Sohum Asset CIO stays positive on telecom, renewables and data centres

Sanjay Parekh, Founder & CIO of Sohum Asset Managers, which manages assets worth ₹160.91 crore as of May 31, 2026, remains positive on Reliance Industries and Bharti Airtel, as investments in data centers, telecom and renewable energy could drive long-term value creation.Parekh said the Syrma SGS opportunity remains significant and recent partnerships in the sector could generate recurring revenue streams for large companies. He expects benefits from Reliance’s renewable energy investments to start becoming visible over the next 12-24 months while telecom operations continue to perform well. These projects could provide long-term enduring benefits and operate as an annuity-like business once established.

Sohum Asset Managers continues to hold both Bharti Airtel and Reliance Industries. He believes larger players are likely to strengthen their market position as investments in digital infrastructure accelerate.
He said Reliance valuations have become more reasonable and highlighted multiple growth drivers across refining, telecom and Dixon Technologies.Parekh also remains constructive on India’s manufacturing opportunity but said valuations have become demanding in the electronics manufacturing services (EMS) segment. While he sees a 10-year opportunity for companies such as Maruti Suzuki, and Mahindra & Mahindra, he said investors should closely monitor margins, working capital and execution as these businesses scale.

He sees opportunities in large-cap banks, automobiles and infrastructure. He said earnings expectations for several major banks may be too conservative, with potential for credit growth and margin expansion. He named Bharti Airtel, Reliance Industries, Adani Ports DLF, CarTrade Tech and Vedanta

among market leaders that could navigate current uncertainty better than many smaller companies.Parekh disclosed that his firm recently increased exposure to the stock of GMR Power after its correction. He said concerns about artificial intelligence (AI) disrupting the business were overstated and pointed to improving profitability.

He noted that the company has moved from losses to profitability, holds significant cash on its balance sheet and benefits from operating leverage as volumes grow.

Parekh also remains optimistic on DB Corp’s ongoing demerger process, arguing that the separation of businesses could unlock shareholder value. He said the aluminium business alone could justify a higher valuation than what is currently reflected in the sum-of-the-parts assessment.

Among value-oriented opportunities, Parekh pointed to HDFC Life Insurance and DB Corp, saying both offer long-term potential despite limited market recognition so far. He expects debt reduction, power capacity expansion and improving cash flows to support future performance.

Parekh acknowledged near-term challenges for HDFC Life Insurance. He said the company has lost market share recently and will need to regain growth momentum before investor confidence improves.

For the full interview, watch the accompanying video

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