He sees rapid advancements in AI, with companies like Deepseek driving innovation in the space.
While NVIDIA’s enjoy market leadership, Agrawal highlighted potential challenges. NVIDIA’s high margins may face pressure due to increasing competition from companies like Google and AMD, while other names may offer better opportunities.
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The current state of the fund’s India portfolio has faced challenges due to declining markets. “We have been early buyers, so the portfolio is red,” he remarked.
Banking and finance, particularly non-banking financial companies (NBFCs), remain a key focus for Doordarshi India Fund. Agrawal is cautiously optimistic about the sector as pressures on loans and delinquencies are expected to ease over time.
He has been gradually buying into NBFCs, and believes there is significant value in the space, citing improving trends in the October-December 2024 quarter results.
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The microfinance sector, though currently under strain, is also on Agrawal’s radar. He mentioned taking an initial position in Spandana Sphoorty despite its recent challenges, including being locked in a lower circuit.
Jammu and Kashmir Bank is a promising opportunity within the banking sector. Under the leadership of newly appointed MD and CEO Amitava Chatterjee, the bank is expected to focus on expanding its book and exploring new areas, including treasury operations and corporate lending.
For the full interview, watch the accompanying video
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