The ace investor has also trimmed weights in Bajaj Finance, Oil & Natural Gas Commission (ONGC) and Reliance Industries (RIL). Bajaj Finance has been removed from his portfolio.
Wood’s allocation to JSW Energy stands at 4%.
The increase in weight of Zomato in Wood’s India long only portfolio comes on the back of strong quarter-on-quarter earnings by the food delivery app. The online food delivery platform reported net profit of Rs 36 crore in the September-ended quarter. The company had posted a surprise profit of Rs 2 crore in the June quarter and a loss of Rs 251 crore in the year-ago period.
The impact of its earnings have reflected in Zomato’s share price movement as the stock has gained nearly 80% in the last six months.
As for JSW Energy, the stock has returned 70% on the back of strong earnings where the company reported an over 80% jump in its September quarter net profit.
AU Small Finance Bank has given 9% returns this year and negative 6% in the last six months. The underperformance has coincided with the underperformance of the overall banking sector. Meanwhile in the Nifty pack, L&T’s weight is up. The stock has outperformed the index by nearly 4 times with over 40% returns.
The trimming of weights in heavy weights RIL, Bajaj Finance and ONGC have been on the back of lackluster show by these stocks. While RIL has managed negative returns of 7% in 2023, Bajaj Finance has managed to keep up pace with Nifty with near 8% returns in 2023. Meanwhile, ONGC has delivered 26% returns on the year-to-date basis.
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