Vikas Khemani-led Carnelian Asset Managers and Advisors has exited its position in ICICI Securities while adding Kotak Mahindra Bank and RBL Bank to its Portfolio Management Services (PMS) strategies in February.
Kotak Mahindra Bank has been included in Carnelian’s Capital Compounder Strategy, while ICICI Securities has been removed from its Contra Portfolio Strategy, making way for RBL Bank.
ICICI Securities has delivered a lackluster performance over the past year, gaining just 6%. According to Bloomberg, the stock currently holds one buy call, two hold calls, and no sell calls.
In comparison, Kotak Mahindra Bank has risen 13.78% over the same period, while RBL Bank has declined 33%.
The note adds that the asset manager is bullish on sectors like banking, pharma, IT, and manufacturing.
On Budget
The note adds that the current market pessimism around capex and infrastructure stocks appears exaggerated rather it could be an excellent buying opportunity for investors. This is because despite the overall capex spending holding steady at Rs 11.2 lakh crore, a lot of capex spending can happen via PPP as the government's intent is clearly to build world class infra.
Also, the reduction in personal income tax could leave an additional Rs 1 lakh crore disposable income in the hands of the middle class. A move which will undoubtedly boost consumer spending, it says.
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