Chris Wood rejigs India exposure; says lockdown disastrous for economy

Wood has rejigged his exposure to Indian stocks in his Asia ex-Japan long-only portfolio with HDFC Bank and ICICI Bank paving the way for Cipla. Besides, he remains bullish Reliance Industries.

Christopher Wood, global head of equity strategy at Jefferies believes lockdown in countries like India and Indonesia more are disastrous for human welfare and economies since there is no help for small businesses being handed out, nor are there any unemployment benefits.

In the US, Wood argues, the Small Business Administration’s Paycheck Protection Programme will provide up to $349 billion in forgivable loans to small businesses to pay their employees for eight weeks during the health crisis.

“The loan amounts will be forgiven as long as they are used to cover payroll costs, mortgage interest, rent and utility costs while