Manish Sonthalia, CIO of Emkay Investment Managers, giving a special discussion on the theme of earnings in 2025. Said that we are starting the year at a time when the earnings growth situation does not look very good. Today’s situation is that earnings growth is not expected to be more than 10-12 percent. In such a situation, a big theme of earnings is the weakness in the rupee. Weakness in rupee will have both positive and negative effects on stock prices. IT and Pharma may benefit from rupee weakness. Reliance’s earnings also increase due to weak rupee. There has also been a slight correction in the valuation of Reliance. Now this stock looks good.
He further said that 2025 may see growth in IT, pharma, banks, platform companies, capital market companies and insurance. Their valuations are also fine. There is a possibility of earning in these sectors in the new year. He further said that the market may remain sluggish in the first half of the financial year 2026. But we may see improvement from the second half. Now we will go down once. But after that there may be a rise. Nifty may close around 25000 in the calendar year 2025. There may be fluctuations in the market.
Experts view: 2025 will be good for investors, rise in pharma-healthcare and textile stocks possible
Manish further said that the consumption figures in Q3 were bound to be better. There have not been many positive surprises from Maruti’s numbers. At present there is valuation comfort in banking. Big banks are looking better from investment perspective. There is a problem of growth in the corporate books of banks. There is concern about NPA in the retail books of banks. In the current environment, increasing capacity of DMart is a positive sign. IT space is preferred from investment point of view. Hiring has increased in the US. Further increase in AI deals is expected. Manish told that he likes BSFI space. LTIMINDTREE is in their portfolio. Manish likes LTIMINDTREE, LLTS and FIRST SOURCE in the IT space. In the pharma sector, Manish likes pharma companies in CDMO and generic space.
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