He remains optimistic on India over the long run, despite expensive valuations, and has selectively added exposure in names like InterGlobe Aviation, Mahindra & Mahindra, and Jio. Orton sees defence as a structural growth story, highlighting Hindustan Aeronautics as a potential long-term winner given its strong fundamentals and demand outlook. Quick commerce also stands out, with Zomato’s model described as attractive after its earnings pullback.
However, he is cautious on staples despite their recent rally post-goods and services tax (GST) changes, saying he wants proof that consumption gains translate into margins.Also Read: Competition and values may test blinkit, zoamato, swiggy’s momentum: emmer’s raychauurii
On China, Orton pointed to the government’s “anti-involution” policy as an overlooked move to cut capacity and fight deflation, which should aid corporate margins in the near term. Alongside that, he sees value in Chinese tech stocks, noting they look “very, very cheap” compared with US artificial intelligence (AI) names, making them appealing for short-term emerging market trades.
Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.
For the entire interview, watch the accompanying video
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