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By Hormaz Fatakia May 26, 2023 6:09:56 PM IST (Updated)
Chris Wood, in his note "Greed & Fear" also mentions that foreign investors have returned as net buyers of Indian equities after retreating from China, having bought stocks worth $7 billion since March.
Chris Wood of Jefferies has introduced an investment in Zomato with a 4 percent weightage in his India long-only portfolio. That investment will be compensated instead of HDFC Life, which has been removed from the same. The India long-only portfolio will also see an increase in the weightage of Rural Electrification Corporation (REC) by two percentage points. This will be done by trimming the weightage of ONGC, which will be reporting its March quarter results today.
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Food delivery platform Zomato will also be added to the global long-only portfolio with a similar 4 percent weightage. This will be compensated by shaving off investments in Chinese online platforms JD.com and Alibaba by two percentage points each.
Zomato's consolidated net loss for the March quarter narrowed to Rs 187.6 crore during the March quarter, compared to Rs 359.7 crore during the same period last year. Revenue also grew by 70 percent year-on-year. The company's business, excluding quick commerce turned profitable on an adjusted EBITDA level. The management is also optimistic on turning profitable on a net level, inclusive of the quick commerce business over the next four quarters.