Pharma, power & mid-sized banks: Where Mayuresh Joshi is putting money to work right now

Fund manager Mayuresh Joshi is cautiously optimistic on a H2 earnings recovery despite a weak Q1 outlook, blaming supply chain disruptions, input cost inflation, and softening demand. His preferred sectors are pharma, domestic engineering, and power and utilities, while he is trimming PSU banks and rotating into midcap private banks like Karur Vysya Bank, with Karnataka Bank and City Union Bank on the watchlist. He continues to back hospital chains Max Healthcare and Apollo Hospitals for their asset-light tier II/III expansion, while flagging risks from potential government price caps and insurance penetration.