Investment bank UBS turned more selective on Indian midcaps, says valuations relative to large caps are now at historical highs.
UBS cuts Cholamandalam Investment and Finance and Info Edge India to “neutral” from “buy”; downgraded TTK Prestige to “sell” from “neutral”.
Its top midcap picks include Multi Commodity Exchange of India, Voltas, and LIC Housing Finance. Other top picks: Britannia Industries and Bajaj Electricals.
