Wood said, in his weekly Greed & Fear newsletter, that the airport operator’s introduction into its portfolio will be at the expense of the reduction of weights in ICICI Bank, HDFC Bank and Axis Bank.
In the Asia ex-Japan portfolio, the firm has brought in GMR Airports Infrastructure by removing the investment in HDFC Bank.
Reliance Industries, Zomato, SBI Life Insurance, Macrotech Developers, Godrej Properties, State Bank of India, ICICI Bank, Axis Bank, JSW Energy and Larsen & Toubro are among the other Indian stocks in Jefferies’ India portfolio.
GMR shares rose 2.4% to ₹93.92 on Friday.Jefferies on May 26 had initiated coverage on the stock with a buy and a price target of ₹100. GMR operates airports in New Delhi and Hyderabad – two of the busiest in India.”GMR Airport is evolving from utility to a retail consumption play and is slated to benefit from the strong air traffic growth outlook, travel retail opportunity (led by top-end consumption), upward reset in Aero tariffs and real estate unlocking opportunity,” said Jefferies’ note late in May.
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