19 Sep 2025: In a move that has caught the attention of Indian equity markets, Chris Wood, the veteran global equity strategist at Jefferies, has trimmed his holdings in Reliance Industries Ltd. and reallocated funds into Adani Group stocks, particularly Ambuja Cement.
The Portfolio Shift
According to Jefferies’ strategy note, Wood sold part of his Reliance stake while also reducing exposure to financial sector leaders such as Axis Bank and ICICI Bank, as well as infrastructure-related stocks like REC and JSW Energy. The freed-up capital was then redirected into Ambuja Cement, part of the Adani conglomerate.
This marks a significant portfolio rebalancing given Reliance’s standing as India’s most valuable company. Reliance shares have been one of the star performers of the year, having already gained nearly 15% in 2025.
Why Trim Reliance?
Market watchers believe Wood’s decision stems from a classic investing principle: take profits when valuations are high and reallocate toward areas with better growth potential.
Reliance, with its sprawling empire spanning oil-to-chemicals, retail, and digital ventures, has already rewarded investors handsomely this year. By contrast, Ambuja Cement and other Adani-linked firms may now be offering stronger upside opportunities, particularly with India’s infrastructure and housing sectors projected to boom.
The Adani Bet
Chris Wood’s renewed focus on Adani stocks is notable because the group has spent much of the past two years under intense scrutiny following allegations by short-seller Hindenburg Research. However, recent regulatory clarifications by SEBI (Securities and Exchange Board of India) have provided relief to the conglomerate, calming investor nerves.
Ambuja Cement, in particular, is strategically positioned to benefit from government-led infrastructure expansion, new housing demand, and rising cement consumption. By shifting to Ambuja, Wood seems to be betting not only on Adani’s resilience but also on India’s construction growth story.
Broader Implications
Analysts suggest that such a high-profile move could influence investor sentiment in two ways:
- Confidence Boost for Adani Group – Institutional reallocation from global strategists like Wood signals renewed confidence in the group’s fundamentals, possibly attracting more investors.
- Valuation Check for Reliance – Reliance remains a giant in Indian equities, but as its stock becomes pricier, investors may reassess how much further upside is available in the short term.
Expert Views
Market strategist Mehul Desai commented:
“Chris Wood’s shift doesn’t mean Reliance is no longer attractive. It simply shows that some investors see faster gains in sectors like cement and infrastructure at this point.”
Another analyst added that portfolio rebalancing is natural after strong rallies:
“It’s a case of moving from mature winners to emerging opportunities. Reliance will continue to be a long-term story, but Adani’s cement play looks compelling now.”
Investor Takeaways
For retail investors, experts caution against overreacting to individual portfolio moves by global strategists. Reliance remains a robust long-term investment story, while Adani stocks carry potential but also volatility.
Balanced portfolios, sectoral diversification, and risk management remain the key lessons from moves like Wood’s.
Mumbai Perspective
In Mumbai’s financial circles, the shift is being closely analyzed because both Reliance and Adani are headquartered in the city and dominate India’s corporate landscape. The reallocation reflects broader confidence in India’s infrastructure growth cycle, a theme that could define market movements in 2025.
The Road Ahead
Going forward, market participants will watch two key trends:
- Reliance’s next growth triggers – including expansion in green energy and retail.
- Adani Group’s ability to sustain growth after regulatory scrutiny and debt restructuring.
Chris Wood’s portfolio reshuffle, while tactical, underscores a broader narrative: India remains at the center of global investment strategies, and the competition between its corporate giants continues to shape investor choices.
Summary
Jefferies strategist Chris Wood has trimmed Reliance Industries shares to invest in Adani Group’s Ambuja Cement, signaling a portfolio shift from mature gains to infrastru