Q3 results in line with expectations, banks only outliers: Anand Shah

'Banks were an exception, as they exceeded expectations on all fronts'

Investing is now about finding the businesses that are inherently good and triggers that could change outlook for a specific sector or companies, says Anand Shah, head of portfolio management services (PMS) and alternative investment fund (AIF) investments, ICICI Prudential AMC, in an interview with Abhishek Kumar. Edited excerpts:

Which sectors do you prefer right now? Has there been a major shift in the last 2-3 months?

We have a bottom-up approach when selecting companies. At present, we like many companies in the manufacturing theme, as the risk-reward appears to be favourable. Manufacturing activity might have improved in two ways—through