Here is what Porinju Veliyath bought and sold in March quarter

Thejo Engineering: Porinju Veliyath-owned Equity Intelligence India bought 50,000 shares of Thejo Engineering at an average price of Rs 675.11. On the other hand, India Opportunities Fund sold 1,71,400 shares of Thejo Engineering at an average price of Rs 679.81.

Smallcap czar Porinju Veliyath predicts a sell-off in over 300 small and midcap companies on the back of a fire sale by mutual funds partly to comply with SEBI's reclassification norms.

Veliyath who is quick to spot value in small companies that could emerge as potential multibaggers if invested for the long-term advises investors in a tweet to be selective while picking stocks on declines.

The Managing Director and Portfolio Manager at Equity Intelligence said in an interview to CNBC-TV18 last month that the worst is over for Indian markets, but picking stocks which are reasonably priced has become difficult.

A sneak peek into his portfolio for March quarter reveals 12 stocks in which he holds stake of over a percent according to shareholding data from companies as on April 24. He reduced his stake below a percent in two companies: IZMO, and JITF Infralogistics.

Veliyath pared his stake in BCL Industries & Infrastructure which has nearly doubled investor wealth in the last one year. BCL, a diversified smallcap company, is engaged in edible oil, distilleries and real estate businesses.

He reduced his stake to 1.27 percent for the quarter-ended March compared to 1.41 percent seen in the December quarter, according to shareholding data from AceEquity.

He has kept his stake constant in most companies in which he holds stake of over a percent. The fund manager held his stake constant in 11 out of 12 companies. These include Emkay Global Financial Services, ABC India, Ansal Buildwell, Raunaq EPC International, Cimmco, Palash Securities, Vista Pharma, Kerala Ayurveda, Parnax Lab, Eastern Treads and Sarda Plywood Industries.

In terms of price performance, as many as five out of 12 companies have delivered positive returns on a one-year basis. These include: BCL Industries (up 96 percent), Emkay Global (up 82 percent), ABC India (up 22 percent), Ansal Buildwell (up 9.3 percent) and Raunaq EPC (up 5 percent).

On the losing side, Sarda Plywood slipped 27 percent, followed by Eastern Treads which lost 25 percent and Parnax Lab lost 15 percent in the last one year.

Disclaimer: Stocks mentioned above are held by Porinju Veliyath in his personal capacity as per shareholding data.