Jefferies turns positive on HDFC Bank; reveals 22 stocks of its India long-only equity portfolio | Stock Market News
Source: Live Mint
Global brokerage firm Jefferies has brought back HDFC Bank to its Asia ex-Japan long-only portfolio. At the same time, it has trimmed its investments in Macrotech Developers, Larsen & Toubro (L&T), ICICI Bank and Axis Bank by one percentage point each.
“An investment in HDFC Bank will be reintroduced in the Asia ex-Japan long-only portfolio with a 4 per cent weighting. This will be paid for by reducing the investments in Macrotech Developers, Larsen & Toubro, ICICI Bank and Axis Bank by one percentage point each,” said Jefferies’s latest Greed and Fear report.
Moreover, in the same portfolio, the global financial firm has also initiated an investment in Siemens with a 4 per cent weighting, which will be paid for by removing the investment in Samsung Electronics Pref and cutting the investment in SK Hynix by one percentage point, Jefferies said.
Jefferies’ India long-only equity portfolio
Jefferies’ India long-only equity portfolio comprises 22 stocks from financials, energy, real estate, infrastructure, industrials, consumer, telecom and online travel sectors.
ICICI Bank, HDFC Bank, Axis Bank, State Bank of India, SBI Life Insurance, Reliance Industries, Coal India, L&T, Zomato, Bharti Airtel and MakeMyTrip are among the stocks in Jefferies’ India long-only equity portfolio.
In a separate report earlier, Jefferies projected a nearly 10 per cent rise in the Indian stock market benchmark, Nifty 50, by the end of 2025, setting a December-end target of 26,000.
Jefferies highlighted that at 20.5 times one-year forward PE (price-to-earnings), Nifty’s valuation is nearly 6 per cent above the past five-year average. It expects the domestic market to rise 10 per cent over the next calendar year, in line with earnings growth.
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Disclaimer: This article is based on a Jefferies report that is available on public platforms. The views and recommendations above are those of the brokerage firm, not Mint. We advise investors to consult certified experts before making any investment decisions.
