Beat The Street | Follow The Cash, Not The PAT | Saurabh Mukherjea, Marcellus Investment Managers

What drives stock prices is not earnings but cash flows believe Saurabh Mukherjea of Marcellus Investment Managers. Speaking to ET NOW, Mukherjea said that profit compounding in India is in the range of 15-20% over the last 5 years, while FCF compounding in large Indian companies is at 25%. About stocks, he said he bought Dr Lal Pathlabs and could not make sense of the pullback. He likes Trent and has been holding V-Mart Retail, while he bought more ICICI Lombard in the flagship portfolio. Mukherjea continues building positions in Paushak. Speaking on the markets, he believes local Indian investors have been rock solid and expects foreign inflows may return if the Russia-Ukraine conflict does not escalate.
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