Jefferies dumps Zomato, picks 2 new metal stocks in its India portfolio

NEW DELHI: While reshuffling its India model portfolio, global brokerage firm Jefferies exited Zomato and added two new metal stocks – Tata Steel and Hindalco.

Stating that the impact of rising rates on market valuations seems priced in, Jefferies said the China opening up theme has gathered momentum which is good news for DM to EM shift and India flows. “We deploy our recently-raised cash in the model portfolio into metals. Additionally, we shift weight from Bharti, Zomato and Maruti into L&T, RIL and banks,” Jefferies’ equity analyst Mahesh Nandurkar said.