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Jefferies India favors Coal India, Honasa in portfolio reshuffle

Published Nov 24, 2023 12:25AM ET
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HONA
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COAL
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EICH
+1.13%
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HDBK
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NTPC
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Jefferies India has adjusted its model portfolio, now favoring stocks such as Coal India, Honasa Consumer, Eicher Motors, NTPC, HDFC Bank, and ICICI Prudential Life. This move comes as the Nifty sustains a robust one-year forward P/E ratio of 18.8x and maintains a 63% premium over other Emerging Markets.

The brokerage's strategy indicates easing macroeconomic concerns, highlighted by a 60 basis point drop in US yields and stable oil prices despite Middle East tensions. The potential for a market rally is also on the horizon, hinging on favorable election outcomes for the BJP after December 3.

Key changes in the portfolio include:

  • Eicher Motors taking Maruti's spot due to its resilience against new competitors like Harley and Triumph.
  • NTPC replacing PowerGrid owing to stronger EPS growth forecasts from renewable energy projects.
  • Honasa Consumer being preferred over Marico because of its high-end consumer base stability amid inflationary pressures.
  • A reduction in positions in Bajaj Finance and Chola following the RBI’s recent policy moves, which suggest that rate cuts may be delayed, impacting non-banking financial companies (NBFCs).

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Jefferies India favors Coal India, Honasa in portfolio reshuffle
 

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