India’s second-largest money manager is bullish on banks, oil refiners, power utilities and drugmakers, betting they are best placed to benefit from demand tailwinds despite a volatile global backdrop.
Attractive valuations for lenders, along with rising demand for power infrastructure and healthcare, make the sectors compelling investment opportunities, according to Sankaran Naren, chief investment officer of ICICI Prudential Asset Management Co., which has about 11.8 trillion rupees ($123 billion) in assets, with equities making up over two-thirds of the total.
“Banking remains one of the most attractive sectors in India,” he said in an interview on Wednesday.
