UBS updates its coverage of several Indian non-banking financial companies (NBFCs), issuing a mix of ratings changes. The brokerage maintains Buy ratings on Poonawalla Fincorp, Cholamandalam Investment and Finance, and Shriram Finance. It also keeps Neutral ratings on HDB Financial Services, SBI Cards, and M&M Financial Services.
The updates are driven by UBS’s view that a new personal-loan growth cycle could emerge. In its assessment, the brokerage expects demand to strengthen for personal lending, which supports its positive stance on the companies it rates as Buy. For firms receiving Neutral ratings, UBS does not indicate a comparable positive shift in fundamentals or does not see as strong a near-term catalyst.
Across the reports, the common focus is UBS’s stance on personal loan prospects and its resulting rating mix rather than any company-specific events. The sources also reference target prices as part of the coverage update, though details are not included in the provided excerpts.
