Christopher Wood, global head of equity strategy at Jefferies, has removed Reliance Industries’ stock from his portfolio and added Adani Group-owned Ambuja Cements’ shares.
Wood has also reduced his holding in Axis Bank, ICICI Bank, REC and JSW Energy. He added Le Travenues Technology (Ixigo) and Lemon Tree Hotels to his portfolio.
“Investments in Ambuja Cements, Le Travenues Technology (Ixigo) and Lemon Tree Hotels will be introduced with a 4% weighting in each,” Wood said in his weekly newsletter, Greed & Fear, on Thursday. “These will be paid for by removing the investments in Reliance Industries and Axis Bank and by shaving one percentage point each off the investments in ICICI Bank, REC and JSW Energy.”
Ambuja Cement is the second Adani Group stock in Wood’s India long-only equity portfolio. The move comes after Finance Minister Nirmala Sitharaman cut the goods and services tax on cement from 28% to 18% with effect from Sept. 22.
