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US-India trade agreement: How tariff reductions will unlock growth for Indian exports & MSMEs

Biplob Ghosal — Tue, 03 Feb 2026 09:54:00 +0530

New Delhi: In a huge relief for the Indian economy, US President Donald Trump spoke to Prime Minister Narendra Modi on Monday and announced that India and the US have agreed on a trade deal. The United States will bring down the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent. Following the trade pact and tariff cut announcement, there is a lot of enthusiasm within the government and the business community. The US-India trade deal is expected to bring major benefits to Indian farmers, small industries, exporters, and skilled labor. It will give fresh momentum to ‘Make in India’ and also enable new technology into the domestic market from the United States.

US-India Trade Deal: Tariffs Cut to 18%

After Trump announced 50 per cent tariffs on Indian products entering the US, several were reeling under the heavy taxes. Labor-based industries such as textiles, leather, and marine products were severely impacted. Now, with tariffs being reduced, there is hope that orders will increase again in these sectors.

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Union Commerce Minister Piyush Goyal expressed happiness over the agreement between India and the United States that is expected to open up big opportunities for domestic farmers, MSMEs, entrepreneurs, and skilled labour. He said it will give global recognition to “Make in India,” “Design in India,” and “Innovate in India.”

Sector	Companies
Textiles and Apparel	Indo Count Industries, Kitex, Gokaldas Exports, Pearl Global, Welspun India, Himatsingka Seide, Trident, Vardhman Textiles, Arvind
Seafood Sector	Apex Frozen Foods, Waterbase, Avanti Feeds
Auto and auto parts	Sona BLW, Ramkrishna Forging, Bharat Forge, Tata Motors, Samvardhana Motherson, Balkrishna Tyres, Sansera Engineering
Chemicals and Agrochemicals	UPL, SRF, Jubilant Ingrevia, Aarti Industries, PI Industries
consumer companies	LT Foods, KRBL, Tata Consumer Products

After speaking to Prime Minister Narendra Modi on phone, US President Donald Trump said that his administration will reduce the reciprocal tariff imposed on Indian goods from 25 percent to 18 percent. This will make Indian products cheaper in the American market. Commerce Secretary Rajesh Agrawal called it historic. He said the agreement will open new paths of prosperity and growth for both countries.

Industry leaders welcome tariff reduction

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Think tank Global Trade Research Initiative said it is still important to clearly understand which products have been included in the India-US trade agreement. Footwear industry businessman Aqeel Panaruna said it will strengthen India’s global position. Federation of Indian Export Organisations President S.C. Ralhan welcomed the decision, saying it will make Indian exports more competitive compared to Asian countries. He expressed hope that stalled orders in sectors like textiles, leather, and footwear will start again.

India-US trade volume

According to government data, in December 2025, India’s exports to the US declined by 1.83 percent to $6.88 billion. However, the imports surged to $4.03 billion in the same month. During the April to December period, India’s exports to America surged to $65.87 billion.

Indian Manufacturing Sector rebounds in January; new orders drive recovery: PMI

Biplob Ghosal — Mon, 02 Feb 2026 12:12:00 +0530

New Delhi: In a big relief, India's manufacturing sector activity recorded a marginal recovery in January, which indicates that industries are staying on track both at the level of domestic demand and production. The PMI witnessed an upward trend amid faster increase in new orders, even as business confidence slipped to its lowest level in three-and-a-half years, the seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) stated.

HSBC India PMI: January's Manufacturing Rebound & Key Drivers

The India Manufacturing PMI rose from a two-year low of 55 in December to 55.4 in January. Notably, the figures for December were the lowest level in the last two years. In the PMI parlance, a PMI more than 50 indicates that the manufacturing sector is continuing to expand, while a level below 50 indicates contraction, and at 50, it means no change.

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"Indian manufacturing firms saw a rebound in January, driven by increased new orders, output, and employment. Input costs rose moderately, while the pace of growth in factory-gate prices eased, resulting in slight margin pressure for manufacturers," PTI quoted Pranjul Bhandari, Chief India Economist at HSBC, as saying.

The participants of the Survey said that demand buoyancy, new business growth and tech investment supported production which led to the rise in January.

The main reason for the jump in overall sales came from the domestic market. However, new export business increased, but at a weaker pace. Firms which recorded increase cited greater demand from Canada, Europe, the Middle East, Asia, and Australia.

Employment Gains vs. Future Output Concerns

As far as employment is concerned, goods producers continued to hire extra staff. But the pace of job creation was 'slight', the quickest in three months, the report said.

HSBC India Manufacturing Purchasing Managers’ Index, the monthly survey mentioned that business confidence slipped to its lowest level in three-and-a-half years during January, as only 15 per cent of companies foresee output growth in the year ahead and 83 per cent forecast no change.

"Despite faster growth in new orders, business confidence remains muted, and expectations for future output have declined to their lowest level since July 2022," Bhandari added.

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"Although output charges rose, the rate of inflation was modest and the weakest in nearly two years. Many firms suggested that improved efficiency, better cost management and market rivalry prevented them from increasing their fees," the survey said.

Meanwhile, the HSBC Flash India Composite Output Index appreciated to 59.5 in January as compared to 57.8 in December. This index gives details of the performance of both the manufacturing and service sectors. It is clear from the data that in January, both sectors registered growth at almost the same speed, which is a positive sign for the country's economic activities.

Nirmala Sitharaman's Budget 2026 simplifies Ease of doing business, and Ease of Living | Details

Swapnajit Kundu — Sun, 01 Feb 2026 14:51:00 +0530

New Delhi: Union Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2026 on February 1, announced several proposals on direct taxes to ensure the common people's ‘Ease of living’. During the Budget presentation, FM Sitharaman outlined its three ‘kartavya’, which are driving growth, empowering people, and ensuring inclusive development aligned with ‘Sabka Saath, Sabka Vikas’.

Budget boosts 'Ease of Living'

FM Sitharaman proposed in the Budget that any interest awarded by the Motor Accident Claims Tribunal to a natural person would not come under the ambit of Income Tax. Also, there won't be any TDS on this account.

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The Budget proposes to reduce the TCS rate on the sale of overseas tour program packages from the current 5 per cent and 20 per cent to 2 per cent without any stipulation of amount. For Ease of doing business, those who are Resident Outside India (PROIs) will be allowed to invest in equity instruments of listed Indian companies through the Portfolio Investment Scheme (PIS).

Lower TCS for pursuing education

Also, under the Liberalised Remittance Scheme (LRS), it aims to bring down the TCS rate for pursuing education and for medical purposes from 5 per cent to 2 per cent. Supply of manpower services is proposed to be specifically brought within the ambit of payment to contractors for the purpose of TDS to avoid ambiguity. Thus, TDS on these services will be at the rate of either 1 per cent or 2 per cent only.

Relief for small taxpayers

FM Sitharaman proposed in the Budget scheme for small taxpayers is where a rule-based automated process will help them to get a lower or nil deduction certificate. It will enable them to avoid the hassle of filing an application with the assessing officer. For the ease of taxpayers holding securities in multiple companies, the budget proposes to enable depositories to accept Form 15G or Form 15H from the investor and provide it directly to various relevant companies.

To address practical issues of small taxpayers like students, young professionals, tech employees, relocated NRIs, and such others, it aims to introduce a one-time 6-month foreign asset disclosure scheme for these taxpayers to disclose income or assets below a certain size. This scheme would be applicable for two categories of taxpayers, namely, (A) those who did not disclose their overseas income or assets and (B) those who disclosed their overseas income and/or paid due tax, but could not declare the assets acquired.

Budget addresses practical issues

The Budget addressed practical issues of small taxpayers like students and young professionals by aiming to introduce a one-time 6-month foreign asset disclosure scheme. It will enable them to disclose income or assets below a certain size.

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It can be done by only those taxpayers who did not disclose their overseas income or assets, and those who disclosed their overseas income and/or paid due tax, but could not declare the assets acquired. The limit of undisclosed assets of the first category is up to Rs 1 crore, and for the second category, the maximum asset value is proposed at Rs 5 crore. Also, immunity from both penalty and prosecution will be available for a fee of Rs 1 lakh.

Tax timeline changes

The deadline for revising returns has been extended from December 31 to March 31 with the payment of a nominal fee. Also, people with ITR 1 and ITR 2 returns will continue to file till July 31, and non-audit business cases or trusts will get time till August 31. TDS on the sale of immovable property by a non-resident is proposed to be deducted and deposited through the resident buyer’s PAN-based challan instead of requiring a TAN.

Budget 2026: Expectations and questions galore as FM Nirmala Sitharaman readies to present budget

Avijit Ghosal — Sun, 01 Feb 2026 10:33:00 +0530

Kolkata: With finance minister Nirmala Sitharaman on Sunday (February 1) ready to present Union Budget 2026 in a few minutes, there are a lot of questions on the lips of the citizens. Will there be income tax relief this year too? Will the govt continue its focus on capital expenditure and building of infrastructure? Will she announce steps to create a large number of jobs?

Today is Sunday. This is just the second time in the country that the Union budget will be presented in Parliament on a Sunday. The first time such a thing happened was in 1999. Also this will be the ninth budget for Sitharaman and she is just one budget away from equaling Morarji Desai’s record of 10 budget presentations.

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Continuing the focus on consumption is one of the primary focus areas of the FM. She tried sincerely in the Budget of 2025. and offered significant income tax relief. As an outcome, an individual who earns up to Rs 12.75 lakh a year won’t have too pay any income tax at all in the new tax system -- Rs 12 lakh plus the Rs 75,000 standard deduction. In September the GST reform offered another trigger to consumption. RBI relaxed the Repo rate by 125 basis points to bring down the cost of borrowing significantly to boost consumption.

Capex, customs reforms, renewable energy

Those measures mentioned above by both the govt and RBI revived consumption to some extent both in the urban and rural sectors. This year, the FM has to further stoke the fire. Analysts are unanimous in their opinion that the FM has to maintain the thrust on capital expenditure. This will serve the dual purpose of creating economic assets and creating jobs.

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India Inc is expecting that the FM will perform a GST-style operation on customs duties which happens to be multi-layered and complex. The renewable energy sector expects that it will get a major fillip. The govt should be extend various schemes as well as bring certain sectors under PLI to give this promising sector a push, analysts are saying.

Income tax expectations

There is no major expectation of income tax relief. However, there are two expectations. One, standard deduction should be expanded to Rs 1 lakh from Rs 75,000 now. Many also demanding that the government should at least allow deductions on home loans in the new tax system.

EPF: Why should you prefer an EPF-paying firm as an employer? Know the reasons

Avijit Ghosal — Sat, 31 Jan 2026 14:04:00 +0530

Kolkata: It is a common tragedy that though an average person stops earning when he/she is 58 or 60, the trail of expenditure never stops. In fact, it can even rise if the person suffers from ill health. So how does he/she plan to defray his/her living cost? Employees’ Provident Fund, or EPF, is one of the fundamental social safety nets that has been designed for an employee and take care of his/her expenses after retirement.

Let's see how EPF helps an employee at the time of retirement. It consists of two part -- one makes a one-time lumpsum payment to the retiree. Two, another part funds a monthly pension throughout the life of the employee and even after expirt for the spouse. The amount in the EPF corpus depends on long-term compounding that takes place throughout the working life of an employee. If it is assumed that a person starts working at 25 and retires at 60, money will accumulate in the EPF for the entire period, that is 35 years.

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Two significant benefits

There are two significant points about the EPF money. One, it enjoys a sovereign guarantee and, therefore, both the capital and interest enjoy the highest degree of safety. Two, the corpus and the interest that accumulate in the EPF account is free from Income Tax till a certain limit. This limit adequately covers a very big share of the employees in India.

Income taxes are levied on EPF if annual contributions from employee is higher than Rs 2.5 lakh (Rs 5 lakh for govt employees). Taxes are also charged if the employer's contribution to EPF, NPS and superannuation exceeds Rs 7.5 lakh a year.

How is EPF corpus built

Every month a fixed contribution that depends on the aount of salary an employee gets is dedcuted from the salary of an individual and is put into the EPF account of an employee. As much as 12% share of the basic salary and DA (Dearness Allowance) is taken from the employee’s salary every month and channellised in EPF account. As matching amount is taken from the employer as well but 8.33% of it is deposited in the account from whcih the pension will be paid after retirement. The other part (12% - 8.33% = 3.67%) is put in the EPF account.

The formula for deductions is laid down by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, which extends to the entire country. Moreover, every year, the EPFO announces a rate of interest which is paid to the EPF account. For the past three years, this rate has been 8.25% which is the highest among all guaranteed interests paid in sovereign-guaranteed debt instruments such as senior citizens savings scheme.

What can EPF create for you

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Let's take the example of a youngster who gets at 23. Let this person retire at the age of 58. Now let's make a few assumptions. This person starts with a basic salary of Rs 10,000. He/she gets an average increment of 5% throughout the working life. The minimum of 12% is deducted from his salary every month. Every year, the govt announces a 8.25% interest on the accumulated corpus in the EPF.

Now, with the above assumptions, an online EPF calculator will tell you that the amount in the EPF will come to Rs 58,56,851 or Rs 58.56 lakh. We have also that the pay hike will be 5%, more or less about the annual inflation rate in the country over the past few years. Therefore, all other factors remaining cosntant, an employer with EPF facilities is always preferable for any employee to one without EPF facilities.

Eco Survey 2026: 35.4% of manufacturing, 48.58% of exports, 31.1% of GDP, that's MSME for you

Avijit Ghosal — Fri, 30 Jan 2026 14:06:00 +0530

Kolkata: Are small and medium the new maximum -- at least in the industrial canvas of the country? Well, there is less rhetoric in the question than seems apparent at first. The Economic Survey presented on Thursday, Jan 29 in Parliament has revealed figures that suggest the maximalist role of the MSME sector. They now account for 35.4% of manufacturing, 48.58% of exports and as much as 31.1% of GDP.

Backbone of the industrial economy

The Economic Survey 2025-26 has described the MSME sector as the "backbone of India’s industrial economy". Detailing its contribution to manufacturing, exports and GDP, the survey said it is a huge employer as well. As many as 32.82 crore individuals are employed in more than 7.47 crore businesses. This makes the MSME sector the second biggest generator of employment after agriculture.

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Global trends

The development of the MSMEs in India is actually in line with global trends. "Globally, MSMEs make up about 90 per cent of businesses and are responsible for over 50 per cent of the total global employment," the survey mentioned. It also stated that since the manufacturing sector in the country is aiming for a bigger level of integration with at the global level, the MSME sector’s role will be critical in making India a future node in the worldwide supply chain canvas. Besides, it will also be a key driver of ensuring local value addition and enduring inclusive regional growth.

Industrial credit

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The Economic Survey also mentioned that credit to this sector has become the primary driver of credit to the industry during the April-September period of 2025. "The overall MSME credit growth year-on-year (Y-o-Y) has significantly outpaced the Y-o-Y growth observed in large industry credit," said the survey. It pointed out that the Self-Reliant India Fund has assisted as many as 682 MSME units and the investment involved is Rs 15,442 crore (as in end of Nov 2025).

The fund was designed to inject Rs 50,000 crore in the form of equity funding in MSMEs. The government is trying to further the cause of innovation, incubation, design interventions and IPR protection with the help of this fund.

From GDP to exports to semiconductor mission, what the Economic Survey highlighted

Avijit Ghosal — Thu, 29 Jan 2026 16:24:00 +0530

Kolkata: The Economic Survey that finance minister Nirmala Sitharaman presented in the Parliament on Jan 29 said real GDP growth for the current financial year is going to be 7.4% while GVA (Gross Value Added) will grow at 7.3%. The survey stated that the numbers corroborated "India’s status as the fastest-growing major economy for the fourth consecutive year."

It also said that the private final consumption expenditure rose by 7.0% in FY26 and came to constitute 61.5% of GDP -- the highest level since 2012. The survey mentioned the trijunction of low inflation, rising real purchasing power and stable employment. It also mentioned the contribution of robust agricultural performance which helped a revival of rural consumption and tax rationalisation (read GST rejig) helping urban consumption.

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"Investment activity strengthened in FY26, with Gross Fixed Capital Formation growing by 7.8 per cent and its share remaining steady at 30 per cent of GDP. This momentum was buoyed by sustained public capital expenditure and a revival in private investment activity, as evident from corporate announcements," read the Econiomic Survey.

Salient points of the Indian economy this year

Real GDP growth and GVA growth rates for FY26 at 7.4% and 7.3% respectively

For FY27, GDP growth estimated at around 7%; real growth at 6.8-7.2%

In FY25 Center's revenue receipts rose to 9.2% of GDP

GNPA at multi decadal low of 2.2% in Sept 2025

55.02 crore bank accounts under PM Jan Dhan Yojana, of which 36.63 crore are in rural and semi-urban areas

Unique investors sail past 12 crore in Sept 2025 and 25% are women

India's share of global merchandise exports rise from 1% in 2005 to 1.8% in 2024

Services exports post a record of $387.6 billion in Fy25

India continues too be the world's largest recipient of remittances, inflow $135.4 billion in FY25

India's forex reserves at $701.4 billion om Jan 16, 2026, adequate for imports for 11 months

Retail inflation averaged 1.7% for April-Dec 2025

Foodgrain output reached 3577.3 lakh tonnes in agriculture year 2024–25

Manufacturing GVA grows by 7.72% kin Q1 and by 9.13% in Q2 of FY26

Semiconductor mission has 10 projects entailing Rs 1.6 lakh cr of investment

India world's third largest domestic aviation market, airports now 164 up from 74 in 2014

India ranks third in overall renewable energy and installed solar power generation capacity

Maternal and child mortality reduction since 1990 outpaces global averages

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As of Jan 2026, E-SHRAM portal registered more than 31 crore unorganised workers, 54% of them women

Multidimensional poverty index as measured by Niti Aayog shows decline from 55.3% in 2005-06 to 11.28% in 2022-23

India-EU FTA unlocks $572bn pharma market: Boosting jobs & global supply chains

Biplob Ghosal — Wed, 28 Jan 2026 11:59:00 +0530

New Delhi: India and the European Union (EU) signed the Free Trade Agreement (FTA) on 27 January 2026, Tuesday. The trade deal is being billed as an important milestone in one of India’s most strategic economic partnerships. The FTA between India and the 27-nation bloc of European countries is being billed as the "mother of all deals". The trade pact will create a market of two billion people.

Officials are of the view that the India-EU Free Trade Agreement will account for almost a quarter of the global GDP. The trade pact will reduce tariffs on 99 per cent of Indian exports to the EU and cut duties on over 97 per cent of the EU's exports to India.

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The India-European Union FTA will allow the Indian Pharmaceuticals sector gain access to the $572.3 billion EU pharmaceuticals & medical devices market. The huge market would enable the domestic pharma industries to scale, generate employment, and reinforce India’s positioning as a reliable partner in the pharmaceuticals sector underlining its growing stature as the pharmacy of the world.

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The FTA deal “is expected to expand skilled jobs, industrial employment, stronger MSME participation and strengthen global supply chain integration,” the official release said.

India-EU FTA for Pharmaceuticals and Medical Devices Sector: Highlights

Preferential market access to drive faster growth in high-value segments
Liberalised tariffs for key 'Made In India' medical devices
Growth across inorganic & organic chemicals, fertilisers, pharmaceuticals, cosmetics, soaps and detergents
Capacity expansion and MSME cluster development to drive sectoral growth
Major expansion opportunities across hubs in Gujarat, Maharashtra, Karnataka and Andhra Pradesh.

Union Minister for Chemicals and Fertilisers JP Nadda said, “India–EU FTA opens new doors for pharmaceuticals and medical devices. Access to the $572.3 billion Pharma and MedTech market in EU. Liberalised tariffs for Indian medical devices will accelerate growth in this high-value sector. Under the visionary leadership of Hon’ble PM Shri @narendramodi ji, India continues to expand its presence as a reliable global partner in healthcare and manufacturing.”

Investing in mutual funds for your kid: You should be aware of a few things before you begin

Avijit Ghosal — Tue, 27 Jan 2026 12:28:00 +0530

Kolkata: With cost of higher education rising fast, many are inclined to invest in mutual fund schemes designed for children. As the name suggested, children's mutual fund schemes are specialised, goal-oriented hybrid instruments which can enable one to build a cool corpus for future expenses such as higher education and/or marriage or using as seed money to set up a small business. Since these encourage long-term investments, the usually carry a five-year lock-in period or until the child turns 18.

Investing in mutual funds for children is fairly simple. A parent or a legal guardian has to open a minor account in which he/she is the custodian. For the mechanicals, a few basic documents are needed for KYC -- the kid's birth certificate for proof of age and that for establishing relation with the adult who opened the minor account. Usually a SIP has to be opened and the guardian has to manage it till the kid becomes an adult.

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The KYC requirements

According to the rules, all asset management companies allow opening of investment accounts in the names of a minor. The point to remember is that the child has to be the sole holder of the account. The rules don't allow any joint holder in these accounts. The guardian has to be a parent or he/she can be a legal guardian who has been appointed by a court of law. This guardian -- natural or court-appointed -- has to manage it as long as the child remains a minor. All the transactions be it SIP or lumpsum investments, or redemptions or systematic transfer plans or switches, have to be carried out in the kid's account during the pendency of the kid's account. Then after 18, the kid (now an adult) takes control of the account.

Benefits of the lock-in period

Though personal finance investors always harp on the benefits of long-term approach to investing in mutual funds in particular, many investors do not have the financial discipline and can redeem units to spend in other purposes. Therefore, the lock-in period for children funds help in keeping the money for a minimum of five years. Thus a children's account can be a special benefit.

This will continue until the kid turns an adult. At this juncture, the running systematic investment plans and systematic transfer plans will be suspended temporarily. The guardian can no longer operate the account starting from the date the child turns 18.

Now the holder of the account has to submit an application in writing stating that he/she has turned into an adult and that he/she will be in charge of the account. the person has to submit KYC documents to substantiate the claim of adulthood.

The tax angle, if redeemed before 18

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Here is a significant point. "It might so happen that the units -- all of its or in parts -- are redeemed before the account holder turns into an adult. In that case, the gains arising out of the redemption has to be added to the taxable income of the parent or legal guardian. Then it should suffer taxes at the rate applicable to the overall income of the adult guardian or parent," said Nilanjan De, personal finance strategist and director Wishlist Capital.

Once the kid turns into an adult, the rules treat them as separate taxable individuals and the same taxation rules are applied. However, it is unlikely that a 18-year old has an income of his/her own that falls in the taxable bracket. In that case, the investments become tax efficient since they won't have to pay any tax -- the basic exemption limit of Rs 3 lakh in the new tax regime will help them in this matter. Also LTCG is available for equity mutual fund schemes. However, one can also continue or even step up the investments that have been done in one's minor years and reap the benefits of really long-term benefits of compounding.

Kasturi Metal Composite IPO opens today: Check GMP, price band, lot size | Will you bid?

Avijit Ghosal — Tue, 27 Jan 2026 07:30:00 +0530

Kolkata: The Union budget will be placed on Sunday, Feb 1. Before that important exercise by the government, there are no mainboard issues this week. Both India Inc and investors might be a bit nervous waiting to see the provisions in the budget. However, there are half a dozen SME IPOs the bidding windows of which will open this week. One is opening today Jan 27. The issue is a book build one that is designed to raise Rs 17.61 crores through a combination of fresh issue of 0.28 crore shares only. Let's have a look at the details.

Kasturi Metal Composite IPO GMP

According to investorgain, Kasturi Metal Composite IPO GMP stood at zero in early morning of Jan 27. It did not rise from that level over the past few days. However, it must be kept in mind that GMP or Grey Market Premium is an unofficial indicator which can be extremely volatile and does not guarantee any listing gain.

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Kasturi Metal Composite IPO price band. lot size

Kasturi Metal Composite IPO price band is set at Rs 61 to Rs 64 per share. The lot size for an application is 2,000. The minimum amount of investment required by an individual investor (retail) is Rs 2,56,000 and the calculation is based on the upper end of the price band. On the other hand, the minimum lot size for investment in HNI is three lots or 6,000 shares and the minimum application will entail Rs 3,84,000.

Hem Securities is the book running lead manager and Bigshare Services is the registrar of the issue. The Market Maker of the company is Hem Finlease.

Kasturi Metal Composite IPO important dates

Bid opens: Today, Jan 27, 2026

Bid closes: Jan 29

Allotment date: Jan 30

Refund date: Feb 2

Credit of Shares: Feb 2

Listing date: Feb 3, 2026

Kasturi Metal Composite business

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The company was set up in 2005. It manufacture and exports steel fiber products for industrial applications. Kasturi Metal Composite manufactures steel wool Fiber for brake pads and clutches, trades Durocrete PP Fibers and also offers concrete flooring solutions through Durafloor Concrete Solution LLP. It has three units in MIDC Amravati. It markets Duraflex and Durabond products for industries such as construction, mining, and automotive, offering solutions for tunnels, roads, bridges, and more, ensuring structural integrity.

Kasturi Metal Composite financials

The total income of the company stood at Rs 32.29 crore (Q2FY26); Rs 57.22 crore (FY25); Rs 50.20 crore (FY24) and Rs 37.37 crore (FY23). The PAT for those four periods respectively are Rs 2.47 crore, Rs 2.07 crore, Rs 2.35 crore and Rs 1.49 crore. The assets for the same periods are Rs 44.43 crore, Rs 35.57 crore, Rs 33.45 crore and Rs 21.71 crore.

Rupee at historic low against US dollar: FII outflow a key reason, say analysts

Avijit Ghosal — Mon, 26 Jan 2026 10:30:00 +0530

Kolkata: The Indian equity markets seem to have a lot to do with the falling Indian rupee. Indian rupee is close to the 92 mark against the dollar and the reason is the aggressive selling of Indian equities by FIIs (Foreign Institutional Investors), analyst are pointing out. The rupee closed at 91.88 against the US dollar which is just short of the low of 91.96 the rupee touched on Friday.

One of the major reasons is the consistent pull out by the FIIs. “Foreign institutional investors have already pulled out nearly $3.5 billion from Indian equities this month, pushing the Nifty 50 down close to 5% in January,” CR Forex Advisors MD Amit Pabari told the media. NSE data indicate that FIIs have sold Indian stocks valued at Rs 16,267 crore till Jan 23. In 2025, the Indian currency was the worst performing in Asia. In Jan 2026, it declined by more than 2% against the greenback, analysts are pointing out.

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Travel, education, treatment abroad more expensive

The falling rupee makes any expenditure that is to be made in US dollars more expensive and it is irrespective of whether you have to do it yourself or if someone else does it for you. Whatever you were paying in Indian rupees for any goods or service marked in US dollars, you have to pay more and more as the rupee sinks against the dollar.

For those who are going to trips abroad where one has to pay in dollars, it is becoming more and more expensive. From airline tickets to hotels, from cab rides to buying that roadside meal -- one has to pay more Indian rupees to buy the same amount of dollar to pay for all those.

It is also hurting those student who go abroad, tuition fees will be more expensive as well as stay and all other expenses. Those who have to visit other countries for treatment will also find it more and more challenging to buy the same treatment and medicines.

The crude oil question

Whatever is imported from the US, or any source which demands payment in US dollars, is becoming more and more expensive. Let's take petroleum first. India buys more than 85% of its crude oil requirements and it has to be paid in dollars usually. Therefore, Indians refineries have to pay more for the same oil. The only saving grace is that the price of crude oil in the global markets in not high, otherwise the country would have paid a lot for its consumption. Worse, due to the pressure of UD president Donald Trump, Indian refiners have to buy less and less of Russian crude which was being offered to India at a discount. So, It is hurting India on two counts.

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The basket of standard Indian imports includes crude oil, gold, silver, coal, plastic material, chemicals, electronic goods, vegetable oils, fertiliser, machinery, iron and steel etc and importers need to buy US dollars at a higher cost to pay for imported items.

But it is a relief for the Indian exporters since they earn in dollars. Also, those who have relatives of children abroad who send dollars to India regularly, are to benefit greatly as the same amount of US dollars translates into more and more Indian rupees as the currency declines against the greenback.

Gratuity: How much gratuity can one get in 5, 10 or 20 years? Know how to calculate

Avijit Ghosal — Sun, 25 Jan 2026 12:01:00 +0530

Kolkata: As the name gratuity implies, it is paid by a company to an employee in recognition of his/her continuous service. The right to gratuity has been placed at the same level of primacy in law like EPF (Employees Provident Fund). The Gratuity Act applies to workers and employees of establishments which have 10 or more persons in its rolls. The Gratuity Act ensures employees have the right to better gratuity terms under any agreement or contract.

How do you calculate gratuity

According to the Gratuity Act, there is a formula for the calculation of gratuity and the legislation lays it down. It is a simple and straightforward. The formula is the following:

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(Last salary drawn by employee) x (Years of service of the employee) x (15/26)

Last drawn salary includes basic salary and DA (dearness allowance). A month typically consists of 26 working days. This fact explains the 26 in the denominator. The number 15 indicates that the calculation is done on the basis of salary of 15 days. Years of service of the employee means the number of years he/she has spent with the company in question.

The most important point to note is that rules stipulate that an employee must work for 5 years without a break in order to be eligible for gratuity. However, if an employee expires before the completion of 5 years in service this condition is waived. In that situation, the entire applicable amount is paid to the next of kin or the legal heir of the employee.

How much gratuity in 5 years, 10 or 20 years

Employing the above formula, we can easily calculate the gratuity an employee will get after a period of five years of continuous service. Let’s assume for simplicity that the last salary of the worker is Rs 40,000. Then in the formula we will substitute the following:

Last Salary: Rs 40,000

Calculation: Rs 40,000 x 5 x (15/26)

Total gratuity payable to employee: Rs 1,15,384

In the second instance, let’s assume that the employee has completed 10 years of continuous service in the company. Let's say the last drawn salary has reached Rs 50,000. Therefore, gratuity payable at the end of 10 years of continuous service:

Last salary: Rs 50,000

Calculation: Rs 50,000 x 7 x (15/26)

Total gratuity payable to employee: Rs 2,88,461

Let's calculate the gratuity for the third and final instance. Now let's assume that the applicable salary has grown to Rs 1,00,000 or Rs 1 lakh. Let's do the substitution as under

Last salary: Rs 1,00,000

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Calculation: Rs 1,00,000 x 20 x (15/26)

Total gratuity payable to employee: Rs 1,153,846

How to invest Rs 10 lakh now: Check tips from these prominent fund managers

Avijit Ghosal — Sun, 25 Jan 2026 08:51:00 +0530

Kolkata: Any investment decision seems to be fraught with great risks now. The markets are going yo-yo, dancing to the tune of geopolitical tension and other headwinds and occasional tailwinds. Then there are factors at the global level and domestic level, some of which cannot be foreseen, especially at the international level. In such a market, three fund managers share tips on how one can invest Rs 10 lakh. Let's have a look at them.

Kotak Mahindra AMC expert Brijesh Ved

Brijesh Ved is the head of PMS at Kotak Mahindra AMC. Recently he has revealed his tips in the media for allocating Rs 10 lakh among different instruments. Let's have a look at his tips. “Global growth and global macros remain resilient despite geopolitical uncertainty and disruption from trade wars. IMF has raised its 2025 world growth forecast to 3.2% (from 3.0%) in its October outlook, while retaining 3.1% for 2026... Both advanced and emerging economies saw 10 bps upgrades from the July projection, led by the resilience in U.S. activity and robust Indian growth,” Ved was quoted as saying.

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He advised investment in equities in the following manner:

Large Cap: 40%

Midcap: 20%

Small Cap: 10%

Total investment in equity: 70% of the capital

Debt: 20%

Kotak Gold Silver ETF FoF: 10%

Alternate or Precious Metals: 10%

ICICI Prudential AMC expert Anand Shah

Ananda Shah is the chief investment officer PMS & AIF of ICICI Prudential AMC. “This allocation is purely from the point of view of a long term investor, who doesn’t mind short-term volatility. We believe when investing in equities as an asset class, one should maintain a long-term investment horizon of at least five years. We remain constructive towards equities for the long term, hence, the asset allocation above has a predominant equity exposure.” Shah was quoted as saying after shaing his tips.

Large Cap: 50%

Midcap: 7%

Small Cap: 13%

Gold: 15%

Debt: 15%

Shah also said that in future equity returns would be driven by bottom-up stock selection rather than broad market trends. He thinks that the Indian growth indicators such as GST collections, credit growth, capex etc can push a recovery in earnings but there are tailwinds from macro uncertainties at the global level. Stretched valuations are another concern

Motilal Oswal Private Wealth expert Sandipan Roy

Sandipan Roy is chief investment officer, Motilal Oswal Private Wealth. The following is his tips on allocating Rs 10 lakh in the market now.

“Markets are at an interesting point with investors at tenterhooks due to ongoing uncertainties, but VIX, the measure of perceived risk, is at multi-year lows. In fact, Indian VIX had come into single digits just two weeks back, which was a record low,” Roy was quoted in e media as saying. he also highlighted two other points -- One, the current global environment bears a signal of normalisation after extended optimism along with rising geopolitical risk and two, momentum in AI-led earnings expectations is giving way to execution and monetisation.

Large cap stock: 10%

Small and midcap stocks: 10%

Hybrid Funds: 20%

Emerging market: 20%

Debt: 10%

High Yield Credit: 20%

Commodities: 10%

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However, it must be remembered that investment decisions of an individual are dependent on his/her risk appetite and financial parameters. Therefore, it is always prudent to consult one's own personal financial adviser than blindly follow some experts advice, who is not privy to an individual's goals and needs.

Half a dozen IPOs next week before Budget 2026: See details of each

Avijit Ghosal — Sat, 24 Jan 2026 10:19:00 +0530

Kolkata: The Union budget will be placed on Sunday, Feb 1. India Inc and investors will be a bit nervous waiting for the budget to be placed. The week ahead is marked by an absence of mainboard IPOs. However, as many as six SME IPs will have their bidding windows open between Jan 27 and Feb 3. Let's take a closer look at these public issues.

In January as many as 20 SME IPOs are being floated. In 2026, there will be a record number of IPOs -- both mainboard and SME -- analysts have predicted. It could be expected that the Budget of Feb 1 will also contribute to the forces that could prompt businesses to expand and raise resources from the market.

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Kasturi Metal Composite IPO

Issue size: Rs 17.61 cr

Price band: Rs 61-64

Bid opens: Jan 27

Bid closes: Jan 29

Allotment date: Jan 30

Listing date: Feb 3

NFP Sampoorna Foods IPO

Issue size: Rs 24.53 cr

Price band: Rs 52-55

Bid opens: Jan 27

Bid closes: Jan 30

Allotment date: Feb 1

Listing date: Feb 3

Kanishk Aluminium India IPO

Issue size: Rs 29.20 cr

Price band: Rs 73

Bid opens: Jan 28

Bid closes: Jan 30

Allotment date: Feb 2

Listing date: Feb 4

Msafe Equipments IPO

Issue size: Rs 66.42 cr

Price band: Rs 116-123

Bid opens: Jan 28

Bid closes: Jan 30

Allotment date: Feb 2

Listing date: Feb 4

Accretion Nutraveda IPO

Issue size: Rs 24.77 cr

Price band: Rs 122-129

Bid opens: Jan 28

Bid closes: Jan 30

Allotment date: Feb 2

Listing date: Feb 4

CKK Retail Mart IPO

Issue size: Rs 88.02 cr

Price band: Rs 155-163

Bid opens: Jan 30

Bid closes: Feb 3

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Allotment date: Feb 4

Listing date: Feb 6

Gold-Silver rates today: Both metals scale lifetime highs on global cues

Avijit Ghosal — Fri, 23 Jan 2026 14:30:00 +0530

Kolkata: Gold and silver prices raced to new lifetime peaks acting on the cues of a weak dollar and hints of further interest rate cuts by the US Fed. In the afternoon, on MCX silver March contracts surged to Rs 12,638, or about 4%, setting a new summit of Rs 3,39,927 per kg. It bettered the futures on Wednesday at Rs 3,35,521 per kg.

Gold too rose to a fresh peak price of Rs 1,59,226 per 10 grams on the MCX. This marked a price rise for the fifth day on the trot. The jump was by Rs 2,885, or 1.84%.

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In the morning gold and silver prices began rising in early trade. On January 23, gold reached record levels of Rs 1,59,130 and silver has touched Rs 3,35,800. In just one week, gold jumped by Rs 16,000 and silver by Rs 47,510. Analysts predicted more gains on MCX while the international market is also witnessing a rise.

In fact, there is no sign of weakness in the price of gold and silver on a sustained basis. The surge in the bullion market lifted gold to Rs 1,59,130 and pushed silver to Rs 3,35,800. The strength came after weakness on Jan 22 when the price of gold fell Rs 2,500, or 1.56%, to touch Rs 1,57,200 per 10 grams. Earlier, gold had closed at an all-time high of Rs 1,59,700 per 10 grams, and silver prices fell Rs 14,300, or 4.3%, to close at Rs 3,20,000.

Rate in MCX

According to MCX, gold futures rose 1.30% touching Rs 1,58,377 while silver prices also jumped 2.66% reaching Rs 3,36,000. The price of 24 carat gold on Tanishq is quoted at Rs 1.54 lakh. There was no change in the price on Jan 23 in Tanishq.

Gold price in the global market

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Gold and silver prices kept rising in the global markets too. Spot gold prices jumped 2.44%, thereby rising $118.35 to touch $4,952 per ounce. Silver prices also surged more than 6%, appreciating $5.97 to reach $98.82 per ounce.

This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.

India-EU FTA: Unlocking EU market access & billions in trade growth

Biplob Ghosal — Thu, 22 Jan 2026 17:30:00 +0530

New Delhi: Amid the US President Donald Trump’s tariff storm, India is all set to ink a 'Free Trade Agreement' with the European Union which is being touted as the ‘Mother of all deals’. India and the EU are fast moving towards preparing a new path of trade. How important this deal is for India and what will the European Union achieve from it, let's try to understand in this article. European Commission President Ursula von der Leyen announced on Tuesday that the European Union and India are on the cusp of signing a historic trade deal.

India-EU FTA: 'Mother of All Deals'

India and the European Union are all set to finalize a trade deal that has taken nearly two decades to finalise. The scale of the proposed Free Trade Agreement is clear from Commerce Minister Piyush Goyal's statement about the FTA. He called it the 'Mother of All Deals'. Formal signing of the trade deal is expected around 26-27 January, when senior EU leaders visit India. This trade deal is likely to be announced at the 16th India-EU Summit in New Delhi.

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This agreement, now officially called the India-EU Free Trade Agreement, has replaced the previously used broad-based trade and investment agreement label, which had been in use since negotiations began in 2007.

Dynamics of India-EU trade

If this agreement is reached, the India-EU FTA will be India's ninth trade agreement in the last four years, which will join the growing list of agreements reached with Mauritius, UAE, Australia, New Zealand, Oman, the EFTA bloc, the UK and partners under the Indo-Pacific Economic Framework.

India-EU Free Trade Agreement: New Delhi’s gains

Once finalised, this agreement will become India's largest free trade agreement, both in terms of economic scale and regulatory coverage. It will provide preferential access to all 27 EU member countries through a single framework, because the EU acts as a custom union. According to an analysis by the Global Trade Research Initiative (GTRI), for India, the proposed agreement opens the door to one of the world's richest and most trusted economic blocs, the European Union, with an estimated GDP of 18—22 trillion euros and whose market extends to consumers with income of more than 450 million.

GTRI points out one important thing. It is not that the India-EU Free Trade Agreement is not going to be completed because the old differences have ended, but the changing geo-political situation has forced both sides to adopt a more practical approach. Considering the trade war started by US President Donald Trump, this agreement holds special significance for its time. Whereas the EU is now facing 10 percent new tariffs from the US, which may increase to 25 percent. India is already facing a 50 percent tariff on its exports to the US.

Preferential EU Market Access & Tariff Reduction

FTA for India provides access to the European Union, one of the richest and most stable markets in the world, with a GDP of around 18—22 trillion euros and a consumer income of 450 million.

In FY2025, India exported goods worth about 76 billion dollars to the EU, while it imported 61 billion dollars, which led to a trade surplus. But withdrawing EU GSP benefits in 2023 has reduced competitiveness for many Indian products.

Indian goods already have a relatively low average tariff in the EU — about 3.8% on exports worth $75.9 billion in FY2025 — but key labour-intensive sectors like textiles and clothing still attract around 10 per cent duty. Removing these tariffs will clearly benefit exports.

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The FTA would help Indian companies to withstand the shock of higher US tariffs as it would have access to new markets and reduced tariffs on key exports such as clothing, pharmaceuticals, steel, petroleum products and machinery.

In IT sector, liberalisation of services will help India as it has a skilled workforce and would be able to increase services exports to Europe and reduce its heavy dependence on the US market.

IDBI Bank privatization nears: Financial Bids invited for massive government stake sale

Biplob Ghosal — Thu, 22 Jan 2026 10:09:00 +0530

New Delhi: The process of privatisation of IDBI Bank has now reached a decisive juncture. The central government has invited financial bids to sell its stake in the bank. The process that has been stuck for a long time is now speeding up. According to government sources, all necessary regulatory and security clearances have been completed. The government can announce the name of the successful bidder by March 2026. This deal is believed to be one of the biggest disinvestment deals in the Indian banking sector.

Under the proposed disinvestment scheme, the central government will keep its 30.48 percent stake in IDBI Bank for sale. Based on the current market price, its price is estimated at around Rs 36000 crore. Along with this, the Life Insurance Corporation (LIC) will also sell its 30.24 percent stake in the bank. In this way, 60.72 percent of the total stake will be on sale. The total value of both stakeholders is estimated to be around Rs 72,000 crore.

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Top Contenders for IDBI Bank

IDBI Bank is considered to be the race of some big and strong investors. Fairfax Financial, whose head is Prem Vatsa, is one of the main contenders for this deal. Besides this, Kotak Mahindra Bank, a big private sector bank, is also believed to be ahead in this race. According to sources, both of them have shown serious interest in the deal. However, the final decision will be made on the basis of the financial bid and terms.

Emirates NBD has recently announced its intention to buy a large stake in RBL Bank. The value of this deal is said to be around Rs 27000 crore. Market experts believe that after this big deal it may be difficult for Emirates NBD to invest in IDBI Bank. It is not considered practical to engage in two big bank deals simultaneously. This is why Emirates NBD is now being considered out of this race.

IDBI Bank disinvestment

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The process of disinvestment of IDBI Bank started on 7 January 2023. At that time, the Investment and Public Property Management Department had received interest letters from many potential investors. After this, the matter went through the stages of investigation and regulatory clearances. The process took time but now it has reached the final stage. Getting a financial bid invite is considered a big step in this direction.

The central government has not set any specific target related to disinvestment. Now the income from the sale of stake is added to other capital receipts. So far in the current financial year, the government has received about Rs 8768 million from disinvestment. This figure may increase significantly once this deal of IDBI Bank is completed. Therefore, this deal is considered important for the government both financially and strategically.

Shadowfax Technologies IPO: 63% subscription on Day 2, GMP keeps eroding | Last day to bid

Avijit Ghosal — Thu, 22 Jan 2026 07:18:00 +0530

Kolkata: Logictics services provider Shadowfax Technologies could manage 63% subscription on the second day -- 1.75 times in the retail category, 0.40 times in QIB (Ex Anchor) category and 0.35 times in the NII category. It is clear that the real investors displayed the biggest rust on this issue. The company have successfully placed shares worth Rs 856 crore out to anchor investors, both domestic and foreign. The QIB level of investment is significant since these are usually banks and mutual funds which have the requisite skills to analyse a public issue and the deep pockets to invest.

The Rs 1907.27-crore public issue consists of a fresh issue of 8.06 crore shares aggregating to Rs 1,000 crore and an OFS segment (offer for sale) of 7.32 crore shares aggregating to Rs 907.27 crores. The company is in the business of providing logistics services. Analysts have pointed out risk factors of the issue -- the company depends on a crowdsourced network of delivery partners with whom Shadowfax does not have any exclusive arrangement. Also is any commercial relation is severed, it signals loss of business for the firm.

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Shadowfax Technologies IPO GMP

According to investorgain the GMP was Rs 1.5 in the early morning of Jan 22, the closing day of the issue. Considering a price band of Rs 124, the estimated listing price signalled by this level of GMP is Rs 125.5. The listing gain, therefore, will come to 1.21% at this level. Significantly, there has been a constanterosion of the GMP from Rs 16 where it stood on Jan 15. However, it must be kept in mind that GMP is an unofficial gauge that is volatile and does not guarantee anything -- gain or loss on listing.

Shadowfax Technologies IPO price band, lot size

Shadowfax Technologies IPO price band has been fixed at Rs 118-124 per share. For a retail investor, the lot size for the minimum application is 120 shares and the minimum application amount is Rs 14,880 based on upper end of the price band. However, the lot size investment for sNII is 14 lots (or 1,680 shares) and that for bNII category of investors, it is 68 lots (or 8,160 shares). ICICI Securities is the lead manager while Kfin Technologies is the registrar of the issue.

Shadowfax Technologies IPO key dates

Bid closes: Today, Jan 22, 2026

Allotment: Jan 23

Refund: Jan 27

Credit of shares: Jan 27

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Listing: Jan 28

Shadowfax Technologies business

Shadowfax Technologies has proven competence in logistics solutions, particularly e-commerce express parcel delivery and a suite of value-added offerings. These are particularly suited for D2C delivery, hyperlocal & quick commerce within hours or same day. The logistics network is spread across the country with a dedicated fleet of over 3,000 trucks daily. Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC and Magicpin count among its clients.

Shadowfax Technologies IPO: 50% subscription on Day 1, GMP dipping; | Check all details

Avijit Ghosal — Wed, 21 Jan 2026 07:15:00 +0530

Kolkata: Logictics services provider Shadoxfax Technologies had a moderately successful first day of bidding when it attracted 0.50 times overall subscription -- 1.20 times in the retail category, 0.40 times in QIB (Ex Anchor) category and 0.23 times in the NII category. It is clear that the real investors displayed the biggest rust on this issue. The company have successfully placed shares worth Rs 856 crore out to anchor investors, both domestic and foreign.

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Shadowfax Technologies IPO GMP

According to investorgain, the GMP in early morning of Jan 20 is Rs 4. Considering a price band of Rs 124, the estimated listing price signalled by this level of GMP is Rs 128. The listing gain, therefore, will be 3.23%. The GMP of the issue stood at Rs 16 on Jan 15 and since then it has declined to the current level. However, it must be remembered that GMP is an unofficial gauge that is volatile and does not guarantee anything -- gain or loss on listing.

Shadowfax Technologies IPO price band, lot size

Shadowfax Technologies IPO price band is Rs 118-124 per share. For a retail investor, the lot size for the minimum application is 120 shares and the minimum amount that he/she needs to invest in it is Rs 14,880 based on upper end of the price band. However, the lot size investment for sNII is 14 lots or 1,680 shares and that for bNII category of investors, it is 68 lots or 8,160 shares. ICICI Securities is the lead manager while Kfin Technologies is the registrar of the issue.

Shadowfax Technologies risk factors

Analysts have pointed out that one of the risks of the company is a HR risk. Shadowfax depends on a crowdsourced network of delivery partners and it does not have any exclusive arrangement with them. with whom the company does not have any exclusive arrangement. Also is any commercial relation is severed, it means loss of business for the firm.

Shadowfax Technologies IPO key dates

Bid closes: Jan 22, 2026

Allotment: Jan 23

Refund: Jan 27

Credit of shares: Jan 27

Listing: Jan 28

Shadowfax Technologies business

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Shadowfax Technologies has proven competence in logistics solutions, particularly e-commerce express parcel delivery and a suite of value-added offerings. These are particularly suited for D2C delivery, hyperlocal & quick commerce within hours or same day as well as SMS & personal courier services through Shadowfax's Flash app. The logistics network is spread across the country with a dedicated fleet of over 3,000 trucks daily. Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin re among its clients.

This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.

Flavour of the season: Check top flexicap mutual funds with best SIP returns in 7 years

Avijit Ghosal — Tue, 20 Jan 2026 15:50:00 +0530

Kolkata: In times when the equity markets are wobbly, it is quite natural for investors to lean towards flexi cap funds. Flexi cap funds are open-ended equity mutual funds where the managers have freedom to invest in stocks of large, mid or small cap nature as necessitated by market conditions without the need to maintain any predefined sector composition. They have to maintain a minimum 65% investment in equities.

AMFI data show that among the sub categories of mutual funds, flexicap funds recorded the highest inflows at Rs 80,978 crore in 2025 and in December the inflow was Rs 10,019 crore in this category. In the 12 months in 2025, flexicap funds topped inflows in nine months. Since they have grown so popular, let's have a look at the best returns the flexi cap funds have generated over the past seven years. These are returns of SIP investment, which has become extremely popular with common Indians. The returns pertain to Jan 19, 2026.

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HDFC Flexi Cap Fund

Expense ratio: 1.33%

Min SIP amount: Rs 3,000

HDFC Flexi cap fund has emerged the winner in the flexi cap flock. In the past seven years, the HDFC Flexi Cap Fund has given a 21.66% annualised return. Its AUM (assets under management) have expanded to Rs 96,295 crore, while the NAV (net asset value) is Rs 2,070.48. Another indicator of super performance by this fund is that against NIFTY 500 TRI, the fund has generated annualised returns of 18.99% since it was flagged off in December 1994.

Quant Flexi Cap Fund

Expense ratio: 1.82%

Min SIP amount: Rs 3,000

In seven years, Quant Flexi Cap Fund has generated 20.84% annualised return. Its AUM is Rs 6,700 crore and its NAV is Rs 95.65. Benchmarked against NIFTY 500 TRI, the fund has given annualised returns of 13.95% since August 2008, when it was introduced.

Parag Parikh Flexi Cap Fund

Expense ratio: 1.28%

Min SIP amount: Rs 3,000

In seven years, the Parag Parikh Flexi Cap Fund has offered 19.64% annualised return. Its assets under management stood at Rs 1,33,309 crore and its net asset value is Rs 85.84. Benchmarked against NIFTY 500 TRI, the fund has given annualised returns of 18.52% since its launch which took place in May 2013. Significantly, this is the highest AUM of any mutual fund in India.

JM Flexicap Fund

Expense ratio: 1.82%

Min SIP amount: Rs 3,000

In seven years, the JM Flexicap Fund has generated 18.53% annualised return. Its assets under management (AUM) are Rs 5,463 crore, while its net asset value (NAV) is Rs 95.21. Against the BSE 500 TRI, the fund has generated 13.95% returns its flagging off in July 2008.

PGIM India Flexi Cap

Expense ratio: 1.78%

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Min SIP amount: Rs 3,000

In seven years, the PGIM India Flexi Cap has generated 14.90% annualised return. The AUM (assets under management) of this fund is Rs 6,268 crore. Its net asset value is Rs 36.25. Compared against NIFTY 500 TRI, the fund has offered annualised returns of 12.59 per cent since its introduction in February 2015.

PhonePe IPO gets SEBI bod: India's most anticipated fintech Public Offer set to launch

Biplob Ghosal — Tue, 20 Jan 2026 15:41:00 +0530

New Delhi: Securities and Exchange Board of India (SEBI) has given its nod to PhonePe to launch its Initial Public Offer (IPO). The payment aggregator will be filing its Updated Draft Red Herring Prospectus (UDRHP) soon. In the near future, PhonePe public offer is India's most anticipated fintech IPO, sources familiar with the development told news agency PTI.

The PhonePe IPO will be an Offer For Sale by existing shareholders of the fintech. The sources further said that the company will not be raising any additional primary capital in the IPO.

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PhonePe's Digital Payments Dominance

PhonePe is a leading player in India's digital payments market with over 45 per cent market share in UPI transactions. NPCI data reveals that in December 2025, the fintech processed 9.8 billion transactions.

In the financial year 2024-25, PhonePe had recorded Rs 7,115 crore in revenue, which was a 40 per cent year-on-year increase. The company also turned free cash flow positive with operating cash flow of Rs 1,202 crore. Its adjusted PAT (excluding ESOP costs) surged 3X to Rs 630 crore.

PhonePe financials

PhonePe IPO will act as a crucial benchmark for India's digital payments sector and other fintech unicorns could eye stock market entry.

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In FY25, PhonePe’s consolidated losses narrowed to Rs 1,727.4 crore, while it stood at Rs 1,996.1 crore in the preceding fiscal. The company’s revenue from operations increased by 40.5 per cent from Rs 5,064 crore in FY24 to Rs 7,115 crore in FY25.

PhonePe’s total expenses surged 21 per cent year-on-year to Rs 9,394 crore in FY25.

Shadowfax Technologies IPO: GMP slides, Check price band, lot size | Will you invest?

Avijit Ghosal — Tue, 20 Jan 2026 07:41:00 +0530

Kolkata: The bidding window for the Rs 1907.27-crore Shadowfax Technologies IPO is set to open today Jan 19, 2026. The IPO is a book build issue that comprises a fresh issue of 8.06 crore shares aggregating to Rs 1,000.00 crore and an OFS (offer for sale) of 7.32 crore shares amounting to Rs 907.27 crores. The Shadoafax IPO comes even as the market is relishing the dream listing of BCCL.

Shadowfax is a logistics services provider. It has already mobilised on Monday Rs 856 crore from anchor investors, which included global and domestic institutions such as Nippon India Mutual Fund (MF), ICICI Prudential MF, JM Financial MF, Motilal Oswal MF, Government Pension Fund Global, ICICI Prudential Life Insurance Company, Societe Generale, HSBC Global Investment Funds, Eastspring Investments and Jupiter India Fund.

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Shadowfax Technologies IPO GMP

According to investorgain, the GMP in early morning of Jan 20 is Rs 6. Considering a price band of Rs 124, the estimated listing price signalled by this level of GMP is Rs 130. The listing gain, therefore, will e 4.84. The GMP of the issue stood at Rs 16 on Jan 15 and since then it has declined to the current level.

Shadowfax Technologies IPO price band, lot size

Shadowfax Technologies IPO price band has been fixed at Rs 118-124 per share. The lot size for an application for a retail investor is 120 and the minimum amount that he/she needs to invest in it is Rs 14,880 based on upper end of the price band. On the other hand, the lot size investment for sNII is 14 lots or 1,680 shares and that for bNII category of investors, it is 68 lots or 8,160 shares. ICICI Securities is the book running lead manager and Kfin Technologies is the registrar of the issue.

Shadowfax Technologies IPO key dates

Bid opens: Today, Jan 20, 2026

Bid closes: Jan 22

Allotment: Jan 23

Refund: Jan 27

Credit of shares: Jan 27

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Listing: Jan 28

Shadowfax Technologies business

Shadowfax Technologies provides logistics solutions, particularly e-commerce express parcel delivery and a suite of value-added offerings such as to suit D2C delivery, hyperlocal & quick commerce within hours or same day as well as SMS & personal courier services through Shadowfax's Flash app. It has nationwide logistics network. It operates a dedicated fleet of over 3,000 trucks daily and among its clients are names such as Meesho, Flipkart, Myntra, Swiggy, Bigbasket, Zepto, Nykaa, Blinkit, Kartrocket, Zomato, Uber, Pincode, Purplle, Licious, ONDC, Magicpin, among others.

Dream market debut for Bharat Coking Coal: BCCL shares list with 96.5% gain

Biplob Ghosal — Mon, 19 Jan 2026 11:17:00 +0530

New Delhi: The shares of Bharat Coking Coal Limited (BCCL) stock made a dream debut on the stock market on Monday. On NSE, the BCCL shares made debut at Rs 45 rupees apiece, thus listing with a gain of 95.65 percent. The PSU company had set a price band of Rs 21 to 23 per share for its IPO.

Bharat Coking Coal IPO opened for subscription on January 9 and closed on Tuesday, January 13. According to BSE data, the total subscription rate was 143 times on the last day of IPO. The public offer received a massive subscription.

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The minimum lot size in the BCCL IPO was 600 shares, and investors received a return of about Rs 13,200 rupees on each lot on the day of listing.

BCCL IPO Subscription details

Bharat Coking Coal IPO received an overwhelming response from investors. The public issue was subscribed a total of 143.85 times. Talking about category-wise subscriptions, the issue got 49.37 times the subscription in the category of retail investors. At the same time, qualified institutional buyers (excluding QIB — anchor investors) subscribed 310.81 times. Apart from this, the issue received 240.49 times the subscription in the Non-Institutional Investors (NII) category.

BCCL IPO GMP indicated strong listing

According to Investorgain, BCCL IPO GMP indicated that shares would list with Rs 13.1 premium. If based on the price band of Rs 23, the estimated listing of Bharat Coking Coal shares could have been 36.1 rupees. The potential listing gain per share was estimated to be around 56.96 percent.

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About BCCL

Bharat Coking Coal Limited (BCCL) is a wholly-owned subsidiary of Coal India Limited. It is mainly active in the mining and production of coking coal, as well as non-coking coal and washed coal. As of 31st March 2025, the company has a total of 32 mines, which include 25 opencast mines and 3 underground mines.

ICICI Pru MF, HDFC MF, SBI MF, Kotak MF: What did these AMCs buy and sell in December?

Avijit Ghosal — Sun, 18 Jan 2026 18:00:00 +0530

Kolkata: Mutual funds are supposed to hold the pulse of investors. Anyway, they are trusted by millions of investors who put a large part of their savings with the mutual fund schemes. While the total number of MF folios reached about 26.13 crore, the number of SIP accounts went up to nearly 9.8 crore in December 2025. The fund managers have the responsibility of maximising returns for the investors, within the risk parameters laid down in the scheme document.

Mutual funds signal skill in investment and heft in selection of assets and instruments where to put in funds. Therefore, what they invest in carry a big meaning not only for the direct investors in the scheme but for a large number of investors who can gain insights from the decision of the fund managers. Let's have a look at what five big AMCs of the country have bought and sold in December. The data has been crunched by Nuvama Alternative & Quantitative Research.

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SBI MF

SBI MF is the biggest mutual und house in India. It invested big sums in Meesho IPO (Rs 2,186 crore) and ICICI Prudential AMC (Rs 2,017 crore) in December. SBI MF also picked up stake in Interglobe Aviation worth Rs 1,817 crore when the aviation crisis in the operator was at its height. On the other hand, SBI MF trimmed its holdings in HDFC Bank (Rs 972 crore), Reliance Industries (Rs 750 crore) and Eicher Motors (Rs 742 crore). The fund exited Bank of Baroda, Aditya Birla Capital and Grasim Industries, along with Craftsman Automation, Punjab & Sind Bank and Nazara Tech.

HDFC MF

HDFC MF, the AMC arm of the biggest private sector bank in the country, The fund also raised its bets on Indigo and bought stakes in Interglobe Aviation in December (Rs 691 crore). It also picked up stake in Eternal (Rs 600 crore) and ICICI Prudential AMC (Rs 538 crore). It also bought Tata Chemicals and Wakefit Innovations shares. On the other hand, HDFC AMC trimmed its stake in Cipla (Rs 428 crore), Eicher Motors (Rs 206 crore) and L&T Finance (Rs 147 crore). The companies where HDFC MF exited completely included Bharat Dynamics, Gandhar Oil, OLA Electric, and Torrent Power.

ICICI Prudential MF

ICICI Prudential MF recently made waves on Dalal Street with its own IPO, which witnessed a storm of applications from all categories of bidders. The newly-listed company bought stake in Interglobe Aviation (Rs 3,760 crore), ITC (Rs 2,128 crore) and Swiggy (Rs 1,302 crore). On the other hand, it trimmed stake in Infosys (Rs 4,516 crore), TCS (Rs 864 crore) and Vedanta (Rs 863 crore). The fund also picked up stakes in Maharashtra Seamless, Coforge, GSK Pharma, and JSW Infra. ICICI Pru made a total exit from Cohance Lifesciences, Indus Towers, EPL, NMDC, ZF Commercial, EPL and Pricol.

Kotak MF

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The big time purchases by Kotak MF in December featured HDFC Bank (Rs 1,234 crore), Bank of Maharashtra (Rs 1,000 crore) and Bank of Baroda (Rs 703 crore). Kotak MF bought fresh shares in Nippon Life India AMC and Ujjivan Small Finance Bank. The AMC trimmed stake in Hindalco Industries (Rs 712 crore), Hero MotoCorp (Rs 532 crore) and Oil India (Rs 497 crore). Kotak MF exited Bajaj Auto, Oil India and GE Shipping.

Axis MF

Axis MF made significant purchases in Shriram Finance (Rs 714 crore), Reliance Industries (Rs 586 crore) and Tata Motors (Rs 513 crore). The AMC trimmed stakes in Bajaj Finance (Rs 1,305 crore), IndiGo (Rs 1,000 crore) and Bharti Airtel (Rs 877 crore). The fund made a complete exit from Hexaware, Asian Paints and Biocon.

FPIs in Indian IPO market: Know which are the top 10; who invested how much in 2025

Avijit Ghosal — Sun, 18 Jan 2026 14:30:00 +0530

Kolkata: Did you know which FPI (Foreign Portfolio Investors) invested the highest amount in Indian IPOs in 2025 as anchor investors? Or which FPIs participated in the highest number of public issues as anchor investors? While their role in selling Indian equities have been discussed a lot to explain how they dampened investor sentiments, their participation in the Indian IPO market remains less known in the public space.

FPIs continue to play an important role in the expanding space of Indian public issues. They bring global capital and benchmarking discipline and international credibility to anchor books, writes Pantomath Capital Advisers in its Primary Pulse 2025 report. The firm has crunched data to come up with the list for FPIs in the Indian IPO market as anchor investors (Jan to Nov 2025). From foreign governments to pension and university funds abroad can operate as FPIs. Sebi is trying to raise ease of doing business for FPIs in India.

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Limited participation

Pantomath has come up with two observations. One, anchor participation is concentrated among a limited set of global institutions, including sovereign funds, global asset managers and investment banks. And two, even the active FPIs

FIDELITY

Number of IPOs: 15

Total amount invested: Rs 1,499 crore

GOVT. OF SINGAPORE

Number of IPOs: 11

Total amount invested: Rs 1,427 crore

GOLDMAN SACHS

Number of IPOs: 26

Total amount invested: Rs 1,406 crore

NORGES

Number of IPOs: 18

Total amount invested: Rs 1,334

ASHOKA

Number of IPOs: 26

Total amount invested: Rs 1,236 crore

CAPITAL

Number of IPOs: 9

Total amount invested: Rs 1,213 crore

ABU DHABI INVESTMENT

Number of IPOs: 17

Total amount invested: Rs 1,040

NOMURA

Number of IPOs: 18

Total amount invested: Rs 955 crore

PRUDENTIAL

Number of IPOs: 23

Total amount invested: Rs 753

BLACKROCK

Number of IPOs: 9

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Total amount invested: Rs 716 crore

(Source: Pantomath Group analysis, Data as on: November, 2025)

Mutual Fund: Eight NFOs open now; check all thematic funds to ETF FoFs

Avijit Ghosal — Sun, 18 Jan 2026 11:05:00 +0530

Kolkata: Despite volatile stock markets, the mutual fund industry in India continues to display vibrancy. As many as eight New Fund Offerings are open right now. These offer investors the opportunity to buy units of the scheme at Rs 10, which usually climbs after they hot the market. Three of the eight funds are Fund of Funds that are linked to gold and silver ETFs, thanks to the persistent surge in the price of these two commodities. Let's have a look at the details of each.

Bandhan Gold ETF FOF

NFO closes: Jan 20, 2026

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Min investment: Rs. 1000/- and in multiples of Re. 1/- thereafter

Objective of scheme: The investment objective of the Scheme is to seek capital appreciation by investing in units of Gold ETF. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved.

Exit Load: 0.25% if redeemed on or before 15 days from the allotment date. Nil if redeemed after 15 days from the allotment date

Bandhan Silver ETF FOF

NFO closes: Jan 20, 2026

Min investment: Rs. 1000/- and in multiples of Re. 1/- thereafter

Objective of scheme: The investment objective of the Scheme is to seek to generate returns by investing in units of Silver ETF. However, there can be no assurance that the investment objective of the Scheme will be realised.

Exit Load: 0.25% if redeemed on or before 15 days from the allotment date. Nil if redeemed after 15 days from the allotment date

Bank of India Banking & Financial Services Fund

NFO closes: Jan 22, 2026

Min investment: Rs 5,000

Objective of scheme: The investment objective of the scheme is to generate long-term capital appreciation by investing predominantly in equity and equity related instruments of banking and financial services companies. However, there is no assurance that the investment objective of the scheme will be achieved.

Groww Small Cap Fund

NFO closes: Jan 22, 2026

Min investment: Rs 500 and in multiples of Re. 1/-thereafter

Objective of scheme: The objective of the Scheme is to generate long term capital appreciation by investing in equity and equity related instruments of small cap companies. However, there is no assurance that the investment objective of the Scheme will be achieved.

Exit Load: If redeemed within 1 year from the date of allotment: 1% If redeemed after 1 year from the date of allotment: NIL

Kotak Dividend Yield Fund

NFO closes: Jan 19, 2026

Min investment: Rs 100

Objective of scheme: An open-ended equity scheme predominantly investing in dividend yielding stocks

Kotak Nifty200 Value 30 Index Fund

NFO closes: Jan 29, 2026

Min investment: Rs 100

Objective of scheme: An open-ended equity scheme following services theme

Mahindra Manulife Innovation Opportunities Fund

NFO closes: Jan 23, 2026

Min investment: Rs. 1,000 and in multiples of Re. 1/- thereafter

Objective of scheme: The Scheme shall seek to generate long term capital appreciation by investing predominantly in equity and equity related securities of companies following innovation theme. However, there is no assurance that the objective of the Scheme will be achieved.

Exit load: An Exit Load of 0.5% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; • Nil if Units are redeemed / switched-out after 3 months from the date of allotment. Redemption /Switch-Out of Units would be done on First in First Out Basis (FIFO).

The Wealth Company Gold ETF FOF

NFO closes: Jan 23, 2026

Min investment: Rs 5,000

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Objective of scheme: To generate long-term Capital appreciation from a portfolio created by investing in units of The Wealth Company Gold ETF. There is no assurance or guarantee that the investment objective of the Scheme will be achieved.

Exit load: Nil

NSC vs FD: A comparative analysis of interest rates, tax benefits

Biplob Ghosal — Sun, 18 Jan 2026 08:00:00 +0530

New Delhi: Safe savings and better returns have become the first need of every investor in the era of inflation. After repeated repo rate cuts by the Reserve Bank of India in the last one year, many banks have reduced the interest rates of fixed deposits i.e. FDs. In such a situation, the government's small savings schemes are becoming a better option for the common people. One of these is the National Savings Certificate (NSC). This is a fully government-guaranteed scheme, in which your money remains safe and interest is also paid.

Currently, the government is offering 7.7 percent annual interest on NSC, which is more than the 5-year FD of many big banks. This is why the demand for NSC is increasing rapidly among the middle class and the salaried class. The special thing is that those who opt for the old tax rules i.e. Old Tax Regime also get tax exemption under Section 80C. Therefore, NSC has now become not only a means of saving, but also a strong source of tax planning.

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NSC scheme details

National Savings Certificate is a small savings scheme, which is operated through the post office. It is a safe investment option for a period of 5 years. The money invested in it remains under the guarantee of the government, so the risk is almost zero. The government reviews its interest rates every quarter, so that it remains in line with the market situation.

The minimum investment in NSC is Rs 1,000 and after that you can invest in multiples of Rs 100. There is no limit on the maximum investment. At the same time, the minimum amount in FD can range from Rs 1,000 to Rs 10,000 in different banks. Even in normal FDs, there is no maximum investment limit.

NSC vs FD Interest Rate Comparison

For the January to March 2026 quarter, NSC is getting 7.7 percent annual interest, which is compounded annually. Compared to this, most banks are paying interest on 5-year FDs ranging from 6 percent to 7.5 percent. Talking about government banks, SBI pays 6.05 percent interest on 5-year FDs, Punjab National Bank 6.10 percent and Canara Bank gives 6.25 percent interest. Among private banks, HDFC Bank is paying 6.4 percent interest, ICICI Bank 6.5 percent and Yes Bank 6.75 percent. It is clear that NSC is offering better returns than many banks.

Private Sector Banks FD rates

Bank Name	5 Year Interest Rate (%)
HDFC Bank	6.4
ICICI Bank	6.5
IDFC FIRST Bank	7
IndusInd Bank	6.65
Jammu & Kashmir Bank	6.6
IDBI Bank	6.25
Karnataka Bank	6.15
Kotak Mahindra Bank	6.25
YES Bank	6.75

Public Sector Bank FD rates

Bank Name	5 Year Interest Rate (%)
Canara Bank	6.25
Central Bank of India	6
Punjab National Bank	6.1
State Bank of India	6.05

NSC interest

Interest in NSC is added every year and the entire amount is received after 5 years on maturity. This is called a cumulative scheme. In FD, you get two options. If you wish, you can charge interest every quarter or you can add it to maturity. NSC has a lock-in of five years and money cannot be withdrawn prematurely in general. Withdrawal is possible only by death, court order or under special circumstances. Tax-saver FDs also have a lock-in of five years, whereas normal FDs can be broken prematurely but are subject to penalties.

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NSC Tax Benefits

Investment made in NSC is eligible for deduction of up to Rs 1.5 lakh under Section 80C under the old tax rule. However, the interest earned on NSC is taxable. Similarly, the interest earned on FD is also taxable as per your income tax slabs. If you want safe investments and better interest, then at present NSC is proving to be a better option than many bank FDs. It is a robust and reliable tool especially for those seeking tax savings.

No cash payment at highways from April 1: Major change in toll plazas

Avijit Ghosal — Sat, 17 Jan 2026 14:01:00 +0530

Kolkata: Come April1 and Indians will no longer be dipping into their wallet to pay toll at a highway toll plaza. Travel on the highways of this country is set to change with the government deciding to ban cash payments at all toll plazas along the national highways. All payments have to made through FASTag or UPI platforms. The decision is expected to curb congestion while simultaneously giving digital transactions a further push.

However, the government is yet to put out an official notification to that effect. But media reports suggest that preparations are already underway to ensure smooth rollout. As is the current system, one can pay toll in cash -- though at a higher rate -- if one doesn't have FAStag. After April 1 this year, the banning of cash transactions at toll plazas can contribute towards the decongestion of the highways at these points. Movement will, therefore, become faster.

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Digital payments will also help improve the situation. Once digital payments are implemented , vehicle drivers won;t have to stop for cash transactions or wait for change to be returned. The digitalisation and FASTag can have another benefit. It can cut down the travel time, especially over long distanmces, when one has to negotiate through multiple toll plazas. Transparency of transaction is another benefit. If cash transactions are eliminated, there will not be any question of any revenue leakage or pilferage.

Barrier-free toll model the future

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All this could be the stepping stone towards a major leap in toll collection in the future. In a measure to transform the toll collection method, the government is working to put together a barrier-free tolling model. It is formally called a Multi-Lane Free Flow model of travel. The basic feature fo the system is vehicles can pass thorough the toll plazas at the normal speed at which they are travelling and do not have to stop or even slow down. Sensitive scanners will deduct the applicable toll at each point. It is already in use in some developed anuntries and they are being incorporated in the system

A trial run of this stopless toll coollection system is being conducted at 25 toll plazas across the country. The rollout of the system sill depend on the success of the trial run. It has also been reported that if the driver of a vehicle does not have any digital payment platform, he/she would face delays and penalties.

AI to obesity drugs: McKinsey identifies 18 sectors for next wave of global growth

Avijit Ghosal — Sat, 17 Jan 2026 11:42:00 +0530

Kolkata: Where can growth come from? Growth worshippers from industrialists to government to economists to policymakers are all in search of growth areas of the future. Global management consultancy firm McKinsey has identified 18 industries which could generate $29-48 trillion in annual revenue by 2040. Let's have a look at what these are and which are the areas where India can profit from.

While drawing up this chart, the consultancy firm has focussed on exceptional growth. It has found that e-commerce can expand to represent the biggest growth sector in the world. McKinsey has also noted how e-commerce revenues jumped from $15 billion in 2005 to more than $1 trillion in 2023.

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18-34% of global growth

McKinsey has highlighted breathtaking numbers to underscore the potential of these following sectors. It has said, "The 18 future arenas could generate $29-$48 trillion in revenues, or 18-34 percent of total GDP growth." An interesting mention in this list is that of autonomous vehicles, which are self-driving or driverless cars. Another in drugs for obesity and related conditions.

E-commerce

Revenue in 2022: 4,000

Revenue in 2040 (estimate): 14,000-20,000

CAGR, 2022-40: 7-9%

Al software and services

Revenue in 2022: 85

Revenue in 2040 (estimate): 1,500-4,600

CAGR, 2022-40: 17-25%

Cloud services

Revenue in 2022: 220

Revenue in 2040 (estimate): 1,600-3,400

CAGR, 2022-40: 12-17%

Electric vehicles

Revenue in 2022: 450

Revenue in 2040 (estimate): 2,500-3,200

CAGR, 2022-40: 10-12%

Digital advertisements

Revenue in 2022: 520

Revenue in 2040 (estimate): 2,100-2,900

CAGR, 2022-40: 8-10%

Semiconductors

Revenue in 2022: 630

Revenue in 2040 (estimate): 1,700-2,400

CAGR, 2022-40: 6-8%

Shared autonomous vehicles

Revenue in 2022: n/a

Revenue in 2040 (estimate): 610-2,300

Space

Revenue in 2022: 300

Revenue in 2040 (estimate): 960-1,600

CAGR, 2022-40: 7-10%

Cybersecurity

Revenue in 2022: 160

Revenue in 2040 (estimate): 590-1,200

CAGR, 2022-40: 8-12%

Batteries

Revenue in 2022: 98

Revenue in 2040 (estimate): 810-1,100

CAGR, 2022-40: 12-14%

Modular construction

Revenue in 2022: 180

Revenue in 2040 (estimate): 540-1,100

CAGR, 2022-40: 6-10%

Streaming video

Revenue in 2022: 160

Revenue in 2040 (estimate): 510-1,000

CAGR, 2022-40: 6-11%

Video games

Revenue in 2022: 230

Revenue in 2040 (estimate): 550-910

CAGR, 2022-40: 5-8%

Robotics

Revenue in 2022: 21

Revenue in 2040 (estimate): 190-910

CAGR, 2022-40: 13-23%

Industrial and consumer biotech

Revenue in 2022: 140

Revenue in 2040 (estimate): 340-900

CAGR, 2022-40: 5-11%

Future air mobility

Revenue in 2022: n/a

Revenue in 2040 (estimate): 75-340

Drugs for obesity and related conditions

Revenue in 2022: 24

Revenue in 2040 (estimate): 120-280

CAGR, 2022-40: 9-15%

Nuclear fission power plants

Revenue in 2022: 18

Revenue in 2040 (estimate): 65-150

CAGR, 2022-40: 7-13%

(Note: The amounts are in $ billions)

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(Source: Company annual reports; McKinsey Value Intelligence; McKinsey Global Institute analysis)

The 2024 study

McKinsey had done such a study in 2024 too, when it detected 12 industries on the basis of high growth and dynamism, which included cloud services, e-commerce, biopharmaceuticals and electric vehicles. "This dynamic dozen more than doubled their revenue share between 2005 and 2023 and grew their market capitalization by 14 percent per year, compared with 5 percent for the 45 other (non-arena) industries analyzed. The 12 arenas saw more new entrants, much higher R&D investment, and greater economic profits, too. At the root of their growing success, we found an “arena-creation potion” with three main ingredients: a technology or business model breakthrough, an escalatory race with ever-larger investments, and an addressable market that enables global scale and is large, growing, or both," McKinsey stated in its report.

Mutual Fund: Sebi's new rules to kick in rom April 1; know how it affects you

Avijit Ghosal — Sat, 17 Jan 2026 08:14:00 +0530

Kolkata: Come April 1, and the new rules of Sebi n mutual funds will kick in. SEBI has notified the SEBI (Mutual Funds) Regulations, 2026, making major regulatory changes for the mutual fund industry. In short, the new rules are aimed at reducing the burden of expenses on investors, increasing transparency of costs and establish accountability for asset management companies and also trustees. The changes got the nod of the Sebi board on Dec 17 and the notification has now come for the implementation to take place.

Reducing cost for investors via TER

From the point of the view of the investors, the most significant aspect of the new rules is related to the Total Expense Ratio or TER. In future only those expenses which are permitted by the regulator can be charged to investors under TER and these are base expense ratio, permitted brokerage costs, transaction costs related to trade execution, statutory levies, and exit loads. Apart from these no other expenses should be borne by the investor. All other expenses have to be bore by the AMC.

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More responsibility for trustees, independent directors

The old regulatory framework for mutual funds has been virtually discarded paving the way for an expanded role for trustees and independent directors who will need to keep a close vigil on the investment management agreement, remuneration paid under the scheme, service contracts entered into with related parties and fees charged to investors. Trustee have to identify deficiencies and inform the AMC in writing and ensure their timely rectification.

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Trustees and independent directors have been handed over another important governance-related function. They must ensure that the remuneration structure does not create conflicts of interest with investors. Annual reports have to mandatorily include detailed commentary from the trustees on the scheme's performance, historical data per unit, and clear information related to expenses and valuation. The AMC has to provide scheme-wise digital annual reports to unitholders within a stipulated time window.

Investor-friendly steps

The new measures have been drawn up keeping the interest of the investor at the centre of the exercise. By paving the way for limited expenses, enhanced vigil oversight and greater transparency, the regulator has made it clear that there will be no opportunity of fleecing investors in the mutual fund industry. Accountability will be strictly enforced.

Mahila Samriddhi Yojana: Empowering women with financial aid; how to apply

Biplob Ghosal — Fri, 16 Jan 2026 17:17:00 +0530

New Delhi: In today's time, women are moving forward in every field, but many times financial scarcity becomes a hindrance in the way of their dreams. Especially for women belonging to rural and backward classes, it is not easy to start their own work. To make such women self-reliant and to make their dreams fly, the Central government has started the Mahila Samriddhi Yojana. This scheme not only provides training and financial assistance to women, but also provides them the opportunity to stand on their feet and live life with dignity.

What is Mahila Samriddhi Yojana?

Mahila Samriddhi Yojana is a scheme of the central government, which has been started to make poor and backward class women self-reliant. The objective of this scheme is to encourage women for self-employment and to provide financial assistance to them. Under this, women are trained in groups (self-help groups) and allowance is also received during training.

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After completion of training, women are given a micro-credit i.e. small loan at a low interest rate, so that they can start their own work or business. This scheme is specially designed for women of rural areas, women belonging to Scheduled Castes, Scheduled Tribes and Other Backward Classes, so that they can overcome social barriers and become financially strong.

Mahila Samriddhi Scheme benefits

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Mahila Samriddhi Yojana is a micro finance scheme for women, in which loans are given at low interest and interest exemption is also available. Under this scheme, financial assistance of up to Rs 1,40,000 is given to women, so that they can start their own small business. The loan taken has to be repaid in about 3.5 years, which is in quarterly instalments. Apart from this, if the beneficiaries repay the loan taken under this scheme on time, they can also avail the benefits of other loan schemes of NSFDC (NSFDC) in the future. This scheme helps women become financially empowered.

Women who are between 18 and 55 years of age can benefit from the Mahila Samriddhi Yojana. This scheme is for low-income women, especially those belonging to Scheduled Castes (SC), Scheduled Tribes (ST) and Other Backward Classes (OBC), whose annual family income is less than 3 lakh rupees. Apart from this, women who want to start their own business or engage in any income earning activity are also eligible for this scheme. This scheme provides an opportunity for women to become self-reliant.

How to Apply for Mahila Samriddhi Scheme Loans

Visit the official website of NSFDC or your state government portal.
Download the application form of Mahila Samriddhi Yojana.
Fill your complete details, such as name, age, contact details, and loan amount required.
Attach all the required documents along with the form.
Submit the completed application form to the District Office of the concerned State Channelizing Agency (SCA).
After scrutiny of the application, the district office forwards it to the head office.
Eligible women can also apply through Regional Rural Bank, Public Sector Bank or NBFC-MFI.
The loan amount is released if all the terms and conditions are met after the application is approved.
The loan amount is disbursed directly to the beneficiary through the bank or the concerned agency.
The beneficiary has to repay the loan instalments as per the stipulated time.

Is the FY 2026-27 Budget's Sunday presentation a First for India?

Biplob Ghosal — Fri, 16 Jan 2026 15:55:00 +0530

New Delhi: Like every year, the budget for the financial year 2026-27 is set to be presented on February 1, but this time this budget is special in some ways. Usually, the Parliament session is not held on Saturday and Sunday, whereas this time the date of presentation of the budget falls on Sunday. Until a few days back, people had doubts about whether the budget would be presented this time on Sunday or not. After the official announcement made by the central government, it became clear that the budget would be presented on February 1. Is this going to happen for the first time that the budget is being presented on a Sunday. Let’s see…

Is the budget being presented on Sunday for the first time in the country? The answer is — yes. Never before has the budget been presented on the last day of a week. A similar coincidence occurred during the tenure of former prime minister Atal Bihari Vajpayee in 1999. At that time the budget was presented on 28th February and thai day was falling on Sunday. However, the then Finance Minister Yashwant Singh presented the budget one day earlier i.e. on Saturday, 27th February.

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Why Budget date was changed in 2017

The tradition of presenting the budget on 1 February began in the year 2017. Earlier, the budget was presented on the last day of February i.e. 28th February. This change was made during the tenure of the then Finance Minister Arun Jaitley, so that the budget proposals could be implemented before the new financial year starting from 1 April.

Although the budget will be presented for the first time in the country on Sunday, it is not new to present the budget on the weekend. Prior to this, the budget has been presented many times on Saturday. After Yashwant Singh, then Finance Minister Arun Jaitley presented the budgets for the financial year 2015-16 and 2016-17 on Saturday. Besides this, Finance Minister Nirmala Sitharaman also presented the budget for the financial year 2025-26 on Saturday itself.

Budget session schedule

The budget session will be held in two phases

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First phase: 28 January to 13 February 2026

Phase 2:9 March to 2 April 2026

Cement price outlook: Surge predicted; capacity expansion & demand dynamics explained

Biplob Ghosal — Fri, 16 Jan 2026 14:52:00 +0530

New Delhi: The cement industry may see a sharp rise in prices in the first quarter of 2026. The reason for this is said to be the late effect of strong demand and large capacity increases according to the weather. This is stated in a report by HSBC Global Investment Research. The report states the cement industry could announce a big price hike in the first quarter of 2026 and due to strong seasonal demand, some effects of these increases will be easily absorbed in the market.

Cement Price Hike possible in Q1 2026

The report also states that even though the production capacity of the cement industry has increased, its effect will not be visible immediately. According to the report, more than 100 million tonnes of new capacity is expected to be added to the industry during FY26-27, which is more than the growing demand. However, the real impact of this potential will be seen in the later part of CY26, which may keep the cement prices high in the first half of CY26.

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The report also stated that the second half of the year 2025 was weak for the cement sector. During this time the capacity to raise prices was low and realization was also slow. This was said to be disappointing, mainly due to weather constraints and slowing down government expenditure on infrastructure projects. Moving forward, the speed of demand is now expected to be normal as compared to the sharp rise after Covid.

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HSBC believes that the December quarter may remain weak, especially due to the fall in prices in the eastern and southern regions. Cost-related pressure can also affect profits. A possible increase in the prices of Pet Coke may increase the input cost. However, these pressures will be temporary and the situation will improve in the coming quarters as prices improve and sales increase.

The report also states that cement companies have started the process of raising prices in major markets. Cement companies have raised prices in south and east India in late December or early January or are likely to increase during January. Although it is not expected that all the announced price hikes will be fully implemented, some hikes will definitely show effect.

Jefferies picks 3 stocks including Infosys: Know target price and the reasons for optimism?

Avijit Ghosal — Fri, 16 Jan 2026 13:12:00 +0530

Kolkata: US-based MNC brokerage Jefferies has come out with three stock recommendations. These stocks are in three different industries retail, information technology and solar energy. While each has a significant upside, one has up to 70% from the level when Jefferies made the recommendation this week. Let's see what these stocks are, their target prices and what drives the optimism of the global broking firm.

Infosys

Target Price: Rs 1,880

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Jefferies has maintained its ‘Buy’ rating on Infosys. The target price of Rs 1,880 is the base case trice. It signals a 17% upside. The brokerage emphasised that Infosys reported Q3FY26 revenue of $5.1 billion, up 0.6% (q-o-q) in constant currency terms. It has exceeded markets estimates. Moreover, there have been large contracts which are worth $4.7 billion. One of the these is a deal from NHS.

Adjusted EBIT margins have risen by 20 basis points (q-o-q) to 21.2%. On the other hand, normalised profit jumped 12% year-on-year to touch Rs 7,625 crore, boosted by higher other income and a lower tax rate. “The guidance revision appears driven by the December quarter beat rather than a stronger March quarter outlook,” Jefferies noted. The Infosys authorities upped FY26 constant-currency revenue growth guidance to 3.0–3.5%. Jefferies expects Infosys to deliver 5.4% constant-currency revenue CAGR between FY26 and FY28 and also expects margins holding near 21%.

HDFC Asset Management Company

Target Price: Rs 3,120

Jefferies has maintained ‘Buy’ rating on HDFC Asset Management Company. It has fixed a target price of Rs 3,120 which is a base-case target price. This stock represents an upside of around 22%. The PAT for Q3FY26 jumped 20% (y-o-y) to touch Rs 769 crore. This beats market expectations slightly. Higher other income and cost controls have done the trick in this case.

The brokerage has noted that average assets under management grew 19% year-on-year to Rs 9.21 lakh crore. It has been attributed to 20% rise in equity AUM, which now constitutes 67% of total AUM. Core revenue grew 15% y-o-y. Employee costs have gone up due to ESOP-related expenses. The market share of the AMC remained stable in equity and debt funds. But it share in liquid funds went down and it impacted yields. Jefferies has stated that it thinks AUM will display 20% CAGR between FY26 and FY28 and will be led by equity inflows. The brokerage has stated that the impact of the new TER rules should be low to manageable for the AMC.

HDB Financial Services

Target Price: Rs 920

Jefferies has retained ‘Buy’ on HDB Financial Services. The target price mentioned here is a base-case price. It signals a nearly 20% upside. The brokerage noted how the company's profit for Q3 zoomed 36% y-o-y to touch Rs 640 crore. In this performance, the company exceeded market expectations. Lower provisions and higher fee income did the trick for HDB Financial Services. Growth in profits was recorded in this quarter at 45% even after providing for a one-time provision for the new labour codes.

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Disbursements grew 10% and assets under management rose 12% y-o-y to reach Rs 11.49 lakh crore. Net interest margins went up by 14 basis points q-o-q to touch 8.1%. Jefferies expects AUM growth of the company to rise to 16% in FY27. It also says that lower credit costs could support earnings growth of 29% CAGR between FY26 and FY28. There are hope of return on equity improving to 16%.

(Disclaimer: This article is only meant to provide information. TV9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, precious metals, commodity, REITs, InvITs and any form of alternative investment instruments and crypto assets.)

Coal India's Rare Earth strategy: Boosting mineral security, reducing China dependence

Biplob Ghosal — Fri, 16 Jan 2026 13:02:00 +0530

New Delhi: The world is slowly turning to minerals without which modern technology cannot work. These are called rare earth minerals. They play an important role in making mobile phones, electric vehicles, solar panels, wind power, defence equipment and semiconductors. So far, China has dominated the global supply of these minerals. Last year, China increased the strictness of its export of rare earth minerals, which threatened the industrial supply chain of many countries.

In such a situation, India is changing its strategy. Now instead of relying only on imports, India wants to access these important minerals through its own mining and partnership. In this direction, Bharat Coking Coal Limited, a subsidiary of Coal India, has taken a big step. The company is now exploring partnerships in rare earth mining in many countries including Australia, Russia and Africa.

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Coal India's new global quest

Bharat Coking Coal Limited, a subsidiary of Coal India, is considering investment and partnership in the mining of rare earth minerals abroad. Company Chairman and Managing Director Manoj Kumar Agarwal said that negotiations are going on at the initial level. The company is exploring opportunities in Australia, Russia, Argentina, Chile and many African countries. The motive is clear that India has to reduce its dependence on China and build its own secure supply chain.

Along with foreign countries, Coal India will also work with government companies for rare earth mining in India. For this, cooperation will be made with IREL, Khanij Bidesh India Limited and Hindustan Copper. The benefit of this will be that India will be able to make better use of its own resources and foreign dependence will decrease.

Recently, BCCL's $119 million IPO was opened, which garnered record subscription. This issue was oversubscribed about 147 times. Now the company will use this money for rare earth mining and new projects. The company is going to be listed in the stock market next week.

Reducing China Dependency in Critical Mineral Supply

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Apart from Rare Earth, BCCL is also planning to purchase coking coal mines in Australia and Russia. The deal is expected to be completed in the next two to three years. The company's target is to increase its coking coal production capacity from 40.5 million tonnes to 56 million tonnes per year by the year 2030.

Roads, railways, bridges, metro and big industrial projects are being built fast in India. This requires a lot of steel. Coking coal is the main raw material for making steel. So investors are assuming that BCCL will benefit greatly from building this growing infrastructure. This initiative of Coal India is not only business but also strategic. This will strengthen India's mineral security, reduce dependence on China and increase the country's industrial capacity.

Budget 2026: Home Loan, LTCG & Insurance deduction hikes likely | 10 key expectations

Biplob Ghosal — Fri, 16 Jan 2026 10:45:00 +0530

New Delhi: There is not much time left for the Union Budget 2026 to be presented. The hopes of crores of taxpayers of the country are once again betting on Finance Minister Nirmala Sitharaman. In the last few years, the government has taken many steps to promote the new tax regime, but considering inflation and changing needs, this time some big decisions could be announced in the budget. If you look at the demands of experts and the industry, the Finance Minister may announce relief on these 10 big issues in his budget speech.

Changes in the tax slab

In the last budget, the government changed the tax slab of the new regime and made income of up to Rs 12 lakh tax-free. However, taxpayers who opted for the old regime did not get any relief. This time it is expected that the government can make some changes to the tax slab of the old regime, so that people of the old regime can also benefit.

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Reduction in the number of TDS rates

Currently, many different rates of TDS (TDS) are applicable for different transactions, which causes a lot of confusion to taxpayers. Experts believe that to simplify this, the Finance Minister can reduce the number of TDS rates to just 2 or 3.

Higher Home Loan Deduction

Considering the long demand of the real estate sector, the government may increase the tax exemption on home loan interest. Currently, a discount of up to Rs 2 lakh is available under Section 24B, which can be increased to Rs 4 lakh. This will provide great relief to home buyers.

Joint Taxation for Husband and Wife (Joint Taxation)

ICAI has suggested to the government that the 'Joint Taxation' facility should be started for husband and wife. This system is already available in the US and Europe. If this comes into force, the total tax liability of working spouses will be reduced considerably.

Increase in LTCG Limit

The tax-free limit of Long Term Capital Gains (LTCG) can be increased for investors of stock market and mutual funds. Currently, profits of up to Rs 1.25 lakh in a year are not taxed. This limit is likely to be increased to Rs 1.5 lakh.

Insurance Deduction in New Regime

So far, deduction on term insurance and health insurance premiums is available only in the old tax regime. In this budget, the government may announce tax exemption on insurance premiums to make the new regime more attractive.

New Definition of Affordable Housing

The prices of houses in metro cities have increased significantly. Currently, only houses up to Rs 45 lakh are considered 'affordable'. The government may increase this limit to Rs 75 lakh, so that more people will be able to benefit from the affordable housing scheme.

Cheap Loans on Electric Vehicles

To reduce pollution and to promote electric vehicles (EVs), the government may take measures to reduce interest rates on EV loans. This will increase people's interest in buying electric vehicles instead of petrol and diesel.

Changes in the tax rules of debt funds

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In the last budget, the tax rules were tightened by considering the profits from debt funds as short-term gains, which has reduced the interest of investors. This time the government may try to lure investors back by relaxing these rules.

Standard deduction in the old regime

Standard deduction has increased to Rs 75,000 in the new regime, whereas in the old regime it is still Rs 50,000. Considering inflation, the government could announce an increase in the standard deduction in the old regime as well.

Silver price surges 22% this year: Silver ETF zooms; what can investors do?

Avijit Ghosal — Fri, 16 Jan 2026 09:45:00 +0530

Kolkata: Silver is putting Sergei Bubka to shame. As predicted silver is extending its golden run in 2026 and setting new records almost every day. After blazing the returns trail with more than 150% jump in 2025, silver prices have appreciated an incredible 22% n just the first fortnight of 2026. What's most important for investors, while such fast rise in prices has to accompany phases of correction, analysts are not really predicting a crash of overheated asset classes as is usually heard in such situations.

The price of the white metal is now galloping towards the psychological mark of Rs 3 lakh per kg. What is of significance is that the price of the precious metal first breached Rs 2 lakh per kg mark on December 12, 2025 for the first time. In the Indian spot markets, price of the white metal sailed past the Rs 2 lakh mark on December 17.

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Primary reason for the optimism in silver

The biggest reason for the relentless and dramatic price appreciation is the demand-supply imbalance, which analysts feel is a structural reality in the silver market since supply is not really in a position to whet demand in different sectors, all of which are rising. The demand is primarily from three sectors -- one, modern industrial sectors such as solar power, electric vehicles and high-performance electronics such as data centres; two, investors who are driven in increasing numbers to invest in the metal as prices rise and three, the traditional domains such as jewellery, utensils and figurines.

Silver ETF boom

The astronomical rise in prices have boosted investor sentiment and investors in droves are putting their money in silver ETFs (exchange traded funds). Prominent ETFs such as Tata Silver ETFs, Nippon India Silver ETFs, ICICI Prudential Silver ETFs, HDFC Silver ETFs, SBI Silver ETFs are in the news.

On account of the unprecedented rally in silver prices, Tata Silver ETF was up around 5% on Wednesday, while Nippon India Silver ETF recorded 4.75% rise. ICICI Prudential Silver ETF and HDFC Silver ETF were up about 4.57% and 4.65% only on intraday trading on Monday.

What can investors do?

The continuous price rise and the visibility of the tailwinds for the future is compelling AMCs to offer NFOs of Silver Fund of Funds. Bandhan has launched an NFO (New Fund Offering) of Silver ETF FoF. Silver ETF FoFs are also enjoying rising investment.

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"Silver has been traditionally viewed as a medium of store of value in India. But the rise of the new industrial sectors such as solar power and panels, EVs and high-performance electronics is now creating fresh and high demand for the white metal. Add to this the FOMO that many is compelling many investors to rush to bullions and ETFs. By the way, ETFs invest directly in the metallic silver," said Wishlist Capital director Nilanjan De. He also pointed out that globally demand has outstripped supply for the past four years. It is not clear when the supply will keep pace with demand, he emphasizes.

"However, investors must note that silver is more volatile than gold. There can be sharp price swings. Therefore, investment in silver should be approached with disciplined allocation keeping in mind a medium to long term perspective," he said.

Amagi Media Labs IPO closes today: GMP inches down, subscription 13%: See details

Avijit Ghosal — Fri, 16 Jan 2026 08:16:00 +0530

Kolkata: The Rs 1,788.62-crore Amagi Media Labs IPO did not have a satisfying application process so far. On the first two days of bidding, it could attract only 13% subscription. The issue was subscribed 0.13 times overall -- 0.52 times in the retail category, 0.03 times in QIB (Ex Anchor), and 0.08 times in the NII category. The QIB or Qualified Institutional Buyer category is significant since because this category consists of banks and mutual funds that have deep pockets and the skills and wherewithal to analyse an issue threadbare.

The IPO intends to mobilise Rs 1,788.62-crore through a combination of fresh shares of 2.26 crore aggregating to Rs 816.00 crore and an OFS of 2.69 crore shares aggregating to Rs 972.62 crores. The Bangalore-headquartered company in engaged in cloud-based broadcast and related TV technology. Its core competence lies in offering end-to-end solutions for content creation, distribution, and monetisation across traditional TV and streaming platforms. However, according to analysts the risks are a high dependence on digital advertising cycle and rising competition from global ad-tech platforms. Changes in data privacy and regulatory changes in related fields and advertising policies could also have serious bearing on the business of the firm.

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Amagi Media Labs IPO GMP dips

According to investorgain, Amagi Media Labs IPO GMP stood at Rs 27 in early morning of Jan 16, the day of closure of the bidding process. Considering the issue price as Rs 361, the estimated listing price of Amagi Media Labs shares could be Rs 388 which signals a listing gain of 7.48%. The GMP was at this level on Jan 15 but on Jan 14, it was at Rs 29. However, on the first day of the bidding process, Jan 13, the GMP was Rs 20. However, one has to remember that GMP is a highly volatile element and it is also an unofficial gauge which cannot guarantee listing gain (or loss).

Amagi Media Labs IPO price band. lot size

Amagi Media Labs IPO price band has been fixed at Rs 343-361. For a retail investor, the smallest investible lot is 41 for which he/she has to pay Rs 14,801 which is based on the upper price of the shares. The minimum lot size investment for sNII category of investors is 14 lots and the minimum lot for bNII investors is 68 lots. Kotak Mahindra Capital is the book running lead manager. And MUFG Intime India is the registrar of the issue. The listing of the stock has been fixed on Jan 21, 2026.

Amagi Media Labs IPO important dates

Bid closes: today, Jan 16

Allotment: Jan 19

Refund: Jan 20

Credit of shares: Jan 20

Listing: Jan 21, 2026

Amagi Media Labs financials

Assets: 1,352.16 (Sept 30, 2025); 1,425.00 (Mar 31 2025; 1,308.08 (Mar 31, 2024); 1,405.96 (Mar 31, 2023)

Total Income: 733.93; 1,223.31; 942.24; 724.72

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PAT: 6.47; -68.71; -245.00; -321.27

EBITDA: 58.23; 23.49; -155.53; -140.34

India confident on US trade deal amidst tariff talks; explaining the tariffs & trade dynamics

Biplob Ghosal — Thu, 15 Jan 2026 17:52:00 +0530

New Delhi: Amidst the uncertainty regarding the trade deal between India and the US, Commerce Secretary Rajesh Agarwal on Thursday said that the first part of the India-US trade agreement, which could reduce mutual tariffs on Indian exports is expected to be finalised soon. However, he said that no timeline can be specified right now.

A virtual meeting was held between India's Commerce Minister Piyush Goyal and the US Trade Representative (USTR) and the negotiating teams on both sides are constantly negotiating to reach a consensus.

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US tariffs on Indian goods

The US has imposed a tariff of 50 percent on most Indian goods, which is the highest in the world. He said that India expects exports to the US to remain positive, given that electronics shipments, which are now tariff-free, have been a main driver till now, even though high duties are affecting other sectors.

Agarwal said that both countries are engaged in negotiations and are committed to confirming the deal. He rejected speculations that the negotiations might fail. According to government data, India's exports to the US increased by 9.8 percent on an annual basis during April-December of financial year 2026.

Agarwal expressed confidence that India's total exports will cross 850 billion dollars in the current financial year. He said that merchandise exports increased by 1.86 percent year-on-year to $38.51 billion in December 2025, compared to $37.8 billion in December 2024. He said there has been a positive movement in our export growth. We have maintained a positive territory.

In the first 9 months of the current financial year, total exports were 634.26 billion dollars, which was 607.93 billion dollars in the same period last year. Imports rose to $63.55 billion in December 2025 from $58.43 billion a year earlier, resulting in a trade deficit of $25 billion that month. According to official data, during April-December, merchandise exports increased by 2.44% to $330.29 billion.

US threatens tariffs on Iran's trade partners

On possible tariff issues related to Iran, Agarwal said that India's trade with that country is limited. We are keeping an eye on this. We are waiting for details and as soon as we get details, we will look into it, he said.

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US President Donald Trump said on Monday that the United States will impose new tariffs on countries that trade with Iran and has threatened to impose a duty of 25 percent on all trade with the United States.

The White House has not released any details on how the tariffs will be implemented or implemented. Trump did not define what it means to do business with Iran, raising questions about whether this measure would apply to goods, services or financial transactions and which countries could be targeted.

NSE IPO launch: SEBI approves settlement, clears major hurdle for listing

Biplob Ghosal — Thu, 15 Jan 2026 16:37:00 +0530

New Delhi: India's market regulator SEBI has given in-principle approval to NSE's settlement application in the long-running unfair market access case, removing a major regulatory hurdle for the exchange's long-awaited listing. SEBI Chairman Tuhin Kant Pandey said on Thursday that the regulator has accepted the settlement proposal at the in-principle level.

According to a Reuters report, Pandey also said that the government has approved the reduction of 2.5 percent stake in the exchange and a notification will be issued regarding this soon. This development is considered the strongest sign so far that the country's largest stock exchange is finally approaching an IPO. Earlier, Pandey had said that the No-Objection Certificate (NOC) for public offers will be issued later this month.

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Long-Awaited NSE IPO Nears

Reuters had earlier reported that the NSE is planning to file its draft listing papers by the end of March. The exchange is understood to be in talks with investment bankers and law firms to finalise the prospectus and assess investor interest in what could be one of India's biggest IPOs ever. Formal appointments of consultants are expected after SEBI issues NOC.

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NSE, the world's largest derivatives exchange by volume, has been trying to go public since 2016. Its listing plans were repeatedly delayed due to regulatory scrutiny of fair market access through its co-location facilities as well as major governance concerns. This case is still pending in the Supreme Court. Last year, the exchange had proposed to settle the matter by paying Rs 1,387 crore, which SEBI is evaluating.

The regulatory environment has also become more favorable. In 2024, SEBI reduced the minimum public float requirement for large companies, which allowed companies with a value of more than 5 lakh crore rupees to dilute only 2.5 percent equity against the previous 5 percent after listing. The purpose of this change was to make listing easier for big issuers, including infrastructure-heavy platforms like exchanges.

Composite Salary Account Package for Central Govt employees: Insurance, loan & more benefits

Biplob Ghosal — Thu, 15 Jan 2026 14:59:00 +0530

New Delhi: The Department of Financial Services has launched a special type of bank account for central government employees - Composite Salary Account Package. The main purpose of launching this account is to provide all the facilities provided to central employees in one place. Holders of this bank account will get three types of facilities: banking facilities, insurance coverage and digital payments and card facilities. Account holder central employees will get the benefit of insurance up to Rs 2 crore, airport lounge access, reward points and cashback offers.

The composite salary account package will be a zero-balance salary account. It will provide free money transfer facilities, such as RTGS/NEFT/UPI and cheque facility. Also, you will get the benefit of discounts on bank lockers. If central employees want to take loans ranging from home loans to personal loans, then loans will be provided to them at a low interest rate.

Zero-Balance Salary Account

Free money transfer facilities like RTGS/NEFT/UPI and cheque facility
Low-interest loans for home, education, vehicle and personal needs
Waiver in loan processing charges
Discount on locker rental
Banking benefits for family members
Improved insurance coverage
Benefits under Personal Accident Insurance to Central Employees

Insurance cover for central Govt employees

Central employees will get benefits up to Rs 1.50 crore under personal accident insurance. Also, this benefit on air accidents will reach Rs 2 crore. Health and term insurance will also be available.

Personal Accident Insurance: Up to Rs 1.50 crore
Air Accident Insurance: Up to Rs 2 crore
Disability Insurance: Up to Rs 1.50 crore

Term Life Insurance: In-built term insurance up to Rs 20 lakh, plus top-up facility at low premiums.

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Health Insurance: Health insurance for self and family, additional top-up facility with base plan.

Digital and card facilities for central govt employees

Debit-credit card users and central government employees who make digital payments will also benefit from this. From airport lounge access, reward points and cashback offers will be available.

Special benefits on debit and credit cards
Airport lounge access, reward points and cashback offers
Freedom from unlimited transactions and maintenance charges

Budget 2026: Will the old income tax system be scrapped? About 80% migrated to the new system

Avijit Ghosal — Thu, 15 Jan 2026 12:47:00 +0530

Kolkata: One of the significant questions on many minds just about a fortnight away from Budget 2026 is whether finance minister Nirmala Sitharaman will announce the scrapping of the old tax system. The new income tax system was unveiled in FY21 and more than 80% of the taxpayers could have moved to the new system already. It is also clear that the policy emphasis of the finance ministry has been directed at the new tax system.

Many also pint out that the old system is gradually fading into irrelevance and the government will continue to allow it to die a natural extinction. This point of view might not be an exaggeration -- over the past few years, the government has kept incentivising the new tax regime and has left the old one untouched. This has already pushed four out of every five taxpayer towards the new system.

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Incentivising the new tax system

Himadri Mukhopadhyay, secretary, Income Tax Bar Association Calcutta is of the opinion that the inclination of the government has not been left to imagination. When one sees the government sweetening the new tax system consistently, it becomes clear that it wants the people to abandon the old one and migrate to that system. However, he does not think that the government will abruptly close the old system completely.

As a result of the incentives favouring the new system as with the new slab systems in the 2025 budget, the number of taxpayers in the new system must have gone up significantly, thinks Richa Sawhney, partner – tax, Grant Thornton Bharat. In Budget 2025, an annual income of Rs 12 lakh (12.75 lakh for salaried people) was made tax free. The significantly altered rebates and tax slabs were implemented exclusively for those in the old tax regime and tax consultants point out that after this step it would carry little meaning for most people to stick to the old system.

Simplicity and administrative ease

Apart from lower tax rates, the new system has another big USP -- a simple approach. Beyond lower rates, it consists of a simple approach and calculation. Since the new system provides for almost no exemptions and3 deductions, the calculations are straightforward, simple and easy to understand. Since there are almost no deduction, there is no apprehension of facing scrutiny over deductions too. Also there is little paperwork and compliance is far easier compared to the old tax syste. Therefore, it also offers peace of mind. All these factors will help to push the old tax system more and more to the fringes, thinks Mukhopadhyay too.

Old tax system: many still avail of deductions

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Though the numbers are dwindling, the old tax system might resonate with some taxpayers, especially who are in their middle ages. There are reasons. Traditionally, families have tended to make savings which are also tax deductible and these are available in the old tax system. Instruments such as PPF, life insurance, health insurance, pension products and home loans are an integral part of the financial planning of lakh of families. Many of them continue to stay in the old system to take advantage of the tax deductibility.

Tax experts also point out that the simultaneous operation of both systems allows the government to encourage consumption via the new system through lower rates as well as support disciplined savings through the old one. Therefore in practice, the old tax system could keep shrinking with each year.

Quant Mid Cap Fund's portfolio rejig: Sells IRCTC, buys Anthem Biosciences & more

Biplob Ghosal — Thu, 15 Jan 2026 12:19:00 +0530

New Delhi: Quant Mid Cap Fund of Quant Mutual Fund has made a big change in its portfolio in the month of December. While the fund has completely exited from IRCTC, it has increased its stake in five shares including Anthem Biosciences. This shift reflects the changing strategy and selective investment in the mid-cap space. So let's find out which stocks this fund house has expressed confidence in.

The fund house sold about 16.55 lakh shares from its portfolio in the month of December, with a market value of about Rs 113 million. Along with this, the fund has completely exited the shares present in its portfolio from IRCTC.

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Anthem Biosciences Leads Quant's Mid-Cap Buys

While Quant Mid Cap shunned IRCTC, it has increased its stake in 5 shares. One of these is Anthem Biosciences. In this, the fund made huge purchases. In December, it bought about 18.77 lakh shares of the company, which increased the total stake in this stock to 50.77 lakh shares.

Besides this, the fund added 16.58 lakh shares in PB Fintech, 12.09 lakh shares in SBI Cards and Payment Services, 4.30 lakh shares in Premier Energies and 3.88 lakh shares in Godrej Properties in its portfolio.

While the fund has shown more confidence in some stocks in its portfolio, it also recovered profits from some stocks. GMR Airports is also one of these. With this, about 2.66 crore shares were sold, from which the fund's total stake was 4.53 million shares in November, which was reduced to 1.87 million shares in December.

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During this time, Biocon made a place in the fund's portfolio as a new entry stock. Its 7.80 lakh shares were purchased. Quant Mid Cap Fund's December portfolio comprised a total of 22 stocks, which is equivalent to the previous month. At the same time, no change has been made in 15 shares, which include names like LIC Housing Finance, Reliance Industries, Tata Power, ITC, Life Insurance Corporation, JSW Infrastructure, Linde India and Orbindo Pharma. The AUM of Quant Mid Cap Fund is Rs 8,351 crore.

Disclaimer: Money9live does not recommend investing in any stock, mutual fund, IPO. Here only stock information is given. Consult your financial advisor before investing.

Coca-Cola to raise Rs 9,027 crore via IPO of bottler Hindustan Coca-Cola Beverages

Avijit Ghosal — Thu, 15 Jan 2026 11:30:00 +0530

Kolkata: Coca-Cola is preparing to float an IPO to raise as much as Rs 9,027 crore through its bottling unit Hindustan Coca-Cola Beverages. Hindustan Coca-Cola Beverages is a major bottler for the MNC giant in India and recently, Coca-Cola has sold a minority stake in the company to Jubilant Bhartia Group, which has strengthened the brand linkages of Hindustan Coca-Cola Beverages. According to reports, the plan is to mobilise $1 billion, which works out to about Rs 9,027 crore, given the current exchange rate.

The partnership with Jubilant Group is significant since Jubilant Food Works holds franchises for QSR brands such as Domino's Pizza, Popeyes and Dunkin' Donuts in India and offers synergies between the beverage and food businesses.

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When will the IPO hit the market?

According to reports, IPO will be launched and shares listed this summer. The plan is that if it rains during the peak summer season denting demand, the issue could be pushed back to next summer. The company has remained mum officially on this matter.

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Coca-Cola is a leading player in the 60,000-crore soft drink market of India. The major brands it owns and manages in this country are Coca-Cola, Thums Up, Sprite, Maaza, Kinley, Dasani, Georgia Coffee and Schweppes. Prior to the IPO, Coca-Cola sold its 40% stake in Hindustan Coca-Cola to Jubilant Bhartia Group for Rs 12,500 crore. This move is part of Coca-Cola's global asset-light strategy, the essence of which is to go light on physical assets and focus on brand, innovation and digital focus.

Financial position of Hindustan Coca-Cola Beverages

The revenue of Hindustan Coca-Cola Beverages for FY25 was Rs 12,751 crore, which marked a y-o-y 9% decline, one of the major reasons for which was tepid demand on account of continuous rains in the summer of 2025 in large parts of the country. Also the company sold some manufacturing plants to independent bottlers. Market experts believe that the food, beverage, and restaurant sectors are now showing signs of recovery, which can further boost the prospects of the Coca-Cola public issue.

Decoding Budget terms: Fiscal Deficit, Finance Bill & more Explained

Biplob Ghosal — Thu, 15 Jan 2026 10:23:00 +0530

New Delhi: There are many terms which you hear every year when the Budget is presented, but several people find it hard to understand the business terms like Finance bill, fiscal deficit, revenue deficit and more. Notably, these specific terms used in the Budget are very crucial and extremely significant as they affect your finances. The income tax rates, interest on loans are all dependent on these budgetary words. KIt also gives you the sense of the government spending on infrastructure and social welfare schemes.

Budget Estimate: This term refers to the income and expenditure estimated by the government for the financial year.

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Fiscal Deficit: When the government's income is on the lower side and and expenditure increases, then it means that the government is in deficit, and this is called fiscal deficit.

Revised Estimate: When the government presents the estimates of income and expenditure made in the previous financial year after making changes in them, then it is called a revised estimate.

Finance Bill: After the Union Budget is presented, the government introduces the Finance Bill in Parliament. This bill mentions the details of government revenues.

Appropriation Bill: The Appropriation Bill is also introduced alongside the Finance Bill. It has the information related to central government expenditures.

Fiscal Surplus: If the income of the government exceeds its expenditure, then it is said that the Centre is making a profit. This is called a fiscal surplus.

Revenue Deficit: If the government fails to meet the earnings set by it, then it is called Revenue Deficit.

Tax: There are two types - direct and indirect. Direct taxes are those taxes which are collected directly from the public, such as income tax and corporate tax. Indirect taxes are those taxes collected through excise duty, service tax, and customs duty.

Income Tax: The tax levied on people’s earnings is called income tax. The income you earn and any interest earned on it is subject to income tax, if it falls within the tax bracket.

Corporate Tax: The taxes paid by corporations and companies on their earnings to the government is called corporate tax.

Excise Duty: The tax levied on goods manufactured in the country is called excise duty.

Custom Duty: Any goods that are imported from foreign countries or are being exported to other nations are charged a duty which is called customs duty.

Contingency Fund: In emergency situations, the government withdraws money from a separate set of funds which is kept secured for such situations. This Fund is called the Contingency Fund. The government does not require parliamentary approval for withdrawal.

Consolidated Fund: Whatever the government earns is deposited and this set of money is called the Consolidated Fund. The Centre is required to take parliamentary approval for withdrawal.

Revenue expenditure: The government spends money to run the country. It is used to pay salaries, provide loans, subsidies, and grants to state governments.

Capital expenditure: When the government generates revenue from the expenditures then this is called Capital Expenditure. The government uses these funds for investment or for construction of schools, colleges, roads, and hospitals.

Short Term Gain: If stock market investors buy equities and sell them on profits within a year, then it is called short term capital gain.

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Long Term Gain: When you buy equities in the stock market and stay invested for more than a year and earn profit on it, it is called long term capital gain.

Disinvestment: When the government earns money by selling some shares of government companies, it is called disinvestment.

Amagi Media Labs IPO: Only 13% subscription on Day 2 but GMP rises | See details

Avijit Ghosal — Thu, 15 Jan 2026 07:26:00 +0530

Kolkata: The Rs 1,788.62-crore Amagi Media Labs IPO could manage to attract only 13% subscription till the end of the second day of bidding on Jan 14. The issue was subscribed 0.13 times overall -- 0.52 times in the retail category, 0.03 times in QIB (Ex Anchor), and 0.08 times in the NII category. The QIB or Qualified Institutional Buyer category is important because this category consists of banks and mutual funds which have deep pockets to invest and the skills and wherewithal to analyse an issue threadbare.

The IPO is designed to raise Rs 1,788.62-crore through a combination of fresh shares of 2.26 crore aggregating to Rs 816.00 crore and an OFS of 2.69 crore shares aggregating to Rs 972.62 crores.

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Amagi Media Labs business

Amagi Media Labs operates in the domain of cloud-based broadcast and related TV technology. The skills of the Bengaluru-headquartered company lie in offering end-to-end solutions for content creation, distribution, and monetisation across traditional TV and streaming platforms. According to analysts the risks include high dependence on digital advertising cycle and rising competition from global ad-tech platforms. Changes in data privacy and regulatory changes in related fields and advertising policies could also pose a degree of risk.

Amagi Media Labs IPO GMP rises

According to investorgain, Amagi Media Labs IPO GMP stood at Rs 29 in early morning of Jan 15, the day of closure of the bidding process. Considering the issue price as Rs 361, the estimated listing price of Amagi Media Labs shares is Rs 390 which signals a listing gain of 8.03%. The GMP has been ruling at this level since Dec 12. However, it must be kept in mind that GMP is a highly volatile element and it is also an unofficial gauge which cannot guarantee listing gain (or loss).

Amagi Media Labs IPO price band. lot size

Amagi Media Labs IPO price band is Rs 343-361. The smallest lot that a retail investor can apply for is 41 for which he/she has to pay an application amount is Rs 14,801 which is based on the upper price of the shares. The minimum lot size investment for sNII category of investors is 14 lots and the minimum lot for bNII investors is 68 lots. Kotak Mahindra Capital is the book running lead manager while MUFG Intime India is the registrar of the issue.

Amagi Media Labs IPO important dates

Bid closes: Jan 16

Allotment: Jan 19

Refund: Jan 20

Credit of shares: Jan 20

Listing: Jan 21, 2026

Amagi Media Labs financials

Assets: 1,352.16 (Sept 30, 2025); 1,425.00 (Mar 31 2025; 1,308.08 (Mar 31, 2024); 1,405.96 (Mar 31, 2023)

Total Income: 733.93; 1,223.31; 942.24; 724.72

PAT: 6.47; -68.71; -245.00; -321.27

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EBITDA: 58.23; 23.49; -155.53; -140.34

(All figures in Rs crore)

How record Silver & Gold prices are fuelling MMTC shares

Biplob Ghosal — Wed, 14 Jan 2026 17:07:00 +0530

New Delhi: Gold and silver prices witnessed a tremendous rise on Wednesday, January 19. Silver on MCX reached a new record high. At the same time, gold also appeared to be trading close to its highs. The effect of this rise in precious metals was also seen in the shares of MMTC Ltd today. The rise of gold and silver has increased the brightness of this holiday stock. Due to which it climbed by more than 12 percent in one fell swoop.

MMTC's stock jumped 12.10% to Rs 71.63 due to increasing confidence in bullion-related companies. The stock opened today at Rs 63.90, while on Tuesday this stock closed at Rs 63.55. This rise in the shares of MMTC is mainly due to the sharp rise in the prices of gold and silver. The continued strength in the bullion market has promoted buying in bullion-linked stocks, which has led investors to trend towards stocks like MMTC.

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Silver creates new record, gold remains strong

According to the bullion website, silver prices rose strongly by Rs 12,020 on Wednesday and it rose to a new all-time high of Rs 2,86,790 per kilogram. At the same time, gold also rose to Rs Rs 1,43,650 per 10 grams due to continuous purchase. Strong demand from stockists supported the prices of precious metals.

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"Gold and silver surged sharply on Wednesday, hitting fresh record highs as softer US inflation data strengthened expectations of Federal Reserve rate cuts this year," Rahul Kalantri, Vice-President of Commodities, Mehta Equities Ltd, said.

MMTC business

MMTC-PAMP is a joint venture of PAMP SA of Switzerland and MMTC Ltd of India. This company is active in the business of precious metals. The company claims that it is the only refinery in India, which is recognized by the London Bullion Market Association (LBMA) for both gold and silver.

BCCL IPO listing date changes: Public offer records huge subscription, GMP soars

Biplob Ghosal — Wed, 14 Jan 2026 16:39:00 +0530

New Delhi: BCCL IPO Investors will have to wait a few more days for the entry of India's leading coking coal production company Bharat Coking Coal Limited into the stock market. The listing of Coal India's Maharatna subsidiary was earlier scheduled on January 16, but due to municipal and local body elections in Maharashtra, it has been postponed to January 19. The Indian stock market will remain closed on January 15 due to the local polls.

Both BSE and NSE exchanges have clarified that there will be no trading in all segments including equities, equity derivatives, commodity derivatives and electronic gold receipts on January 15. This decision has been taken in view of the elections to be held in Maharashtra, so that the voting process is not affected.

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BCCL IPO subscription status

Bharat Coking Coal's Rs 1,071 crore IPO has entered the biggest and most subscribed issue of recent years. This IPO has received total bids worth more than Rs 1.1 lakh crore. The participation of investors in this issue was also at a record level. A total of 90.31 lakh applications were received, which shows that both retail and big investors have shown tremendous interest in this IPO. This IPO was subscribed a total of 143.85 times.

Qualified institutional buyers (QIBs) portion fetched 310.81 times subscription.
Non-institutional investors' quota garnered 258.04 times subscription.
Retail individual investors (RIIs) received 49.26 times subscription.

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The BCCL IPO price band was fixed at Rs 21-23 per share, and at the higher end, the company is valued at over Rs 10,700 crore. According to the IPO papers filed with SEBI, the public issue is entirely an offer for sale (OFS) of 46.57 crore equity shares by Coal India.

BCCL IPO GMP

Bharat Coking Coal IPO GMP stood at Rs 14 on January 14. With the price band of Rs 23, the shares of BCCL are estimated to be listed at Rs 37, indicating a gain of 60.87 per cent, investorgain reported.

Trump tariffs in US Supreme Court: Could the Indian stock market rally if tariffs are struck down?

Avijit Ghosal — Wed, 14 Jan 2026 15:36:00 +0530

Kolkata: It won't be an exaggeration to state that the eyes of Indian policymakers, nay of the world, are fixed on the US Supreme Court today. The apex court of the country is expected to announce its ruling on the legality of the tariffs that US president Donald Trump slapped on many countries choosing his targets whimsically to suit declared and undeclared ends. While India has questioned the basis of the tariffs and their fairness, many experts all over the world and even many in the US have pointed out that they will not only deliver the intended goods but also become counterproductive for the Americans.

Needless to reiterate, one of the main reasons why the Indian stock markets have remained at the current level is the punitive tariffs of 50% slapped on India by Trump. One the one hand, the 50% tariffs are the highest in the world and on the other it has adversely impacted several labour-inensive sectors in India such as textiles, gem and jewellery, marine products, leather products, chemicals. Exports have suffered in such sectors and there is an overall gloom in the export-oriented sectors.

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What will the US top court rule on

On April 2, 2025 Trump imposed tariffs from 10% to 50% on almost all major economies. But the decision was soon challenged in court on the grounds that under US laws the president did not have the authority to impose such tariffs. Federal courts have ruled that many of those tariffs exceeded presidential authority under extant laws. The apex court is now dealing with the matter. Reports state that the US top court will decide whether the US president can invoke the International Emergency Economic Powers Act to impose tariffs without the approval of the Congress.

The Indian equity markets

Analysts point out that the Trump's tariffs triggered a significant outflow of FII investment which has resulted in the under performance of the stock markets. The FII outflow has also pulled down the value of the rupee against the US dollar which has, in turn, triggered further FII selling of Indian equities.

Market analysts obviously think if the tariffs are struck down, the decision will boost the stock markets but it might not be a rally. The cause of the cynicism is that Trump has weaponized tariffs and even if he suffers a legal reversal, he will try to find out new ways to bring them back. "It could provide some relief to the market, but the impact is likely to be limited. Even if the ruling goes against Trump, tariffs remain part of the core strategy, and alternative legal or policy routes could still be used to impose restrictions. So, at best, it may offer a minor, short-term relief to market sentiment rather than a sustained boost," Pankaj Pandey, head of research at ICICI Securities, was quoted in the media as saying.

Analysts have also pointed to the fact that the Trump administration is preparing the ground with new amendments, laws and legislative routes if the Supreme Court rules against it. Corporate earnings will be the central element to decide the course of the markets, pointed out analysts.

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"A rally is possible," says Nilanjan De, financial strategist and director Wishlist Capital, adding, "it might not pave the way for a sustained bull run as we witnessed till October-November 2025." There are many triggers such as interest rates set by geopolitical risks, US Fed, corporate earnings, crude oil price level and last but not the least domestic corporate earnings growth and macro economic indicators such as GDP growth, rate of inflation etc.

In the event the court supports Trump

tThis scenario will obviously be some sort of a dampener. However, India Inc is becoming used to the Trump tariffs by gradually striking bilateral trade agreements with different economies to find new markets. After all, the US has been the most significant tradig partner of India. While the 50% tariffs will not pose any new threat to the Indian economy or stock market, the real danger could lie in the fact that an SC nod might embolden the US president to impose new tariffs to arm twist any country for any advantage. His threat to impose new and higher tariffs against any country that engages with Iran is a case in point.

RIL stock downturn: What investors need to know about Reliance's 2026 outlook

Biplob Ghosal — Wed, 14 Jan 2026 14:03:00 +0530

New Delhi: The beginning of 2026 has been weak for Reliance Industries Ltd (RIL), the country's largest listed company. The market cap of this giant company has decreased by about Rs 1.4 lakh crore. Since the beginning of the year, the stock has fallen by about 7 percent. In such a situation, investors are confused about what to do about this? Investors' eyes are now set on January 16. This is due to the company's quarterly results.

This decline comes at a time when Reliance outperformed the Nifty in 2025 and showed an increase of about 29 percent. But by the beginning of 2026, the picture changed. Increasing uncertainty about Russian crude in the refining business and signs of weak demand in the organized retail sector have shocked investors' expectations.

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Reliance share target price: What Jefferies said

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Jefferies has set a target of Rs 1,830 by retaining the Buy rating on shares of Reliance Industries. The brokerage expects the company's consolidated EBITDA to grow by about 13 percent in the financial year 2027, with Jio being the biggest contributor. Jefferies estimates that Jio's revenue will increase by 22 percent per annum in the financial year 2027, which will be due to the surge in mobile tariffs and strong growth in home broadband. With the margin improvement of about 280 basis points, Jio's EBITDA can increase by about 28 percent. Also, Jio's free cash flow is expected to increase by 65 percent annually.

According to Jefferies, investors' focus will be on many important triggers in 2026. These include the possible listing of Jio, further tariff hikes in the mobile segment, and the expansion of the fixed wireless access business. The brokerage has indicated that tariff hikes and Jio's listing may prove to be big triggers by mid-2026. Apart from this, the return of double-digit growth in retail business in FY 2027, value unlocking in FMCG, new energy and data center business will also be important factors for Reliance in the next few years.