Market veterans Utpal Sheth, Sunil Singhania, Prashant Jain, Ashmore's Rashi Talwar on ideas for wealth

India’s top money managers and veteran market voices weighed in on the global factors and the recent selling in equities, during a panel discussion at the Moneycontrol Global Wealth Summit in Mumbai on March 7, exploring the theme of ‘finding the next multi-billion-dollar titans.’

Sunil Singhania, the founder of Abakkus Asset Manager, Rare Enterprises Senior Partner and CEO Utpal Sheth, Ashmore Investment India’s Partner & Portfolio Manager Rashi Talwar Bhatia, and 3P Investment Managers founder Prashant Jain discussed on the prospects of a market recovery, and where do valuations look reasonable after five months of a sustained fall.

Sunil Singhania said chemicals, metals and financials are three key pockets which have opened up for investors to explore further. "Sectors and companies which look good are still not cheap. We are obsessed into making multi-baggers. But we are not in the phase where we are growing 25 percent CAGR," he added.

Prashant Jain said he does not find multi-baggers in the current conditions, which is a narrative-driven market. "Industrials should grow faster than GDP. I love all PSUs together. Even the good ones, there is not any meaningful pricing," Prashant Jain added.

Ashmore’s Rashi Talwar Bhatia said the rising participation of women in the workforce is impacting the consumption trend in India. "Keeping valuations aside - we need to look at places where we find opportunities…. The participation of women working has grown over the last 3 years. As more women enter the labour force, consumption patterns are now changing. When women earn themselves, they spend on convenience - quick commerce, e commerce, personal mobility and personal well-being (Fashion, Beauty). Fashion and Beauty is also $110 billion market. We have seen what happens when these trends take place - for example in US and Korea," she said, adding that India’s $20 billion fashion market can be worth $90 billion by 2030.

Utpal Sheth suggested that investors should look at companies with ‘superlative management’, instead of scouting for themes in the current market. "Themes that are able to pivot and face volatility with their competitive advantage are preferable. We are looking for compounders, rather than multibaggers," he said.