !!!
Domestic onco business hit hard by COVID. Its the most profitable part of the business. Improvement seen in June, July.
Revlimid ( cancer drug ) - approval expected in Dec. Huge opportunity for the company.
Natco’s key US products include- Copaxone ( used to treat multiple sclerosis ), Doxil ( anti cancer ), Lanthanum carbonate ( used to reduce phosphate levels in patients with end stage renal problems ) . All these are limited cometition products. In lanthanum carbonate, Natco is the only generic player in the Mkt. Tamiflu is another major product, but the margins are thin due higher competition.
Company hopeful of a positive outcome wrt Coragen ( insecticide ) both on the court case and the regulatory filing.
New niche filing in US - Trabectedin ( in partnership with Sun, again a chemotherapy drug ) . Only one more Chinese company has filed for the same. So, its again a limited competition product.
Earnings guidance of 25 pc growth is based on the order book. This does not include products like - Sorafenib, Everolimus, Lapatinib.
Domestic Onco business still at 75-80 pc of pre covid levels, inspite of the pick up in june, july.
10.Looking at launching 10-12 new products per yr in domestic mkt !!!
If Revlimid launch happens as planned, company can even clock a PAT of Rs 1400 cr in FY22 !!!
Non US export earnings - 10-15 pc…from countries like Canada, Brazil. Domestic earnings at 20-22 pc. Company inteneds to increase both to broad base its business.
US mkt fairly stable. People exiting tail / low mkt share brands. Therefore mkt shares in already good mkt share products is going up. Pricing pressures are also easing.
Agrochemicals - 3 niche products filed.Mkt size-2000 cr. A number of other commodity products also filed. A few nice products are in the pipeline. In 2-3 yrs time, it should reach 10-15 pc of India business.
API base business outlook - good.
No inorganic plans for the company. Company wants to grow its presence in Cardio and Diabetology in domestic mkt…slowly and steadily.
Disc : invested from Rs 600 levels.
Hi…
I am also on the look out.
Would love to share when I come across a good idea.
Thanks for the feedback !!!
Regards
You don’t seem to have any IT company in your portfolio. Any specific reasons ?
Hi…
Thats right. Thats because I do not understand IT. Not one bit.
Lupin Q1 concall notes -
Revenues at Rs 3468 cr lower by 9.1 pc YoY. US sales down 28 pc YoY to $ 157 million. In q4 last yr, US sales were as high as $212 million. India branded formulations down 6pc. IPM de grew by 4.9 pc in q1. Demand revival in India seen in q2. API business showed strong growth of 24.5 pc sequentially with strong demand and pricing. Expect the strong API performance to continue.
Gross margins at healthy 62.9 pc. Manpower cost increase due to one time specialty restructuring in US and COVID related incentives. Freight , manufacturing and other expenses also higher by around 100cr. There was a fall in travel, legal and sales promotion costs.
Going fwd, company expects operating margins to improve due mkt share expansion in levothyroxine ( thyroid drug ), relaunch of glumetza ( anti-diabetic ) in Q2. Also, pre winter buying of Azithromycin and Cephalosporins (
both - anti bacterials ) , Oseltamivir ( anti viral-used for flu treatment )…helps the cause.
Much awaited Albuterol launch expected by Sep.
Tight control of manpower , SG&A costs to boost margins in Q2.
Higher competition in levothyroxin, however the smaller competitors are not able to scale up easily. Lupin in good postn from supply chain, manufacturing standpoint. Current Mkt share at 12pc.Company intends to take it to high teens.
Metformin recall related costs - mostly absorbed in Q1. Re intro of metformin to help drive sales in Q2.
Company expected to grow India sales by 5-8 pc in Q2.
Company expects Pro Air ( Albuterol ) approval by Aug end and launch by Sep. Aim to target 20pc mkt share. Pricing for albuterol has been fairly stable.
Solosec sales had plummeted in Apr due fall in OPDs. Across…May, Jun , Jul…its improving again.
Critical year for Company’s inhalation products - Albuterol, Tiotropium ( approval expected ). Biosimilar - etanercept ( for auto immune disease ) expected to be launched in Europe. Aim to file Pegfilgrastim ( given to patients undergoing chemotherapy to reduce chances of infection ) this yr.
Company aims to up its compliance game. All inspections this yr have had a positive outcome. Expect to get positive outcomes on Somerset, Goa and Pithampur facilities. Apriso ( used to treat certain bowel disease ) launched in late Q1.
Eternacept launch will first be in Germany then France and Sweden, then UK. Lupin strong in Cephalosporin APIs, penicillin intermediateries. Looking to do a few more APIs now.
Fostair ( inhaler for chronic obstructive pulmonary disease ) launch expected in Europe by the end of this FY, early next yr.
Remidiation costs should decline over a period of time as the facilities become more complaiant and company also learns.
Company expects to clock double digit growth for the next 5-7 yrs on the back of sucessive biosimilar, complex generic and speciality product launches. Management believes that they are on the cusp of good growth going fwd. Their pipeline for these products is indeed rich.
Company expects to maintain R&D spends at 10pc of revenues for froeseaeble future. With cost saving initiatives, better product mix ( speciality, complex, biosimilars ) …company aims to get EBITDA margins into 20s.
Partnership with Foe Doz Pharma for 2 products ( injectables ) - Doxil ( anti-cancer )and AmBiosome ( used for life threatning fungal infections ). Expected launches in FY 22 and 24.
Company would like to commercialize bio similars in US on its own, backed by the complex injectables infra that the company has.
Albuterol cometitors - Cipla and a few US players…whose costs are higher. Only 2 Indian players mean that the prices may remain stable for some time.
Disc: Invested from Rs 910 levels.
Small, tracking position.
Hi Ranvir,
You are doing a great concall summary of the stocks which you own or follow. May I suggest, if you could post the same in the respective individual stocks or directly in there, it may be helpful who follows the company and they may or may not follow your portfolio thread.
It is just a suggestion and decision is yours.
Thanks!!
Please check the company threads. AFAIK, @ranvir posted the concall details on all the company threads too.
Cipla Q1 Concall notes -
Company is working proactively to reduce its import dependence by diversifying its sourcing.
Company has achieved a zero net debt status…a signifigant milestone. Cost saving initiatives drove the EBITDA margins to alomst 24 pc. Company expects lower operating expenses to the tune of 400-500 cr for the entire FY 21.
India business ( branded presciptions , trade generics, OTC ) grew 16pc. Presciptions up 9pc, trade generics up 46 pc despite slowdown in actute portfolio. SA branded business grew 24 pc in constant currency terms. US business at $135 million backed by albuterol ramp up.
Remdisivir sales started in Jul. R&D costs lower at 4.6 pc of sales due commercialization of albuterol and COVID impact. EBITDA margins at 24 pc, PAT margins at 13.3 pc. PAT at 660 vs 478 cr. Long term debt at $317 million due acquisition of Invagen ( in US ) and Mirren ( in SA ) and some other op-requirements.
India rank in chronic therapies- 2nd, mkt share at 7.4 pc…company is strong in inhalation, respiratory, urology. Two brands - Naselin and Clocip transferred from trade generics to CHL franchise ( OTC ). Good traction seen in Ciphands ( OTC - hand sanitiser )
Launched dihydroergotamine nasal sparay in US with 180 day exclusivity. Approval granted for Icatibant ( injection used to treat herditary angioadema…a key product ). Company has a strong pipeline of complex respiratory products.
SA OTC growth at 9.3 pc vs mkt degrowth of 0.5 pc. Emerging mkt business up 50 pc YoY. Europe business up by 9 pc in dollar terms. Continue to engage with USFDA for Advair ( salmeterol ) approval.
India business has been strong till now…in Q2. Plus last yr’s Q2 base was also low. Albuterol is a huge mkt ( 55-60 million units ). Pricing is also quite stable. Except for Lupin, no other competitor is likely to come in any time soon.
Cipla is second highest seller of inhalation products across the world, behind GSK. Company intends to maintain and solidify its respiratory franchisee. Large portion of company’s resources and capital allocation would go in that direction.
Company seeing good levels of stickiness in the India OTC brands. However, this is a small portion of business as of now. Areas where company plans to build up in OTC space are- nicotine replacement, Pain management, Vitamins etc. OTC area is gonna get a lot of management attention, its a key focus area for the. Some populatr brands- Clocip, Nicotex,Cofsils, Activ Kids etc.
Cipla’s triple combo anti retroviral drug - TLD , doing well in SA. Company didnt disclose about its US launch as its an IP product.
Company to license a number of bio similars and sell them in emerging mkts. A lot of filings have been made, partnership arrangements concluded. Value unlock may take 2-3 yrs.
Company to ramp up certain selected APIs for captive as well as third party sales.
Disc: invested from Rs 630 levels.
Notes on Sun Pharma based on latest investor ppt -
No 1 pharma company in India
No 9 in US generics mkt
World ranking in generic pharma- 4th ( behind Mylan, Teva and Novartis, Aurobindo,Lupin and Cipla are ranked -7,8,9 )
43 mfg plants across the world
Present in 100 countries across generic and branded mkts
US business ( 33 pc of sales ) -
9th in US generics mkt, 2nd in dermatology
Present in generics, branded and OTC
US sales for FY 19-20- Rs 10500 cr
India business ( 30 pc of sales ) -
Overall rank- 1 ( mkt share at 8.2 pc ), Cipla and Lupin are ranked 3 and 5
Mkt leader in Chronic segment, strong postn in acute segment
31 brands among top 300 brands
FY 19-20 sales at Rs 9700 cr
Leadership postn among the following Doctor Categories - Psychiatrists, Neurologists, Cardiologists, Orthopaedics, Gastroenterologists, Nephrologists, Diabetologists, Dermatologists,Urologists, ENT and Consulting Physicians
MR field force- 9700
Emerging Mkts ( 17 pc of sales ) -
Present in 80 countries
Focus mkts- Romania, Russia, SA, Brazil, Mexico
Local manufacturing across 07 EM countries
MRs - 2300
Other Developed Mkts ( 14 pc of sales ) -
Include- Aus, NZL, Canada, Japan, Western Europe
Focusing on development of complex generics and other differentiated products
Local mfg at- Canada, Japan, Aus, Israel and Hungary
India and Intl Consumer healthcare -
Brands like- Volini, Revital, Pepfiz, Abzorb etc in India
Also present in - Romania,Russia, SA,Ukraine, Nigeria,Myanmar, Poland, Thailand,Morroco,UAE,Oman - wrt consumer heathcare products
Enjoy strong brand equity in 4 countries ( India, Myanmar, Nigeria and Romania )
Dedicated field force in each Mkt
APIs ( 6 pc of sales ) -
Make 300 APIs
Provide backward integration
Aprox 20 APIs scaled up annually
14 API manufacturing facilities
SPECIALTY PORTFOLIO -
ILumya - for plaque psoriasis , launced in US in 2018, Europe and Aus - Dec 18, Outlicensed for Greater China, Japan approval in Jun 2020
Cequa - for dry eye disease, US launch in Oct 19, Outlicensed for greater China Mkt
Absorica- for severe recalcitrant nodular acne, currently being sold in US
Levulan - for actinic keratosis, currently being sold in US
Odomzo - for LABCC, being sold in US,Germany, France, Switzerland, Denmark, Aus, Israel
Yonsa - used in prostate cancer, sold in US
Bromsite - used after catract surgery to relieve pain and inflammation, sold in US
Xelpros - used in ocular hypertension, sold in US
Infugem - a chemotherapy product, being sold in us and Europe
Key deals -
Acquired POLA Pharma in Japan in 2018 , access to Japanese derma mkt
Acquired Global rights for Cequa and Odomzo in 2016
Acquired Biosintez in Russia for local mfg footprint in 2016
Acquired 14 brand from Novartis in Japan in 2016
Acquired Insite Vision in US in 2015, strengthens opthal portfolio
2015 - merged Ranbaxy with itself
2012 - acquired Dusa pharma in US in 2012, got sterile injectable mfg capability in US
2010 - Acquired Taro Pharma ( Israel ) , access to US derma mkt
1997- Acquired Caraco entry in US mkt
Disc: invested drom Rs 480 levels
Disc :
Added to HDFC AMC, Granules India , Alembic Pharma over the last one week.
Alembic - there seems to be an overhang on the stock price due to agressive capex plans by the management. However, since the bulk is being funded by QIP proceeds, I dont think its too big a risk. So, thought of adding at Rs 1000 levels.
HDFC AMC - I think the stock price underperformance may be neaing its end seeing the recovery in Equity Mkts. Also, the performance of HDFC Midcap Opportunities and HDFC top 100 are improving.
Granules - bought some near Rs 310 levels. At 20 times FY 21 EPS, it may run up to Rs 400 levels. Thats an assesment. I have also written a detailed summary of latest concall - Post no-402.
These are just disclosures, no buy / sell reccomendations.
Hi Ranvir,
Wanted to know your views on Kotak mahindra bank.Apart from good and ethical banking they have the life insurance,asset management all in one umbrella currently.they are also growing and a time will come when they might demerge creating wealth for Kotak’s investors like happened in HDFC case.
so How do you assess it?Any view will be helpful
Thanks,
Deb
Hi Ranvir,
Thanks for sharing.
You indicated purchase of equity past week. What’s your view on upcoming market trend? Many thinks (including RBI Gov and some VP members) that market is over valued and corrections is nearby. Love to hear your view.
