Chris Wood, Global Head of Equity Strategy at Jefferies, has made significant changes to his India long-only portfolio, selling off shares of Reliance Industries and Axis Bank while adding new positions in Ambuja Cement, Le Travenues Technology (Ixigo), and Lemon Tree Hotels.

Portfolio Restructuring

Wood's portfolio adjustments include:

• Selling Reliance Industries shares (previously held at 5% weightage)
• Selling Axis Bank shares
• Adding Ambuja Cement, Ixigo, and Lemon Tree Hotels with 4% weighting each
• Reducing holdings in ICICI Bank, REC, and JSW Energy by one percentage point each

Reliance Industries Recent Developments

The decision to sell Reliance Industries shares comes after Mukesh Ambani's recent announcements at the company's Annual General Meeting (AGM), which included:

• Plans for an AI subsidiary called Reliance Intelligence
• A revenue target of Rs 1.00 lakh crore for the FMCG business
• Jio Platforms IPO scheduled for 2026

Ambuja Cement Addition

Wood's inclusion of Ambuja Cement in his portfolio coincides with two significant developments:

1. GST rate reduction on cement from 28% to 18%, effective September 22
2. HSBC's upgrade of Ambuja Cement to 'buy' from 'hold'

HSBC cited several factors for their upgrade:

• Expected cost savings from new clinker kilns
• Anticipated operational improvements
• Industry consolidation through M&A activity, which should support pricing discipline

Market Implications

These portfolio changes by a prominent global strategist may signal shifting sentiments in the Indian equity market. The move away from heavyweight stocks like Reliance Industries and the addition of sector-specific companies like Ambuja Cement could indicate a more diversified approach to Indian equities.

The restructuring also highlights the potential opportunities in the cement sector, particularly in light of the recent GST rate reduction, which could boost demand and profitability for companies like Ambuja Cement.

Investors and market watchers will likely keep a close eye on these newly added stocks, as Wood's portfolio decisions often influence market trends and investor sentiment in the Indian stock market.

Reliance Industries Limited (RIL), one of India's largest conglomerates, has announced the successful amalgamation of two of its wholly owned subsidiaries in the Middle East. The merger, which became effective on September 16, 2025, involves Reliance Exploration & Production DMCC and Reliance Industries (Middle East) DMCC.

Amalgamation Details

According to the company's disclosure to stock exchanges, the certificate of amalgamation was received on September 17, 2025, at 5:20 p.m. Indian Standard Time (IST). This corporate action marks a significant step in streamlining RIL's international operations.

Regulatory Compliance

In compliance with Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements Regulations, 2015, Reliance Industries Limited has made the necessary disclosures to multiple stock exchanges. These include:

• BSE Limited (Bombay Stock Exchange)
• National Stock Exchange of India Limited (NSE)
• Luxembourg Stock Exchange
• Singapore Exchange Limited

Impact and Implications

The amalgamation of these two Dubai Multi Commodities Centre (DMCC) entities is likely part of Reliance Industries' strategy to optimize its corporate structure and potentially improve operational efficiency in its Middle East operations. By consolidating its exploration and production activities with its broader Middle East business, RIL may be looking to create synergies and streamline its international presence.

Company Statement

Savithri Parekh, Company Secretary and Compliance Officer of Reliance Industries Limited, signed the official communication to the stock exchanges. The disclosure emphasizes that both entities involved in the amalgamation were wholly owned subsidiaries of RIL, indicating that this move is an internal restructuring rather than an acquisition of external assets.

While the specific financial implications of this amalgamation have not been disclosed, such corporate actions are often undertaken to enhance operational efficiency, reduce administrative overhead, and potentially realize tax benefits.

Investors and market watchers will likely keep a close eye on how this consolidation affects Reliance Industries' international operations, particularly in the Middle East region, which is crucial for the global energy and petrochemicals sectors.