DelhiDesk Hemant Kanawala, Senior Executive Vice President and Head Equity at Kotak Mahindra Life Insurance Company, predicts that credit growth for banks in FY24 will be slower than FY23 but still around 13%. He believes that margins should remain stable, and credit cost will remain favorable, leading to double-digit growth in earnings for the bank in the coming quarters. Kanawala also suggests that emerging market equities, debt, and gold will do well if the US dollar comes under pressure, and that the banking and capital goods sectors will benefit from the government’s emphasis on reviving the investment cycle in India. He also notes that the chemical sector could provide multi-year growth opportunities as manufacturing shifts from China to India. However, Kanawala warns that the consumption sector has been affected by high inflation and a slowdown in the rural economy and that the monsoon could impact rural demand.
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👉 Hemant Kanawala, Senior Executive Vice President and Head Equity, Kotak Mahindra Life Insurance Company, predicts slower credit growth for banks in FY24 but still around 13%.
👉 He expects stable margins and favourable credit costs, leading to double digit growth in earnings in the coming quarters.
👉 If the US dollar weakens due to high fiscal deficit and inflation, emerging market equities, debt and gold will perform well.
👉 After 18 months of consolidation and valuations converging with long-term averages, equities in India look attractive.
👉 The banking and capital goods sectors may benefit from the government’s focus on reviving the investment cycle in India.
👉 The chemical sector may provide multi-year growth opportunities as manufacturing shifts from China to India.
👉 High inflation and slowdown in the rural economy have affected the consumption sector, but government investment may generate more jobs and boost consumption.
👉 The bank may continue to show healthy growth in earnings in the coming quarters, with flat margins and favourable credit costs.
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