S. Naren, executive director and chief investment officer of ICICI Prudential Asset Management Co. (Photographer: Dhiraj Singh/Bloomberg)
The top fund manager at India’s second-largest mutual fund considers investment in debt better than buying stocks of some consumer companies.When consumer stocks were trading at 35 times their earnings, S Naren, executive director and chief investment officer at ICICI Prudential Asset Management Company, considered them expensive. But the valuations rose to 50-60 times.Interest-rate arbitrage helped consumer stocks in 2008 and the va...