Emkay Global exits

INDUSINDBK

from its model portfolio, adds PFC

Emkay Global has removed

from its model portfolio, citing uncertainty over leadership and the fallout from its derivatives accounting issue. While the brokerage acknowledges that the current valuations may already reflect much of the negativity, it does not anticipate an immediate recovery."With banks, we believe it is better to enter at a higher valuation when risks are more compressed and sacrifice some upside rather than go bottom fishing," Emkay Global noted in its report. As a replacement, the brokerage has added Power Finance Corporation (PFC) to the portfolio, highlighting its attractive valuation at 1x price-to-book value (P/BV). The move also aligns with Emkay's bullish view on the power sector, where it sees strong growth potential. As of 3:00 pm, IndusInd Bank shares were trading at a gain of over 2 percent after slight decline during early trading on Thursday, March 27.