Prashant Jain News
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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.
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Indian stock-index futures dropped, signaling declines for the benchmark indexes.
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Prashant Jain, chief investment officer at HDFC Asset Management Co., speaks in a Bloomberg TV India interview. HDFC is India’s biggest money manager with $18.6 billion in assets.
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India’s biggest and best-performing fund manager wants the government to increase taxes and reduce oil subsidies to trim the fiscal deficit, enabling the central bank to pare borrowing costs and stimulate growth.
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India’s stock markets, trading at their highest in more than 2 1/2 years, are approaching fair value, Prashant Jain , chief investment officer at HDFC Asset Management Co., said at an event in Mumbai today.
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A drop in commodity prices may help lower borrowing costs in India, and increasing competitiveness of the country’s exports against China will quicken economic growth, the nation’s second-biggest money manager said.
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Indian stocks fell, extending a four-week loss, as a gain in oil prices spurred concern the government will find it difficult to curb the fiscal deficit.
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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.
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Record overseas buying of Indian stocks is unlikely to reverse as an accelerating economy and share sales by companies including the world’s largest coal producer lure investors, the capital markets regulator said.
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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.
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