Brokerage firm Jefferies wrote in its note that MSCI India is up 8% so far in 2025, yet 15% of the stocks it tracks have fallen more than 20%.

It says that although the MSCI India valuation multiple is about 11% above its 10-year average, nearly a third of its covered stocks are trading below their long-term averages. This, it says, is making it easier to find value and laggard picks.

Against this backdrop, Jefferies has refreshed its model portfolio.

Godrej Properties, Bharat Petroleum Corporation, JSW Energy, and AU Small Finance Bank have been added.

The brokerage has also brought Axis Bank and SAMIL into the portfolio, while reducing exposure to ICICI Bank, NTPC, Tata Steel, CRG and InterGlobe Aviation, the parent of IndiGo.

According to Jefferies, the inclusion of AU SFB is drive

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