Philip Capital is positive on the AMC business, Sujal Kumar, vice president, told CNBC-TV18. Kumar also said that their top pick is Nippon Life India Asset Management.
AMFI data for August showed that India witnessed a net inflow in equity mutual fund schemes for the sixth straight month in a row. Equity mutual funds saw a total inflow of Rs 33,668 crore and an outflow of Rs 25,002 crores.
“We are positive on AMC business and we see a good growth opportunity over medium to longer term. We expect the flows to continue and remain positive over the medium term. There could be some months where we could see some volatility because as the market continues to rise, investors will come and book profits, but we are positive on the industry and our top pick is Nippon Life India Asset Management,” Kumar said.
On insurance space, he said, “Within life insurance coverage, we like Max Financial Services, which is the parent company of Max Life. Max Life still is one of the cheapest stocks. So, it’s our topic pick in the insurance space followed by SBI Life.
For the entire interview, watch the video