Mahindra Manulife’s Krishna Sanghavi opened the session by underscoring manufacturing’s primacy as a long‑term growth driver for Indian equities. New policy levers – the Production‑Linked Incentive scheme, free‑trade pacts, and import‑substitution pushes – are creating a favorable backdrop for manufacturers.
—Sanghavi noted that the PLI framework, coupled with trade agreements, is not just a headline but a concrete boost that will spill over into related sectors like financials and metals.
The CIO also stayed upbeat on financials, metals, and a selective set of IT stocks, cautioning that AI‑driven sentiment can amplify volatility in IT without a fundamental shift in earnings.
He highlighted that while large‑cap IT valuations appear attractive, mid‑cap flows remain robust, with fund mandates dictating allocation.
On banking, the distinction between public and private lenders has narrowed, thanks to improved asset quality and digital capabilities, making individual bank metrics the new focus for investors.
Sanghavi’s view on metals leans toward ferrous companies, citing India’s import‑protection policies and domestic demand for raw materials as growth catalysts.
In insurance, he urged patience until final regulatory guidelines are released, suggesting that a clearer framework could lower commission costs and broaden penetration.
The overarching theme: avoid extreme positioning; instead, use portfolio sizing and valuation discipline to navigate regulatory uncertainty. Healthcare firms with global footprints are better positioned to offset domestic regulatory shifts, according to the CIO.
Looking ahead, Sanghavi signals that the manufacturing theme will remain central to Mahindra Manulife’s long‑term strategy, with the PLI scheme and trade agreements as key levers. Investors are advised to monitor upcoming policy releases and sectoral earnings for further actionable signals.