Chris Wood of Jefferies sells Reliance Industries shares to buy Adani stock

Investor Chris Wood of Jefferies has sold Reliance Industries shares and reduced exposure to select banks, shifting focus to Ambuja Cement amid Indias long-only portfolio. The move follows RILs AGM announcements, including Jio Platforms 2026 IPO and FMCG revenue targets. Ambuja gained appeal from a GST rate cut, cost efficiencies, and accelerated industry consolidation, prompting HSBC to upgrade it to buy.