Infrastructure story is good for next 10 years:
Infrastructure theme will become big in the next 10 years, Porinju recommended. However, he added that investors have to hunt for survivor companies and not just any company because it is a tough environment.
The most important factor for investors who are hunting for value in infrastructure space should look for companies with survivor balance sheet.
India has got many verticals of infra – railways, aircraft, airports, shipping etc. and 15-20 sub section in the same space.
Commenting on the recent IPO listing of Cochin Shipyard, Porinju said that it is a good company even though it is a PSU. It is a well-managed company with a dedicated workforce and there is some more money left for investors on the table.
Cochin Shipyard share price started off the first day first trade at Rs 461 on National Stock Exchange, higher by nearly 8 percent over the issue price of Rs 432.
The stock immediately gained momentum further and hit a high of Rs 528.15 in early trade, up more than 22 percent over IPO price.
Porinju said that he was very bullish on markets after demonetisation. And, he knew there could be 2-3 quarters of pain for some companies.
Investors should look at those companies which might go through the pain of two-three quarters. Those companies were beaten down very badly and that is where the big money is, Porinju added.
The recent correction in Nifty of about 400 points should not worry serious investors who want to remain in the market for long term. The India story is intact and nothing has changed with respect to fundamentals, but to make money investors have to leave emotions aside.
This is not the time to be bearish on market or the whole world is peaking out. There are many things which are going right for India such as stable politics, changing the economy, domestic funds flow in markets, and consumption story still remains intact, said Porinju.
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