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Supply Chain Disruptions Remain A Key Concern: RBI Governor Amid West Asia Turmoil

Commenting on the domestic economy, the RBI Governor said India is better placed to deal with the current phase of global uncertainty.

What if AI starts making better AI?

Rajeev Thakkar on when to hold, when to exit, and why most get it wrong

For most investors, the focus is often on finding the right stock, entering at the right valuation, and identifying the next multibagger. Far fewer spend time understanding what may be the more difficult aspect of investing—knowing when to sell.Speaking at the ET Alpha Wealth Summit on Thursday on "The Art of the Exit," Rajiv Thakkar, CIO and Director at PPFAS Asset Management said that successful investing is not just about buying well but also about staying invested long enough for compounding to work. In fact, before discussing reasons to sell, he spent considerable time explaining why investors should avoid selling in the first place.According to Thakkar, one of the biggest mistakes investors make is selling because a stock has not moved for a few months.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh Investors often spend significant effort researching a company, understanding management quality, assessing industry prospects and evaluating valuations. Yet after purchasing the stock, many lose patience if prices remain stagnant for six months or a year.https://youtube.com/shorts/RiLj-X02NNE?feature=share"Investments are meant for wealth creation, not entertainment," he said, cautioning against treating investing like a source of excitement or constant action.Another common trigger for unnecessary selling is reacting to news flow. Markets are constantly bombarded with information—wars, elections, crude oil fluctuations, interest-rate decisions, capital flows and economic data. Investors who react to every headline often end up making poor decisions.To illustrate this, Thakkar recounted the story of an investor who received advance information about the severity of the Covid outbreak in early 2020. Acting on that information, the investor sold his technology stocks before the market crash. While the prediction turned out to be accurate, fear prevented him from re-entering the market, and he ultimately missed one of the strongest rallies in technology stocks.The lesson, according to Thakkar, is that even correct information does not necessarily translate into successful investment outcomes. Thakkar was particularly critical of the concept of "profit booking."Investors often feel compelled to sell simply because a stock has appreciated significantly. However, he argued that wealth is created by allowing successful investments to compound rather than by repeatedly locking in gains.Frequent buying and selling may benefit brokers, exchanges and tax authorities, but it often works against long-term investors. Hyperactivity in portfolios can destroy wealth by interrupting compounding and increasing costs.Similarly, investors should avoid selling because another stock appears more attractive. This "buyer's remorse" mindset frequently causes investors to abandon good businesses prematurely in pursuit of seemingly better opportunities."If you manage to find a genuinely good business with strong management, a large opportunity set and reasonable valuations, the best course of action is often to simply stay invested," he said.Thakkar emphasised that investors in taxable jurisdictions such as India should maintain low portfolio turnover whenever possible. Unlike institutional structures such as mutual funds or investors in tax-free jurisdictions, individual investors face taxes and transaction costs every time they trade. Excessive churn can significantly reduce long-term returns.For wealthy investors, family offices and HNIs, the ability to remain invested and minimise unnecessary transactions often becomes a major source of compounding advantage.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea While most reasons for selling are flawed, Thakkar identified several situations where exiting an investment becomes necessary. The most obvious reason is the need for capital. If an investor requires money for a business opportunity, acquisition or personal objective, selling investments may be entirely justified. More importantly, investors must be willing to acknowledge mistakes.If an investment thesis turns out to be wrong because of flawed analysis, poor due diligence or changing circumstances, the best course is often to exit quickly rather than averaging down endlessly.According to Thakkar, investors who recognise mistakes early frequently outperform those who identify good opportunities but refuse to sell losing positions. Capital trapped in poor investments cannot be deployed into better opportunities. Fraud, naturally, represents an immediate reason to exit.One of the more challenging selling decisions arises when industries face structural disruption. Questions such as whether newspapers can survive the internet, whether thermal power can coexist with renewable energy or whether traditional automobile manufacturers can adapt to electric vehicles rarely have straightforward answers.Thakkar suggested that investors should not react impulsively but should continuously evaluate incoming evidence. Investment decisions should be driven by facts rather than sentiment. If the underlying business continues to deteriorate because of technological or structural change, investors must eventually acknowledge reality and exit.At the same time, distinguishing genuine disruption from temporary noise remains critical. Exceptional businesses are not immune to becoming overvalued. Thakkar pointed to situations where valuations become so excessive that future growth is already fully reflected in stock prices. In such cases, taking profits, paying taxes and reallocating capital may be sensible.He also noted that investors may sell a reasonably valued investment if a significantly superior opportunity emerges elsewhere.During the question-and-answer session, investors raised concerns about stocks that stop performing despite sound fundamentals. Examples such as Maruti Suzuki, Bharti Airtel and even silver investments highlighted a common dilemma: should investors exit after years of gains and subsequent consolidation?Also Read | MF Tracker: Can ICICI Prudential Multicap Fund sustain its strong track record in a volatile market? Thakkar's response was that even excellent businesses can spend years moving sideways. Companies such as Hindustan Unilever, Infosys and Bharat Electronics have all gone through extended periods of stagnant share-price performance despite remaining fundamentally strong businesses.Investors should therefore distinguish between stock-price performance and business performance. As long as the underlying business continues to execute well, temporary market stagnation alone is not a sufficient reason to sell.For investors worried about selling too early, Thakkar recommended a phased approach. Instead of attempting to identify exact market tops, investors can gradually reduce exposure over time. For instance, if a stock appears significantly overvalued, an investor might sell a portion every month rather than exiting entirely in one transaction.This systematic approach helps manage the emotional difficulty of selling while reducing the risk of poor timing. Another important consideration is position sizing. Addressing a question about highly successful investments such as Nvidia, Thakkar noted that even outstanding businesses can become disproportionately large components of a portfolio.When a single stock grows from a small allocation into a dominant position, investors face a different risk—wealth preservation rather than wealth creation. His solution is gradual trimming. Investors can periodically reduce oversized positions to maintain comfortable portfolio weightings while still participating in future upside.This approach may not maximise returns, but it significantly reduces the risk of catastrophic losses and helps investors sleep better during periods of volatility.Thakkar concluded by stressing the importance of diversification and long-term investing. Most individuals create wealth through a single business, profession or sector. Their financial portfolios should therefore diversify away from that concentration rather than amplify it.Whether through mutual funds, retirement vehicles such as NPS, EPF and PPF, or diversified portfolios, investors should focus on owning inflation-protected assets for long periods. "The lower the churn in a portfolio, the greater the opportunity for compounding," he said.Ultimately, successful investing is not about perfectly timing every entry and exit. It is about avoiding unnecessary activity, admitting mistakes quickly, remaining patient with good businesses and ensuring that no single investment becomes large enough to threaten long-term financial stability.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.

Nilesh Shah recommends 4 investment bets that should be part of your portfolio

As geopolitical headwinds make it tougher for equity investors to make money, Dalal Street’s top voice Nilesh Shah, managing director of Kotak Mahindra Asset Management, told a gathering of HNI investors at the ET Alpha Wealth Summit on Thursday that there are four specific investment structures which deserve a place in most portfolios right now.Shah’s first recommendation was the Special Investment Fund, or SIF, a structure that marks a meaningful shift in what is available to Indian investors. Shah noted that the mutual fund industry has, until now, been a long-only business but the SIF changes that. These are long-short, absolute return-oriented funds, designed to generate returns regardless of market direction rather than simply riding the equity tide.The second vehicle Shah flagged is performing credit AIFs. His reasoning was grounded in a simple supply-demand observation that for corporate settlements today, capital is not available from banks, mutual funds, or insurance companies.As institutional lenders have stepped back, borrowers are plenty and lenders very few. Amid this imbalance, Shah said the need is real and returns are attractive. Performing credit AIFs, which lend into this gap, are positioned to benefit directly from the scarcity of competing capital.https://youtube.com/shorts/Xa4AcXFg8hA?feature=shareThe third idea was REITs, and here Shah introduced a timing element. Over the last three years, REITs have delivered index-level returns of around 13.5%. But with interest rates rising, he suggested that the next six to nine months may present an opportunity to enter at better prices. Rising rates typically compress REIT valuations in the near term, and Shah framed any such correction as a potential entry point rather than a risk to avoid. Beyond the return potential, he positioned REITs as a portfolio diversification tool as the asset class behaves differently from equities and fixed income, and that is still underrepresented in most Indian investor portfolios.The fourth recommendation addressed global diversification but came with an important caveat. Mutual fund industry limits for overseas investment are currently full, which means the conventional route for Indian investors to access global markets through domestic mutual funds is closed. Shah pointed to Gift City as the workaround. Structures domiciled there allow investment under the Liberalised Remittance Scheme, and in his view, these Gift City-based LRS products are the practical path for investors who want global exposure while the mutual fund window remains shut.Across all four — the SIF, performing credit AIFs, REITs, and Gift City products — Shah's underlying argument was the same: in a volatile period, the portfolio needs instruments that can generate positive returns through means other than a rising equity market.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

Jefferies initiates coverage on Poonawalla Fincorp with Buy rating. Why are analysts bullish?

International brokerage firm Jefferies started coverage on Poonawalla Fincorp with a Buy rating and a target price of Rs 490, implying an upside of 23% from current market levels, citing positive levers of growth. Jefferies says the company is well positioned to accelerate growth under its revamped leadership team, expanding product portfolio, wider distribution network and sharper underwriting practices. The brokerage expects the company to deliver a 33% AUM CAGR, the fastest among major NBFCs, supported by an improving loan mix, better net interest margins and lower credit costs driven by reduced slippages and a healthier portfolio mix. Analysts also forecast a sharp improvement in profitability, with RoA/RoE expected to expand to 16% by FY29 from 6% in FY26, which it believes should support the stock's premium valuation multiples. The brokerage cited the company's ongoing strategic transformation under CEO Arvind Kapil, former head of retail and mortgage banking at HDFC Bank as a positive. The brokerage highlighted the leadership overhaul, with seven of nine CXOs coming from HDFC Bank, alongside the launch of six new products including prime personal loans, commercial vehicle loans, gold loans and education loans. These new segments have already scaled to 14% of AUM within a year and are expected to contribute 34% of AUM over time. Jefferies expects the company to deliver a 33% AUM CAGR during FY26-29, supported by investments in distribution, collections, technology and AI, as well as its AAA credit rating and backing from the Adar Poonawalla Group.The brokerage expects margins to improve as the company shifts toward higher-yielding products. After contracting by 250 basis points over the past two years due to the run-down of its legacy personal loan portfolio, NIMs are projected to expand by around 70 basis points over FY26-29, aided by growth in products such as prime personal loans and gold loans. At the same time, Jefferies expects cost-to-AUM to improve to 3.9% by FY29 from 4.4% in FY26 on the back of operating leverage.Asset quality trends have also strengthened, with gross NPAs declining to 1.4% from 1.8% in FY25, supported by tighter underwriting and the reduction of the stressed legacy personal loan book. Jefferies noted that delinquency levels in loans originated after September 2024 are running about 50% lower than the previous 12-month cohort. It expects credit costs to moderate to 2.2% over FY26-29 from 2.7% in FY26, driven by better portfolio quality and a growing share of lower-risk products such as gold and education loans.Following a Rs 2,500 crore capital raise in April 2026, the company's Tier-1 capital ratio has risen above 19.5%, providing ample room to fund growth. Jefferies forecasts profit after tax to surge to Rs 2,900 crore by FY29 from Rs 540 crore in FY26, while return on assets and return on equity are expected to improve to 2.3% and 16%, respectively, from 1.1% and 6% in FY26. Despite trading at 2.4x FY27 estimated book value and 25x FY27 estimated earnings, the brokerage believes Poonawalla Fincorp's strong growth trajectory and improving profitability justify premium valuations and could support further re-rating if execution remains robust. Key risks include weaker-than-expected execution, margin pressure and higher credit stress.In Thursday’s session, shares of the company are down 1.5% to Rs 394 on the BSE. Poonawala Fincorp shares are down 18% in 2026. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The ₹ warning: Six actions for biz leaders

The Indian rupee is trading around Rs. 95-96 to the dollar in late May 2026, setting fresh record lows. Markets are openly discussing the Rs. 100 threshold. The rupee has weakened in almost every year since 2014 and has lost approximately half its value against the dollar over that period. The end of this currency depreciation is not in sight. The factors that would stop it are not yet visible.The government is acting. State run oil companies have implemented four fuel price hikes in ten days as of May 25, taking petrol in Delhi past Rs. 102 per litre. This is the right and necessary response to the energy cost reality created by the Iran war. Crucially, the Modi government has also done its part on the macroeconomic front, consistently and aggressively reducing the fiscal deficit as a percentage of GDP to maintain structural stability.Yet, the currency pressure persists. The energy price impact has not yet fully reached Indian consumers and supply chains. It is coming.Uday Kotak said it plainly at the CII Annual Business Summit on May 12: "Be ready for tough times rather than waiting for the shock to hit us." He was right.Also read | Manufactured monopoly: How industrial policy is structuring monopolies in IndiaThis is not a time to panic. But it is a time to act. The leaders who move now will have options. Those who wait will not.The Overriding Factor: The Psychology of the PlayersWhy is the currency declining despite strong domestic fiscal discipline? Because exchange rates are not driven by mathematical models alone. The currency decline is highly affected—and accelerated—by the psychology of all players engaged in this endeavor.Currency movements are deeply behavioral. When a currency visualizes a downward trend, psychology shifts from calculation to self-protection and speculation. Every player in the ecosystem operates under this psychological weight:Corporate CFOs and Treasurers: Instead of hedging normally, they rush to cover future dollar liabilities early, hoarding hard currency and inadvertently worsening the scarcity.Foreign Investors: They begin to judge their returns not by the quality of Indian business operations, but by the eroding value of the conversion rate.Importers and Exporters: Importers advance their payments to avoid paying more tomorrow; exporters delay converting their dollar earnings back into rupees, waiting for a "better" rate. This collective psychology creates a self-fulfilling prophecy.Investors, CFOs, and FDI decision makers extrapolate what is happening now into the future. When they see a currency that has lost approximately half its value since 2014 with no clear floor in sight, their psychological pivot alters market realities.Also read | India tightens checks on overseas flows as currency pressure mounts, sources sayThe cascading timeline of Foreign Portfolio Investor (FPI) equity behavior perfectly mirrors this psychological shift from rational evaluation to systemic risk aversion:2024 (The Calculation Phase): Rupee averages Rs. 83-84. FPI flows remain positive (+$12 billion) as investors trade on strong domestic corporate earnings.2025 (The Self-Protection Phase): Rupee slides past Rs. 89. Collective psychology shifts to risk mitigation. FPIs withdraw a record $18.4 billion from Indian equities—the largest annual equity outflow on record.Early 2026 (The Capitulation Phase): Rupee breaks past Rs. 95. Sentiment turns into an outright exit strategy. In the first four months of 2026 alone, outflows have already reached $19.1 billion, completely bypassing the entire previous year's record loss in a fraction of the time.FDI agreements are being signed, but capital is delayed because players are psychologically hesitant to deploy funds into a depreciating asset.The Trap of Hard Currency Debt: A Broken Business Model There is a highly significant and dangerous phenomenon unfolding in India today that requires immediate exposure. For years, a specific class of Indian corporates adopted a regular strategy of borrowing heavily in hard currency (External Commercial Borrowings, or ECBs). Lured by low nominal global interest rates, several of these companies over borrowed, treating cheap dollar debt as a permanent structural advantage.Today, that strategy has become a trap. The compounding effect of a depreciating rupee, skyrocketing hedging costs, and brutal refinancing realities is fundamentally breaking their business models.Consider the mechanics of this crisis:The Hedging Penalty: Leaving dollar debt unhedged is now corporate roulette. However, buying hedges at current rupee levels has become structurally prohibitive. The cost of protection completely wipes out any interest rate advantage.The Refinancing Wall: Billions in foreign debt are coming due. These over-borrowed companies must now refinance their liabilities at a time when the rupee value has materially deteriorated. They are effectively forced to borrow far more rupees just to pay back the same amount of original dollars.The Crushing Cost of Rupee Capital: As these companies try to pivot back to domestic lenders, they face a severe escalation in their rupee cost of capital.The Growth Verdict: When your cost of capital spikes and your cash flows are consumed by servicing legacy dollar debt, future growth stops. Capital expenditure (CapEx) plans are being frozen. These companies can no longer invest in innovation, capacity, or market expansion. Their business model shifts overnight from aggressive value creation to basic survival. Boards must realize that this is not a temporary treasury headache; it is a structural threat to the company’s future viability.India's forex reserves stand at approximately 10 to 11 months of import cover. Substantial, but being actively deployed to defend the currency. Some imports are non-negotiable: oil, critical inputs, components. These will now cost more. That cost passes through every supply chain.Six Actions for Business Leaders1. Protect your cash and liquidity first. This is the most immediate priority. Map your cash position today. Identify every source of liquidity across the next twelve months. Stress-test it at Rs. 100 and beyond. Which receivables are at risk? Which credit lines are rupee-denominated and which are not? Companies that run into a cash crisis during a currency depreciation cycle lose their options entirely. The CFO must own this analysis and present it to the board within days, not weeks.2. Act now on your foreign currency borrowings, hedging, and refinancing. Do not assume the rupee will recover to Rs. 80. Analyse your full foreign currency exposure across the next three years: every loan, every refinancing date, every hedging contract, every procurement price denominated in foreign currency. Hard currency loans now face refinancing at rupee values that have materially deteriorated. Model every scenario at Rs. 100 and beyond. Your CFO, treasury, and procurement team must be aligned on one instruction: do not run into a liquidity crisis. This analysis must happen now, not at the next quarterly review.3. Build a war room. Most companies have begun thinking about war rooms for supply chain disruptions. Expand the mandate. Currency exposure belongs in the same room. Which of your costs are dollar or euro denominated? Which of your revenues are rupee denominated? Where is the mismatch? What is your break-even exchange rate? If you do not have clear answers today, you are exposed. The war room is not a committee. It is a real-time decision environment with live data, a clear owner, and the authority to act.4. Use the currency depreciation advantage: double your export salesforce. A weaker rupee makes Indian exports more competitive. This window will not stay open indefinitely. Double the salesforce in your export markets now. Use this period to upgrade quality, improve service delivery, and build customer relationships that will last beyond the currency advantage. Indian exporters who invest in capability during this period will emerge stronger regardless of what the rupee does next. Those who simply ride the price advantage without building the underlying business will lose when conditions change.5. Watch your stock and your sector. Banks and financial institutions should already be on high alert. Companies with large foreign currency exposure will see pressure on their financials. Some stock prices are already reflecting this. Go through your sector company by company. Identify who is most exposed. If you are an investor or a lender, this analysis is not optional. The combination of currency depreciation, rising oil prices, and FPI outflows creates a compounding pressure that will surface in earnings before it surfaces in headlines.6. Cut costs aggressively. AI will help. There has never been more urgency to reduce costs than now. And there has never been a better tool to do it. AI can cut most operational costs by as much as 30% across functions: procurement, finance, customer service, logistics, and compliance. McKinsey data confirms companies adopting AI and automation reduce operational costs by 20 to 30 percent. This is not a future opportunity. It is a present imperative. Every rupee of cost removed through AI is a rupee that does not need to be recovered through revenue in a deteriorating currency environment. Start now with your highest-cost functions.The CFO as CaptainCurrency risk is a cash flow risk. Every function that touches foreign currency—procurement, treasury, sales, capex planning— must now report into a single coordinating authority. That authority is the CFO. This is not about hierarchy. It is about clarity. In a currency crisis, fragmented decision-making is as dangerous as wrong decision making. One captain. One consolidated view. Weekly reviews minimum.The Bigger PictureThis currency depreciation is a structural signal, not a cyclical one. India's economy must move from a cheap labour advantage to genuine global value creation.The companies that will survive and thrive are those building products and services that command premium prices in global markets. The rupee's weakness is a reminder that competing on cost alone has limits.The recently concluded trade agreements are a genuine opportunity. Execute them with full force. Build the export pipelines. Add the sales capacity.The businesses that move now, with discipline and clarity, will manage market psychology, navigate the debt trap, and define the next chapter of Indian industry.The shock is coming. Prepare before it arrives.Ram Charan is the author of China’s 90% model. It is restricting India’s industrial progress. Former Director of Hindalco and Muyuan (China).

Chittoor Collector calls for coordination between pulp units and mango farmers

Highlighting the need for quality-based procurement, Sumit Kumar urges farmers to harvest fruits only after they reach proper maturity, as well-ripened mangoes are likely to fetch better prices

Doctor reveals 4 health markers that may predict heart attack and stroke risk

Doctors are now suggesting looking beyond just LDL cholesterol for heart health. New markers like ApoB, hs-CRP, insulin resistance, and abdominal obesity provide a better and fuller picture. These factors reveal how inflammation, metabolism, and body fat impact vascular health. Understanding these elements helps identify risks earlier for better prevention.

Nifty IT logs best run in a year at 4%; TCS, Infosys lead way

Mumbai: Domestic IT stocks extended rally for the third straight session on Tuesday, driving the Nifty IT index to its biggest single-day gain in a year. Analysts said the index's chart structure remains constructive, signalling continued positive momentum in the near term.The Nifty IT index ended 4.2% higher at 31,116.6 on Tuesday, its highest gains since May 2025. The index is up 7.6% in the past three sessions, against Nifty 50's fall of 1.8%. TCS was the top gainer on Tuesday, up 6.7%, followed by Infosys, HCL Technologies and LTM, which were up 4-6% each."Indian IT stocks continue to extend gains, supported by improving global software sentiment and growing evidence that enterprise AI adoption is expanding technology spending opportunities rather than disrupting incumbent service providers," said Kunal Bajaj, research analyst at Choice Institutional Equities.Bajaj said other factors like rupee depreciation, strong orderbook and improving outlook for discretionary tech spending, are supporting the current rally in IT stocks.131473558IT stocks look strong on technical charts too. "The Nifty IT index has formed a bullish hammer pattern on the monthly chart, signalling a trend reversal," said Ruchit Jain, vice-president, Motilal Oswal Financial Services. "Within the sector, recent moves suggest a mix of short covering in stocks such as TCS and HCL Tech, along with fresh long build-up in Infosys and Coforge over the past three sessions." Despite the recent rebound, domestic IT stocks have underperformed the broader market in 2026, with the Nifty IT index declining 17.9% so far this year against a 10.1% fall in Nifty 50.Jain expects the IT benchmark's up move to extend towards 32,000-32,100, near its April highs. According to Bajaj, tier-2 IT firms have historically gained market share during tech transitions due to their agility. "With valuation premiums cooling, we see better relative risk-reward in Coforge, Persistent Systems and Happiest Minds. Among the tier-one companies, we like Infosys and Tech Mahindra," he said.

Can’t find a job after graduation? AI isn't why

It’s easy to understand why so many graduates are booing commencement speakers who tell them how great AI is. They face a brutal job market, with unemployment for recent college graduates nearing recession levels, and AI is often cited as the reason they can’t find jobs or have to drastically reassess their career plans.I have a message for the class of 2026: AI is not ruining your job prospects, at least not yet. A better explanation for the tough job market may be the prevalence of WFH, not the rise of AI.131463654Two new studies, one from the Federal Reserve Bank of New York and one from the London School of Economics, look at the recent rise in unemployment among young workers. The authors of the LSE study looked at 243 million new hires and 407 million online job postings from 2017 to 2025 in the US, UK, Australia and Canada. They observed a notable decline since 2022 in the hiring of new graduates. AI was presumed to be the reason, since the falloff tends to be in the sort of industries that are adopting AI.But these are also the same kinds of jobs — reliant on computers, knowledge-intensive, white-collar — that are most amenable to working from home. When they controlled for WFH, the authors found that the impact of AI on hiring was negligible.The study postulates that where WFH is more common, managing junior staff is more expensive. At the same time, young staffers who receive less training may be less productive than they would be otherwise, even as they mature and demand more pay. So the cost of WFH to young graduates is not just a harder job market — it also makes it harder for young employees to get good training, supervision and mentorship, a point also made by the New York Fed study.WFH has always had a superficial appeal. At first, it seems easier and often cheaper for both employers and employees; companies can pay less if they offer more flexibility, and many staffers have commitments that keep them at home. In the long term, however, both management and workers pay a price in terms of lost training and career development of younger employees.This could get even worse as AI is more widely adopted. New hires recently out of college who work on their own may figure out how to do specific tasks (perhaps with AI assistance), but they won’t learn much about how to manage office politics, charm clients or build networks. All these skills will be even more valuable in an AI job market, and none can be gained without coming into the office and observing senior colleagues.The new research doesn’t argue that AI will have no impact on hiring in the future, or that it is currently affecting hiring decisions. It’s also worth noting that many firms are still hiring — just not as much as before. There are a lot of factors that go into the health of the labor market, and if the economy worsens, the combination of AI and WFH could make it even harder for young graduates.What does seem clear is that AI is becoming a convenient villain for a lot of complaints people have about the economy. Tech executives aren’t helping by regularly declaring that AI can replace a lot of jobs. More likely, they are using AI as an excuse when they are letting people go for financial reasons. In the case of WFH, it may be easier to blame AI than to ask reluctant staff to come into the office.I’ve seen this reluctance firsthand: A few years ago I met middle-aged media executive who told me how much she loved working from home (or, often in her case, from a resort in Mexico). When I asked her about junior staffers missing out on mentoring and on-the-job training, she admitted she never would have succeeded if senior people weren’t in the office when she was coming up. But she didn’t seem too bothered by it, either.I’ve never been asked to give a commencement speech, but if for some reason I were, this would be my advice: Find a company where everyone likes going to work. Then try to get a job there — and if you do, go into the office every day.

'India Better Placed Amid Iran War Than In 2013': Ex-RBI Governor To NDTV

D Subbarao credited the government with taking steps within its control.

A better quarter, a tougher future for India Inc

Delhi CM Rekha Gupta orders transfer of over 40 medical staff in department overhaul

The CM stated that providing better medical facilities to the residents of Delhi is the “commitment of our government”.

On 1st foreign trip, Myanmar’s Prez meets Modi, covers security and connectivity

Vikram Misri defended the engagement with Myanmar’s new government, saying history has shown that disengagement doesn’t give results better than engagement

'Better off without them': Mamata's message to TMC rebels and a 'Hitler' jibe at BJP

Asian Paints up 4% on Q4 beat. What are brokerages saying?

Shares of Asian Paints rallied as much as 4% to their day’s high of Rs 2,778 on the BSE on Monday after the company reported a consolidated net profit of Rs 1,172 crore for the fourth quarter of FY26, marking a 69% year-on-year increase from Rs 692 crore posted in the corresponding quarter last year. Revenue from operations during the January-March quarter rose 11% to Rs 9,228.46 crore, compared with Rs 8,349.59 crore reported a year earlier.During the quarter under review, total income increased by more than 11% year-on-year to Rs 9,418 crore. Total expenses rose at a slower pace, increasing nearly 8% to Rs 7,829.17 crore.EBITDA for the quarter rose 24.4% year-on-year to Rs 1,787 crore from Rs 1,436.2 crore in the corresponding period last year. EBITDA margin expanded by more than 200 basis points to 19.3%, compared with 17.2% a year earlier. For the full financial year ended March 31, 2026, Asian Paints reported a consolidated net profit of Rs 4,325.35 crore, up 18% from Rs 3,667.23 crore recorded in the previous financial year. Annual revenue from operations rose around 5% year-on-year to Rs 35,583.54 crore in FY26.Asian Paints shares: Buy, sell or hold?Nomura raised its target price to Rs 3,600 (35% upside) while maintaining a Buy rating, highlighting that the company not only retained but improved its guidance despite cumulative price hikes of around 13.5% year-to-date, including 10.5% implemented in April-May and a further 3% increase announced to dealers. The brokerage noted that management's decision to maintain volume growth guidance of 8-10% signals confidence in a strong demand environment. It also pointed to improved product mix guidance of -3% to -4%, compared with the earlier expectation of -5% to -6%, driven by a greater push towards premium and luxury paints, implying high-teens sales growth in FY27. The brokerage also maintained its operating margin guidance of 18-20% despite raw material inflation and competitive pressures. Nomura believes there is a high probability of crude oil prices moderating from current levels over the next six months, which could further support margins.Motilal Oswal maintained its Neutral rating on Asian Paints with a target price of Rs 2,750, implying a modest upside of up to 3%. The brokerage raised its FY27 and FY28 earnings estimates by 3%-4%, citing better-than-expected revenue performance. However, it cautioned that the uncertain geopolitical environment and persistent inflationary pressures could continue to weigh on overall demand. Management has guided for high single-digit volume growth in FY27 despite significant price hikes, supported by a favourable base, more painting days due to El Niño conditions and an extended festive season. The brokerage expects standalone EBITDA margins of 19.1% and 19.5% for FY27 and FY28, respectively, while consolidated margins are projected at 18.2% and 18.6%. It also noted that paint demand has remained subdued over the past two years, and recent price increases could delay a broader demand recovery. To counter competitive pressures, Asian Paints continues to focus on product innovation, strengthening brand salience, regionalisation and execution.JM Financial upgraded Asian Paints to Add with a target price of Rs 2,815, implying an upside of 5.4%. The brokerage believes the company's FY27 revenue outlook remains encouraging, supported by management's volume growth guidance of 8-10%. Combined with double-digit price increases, including hikes of around 10.4% already implemented and an additional 2-4% announced from June, along with a lower adverse mix impact of 3-4%, this is expected to drive mid-teen sales growth in FY27. JM Financial noted that demand trends remained stable during April and May, while management remains optimistic about business momentum in the second and third quarters of FY27, aided by a longer festive season. Also read: PSU bank stocks vs private banks in FY27: The valuation trap you need to avoidThe brokerage also highlighted that management has reiterated its EBITDA margin guidance of 18-20% despite significant raw material inflation, supported by price hikes, sourcing efficiencies, an improved product mix and calibrated spending. However, the company expects competitive intensity in the paints sector to remain elevated. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Share of term deposits below 7% jumps as banks reprice liabilities

Mumbai: The share of bank term deposits earning less than 7% rose to 61.8% in fiscal 2025-26 from 27.3% a year earlier, signalling a repricing of liabilities following cumulative policy rate cuts of 125 basis points since February 2025, Reserve Bank of India data showed. Deposits with a tenure of up to one year fell to 8.8% from 16.7% over the same period, as depositors shifted towards longer maturities in search of better returns, the data showed.Deposits with a maturity of one to three years rose to 69.8% at end-March 2026 from 50.4% in March 2022, suggesting depositors increasingly locked in funds for medium tenures amid evolving rate expectations.The data also pointed to broader structural shifts in deposit composition, with the share of term deposits in overall deposits rising to 61.6% in March 2026 from 55.2% in March 2022, while the proportion of savings deposits declined to 28.7% from 34.6% in the same period.131431518Deposit growth accelerated to 11.5% year-on-year at end-March 2026 from 10.6% a year earlier, with public sector banks accounting for 50.8% of incremental deposits and private banks contributing 38.6%.Households remained the largest contributors, accounting for 59.3% of total deposits, even as the share of non-financial entities and financial corporations edged up, indicating gradual diversification in deposit sources.Large-value deposits continued to dominate, with term deposits of ₹1 crore and above accounting for 46.3% of the total. Deposits of ₹5 crore and above alone made up 34.8%, while deposits of up to ₹5 lakh accounted for 17.8%.The share of senior citizens in deposits stood at 20% and has remained broadly stable over the past four years, the central bank data showed.

FPI selling puts June rally at risk, midcaps may march on

Mumbai: Indian equities face challenges in repeating their seasonal strength in June, with uncertainty over the peace process between the US and Iran and continued foreign selling clouding the outlook. Mid and smallcap stocks stand a better chance of extending their winning run with domestic money chasing potential winners beyond blue chips.In the past ten years, both the Nifty 50 and Nifty 500 have posted gains in six instances, with average gains of 1.6% and 1.9%, respectively, according to data from Motilal Oswal Financial Services for the past decade.The Nifty Midcap 100 and Nifty Smallcap 250 were up seven times over the past decade, according to Bloomberg data."June seasonality has generally favoured Indian equities," said Sriram Velayudhan, senior vice-president, IIFL Capital Services. "However, factors like crude prices, foreign selling and the impact of adverse weather conditions on the impending monsoon will influence market sentiments in June."The Nifty and Sensex dropped by 2.6% and 2.8%, respectively, in May. The Midcap 100 was up 2.6%, and the Nifty Smallcap 250 gained 1.6%.131431493Analysts said investors tracking seasonal trends must look beyond June."As per seasonality, May and June mostly remain mixed, but July has historically been positive," said Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services. "So dips or consolidation of June can be bought for the next leg of the rally for July."Selective themes such as capital markets, power, energy, auto ancillaries, infrastructure, capital goods, and wire and cable could outperform, he said.Lower foreign ownership is helping small and midcaps, unlike large caps, said Velayudhan.

Kohli powers RCB to back-to-back IPL crowns

For Gujarat Titans, this was supposed to be Ahmedabad's night.Instead, it became an Ahmeda-bad evening for Shubman Gill's men.Also Read: RCB win IPL for 2 straight years, but this player has created a hat-trick of winsOn a stage draped in blue, in front of a crowd willing the home side towards a second IPL crown, Royal Challengers Bengaluru once again arrived like champions who no longer carry the burden of history. They carried certainty. They carried belief. And, as they have so often over the last two seasons, they carried Virat Kohli.Chasing a modest but tricky 156, RCB were never reckless. They were relentless. Kohli, the grandmaster of the chase and the heartbeat of this franchise, produced yet another knockout innings, crafting a half-century that sucked the anxiety out of the contest and the hope out of Gujarat's defence. It was not his most explosive knock. It did not need to be. It was a classic Kohli pursuit — measured, intelligent and utterly inevitable.The numbers will show another fifty. The final will remember much more than that.For a franchise that spent nearly two decades being cricket's great unfinished story, this felt like the final confirmation that last year's title was not an emotional one-off. This is now a team that understands how to win the biggest games. Two titles in two years is not a breakthrough. It is the beginning of a legacy.Yet Gujarat refused to make it easy.After being restricted to 155, a total that always felt 20 runs short on a placid Ahmedabad surface, the Titans fought with the stubbornness that has defined much of their short IPL history. Rashid Khan, magnificent as ever, dragged the contest deeper than it deserved to go. His spell was a reminder that class survives even when the scoreboard does not cooperate. Every wicket he took briefly reignited belief. Every dot ball lifted the noise levels.Also Read: Rohit, Dhoni, Hardik: When IPL's biggest names couldn't deliver this seasonAnd then there was Rajat Patidar — the quiet captain who has turned Royal Challengers Bengaluru from cricket’s great underachievers into a title machine.A year after leading RCB to their long-awaited maiden IPL crown, Patidar is set to script history again, becoming only the third captain after MS Dhoni and Rohit Sharma to guide a franchise to back-to-back IPL titles. If last season was about breaking an 18-year curse, this one has been about building a champion's mentality.Patidar’s numbers do not scream for attention, but his captaincy has. RCB topped the league stage, steamrolled Gujarat Titans in Qualifier 1, and entered the final carrying the assurance of a side that no longer panics under pressure. The 31-year-old has fostered a dressing-room culture built on clarity and calm, repeatedly insisting throughout the season that every game was “just another match” despite the mounting expectations around a title defence.His fingerprints were all over the campaign. Whether it was trusting Josh Hazlewood in crunch overs, backing Krunal Pandya's experience on spin-friendly surfaces, or ensuring Virat Kohli could play the anchor's role without the burden of forcing the pace, Patidar's tactical calls consistently landed. Most importantly, Patidar has managed something few RCB leaders before him could: he has made the franchise feel bigger than its baggage. For years, RCB were defined by near-misses, heartbreaks and dependence on individual brillianceBut Gujarat's bowlers were left carrying a burden that should never have been theirs alone.The real disappointment lay with the batting.Too many starts disappeared. Too many big names drifted through the final without leaving a mark. At no point did the innings gather the momentum expected from a side stacked with stroke-makers and match-winners. The scoreboard moved, but never surged. The pressure remained, and RCB's attack, led by the discipline of Josh Hazlewood and the control of Krunal Pandya, squeezed relentlessly.By the halfway mark, the script already felt familiar.RCB had been the better side for most of the season. They entered the final as favourites. They played like favourites. And when the moment arrived to finish the job, they handed the chase to the one man who has spent nearly two decades making impossible pursuits look routine.Kohli has worn many labels across his career — superstar, run machine, icon, leader.On nights like these, one title fits best- King Kohli.And with another IPL trophy glistening under the Ahmedabad lights, his kingdom just got bigger

Quote of the Day: Robert De Niro on fame and ambition — ‘Better to be king for a night than a schmuck for a lifetime’

Quote of the Day: Robert De Niro's iconic line from Martin Scorsese's The King of Comedy remains strikingly relevant in the era of influencers, viral fame and social media validation.