NOMURA ON NBFCs ; PREFERS PIRAMAL FINANCE, TATA CAPITAL, AADHAR HOUSING FINANCE & BAJAJ FINANCE

• Nomura prefers Piramal Finance, Tata Capital, Aadhar Housing Finance and Bajaj Finance among NBFCs. • Monsoon deficit of 13% and 37% YoY decline in Rabi sowing raise concerns over rural income and loan repayment capacity. • Drought conditions, rising food inflation, higher interest rates and regulatory pressures remain key risks for NBFCs. • Nomura favours urban housing finance and business lenders over rural-focused NBFCs. • Vehicle finance and microfinance-focused NBFCs face greater risks from rural income pressures and weakening agricultural conditions.

AADHAR HOUSING FINANCE L

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