Mayuresh Joshi recommends stocks for potential 3x-4x growth

Mayuresh Joshi, Head of Equity at Marketsmith India, is optimistic about the Indian market's recovery. He believes earnings will start to improve in the first half of the next financial year, thanks to better monsoons and tax cuts boosting consumption. Joshi notes that bond yields and earnings yields have narrowed recently, suggesting that the market expects a revival in earnings. He thinks that even if there is bad news globally or locally, the recent market lows may hold firm. He has observed that some midcap stocks have started to look appealing after recent price declines. He is particularly interested in the renewable energy sector. The Indian government aims to increase renewable capacity significantly, primarily through solar energy. Joshi also highlights small hydro projects as having great potential. He mentions companies like Techno Electric, which produce equipment for renewable energy and pollution control, as good investment options. When discussing electric vehicles (EVs), Joshi acknowledges uncertainty in the market. He believes that while EVs will grow, internal combustion engines will still dominate in rural areas for some time. Maruti is one company he sees as well-positioned, as it can offer both hybrid and traditional vehicles. For long-term investments, Joshi recommends Kotak Mahindra Bank for its solid growth potential among large companies. He also favors Welspun Corporation in the midcap space, indicating it has strong prospects for the future.