Prashant Jain, chief investment officer at India’s biggest money manager, said he sees value in some of the nation’s biggest lenders amid prospects of a reduction in bad loans that have made them Asia’s worst- performing banking stocks in the past year.
Indian equities may return as much as 20 percent annually over the next three to five years, according to Prashant Jain , chief investment officer at HDFC Asset Management Co., the nation’s second-biggest money manager.
India’s economic growth weakened to a nine-year low last quarter, hurt by an investment slowdown that has undermined the rupee and jeopardized Prime Minister Manmohan Singh’s development agenda. Bonds climbed and stocks fell.
India’s Supreme Court will have the final hearing in a case where billionaire Ratan Tata sought to prevent the government from further disclosing recorded phone conversations between him and a public relations executive.