Market returns will be interplay of profit growth, PE ratio: Rana B Gupta

'As bad loan resolution and recapitalisation programme progresses, we might see banks providing heavily for provisions,' Rana B Gupta

Global markets corrected last week after US President Donald Trump proposed to raise tariffs. RANA B GUPTA, managing director, India Equities at Manulife Asset Management (Singapore), in a conversation with Puneet Wadhwa said one needs to monitor whether this situation escalates to more protectionist measures and retaliation from trading partners. India, he feels, remains a unique, bottom-up story. Edited excerpts: 

What is your interpretation of the hike in import tariffs by Trump?

First order impact of the hike in tariffs on steel and aluminium will be low. While tariffs could be a negative supply shock that increases price and lowers growth (in