India's NBFCs rise as brokerages bet on growth recovery

L&T Finance

19/06/2023 10:30

** Shares of non-banking finance companies (NBFCs) like
Bajaj Finance  BJFN.NS , Bajaj Finserv  BJFS.NS , Mahindra &
Mahindra Financial Services  MMFS.NS  rise over 2% on Monday
    BJFN hits an 8-month high while BJFS rises to its highest in
over five months; both stocks among top gainers in Nifty 50
index
    Brokerages including JPMorgan, HSBC and Morgan Stanley
reiterated positive view of the sector, citing growth recovery
after a five-year downturn
    ** JP Morgan sees scope for increased allocation to NBFCs
from both domestic and foreign investors
    ** Identifies BJFN and L&T Finance Holdings  LTFH.NS  as its
top picks
    ** Morgan Stanley lists BJFN, SBI Cards and Payment Services
 SBIC.NS  as its top picks among large cap NBFCs
    ** Uptick in earnings growth to lead to sustained
outperformance of NBFCs, says HSBC Securities
    ** Upgrades MMFS to "buy" from "hold"  
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))