Post Q3 musings based on what I remember. Baring few most sectors were under intense pressure from inflation. Causting Soda makers did extremely well (Gujarat Alkali, TGV Sraac, Lords Chloro, Punjab Alkali, Chemfab & some more).
Hospitals: It was hit and miss with more hits though. Tejnaksh, Kovai I would put more on the miss side but many did well like Narayana Hrudalaya, Max Healthcare, Fortis, Aster DM & KIMS etc.
Diagnostic: was largely a miss with some seeing huge margin erosion and effect seen in share price too.
Logistics/Shipping: largely did pretty well like All Cargo, Shreyas, Seamec, VRL Logistics, Blue Dart & Tiger Logistics etc.
Logistics/Shipping: largely did pretty well like All Cargo, Shreyas, Seamec, VRL Logistics, Blue Dart & Tiger Logistics etc.
Casting, Forgings, Fastener & Ferro Alloys: again both hit and miss with export oriented ones did well.
Banks: PSU did well in terms of improvement in Asset Quality mainly but still operational performance subdued IMO.
Banks: PSU did well in terms of improvement in Asset Quality mainly but still operational performance subdued IMO.
Cement: was under pressure from Power & Fuel expense. If price/realization doesn't improve then will go down.
Tyre/Tire: On the losing side due to rubber and petroleum price with CEAT/Birla declaring loss but most others too didn't fare well.
Tyre/Tire: On the losing side due to rubber and petroleum price with CEAT/Birla declaring loss but most others too didn't fare well.
Textile: Some miss but mostly did well with performance mostly moving to South.
Sugar: Some missed but largely did well. Andhra Sugar didn't do well both in Sugar & Power but did well in Chlor Alkali & Chemicals.
Sugar: Some missed but largely did well. Andhra Sugar didn't do well both in Sugar & Power but did well in Chlor Alkali & Chemicals.
Crude/Natural Gas: Mostly did well like Gail, ONGC, Selan with Oil India seeing QoQ margin pressure.
Hotel & Restaurant (including QSR): Probably best ever quarter since Pandemic started with performance being seen in most.
IT: Seem under some pressure (Attrition & FTE Costs).
Hotel & Restaurant (including QSR): Probably best ever quarter since Pandemic started with performance being seen in most.
IT: Seem under some pressure (Attrition & FTE Costs).
Stock/Commodity Brokers: Well well well, they benefit from wider participation & bull market is a place for that. So, most did well.
Media: Election season with largest state going for it. They too benefited & did well.
Fertilizers: Leaving few companies what a performance.
Media: Election season with largest state going for it. They too benefited & did well.
Fertilizers: Leaving few companies what a performance.
Pharmaceutical: Largely disappointing partly due to cost pressure and partly due to relative high performance in prior periods.
Couldn't check all results in last 3-4 days and some I checked, calculated but forgot to post like Shopper Stop & moved on to others.
Couldn't check all results in last 3-4 days and some I checked, calculated but forgot to post like Shopper Stop & moved on to others.
Don't remember much about some other sectors. Inflation could remain high, have to watch out for inventory levels in Q4 as I saw some inventory buildup in Q2, which may have been offloaded & helped margin a little.
Ukraine/Russia war can force further inflationary pressure in India. Wait for GDP Data and watch out for Private Consumption, which is extremely important though Government should remain spender of last resort until Economy is in Good Health.
Overall next 1-2 years could be difficult & be aggressive to cut weak positions. Remember sometimes holding liquid funds in Bank is much better than remaining invested. In 2017 end 2018 beginning I did trim my positions & it's only cash balance that added some pennies.
Addendum: Agro-chemicals: What a performance from Sharda Cropchem and Aimco Pesticides. Expect others to do well too especially in Q1 & Q2. Will be adding some positions here for sure.
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