Company	Net Asset(%)
Reliance Communications	16.27
Aban Offshore	16.23
Reliance Industries	15.92
DLF Ltd.	12.83
Reliance Capital	9.15
Tata Consultancy Services	8.47
Kotak Mahindra Bank	7.07
Television Eighteen India	5.84
Lakshmi Machine Works	3.46
Punj Lloyd	2.19
Mahindra & Mahindra	1.58

 

Comments:

 

- Some time back, I replaced INFY with TCS. I have a feeling TCS will outperform INFY but only slightly. But because of software stock crash and because of rise in Reliance stocks, its percentage has come down from 16% to 9% now.

 

- DLF is my real estate investment. I don't own an apartment or a site in Bangalore. But I go around telling everybody that I have a properties spread all over India, but mostly in NCR region.

 

- Replaced UTI bank with Kotak Bank because Kotak is more 'complete' bank. I did consider Yes Bank too, but it is too small for me and does not have enough retail exposure yet.

 

- Booked partial profit in RCOM since its weightage climbed over 25% and added to other stocks.

 

- Punj Lloyd will go to 5 - 8% of my overall portfolio eventually.

 

- M&M's valuation doesn't make any sense. If I put a holding company discount of 20% for the listed entities M&M owns, its automotive business is trading at a trailing P/E of 6.  M&M is my NW18.

 

And NW18 is my M&M. Welcome to the party