By Nikhil Agarwal
Copyright indiatimes
ETMarkets.com Chris Wood did not explain the rationale behind the portfolio tweak, but the decision to sell RIL comes after the conglomerate’s annual general meeting (AGM) on August 29.
Emerging markets investment guru Chris Wood of Jefferies has sold shares of Reliance Industries, which has already rallied 15% so far in 2025, to buy Ambuja Cement, owned by the Adani Group, in his India long-only portfolio. Besides RIL, Wood has also sold Axis Bank and reduced his holdings in ICICI Bank, REC, and JSW Energy.”Investments in Ambuja Cements, Le Travenues Technology (Ixigo), and Lemon Tree Hotels will be introduced with a 4% weighting in each. 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,” Christopher Wood, Global Head of Equity Strategy at Jefferies, said in his weekly newsletter GREED & fear.His India long-only portfolio had a 5% weightage in RIL until the end of August. In his newsletter, Chris Wood did not explain the rationale behind the portfolio tweak, but the decision to sell RIL comes after the conglomerate’s annual general meeting (AGM) on August 29.At the AGM, billionaire Mukesh Ambani made several major announcements, including a foray into AI through the formation of a new subsidiary, Reliance Intelligence, and the ambition to achieve Rs 1 lakh crore in revenue in the FMCG business. However, the biggest takeaway was the long-awaited announcement regarding the listing of Jio Platforms in 2026 via an IPO.Some investors are, however, concerned that the IPO route could lead to a holding company discount for the parent entity, RIL. Global brokerage Citi has dismissed these concerns, stating that they are unwarranted given the proposed changes to listing requirements by SEBI.Live EventsJefferies India long-only equity portfolio Ambuja will be the second Adani stock in Wood’s India long-only equity portfolio with 4% weightage. He also owns Adani Ports with 6% weightage. Other holdings include ICICI Bank, HDFC Bank, SBI, SBI Life, DLF, Macrotech, Eternal, Bharti Airtel, Ixigo, M&M, Lemon Tree Hotels, Interglobe Aviation, among others.Chris Wood’s choice of Ambuja Cement comes amid a GST rate cut on cement from 28% to 18%, effective September 22.Global brokerage HSBC recently noted that the ongoing M&A cycle, with multiple acquisitions by Ultratech Cement and Adani Cements, has accelerated industry consolidation, which in turn should support pricing discipline.The firm has upgraded Ambuja Cement to buy from hold, citing cost savings from new clinker kilns and operational improvements at acquired capacities.“For Ambuja, we have increased our top-line estimates to better reflect current sales and pricing momentum. However, we have also raised the depreciation rate to account for the latest acquisitions, leading to a 4–18% decline in EPS estimates,” HSBC said.Also Read | Jio IPO: Hidden value unlocking for Reliance or holding company discount for investors?Add as a Reliable and Trusted News Source Add Now!
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