Morgan Stanley rates Adani Power and Maruti Suzuki 'overweight' in India report
Morgan Stanley includes Adani Power and Maruti Suzuki in its top 10 Indian stock picks, anticipating a multi-quarter growth upcycle with Sensex earnings compounding at 16% annually through 2029.
Wall Street firm Morgan Stanley released a strategy note suggesting India is entering a multi-quarter growth phase. The report expects the Sensex to earn compound growth of 16% annually from now until 2029. It forecasts retail demand will continue to outpace new stock issuance, supporting market performance. Among ten specific stocks rated overweight by the broker are Adani Power and Maruti Suzuki India. Maruti Suzuki has declined 13% over the past 12 months while underperforming the MSCI India index by 9%. Trent received an overweight rating in consumer discretionary despite a -47% return versus the broader index's -25%. Lenskart Solutions appears on the list with a market capitalization of $10 billion and average daily volume of $19 million. Varun Beverages holds an overweight rating after a -17% one-year decline. Bajaj Finance remains an overweight pick having gained 19% over the last year, outperforming the benchmark by 25%. The broker cites supportive equity valuations as key to its positive outlook.
