Jefferies sees limited value outside financials, adds three stocks to India model portfolio
Attractive value "hard to find" in Indian equities outside financials, with MSCI India's 1-year forward PE at 23.3x, and 26.4x excluding financials, well above 10-year averages :Jefferies
With Indian markets expected to move sideways in the near term, bottom-up stock picking will be key, brokerage says
Adds, newly listed auto parts firm Belrise Industries BELR.NS, IT services company Sagility SAGL.NS, and Adani Energy Solutions ADAI.NS to its model portfolio
Sagility is added by trimming Infosys' INFY.NS weight; Belrise replaces Eicher Motors EICH; and Adani Energy takes Nuvama Wealth's NUVA.NS spot following regulatory curbs on derivatives trading
Jefferies now identifies 11 Indian stocks as value buys under its coverage (except financials)
The changes reflect focus on selective, fundamentals-driven bets amid rich valuations, according to Jefferies
BELR shares are up 2.1%, while SAGL and ADAI are down 1.5% and 1%, respectively
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