'Don't Have Much Cash Left': Vijay Kedia Prefers 'Selective Stocks' Amid Mixed Q2 Earnings

Veteran investor Vijay Kedia has revealed he is not holding much cash in his portfolio and remains invested, even as earnings fail to show much glitter. In a conversation with NDTV Profit, Kedia confirmed he has already deployed his capital, but admitted to being very 'selective' about his stock selection.

“I am very selective in the market. I do not have much cash left with me; I have invested it," Kedia said. "Some shares I have bought from the secondary market, some I have bought from the unlisted market. So currently I don’t have much cash with me.”

Talking about the medium-term outlook for Indian markets, after the recently-scaled highs, Kedia said there may be more upside on the horizon, but warned that the broader market is still lagging behind in terms of growth.

“Index-wise, markets may reach new highs," he said. "But even if we reach new highs, it won’t be meaningful because midcaps are lagging behind.” Earlier, Kedia has been critical about the ongoing IPO frenzy, calling it a 'pagalpan' and joking about a local 'panwaala' coming up with an IPO soon using 'AI technology'.

The veteran investor, who has made fortunes with his investments in the smallcap sectors, added that there is a lot left to be desired when it comes to earnings growth.

“So far the earnings have been a concern. It’s been a mixed earnings," Kedia noted. "We have not seen any truly exciting earnings. So I expect more reason and adjustment of expectations in the market.”

Kedia's decision to deploy cash in the current market is rooted in a long-term investment philosophy and faith in the domestic market. "I am bullish for five to seven years India growth story," he said.