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Chris Wood of Jefferies has introduced an investment in state-run Rural Electrification Corporation to his India long-only equity portfolio. The investment in REC will command a 4 percent weightage in the portfolio.

For the investment in REC, Wood has trimmed his stake by a percent each in stocks like HDFC Bank, Bajaj Finance, ICICI Prudential Life and ICICI Lombard General Insurance.

Interestingly, in his earlier portfolio reshuffle last month, Wood has also trimmed his stake in Bajaj Finance by one percent in the Asia ex-Japan portfolio.

Within the India long-only portfolio, Chris Wood had cut down on the position in Bajaj Finance by two percentage points.

Post the REC investment, Chris Wood's India long-only portfolio now has four state-run companies with the others being ONGC, State Bank of India, and Container Corporation of India.

REC, earlier known as Rural Electrification Corporation Ltd., is a Maharatna public sector enterprise under the Ministry of Power. It is engaged in extending financial assistance to state electricity boards, state power utilities/state power departments, and the private sector for all segments of power infrastructure.

For financial year 2022, REC had reported a net profit of over Rs 10,000 crore.

Shares of REC are trading 1.1 percent higher at Rs 111.25.