Jefferies on India Macro
Jefferies highlighted India’s strong macro setup, noting robust fundamentals with CAD at a 20-year low of 0.5–0.6 percent of GDP and FDI on track for 100 billion dollars in gross inflows. Telecom remains one of the cheapest consumer plays despite ARPU rising at 10 percent annually. Global AI valuations remain stretched, prompting value funds to shift exposure from expensive AI names towards India.
Jefferies on Labour Codes
Jefferies said the new labour codes may increase gig-worker costs and temporarily weigh on sentiment. Aggregators must contribute 1–2 percent, implying an added cost of Rs. 1.5–2.5 per order and a potential EBITDA impact of 4–10 percent; however, the law formalises employment and expands social security.
Jefferies on Preferred Sectors & Market View
Jefferies is positive on banks, select autos, consumer discretionary, power, cement and telecom. It expects Nifty to deliver high single-digit to low double-digit returns in FY27, with FY26 earnings growth of 10 percent and FY27 growth of 15–16 percent.
Adani Green – TotalEnergies Stake Sale
TotalEnergies may sell up to 6 percent stake in Adani Green Energy. The stake will first be offered to Adani Green before any market sale.
Jefferies on Shyam Metalics
Jefferies placed a Buy rating with a target of Rs. 1050, citing strong expansion and potential to become a top-three stainless steel producer.
Jefferies India Strategy
Jefferies believes India’s earnings cycle has bottomed out, with improvement expected from H2FY26. Cement and telecom are expected to lead EPS growth.
BofA on Labour Codes
BofA said the new labour codes are a major step towards formalisation and long-term economic scale. They expect strong medium-term benefits for manufacturing, formal jobs and financial inclusion.
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