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<ul><li>Porinju Veliyath of Equity Intelligence wrote a letter to his investors on Thursday explaining the poor performance of the portfolio.</li><li>There has been no respite from the sell-off in mid and small-cap stocks in India for over 18 months, he said.</li><li>Some of the budget provisions did not acknowledge the cardinal principals of a free-market economy, according to Veliyath.</li><li>Veliyath had earlier written a similar letter to his investors in January 2019 when the portfolio had lost nearly half its value in the preceding nine months.</li></ul>A star equity investor in India with over ₹1,000 crore worth of assets under management has been forced to write yet another letter to his investors explaining the poor performance of his portfolio. Porinju Veliyath of Equity Intelligence's latest letter rued the seemingly endless sell-off in mid and small-cap stocks in India for over 18 months. Making matters worse for Veliyath, who has over a million followers on Twitter, are the provisions of the latest budget presented by the newly appointed Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>. 
 <div type="image" title="Porinju Veliyath, Equity Intelligence" height="600" width="800" msid="70278540" hostid="261" caption="&amp;lt;p&amp;gt;Porinju Veliyath of Equtiy Intelligence&amp;#39;s latest letter rued the seemingly endless sell-off in mid and small-cap stocks in India for over 18 months.&amp;lt;br /&amp;gt;&amp;lt;/p&amp;gt;"></div>



 "Some of the budget provisions did not acknowledge the cardinal principals of a free-market economy," Veliyath said in his letter on Thursday (July 18) adding that the the positives of the continuity in government has been lost with the market unfriendly provisions in Budget, at least for the near term. 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 Though the blue-chip stocks have held up largely, nearly 90% of all listed stocks in India have lost anywhere between a third to as much as 90% of their value in recent months, Veliyath wrote in despair. Some of the stocks that Veliyath is known to have invested in have lost as much as 85% in the last six months, since his last letter to the investors. <table style="width: 188pt;"> </colgroup></colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:78pt">Stock</td> <td class="xl66" style="border-left-width: initial; border-left-style: none; width: 110pt;">Last 6 months</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">LEEL</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-85.42%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Duroply</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-38.85%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Ansal Buildwell</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-50.71%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Eastern Treads</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-35.32%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Raunaq EPC Intl</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-61.66%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Kerala Ayurveda</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-19.23%</td> </tr> <tr> <td class="xl67" style="height: 15pt; border-top-width: initial; border-top-style: none;">Palash Sec</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-6.98%</td> </tr> <tr> <td class="xl69" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Shalimar Paints</td> <td class="xl70" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">3.47%</td> </tr></tbody></table> <a href="https://www.businessinsider.in/markets/full-text-of-porinju-veliyaths-latest-letter-to-his-investors/articleshow/70278145.cms" data-type="tilCustomLink" target="_blank">Read: Full text of Porinju Veliyath's latest letter to his investors</a> Veliyath, in his last letter in January, said that the portfolio had lost 44% of the investors' money in the preceding nine months mostly because of one stock, LEEL Electricals Ltd (formerly Lloyd Electric &amp; Engineering). In a private letter on January 11, accessed by news agency IANS, Veliyath's firm Equity Intelligence apologised for the 'flawed investment' that eroded millions in value, adding that there may be no benefit in selling it now. Seven months later he continues to hold some of his loss-making bets. "Many of you would be wondering why we are holding on few underperformers in the portfolio. After a significant draw-down, to sell any under-performing company and shift to alternate opportunities, we need to take a call on many aspects," Veliyath wrote on July 18. SEE ALSO: <a href="https://www.businessinsider.in/warren-buffets-advice-for-investment-manager-porinju-veliyath-who-lost-millions-by-not-cutting-losses/articleshow/67522607.cms" data-type="tilCustomLink" target="_blank">A star money manager in India made a rookie mistake that cost millions</a>

A star money manager in India with over a million followers is blaming the budget for perpetuating the bear market in Indian stocks

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

<keyword id="105382" type="COMPANY" weightage="100" keywordseo="Ambuja-Cements">Ambuja Cements</keyword> has received Rs 20 crore from <keyword id="6356830" type="CITY" weightage="100" keywordseo="Nestle-India">Nestle India</keyword> to burn packets of Maggi noodles. 
 
The two-minute noodles were found harmful after excess lead and MSG was found in the packets. Nestle India has withdrawn all Maggi packets from the market. 
 
A Nestle India spokesperson told news agency PTI that Gujarat Ambuja Cements was helping them to destroy the Maggi noodles being withdrawn by us from the market. 
 
“In addition to the value of stocks being destroyed there will be additional costs to take into account, for example bringing back stock from the market, transporting the stock to the destruction points and destruction cost etc,” the spokesperson told the news agency. 
 
Nestle India recently had informed that Maggi noodles worth Rs 320 crore will be destroyed as it was banned by FSSAI. 
 
(Image: Indiatimes)

Nestle is paying Ambuja Cements Rs 20cr to destroy thousands of Maggi packs

A star equity investor in India with over ₹1,000 crore worth of assets under management has been forced to write yet another letter to his investors explaining the poor performance of his portfolio. Porinju Veliyath of Equtiy Intelligence's latest letter rued the seemingly endless sell-off in mid and small-cap stocks in India for over 18 months. Making matters worse for Veliyath, who has over a million followers on Twitter, are the provisions of the latest budget presented by the newly appointed Finance Minister Nirmala Sitharaman. The following the full text of his latest letter addressed to his investors on July 18. Dear Investors, Eighteen months since the sell-off in broader markets began and yet there has been no respite to small and mid-cap investors like us. All the recovery we made from February 2019 lows has been sold into and we are back to the February levels. Longevity of the ongoing bear market in mid and small caps - of this magnitude has been astounding to even the most seasoned equity investors. I had felt elections could be the turning point for investors to come back to equities. Unfortunately, the positives of the continuity in government has been lost with the market unfriendly provisions in Budget, at least for the near term. Though the maiden budget of Modi 2.0 laid out a long-term vision that the government aims to achieve, some provisions in it has been disappointing from a near term stock market perspective. While the monetary impact of these changes is minimal, the message it gives to the larger investment community is rather regressive. Intentions of the present government without doubt have been good and their efficiency in utilizing tax revenues has been excellent, but these factors aside, it seems that policy makers are not acknowledging the cardinal principles of a free market economy. Past few years saw several challenges emerging in the economy. Though we were cognisant of many of them, we underestimated the extent of the first and second order consequences of some. Government's noble and welcome efforts to strengthen tax base, improve traceability, reduce black money and corruption seem to have chocked the economy for the near term, more than anyone anticipated. Despite RBI repo rate cuts, transmission of the reduction has not happened and the cost of capital to corporates have remained tight, thereby delaying any major industrial recovery. IL&amp;FS scam, instead of getting resolved, have spread to other major NBFCs and banks. IBC process has been entangled in judicial processes and is frustratingly slow. Broader markets are yet to recover from the forceful selling in small and midcap companies triggered by SEBI directives on reclassification to mutual funds industry. Overall, there has been a divergent and narrow market performance for a long time now. Though Nifty has held up, broader markets have shaved off 50% or more in this period. Close to 90% of listed stocks are down anywhere from 30% to 90% whereas top 10% large companies have not fallen much. All the matters above that has affected the universe of the companies in which we have been investing in and for which our clients have entrusted us the funds, sadly, are beyond our control. Most of the stocks in our portfolio are fundamentally strong and some of them are industry leaders with the potential to create wealth. But when will the market acknowledge the underlying value of these companies and reflect them in the stock prices? Having experienced the vagaries of markets for the past three decades, I see a significant recovery going forward, that looks inevitable to me, but I cannot give a time frame for this - I have gone wrong many times earlier in this regard. Many of you would be wondering why we are holding on few underperformers in the portfolio. After a significant draw-down, to sell any under-performing company and shift to alternate opportunities, we need to take a call on many aspects, including: <ul><li>Has the original investment thesis been permanently jeopardized or delayed indefinitely, that makes shifting a better decision than waiting? </li><li>What would be the implicit costs of liquidating these investments in a sentimentally depressed market devoid of buyer participation? </li><li>Is there an alternate opportunity with potential upside that can compensate the draw-down in these stocks available? </li><li>What is the further downside in these stocks and what is the probability that when market sentiment turns around these stocks would perform better than the available alternatives? </li></ul> Considering all the above and a host of other factors in a dynamic and evolving environment, we have been doing whatever in our opinion is best possible. Hoping for better times and waiting patiently for the sentiments to change. SEE ALSO: <a href="https://www.businessinsider.in/warren-buffets-advice-for-investment-manager-porinju-veliyath-who-lost-millions-by-not-cutting-losses/articleshow/67522607.cms" data-type="tilCustomLink" target="_blank">A star money manager in India made a rookie mistake that cost millions</a>

Full text of Porinju Veliyath's latest letter to his investors

It took <keyword id="10591" type="CITY" weightage="20" keywordseo="Samsung">Samsung</keyword> two years to end <keyword id="874458" type="COMPANY" weightage="20" keywordseo="Xiaomi">Xiaomi</keyword>'s winning streak in the India smartphone market, as the South Korean major recaptured the top slot in the third quarter (July-September period) with 24 per cent share, as the Chinese major logged 23 per cent market share, a Counterpoint Research report said on Wednesday. Riding on multiple strategies -- including effective supply chain and touching various price points through new launches -- Samsung became the leading brand in the India smartphone market with 32 per cent (year-on-year) growth. Samsung was also the fastest to recover, surpassing the pre-COVID levels in Q3 2020, according to the latest research from Counterpoint's Market Monitor service. Samsung's aggressive push in online channels, with highest-ever online contribution within its portfolio, also helped it regain its number one spot, the report noted. Xiaomi slipped to number two position for the first time since Q3 2018 with 4 per cent YoY decline. "Manufacturing constraints due to the Covid-19 situation affected its supply chain, leading to a supply-demand gap," the report noted. Vivo with 16 per cent market share and Realme with 14 per cent share were third and fourth, respectively. Overall, India's smartphone shipments grew 9 per cent (YoY) to reach over 53 million units in Q3 2020 e the highest-ever shipment in a quarter. "In terms of price bands, the mid-tier (Rs 10,000-Rs 20,000) segment registered the highest growth and reached its highest ever share in a quarter," said senior research analyst Prachir Singh. In the overall handset market, Samsung was once again the leader with 22 per cent market share, followed by Xiaomi at 14 per cent share. The report said that with ramped-up manufacturing, strong demand for the Redmi 9 and Note 9 series, aggressive product strategy and growing offline presence, "we believe Xiaomi will come back strongly in the coming quarter". Vivo grew 4 per cent (YoY) and retained its third position in Q3, driven by strong demand for its Y-series models in offline channels. In Q3 2020, it entered the premium market with the X50 series and was the first original equipment manufacturer (OEM) to launch a gimbal camera that got positive feedback from consumers. "Though online channels remain in focus, OEMs are also trying to leverage new opportunities in offline channels in Tier 2 and Tier 3 cities," said Research Analyst Shilpi Jain. In this regard, Xiaomi launched 'Mi store on Wheels', Samsung launched Galaxy M01 Core and vivo announced more retail discounts. "Additionally, the brands are focusing on affordability by announcing cashbacks, promotions and offers on devices," Jain added. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/samsung-now-lets-you-buy-up-to-four-products-in-one-single-emi-as-it-seeks-to-boost-sales-this-festive-season/articleshow/78840908.cms">Samsung now lets you buy up to four products in one single EMI as it seeks to boost sales this festive season</a> <a href="https://www.businessinsider.in/tech/news/samsung-and-stanford-university-have-developed-an-oled-display-with-10000-ppi/articleshow/78869268.cms">Samsung and Stanford University have developed an OLED display with 10,000 PPI</a> <a href="https://www.businessinsider.in/tech/mobile/news/checkout-samsung-galaxy-m51-mobile-review/articleshow/78780771.cms">Samsung Galaxy M51 review – insane battery life, but that makes the phone slightly heavy</a>

Samsung overtakes Xiaomi to retake the smartphone crown in India

Can the fall in <keyword id="168191" type="UNKNOWN" weightage="40" keywordseo="Chinese-Market">Chinese market</keyword> be a good news for our Dalal Street? Not really it seems. According to market experts, a fair comparison cannot be done as not much data is available. 

	As per an ET report, the Chinese market recorded its steepest weekly fall since 2008 on Friday. The index plunged over 13% in the last five trading sessions. Interestingly, the Indian equity markets rallied over 3% per cent in the same period. 
 A fall in China is not necessarily good news for India, , in an interview with ET Now. “Again the correlation seems a bit far-fetched. Investors are going into India because it is a long-term growth story, and to China because of the momentum trade,” said <keyword id="85232" type="PERSON" weightage="80" keywordseo="Hans-Goetti">Hans Goetti</keyword>, BIL in an interview with ET Now. He explained, “I think margin debt will have to come down meaningfully in China and we have to see how it plays out.” It should be noted that the Shanghai Composite Index ended the day 6.42% or 306.99 points, lower to 4,478.36 on Friday. The <keyword id="35140" type="CITY" weightage="100" keywordseo="BSE">BSE</keyword> <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> closed 200.34 points higher at 27,316.17. It rose over 3% for the week ended June 19. Analysts believe that it would be unfair to compare the two market simply because the equity markets of both the countries are totally different in terms of the structure of the <keyword id="34412" type="ORGANIZATION" weightage="40" keywordseo="economy">economy</keyword>, role of the government and relative importance of various sectors. On the other hand, India is more of a long-term growth story. 

	According to a Reuters report, the correction in Chinese markets was triggered by regulators' fresh moves to tighten margin financing.

Read on to know if the fall in Chinese market is good for India?

Sanjay Gupta, <keyword id="2853478" type="POSITION" weightage="20" keywordseo="Sr-General-Manager">Sr. General Manager</keyword> and Group <keyword id="6411847" type="POSITION" weightage="20" keywordseo="head">Head</keyword>, Marketing, <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> Motor India Ltd, has moved on from the company. Multiple sources close to the development has confirmed the news to Ad Age India. 
 Gupta has now joined a Gurgaon-based <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> firm <keyword id="626993" type="COMPANY" weightage="20" keywordseo="M3M-India">M3M India</keyword> as the <keyword id="113363" type="POSITION" weightage="20" keywordseo="Chief-Marketing-Officer">Chief Marketing Officer</keyword>. He had joined Hyundai in April 2014. Prior to this, he was associated with <keyword id="106888" type="CITY" weightage="20" keywordseo="Toyota-Kirloskar-Motors">Toyota Kirloskar Motors</keyword> as GM, Marketing from 2008 to 2014. 
 Gupta has been in the auto industry for more than two decades and served various marketing roles. Prior to Toyota Kirloskar, he was associated with <keyword id="1774706" type="COMPANY" weightage="20" keywordseo="Honda-Motorcycle-Scooter-India-Pvt-Ltd">Honda Motorcycle &amp; Scooter India Pvt Ltd</keyword>, <keyword id="2853477" type="UNKNOWN" weightage="20" keywordseo="Shriram-Automotive-Products-Ltd">Shriram Automotive Products Ltd</keyword>, <keyword id="2853476" type="UNKNOWN" weightage="20" keywordseo="GE-Motors-India-Ltd">GE Motors India Ltd</keyword>, to name a few.

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A star money manager in India with over a million followers is blaming the budget for perpetuating the bear market in Indian stocks

Sriram Iyer

Watching the Sensex can be misleading-- India's mid and small cap stocks have lost ₹2.4 trillion of investor wealth this year alone

Sriram Iyer

Nestle is paying Ambuja Cements Rs 20cr to destroy thousands of Maggi packs

BI India Bureau

Full text of Porinju Veliyath's latest letter to his investors

BI India Bureau

Samsung overtakes Xiaomi to retake the smartphone crown in India

IANS

Read on to know if the fall in Chinese market is good for India?

BI India Bureau

Hyundai India’s Group Marketing Head Sanjay Gupta Quits

AdAge

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