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Jefferies recommends buying ICICI Bank, HDFC Bank, IndusInd Bank, and Punjab National Bank, citing strong balance sheets, improving deposit growth, and stable return ratios. The brokerage sees up to 17% upside potential in select counters from current levels, driven by earnings firmness, steady margins, and controlled credit costs. Indian banks trade below global peers despite better profitability and capital strength, a gap Jefferies believes will close as the cycle runs its course.

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