Now Reading: Jefferies removes HDFC Bank, PB Fintech from India portfolio
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Jefferies removes HDFC Bank, PB Fintech from India portfolio
Jefferies has removed HDFC Bank and PB Fintech from its India long-only portfolio, replacing them with MCX and Lenskart Solutions. Bajaj Finance takes the place of REC, while Eternal's allocation rises by…
The Story in Brief
Jefferies has removed HDFC Bank and PB Fintech from its India long-only portfolio, replacing them with MCX and Lenskart Solutions. Bajaj Finance takes the place of REC, while Eternal's allocation rises by one percentage point, funded by a reduction in Bharti Airtel, as per the foreign brokerage's latest GREED & Fear note.
The changes come as Jefferies sees an improving India outlook, citing bank credit growth at 17, 18 per cent year-on-year, the fastest in over a decade, along with returning foreign equity inflows and RBI measures supporting the rupee. Christopher Wood, Jefferies' global head of equity strategy, said domestic lending acceleration is a key positive signal. The brokerage expects policy-driven inflows to reach $80, 100 billion by September 30.
The Indian Opinion
This portfolio reshuffle is not a vote against Indian banks. HDFC Bank remains the country's largest private lender; Jefferies simply rotated into Bajaj Finance, suggesting a sectoral preference within financials, not a bearish call. The real story is the credit growth revival and the rupee's recovery from 96.96 to 95.17 per dollar. Watch whether corporate lending sustains its 20 per cent pace, that will determine if foreign money returns for the long haul, not just tactical swaps.
Sources (2): businesstoday.in, thehindubusinessline.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
