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We wanted some exposure to the Indian market because although the coronavirus cases are not leveled off, we see that India could show signs of significant growth over the next couple months depending on the American markets but since American markets are doing well we figured that the Indian banking market will follow. Additionally considering it is one of the more stable companies in the indian market, a surge in the direction of emerging markets will cause growth of this stock.
Housing Development Finance Corporation will offer us more exposure to India and introduce our portfolio to the financial services sector, an industry that we have been lacking to this point. We believe that recent rate cuts in India could spur more borrowing. Furthermore, the company's relatively low beta offers our portfolio more diversity as well.