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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.
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Increased tax receipts were outstripped by higher spending on public services, benefits and debt interest.
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Alok Agarwal sees brighter prospects for Indian equities, citing tax reforms, GST cuts, and global easing as growth drivers. While trade talks with the US remain a hurdle, cooling valuations, resilient earnings, and emerging sectoral opportunities point to renewed investor confidence and potential FII inflows after earlier outflows.
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