Jefferies' Chris Wood has added REC Ltd. to the much-followed India long-only equity portfolio.
"An investment in REC will be introduced with a 4% weighting," Wood said in his latest 'Greed and FEAR' note dated Dec. 22.
"This will be paid for by shaving the investments in HDFC Bank, Bajaj Finance, ICICI Prudential Life Insurance, and ICICI Lombard General Insurance by one percentage point each," he added.
Earlier this month, Wood replaced Jubilant Foodworks Ltd. in his portfolio with Adani Ports and Special Economic Zone Ltd. with a 4% weightage.
Other tweaks then included an increase in the weight of Macrotech Developers Ltd. and DLF Ltd., while reducing the weight of Godrej Properties Ltd. and Century Textiles and Industries Ltd. by 1% each.
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