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The Joint Seat Allocation Authority (JoSAA) has released the first mock seat allocation for the 2026 counselling process, giving engineering aspirants an early indication of the institutes and courses they may secure based on their current choices and rank positions.Candidates who have registered for JoSAA Counselling 2026 and filled in their programme and institute preferences can now check their provisional allotment through the official JoSAA portal.The mock allocation is designed to help students understand their likely admission prospects and make informed changes to their choices before the actual seat allocation rounds begin.What Is the JoSAA Mock Seat Allocation?The first mock seat allocation is a provisional exercise conducted by JoSAA before the commencement of the official counselling rounds.The allocation has been prepared using the choices submitted by candidates up to 8 PM on 7 June 2026. It reflects the seat a candidate could potentially receive if the counselling process were to conclude based on the current preference order and rank position.Importantly, the mock allocation is not the final seat allotment. Candidates can still modify, reorder, add or remove choices before the counselling deadline.How to Check JoSAA First Mock Seat Allocation 2026Candidates can follow these steps to view their provisional allotment:Step 1Visit the official JoSAA website.Step 2Click on the link for the First Mock Seat Allocation 2026.Step 3Log in using your application credentials.Step 4Submit the required details.Step 5View your provisional seat allocation status.Step 6Download and save the allotment details for future reference.Step 7Take a printout if required.Why the Mock Allocation Is ImportantThe mock seat allocation serves as a valuable planning tool for candidates.By reviewing the provisional allotment, students can assess whether their preferred colleges and branches are within reach. If they are dissatisfied with the outcome, they can revise their choices strategically before the final seat allocation rounds.This process often helps candidates improve their chances of securing a more desirable institute or academic programme.JoSAA 2026 First Round Seat Allotment DateJoSAA is scheduled to announce the first round of seat allocation on 13 June 2026.Candidates who are allotted seats in the first round will be required to complete several admission-related formalities, including:Online reportingDocument uploadVerification processSeat acceptance proceduresAdmission fee paymentThe deadline for fee payment in the first round is 26 June 2026.JoSAA Counselling 2026: Participating InstitutesThe JoSAA counselling process will facilitate admissions to 138 premier technical institutions across India for the 2026-27 academic session.These include:23 Indian Institutes of Technology (IITs)Indian Institute of Science (IISc), Bengaluru31 National Institutes of Technology (NITs)Indian Institute of Engineering Science and Technology (IIEST), Shibpur26 Indian Institutes of Information Technology (IIITs)56 Other Government-Funded Technical Institutes (GFTIs)The counselling process remains one of the largest and most important admission exercises for engineering aspirants in the country.Reservation Categories in JoSAA CounsellingSeats across participating institutions are allocated under various reservation categories, including:Open CategoryGEN-EWS (Economically Weaker Sections)OBC-NCL (Other Backward Classes – Non-Creamy Layer)Scheduled Castes (SC)Scheduled Tribes (ST)Persons with Disabilities (PwD) categoriesCandidates are advised to carefully review category-specific eligibility and seat availability during the counselling process.JEE Main and JEE Advanced Ranks Used for AdmissionsJoSAA uses different entrance examination ranks depending on the participating institution.Admissions to IITs and IISc BengaluruAdmissions are based on ranks secured in JEE Advanced 2026.Admissions to NITs, IIITs and GFTIsAdmissions are based on ranks obtained in JEE Main 2026.Candidates must ensure that their rank details and category information are correctly reflected in the counselling portal.What Should Candidates Do Next?Students should carefully review their first mock allocation and compare it with their desired institute and branch preferences.If necessary, they can modify their choices before the final counselling rounds begin. With the first round of seat allocation scheduled for 13 June, aspirants now have a valuable opportunity to fine-tune their choices and maximise their chances of securing admission to their preferred engineering institute.
The Reserve Bank of India’s use of a key tool for defending the rupee has passed the $110 billion mark in recent weeks to a new record, according to people familiar with the developments.The RBI’s net-short dollar book, a measure of the degree it has sold forward its stockpile of the US currency, has risen to about $110 billion-$115 billion across onshore and offshore markets, said the people who asked not to be identified as the information is private. The book was at $95.3 billion in April, down from a record high of $103.1 billion the previous month.The central bank ramped up its interventions after the rupee weakened to a record low on May 20, almost hitting the 97 per dollar mark, the people said, adding that a large part of the central bank’s activity was in the offshore non-deliverable forwards market.Also Read: RBI's reform package could pull $40-75b inflows, push rupee to 92-93 and keep August rate on hold The RBI’s use of NDFs, which have grown over the past couple of years, allows the central bank to influence the exchange rate without immediately depleting foreign-exchange reserves. Such interventions can signal policy intent and help steady the currency during periods of volatility.A spokesperson for the RBI didn’t respond to an email seeking comment.131583707The rupee has borne the brunt of the oil-price shock caused by the Iran war, as India depends heavily on imports to meet its energy needs. The currency has repeatedly fallen to record lows this year as refiners sold rupees for dollars to pay for costlier crude. Still, the currency may now find support from coordinated measures rolled out by the government and the RBI on Friday to attract capital flows.Also Read: Reeling rupee drags students abroad deeper into debt at homeIn recent weeks, the central bank has sold offshore dollars largely via short-dated contracts, typically maturing in one-to-three months, the people said. At the same time, it has conducted onshore swaps of maturities of more than a year, they said. These swaps replenish some of the liquidity drain caused by the RBI’s onshore dollar sales aimed at stabilizing the rupee.RBI Governor Sanjay Malhotra said on Friday that while the authority does not resist market-driven adjustments in the rupee, it curbs excessive volatility in the exchange rate. The currency is often influenced by speculative pressures that are not in sync with fundamentals, he added.The growing derivatives book may still pose challenges. As contracts mature, they generate recurring demand for dollars, capping any sustained recovery in the rupee. The central bank is likely to use any renewed capital flows to unwind its short forward book and rebuild foreign-exchange reserves, according to Goldman Sachs Group Inc. analysts led by Kamakshya Trivedi.India’s foreign-exchange reserves were at $682.3 billion in the week of May 29, having dropped more than $40 billion since the Iran war began in late February.
You do the research, read lists of reviews, compare the filtration stages, and shell out a significant sum for the most promising, tech-savvy water purifier in the market. Then, just two months into installation, the machine starts throwing a series of confusing, flashing signals. The premium buying experience instantly evaporates, replaced by the sheer frustration of tracking down customer care and waiting at home for a technician to show up.In India’s competitive consumer durables sector, this exact friction point has transformed the landscape of water purifiers. The ultimate battle is no longer just about who can build and sell the best machine; it is increasingly about who can maintain trust after the hole has been drilled in the customer's kitchen wall.While the water purifier market is traditionally viewed through the lens of one-time appliance sales, companies like Eureka Forbes, the legacy player behind AquaGuard, are increasingly betting on a far larger opportunity hidden beneath the surface: the recurring service economy built around filters, annual maintenance contracts (AMCs) and nationwide technician networks.According to internal projections by Anurag Kumar, Chief Growth Officer at Eureka Forbes, the water purifier service market alone is on track to cross Rs 9,000 crore by FY30, nearly matching the projected Rs 10,000 crore size of the product market itself.131582773Also read: Beyond the room: Why India Inc's luxury hospitality bet is becoming an experience businessBreaking down the mathFor decades, the consumer durable playbook was simple: manufacture, distribute, sell, repeat. But water purification is far different from selling a television or a refrigerator; it is an active, evolving health product bound to the fluctuating quality of local municipal and groundwater supplies."The market for product categories for water purifiers is about Rs 3,800 crore today," Kumar says in an exclusive interview with ET Online. "I think you would add another, roughly about Rs 3,500 crore of service category as well to it."Citing independent industry reports, Kumar highlighted that by FY30, this parallel economy is set to explode. The product market will expand to over Rs 10,000 crore, while the service and aftermarket ecosystem will chase it tightly at more than Rs 9,000 crore, growing at a combined double-digit compound annual growth rate (CAGR) of 11% to 12%.This shifting weight from hardware to service fundamentally changes corporate strategies. For an industry dealing with an urban penetration rate of just 14% (and a mere 7% nationally), the recurring revenue from existing households forms a highly resilient cash-flow cushion that protects margins even during macro-economic slowdowns.131582808Service scale becomes the biggest moatThe Rs 9,000 crore service opportunity explains why tech-first aggregators and rental startups are rushing into the service category. However, scaling an on-demand service infrastructure across India’s complex geography is entirely different from coding an app.For legacy companies like Eureka Forbes, this operational network has become a major competitive advantage."After sales service can make or break a brand," says Kumar. "I think a lot of the trust that AquaGuard has today is really thanks to the fact that people have trust in our service... It's a very, very important integral part of our business and a very, very crucial moat that we continue to nurture."To defend this moat against new-age tech startups, Eureka Forbes operates at a scale that resembles a logistics company more than an appliance manufacturer. The company has deployed more than 8,000 technicians mapping out an operational footprint across 19,500 PIN codes.Also read: Apple expected to unveil new AI features at last developers conference with CEO Tim CookThe push to reduce maintenance costs"Once you sell a product, then you have it for life and there's some revenue which comes with it," Kumar says, referring to filter replacements, AMCs and servicing requirements.Interestingly, the biggest threat to this recurring service revenue is not new-age competitors, it has been consumer fatigue over high maintenance costs. Historically, the dread of paying steep annual fees to replace purifier filters has acted as a primary barrier keeping the remaining 86% of urban Indian households from adopting organised water purifiers.To beat this, Eureka Forbes pulled off a counter-intuitive strategic gear: they disrupted their own short-term revenue model to secure long-term market share.Last year, the company introduced a range of purifiers featuring "long-life" filters extending the replacement cycle from the traditional 12 months to a full two years."We did that because we fundamentally heard from consumers that there was also a barrier to the category around maintenance cost being high," Kumar reveals. "What two-year filters actually did was they actually lowered the maintenance cost because now you don't have to change filters every year. You have to change once every two years."Digitising a 1980s direct-sales DNAEureka Forbes, a company historically known for its door-to-door service, and making Aquaguard synonymous with water purifiers in India, faced a new piece of necessary upgrade with building digitisation. The multi-billion dollar service landscape required a complete digital overhaul of consumer interactions. The brand that built its empire in the 1980s on the soles of direct-sales agents knocking on suburban doors has had to pivot entirely to an on-demand, algorithmic infrastructure.An army of thousands of field technicians is only as efficient as the software directing them. For modern consumers who manage their entire lives via smartphone screens, a bland "technician will visit tomorrow" promise no longer cuts it."We've digitised that service," notes Kumar.The long-term playAs water contamination concerns spike across rapidly expanding urban clusters, the structural demand for pure drinking water will continue to climb, and so for water purifiers.However, as the hardware itself faces gradual commoditisation and intense price competition from newer market entrants, the center of gravity has largely shifted. Where the growth moves nextCapturing a dominant share of the service market is only half the blueprint. As Kumar maps out the strategic trajectory for Eureka Forbes over the next three to five years, the company's growth engine eyes two distinct tracks: aggressive geographic widening and targeted product diversification. Geographically, Kumar notes, the company is bypassing deep rural pockets for the time being to focus heavily on India’s rapidly urbanising Tier-2 and Tier-3 towns. Instead, the company is doubling down on smaller towns where they can immediately deploy their signature localised service infrastructure without stretching their logistics network too thin.Simultaneously, the brand is attempting to de-risk its reliance on the kitchen wall by expanding into adjacent consumer durables. Kumar outlined a product pipeline anchored in high-growth, premium categories, including robotic vacuum cleaners, air purifiers, and household water softeners. The underlying playbook here is pure cross-selling. By utilising the same 8,000-strong technician network to service these newer household appliances, Eureka Forbes is betting that its aftermarket footprint can drastically lower its customer acquisition costs; positioning the legacy firm to evolve from a single-product manufacturer into a broader home-health ecosystem player.
Shares of Rajesh Exports (REL) tumbled 5% to hit the lower circuit at Rs 94.50 on Monday, marking the third consecutive session of sharp losses after market regulator Sebi accused the company of orchestrating an elaborate financial fraud involving alleged revenue inflation of Rs 15.15 lakh crore over the years, personal gold trades purportedly passed off as corporate sales, and investments of Rs 1,035 crore in gold mines.In its findings, Sebi alleged accounting irregularities, diversion of company funds into personal accounts, and a pattern of conduct aimed at misleading investors. The regulator also flagged lapses by the company's auditors and said both Rajesh Exports and its auditors failed to fully cooperate with the investigation.In its 109-page interim order dated June 3, Sebi said its investigation and forensic examination revealed prima facie evidence suggesting that nearly 97-99% of the company's reported revenue may have been inflated. The regulator described the alleged discrepancies as "egregious and unheard of".Pending further directions, Sebi has barred Rajesh Mehta from buying, selling or otherwise dealing in securities of Rajesh Exports. The regulator has also directed the company to fully cooperate with investigators and ensure true and fair disclosure of its financial statements and related-party transactions."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 said in its order.The case stems from a shareholder complaint received in March 2024 that raised concerns over substantial trade receivables reflected in the company's accounts. Following a preliminary review, Sebi initiated a detailed investigation covering the period from April 2020 to March 2024 and appointed BDO India Services as the forensic auditor.Besides restricting Rajesh Mehta from dealing in the company's securities, Sebi has directed Rajesh Exports to furnish all pending information sought by investigators within 30 days. The regulator has also ordered the appointment of a new forensic auditor to conduct a more comprehensive review of the company's books and transactions.Rajesh Exports has denied the allegations. In a press release issued on Thursday, the company said the revenues reported in its financial statements were accurate and contended that Sebi's conclusions were based on a misunderstanding between revenue and EBITDA figures at Swiss refiner Valcambi SA, an indirect subsidiary of the company.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The Delhi High Court on Monday sought the stand of the Centre and the CBSE on a petition by Congress party's student wing seeking an independent inquiry into the alleged large-scale irregularities in the on-screen marking (OSM) system for Class 12 exams.Issuing notice on a PIL petition by the National Students' Union of India (NSUI), a vacation bench of Justices Neena Bansal Krishna and Madhu Jain asked the central government and CBSE to file their responses and listed the matter for hearing on June 12.Also read: IIT panel approves new CBSE portal for re-evaluation after security reviewThe petitioner submitted that the CBSE closed the portal for verifying and revaluing answer sheets last night and requested a direction to keep it open for affected students for one month.Counsel for CBSE, advocate M A Niyaz, submitted that the authorities extended the deadline for closing the portal from time to time, and the education board was duly addressing the grievances of aggrieved students. He also objected to the maintainability of NSUI to file the PIL, emphasising that it was a student wing of a political party. "We don't want education to be politicised like this," the counsel submitted.The NSUI counsel said that it filed the PIL on behalf of minors and that association with a political party was not a disqualification.What is OSM and what went wrongCBSE introduced on-screen marking for the evaluation of Class 12 answer books beginning with the 2026 examination cycle, describing it as part of its continuous effort to enhance efficiency and transparency. Under the system, physical exam papers are scanned, digitally masked to hide students' identities, and evaluated by teachers on a computer screen.However, the rollout has run into significant controversy. Thousands of students across the country reported issues including blurred scans, missing pages, mismatched answer sheets, incomplete uploads and unexpectedly low marks following the declaration of Class 12 results.CBSE declared the Class 12 results on May 13, with the overall pass percentage dropping to 85.20%, down from 88.39% last year. Reports also indicated a decline in the number of students scoring 90% and above.What NSUI is seekingThe PIL, filed through NSUI president Vinod Jhakhar and advocate Rishav Ranjan, seeks a direction to reopen the verification portal for one month, permit manual rechecking and physical verification of answer sheets in disputed cases, and order an independent inquiry into the alleged irregularities. It also seeks direct oversight by the Union Government and calls for proper safeguards and guidelines to be framed for future digital evaluation systems.Also read: Who is Dharmendra Pradhan? All about Education minister facing heat in CJP protest amid NEET, CBSE controversyNSUI has argued that the lack of a robust corrective mechanism heightens the prejudice to students because the academic calendar continues to move forward while the disputes remain unresolved.The Delhi Government School Teachers' Association (GSTA) had urged CBSE to hold implementation of the OSM system for the 2026 evaluation cycle, citing concerns that the majority of teachers had not been provided with structured and certified training for the digital system. The association had suggested the system be run only as a pilot on a limited scale during the 2026 session.With inputs from PTI
Travellers visiting Europe can now use a new online tool under the European Union's Entry/Exit System (EES) to check how many days they are still allowed to stay in participating European countries.The tool is offered for non-EU nationals travelling for short stays and helps visitors track their remaining authorised stay under Europe's immigration rules. It also indicates whether a planned entry into an EES country would be permitted.What is the EES online tool?The EES online tool is an authorised stay verification service available on the European Union's EES website. It allows travellers to calculate the number of days they can still spend in countries covered by the Entry/Exit System.When users submit their details, the system provides an "OK" or "not OK" response regarding their eligibility to enter. It also shows how many days of authorised stay remain.The same service is also available through equipment installed at some external border crossing points.What information do travellers need?To use the tool, travellers must provide:The European country they are visiting or plan to visitTheir travel document type, such as a passportPassport numberThe three-letter code of the country that issued the passportDepending on the purpose of the check, travellers may also need to enter:Their intended date of arrivalTheir intended date of departureBoth arrival and departure dates for future travel plansHow does the calculation work?The tool uses information recorded under the Entry/Exit System to determine the number of days a traveller is authorised to remain in participating European countries.Travellers who are planning a future trip can use the calculator to estimate how long they will be allowed to stay. Those already in Europe can check how many days remain before they must leave.The system can also calculate how many authorised days would remain after a planned trip ends.Key points travellers should knowThe European Union has stated that the remaining authorised stay shown by the tool does not include any time spent in the Schengen area that began before April 10, 2026, when the EES became fully operational.The EU has also stated that until October 6, 2026, the "OK" response may not always be reliable for some travellers holding single-entry or double-entry visas if previous visa use between October 12, 2025, and April 9, 2026, was not recorded in the EES.Who can use the tool?The authorised stay verification tool is intended for non-EU nationals travelling to EES-participating countries for short stays.It does not apply to people covered by EU free movement rules, including certain family members of EU citizens and individuals holding specific residence documents.The online calculator gives travellers a quick way to verify their remaining stay period before travelling or while already in Europe. By checking their status in advance, visitors can better plan their trips and reduce the risk of overstaying under the EU's new Entry/Exit System.
Hardwyn India, a provider of kitchen, door, glass, wardrobe and sliding hardware solutions, has announced a bonus issue in the ratio of 2:5 for its shareholders.In an exchange filing released on Friday, Hardwyn India said that its board of directors met on June 5 to consider and approve the issuance of “bonus equity shares in the ratio of 2:5 i.e., 2 bonus equity shares of Rs 1 each fully paid-up for every 5 equity shares of Rs 1 each fully paid-up held by the shareholders of the company as on the record date, by capitalization of free reserves/retained earnings, subject to the approval of members in Extraordinary General Meeting”.Along with the bonus issue, Hardwyn’s board also approved increasing the company’s authorised share capital from the existing Rs 50 crore, divided into 50 crore shares with a face value of Rs 1 each, to Rs 70 crore, divided into 70 crore equity shares with a face value of Rs 1 each. Also read: Why is the stock market crashing today?The Extraordinary General Meeting (EGM) where the bonus issue will be voted on is scheduled for July 3 this year. The company set June 26 as the cut-off date to determine who can vote in the EGM.Hardwyn India bonus issue record dateAs part of the bonus issue, the company proposed to issue nearly 19.54 crore new shares for its shareholders, using its free reserves or retained earnings, which stood at Rs 19.65 crore at the end of the financial year 2026.The record date to determine the eligibility of shareholders for the 2:5 bonus issue is yet to be announced. Hardwyn said that the bonus issue is expected to be dispatched within two months of the board’s approval, that is, by August 4.A bonus issue consists of free shares distributed by a company from its reserves and is often seen as a sign of strong financial health and growth prospects. While the issue of bonus shares increases the total number of outstanding shares, it does not change the company’s market capitalisation. However, it can improve liquidity and affordability, allowing more investors to add shares of the company to their portfolio.Anand Rathi names Hardwyn India as its pick of the monthAnand Rathi Investment Services named Hardwyn India as its pick of the month in its report dated June 2, highlighting that the stock is currently trading near its 20 DEMA support. “Additionally, the DMI indicators are positively aligned, while the ADX is placed at 32, reflecting strong trend strength and supporting the possibility of further upside momentum,” it said.“Therefore, traders may consider accumulating the stock in the Rs 24.50–25.50 zone, with a stop-loss at Rs 22.50. On the upside, the stock has the potential to move towards the Rs 30 target in the near term, provided it sustains above the mentioned support levels,” it added. The target price implies an upside potential of nearly 23% from the stock’s previous closing price of Rs 24.41 apiece.Hardwyn India share priceHardwyn India shares declined nearly 1% to trade at Rs 24.21 apiece, at around 11.05 am on Monday. The stock has fallen around 4% in five days and 2% in one month. Overall, the shares of the company are, however, up over 44% in 2026 so far.Also read: Nestle among Nuvama's top 5 consumer picks after Q4 earnings season. Do you own any?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Shares of Sterlite Technologies dropped 5% to hit the lower circuit on Monday, after a massive 56% surge in one month and a whopping 474% rally so far in 2026, as a pause in the global AI optimism dampened sentiment.Shares of the company remained locked in the lower circuit at Rs 588.30 apiece on NSE in the morning trading hours of Monday.AI rally slams the brakesSouth Korea’s Kospi plunged 9% on Monday morning, leading to a 20-minute trading halt, as the massive selloff in tech stocks raged on. The index is now down about 14% from the record high it touched last week. The sharp downturn came after heavyweights and semiconductor stocks tumbled, including Samsung shares which crashed over 6%.The sharp plunge in Kospi reflects the sharp pause in the AI rally, as too much of the benchmark index’s earlier momentum had become tied to the performance of a small group of AI-linked stocks. Samsung Electronics and SK Hynix together account for nearly half of the KOSPI's weighting and have contributed roughly two-thirds of the benchmark's gains this year.Also read: Kospi crashes 9%, trading halted for 20 minutes, as chip rout deepens; Samsung, SK Hynix worst hitSterlite Technologies shares had emerged as one of the biggest multibaggers of 2026, riding on explosive demand for AI-linked data centre infrastructure. Sterlite, the optical-fiber maker owned by the Vedanta Group, was seen as the “poster child” for the AI boom. This came amid expectations that the world’s AI expansion needs massive amounts of high-speed connectivity infrastructure, and optical fibre is becoming the backbone of that ecosystem.The company late in May announced that its subsidiary has secured a multi-year supply agreement valued at $1.11 billion from a global hyperscaler for AI-ready data centre infrastructure projects in the US. Hong Kong-based CLSA had said that this significantly strengthens Sterlite’s positioning in AI data centres while improving medium-term growth visibility. It expected the order to reinforce Sterlite’s competitiveness in global markets, while maintaining an “Outperform” rating on the stock.However, the sharp crash in tech stocks led to rising worries that the AI rally was fizzling out, which may have led to the downtrend in Sterlite Tech shares today. Also read: Hidden AI WinnersSterlite Tech share priceSterlite Tech shares have gained 5% in one week and 56% in one month. The stock delivered a whopping 676% return over one year, 282% over three years and 119% in five years.The company currently has a market capitalisation of nearly Rs 28,719 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
An unprecedented concentration crisis in global technology equities has evolved into a structural trap for investors, triggering a violent "Black Monday" unwind that is reverberating across Asian emerging markets, such as Korea and Taiwan. Active portfolio managers are increasingly being forced to dump their best-performing chip heavyweights because these explosive stocks have grown too large for risk compliance limits.This structural anomaly has distorted regional benchmarks, accelerated a massive migration from active to passive funds, and triggered a historic correction.The structural breakdown manifested in extreme volatility across the region's tech hubs. South Korea’s Kospi index plunged more than 8% shortly after the market opened, triggering a mandatory 20-minute trading halt before narrowing its drop as memory giants Samsung Electronics and SK Hynix rebounded from their session lows.Also Read | Kospi crashes 9%, trading halted for 20 minutes, as chip rout deepens; Samsung, SK Hynix worst hitThe Cycle of Forced SellingThe core of the market distortion lies in a mechanical paradox: As tech giants outperform, active funds are legally or structurally required to trim their holdings to manage concentration risks. Just three mega-cap tech firms—Taiwan Semiconductor Manufacturing Co. (TSMC), Samsung, and SK Hynix—now command nearly a third of the MSCI Asia Pacific ex-Japan Index.The concentration is even more extreme on a national level. TSMC occupies a staggering 41.5% of Taiwan's TAIEX, while Samsung and SK Hynix together comprise 55% of South Korea's KOSPI."We have been forced sellers of TSMC, Samsung and MediaTek," Sam Konrad, investment manager for Asia Equity Income at Jupiter Asset Management, was quoted as saying by Bloomberg. His fund must shed these chipmaking stocks despite explosive year-to-date gains of 52% for TSMC, 159% for Samsung, and 184% for MediaTek.This mechanism creates an institutional dilemma where strong performance mandates divestment, artificially capping the upside for active portfolios trying to beat their benchmarks."As equities continue to outperform, funds will find it increasingly difficult to add exposure, reinforcing a cycle of forced selling and enlarging underweight positions even amid strong fundamentals," Herald Van der Linde, head of equity strategy for Asia Pacific at HSBC in Hong Kong, noted in a research report. HSBC data confirms that TSMC has become the largest portfolio underweight among Asian and global emerging-market funds.Emerging Market Exhaustion and Fund OutflowsData from Elara Securities India confirms that the Global Emerging Market (GEM) trade is experiencing its first major phase of sustained exhaustion since its rally began. GEM fund redemptions expanded to $3 billion, the largest outflow since December 2021, marking a clear breakdown in momentum.The capital flight has extended significantly beyond Korea and Taiwan to hit other major emerging markets. China saw foreign investors pull $3.7 billion, the largest single-week redemption in over a year, while South Korea logged six consecutive weeks of foreign outflows, compounded by a record $27.9 billion foreign portfolio rebalancing outflow.The systemic nature of the unwind is visible in the broader indices. Goldman Sachs data reveals that while the MSCI Asia Pacific ex-Japan index is up 27% year-to-date, it is actually down 4% when South Korea and Taiwan are excluded.This regional distortion has accelerated a massive, unprecedented migration from active stock-picking to passive indexing. Over the last five years, Asia's active funds have suffered $269 billion of cumulative outflows. Meanwhile, passive funds have accumulated $510 billion, with a quarter of that volume arriving in just the last six months."The size of recent inflows into the region’s passive funds... has no precedent across the last 10 years," said William Bratton, head of cash equity research for Asia-Pacific at BNP Paribas Securities.This phenomenon mirrors the “Magnificent Seven” dynamic on Wall Street, where tech giants account for about a third of the S&P 500. However, concentration in Asia has unfolded at a faster and more extreme pace, turning regional indices into concentrated bets on just one or two stocks and undermining the diversification benefits of benchmark investing.Broader Trade ImplicationsThe shockwaves from the AI tech unwinding are bleeding directly into structural commodities and the wider electrification ecosystem. Precious metal funds witnessed $2.8 billion of outflows, driven heavily by gold (-$2.1 billion) and silver (-$910 million, a 12-week high redemption), while energy funds recorded their second consecutive week of outflows. These asset classes had operated as indirect beneficiaries of the global AI infrastructure and electrification trade.Furthermore, Wall Street's nine-week winning streak concluded abruptly following a hot jobs report that ignited fears of a hawkish policy pivot by the US Federal Reserve, sending technology stocks into their largest one-day decline.Despite the steep selloffs, which saw South Korean equities slide 12% and Taiwan fall 6% from their record highs, market opinions remain starkly divided on whether this correction marks a peak or a buying opportunity.Some money managers are exploiting the correction to pivot to alternatives further down the supply chain, like mid-sized semiconductor equipment makers, or shifting money toward cheaper domestic themes like robotics. China's CSI Robot Index actually bucked the broader market declines, rising 1.4%.
Shares of TCS, India's largest IT services company, plunged 2% to an intraday low of Rs 2,144 on the BSE on Monday as a surge in U.S. bond yields reignited concerns that the Federal Reserve may be forced to raise interest rates later this year. With today's decline, the stock has lost 12% over the last four trading sessions.Higher U.S. bond yields and expectations of tighter monetary policy are generally seen as negative for Indian IT stocks. They tend to compress valuations of growth-oriented companies, raise concerns about slower technology spending by U.S. clients, encourage businesses to focus on cost optimization rather than expansionary IT investments, and can trigger foreign investor outflows from emerging markets.The weakness in TCS also follows a sharp relief rally in IT stocks last week. The sector has remained under pressure through much of 2026 amid growing concerns that rapid advances in artificial intelligence could disrupt the traditional software services business model.Should you buy TCS shares?“We recommend avoiding TCS for now as the major trend is bearish,” Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities told ETMarkets. According to Shah, momentum indicators have weakened considerably, with the RSI turning lower after nearing the 60 level, suggesting fading bullish strength. He also pointed out that the stock has slipped below the Bollinger Band midline, an important support level often tracked by technical analysts. With the latest decline, TCS has fallen below several key short- and long-term moving averages, indicating a weakening trend.Harshal Dasani, Business Head at INVasset PMS, said the stock's technical setup has shifted from weakness to a test of a potential breakdown. According to him, the 9% decline following a 6.53% rebound in the last week suggests the earlier recovery was merely a dead-cat bounce rather than evidence of fresh buying interest. "When a large-cap stock gives up a relief rally this quickly, the market is not reacting to a single negative headline. It is repricing the entire low-growth IT model," Dasani said.On the upside, he sees the Rs 2,400-2,450 range as a significant supply zone, since the recent recovery attempt stalled in that region. Dasani added that until TCS manages to reclaim this band with strong participation, any rallies are likely to face selling pressure.TCS share price performanceTCS shares have fallen over 32% since the start of the year and about 37% in the last 1 year.TCS reported a 12% year-on-year rise in consolidated net profit at Rs 13,718 crore for the fourth quarter, while revenue from operations increased 10% YoY to Rs 70,698 crore. The company also announced a final dividend of Rs 31 per share.During the quarter, TCS secured three large deals, taking the total contract value to $12 billion for the period. On a quarter-on-quarter basis, revenue grew 5.4%, while constant currency growth came in at 1.2%, broadly in line with expectations. Operating margin for the January to March quarter stood at 25.3%, up 10 basis points from the previous quarter. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
New Delhi: Jack Daniel’s whiskey maker Brown-Forman’s India managing director Gaurav Sabharwal said the US spirits company is “keenly watching” developments on the India-United States trade deal. “The positive signs have been there. We are very keenly watching that space because most of our business comes from American whiskey.” The first phase of the bilateral trade agreement between the two countries may be finalised by mid-July, according to government officials. While the US and India discussed a possible trade deal earlier this year, discussions slowed down amid talks on sweeping tariffs.Brown-Forman, which operates as a 100% subsidiary in India, imports its full portfolio and doesn’t manufacture locally as of now. “From an overall impact, with inflation going up, petrol prices, transportation - that is going to put some pressure. The other is that as the consumers start looking at fighting inflation, discretionary spend is obviously the first thing that takes a knock. So we are keeping a close watch.”Sabharwal said the West Asia war has “so far, not impacted its business in India, adding though that the spirits maker is keeping a close watch on any ripple effect that inflation and supply disruptions may have.”The Kentucky-based spirits maker recently rejected two potential deals - a nearly $15 billion takeover offer from the US bourbon whisky maker Sazerac and merger talks with French spirits company Pernod Ricard. Last week, the spirits maker reported better-than-expected sales for the March ’26 quarter aided by steady demand for premium spirits, but cautioned about impact on consumer spending behaviour for the year. "We anticipate the operating environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behaviour and beverage alcohol consumption, particularly within developed markets," the company said in its earnings statement.Sabharwal said ready-to-drink concepts like Jack & Coke “are a growing space in India, but small.” India had introduced Jack & Coke about three years back in select markets such as Goa, Haryana and Bengaluru. “It's something which works pretty well with the legal drinking age - 25-30 years old. RTD is a growing space, but a smaller space as far as the Indian spirits and beer consumption goes. So we are still figuring out the rollout plan because one of the critical things is to get the pricing right and obviously one has to make the margins as well. The demand is there, but we just need to manage the system a little better.” Brown‑Forman Corporation reported fourth quarter net sales increase by 2% to $912 million compared to the same year-ago period. Operating income decreased 53% to $96 million.For the India unit, while the mainstay remains Jack Daniel’s, Sabharwal said the company is gradually building its portfolio to include Woodford Reserve and Herradura.“One of the biggest mindset shifts is that the propensity to spend has gone up pretty much over the last 10 years. It's about people getting into the legal drinking age and numbers estimate that over the next five years we are going to be adding 20 million people into the legal drinking age every year. The legal drinking age will move anywhere between 18 to 25. Then there is change in social conditioning. Penetration numbers are also increasing. So you have a huge cohort coming in,” he said.
HFCL shares extended their decline on Monday, falling nearly 5% in intraday trade to Rs 177.87, marking a second consecutive day of losses. The stock has now corrected about 10% in just two sessions, largely driven by profit booking after a stellar multi-month rally.Despite the recent pullback, HFCL remains one of the standout performers of 2026, having surged nearly 165% during the year on the back of strong defence orders, rising optical fibre demand, and robust order inflows.A key driver behind HFCL’s sharp upmove has been the growing global demand for high-speed digital infrastructure, fuelled by the rapid expansion of AI technologies. Optical fibre networks are increasingly seen as the backbone of this transformation, placing companies like HFCL in a strong structural growth position.Operationally, the company delivered a strong turnaround in the March quarter. Revenue nearly doubled year-on-year to Rs 1,824 crore, while EBITDA improved significantly to Rs 315 crore, compared to a loss in the previous year. Net profit also swung to Rs 184 crore from a loss of Rs 83 crore, reflecting a clear improvement in business fundamentals.According to Balaji Rao, Research Analyst at Bonanza, “The structural shift is real, product revenue has grown from 27% of the mix in FY21 to 59% in FY26, and exports now account for 41% of revenue. That’s a business fundamentally changing its character.”Order inflow remains supportiveRecently, HFCL received a purchase order worth approximately Rs 135.09 crore from RailTel Corporation of India, a Government of India PSU under the Ministry of Railways. The order is for the annual maintenance contract of the “Secure Operations Network” project for data centres supporting Indian defence forces.Valuation and technical concerns emergeAfter the sharp rally, valuation comfort has reduced, with HFCL trading at a price-to-earnings multiple of around 91.93, significantly higher than many peers in the telecom equipment space.From a technical standpoint, the stock also appears stretched. According to Trendlyne data, the 14-day Relative Strength Index (RSI) stands at 73.1, a level typically considered overbought, indicating the possibility of short-term consolidation or a pullback.In the March 2026 quarter, Foreign Institutional Investors slightly reduced their stake from 7.48% to 7.08%, while Mutual Funds increased their holdings from 6.68% to 6.92%, suggesting selective institutional interest despite recent volatility.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.)
The shares of IDFC First Bank fell nearly 1% on Monday morning after the Central Bureau of Investigation (CBI) conducted searches in six locations, while the private lender announced that it has received the forensic review report from KPMG regarding the fraud case worth Rs 646 crore at one of its branches in Chandigarh.CBI conducted searches at six locations in Chandigarh, Panchkula and Delhi-NCR in connection with the alleged fraud case involving the siphoning of government funds from departments of the Haryana government and the Chandigarh administration.The searches were held on Friday at premises linked to senior Haryana cadre public servants and Noida-based Vipam Consultancy Pvt Ltd and its director as part of an ongoing probe into the alleged misappropriation of funds parked with IDFC First Bank and AU Finance Bank, an official statement said.Also Read | CBI conducts searches in Rs 661 crore IDFC First Bank-AU Finance Bank fraud case"During investigation evidences have surfaced suggesting that the public servants had colluded with bank officials and had facilitated in opening of accounts, transfer of funds and subsequent diversion thereof," the statement said.KPMG's forensic reviewIn an exchange filing released in the post-market hours of Friday, IDFC First Bank said that KPMG's review reaffirmed that the incident arose from collusion involving certain employees or former staff at the branch, some state government employees along with certain third parties. It reiterated that the net principal amount of Rs 646 crore was reported as part of the alleged fraud case.Also Read | IDFC First Bank fraud was isolated case involving collusion, says KPMG“The Bank paid the aforesaid amount and applicable interest to the concerned departments and has recognised the same in the books of accounts in Q4 FY26. The Bank is a victim of this financial fraud and is working with investigative authorities,” IDFC First Bank said.Fraud at IDFC First Bank's Chandigarh branchIDFC First Bank had announced that it has discovered an incident of alleged fraud by some employees at one of its Chandigarh branches in February, involving accounts related to the Haryana government. The lender had received a request from one of the departments of the Haryana government to close its account and transfer funds to another bank. While reviewing the request, it found some discrepancies in the amount mentioned against the balance in the account. This led to a massive 16% crash in the private lender’s share price, to record its worst single-day plunge since March 2020.IDFC First Bank share priceIDFC First Bank shares fell nearly 1% to trade at Rs 71.64 apiece on Monday. The stock is down 16% in 2026 so far. The shares of the company have however gained over 1% in the past one week. The company currently has a market capitalisation of nearly Rs 62,000 crore.Also Read | Why is market crashing today? 7 factors behind selloff(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
With the benchmark index - BSE Sensex down by over 10,000 basis points to a level of 74,243 as of June 6, 2026, has left many investors wondering whether to continue SIPs and lump-sum investments during the current market decline, hold current positions or wait for greater clarity on market direction?Market experts believe that investors should see this 10,000 point correction as a buying opportunity rather than a reason to panic.Vishal Dhawan, Founder & CEO, Plan Ahead Wealth Advisors told ETMutualFunds that investors should view this 10,000-point Sensex correction as a long-term buying opportunity as market drawdowns are natural processes that shake out speculative premiums, resetting valuations to fundamentally healthier levels.Also Read | Multicap or flexicap mutual fund for a 20-year SIP? Expert explains what investors should choose “Long-term investors can continue their Systematic Investment Plans (SIPs) and hold current positions firmly. Pausing allocations to "wait for clarity" is a psychological trap that historically locks investors out of the sharpest days of a market rebound.”Dhawan further said that while regular SIPs are key to an investment journey, panic selling must be completely avoided; use this market decline to methodically build an equity baseline designed to reward your patience when economic sentiment inevitably swings back to optimism at some point in the future and it is critical to have a minimum 5-7 year investment horizon whilst investing.Echoing a similar opinion of considering this as a buying opportunity rather than a reason to panic, Amitabh Lara, Executive Director, Anand Rathi Wealth Limited shared with ETMutualFunds that for long-term investors, this is not the time to stop investing.Amitabh further said that continuing SIPs during a fall can actually work in your favour because the same investment amount buys more units at lower prices and one of the biggest mistakes investors make is stopping SIPs during a correction and returning only after the recovery has already happened.The benchmark index which touched a peak of 84,391 on December 10, 2025, is now down by nearly 10,148 points to a level of 74,243 as of June 6, 2026.As the market becomes volatile, investors as well as the fund managers keep cash in hand and wait for the opportunity to deploy it in the market but with a dilemma whether to deploy cash immediately or stagger investments over time.Amitabh said that if investors have idle cash available then they can go ahead and invest as a lumpsum and funds can be deployed in a staggered manner through tranches, over 6 to 8 weeks. “It also removes the stress of trying to time the exact bottom. If they have SIPs, they can continue it without worrying about the market level and take advantage of rupee cost averaging.”Dhawan said that for investors sitting on cash, a staggered deployment strategy via a 6-month to 12 month Systematic Transfer Plan (STP) is highly recommended as this approach could hedge your principal against intermediate downside volatility.He further said that investors should avoid deploying an absolute lumpsum at current levels, as picking the exact market bottom is a statistical myth and tranche-based buying ensures you average out your entry costs across multiple lower price bands smoothly.“Park your liquid capital in low-duration instruments and systematically route it into equity. This automated execution effectively replaces portfolio anxiety with disciplined benefits. In case you wish to deploy a lumpsum, and not do a STP, an investment in the Balanced Advantage category is suggested.” Dhawan said.How equity categories performedETMutualFunds checked the performance of equity mutual funds since December 10, 2025. Small cap funds have delivered an average return of 6.06% since the date BSE Sensex touched the new peak, followed by mid cap funds which gave an average return of 2.58%.Also Read | Nippon India Mutual Fund limits subscription in Gold BeES and gold savings fund In contrast, the counterparts, large cap funds gave a negative average return of 6.26% since December 10, 2025. Multi cap funds gave an average return of 0.06% whereas flexi cap funds fell 2.95% on an average in the said time period.Out of 10 equity categories, only three gave positive average returns which were small caps, mid caps and multi caps whereas the other categories such as large caps, contra funds, ELSS, flexi, focused, value and large & mid caps gave negative average returns.Which market-cap segment could lead the recovery?Dhawan said that large-cap stocks are typically best positioned to lead the initial recovery wave when domestic and foreign institutional flows return and their robust cash flows, operational scale, and institutional backing provide an essential fundamental moat.He further said that mid-caps may require stock-specific elements to perform, as many names went up significantly during the previous bull cycle; small caps should be approached with high caution and patience, as they remain prone to sharp liquidity outflows during market corrections. “Limit small-cap exposure if you can handle the volatility and have a longer time horizon of 7-10 years for mid and small caps.”Lara said that small caps appear to have the most room for upside when markets recover. Currently, Nifty Smallcap 250 is trading about 17.4% below its fair value, compared with 9.6% for the Nifty Midcap 150 and around 5-9% for large-cap indices. Hence, small caps have corrected more than large caps and mid caps relative to their earnings potential.He further said that investors can have a balanced exposure across market caps, with 55% in large caps and the rest in mid and small caps to be a part of the eventual recovery that will follow in the markets.BSE Sensex: In the last six months, the index was down 13.38% and in the nine months, it was down 8.01%. In the last one year, Sensex was down 8.83% whereas in the last three years and five years it was up 5.74% and 7.33% respectively.Sector allocation becomes particularly important during market corrections as valuation gaps emerge across industries. The question is whether investors should actively target beaten-down sectors or focus on broader diversification.In response to this, Lara said investors should avoid investing in single sectors or making sectoral bets as performance in sectors/themes is highly cyclical. For example, in 2024, the pharma & IT sectors were part of the best-performing sectors, however, they both turned into worst-performing sectors in 2025, which suggest that entry and exit at the right time play a crucial role in making investments in the sectorial/thematic funds.Also Read |HDFC Mutual Fund limits subscription in its gold ETF and FoF. What this means for investors? During such corrections, it would be more beneficial for investors to invest in diversified categories of equity mutual funds to get exposure to all sectors and benefit from their performance, rather than focusing solely on any single sector, Lara further said.Dhawan said to prioritize accumulating high-quality banking and financial services funds as these segments offer good earnings visibility, corrected price multiples, and fundamentally strong underlying balance sheets.He further said systematic accumulation of Information Technology (IT) funds could be attributed to these deep valuation resets as they are cash-rich franchises with low debt. However, they do face business model risk. Conversely, stay away from Utilities and capital goods as valuations look well above their long term averages.(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 along with your age, risk profile, and Twitter handle.
Shares of Tata Steel fell 2% to Rs 202 on the BSE on Monday amid reports that it may have to push back the commissioning timeline of its 1.25-billion-pound low-carbon steel project in the UK by six to eight months due to delays in obtaining access to the required electricity infrastructure.The company is building a 3.2 million-tonne electric arc furnace (EAF) at Port Talbot as part of its decarbonisation strategy. The project, which involves an investment of 1.25 billion pounds, is intended to replace the site's blast furnace operations of similar capacity that have now been shut down.Before the latest setback, Tata Steel had been targeting the start of operations by late 2027 or early 2028. However, delays linked to the power connection process have created uncertainty around that timeline, a news report by PTI stated. Koushik Chatterjee, Executive Director and Chief Financial Officer of Tata Steel, said the company has been working with the Electricity System Operator (ESO) and National Grid on the new electrical infrastructure. However, National Grid has formally informed Tata Steel that its connectivity project is running behind schedule.According to Chatterjee, National Grid has flagged potential delays compared with the originally planned date for the high-voltage power connection. He said Tata Steel is engaging with all stakeholders, including the UK government, to minimise the impact and establish revised timelines, the report added. The company said major demolition work at the Port Talbot site has already been completed, while fabrication and delivery of equipment continue to progress. Access to higher-capacity electricity remains a critical requirement for the transition to electric arc furnace-based steelmaking.The project has secured 500 million pounds of support from the UK government and is expected to cut site-level carbon dioxide emissions by 90%, equivalent to around 5 million tonnes annually. Separately, the Port Talbot project site witnessed a fire incident on June 3. Tata Steel UK said on Thursday that all personnel were safely evacuated and accounted for, with no injuries reported. Chatterjee said Tata Steel is continuing discussions with National Grid and the UK government to address the issue and explore ways to reduce the delay."We are working with the UK government, the National Grid and ESO, which is the electricity supplier, to see if we can mitigate it, but somewhere between six months to eight months will certainly be there, maybe higher, after we have built the plant," he said while responding to a question on potential delays in commissioning the facility.He added that the company is evaluating options to shorten the delay but acknowledged that some slippage in timelines now appears unavoidable. "We are actively working to see if we can reduce it further, but there will be some imminent delays," Chatterjee said, without providing additional details.In May 2024, Tata Steel signed a connection offer agreement with the Electricity System Operator. Under the arrangement, National Grid is responsible for building the electrical infrastructure required to power the 3.2 million-tonne electric arc furnace by the end of 2027.According to information shared by Tata Steel, the National Energy System Operator (NESO) is a public body that oversees the connection process, including the connection contract with Tata Steel UK, and manages electricity grid operations across the UK.National Grid Electricity Transmission (NGET), meanwhile, is the private company responsible for constructing, owning and maintaining the connection infrastructure.Tata Steel Group is among the world's leading steelmakers, with an annual crude steel production capacity of 35 million tonnes. The company also ranks among the most geographically diversified steel producers globally.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)