Add Adani stocks on every dip, IREDA has fundamentally strong business model: Deven Choksey
Deven Choksey, MD, DRChoksey FinServ Pvt. Ltd, says “having completed the capex programme and having started generating the annuity revenue in a variety of infrastructure assets that the group is holding, one would find an argument for keeping these stocks in the portfolio. And in every dip or every correction, that would mean a meaningful opportunity to add into the portfolio.”
Is the zing in your voice because of the stock movement in Adani?
I think one is happy at the same time because the dust is getting cleared and at the same time, the fundamentals of the companies are now once again getting recognised. More importantly, when you see Rs 60,000 crore worth of EBITDA, when you see three and a half times to EBITDA as your debt, and the capitalisation which has happened in the last 7-8-9 months, as far as businesses are concerned within the group, these are all some of the fundamental moves which would give us a confidence to stay invested into the company.
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Yes, the realisation comes very clearly as far as the market is concerned, but anything which is overpriced, the market would not be kind in accepting it. That is where one will have to remain careful as far as portfolio investment is concerned. But otherwise, the values are definitely there in most of these businesses. Having completed the capex programme and having started generating the annuity revenue in a variety of infrastructure assets that the group is holding, one would find an argument for keeping these
