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Despite the recent market falls, Alchemy Capital's Chief Investment Officer Hiren Ved noted that the PMS (portfolio management service) firm remained consistently invested in the markets and always took the opportunity to invest.

"We were consistently investing in the fall. To that extent, we benefitted from this very smart rise that we saw from the lows we have seen," he said during a conversation with CNBC TV18 on April 25.

He added that they take a rather stock-specific strategy rather than trying to time the broader market. "We do not try to take so much a call on the market as much as the underlying stock. So, when markets fall and correct, it gives us an ability to buy more," he explained.

He also weighed on what investors could expect on the back of the recent Pahalgam terror attack. "It is natural to be cautious. I think India will and should respond at every level, whether it is diplomatic, economic and also potentially military planning," he said.

He added that history suggests that markets tend to recover after initial shocks. "By and large, you have a knee-jerk reaction and then markets claw back," he noted. Importantly, he added that India had growing international support, which could be seen as a cushion against prolonged geopolitical risks.

While their portfolio remain unchanged, Ved also broke down his strategy on various sectors.

On pharma

Despite the near-term concerns about tariffs, he noted that Alchemy remains constructive on pharma. "We did get an opportunity because of the tariff issues where sectors like pharma corrected quite sharply. And we selectively added to our exposure there," he explained.

In pharma, he added that they are focused largely on CDMOs (Contract Development and Manufacturing Organisations).

IT: Finding outliers amid volatility

IT has been another focus area, particularly after the sharp sell-off. "Though tech is a little bit more serious in the sector, there is uncertainty which will impact growth. But then there are always outlier companies which tend to do better when the general industry is not doing well," he said. It is precisely during times of instability that you really get to know who's executing in a tough climate, and, therefore, when times get better, those stocks actually deliver far better returns, he said.

Opportunities for power transmission

In the capital goods space, the focus has been on power transmission, as it is an area with a lot of runway for growth, he said. India's expansion of renewable energy and data centre infrastructure is seen as a major driver, according to Ved. "With renewables, with data centres, with power required, you have to build the grids," he said. Additionally, "a lot of the Indian electrical power goods companies are also exporters," making them well-positioned for future global reconstruction demand.

Auto: Betting on premiumisation

The auto sector, he added, also offers opportunities, particularly in premium segments. "On the two-wheeler side, we have exposure to Eicher Motors. On the four-wheeler side, in some of our smallcap funds, we have an exposure to a company called Force Motors," he shared.

Discussing Force Motors’ potential, he noted, "It's an early bet. We believe that it's a company which has got great products. It's also a great way to indirectly play the premiumisation, because they manufacture engines for BMW and Mercedes." The key, he said, is product strength. "All great companies have great products. We think Urbania is a great product that Force has," he added.

Opportunities beyond private banks

Instead of traditional banks, Alchemy's portfolio leaned more heavily toward capital markets and wealth managers. "We have exposure to exchanges, wealth managers," he said. However, he acknowledged the changing environment for lenders, too. "The macro for the banks and the NBFCs have substantially changed. And I think the new RBI governor has made a big difference in terms of easing regulation and easing liquidity massively, which should aid in growth."

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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