HSBC has downgraded India to underweight, citing inflationary pressures from elevated oil prices and demand as key concerns. The brokerage anticipates a delay in India’s economic recovery, with potential earnings cuts expected to impact valuations despite recent market sell-offs. This downgrade reflects weakening relative attractiveness for Indian equities compared to regional peers.
ITC shares gain 3% after Q1 results. Here’s why Nomura upgraded the stock to Buy
ITC shares rose 2% after the FMCG major reported June-quarter results, despite a 27% YoY decline in standalone net profit. Revenue grew 28%, while Nomura