He mentioned that the absence of a US Supreme Court decision on tariffs has decreased transparency for investors interested in India, especially compared to other emerging markets like South Korea, Taiwan, and China that provide greater clarity.
Nonetheless, Orton urged investors to avoid overreacting to daily news and to “Follow the fundamentals.” Recent corporate earnings in the US, particularly from financial firms, have been robust.
Orton is monitoring Indian banking stocks such as HDFC Bank and ICICI Bank in anticipation of their earnings reports. He believes margins, return on equity, and loan growth will significantly influence share price fluctuations.
He also perceives opportunities in the information technology sector, where global clients are securing larger contracts, enhancing visibility on deal flow.
Companies like Tech Mahindra could gain if earnings remain strong, while Infosys might attract investors seeking more affordable stocks.
To navigate global risks, he favors defense-related firms outside India, particularly in the US and Europe, focusing on technology, missiles, and drones rather than traditional contractors.
“I’ve been playing offense and defense with defense companies,” he remarked.
In terms of Indian defense stocks, he noted that visibility is limited, particularly regarding helicopter orders and international sales, making the sector more challenging to evaluate currently.
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