Nomura upgraded India's rating from 'neutral' to 'overweight'

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Ahmedabad: Brokerage firm Nomura has upgraded India's rating from 'neutral' to 'overweight'. The China Plus One policy has a major role behind this upgrade. Global companies are looking for an alternative to China for business and India will be the best investment and manufacturing location for them, Nomura said in a report issued to investors on September 27.

However, Japanese brokerage firms have taken a cautious stance on Asian stocks as the US central bank Federal Reserve's interest rate hike policy to curb inflation and rising commodity prices could prove detrimental.

Nomura has warned that higher interest rates and bond yields in the US could lead to a major recession in 2024 if the Federal Reserve does not change its stance.

Nomura's report said that despite the possibility of a cyclical slowdown, India's fundamental attractiveness has not been affected. Stock markets thrive in K-shaped economies, in which earnings growth is high and domestic flows are strong. The report said that FDI in domestic manufacturing is increasing.

Along with India, Malaysia has been upgraded to neutral, Taiwan has been downgraded to neutral from underweight. Overweight stance on China and Korea has been adopted. Our preference is for companies with strong balance sheets, which can provide very good returns but, we want to stay away from high valuation sectors of the market.

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