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(Bloomberg) — Stock investors are rewarding Indian companies with a smaller debt load as solvency has increasingly become a worry in an economy under the world’s largest lockdown.

A basket of Indian equities with the highest credit quality has outperformed those with the lowest by about 30 percentage points this year, according to a Bloomberg measure based on factors including debt levels and cash flows. The divergence in performance widened as fear about the coronavirus outbreak increased in March.

The all-but-certain recession for India in the coming months is forcing stock buyers to think like credit investors, focusing on firms with solid cash buffers to survive the public health crisis. Tracking investor behaviors elsewhere in the world, they are willing to pay

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