Surging India Internet Stocks Trounce China Peers, Widening Gap
- India’s consumer tech stocks are up more than 20% this year
- India one of Asia’s best consumption stories: SocGen’s Agarwal
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India’s consumer technology stocks are on a tear this year, handsomely beating their larger rivals in China and widening the divergence between two of the world’s largest equity markets.
An equal-weighted custom index of India’s five flagship Internet stocks including Paytm parent One 97 Communications Ltd. and Zomato Ltd. has risen more than 20% in 2023, bolstered by the firms’ focus on profitability and a buzzing economy. That compares with a lackluster performance among China’s tech behemoths, whose share prices are languishing below their January highs.