BELRISE

** Attractive value "hard to find" in Indian equities outside financials, with MSCI India's 1-year forward PE at 23.3x, and 26.4x excluding financials, well above 10-year averages :Jefferies

** With Indian markets expected to move sideways in the near term, bottom-up stock picking will be key, brokerage says

** Adds, newly listed auto parts firm Belrise Industries BELR.NS, IT services company Sagility SAGL.NS, and Adani Energy Solutions ADAI.NS to its model portfolio

** Sagility is added by trimming Infosys' INFY.NS weight; Belrise replaces Eicher Motors EICH; and Adani Energy takes Nuvama Wealth's NUVA.NS spot following regulatory curbs on derivatives trading

** Jefferies now identifies 11 Indian stocks as value buys under its coverage (except financials)

** The changes reflect focus on selective, fundamentals-driven bets amid rich valuations, according to Jefferies

** BELR shares are up 2.1%, while SAGL and ADAI are down 1.5% and 1%, respectively

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Auto components maker Belrise Industries BELR.NS rises as much as 6.6% to 109.25 rupees

** Jefferies starts with "buy"; sets PT at 135 rupees, an upside of 38% to last close

** Expects healthy 12% revenue CAGR over FY25-FY28, led by rising two-wheeler (2W) demand, industry premiumisation, increasing content-per-vehicle, expansion in four-wheelers, exports

** Says any simplification of group structure can further boost valuations

** Notes co enhancing 2W content-per-vehicle by 38% through portfolio expansion, including proprietary components like steering columns, brakes, filters

** BELR last up 2.2%, gains 4.8% since listing on May 28

(Reporting by Meenakshi Maidas in Bengaluru)

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