Bullish on pharma, auto: Jyotivardhan Jaipuria, BofAML Capital
Pharma has been one of our biggest allocations. However, for the next six-nine months, autos and the banks are where there is money to be made and where we could get a surprise. These are two sectors we have been quite bullish on.
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| Updated: In a chat with ET Now, Jyotivardhan Jaipuria, HoR, BofAML Capital, gives his contra call. Excerpts:
ET Now: At Bank of America Merril Lynch, what is your big contra call? Where are you advising your clients to allocate disproportionate amount of money?
Jyotivardhan Jaipuria: For people who are looking over the next six-nine months, we have been very defensive in our portfolio. We have been pushing things like pharma which is a play on growth happening in spite of where the global and the Indian economies are going. Secondly, we have been concerned on the rupee and our call was that the rupee would keep deprecating. So, pharma has been one of our biggest allocations. However, for the next six-nine months, autos and the banks are where there is money to be made and where we could get a surprise. These are two sectors we have been quite bullish on.
In fact, the sector which has done very well on a consistent basis has been the auto sector because if you get like a 100-150 bps rate cut over the next six to nine months, what you will get is the fact that people start believing at least that the car demand will pick up, discretionary will pick up. So that is the reason we are really pushing the auto sector. So this is one of the big contrarian calls where we are quite convinced.
ET Now: At Bank of America Merril Lynch, what is your big contra call? Where are you advising your clients to allocate disproportionate amount of money?
Jyotivardhan Jaipuria: For people who are looking over the next six-nine months, we have been very defensive in our portfolio. We have been pushing things like pharma which is a play on growth happening in spite of where the global and the Indian economies are going. Secondly, we have been concerned on the rupee and our call was that the rupee would keep deprecating. So, pharma has been one of our biggest allocations. However, for the next six-nine months, autos and the banks are where there is money to be made and where we could get a surprise. These are two sectors we have been quite bullish on.
In fact, the sector which has done very well on a consistent basis has been the auto sector because if you get like a 100-150 bps rate cut over the next six to nine months, what you will get is the fact that people start believing at least that the car demand will pick up, discretionary will pick up. So that is the reason we are really pushing the auto sector. So this is one of the big contrarian calls where we are quite convinced.
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