Bernstein Adds Paytm to India Model Portfolio While DMart Exits
Bernstein rebalanced its India model portfolio, adding Adani Ports, Eternal and Paytm while removing Avenue Supermarts (DMart). The note links potential winners to policy-driven “distortions” such as GST cuts, PLI subsidies, welfare transfers and capital controls. It argues these forces reshape earnings, including growth channels for Eternal via gig-focused labor demand.