IndusInd Bank at 1x book; buy, but be patient; focus on value and structural triggers: Sudip Bandyopadhyay’s market playbook

Indian markets remain choppy, but investor opportunities continue to emerge in banking, auto, consumer and select digital stocks, said Sudip Bandyopadhyay, group chairman, Inditrade Capital. In an interview with ET Now, he outlined where he sees clear value – and where caution is needed.

IndusInd Bank: Buy now, but wait a year

Bandyopadhyay remains bullish on IndusInd Bank, which is trading at almost 1x book value, and calls the valuation ‘very attractive’. He believes that the management restart under Rajiv Anand, the promoter’s capital infusion and the clean-up of the loan book are positives.

But investors should remain patient: “Buy now, but wait at least a year for the turnaround to materialize in the numbers,” says Bandyopadhyay.He noted that unsecured and microfinance loans still need to be cleared up, but the long-term prospects remain strong.

Sammaan Capital: Delay risk after SC observations

As for Sammaan Capital, he advised caution. Regulatory approvals for infusion of new funds may now be delayed following the Supreme Court’s directive for deeper scrutiny. “It’s better to stay away until the capital actually flows in,” he said.

M&M, Mahindra Lifespaces is among the top Mahindra picks

Bandyopadhyay remains bullish on Mahindra & Mahindra, supported by strong SUVs, tractor recovery and improved EV traction. He also likes Mahindra Lifespaces, citing its strong promoter backing and attractive long-term potential amid real estate upcycle.

Confidence: ARPU rise and Jio listing could trigger a breakout

• Reliance Industries could see its next big rally once two triggers emerge:
• Take full advantage of the Jio ARPU increase in the next quarter
• Telecom company listing (expected first half 2025)
• Further unlocking of retail value and stable O2C margins also improve the outlook.

“Long-term investors can still buy Reliance even at current levels,” he said.

Asian Paints: Strong second quarter, but valuation too high

Although the second quarter figures beat expectations, Bandyopadhyay advises against buying Asian Paints because:

• Intensifying competition from Birla Opus and Jindal-Dulux
• High ratings
• Possible shifts in demand post-monsoon

“Great company, but too expensive and competition is increasing,” says Bandopadhyay.

Still growing strong; Lenskart too expensive

Among newly listed platforms:To grow: Long-term positive due to brokerage leadership, margin financing potential and upcoming asset and underwriting expansion.
Lens Chart: ‘Very rich’ rating for largely physical retail.
PhysicsWallah: Fairly long-term story, but valuation not cheap.

IT Stocks: ‘Anti-AI’ Rallies Are Misleading – Favor Niche Players

Bandyopadhyay remains unconvinced about Indian IT overall because of:

• Margin pressure
• Weak spending on new customers
• Lack of AI capabilities

But he prefers niche IT names in:

Kotak Bank vs PSU Banks: PSUs are clearly ahead

While Kotak’s second quarter was strong, the valuation still doesn’t justify the risk as unsecured lending concerns persist
and the stock is trading well above cheaper PSU options,

He prefers PSU banks like SBI, Bank of Maharashtra and Central Bank of India, calling them ‘significantly undervalued with cleaner balance sheets’.

So, from IndusInd’s profound value change to Reliance’s emerging catalysts and PSU banks’ attractive valuations, Bandyopadhyay’s call is clear:

Focus on value and structural triggers – not on hype.