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Tech shares led US stocks higher Thursday, despite an unexpected jump in jobless claims that resurfaced some concerns about the economy and sent bond yields lower.
Shares of smallcap firm Cupid advanced over 4% after Kochi-based investor Porinju Veliyath’s portfolio management service Equity Intelligence India bought 1,40,000 shares of the company through a bulk deal on NSE on Friday. The shares were purchased at Rs 233.8 apiece.
The scrip traded 4.28% higher at Rs 251 at around 9.30 am (IST). On the other hand, the benchmark BSE Sensex was up 332 points, or 0.63%, at 52816.
Veliyath who has 1.2 million followers on the social media platform twitters is widely known among investing community for identifying stocks early. His portfolio management services delivered a 153% return to investor last fiscal when the benchmark BSE Sensex witnessed a surge of 75%.
Veliyath’s other holdings
He or his PMS together held over 25 stocks as of March 31. Some of the stocks in the list included Agro Tech Foods, Gati, Orient Bell, Zee Media Corporation, Somany Home, Shalimar Paints, Kaya and Emkay Global Financial Services, among others.
Stocks to buy
In his latest interview with a business channel, Veliyath said that the biggest theme right now is to buy proven winners at a premium. However, the real opportunities are still in the broader market.
The market maven is bullish on Tata Communications. “I still find it underpriced. However, I advised investors not to buy this stock in a hurry,” Veliyath said adding the company has really got transformed into a real global solution company. The opportunity size for Tata Communication is really big.
Veliyath is also positive on public sector companies. “PSU stocks still looking good as a theme. I expect further re-rating in this space. I am very confident that disinvestment is going to successful and investors should take PSUs seriously. This can be a theme for the next 1-2 years,” he said.
He also advised leveraged traders to stay careful as money made can be lost very fast if there is any correction. However, he advised investors to strictly adhere to the principle of value investing.
“It is going to be a good time in the market,” Veliyath said adding he does not see any other asset class near to equity investing for wealth creation.