Mumbai: Jefferies’ Global Head of Equity Strategy Christopher Wood has replaced TVS Motor Company in his India long-only portfolio with an investment in infrastructure play Larsen & Toubro due to rising hopes of a capex cycle in India. He has also added Larsen & Toubro to the Asia ex-Japan long-only portfolio by reducing investments in Samsung, MediaTek and TSMC by 1 percentage point each.
Shares of TVS Motor was up 0.3% at Rs 559.90 and L&T was up 0.9% at Rs 1727.75 at mid-day trade on Friday.
Wood’s Asia ex-Japan long only portfolio is 36% invested in India, while 28% has been allocated to China, Taiwan and Korean technology. He has also allocated 19% to energy, resources and gold.
The portfolio is now primarily geared to the domestic demand story in India, said Wood.
