Following the failure of Prime Minister Narendra Modi's BJP to secure a simple majority in the Lok Sabha election, global brokerage firm CLSA has adjusted its India portfolio to adopt a more defensive stance. As part of this adjustment, it has replaced L&T with HCL Tech in its India-focused portfolio.
"Recognising these uncertainties, we take out L&T from our India focus portfolio and replace it with HCL Tech. L&T has been in our portfolio since its inception in January 2021 and outperformed by a huge 106.2ppt. ITC remains our preferred staples name," CLSA said.
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