India's outlook in the long-term is still positive due to high growth potential and favourable market conditions, even amid a fragile global environment, rising yields and universally high interest rates, according to Anup Maheshwari, chief investment officer of 360 One Asset Management Ltd.
Maheshwari recommends choosing stocks by digging deeper than just valuations. "Investing is all about compounding the money over long periods," he told BQ Prime's Niraj Shah in an interview.
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He cited an analysis of the top 500 companies of four major markets—including India, China, Japan and the U.S.—which showed that as of last month, India has the highest number of companies that delivered 20% compounded annual growth in the last 20 years.
Maheshwari said the country could benefit from a struggling economy in China. "India stars have risen as China stars have been falling."
There have been many points when India has been expensive in the last 20 years. The country's return on equity and return on capital employed have been higher than other markets. Therefore, it deserves some premium, according to Maheshwari.
Maheshwari pointed out that the industrial sector also delivered 20% compounding over a long period, along with the usual sectors like pharma, financials and technology. He also recommended buying stocks slightly cheaper. "You know maybe a good business going through a bad time or something in a down cycle."
Maheshwari is positive on the financial and information technology sector as India is a services-driven country, he said.
On manufacturing, he argued that the gross domestic product growth number is not as relevant actually as the current account deficit number, which is where the manufacturing change will be fairly transformational potentially for India.
Although valuations don't look great right now, he recommends making assessments because what looks a bit expensive today could end up looking quite cheap if the earnings grow.
Watch the interview here:
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