Jefferies sees limited value outside financials, adds three stocks to India model portfolio

Adani Energy Solutions

11/07/2025 07:24

** 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

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))