Aashish Somaiyaa, CEO of Motilal Oswal Asset Management Company spoke to CNBC-TV18 on Wednesday about market fundamentals and specific stocks.
Talking about NBFCs, Somaiyaa said, “Things look a bit stretched for sure. It has also got to do with where are people actually seeing the traction or where are people seeing the potential in terms of earnings because the market has been polarised. There is a huge sections of the financials which is led by PSU banks which have not been encouraging at all. On the other hand some of these NBFCs and private banks have been believed that they would benefit out of it. But NBFCs look stretched.”
With regards to Ashok Leyland, he said, “One of our funds definitely owns Ashok Leyland. We owned it well before the result came. We still continue to own it. I think the result was very good. It was inline with expectation and by some people measurement it was better than expectation. This extra loading has kind of put a spanner in the works. There is not enough clarity on what that extra loading means and how it will be measured and what are the penalties etc. not much clear on the implementation. We continue to hold and we continue to remain bullish actually. So, we have not made any changes in our portfolios”.
Disclosure: Motilal Oswal is one of the launch partners of CNBC-TV18.com.