Kotak Private Banking has launched “Take and Counter Take,” a new forum for investment debate, bringing together senior market voices who have underlined a grounded credit cycle, rising domestic savings, and the need for earnings to justify valuations.
The inaugural session featured Nilesh Shah of Kotak Mahindra Asset Management Company, Prashant Jain of 3P Investment Managers, and Sanjeev Prasad of Kotak Institutional Equities, with sector views spanning banking, healthcare, autos, insurance, and utilities.
Nilesh Shah opened with a narrated film urging a clear-eyed reading of India’s economy. He said progress and challenges sit side by side, and asked investors to recognise India’s digital backbone while acknowledging the work needed to broaden prosperity. “India does not disappoint anyone. Both the optimist and the pessimist find evidence,” Shah said, positioning the economy as mid-journey and focused on transformation.
Prashant Jain highlighted structural improvements. He cited stronger bank balance sheets, rising household savings, and services-led external stability. “Bank balance sheets now foster confidence rather than concern. Domestic savings are on the rise, and the services sector supports external stability. This phase appears more sustainable,” Jain said, adding that growth draws support from multiple drivers.
Sanjeev Prasad focused on discipline. He said earnings must support the prices investors are paying. “The world is more demanding. Growth does not automatically translate into widespread employment. Earnings must justify valuations,” Prasad said. He cautioned that sectors priced for flawless delivery need closer scrutiny.
Both speakers said India’s credit cycle is on firm ground. They described pharmaceuticals as globally relevant, autos benefiting from replacement demand, and insurance with significant runway. Utilities were framed as steady income plays for patient capital. The discussion stressed that dependable fundamentals matter alongside new growth stories.
The panel noted the growing weight of local capital in public markets. Shah called this a strategic strength, with domestic investors supporting companies through volatility. Capital raising has expanded, giving entrepreneurs access to funding. The speakers said outcomes will hinge on productivity, innovation, and execution quality, not capital availability alone.
Key takeaways:
- Domestic savings and services competitiveness support resilience during global uncertainty.
- Valuation discipline is essential, with price moves needing earnings delivery.
- Access to capital is less of a constraint; execution and productivity drive success.
- Local liquidity stabilises markets, with patient expectations for long-term returns.
- Core sectors—banking, healthcare, automobiles, insurance, utilities—show sustainable demand.
Kotak Private Banking said the platform is designed for serious investor dialogue. It sets out to elevate informed conviction and bring clarity to India’s investment landscape through evidence-based discussion.