Expert view, Sept. 1 -- Chockalingam Narayanan, Head Equities - PMS and AIF at ICICI Prudential AMC, says in the current environment, he favours value over growth, current earnings over distant earnings, and asset-heavy businesses over asset-light businesses. In an interview with Mint, Narayanan said IT stocks are not outright contra bets, as it remains to be seen how their business models adapt to AI. Discussing foreign capital flows, Narayanan said FII (foreign institutional investor) selling is not a rejection of India's structural story but rather part of asset allocation, currency, and relative valuation. Edited excerpts:

We believe higher oil prices do not necessarily translate to earnings growth being impacted across the universe....