The Hindu National
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The mirage of port-led development in Great Nicobar
The facts show that the projectโs โadvantagesโ are sweeping claims that downplay its considerable โcostsโ
๐ฎ๐ณ ์ธ๋ ยท "FACTS" ยท ์ด 10๊ฑด
ํํฐ ๋ณด๊ธฐํ์ฌ ์ง์
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0 = ๋ถ์ ์ฐ์ธ
50 = ์ค๋ฆฝ
100 = ๊ธ์ ์ฐ์ธ
์ต๊ทผ 7์ผ ๊ธฐ์ค 5,715๊ฑด์ ๋ถ์ํ ๊ฒฐ๊ณผ, ๋ด์ค ์ฌ๋ฆฌ์ง์๋ 50.0(๊ท ํ)์ ๋๋ค. ๊ธ์ 0๊ฑด(0.0%)ยท์ค๋ฆฝ 5,715๊ฑด(100.0%)ยท๋ถ์ 0๊ฑด(0.0%)์ด๋ฉฐ, ์ค๋ฆฝ ๋น์ค์ด ๋๋ ทํ๊ฒ ๋์ต๋๋ค. ์ฑํฅ ์ง์๋ ์ข ํฉ 0.0(์ค๋ ๊ท ํ)์ ๋๋ค.
The facts show that the projectโs โadvantagesโ are sweeping claims that downplay its considerable โcostsโ
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 investingโknowing 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 informationโwars, 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 riskโwealth 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.
The tragic hotel fire in Delhiโs Malviya Nagar has once again exposed deep-rooted failures in fire safety, governance and accountability.The blaze, which claimed 21 lives, has raised serious questions over alleged negligence, regulatory gaps, poor inspections and the functioning of authorities responsible for ensuring public safety. Initial findings have pointed to major lapses, including alleged violations of building norms, inadequate safety measures and questions over whether proper fire clearances were in place.As grieving families search for answers, the tragedy has triggered a larger debate over systemic apathy, corruption and bureaucratic failure. Despite repeated fire incidents in the national capital, accountability often remains unclear, leaving citizens vulnerable and victims trapped between official blame games and delayed justice.Watch the full report for the latest updates on the Malviya Nagar hotel fire and the questions it raises for Delhiโs safety system. n18oc_indian18oc_the-hard-factsNews18 Mobile App - https://onelink.to/desc-youtube
The Trinamool Congress is facing a major internal rebellion in West Bengal, with expelled legislators reportedly claiming majority support and challenging Mamata Banerjeeโs leadership.The crisis has triggered allegations of autocratic decision-making, family control and growing dissatisfaction within the party ranks. The rebel campโs claim has intensified speculation over a possible split and raised serious questions about the future power structure of the TMC.As Bengal politics witnesses a dramatic realignment, all eyes are now on Mamata Banerjeeโs next move and how the official TMC leadership responds to the challenge.Watch the full report for the latest updates on the TMC power struggle. n18oc_indian18oc_politicsn18oc_the-hard-factsNews18 Mobile App - https://onelink.to/desc-youtube
Tamil Nadu's political landscape is shifting as speculation grows around BJP's Annamalai potentially exiting the party. Following a disappointing election outcome, he may pursue a nationalist movement, raising questions about BJP's future in the state. -hard-factsNews18 Mobile App - https://onelink.to/desc-youtube
The political landscape in Bengal is marred by violence and vendetta politics, with leaders from the India bloc condemning attacks on opposition figures while ignoring past atrocities. The normalization of political violence raises questions about accountability and the future of democracy in the state. -hard-factsNews18 Mobile App - https://onelink.to/desc-youtube
Explaining the significance of the returned artefacts, Prime Minister Modi said the set comprises 21 large and three small copper plates.
Composing his very first poems at the tender age of seven, Dr. Bashir Badr spent a lifetime transforming the landscape of modern literature.
Mumbai: After a crushing court defeat, India's money gaming fraternity is now dreading whether the taxman would come after the companies' directors.The law allows the goods and service tax (GST) authorities to recover dues from board members of private limited companies if unpaid tax, interest, or penalty cannot be salvaged from the entities.Most real money gaming platforms were run by closely-held companies. While a director can escape personal liability if he demonstrates that the unpaid tax was not caused by gross neglect and wilful misstatement, many show cause notices, which triggered the legal feud, allege fraud and suppression of facts.Also read | Billionaire's FOMO: Ultra-rich pouring money into AI stackIn cases of frauds, the tax office can levy penalty of 100% of the tax demand. Platform managements are hoping for some relief from the fine print in Wednesday's Supreme Court (SC) judgement which upheld GST authorities stand to impose 28% tax on full value of bets. The ruling is yet to be released.By validating the SCNs, the SC effectively overturned earlier lower court rulings favouring gaming companies and dismissed the argument that 'games of skill' require different tax treatment under the GST framework for actionable claims.The GST Act provides for extended limitation period, enabling the department to issue SCNs up to five years from the due date of filing the relevant annual return in cases of fraud.131377275According to Ritesh Kanodia, partner, Aurtus Consulting, "There is strong legal support, including Supreme Court rulings, that when a matter involves a complex interpretation of the law, it cannot be treated as fraud or suppression. In this case, there was genuine ambiguity on whether GST applies at all and, if it does, on what value. Even the Karnataka High Court had earlier ruled in favour of taxpayers, which shows that the issue was debatable. Because of this, there is a strong argument that the 100% penalty may not be justified, thoughthe normal penalty (around 10%) may still apply."Ashish Karundia, founder of the eponymous CA firm, agreed that notices invoking the extended limitation period can certainly be challenged. "To sustain demands under Section 74, the department must establish fraud, wilful misstatement, or suppression with intent to evade tax. Gaming companies are likely to argue that their operations, filings, and transaction trails were fully disclosed, and that the dispute pertains purely to legal interpretation rather than any concealment of facts," said Karundia.If the department eventually chases the directors, it has to send separate notices and examine their roles individually.Also read | A blueprint for West Bengalโs evolution from an entrepot to a production hubHowever, for earlier periods (July 2017 to March 2020), companies may be eligible for the Government's amnesty scheme, which provides a full waiver of interest and penalties, provided fraud is not established (i.e., a Section 74 notice [100% penalty] gets converted into a Section 73 Notice [10% penalty]). So, in many cases, companies may ultimately end up paying only the tax amount, said Kanodia.The companies have sought 12 weeks to reply to the adjudication panel in the GST department which would be followed by final tax demands and appeals before higher courts.The GST law was amended in 2023 to make online gaming, casinos, and horse racing taxable at 28% on the full face value of bets, regardless of whether it's game of skill or chance. These changes, applied retrospectively, imposed liabilities for past periods when the law was not explicit. Before 2023 companies were paying 18% tax on the fees platforms collected.Last year, the government hurriedly enacted the Promotion and Regulation of Online Gaming (PROG) Act, 2025 that completely prohibits online money games. The SC order on Wednesday not only puts a large financial burden on gaming companies but may also weaken their argument that since gaming is a state subject, the activity cannot be banned by a central law.
Karnataka politics has entered a new phase after Chief Minister Siddaramaiah officially resigned, paving the way for Deputy CM DK Shivakumar to take over the stateโs top post. The transition follows months of intense speculation, internal negotiations, and pressure from the Congress high command.The leadership change unfolded after a crucial breakfast meeting in Bengaluru where Siddaramaiah reportedly informed cabinet colleagues about his decision before formally stepping down. Emotional scenes, protests by supporters, and cabinet reshuffle discussions have added to the political drama surrounding the transition.Will the Congress maintain unity under DK Shivakumarโs leadership, or will Karnataka witness fresh political turbulence? Watch this detailed breakdown on The Hard Facts. n18oc_indian18oc_politics n18oc_the-hard-factsNews18 Mobile App - https://onelink.to/desc-youtube