Dolly Khanna tweaks stake in 11 companies in Q4 as returns diminish

Chennai-based Dolly and Rajiv Khanna have cut stake in nine companies in the fourth quarter, according to shareholding data as of April 22 released by 11 companies that are part of their portfolio.

Most stocks in their portfolio (primarily mid and smallcaps) have given negative returns so far in 2019, which has led the duo to reduce holdings or book profits in stocks where valuations were high.

Companies in which they decreased stake in Q4 are IFB Agro Industries, JK Paper, Muthoot Capital, Nilkamal, Nocil, Rain Industries, RSWM, Ruchira Papers and Som Distilleries & Breweries.

Meanwhile, they have increased their stake in two companies — Radico Khaitan and Butterfly Gandhimathi Appliances.

The broader market is yet to recover from the carnage of 2018. The small and midcap indices are still trading significantly lower than their life highs.

No surprise that the stocks of all 11 companies in which the duo has stakes have given negative returns, falling as much as 40 percent.

Table: The below table shows changes in Dolly and Rajiv Khanna's portfolio. However, this is not the exhaustive list of companies in which the duo hold stakes, but an indicative list of companies in which they have more than 1 percent stake. 

Butterfly Gandhimathi Appliances, of the companies in which Khanna couple raised their stake to over 1 percent, has fallen nearly 40 percent so far in 2019.

It manufactures stainless steel pressure cookers, stainless steel LPG stoves, and unbreakable stainless steel vacuum flasks. Other products are home and kitchen appliances.

Khannas also increased their stake in Radico Khaitan marginally in the March quarter. The stock has lost nearly 15 percent so far in 2019.

Rajiv Khanna started investing in equities in 1996 with an initial investment of Rs 1 crore. His portfolio is now worth over Rs 700 crore, according to some reports.

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