HDFC Bank, ICICI Bank, Kotak Bank Attract Attention In Macquarie's European Investors' Meet

European investors expressed the most interest in HDFC Bank Ltd., ICICI Bank Ltd., and Kotak Mahindra Bank Ltd. in the latest meeting with Macquarie. In the non-banking financial space, they prefer to hold Bajaj Finance Ltd. noting the recent rally, while their initial interest in Shriram Finance Ltd. rose.

In the fintech space, European investors expressed interest in PB Fintech Ltd. The stock has been corrected 35% from its peak, compared to around 15% correction in the NSE Nifty 50.

Axis Bank Ltd. made it to the less favourable list in the Indian financial space for Europeans because of its recent inconsistent performance compared to its peers. Nevertheless, some investors prefer Axis Bank for a low valuation and were keen to add it for 'valuation-catch-up story', Macquarie said. They were less interested for high-risk and high-volatile stocks like Bandhan Bank Ltd. and IndusInd Bank Ltd., it said.

Apart from this, European investors expressed little interest for public-sector banks and non-banking financial companies. In comparison with the insurance companies, they prefer banks.

Last week, Macquarie held a meeting with 30 investors in Europe. The brokerage sensed that they were ready to deploy money in Indian equities after recent correction. Although, European investors were not ready to be overweight on Indian stocks, they were ready to step back from their underweight position, Macquarie said.