Jefferies rejigs India model portfolio; Zomato, Bharti Airtel off menu

The change in stance with respect to Zomato is a complete reversal from nearly a month ago (November 13), when the stock was a high-conviction 'buy' for Jefferies with a price target of Rs 100

Jefferies has rejigged its exposure to Indian stocks with changes to its model portfolio, where the global research and broking house has exited Zomato and Bharti Airtel. As regards Zomato, analysts at Jefferies said that they remain incrementally wary of a potential rise in competitive activity in the sector as its chief competitor, Swiggy, has recently seen market share loss.

"We remove Bharti Airtel from our model portfolio as our analyst highlights concerns on rising 5G capex, likely not compensated near-term by tariff hikes. We also shave off some weight from Maruti (potential headwind to discretionary consumption due to slower