Economic Times News

Economic Times
Google builds AI 'co-scientist' tool

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Govt extends Chief Economic Adviser's tenure

India's Chief Economic Adviser V Anantha Nageswaran's term has been extended by two years until March 2027, according to a government order seen by Reuters.Nageswaran, an IIM Ahmedabad alumnus, was appointed as the CEA in January 2022.Prior to his appointment, Nageswaran taught international economics, exchange rates, and financial markets at leading B-Schools in Singapore as well as India. He also holds a doctoral degree from the University of Massachusetts in Amherst.Nageswaran has also been a part-time member of the Economic Advisory Council to the Prime Minister of India from 2019 to 2021. In October, 2021, he was not included in the reconstituted council.He was also worked as a dean of the IFMR Graduate School of Business and a visiting professor of Economics at Krea University.CEA in the finance ministry is a key contributor to the government’s overall strategy in managing the economy and offers a critique of the hits and misses through the Economic Survey.

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Use tech bounce to exit frothy stocks: Gaurav Dua

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Woman develops severe lung infection after Kumbh dip

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"Outsiders" can't buy agri land in most of U'khand

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These Google Pay services to attract convenience fees

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The world is raising a toast to Indian tipplers

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Delhi CM to chair first Cabinet meeting today

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Couple builds ₹50L saffron empire in hot Nagpur

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Eknath Shinde receives death threat

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Kash Patel's Shein deal sparks Washington buzz

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Why Uday Kotak not happy about money in stocks

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Age group of 25-35 taking highest insurance claims

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RBI mulls relief for New India Co-op Bank depositors

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PNB slashes retail loans rates by 25 bps

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Rohit Sharma has a special message for fans

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PNB revises interest rates; check details here

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Is Elon Musk a bad parent? Expert weighs in

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Flexi funds with a lower SMID load lose less in selloff

Mumbai: Even as mid-cap and small-cap stocks crumble in the market sell-off, the portfolios of flexi-cap schemes show mutual fund managers have invested an average of 26% of their assets in these stock categories, according to data analysed by ETIG Research for the period ended December 31, 2024.Flexi-cap schemes, the second largest equity mutual fund category by assets, give fund managers the flexibility to invest in large-, mid- or small-cap stocks, depending on their outlook for the market.The flexi-cap category manages assets worth ₹4.38 lakh crore across 39 schemes. According to an ET study of the 10 largest flexi-cap schemes, products with lower exposure to mid-cap and small-cap stocks have fallen lower than the ones with higher exposure in the stock market sell-off since September 26.118159210Two of the largest flexi-cap schemes, Parag Parekh Flexicap Fund and HDFC Flexicap Fund, have allocated 6.42% and 14.9% of their corpus to mid-caps and small-caps, respectively. These funds have lost 3.3% and 7.9% in this period.Schemes with higher exposure to these stocks such as ICICI Prudential, Motilal Oswal and Axis, have fallen more in this period.The BSE 500 index, a benchmark for flexi-cap schemes, has fallen 12.96% since September 26, while the mid-cap and small-cap indices have declined 13.23% and 14.87%.A report by Kotak Mutual Fund said that while large-cap stocks trade at a 6% premium to the historical average, mid- and small-caps trade respectively at a 24% and 32% premium.

Economic Times
This V-week, it's not just a table for two

The hospitality industry is going all out this 'Valentine's week'. From curating wine-tasting sessions for friends on Galentine's Day to self-care spa therapies on February 14, hotels are rolling out events, offers and promotions all through this week to woo guests. Rates are higher than last year, and so is the demand.Hotels such as Oberoi Udaivilas are sold out for Valentine's Day. A room at Leela Palace Udaipur will cost around ₹63,000 while stay at Raffles Jaipur will cost ₹88,500 on February 14. Tariff at the JW Marriott Goa is pegged at ₹29,000, as per Booking.com. The Westin Resort & Spa Himalayas is charging ₹36,580."At Taj Mahal, New Delhi, the offers are for three days across our restaurants and outdoor locations. At Captain's Cellar, we have curated experiences for guests going beyond the traditional celebration of two," said hotel manager Vedagiri Rajaram. "Guests can celebrate the upcoming weekend with sommelier-led wine-tasting evenings for a group of friends or family." Taj Palace in New Delhi is sold out for February 14. Travel Searches A 'dining under the stars' experience at the property could set you back about ₹75,000 plus taxes. Davinder Juj, general manager at Eros Hotel, Nehru Place in New Delhi, said demand is high all through the week from February 14 to 17 and therefore, rates have gone up by 25%. The hotel has organised cocktail and food pairings for guests. A room booking at the property on February 14 will cost around ₹29,000.Gaurav Soneja, cluster general manager for ITC Royal Bengal and ITC Sonar, said the chain's Storii by ITC Hotels, Devasom Resort & Spa property in Kolkata offers an 'ideal setting' for self-care or a memorable gift for loved ones. Guests can also opt for a candlelight dinner on a private balcony with the chef's choice menu at the property. At Sangam Farms in Bhilwara, guests can choose from curated experiences like fish feeding, the hydroponic ranch experience, and the fabled farmstead besides Ekanta yoga for 60 minutes.Travel is also big this Valentine's Day with Airbnb seeing a 185% increase in searches by solo Indian travellers for the weekend. Airbnb said Dubai has emerged as the most searched destination with a 220% year-on-year surge in searches for the Valentine's Day weekend followed by cities such as Mumbai, New Delhi, Goa and Bangkok.Ridhima Gandhi Puri, director of sales at Taj Usha Kiran Palace, Gwalior, said the property is seeing a 'remarkable' surge in bookings and inquiries this Valentine's season with more guests looking to celebrate love in 'all its forms'."The Mangal Snaan experience - a royal ritual meant for royalty in olden times has been recreated especially for guests," she said. "This experience also consists of a musician performing live behind the spa's stone filigree wall."Guests at ITC Maratha Mumbai can go for Avartana's specially curated set menu on February 14-15 and there is also a Sunday brunch planned for February 16. Couples staying at The Leela Palaces, Hotels and Resorts on February 14-16 can opt for floral arrangement workshops besides inclusions such as in-room breakfasts and romantic welcome amenities.

Economic Times
TRUMP & DUMP: Fall season as T-War comes to D-Street

Mumbai: The sell-off in Indian equities deepened with stock benchmarks on Tuesday extending their losing run to the fifth straight day, dragged down by worries about a trade tariff war and reducing risk appetite among domestic investors.The NSE Nifty tumbled 1.3% or 309.80 points to finish at 23,071.80. The BSE Sensex slumped 1.3% or 1,018.20 points to close at 76,293.60. The slump in the broader market was deeper with the Nifty Midcap 150 index tumbling 2.9% and the Smallcap 250 index 3.4%."The steep declines were purely margin calls as the participation levels from retail and HNIs have come down since the markets have been correcting," said A Balasubramanian, MD & CEO, Aditya Birla Sun Life AMC. "The rupee is also anticipated to be under pressure because a stronger dollar is dampening sentiment."In the previous five trading sessions, the Sensex and Nifty have dropped 2.6% each, while the mid-cap and small-cap indices have declined almost 6% each. Balasubramanian said that the liquidity has reduced significantly in a falling market that has impacted the broader markets the most. 118159182The nervousness among investors has worsened as Donald Trump is expected to impose reciprocal tariffs on countries that impose duties on US goods. Nomura said India, Thailand and China are at the risk of higher reciprocal tariffs as these countries have higher relative tariff rates on US exports. Trump on Monday announced 25% tariffs on steel and aluminium imports 'without any exemptions or exceptions'.At home, all sectoral indices closed lower. Nifty Realty slumped 3.1% while Nifty Auto and Consumer Durables tumbled 2.3% each. Nifty FMCG declined 1.9% while Nifty IT moved 1.5% lower. Bank Nifty fell 1.2% while Nifty PSU Bank and Private Bank indices shed 2.2% and 1.2%, respectively.The Volatility Index or VIX - the market's fear gauge - rose 2.9% to 14.87 on Tuesday, suggesting traders see higher risks in the near term.Technical analysts said indicators are pointing to continued weakness. “The market breadth in today’s session was bearish implying evident selling pressure,” said Ruchit Jain, vice president technical research at Motilal Oswal Financial Services. “Nifty is not expected to breach the immediate support of 22,800-22,500 levels but no major rebound is also likely at current levels amid weak sentiment.” Jain said that the broader market is expected to continue to underperform the benchmark in the near term. Foreign portfolio investors net sold shares worth Rs 4,486.41 crore on Tuesday. Their domestic counterparts bought shares worth Rs 4,001.89 crore. “Further volatility is expected especially given the foreign selloff and the weak currency, but the manner in which the markets are correcting indicates that any further falls will make it attractive from a valuation perspective,” said Balasubramanian. Of the 4,097 shares traded on the BSE, 479 advanced, while 3,533 declined. In the past one month, the mid-cap and small-cap indices plunged over 7% and 10%, respectively, while benchmark indices fell around 1.5% each.

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Oilfields regulation act update to up production: PM


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No Kuki-Meitei consensus on CM, Manipur in limbo


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Maoist-hit districts drop to 38 from 126: MHA


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Jasprit Bumrah ruled out of Champions Trophy


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Adani may power up B'desh supply to 100%

Mumbai: Adani Power may restore full electricity supply to Bangladesh as the country starts clearing dues, according to sources aware of the development.Bangladesh's power dues have fallen from their peak of $1 billion in August 2024 to $700 million now, they said.Since October 31, 2024, Adani has halved its power supply to Bangladesh due to payment delays, caused by the country's foreign exchange shortage.In December however, the Bangladesh Power Development Board (BPDB) had conveyed to Adani to halve power supply due to low demand owing to the onset of winter. Adani Power did not reply to an emailed query."The power dues are down as Bangladesh is making payments of around $85 million per month to Adani Power," said an official aware of the development.118154533According to news agency Reuters, BPDB and Adani officials were due to meet virtually Tuesday following another meeting recently to work out various issues between them."As per our requirement today, they have planned to synchronise the second unit, but due to the high vibration, it didn't happen," BPDB Chairperson Md. Rezaul Karim told Reuters, referring to some technical problems that stopped the unit from restarting on Monday. "Right now, we are making a payment of $85 million per month. We are trying to pay more, and our intention is to reduce the overdue. Now there is no big issue with Adani," he told Reuters.Adani Power supplies nearly 1600 MW of power to Bangladesh from its coal-fired plant in Godda, Jharkhand. It has two units of nearly 800 MW each.It had signed a 25-year power purchase agreement (PPA) with BPDB in 2015 and meets a tenth of Bangladesh's electricity needs. The PPA is backed by the sovereign guarantee of the Government of Bangladesh. Its Godda power plant is dependent on imported coal and supplies power to Bangladesh with Fuel Cost pass through. Balance 7.1 GW capacity is located closer to mines of which 84% has fuel supply agreement.
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Don't delete/reload EVM data while verifying: SC


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PM Modi meets US Vice President J D Vance


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India fastest growing in beauty ecomm

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Airtel closes in on Jio in revenue share

Bharti Airtel, India's No.2 telecom operator, has narrowed the gap in its wireless revenue market share (RMS) with leader Reliance Jio, amid an ongoing fierce battle for supremacy in the sector, said analysts."Over the last two quarters, Airtel has narrowed the wireless RMS gap versus Jio by almost 300 basis points (bps), driven by strong residual flow-through of the July 2024 tariff hikes and 90% incremental margin in the India wireless business (versus 49% for Jio)," Motilal Oswal said in a research note seen by ET. RMS is a key performance metric that measures overall telecom market leadership.As per its calculations, the RMS gap between Jio and Airtel has shrunk to around 170 basis points (1.7 percentage point) in the October-December quarter of fiscal 2025 from around 440 bps in Q1FY25. Airtel's RMS has increased to 41.2% in Q3FY25 from 39.6% in Q1FY25, while Jio's has shrunk to 42.9% from 44%, it said.118153760Goldman Sachs said Airtel's revenue in the fiscal third quarter grew 21% on-year compared with Jio's 16%. This further strengthened the Sunil Mittal-led telecom operator's RMS by 50 bps in the October-December period (and 190 bps over the last four quarters) to 41.3%. Jio's RMS fell from 43.3% in a year to 42.6% in the quarter ended December 2024, the brokerage firm said.Motilal Oswal said Airtel was "the biggest beneficiary" of the July 2024 tariff hikes, having reported a ₹35 increase in wireless ARPU (average revenue per user) over the last two quarters of FY25. For Jio, the gain was ₹20.Airtel reported ARPU of ₹245 for the third quarter, compared with ₹203.30 by Jio.To be sure, analysts said Airtel has been reporting stronger RMS gains versus Jio as the latter's tariff hike benefits come with a slight lag compared with others due to a higher mix of longer-validity recharge subscribers. They, in fact, expect Jio to see the full beneficial impact of the July 2024 rate hikes through Q4FY25 and Q1FY26.Analysts expect both telcos to continue scoring RMS gains at loss-making Vodafone Idea's expense till the latter concludes its pending network investments. Motilal Oswal estimates Vi's RMS to dip marginally to 15.9% in Q3FY25.Jio and Airtel did not respond to ET's queries till press time Tuesday.Airtel recently reported an almost six-fold surge in quarterly net profit, on the back of robust mobile broadband user gains (6.5 million) in the December quarter, further boosted by one-time gains on the consolidation of Indus Towers and the July tariff increases.Jio reported 24% on-year growth in net profit for the December quarter and 3.3 million user gains during the three-month period."Airtel has delivered another strong quarter, focusing on value creation from consistent AGR (adjusted gross revenue) market share (RMS) wins, continuing to narrow the gap versus Jio," ICICI Securities said in a research note.According to analysts, Airtel's stronger mobile broadband user gains is because it has been aggressively targeting top-end customers and is also the sector leader in post-paid, which underlines its 20% premium in ARPU compared with Jio in Q3FY25.

Economic Times
Trump pumps up tariff talk, dents Indian metal stocks

Mumbai: Shares of Indian metal companies tumbled on Monday mirroring the declines in their Asian and European peers after US President Donald Trump said he would impose a 25% tariff on top of the existing levies on steel and aluminium imports in the US.NSE's Metal index fell 2.64% on Monday, while the Nifty declined 0.8% - extending losses to the fourth straight trading session. National Aluminium was the top loser on the index, down 4.9%, whereas Steel Authority of India (SAIL), Vedanta, and NMDC declined over 4% each."Indian metal companies like Hindalco, JSW Steel, Jindal Steel, and Tata Steel, among others, have export exposure in their portfolios, and metals being a globally interlinked sector, is likely to get impacted by the imposition of fresh tariffs in the US," said Arijit Malakar, equity research analyst at Ashika Stock Broking. "The US and China remain the top consumers of metals in the world and any tariff will have a ripple effect on metal companies globally."Analysts said it's the uncertainty that will weigh down the share prices than the actual impact as India is not one of the top metal exporters to the US. The largest sources of US steel imports are Brazil, Canada and Mexico, South Korea and Vietnam, while Canada accounted for 79% of the US primary aluminium imports in the first 11 months of 2024, according to Reuters."Domestic steel mills do not have a major export portfolio to the US (less than 100k tonnes), and should not see a major impact of Trump's tariffs on steel imports to the US," said Parthiv Jhonsa, lead analyst - metals & mining, Anand Rathi Institutional Equities. "While directly we may not be impacted, some global capacities, especially from Vietnam and Japan may turn to India, and their exports may continue as long as Indian steel prices are above 5% premium to these imports."Jhonsa said Indian companies have requested a safeguard duty against steel import to India, which may benefit local producers if the duty is implemented.Monday’s sell-off in shares of metal companies was more due to sentimental reasons, said Divyam Mour, research analyst at Samco Securities. “We see minimal impact of Trump’s tariffs on Indian companies because both steel and aluminium exports from India are under 5% of their total production,” he said. “Out of the total steel exports, Europe constitutes 55% of it, so impact of American tariff would be very little.” The Nifty Metal index has declined 8.2% in the last six months, whereas the benchmark Nifty 50 is down 4% in this period. The indices are down 3.25% and 1.5% in 2025, respectively. WHAT SHOULD INVESTORS DO? Jhonsa of Anand Rathi said companies that largely cater to domestic growth stories will do well. He is bullish on JSW Steel and Lloyds Metals and Energy and Hindalco in the non-ferrous sector. Mour likes SAIL and Tata Steel in this sector. Malakar suggests investors stay away from these stocks until there is a decisive start in capex revival in the country. “Our outlook of this sector remains cautious as the demand is tepid and we see the global economy slowing down. While no major capex boost was provided domestically in the budget, fresh tariffs will dampen the global demand too,” said Malakar

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Rupee slips to yet another low of 87.95 a dollar

The rupee weakened to an all-time low of 87.95 a dollar in the early hours on Monday, but managed to pare most of its losses due to strong intervention by the Reserve Bank of India (RBI). The rupee closed at 87.48, marginally weak from its previous close of 87.43 on Friday.Most Asian currencies were weaker in the wake of the US government announcing fresh plans to impose 25% tariffs on steel and aluminium imports into the US. The offshore Chinese renminbi lost 0.2% to 7.31 during the day. The dollar index stood at 108.2, having climbed from Friday’s close of“We opened at a record low, and closed just four-five paisa weaker from the previous close. Such a move has come after a long time. The RBI intervened twice, once at 87.95/$1 levels, and the second time at 87.60/$1 levels. We estimate the intervention to be around $2-3 billion,” said Anil Bhansali, head of treasury at Finrex Treasury Advisors.The range for Monday’s trade was from 87.41/$1 to 87.96/$, as intervention from the RBI kept the rupee from crossing the psychologically significant 88 per dollar mark, traders said. 118130404Governor Sanjay Malhotra in his policy statement of Friday said that the foreign exchange intervention was intended to smooth excessive and disruptive volatility, and that the policy has remained consistent over the years.“Our interventions in the forex market focus on smoothening excessive and disruptive volatility rather than targeting any specific exchange rate level or band. The exchange rate of the Indian Rupee is determined by market forces,” governor Sanjay Malhotra said in his statement after the RBI monetary policy review Friday.The RBI intervened heavily in the foreign exchange market during the third quarter of this fiscal year, but interventions were muted since late December - early January.“We estimate there has been significant forex intervention from the RBI since October 2024, with net selling of about $116.5 billion, or about 18.9% of forex reserves,” said Sonal Verma, chief India economist at Nomura.Verma estimates RBI's spot foreign exchange intervention to be about $63.2 billion.Outflows from Indian equities have also weighed on the rupee, as foreign portfolio investors sold over $7.7 billion from Indian stocks and bonds.

Economic Times
Insurers seek clarity on hike cap for seniors

Mumbai: Health insurers are seeking clarity from the Insurance Regulatory and Development Authority of India (IRDAI) on the implementation of its recent circular capping annual premium hikes for senior citizens at 10%, particularly how it applies to long-term policies and whether rates can be adjusted upon renewal.In a circular issued on January 30, the insurance regulator restricted all general and health insurers offering indemnity-based health insurance from increasing premiums for individuals aged 60 and above by more than 10% in a single year, following complaints from policyholders, some of whom saw their premiums double within a year.Some insurers have assumed the cap applies to the last premium paid before the hike. However, insurers are uncertain whether they can impose a cumulative increase upon renewal after a multi-year policy term ends."We are going to ask the regulator to clarify whether, for a senior citizen with a three-year policy, insurers can increase premiums by more than 10% when the policy renews in the fourth year, or if the cap will continue to apply year by year," the chief executive of an insurance company said.IRDAI has cited financial vulnerability as a key reason for this restriction. "The most vulnerable age group is senior citizens with limited sources of income. They are the most impacted by steep increases in health insurance premiums. This has been a regulatory concern for IRDAI," the circular had said.Other than the cap, the regulator has urged insurers to standardise pricing agreements with hospitals. It has also cracked down on insurers repackaging existing products with minor tweaks to justify price increases. Along with the price hike cap, the new regulatory restrictions on product discontinuation without regulatory approval will benefit policyholders, particularly senior citizens, experts say.Insurers have long relied on withdrawing older policies and replacing them with slightly modified, higher-priced versions. "Now, with IRDAI mandating approval for withdrawals, that loophole is expected to close," said an insurance executive.Following the cap on premium hike, insurers will have to rethink their pricing strategies to account for additional costs, such as immunotherapy, which has become a regulatory requirement despite being a preventive treatment rather than a critical necessity like surgery or chemotherapy, said an industry expert adding that this is akin to a sudden mandate for helmet coverage in motor insurance, which would require insurers to rework the pricing.

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PIL demands lifetime ban on convicts from polls

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NPPA asks retailers to display prices on websites

norms, lending will have to be a nimble and smart business when deposits growth will witness swings. Therefore, banks must continuously address these issues, while RBI will be at the forefront not just in terms of managing regulation but also ensuring availability of liquidity.

Economic Times
View: Indian banks face a quadrilemma

The Indian banking system is in a sweet spot: it is well-capitalised and has a good asset portfolio. Last week, RBI's Financial Stability Report (FSR) buttressed this view and predicted stability soon. Favourable balance sheets and attractive profits are reflected in share prices. However, a quadrilemma has emerged, posing a challenge for the coming years.Since the Lehman crisis and, more recently, the Silicon Valley Bank fiasco, regulations worldwide have been tightened as authorities seek to stay ahead of the curve. This was evident when RBI took measures to increase capital weights on certain retail and services loans to ensure a controlled easing of credit expansion. From a regulatory perspective, this approach worked well. However, some other announcements - though still in the draft stage - could eventually be implemented and give rise to this quadrilemma.Three regulatory changes are on the anvil, forming three corners of the quadrilemma, with the fourth being the liquidity challenge. These regulatory issues pertain to new norms on the liquidity coverage ratio (LCR), project finance and expected credit loss (ECL) provisions. LCR norm This was always there, but recent change applies to retail loans provided via the internet or mobile banking channels. The higher runoff of 5% means that banks must set aside more high-quality assets, which are primarily government paper, to meet this stipulation.This could mean holding a higher quantum of SLR paper. Currently, banks hold excess SLR of around 10% over the required norm of 18%. It is estimated that 60-70% of this excess is accounted for by the existing LCR stipulation. Intuitively, this level must be maintained, which would also create pressure on liquidity for lending. A suggestion has been made to allow 4% CRR to be included under LCR, as it also theoretically serves as a buffer against a run on bank deposits. Expected credit loss At present, provisions are made when an asset becomes non-performing. It has been argued that building stronger fences is more prudent than repairing them after horses have bolted. Therefore, the proposed norm expects banks to calculate probability of default and loss given default, and accordingly make additional provisions from the day of loan disbursal.This will mean higher provisions for all sanctioned loans, irrespective of rating. For the existing portfolio, this could be charged to reserves. Either way, if such provisions are made, the cost of funds goes up, which could be translated into higher lending rates and necessitate more capital. As this must be done on a continuous basis, the lending landscape will get altered. Project finance This pertains to norms relating to project finance where certain provisions must be made for infra projects with varying rates. It would be 5% at the time of construction, 2.5% at the time of being operational, and 1% when cash flows are generated. This, too, could probably be offset by marking to reserves for the existing portfolio, but all prospective lending would be subjected to these norms. Such a norm can make project finance less attractive, with possibly higher interest rates being charged on such loans to cover the cost. Liquidity challenge GoI needs to spend continuously, else, funds would   get held up with RBI as cash balances. Any action in the forex market by RBI to stabilise the rupee would mean withdrawal of liquidity from the system. Deposit holders would continue to be clairvoyant with their choices of deployment of funds, especially when the repo rate will move only downwards. This being the case, there could be considerable substitution across various instruments as households rebalance their savings portfolio.While making these provisions and buffering against sudden withdrawals through the new LCR [...]

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Delhi verdict: How BJP's win shifts power to Centre

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Hinduja ordered to finish Rel Capital buy by Feb 25

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MI welcome The Hundred’s Oval Invincibles

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Pune GBS cases: A 37-year-old man dies, toll at 7

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Hexaware offers exposure to global IT services sector

IPO dates: February 12-14, 2025IPO Price: Rs674-708IPO Size: Upto Rs8,750 croreImplied Market Cap: Upto Rs43,025 croreFace Value: Re1Lot Size: 21 sharesRetail Portion: 35%Hexaware Technologies, a mid-tier IT services exporter, plans to raise Rs 8,750 crore through an offer for sale by the promoter Carlyle group. The promoter’s stake will fall to 75% after the IPO from 95%. The company caters to the marquee global clients in the major verticals of banking and finance, capital markets, healthcare and insurance. It has reported double-digit growth in revenue and profit over the past two years. The IPO is priced lower compared with some of the mid-tier peers. Given these factors, long term investors may consider the IPO.BusinessHexaware was delisted from stock exchanges in November 2020. In 2021, Carlyle acquired it from ETQ (earlier Baring Private Equity Asia) for around $ 3 billion through an investment holding company CA Magnum Holdings. Hexaware focuses on capital markets, healthcare, and insurance verticals, which together contribute nearly half to the revenue while one-third of it is from manufacturing, consumer, hi-tech and professional services segments. It earns over 72% revenue from Americas, 22% from Europe and remaining from Asia Pacific. Offshore services contribute over 43% to revenue while the rest is from onshore activities. Top 10 clients contributed over 35% to revenue compared with around 30% and 40% for Coforge and Persistence Systems. It had 32,536 employees at the end of September 2024. The employee attrition rate was 11.3%, lowest among peers. The company has designed proprietary AI platforms across digital transformation, automation and cloud adoption.FinancialsThe company follows the calendar year as its fiscal year. Revenue increased by 20.3% annually to Rs10,380.3 crore and net profit rose by 15.4% to Rs997.6 crore between FY21 and FY23. The operating margin before depreciation and amortisation (EBITDA margin) remained at 15-16% over the period, similar to peers. In the nine months to September 2024, Hexaware’s revenue grew by 13.6% year-on-year to Rs 8,820 crore while net profit grew by 6% Rs853.3 crore. The company is debt free. It has paid over 50% of net profit as dividends over the past few years.ValuationConsidering the annualised net profit for the nine months to September 2024, Hexaware demands a forward price-earnings (P/E) multiple of around 38. Coforge and Persistent trade at P/Es of around 66 and 69 respectively.

Economic Times
Just 10 months after listing, Sebi bars SME company from markets over financial irregularities

Capital markets regulator Sebi has come down heavily on Gujarat-based Kalahridhaan Trendz, a recently listed SME company, and its promoters for failing to report payment defaults and misleading corporate announcements.In an interim order, the regulator barred the company and its promoters from accessing or associating themselves with the securities market in any manner."The company is found to have failed to make material disclosures regarding its default in repayment of its dues to HDFC Bank and also made false and misleading corporate announcements regarding its expansion and receipt of a large buy order from a fictitious entity from Bangladesh," Sebi said.Kalahridhaan Trendz is a textile company that manufactures and trades fabrics, including suitings, shirting, and dress materials. The company made its public debut in March last year and has since nearly lost its value.Sebi's investigation revealed that Kalahridhaan, which raised Rs 22.49 crore through its SME IPO in June 2023, diverted funds meant for business expansion, failed to disclose crucial financial details, and manipulated financial statements.HDFC Bank, one of the lenders, had flagged non-payment issues related to Kalahridhaan’s loans, prompting further scrutiny by Sebi. Further, the company’s financials submitted during the IPO process did not match the reality of its banking transactions.The investigation found that the company used forged documents to show non-existent transactions, overstated revenues, and failed to disclose defaults on bank loans."The analysis indicated that funds raised through the IPO were not used for the stated business purposes, including working capital and loan repayments, but instead routed through undisclosed entities. Additionally, the company’s bank accounts showed signs of financial distress, including loan defaults that were not disclosed to investors before the IPO," an order release noted.Sebi also flagged several irregularities in the company’s filings, including inflated sales figures and non-disclosure of related-party transactions. The regulator found that the company created false purchase and sales invoices to inflate revenue and mislead investors about its financial health.

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Standup comedians booked over 'vulgar' comments

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WW3 fear erupts again? Putin ally warns Trump

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Nilesh Shah thinks smallcap SIPs are not the best bets

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Trump reveals how much he trusts Elon Musk

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Textiles allocation for FY26 may rise to Rs 5,080 cr

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Adani appoints 2 top US law firms to fight SEC charges

Economic Times
Eyes on defence deals as Trump pads up

With Donald Trump set to take over as the US President, all eyes will be on the defence relationship with India. Some high-value Indo-US deals have reached a critical point and major acquisitions are in the pipeline.During his last term as the US President, India and the US had pledged to deepen defence and security cooperation by collaborating on co-development and production of advanced military systems. While some success has been made on this front, no major co-production project has yet taken off.One of the first challenges will be to ensure that a deal for technology transfer and production of fighter jet engines in India takes off despite some last-minute speed bumps. India and the US have agreed on the production of GE414 engines locally, with 80% technology transfer.However, in recent weeks it has emerged that the price may be a challenge as the US side has vastly increased its offer price from the estimated value. When the deal was signed last year, the estimated price was billed at around $1 billion for the first set of 99 engines to be made in India.It is feared that fresh estimates shared with the Indian side recently could push this up to $1.5 billion. Given that India requires much more than 99 of these engines - estimates are in excess of 200 - there might be room for negotiations, but there is an urgency to close and sign the deal within the next three months.Another Indian acquisition that will be keenly followed by the US is of new fighter jets, which are urgently needed by the Air Force. A special committee within the defence ministry is reviewing the requirement, but the Air Force has a projected urgent need for 114 medium-role fighter aircraft.This deal would involve local production and significant technology transfer and by conservative estimates would be valued at over $20 billion, staggered over a 10-year period. US companies Boeing and Lockheed Martin are keen to offer solutions for the requirements and have already tied up with local partners in anticipation of the upcoming tender.Another major co-production project underway where the US has significant interest is the requirement of medium transport aircraft for the Air Force. Estimated to cost over $5 billion, the deal would involve production of over 80 military transport aircraft in India with deep technology transfer. Lockheed Martin is a contender for the contract, which will see a challenge from Brazil and Europe.

Economic Times
AAP-led Delhi govt's capex stagnant over last 4 years

Economic Times
'Next Gaza hostage release to take place Saturday'

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Govt gears up to create ecosystem for high-end EVs

Economic Times
Fire at Maha Kumbh Mela brought under control

Economic Times
Neeraj Chopra gets married to Himani

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POK 'crown jewel of India': Rajnath Singh

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Delhi polls: AAP announces 40 star campaigners

Economic Times
Sarala Aviation unveils India's first air taxi

s month demerged its hotel business into a separate entity and the date of listing of ITC Hotels Ltd is yet to be announced.

Economic Times
Rahul Gandhi launches 'White T-shirt movement'

Economic Times
Want to lead in every segment: ITC Chairman

ITC is sharpening its competitiveness and strengthening innovative capacity under its "Next Strategy" as the multi-conglomerate aims to be a leader in the segments in which it operates, said its Chairman and Managing Director Sanjiv Puri. The cigarettes-to-consumer goods conglomerate has articulated a strategy of the organisation, the 'ITC Next Strategy' aiming to shape a future-ready enterprise and define the next phase of growth and profitability, Puri told PTI. As part of the ITC Next Strategy, it identified levers of competitiveness, which include digitalisation, sustainability, innovation and supply chain efficiency, among others for its future growth. "These have been identified as areas where specific interventions have been made to become competitive and contemporary. The objective is to keep innovating while leveraging enterprise strengths," said Puri. The idea is to be a leader and to be a very large-scale business, in which ITC has made "appreciable progress" in its ongoing journey over a period of time. "For us, ITC's Next strategy is a journey in action. While we have made appreciable progress in many areas, I would not say that this journey is anywhere near completion. Our vision is to be a very large player in every segment that we operate in," said Puri. He further added: "In some segments, we are already leaders. It is our goal to be a leader in every segment we operate in." According to Puri, the world is now much more volatile and uncertain given the geo-political and geo-economic situation and the existential climate crisis. "Given this context, we believe that a large and growing organisation like ours must remain nimble and consumer-centric, sharpening our competitiveness and strengthening our innovative capacity. To do that, we have created an organisation in which people have more ownership and are empowered with a fair degree of freedom and flexibility," he said. ITC, an over Rs 70,000 crore group which operates in Cigarette to FMCG and agriculture, paper board to IT sector - has defined the portfolio strategy for the organisation, across its businesses. "... We plan to keep on growing our core and growing the core itself is a mega opportunity in India, given the per capita incomes, the per capita consumption and also the penetration levels. The second piece is to address adjacencies, and thirdly, start creating categories of the future. The idea is to continuously contemporize and refresh while building the portfolio," said Puri. Currently, cigarettes and FMCG segments contribute to over 70 per cent business of ITC, which had in July last year announced a Rs 20,000 crore investment plan in the medium-term as part of its Next Strategy. In its paperboard business, the core is value-added paperboards, and ITC continues to invest in the category and added over 33 per cent capacity in the last few years. "The adjacency identified in this business is around using paperboard to develop plastic substitutes through proprietary coatings. And the new vector of growth is sustainable packaging which uses plant-based moulded fibre," said Puri. It recently commissioned a state-of-the-art moulded fibre plant near Sehore, Madhya Pradesh, which manufactures plant-based packaging in complex shapes. Similarly, in FMCG, its second-largest business, ITC is leveraging its brand Aashirvad, which is over Rs 8,000 crore brand. "In atta, we have differentiators such as multigrain atta. In adjacencies, we have offerings such as Aashirvaad frozen bread, vermicelli, besan, and ghee, among others. In foods, we are also developing categories for the future such as frozen snacks under ITC Master Chef. The idea is to continuously contemporise our portfolio and create newer drivers of growth," he said. ITC has earlier thi[...]

Economic Times
A long-awaited Gaza truce starts after 3-hour delay

magnate Miriam Adelson and Houston Rockets owner Tilman Fertitta, Trump's pick for ambassador to Italy. Oil and gas tycoon Harold Hamm, a top Trump donor, will host an inauguration watch party on Monday on the roof of the historic Hay-Adams hotel near the White House.Who covers the cost?The official events are financed by Trump's inauguration committee, which is chaired by longtime Trump allies Steve Witkoff, a real estate developer who is Trump's pick to be his Middle East envoy, and Kelly Loeffler, a former U.S. senator and Trump's choice to head the Small Business Administration. The committee will be responsible for covering the costs of everything but the swearing-in ceremony at the Capitol, which is borne by taxpayers. Bezos and Zuckerberg pledged to donate $1 million each to the committee, as have Apple CEO Tim Cook and OpenAI CEO Sam Altman. Uber and its CEO, Dara Khosrowshahi, have each donated $1 million to the fund. Trump raised a record $106.7 million for his 2017 inauguration festivities. His committee has raised more than $170 million this time, according to media reports.

Economic Times
Delhi-NCR's housing prices sees highest increase

Economic Times
Trump Inauguration: What's open, closed on Jan 20?

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MoF scans retail inflation variations across states

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PM urges diaspora to aid in, gain from India's progress

Economic Times
Canada: All four Indian nationals get bail in Nijjar case

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Tuki urges Centre on China's Arunachal dam plan

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Rakhigarhi Stadium confirms Harappan love for sports

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SC frowns at 'worrisome' functioning of Allahabad HC

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India to assist Taliban in resettling Pak refugees

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"Hypocrite": Manoj Tiwary slams Gautam Gambhir

Economic Times
Lending outpaced deposits in last fortnight of 2024

Economic Times
Strata gets Sebi license to launch SM-REIT

Strata, which facilitates fractional ownership of commercial real estate, on Friday said it has received the official license from markets regulator Sebi to launch its Small and Medium Real Estate Investment Trust (SM-REIT). The SM-REIT will be named Strata SM REIT, which will enable retail and institutional investors to invest in high-quality commercial assets in major cities. "The company aims to initially launch up to six SM REIT schemes in 2025-26, and gradually increase it to one scheme every month," Strata said in a statement. Strata Capital will be the Investment Manager for the SM REIT. Strata was previously a tech-enabled real estate investment platform that allowed investors to own and sell fractions of pre-leased, Grade-A commercial properties like office spaces, warehouses, industrial assets, etc. Strata has more than Rs 2,000 crore in AUM. It has now forayed into the SM REIT space regulated by Securities and Exchange Board of India (Sebi), the statement said.

Economic Times
TCS' Q3 profit jumps 12%, in line with estimates

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Adani-ISKCON to start 'Mahaprasad Seva' in Kumbh

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Tech glitch inflated gold, silver import data: Govt

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Deepika slams L&T boss over 'work on Sundays' pitch

Economic Times
Why Microsoft layoffs won't change its headcount

Economic Times
India squad for ICC Champions Trophy: More info

Economic Times
What are Google's big plans for 2025 in AI?

Economic Times
Oppo Reno 13 series 5G launched in India

ng interest could emerge. What should investors do? Now Nifty needs to hold 24,444 zones to extend the recent swing towards 25,000-25,200. On the downside, key support exists at 24,250 and 24,000. Positive on Nifty IT, capital market and digital India for the short to medium term. Stocks-wise bullish setup in MCX, CDSL, BSE, Indigo, Bank Baroda, Tata Power, Axis Bank, Indian Hotel and Persistent; while weakness is seen in Asian Paints, Can Fin Homes.

Economic Times
Bullish breakout to take Nifty higher: Analysts

Technical indicators point to a bullish trend as the Nifty breaks out of a five-week consolidation, paving the way for an extended rally toward 25,200 in coming weeks, according to analysts. Stocks like Reliance, SBI, Infosys, L&T, Axis Bank, PFC, Titan, National Aluminium, Natco Pharma, MCX, CDSL, BSE, and Indian Hotels are poised for short-term upside, they added. 116119419DHARMESH SHAH HEAD OF TECHNICALS, ICICI SECURITIESWhere is Nifty headed this week? On expected lines, Nifty logged a resolute breakout from fi ve weeks of consolidation (24,500-23,300) that augurs well for the extension of the ongoing up-move towards 25,200. Meanwhile, the follow-through strength in Bank Nifty post two months of consolidation breakout signifi es acceleration of upward momentum that makes us believe Bank Nifty would eventually challenge lifetime highs of 54,400. FIIs have turned positive during the week as they remained buyers on three out of fi ve sessions. FIIs’ comeback would boost the sentiment going ahead. What should investors do? The formation of higher peaks and troughs supported by signifi cant improvement in market breadth augurs well for the durability of the ongoing up-move. Any temporary breather should be utilised to accumulate quality stocks on dips as immediate support is placed at 24,000. BFSI, capital goods, infra, IT, and pharma would be in focus; while realty, and metal offer bargain buy opportunities. In large-caps, Reliance, SBI, Infosys, L&T, Axis Bank, PFC, and Titan look good for 5-6% gains. Among midcaps, Persistence, Lemontree, National Aluminium, Natco Pharma, IREDA, Midhani, Sona BLW Precision look good from 8-10% prospective. AJIT MISHRA SVP-RESEARCH, RELIGARE BROKINGWhere is Nifty headed this week? On technical front, Nifty has shown impressive recovery over the past three weeks, retracing more than 50% of its correction from the record high of 26,277.95 to the November 21 low of 23,263.15. The index has reclaimed all key moving averages, establishing a support base of around 24,300. A decisive move above 24,800 could further accelerate the recovery, targeting the 25,100-25,300 zone. What should investors do? We maintain a ‘buy on dips’ view. While IT and banking sectors continue to show sustained outperformance, selective contributions from other sectors are crucial to sustaining the momentum. Additionally, while broader indices remain buoyant, it is important to focus on fundamentally strong stocks in the mid-cap and small-cap segments, as these counters are also prone to sharp decline during the corrective phases. We have identifi ed a list of stocks from the F&O universe that may be suitable for short-term positions for both long and short trades. Stocks that are bullish on charts include APL Apollo, Bank of Baroda, Canara Bank, Grasim, JSW Steel, Jubilant Food, L&T, and Varun Beverages. Bearish on Asian Paints, Can Fin Homes, Cipla, Coal India and Oil India.CHANDAN TAPARIA ANALYST-DERIVATIVES, MOTILAL OSWAL FINANCIAL SERVICESWhere is Nifty headed this week? Nifty negated the formation of lower top - lower bottom on weekly scale and witnessed a decent follow-up rally last week. The index had formed a short-term bottom near 23,300 zones which is a 50-week exponential moving average. Recently, it captured the 50% retracement of its previous declines from 26,277 to 23,263, and the base is shifting higher to reclaim the psychological 25,000 mark. It formed an inverted head & shoulder pattern on a daily scale which has bullish implications and witnessed momentum by surpassing the key juncture of 24,444 zones. However, it had a volatile Thursday, being a weekly expiry, but a meaningful decline is being bought. It formed a small-bodied candle on daily chart while a bullish candle on a weekly scale which indicate some consolidation but overall buyi[...]

Economic Times
ET Roundtable: Elite panel to join discussion

It’s not often that the world faces challenges that threaten to turn the established order upside down. The age of chaos and uncertainty seems to be at our doorstep.How can India and its businesses navigate the rough seas that threaten fortunes built over decades through innovation and hard work?A distinguished panel led by Reliance Industries chairman Mukesh Ambani will discuss ways of facing the coming disruption that will be sparked by tectonic shifts in political economy that look set to rewrite the laws of global trade, at ET’s CEO Roundtable on Wednesday, December 11.Kumar Mangalam Birla, chairman of the Aditya Birla Group, whose business interests span continents, will join Ambani and billionaire banker Uday Kotak, who built Kotak Mahindra Bank into one of India’s top financial institutions, on the powerpacked panel to debate on the topic ‘Changing World Order: Time for Cautious Optimism or Embrace of Animal Spirits?’. 116114933Veteran lawyer Zia Mody of AZB Partners, Hindustan Unilever chief executive officer Rohit Jawa and Lakshmi Venu, director, TAFE will provide their unique perspective on how to overcome the obstacles that are being erected.Looking at Best Management Practices Swiggy founder Sriharsha Majety, along with Mahindra Group CEO Anish Shah, Deloitte South Asia CEO Romal Shetty, and Apollo Hospitals’ Preetha Reddy will be tapped for their insights into best management practices aimed at promoting business growth. 116114936The event promises to deliver a timely and valuable understanding on dealing with the coming epoch of tumult to an audience of equally eminent CEOs, founders and financiers.

Economic Times
Investors move HC over NSE IPO delay

Mumbai: Miffed with regulatory refusal to grant a no-objection certificate for the initial public offering of the National Stock Exchange (NSE), a group of investors led by the People Activism Forum has once again approached the Delhi High Court, seeking directions for Sebi to approve the listing of shares of the country's biggest bourse.In an affidavit filed last week, the People Activism Forum argued that even three months after NSE reapplied for Sebi's green light on August 27, 2024, the market regulator was yet to provide a valid justification for withholding permission for the IPO or the listing of NSE shares.The investors claim that National Stock Exchange's existing shareholders are being denied the opportunity to unlock the value of their shares, while the general public is being deprived of the chance to participate in NSE's profits through the open market.NSE shares are among the most sought-after stocks in the unlisted market, with their value more than doubling this year from ₹900 to ₹1,800 (post-bonus adjustment) on expectations of an early IPO. In November, NSE issued four bonus shares for every one share held.D-Mart founder Radhakishan Damani owns around 1.58% of the bourse, of which Life Insurance Corporation (LIC) is the largest shareholder - at 10.72% stake as of November 2024. Stock Holding Corporation and SBI Capital Markets each hold approximately 4.4%, while State Bank of India owns 3.23%. Among foreign investors, Aranda Investments holds a 5% stake. 116119356The Forum had initially filed a writ petition on May 3, 2024, seeking court intervention in the NSE IPO process. In response, Sebi said that NSE needed to reapply for the no-objection certificate, which the exchange did in August.The investors further contend that post-listing, NSE would be subject to stricter regulatory scrutiny than now, as is standard for listed entities.Sebi opposed the petition arguing that People Activism Forum has no locus standi to file the petition.Further, if the Court passed the order, it could set a precedent for third parties to challenge orders or directions passed by Sebi. The market regulator cited the pendency of Colocation issues for not permitting NSE to proceed with the IPO. Sebi also remarked that NSE has not recently made any express request for the issuance of NOC for a listing of shares. Therefore, Sebi denied that it is delaying listing permission to NSE. An email query sent to Sebi and NSE did not elicit any response until Sunday press time. NSE, in its reply, clarified that NSE had complied with Sebi’s regulatory framework and directives and expressed its no objection to the relief sought by People Activism Forum. NSE further clarified that it had regularly sought NOC and listing permission and brought on record the latest correspondences dated May 14, 2024, and August 27, 2024, addressed to Sebi to substantiate the same. The matter is scheduled to be listed on March 6, 2025, for a final hearing. In 2016, NSE filed a draft prospectus with Sebi for its IPO. Around the same time, Sebi started investigating the co-location scam. In 2019 the bourse had withdrawn its IPO documents amid the investigation. But in 2022, NSE again approached Sebi but was advised not to proceed. On September 9, 2024, Sebi closed the co-location case against the NSE on grounds of lack of sufficient evidence.

Economic Times
IPL on a remarkable growth streak

The Indian Premier League (IPL) is on a remarkable growth streak, with the top 10 franchises seeing their combined revenue more than double to ₹6,797 crore in FY24 from ₹3,082 crore in the previous year, according to financial data from Tofler.Experts attributed the surge to the league's soaring commercial appeal, powered by smart media partnerships and lucrative sponsorship deals. The primary catalyst for growth was the record ₹48,390 crore media rights deal signed in 2022 between the Board of Control for Cricket in India (BCCI) and Disney Star and Viacom18, who have since combined to form JioStar.116114631In addition to broadcasting revenue, the BCCI secured over ₹4,000 crore from multi-year sponsorship agreements with major brands, including Tata Group, My11Circle, Ceat, and Angel One.According to a recent Brand Finance report, IPL's brand value has grown by 13% to reach $12 billion in 2024 compared to 2023, up from its $2 billion valuation in 2009. Notably, four franchises-Chennai Super Kings (CSK), Mumbai Indians (MI), Royal Challengers Bengaluru (RCB), and Kolkata Knight Riders (KKR)-have crossed the $100 million mark in brand value.115946822"The three key drivers of growth for IPL teams are the central revenue pool, which includes media rights and sponsorship income, team-specific sponsorships, and gate revenue. In FY24, media rights income reached record levels, providing a substantial boost," said Ajimon Francis, managing director of Brand Finance India."Similarly, team sponsorships saw significant growth, contributing to increased financial stability. Additionally, gate revenue experienced a positive shift, driven by higher ticket prices and full capacity utilisation at stadiums, further enhancing overall revenue for IPL teams," he added.The financial performance of IPL franchises last fiscal marked a remarkable turnaround, with most teams reporting doubling of revenue and improved profitability. Leading the charge were Gujarat Titans (GT), MI, and CSK, who set new financial benchmarks, while Punjab Kings (PK) emerged as the most profitable franchise.GT, owned by CVC Capital, topped the revenue charts with ₹776 crore, more than doubling from ₹359 crore in FY23. MI followed closely with ₹737 crore, more than doubling from ₹358 crore. Kolkata Knight Riders (KKR), co-owned by Shah Rukh Khan and Jay Mehta, also more than doubled revenue to ₹698 crore from ₹322 crore. CSK, backed by former BCCI president N Srinivasan, generated ₹676 crore compared to ₹292 crore in FY23.RP Sanjiv Goenka Group's Lucknow Super Giants (LSG) posted a 144% growth, with revenue soaring to ₹695 crore from ₹285 crore. Diageo-owned RCB recorded ₹650 crore in revenue, marking the highest percentage growth at 163%. Other franchises, including Punjab Kings (PK) with ₹664 crore (up 141%) and Rajasthan Royals (RR) with ₹662 crore (up 119%) and Sunrisers Hyderabad (SRH) with ₹659 crore (138%), also reported strong gains.

Economic Times
Economists find fault with current liquidity plan

Economic Times
CRR cut: Banks unlikely to offer higher deposit rates

Economic Times
Restaurants body warns of aggregator disruption

Economic Times
India, EU reps may meet in March to clear FTA logjam

Economic Times
Cong raises questions on India-China Ladakh deal

Economic Times
Assad's fall setback for Indian position on Kashmir

Economic Times
BSF shot down, seized 250 drones till Oct this year

Economic Times
Rain, cold wave forecast for Delhi, Punjab, Haryana

Economic Times
Mass deportations feature in Trump’s day one plan

Economic Times
Trump says will attempt to end birthright US citizenship

Economic Times
Rohit Bal: Valley boy who strode to great heights

antial growth potential.ET Now: Financials seem to be a common investment theme this Diwali. Would you agree?Nilesh Shah: Yes, financials are promising. We’re also interested in CDMO within pharma and the luxury real estate market. Financials, in particular, are still in a nascent stage of growth. While PSUs have had a strong run, they may consolidate for a while. That said, if valuations and market conditions align, they could still offer compelling opportunities.ET Now: We’ve discussed many of your portfolio stocks. Any disclosures?Nilesh Shah: Yes, assume we have vested interests in the companies discussed. Please conduct your own due diligence before investing.

nt. Among these, the Energy, Auto, PSE, and Media Index may relatively underperform the broader markets. The rest are improving sharply on their relative momentum and may eventually improve their relative performance against the broader market.The Nifty Bank, Metal, and Financial Services index are inside the improving quadrant and may continue improving their relative performance against the broader markets.Important Note: RRGTM charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.Milan Vaishnav, CMT, MSTA, is a Consulting Technical Analyst and founder of EquityResearch.asia and ChartWizard.ae and is based in Vadodara. He can be reached at [email protected]

Economic Times
ADB lauds India's fossil fuel subsidy reforms

Economic Times
Arvind Sawant apologises for 'maal' remark

Economic Times
Financials and renewables are the next big bets, says Nilesh Shah

"When we look at their growth and add it up, I believe consumer demand is still growing. Consumption patterns are shifting—some categories are mature, while others are emerging. This growth is fueled by aspirational India, and as investors, we need to identify those emerging categories and opportunities," says Nilesh Shah, Envision Capital.ET Now: It has been a great year for wealth creation. Now, real estate, gold, and stocks are back in the picture. Broadly, India has seen a wealth effect of $10-12 trillion. With such a wealth effect, can consumption really remain down permanently?Nilesh Shah: Absolutely not. In fact, consumption isn’t down. I think we’re focusing on one or two large listed companies and concluding that consumption is down, which isn’t entirely accurate. There’s a lot happening below the surface among individual companies. The challenge in today’s consumption space is disruption. Established players are being challenged by new entrants, leading to a tussle between incumbents and challengers. For example, companies like HUL and D-Mart might show modest growth because of competition from e-commerce and quick commerce players. When we look at their growth and add it up, I believe consumer demand is still growing. Consumption patterns are shifting—some categories are mature, while others are emerging. This growth is fueled by aspirational India, and as investors, we need to identify those emerging categories and opportunities.ET Now: Within consumption, we see a clear distinction. After COVID, there was a K-shaped recovery—premium consumption and asset classes performed well. However, inflation and stagnant income growth have impacted the lower segments.Nilesh Shah: That’s a valid concern and a potential risk to India’s broader growth. Job creation must accelerate, private capital expenditure needs to increase, and further reforms are needed to make India a more business-friendly environment. Broad-based job creation and rising wages will only happen when these areas progress. The biggest priority should be upskilling; without it, per capita incomes won’t rise.ET Now: So, gold, silver, a snack stock, an alcohol company, a beauty brand, or just the Nifty—what’s your muhurat pick?Nilesh Shah: For those who prefer a straightforward market call without deep stock research, Nifty is an excellent choice. Over time, Nifty has compounded returns significantly, delivering about 11-12%, which outpaces bank FDs. Besides Nifty, investors should look at strong companies within the index. If you can identify the top-performing five out of 50 Nifty stocks, you’re in a good position. Beyond Nifty, there’s a vast universe of stocks that can potentially offer even better returns.ET Now: What are three stocks you’ve held for the past three years, three you bought in the last three months, and three you’ve exited recently?Nilesh Shah: That’s a complex question! In the capital markets, we hold HDFC AMC and Angel One. We view this sector positively due to digitization and the shift from physical to financial investments. We’ve also recently invested in renewables—solar and wind EPC companies. As for exits, we generally don’t participate in IPOs immediately; we prefer to wait and assess.ET Now: Do you still hold Hitachi and IDFC First Bank?Nilesh Shah: Yes, we continue to hold both. Our long-term view on them remains unchanged.ET Now: You’ve closely followed traditional IT services. What’s your outlook?Nilesh Shah: Large IT companies, while still growing, have matured and are growing at about 3-4%. They aren’t growth plays but valuation arbitrage opportunities. The real interest lies in smaller companies that are helping enterprises adopt AI and big data analytics. These companies, often with market caps below ₹5,000 crore, have subst[...]

Economic Times
Dalal Street Week Ahead: Nifty not out of the woods yet; any technical rebounds should be chased cautiously

Over the past five sessions, the Nifty largely consolidated but did so with a bearish undertone. The Nifty traded in a defined range and closed the week with a modest gain.Importantly, the index also stayed below its crucial resistance points. The volatility also expanded; the India VIX surged higher by 8.68% to 15.90 on a weekly basis. Given the ranged move by the markets, the trading range got narrower. The Nifty oscillated in a 363-point range; this was much less than the previous week. Following a largely consolidating but bearish setup, the headline index closed with a modest weekly gain of 123.55 points (+0.51%).114880495It was a four-day trading week as Friday just had a short one-hour symbolic ceremonial Muhurat Trading session. In the week before this one, the Nifty had breached and closed well below the 100-DMA which currently stands at 24669. The Index has also violated the 20-week MA placed at 24744. This makes the zone of 24650--24750 the most important resistance area for the markets. So long as the Nifty stays below this zone, no trending and sustainable upmove shall occur in the markets. In other words, so long as the Nifty stays below this crucial resistance zone, it remains vulnerable to continued selling pressure. The most immediate support zone for the Nifty now stands at 23900; the markets would get weaker if this level is breached on the downside.The global markets are expected to give a stronger handover; given this thing, the Indian markets may see a stable start to the week on Monday. The levels of 24450 and 24580 would act as immediate resistance points. The supports come in at 24120 and 23900.The weekly RSI stands at 51.24; it remains neutral and does not show any divergence against the price. The weekly MACD is bearish and trades above the signal line.The pattern analysis of the weekly charts shows strong momentum on the downsides for Nifty. The 20-DMA is showing a steep decline; it has already crossed below the 50- DMA and it is about to cross below the 100-DMA as well. This indicates strong selling pressure and has increased the possibility of the Nifty staying in an intermediate downtrend for some more time. The resistances have been dragged lower; technical rebounds, as and when they happen, would find resistance between 24650-24750 levels.All in all, even if the Nifty gets a stable and firm start to the week, it is not out of the woods as yet. Any technical rebounds, as and when they take place, should be chased very cautiously. All up moves shall face resistance at the levels of 24600 and higher; there is a greater likelihood that these rebounds are likely to get sold into at higher levels. It is strongly recommended that leveraged positions must be kept at modest levels and all profits on either side must be guarded vigilantly. A highly cautious approach is advised for the coming week.In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.114880506114880537Relative Rotation Graphs (RRG) do not show any major change in the sectoral setup.The Nifty Pharma, Services Sector, IT, and Consumption Indices are inside the leading quadrant of the RRG. Even though a couple of them are slowing down in their relative momentum, these groups are likely to relatively outperform the broader markets.The Nifty FMCG and Midcap 100 index are the only two groups inside the weakening quadrant; they may also continue to slow down on their relative performance against the broader markets.The PSU Bank Index, Realty, Infrastructure, Media, PSE, Auto, Energy, and Commodities indices are inside the lagging quadra[...]

Economic Times
Politicians turned into farmers in Maharashtra

Economic Times
4.7° rise in temp will make India's economy sweat

Economic Times
Prashant Kishor reveals his unheard of poll advice fees

Economic Times
Cong questions logic for increasing drug prices

Economic Times
What’s happening at Bombay House since Tata's death

Economic Times
India's GDP growth ambitions hinge on these factors

Economic Times
Indian Army expands patrol in Eastern Ladakh

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7 in 10 Delhi-NCR families feel the effects of pollution

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Jaishankar to visit Australia and Singapore

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Trump’s man in Europe gambles on his return

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'Family split when Ajit pitted wife against Sule'