News Formal

Citi upgrades India to 'overweight' citing stable earnings, economic growth

  • 📰 CNBC
  • ⏱ Reading Time:
  • 24 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

Asia Economy News

Business News

The brokerage expects India's blue-chip NSE Nifty 50 index to rise 7% between now and the end of the current financial year, setting a target of 23,900.

After overtaking Hong Kong's stock market in December, India currently has the fourth largest in the world, and is now valued at over $4 trillion.Citigroup analysts upgraded India to "overweight" from "neutral" in their emerging markets allocation on Friday, citing strong earnings and economic growth momentum.

Citi's view is underpinned by the expectation that India's economy - the fastest growing among major peers - will remain strong, growing at 6.8% in the current fiscal. The brokerage remains "overweight" on India's banks, insurers, public sector enterprises, autos and capital goods companies among others. It recommends "underweight" on information technology firms, metals, consumer durables and discretionary as well as paint companies.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Citi upgrades India to 'overweight' citing stable earnings, economic growthCiti upgrades India to 'overweight' citing stable earnings, economic growth
Source: Investingcom - 🏆 450. / 53 Read more »

New York companies say they're owed thousands for 2022 holiday light show at Citi FieldThree New York companies say their bills are being ignored after lighting up Citi Field for the Amaze Light Festival.
Source: CBSNewYork - 🏆 268. / 63 Read more »