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Indian Stocks: Time To Downgrade

by Rajeeb Pramanik, India, ASEAN, and EMEA Strategist   Arthur Budaghyan, Head of CoreMacro  

India’s credit impulse has turned negative. Government spending is contracting. The country’s growth will remain subdued; and both drivers of stock prices – profits and multiples – are headed lower at a time when equity valuations are at a record high.

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