CLSA expresses caution regarding Indian FMCG companies, particularly in the Home and Personal Care sector, citing high PE ratios amidst slowing growth and declining returns. Valuations appear detached from growth, raising concerns about margin sustainability due to increasing competition and evolving distribution dynamics. The brokerage downgraded Godrej Consumer and remains wary of Hindustan Unilever and Marico.
Investors should stay selective as IT, banking show mixed signals: Sandip Sabharwal
Indian IT stocks are seeing a rally but may offer modest returns. Banks, especially large private and PSU banks, are expected to perform well. NBFCs
November 20, 2025