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ETMarkets.com The Securities and Exchange Board of India’s (SEBI) proposal to revamp mutual fund fee rules to reduce investor costs is unlikely to materially impact mutual fund houses or brokerages, according to Dipan Mehta, Director at Elixir Equities.Speaking to ET Now, Mehta said the changes appear to be “marginal” and aimed primarily at trimming brokerage costs on cash and derivative trades. “Institutional broking forms a very small portion of overall revenues for listed brokers, so the hit will be minimal,” he explained.Commenting on the highly anticipated Lenskart IPO, Mehta called it a “subscribe and flip” opportunity.“It will likely follow the same pattern as Nykaa, Mamaearth, or FirstCry — listing pop, correction, and then gradual recovery once fundamentals catch up,” he said, noting that high valuations may limit long-term upside.Mutual fund industry’s viability key for SebiMehta noted that SEBI has always been cautious about maintaining the mutual fund industry’s profitability and business viability.Live EventsYou Might Also Like:Lenskart IPO Opens Oct 31: Check GMP trends, key dates and listing details. Is it worth your investment?“Mutual funds are one of India’s greatest capital market success stories, and SEBI wouldn’t want to disrupt the ecosystem by overregulating,” Mehta said, adding that AMCs have done a “fabulous job” in channelling savings into equities in a safe and organised manner.Cement sector rebounds; Earnings near record levelsCommenting on corporate earnings, Mehta said that cement companies such as Shree Cement and UltraTech have regained lost ground after several weak quarters.He added, “Earnings are back near quarterly highs, and expansion plans are more measured, which could ensure price discipline. However, it remains a commodity business, and valuations appear fair. We maintain a neutral stance.”NBFCs and private banks over-owned; cautious view aheadMehta turned cautious on the banking and NBFC space, warning that the sector is now “over-owned” by investors.You Might Also Like:Nifty near 26,000: Time to chase or wait it out? Kranthi Bathini explainsHe observed that pre-provisioning profits at large banks such as HDFC Bank, ICICI Bank, Axis Bank, and IndusInd Bank have been largely flat, which he called “alarming.”“Net interest margins will remain under pressure. Provisioning is not flattening out, and over the long term, returns could trail the Nifty,” he cautioned.Among lenders, Mehta favours public sector banks (PSBs) such as Bank of Maharashtra, Punjab & Sind Bank, and IDBI Bank, which he said are entering a new growth phase with improving asset quality and better technology platforms.Renewable energy equipment makers, auto stocks among bright spotsMehta is optimistic about India’s renewable energy and capital goods cycle, particularly solar and wind equipment manufacturers such as Waaree Energies, Premier Energies, and Vikram Solar.“These companies are expanding capacities, sitting on strong order books, and now trade at more reasonable valuations after earnings upgrades,” he said.You Might Also Like:SBI Mutual Fund invests Rs 100 crore in Lenskart in pre IPO-roundHe also remains positive on auto stocks, citing TVS Motors, Maruti Suzuki, and M&M as strong performers.“TVS delivered an impressive quarter, and the overall auto space offers solid trading opportunities,” Mehta noted.Cautious on commodities and consumer stocksDespite the rally in metal stocks, Mehta warned investors against buying at peak levels. “It’s a cyclical play — timing matters. Metals are best avoided right now,” he said.On consumer stocks, Mehta said Bata India remains an avoid, pointing to persistent weak profitability. Instead, he prefers Metro Brands and Campus Activewear, which could benefit if consumer sentiment improves.Logistics play: Watch out for BlackBuck (Zinka Logistics)Among logistics companies, Mehta highlighted Zinka Logistics (BlackBuck) as an innovative midcap player to watch.The firm provides digital services for the trucking industry, including FASTag payments and load management. “It has been a strong wealth creator and fits well within the logistics growth theme,” Mehta said, disclosing that his firm holds a stake in the company.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) Read More News onLenskart IPOsubscribe and flipmutual fund fee rulesDipan Mehtacorporate earningsZinka LogisticsSecurities and Exchange Board of Indiaautomobile stocksrenewable energypublic sector banks (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. 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