Valuations of mid-caps at historical highs, says UBS

Investment bank UBS turned more selective on Indian mid-caps, saying valuations relative to large-caps are now at historical highs.

UBS on Wednesday cut Cholamandalam Investment and Finance and Info Edge India to 'neutral' from 'buy' and downgraded TTK Prestige to 'sell' from 'neutral'.

The investment bank picked Multi Commodity Exchange, Voltas, LIC Housing Finance, Britannia Industries and Bajaj Electricals among its top bets.

(Reuters)