Raamdeo Agrawal says he is going to make money on ‘bruised blue chip’ Asian Paints this time

There is one company that market veteran Raamdeo Agrawal sorely misses not investing in at the right time: Asian Paints Ltd. “It is really iconic. Agrawal is now banking on his “bruised blue chips" theory—or investing in quality, large companies when they go through a lean patch—to buy into India’s largest paintmaker. “Nothing comes to my mind which is that bruised a blue chip besides Asian Paints," he said, referring to a near 30% year-to-date decline in the shares of Asian Paints as India’s consumption growth eased. Reflecting on how his earlier strategy differed from that of his late friend Rakesh Jhunjhunwala’s, he said, “I always wanted to buy blue chips in good shape, so I used to pay full price." Edited excerpts: At a time when most market mavens are touting blue chips as a safety net, your wealth creation report is titled, ‘Creating Wealth Through Bruised Blue Chips’.