Choksey said the demand environment has remained healthy ahead of the festive season and expects momentum to continue through the December quarter. He also maintained a constructive view on stock exchanges such as BSE and NSE, saying corrections offer opportunities to build long-term positions.
“The festive season looks extremely promising for most jewellery companies,” Choksey said. “The demand scenario remains proper,” despite higher gold prices, he added.
Commenting on Titan and Kalyan Jewellers, Choksey said trusted brands continue to benefit from strong consumer demand and exchange gold schemes.
“The exchange gold business is definitely working well for some of the trusted jewellers like Titan and Kalyan,” he said. “This festive season would probably be among the best.”
However, he cautioned against chasing the recent rally in jewellery stocks.
“They are expensively traded stocks,” Choksey said. “Maybe some correction in the price—that will be a better opportunity.”
On Trent, Choksey said the broader consumption story remains intact as retailers continue to report healthy business trends.
He noted that July-September has been one of the strongest quarters for consumer companies, citing demand trends across sectors, including paints.
“I haven’t seen this kind of season… wherein most of the companies are showing some distinctly high amount of growth,” he said.
According to Choksey, the October-December festive quarter could further strengthen earnings for retailers and consumer companies. While he believes Trent has recovered from recent lows, he prefers accumulating the stock during market corrections.
“Every correction becomes a buy opportunity in such kind of companies,” he said.
On capital market stocks, Choksey said expectations of an improvement in the cash equity business have supported sentiment towards BSE. He added that both BSE and NSE remain attractive long-term holdings because of their business models and dividend-paying ability.
“BSE did give an opportunity at lower levels. NSE is currently giving an opportunity at current levels after listing,” he said, adding that such businesses should be held in the portfolio.
For the full interview, watch the accompanying video
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