GQG Partners’ Rajiv Jain bullish on PSU stocks, regrets not buying LIC in 2023

Jain remains optimistic about State Bank of India and NTPC. GQG Partners holds stakes in both companies

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Investment firm GQG Partners’ founder Rajiv Jain thinks PSU stocks, many of which have hit record high in recent days, are an attractive investment due to improved management and strong long-term growth prospects.

The performance of PSU stocks, often derisively referred to as wealth destructors, has been creating a buzz, generating rich returns for investors. The BSE PSU index has surged over 21 percent, so far, this year against a mere 1 percent rise in the benchmark Sensex.

Jain, who surprised the market by picking stakes in Adani group of companies when they were hammered in the aftermath of Hindenburg Research report, regrets not buying shares of state-run Life Insurance Corporation (LIC) in early 2023 due to limited liquidity.

“We would have loved to buy LIC early last year, but we could not find any blocks,” he said in an exclusive conversation to CNBC-TV18.

LIC is among several PSU companies with low public float. The government maintains a 96.5 percent stake in the insurance behemoth, having divested only 3.5 percent equity in India’s largest IPO to date.

ALSO READ: MF share in PSU stocks scales fresh record high of 7.58% in Jan

GQG Partners holds positions in India’s largest lender, State Bank of India (SBI), and power utility NTPC and remains optimistic about their long-term prospects.

“In the case of NTPC, the current management is doing a better job compared to the past as many competent people have been hired. Moreover, the performance has improved as they get less intervention from Delhi, which was a chronic problem earlier,” he added.

ALSO READ: PSU Bank index: Is it on course to hit new highs?

Mutual funds (MFs), too, raised stakes in PSU firms to a record high of 7.58 percent of total assets under management in January, up from 5.72 percent from a year-ago period and 7.24 percent from the previous month.

The market value of MF holdings in PSUs has also seen a significant rise, surpassing Rs 4 lakh crore in January from Rs 2.33 lakh crore a year ago and Rs 3.7 lakh crore last month.

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.