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GQG Partners has pared its holdings in two Adani Group companies through block deals worth about Rs 5,750 crore, with SBI Mutual Fund emerging as the buyer of the entire stake on Friday. According to NSE block deal data, GQG Partners Emerging Markets Equity Fund sold shares in Adani Enterprises and Adani Energy Solutions.The larger transaction involved 1.64 crore shares of Adani Enterprises sold at Rs 2,913.4 apiece, translating into a deal value of about Rs 4,789 crore. In a separate transaction, GQG sold 63.66 lakh shares of Adani Energy Solutions at Rs 1,504.8 per share, amounting to around Rs 958 crore.Together, the two transactions were valued at about Rs 5,747 crore. The shares were acquired by SBI Mutual Fund at the same prices through corresponding block deals.The stake sale comes after a strong run in Adani Group stocks over the past year, during which several group companies recovered sharply from the volatility that followed allegations made by US-based short seller Hindenburg Research in 2023.GQG had emerged as one of the earliest large institutional investors to back the Adani Group following that episode. Beginning in 2023, the fund manager invested billions of dollars across multiple Adani companies, helping restore investor confidence at a time when foreign institutional participation in the group had weakened.Since then, Adani companies have focused on deleveraging, strengthening cash flows and improving operational performance. Several group entities have reported healthy earnings growth, while execution across infrastructure, energy and transport businesses has remained strong.The latest transaction will be viewed by market participants largely as a portfolio rebalancing exercise rather than a change in the fund's broader investment thesis on the group.Adani Enterprises, the flagship incubator of the conglomerate, houses businesses spanning airports, roads, green hydrogen, data centres and mining services. Adani Energy Solutions is one of India's largest private-sector transmission companies and is expanding its presence in smart metering and distribution infrastructure.Shares of both Adani Enterprises and Adani Energy Solutions are likely to remain in focus as investors assess the implications of the stake sale and changes in institutional ownership.
New Delhi: State-run oil companies will sell E85 fuel — a blend of 85% ethanol and 15% petrol — at a discount of Rs 20 per litre to offset the biofuel’s lower energy content, Oil Minister Hardeep Singh Puri said on Friday after inaugurating an E85 dispensing facility at a Delhi petrol pump.The government plans to roll out E85 fuel in phases, with 500 fuel stations targeted by the end of this year and 5,000 by the end of 2027 across India, Puri said.Indian Oil already has a network of 400 fuel stations that can dispense E100 fuel, or pure ethanol with no mix of petrol, across Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu.Also Read: India to launch E85 fuel today in push for flex fuel mobilityEthanol’s energy content is about one-third lower than that of petrol. To compensate for this, E85 users will receive a Rs 20 per litre discount compared with E20, the regular fuel blend sold across the country that contains 20% ethanol and 80% petrol.The E20 blend will continue to be available at all fuel stations, as most vehicles currently on Indian roads can use blends of up to 20% ethanol.In recent days, Maruti Suzuki and Hero MotoCorp have each launched one vehicle model capable of running on E85 fuel.The simultaneous rollout of compatible vehicles and fuel dispensing infrastructure will help accelerate E85 adoption, Puri said, adding that there was a “pretty compelling case” for shifting to E85 because it would be cheaper, lower emissions and reduce dependence on fuel imports.
As India sees incessant FII selloff so far this year, the government and RBI announced a slew of measures to ease foreign investments in government securities, with analysts suggesting that these may provide some short-term support for Dalal Street.India scrapped the long-term capital gains tax on investments by foreign institutional investors (FIIs) in government securities through an ordinance issued on Friday. The government has now exempted FIIs from tax on any interest income from government securities, as well as capital gains arising from their sale, exchange or transfer, according to an official gazette. Separately, while announcing the outcome of the MPC meeting, RBI Governor Sanjay Malhotra also unveiled a series of measures to boost FPI investments, including expanding the Fully Accessible Route (FAR) to cover new issuances of 15-, 30- and 40-year government bonds.Limits on investments by NRIs and OCIs in equity instruments without Sebi registration are being raised, allowing them to invest larger amounts without regulatory registration. The facility is also proposed to be extended to all Persons Resident Outside India (PROIs), bringing them on par with NRIs and OCIs. This came as the RBI kept the repo rate unchanged at 5.25%What does this mean for Indian stock market?The proposal to increase investment limits for NRIs and OCIs in listed equity instruments without Sebi registration, and to extend the same facility to all individual Persons Resident Outside India (PROIs), is a significant step toward broadening participation in Indian capital markets, which is expected to improve market depth, liquidity and long-term capital inflows, said Arun Poddar, CEO of Choice International.He highlighted that equally important is the removal of capital gains tax on government securities investments for foreign investors. “This move strengthens the attractiveness of India's bond market and could encourage greater foreign participation in government debt. At a time of heightened global volatility, these measures reinforce investor confidence, support capital inflows, and reaffirm India's commitment to building deeper, more globally integrated financial markets, with the policy rate expected to remain low for an extended period,” he said.The government's move to exempt Foreign Institutional Investors (FIIs) from capital gains tax on any interest earned from government securities is “highly positive” for the capital markets, said Sumit Singhania, Head of Research at Bajaj Broking. “This fiscal cushion arrives at a crucial time, offering a strong shield to domestic markets as the RBI chief warned of volatile forex markets driven by shifting global sentiments,” he added.The policy is distinctly positive for bond markets and well-capitalized Banks and NBFCs, which benefit from targeted hedging subsidies and systemic stability, according to Archit Doshi, Senior Vice President at PL (Prabhudas Lilladher) AMC. “Conversely, one should be underweight rate-sensitive sectors, which remain highly vulnerable to margin compression, higher inflation expectations, and the threat of the RBI reaching its tightening tipping point,” he said.Rajeev Radhakrishnan, CFA, CIO of Fixed Income at SBI Mutual Fund, also said that the announcements aimed at enabling more dollar inflows are more significant in the near term, even though the overall policy stance has been broadly in line with expectations. “The concessional swap facility should help stabilise short end market rates and the foreign exchange market in the near term,” he said.For equities and debt markets, the measures to attract FII inflows are supportive of liquidity and inflows, while for the rupee, they signal a clear intent to anchor expectations and reduce volatility amid global oil shocks and sustained foreign selling pressure, said Ajit Mishra, Senior VP of Research at Religare Broking.Sachin Bajaj, Chief Investment Officer at Axis Max Life Insurance, also said that the initiatives are expected to support capital inflows, deepen domestic bond markets, and provide support to the Indian rupee over the short to medium term.RBI’s hawkish tone and the Indian stock marketWhile the measures taken to attract FII inflows in the debt market will likely provide short-term support for Dalal Street, analysts advised caution over the RBI’s hawkish policy stance. While the RBI maintained its policy repo rate as per expectations, the tone was much more cautious than in previous meetings.Sachin Bajaj highlighted that the policy emphasised preserving macroeconomic stability amid the prevailing global macroeconomic environment. “We believe there are significant risks to inflation in the coming months due to the pass-through of higher commodity prices to consumers and elevated food prices resulting from a below-normal monsoon. Going forward, there is a risk of an upward revision in inflation projections, and given the evolving global backdrop, we believe the RBI is likely to maintain a prudent, data-dependent approach. Future policy actions will be contingent on evolving growth-inflation dynamics and global developments,” he added.Also read: Explained: Sebi's Rs 15.15 lakh crore revenue inflation allegations against Rajesh ExportsWhile hawkish rhetoric without an accompanying rate hike provides a temporary respite for equity markets, it does not constitute an unequivocal endorsement of investment, particularly in highly rate-sensitive sectors such as real estate, automotive, and consumer discretionary goods, said Vipul Bhowar, Senior Director, Head of Equities at Waterfield Advisors.“Should inflation necessitate a rate increase later this year, these sectors are likely to experience pressure on both margins and demand. For investors, the current strategy emphasises capital preservation by focusing on high-quality equities with strong pricing power. This cautious approach is designed to navigate the prevailing geopolitical uncertainties until conditions stabilise,” the analyst added.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The rupee appreciated 50 paise to 95.24 against the US dollar on Friday after the RBI liberalised norms for FPI investment in government securities. Forex traders said the announcements in the RBI policy boosted investor sentiments after the apex bank asserted that the country's forex reserves provide sufficient buffer against external shocks. At the interbank foreign exchange market, the rupee opened at 95.72, then touched 95.24 in intraday trade, registering a rise of 50 paise from its previous close. On Thursday, the rupee rose 2 paise to settle at 95.74 against the US dollar. The Reserve Bank on Friday expectedly kept interest rates unchanged for the second time in a row as it weighed the impact of rising energy prices and supply disruptions caused by the West Asia crisis. Announcing the second bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to retain short-term lending rate or repo rate at 5.25 per cent with a neutral stance. Moreover, the RBI raised limit for investments by Non-Resident Indians, Overseas Citizens of India in equity instruments. Malhotra also said that the central bank's policy on exchange rate remains unchanged and it does not target any specific rate/band for the rupee. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 99.40, higher by 0.01 per cent. Brent crude, the global oil benchmark, was trading up 0.36 per cent at USD 95.37 per barrel in futures trade. On the domestic equity market front, Sensex fell 142.06 points or 0.19 per cent to 74,217.95, while the Nifty was down 38.75 points or 0.17 per cent at 23,377.80. Foreign institutional investors offloaded equities worth Rs 4,447.06 crore on a net basis on Thursday, according to exchange data. Meanwhile, RBI has lowered GDP growth projection to 6.6 per cent from 6.9 per cent earlier for the current fiscal and raised CPI inflation projection to 5.1 per cent for FY27, higher from earlier estimate of 4.6 per cent. PTI
Shares of Adani Ports and Special Economic Zone rebounded after a two-session decline, rising more than 1% to Rs 1,812 on Friday after Goldman Sachs reaffirmed its 'Buy' rating on the stock. The brokerage also raised the stock's target price to Rs 1,870. Goldman Sachs highlighted that cargo volumes in May 2026 rose 16% year-on-year to 48.3 million tonnes, led by a 33% increase in liquid cargo and a 17% rise in container volumes. Quarter-to-date cargo volumes stood at 91.4 million tonnes, up 15% from a year ago and ahead of analyst expectations.Goldman Sachs noted that thermal coal volumes are witnessing a recovery and are likely to remain robust during the summer months. However, logistics rail volumes in May declined 19% year-on-year to 48,170 container units.The brokerage identified key growth drivers as higher Tata Power-linked coal volumes at Mundra, the ramp-up of operations at the Vizhinjam transhipment hub, growth in liquid cargo at Mundra, and expansion of multimodal logistics parks.Reflecting the strong volume momentum and improving return on capital employed (ROCE), Goldman Sachs has revised its earnings estimates upward and increased its target price for the stock.Adani Ports Q4 snapshotAdani Ports and Special Economic Zone (APSEZ) reported a consolidated net profit of Rs 3,329 crore for the March-ended quarter, compared to Rs 3,014 crore in the year-ago period, marking a 10% increase. The profit after tax (PAT) is attributable to equity holders of the parent.India's largest port operator posted revenue growth of 26% year-on-year (YoY) to Rs 10,737 crore in Q4FY26, as against Rs 8,488 crore posted by the company in the corresponding quarter of the previous financial year.The company's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 6,02 crore, up 20% from Rs 5,006 crore reported in Q4FY25.Also read: Rajesh Exports shares hit 5% lower circuit for 2nd day; firm cites 'communication gap' after Sebi order For the full financial year, PAT jumped 16% to Rs 12,782 crore compared to Rs 11,061 crore in FY25, while the topline stood at Rs 38,736 crore for FY26 versus Rs 31,079 crore in FY25, recording a 25% growth. EBITDA saw a 20% YoY uptick at Rs 22,851 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Reserve Bank Governor Sanjay Malhotra on Friday announced the Monetary Policy Committee's (MPC) decision, with repo rate remaining unchanged at 5.25%. The status quo reflects the RBI's cautious approach amid uncertainties arising from the ongoing West Asia conflict, which has heightened concerns over inflation and economic growth. At its previous policy review in April, the RBI had kept rates unchanged, choosing to closely monitor the evolving geopolitical situation and its potential impact on energy prices, inflation and economic activity.All six members of the rate panel, which includes three central bank officials and three external appointees, voted to hold rates. The MPC decided to continue with its "neutral" stance."The central bank's rate panel noted that the global environment has deteriorated," RBI Governor Sanjay Malhotra said. Also Read- RBI MPC 2026 LiveKey Policy Rates Unchanged Repo rate: 5.25% Standing Deposit Facility (SDF): 5.00% Marginal Standing Facility (MSF) & Bank Rate: 5.50% Stance: NeutralInflation updateThe governor said that the CPI inflation remains below the target despite the global shock, as the pass-through to domestic prices has been limited, while the baseline projections point towards headline inflation firming up towards the upper tolerance level in Q3 this year.
Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health," Sebi observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financial fraud that includes dressing-up of revenues of ₹15.15 lakh crore over the years, personal gold trades covered up as corporate sales and phoney gold mine investments of ₹1,035 crore, according to the interim report.REL denied the charges of misdeeds. In a press release Thursday, the company said the revenues stated in its financials were correct and that the confusion arose because of a mix-up between Ebitda and revenue numbers at Swiss refiner Valcambi SA, an indirect subsidiary.Sebi has not made any adverse observation with regard to earnings, the company said, claiming that the regulator has only observed suspicion with regard to revenues which was primarily because of confusion over the Valcambi numbers.Numbers don't add upIn fiscal 2025, REL reported consolidated revenue of ₹4.23 lakh crore against a profit after tax of just ₹95 crore, translating into a net margin of barely 0.02%. The year before, on ₹2.8 lakh crore revenue, profit was ₹336 crore.Experts who have studied the Sebi report and the company's annual reports say the numbers did not add up. The business appeared to be operating at margins that were not merely thin but structurally negligible, they said."It looks like a case of pass-through accounting. There is no value creation. It was 'flow of gold' being booked as revenue," said a leading auditor on the condition of anonymity.Sebi, which began the investigations in March 2024 following a shareholder complaint about suspected accounting malpractices, said it found that about 97-99% of REL's consolidated revenues were attributed to its overseas subsidiaries, principally Valcambi. But Valcambi's own accounts, audited by KPMG SA, recorded only processing fees that were about ₹3,027 crore across five years.Valcambi refined gold on behalf of clients and never took ownership of the precious metal or recognised the value of gold as revenue in its books. Yet, Global Gold Refineries AG (GGR), the parent of Valcambi that had no independent operating business, recorded gross revenues running into hundreds of crores by including the gross value of gold that actually belonged to others, according to the Sebi report.Rajesh Exports, which owns GGR through a Singapore subsidiary, used those unaudited figures in its financial statements, significantly bumping up the company's revenue, it said.In its press release, REL said: "The core observation in the order is with regard to the misreporting of the revenues. This has emerged primarily due to confusion because Sebi has considered the Ebitda of Valcambi instead of revenue hence it has stated that there is a difference of about 97% in the revenue.""There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," it said.Senior management in the darkThe senior management of REL told regulators that most of them were in the dark about the company's overseas operations and only the promoter, Rajesh Mehta, dealt with those activities."Valcambi SA does not have any gold mine on its own," managing director Suresh Gowda was quoted in the Sebi order as saying. "It refines the raw gold purchased by it from various entities, whose names I do not recollect, as these things are exclusively handled by Rajesh Mehta, chairman of REL. I have never interacted nor involved with any subsidiary/step-down subsidiary of REL, as these were exclusively taken care of by Rajesh Mehta," he told the investigators, as per the order.According to the report, REL booked ₹11,487 crore in sales between 2021-22 and 2023-24 to Affluence Shares and Stocks, a broker that made up to 66% of the company's standalone revenue for that period. But Affluence, in formal depositions to the regulator, said it had not done any business with REL.Following the transaction trail, the investigators found out that the transactions were personal gold derivative trades executed by promoter Mehta using his own brokerage account and then recorded in the company's books as corporate sales, the order said.The investigators also found that Mehta used corporate funds. As per the Sebi observations, bank records show REL transferred ₹338.90 crore directly into Mehta's personal accounts between April 2020 and September 2025.Unlike in the case of Nirav Modi or Gitanjali Gems, who are accused of bank fraud, Rajesh Exports doesn't appear to have borrowed big from banks or through sale of bonds, according to regulatory filings.The company's market cap was just over ₹3,000 crore, as per Thursday's closing share price. LIC (10.8%) and Bridge India Fund (8.46%) are its major institutional shareholders."It is striking that, even at a peak market capitalisation of ₹25,000 crore, the company did not hold any analyst calls, a basic expectation for a listed company of that scale," said Shriram Subramanian, founder and managing director of InGovern Research Services, a corporate governance advisory firm.The regulator in 2024 hired BDO India Services to investigate. But the forensic audit faced problems at almost every stage of the investigation. It was denied access to ERP systems and was not provided a complete journal dump, preventing independent verification of transactions recorded in the books, according to the regulatory report.And the company declined to share subsidiary-level records with the investigator, citing Swiss data protection laws, limiting auditors largely to reviewing financial statements prepared by the management itself rather than underlying evidence, it said.What's also come under the scanner was the conduct of statutory auditors for the last few years: CA PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and CA PL Venkatadri, partner at BSD & Co.The company's FY24 and FY25 annual reports, filed with the stock exchanges, carry an unqualified opinion from BSD & Co, which concluded that the financial statements presented a "true and fair view" in line with Indian Accounting Standards.The company's FY24 Directors' Report noted that the statutory and secretarial auditors had made no qualifications, reservations or adverse remarks.The Sebi report said for over five months, the auditors sat on the regulator's request for missing documents and statements.Emails sent to both audit firms did not elicit any response.REL closed 5% lower at ₹103.92 Thursday on the NSE. The shares are down from their peak of ₹1,028.40 on February 6, 2023.
Wall Street advanced on Thursday as progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that held the Nasdaq's gains in check.The blue-chip Dow surged, hitting a record closing high with a boost from healthcare and financial stocks.The S&P 500 posted more muted gains, while the Nasdaq ended essentially unchanged. Chipmaker Broadcom missed revenue expectations, sending its shares tumbling and casting a pall over the AI frenzy, which has sent chip stocks soaring so far this year."About the only blemish on the market at this point is Broadcom, and I think investors are buying the dip," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest in Elmhurst, Illinois. "I don't think investors have given up on chips yet, but what they've yet to come to grips with, 'Is this real? Are these valuations legitimate?' I'm not sure yet that investors have really questioned that." The U.S. House of Representatives passed a measure on Wednesday that would block President Donald Trump from continuing the war on Iran. Additionally, a U.S.-mediated ceasefire agreement between Israel and Lebanon, an essential condition of an Iranian agreement to a peace deal, bolstered optimism of a near-term resolution to the war. But the truce was rejected by the pro-Iran Hezbollah, which said it would not withdraw troops from Lebanon.A drop in front-month crude futures reflected hopes that tanker traffic through the crucial Strait of Hormuz could shortly resume."How many deals have we had? It's always right around the corner, a corner we've yet to reach," Nolte added. "Things are moving, but are they moving at a pace that's going to allow the world to get back to what passes for normal in a few weeks, a few months, or maybe sometime next year?"On the economic front, initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. A report from Challenger, Gray and Christmas showed layoffs announced by U.S. corporations jumped 11% in May to 97,006. Nearly 40% of those layoffs were attributed to AI.According to preliminary data, the S&P 500 gained 31.14 points, or 0.41%, to end at 7,584.82 points, while the Nasdaq Composite lost 19.72 points, or 0.07%, to 26,834.26. The Dow Jones Industrial Average rose 875.09 points, or 1.73%, to 51,562.16.Chipmaker Marvell Technology gained, while Advanced Micro Devices, Micron Technology and Qualcomm lost ground on the day.The healthcare sector got a boost from UnitedHealth after Bank of America raised its rating on the healthcare conglomerate's shares to "buy."The financial index's rebound followed a sharp selloff in the previous session due to revived concerns over private credit. Blackstone shares advanced after it became the latest asset manager to cap withdrawals from its flagship private credit fund following a rise in redemption requests. Cybersecurity firm CrowdStrike slumped after reporting an increase in quarterly operating expenses. An investor roadshow for Elon Musk-led SpaceX began on Thursday ahead of its market debut on June 12. It aims to raise $75 billion in a record IPO that would value it at $1.75 trillion.
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.
HDFC Mutual Fund has restricted lumpsum investments in its gold ETF and fund of fund - HDFC Gold ETF and HDFC Gold ETF Fund of Fund with effect from June 8 and June 5 respectively.The fund house informed its unitholders that it has decided to temporarily restrict lumpsum subscriptions in HDFC Gold ETF and HDFC Gold ETF Fund of Fund until further notice.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea In HDFC Gold ETF, subscription transactions by large investors directly with HDFC Mutual Fund (i.e. investing minimum Rs 25 crore) shall not be accepted from the effective date. In HDFC Gold ETF FoF, lumpsum purchases /switch-ins into the FOF shall be processed only upto a limit of Rs 10 lakh per PAN per calendar month (at first holder level). This limit shall apply in respect of transactions received after cut-off time (3:00 PM) on June 5.It further said that all other terms and conditions of the schemes will remain unchanged. This addendum shall form an integral part of the SID / KIM of the schemes as amended from time to time.Launched on December 28, 2022, HDFC Gold ETF had an AUM of Rs 69.72 crore as of April 30, 2026. In the last one year, the fund lost 4.01% and since its inception it has given a CAGR of 8.27%.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh HDFC Gold ETF FoF was launched on November 1, 2011 and had an AUM of Rs 11,464 crore as of April 30. In the last one year, it gave a return of 57.05% and since its inception it has given a return of 11%.(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.
South Korea has expanded eligibility for its Top-Tier Visa to include professors and researchers in science and technology, as the country seeks to attract world-class talent and strengthen its research capabilities. The Ministry of Justice and the Ministry of Science and ICT announced on May 31 that the visa programme, previously limited to employees of companies in advanced industries, will now be open to academics and researchers from June. The announcement is part of South Korea's broader strategy to recruit highly skilled professionals from overseas and boost innovation in science and technology. Universities, research institutes to benefit Under the revised framework, universities, government-funded research institutes and corporate laboratories hiring outstanding foreign researchers will be able to sponsor candidates for the Top-Tier Visa. Applicants will undergo a recommendation process led by the Ministry of Science and ICT, followed by screening by the Ministry of Justice. To qualify, candidates must meet specific criteria related to professional achievements, including awards, research publications, technology commercialisation accomplishments and research experience. Authorities said individuals considered to have exceptional potential may also be included in the candidate pool through a separate review process.131152865 Goal to attract 2,000 experts by 2030 The South Korean government has set a target of attracting 2,000 high-calibre science and technology professionals from abroad by 2030. Visa holders will receive priority support services designed to help them settle in the country, from arrival through long-term integration. The government believes the expanded programme will help address growing competition for global talent and strengthen South Korea's position as a research and innovation hub. Boost for research sector Minister of Justice Jung Sung-ho said the policy changes are expected to help attract leading international talent and enhance the capabilities of research institutions."These policy improvements are expected to help attract top talent in science and technology from abroad and boost the research capabilities of think tanks," Jung said.
Hindalco Indiustries, the metals arm of Aditya Birla Group, is eyeing a Rs 1,000 crore of revenue by fiscal year 2029 with the launch of its Eternia experience centre in New Delhi on Thursday.Eternia is among the fastest-growing players in the system aluminium windows segment, recording nearly 65% CAGR growth over the last three years, the company said. The revenue target would largely be driven by rapid category growth, an expanding nationwide partner network, and strengthened manufacturing capabilities.The windows and façade segment in India represents an estimated ₹40,000 crore market opportunity and remains largely unorganised, with premium segments growing at nearly 15% CAGR, Hindalco said in a regulatory filing, citing rising demand for high-performance, design-led offerings."The building and construction sector is a critical pillar of India’s growth story, and we see significant opportunity in delivering high-performance, system-driven solutions to this evolving market," said Satish Pai, Managing Director.The Eternia brand has positioned Hindalco to move up the value chain, from aluminium production to engineered building solutions. The metals major manufactures and distributes products through facilities located at Renukoot, Silvassa, Kuppam, and Alupuram.The company has also built a manufacturing hub in Bilaspur, Gurugram, spanning 120,00 sq. ft. and a capacity to produce up to 250,000 sq. ft. of windows per month. The facility, Hindalco said, is strategically located to serve the rapidly growing North Indian market and improve delivery speed and responsiveness.The Gurugram facility also houses a R&D centre for ongoing product development and testing, along with a training centre.
Kolkata: West Bengal government has signed an MoU on Thursday with Adani Ports in the presence of Adani Ports & SEZ MD Karan Adani, people in the know told ET.West Bengal Chief Minister Suvendu Adhikari on Wednesday held meeting with Managing Director of Adani Ports & SEZ Karan Adani on Power, Logistics and infrastructure at Nabanna state secretariat, sources said.Also Read: West Bengal government holds pre-budget talks with industry bodies'The Chief Minister has reportedly assured that all support will be provided to the Adanis if they invest in West Bengal and they can choose the project site, people in the know told ET.Adani Group chairman Gautam Adani, at the BGBS summit 2022, had promised an investment of Rs 10,000 crore in the state in sectors of port infrastructure, data centres and undersea cables, warehouses and logistics parks. Adani Ports and SEZ was in the fray for Tajpur port for more than a year.Group ran into rough weather following the January 24 report of the US short-seller Hindenberg Research flagged high debt levels at the port-to-energy conglomerate. The state government was silent on the Tajpur port project all through.
ICICI Bank is well-positioned to sustain sector leadership with a healthy growth outlook and robust asset quality, said Motilal Oswal Financial Services while naming the heavyweight private lender its top ‘Buy’ within the banking sector even after the stock tumbled 10% in six months.The shares of ICICI Bank gained over 1% on Thursday to trade at Rs 1,258.40 apiece on NSE. The stock has however fallen over 1% in one week and 6% in 2026 so far. The stock has fallen more than 12% in one year.Despite the muted returns, Motilal Oswal maintained its bullish call for the shares of ICICI Bank. The domestic brokerage said that the private lender is well-positioned to sustain its growth momentum while maintaining profitability benchmarks. It expects the bank to deliver a 16% loan CAGR over FY26-FY28, led by strong growth in business banking and PL, while the corporate segment is also expected to witness healthy traction, supported by working capital demand.ICICI Bank’s liability franchise continues to remain best-in-class, supported by diversified acquisition engines and a rapidly expanding physical network, Motilal said. With a domestic CD ratio of 85.5% and LCR of 126%, the brokerage added that the bank is well placed to capitalize on growth opportunities compared to peers.“ICICI Bank is likely to maintain cost leadership despite meaningful investments in technology, customer delivery, analytics, and talent. ICICIBC’s asset quality remains robust, supported by disciplined underwriting, continued monitoring, and strong recoveries, while the bank maintains a healthy contingency buffer (0.9% of loans). The bank currently does not face additional portfolio stress from the West Asia crisis or ECL transition. Credit costs are, thus, expected to remain contained, with GNPA/NNPA improving to ~1.4%/0.3% by FY28E,” Motilal said.Motilal Oswal on ICICI Bank share priceThe brokerage acknowledged that ICICI Bank shares have delivered tepid performance over the past year, reflecting broader derating across large banking stocks amid persistent FII selling. However, with operating performance holding strong and sustained market share gains across key lending segments, Motilal expects a gradual rerating.It maintained its ‘Buy’ call on the stock, with a target price of Rs 1,750 apiece. This implies an upside potential of nearly 41% from the stock’s previous closing price of Rs 1,242 apiece on NSE.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)