EFFECTIVE CAPEX
RIL Q2 results today: 10 things to track as investors nurse Rs 1.8 lakh crore loss after Q1
Reliance Industries will announce its September quarter results today. Investors are keenly watching for key performance indicators. The company's stock has seen a significant drop after the previous quarter's results. Analysts are focused on revenue growth, segment performance, and cash flow trends. Updates on strategic initiatives like the Jio IPO are also anticipated.
Samvat 2082: Bajaj Finserv AMC’s Nimesh Chandan says market like a coiled spring, poised for a rerating
India’s stock market is set for a rerating in Samvat 2082, says Nimesh Chandan, CIO, Bajaj Finserv Asset Management. With “markets like a coiled spring,” he expects a revival driven by consumption, metals, and real estate. From steady Nifty earnings to sectoral rotation, Chandan outlines why 2025 could mark India’s next big bull phase.
GST 2.0 shields India from Trump tariffs but Malhotra & co warn further rate cut risks overdose: RBI MPC Minutes
India's economy showed strong resilience in Q1:2025-26, expanding by 7.8% and prompting the RBI to raise its full-year growth forecast to 6.8%. Despite US tariff measures and visa fee hikes, GST reforms are expected to partially cushion the impact. The RBI cautioned against an immediate rate cut, citing current inflation levels and the ongoing effects of previous monetary easing.
Why India Inc lags GDP sprint despite robust growth headlines
India's GDP is soaring, yet this growth seems to shadow the profits of many companies. The government’s push in spending and service offerings boosts GDP, but listed firms often miss out on the windfall. Sectors like banking and IT are grappling with their own set of challenges, while export-dependent businesses struggle under tariff pressures.
General govt capex-to-GDP likely to stay around 5% in FY26, lower than FY25P and FY24 peak: Report
General government capital spending is projected at 5 percent of GDP in FY26. This figure is slightly lower than FY25 estimates and significantly below the FY24 peak. Public capex growth has been strong in early FY26. States also show healthy momentum in their capital spending. This sustained focus on investment is positive for economic growth.
TCS's $7 billion India data centre bet raises questions over returns, fit
Tata Consultancy Services plans a significant $7 billion investment in a 1GW data center unit in India, a strategic shift from its capex-light model. Analysts express caution, citing limited overlap with core IT services and potential pressure on high return ratios, despite the AI-driven data center boom and government data localization push.
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ETMarkets Smart Talk | Structural bull run intact; expect sustainable 12–14% returns ahead: Amar Ambani
Despite global headwinds, the Indian equity market shows resilience, with Amar Ambani of YES SECURITIES predicting sustainable 12-14% returns. He highlights strong domestic flows, robust corporate fundamentals, and policy tailwinds supporting a structural bull run, while expecting an earnings revival in H2 FY26.
India Inc's Q2 test begins tomorrow. Will earnings recovery fail its 6th attempt?
Axis Securities expects an earnings recovery in H2 FY26, led by fiscal and monetary reforms, GST cuts, and improved consumption, though Q2 may remain muted. Downgrades hit IT, BFSI, and Pharma, while Cement shows strength. Nuvama warns of global headwinds from US tariffs affecting BSE500 top lines. Investors should monitor global macros, festive demand, and BFSI asset quality.
ETMarkets Smart Talk| Wealth Creators! Domestic consumption and manufacturing are key themes for the next 5–10 years: Sachin Shah
Sachin Shah of Emkay Investment Managers sees strong growth ahead, driven by domestic consumption and manufacturing. Despite market consolidation, he highlights opportunities in IT, autos, FMCG, and private banking, anticipating a broad-based rally fueled by a virtuous cycle of consumption and capex in the coming years.
ETMarkets Smart Talk| From capex to contrarian investing: How large-caps offer long-term alpha, Mahesh Patil decodes
Mahesh Patil, CIO at Aditya Birla Sun Life AMC, advocates large-cap investing for long-term alpha, stability, and consistent returns. He notes market consolidation is easing, with domestic factors improving and earnings growth expected to revive to 10-11%. Patil also views the IT sector as a contrarian opportunity and advises selective participation in the revived IPO market, focusing on differentiated companies.
Why multicap funds could be the smart bet in 2026: Insights from Baroda BNP Paribas CIO
In the investment field if you are delivering returns aligned to investors expectation, flows will eventually flow. Baroda BNP Paribas Multicap Fund has consistently delivered returns through various market cycles.
RBI lending a firm lending hand
RBI's comprehensive reforms aim to boost capital markets and economic growth by expanding bank lending. Measures include funding acquisitions, higher IPO loan caps, and lower risk weights for infrastructure, directing credit to productive activities. This strategy improves capital access for investors and producers, integrating bank lending with capital markets while strengthening risk management.
ETMarkets Smart Talk| Flexicap turnaround: Harish Krishnan explains strategy to navigate cyclical sectors
Harish Krishnan of Aditya Birla Sun Life AMC shares market insights. He reveals the strategy behind flexicap fund success. Krishnan focuses on selecting strong companies and making sectoral calls. He also outlines reasons for launching new conglomerate and quant funds. These funds seek unique investment opportunities. The market anticipates a period of consolidation before growth.
Sundaram MF's Bharath S. on what will drive wealth creation in Indian markets over next 3–5 years
Bharath S. of Sundaram MF highlights consumption and localization as pivotal themes for India's medium-term growth, driven by policy support for domestic value addition. Despite recent market underperformance, he remains optimistic about equities, citing strong fundamentals and a bottom-up stock-picking approach. He advocates for multi-asset funds for balanced portfolios, noting precious metals' role as stabilizers.
Why Indian markets have been underperforming peers and why the outlook looks incrementally better
Indian equities lagged global markets over the past year. Weak earnings and high valuations caused this underperformance. Foreign investors also reduced holdings. Now, valuations are more reasonable. Government reforms and global shifts may attract new flows. A rebound is possible in the next 12 months. Focus will be on specific sectors.
Nifty vs gold: 2026 could mark the big mean reversion trade, says Axis MF’s Shreyash Devalkar
After a year where gold and silver dazzled investors, Axis MF’s Equity Head Shreyash Devalkar believes 2026 could mark a turning point. With earnings recovery, sectoral rotation and supportive macros lining up, he argues Nifty may finally outshine precious metals, setting the stage for a classic mean reversion trade.
FIIs set to return to India after 12-month absence, says HSBC; picks 11 stocks
HSBC upgraded India to ‘Overweight’ and expects FIIs to return after 12 months, citing attractive valuations, policy support, resilient flows, and easing global conditions. It named 11 top stock picks across sectors.
Oaktree Capital Management loans Rs 10,000 crore to MEIL's Krishna Reddy for family buyout
Oaktree Capital Management will lend up to Rs 10,000 crore to Megha Engineering's MD, PV Krishna Reddy, to finance the buyout of PP Reddy's 49% stake. Krishna Reddy plans a mix of strategies, including asset sales, IPOs, and pre-listing funding, to meet financial requirements. The group is also exploring stake sales in power transmission and city gas distribution projects.
ETMarkets Smart Talk| H-1B visa concerns sentimentally negative, but no need to panic: Axis Securities’ Neeraj Chadawar
Axis Securities' Neeraj Chadawar suggests the H-1B visa changes pose a sentimental, not structural, challenge for Indian IT. While short-term consolidation is expected, companies' adaptability and diversification efforts mitigate major risks. Investors should strategically adjust IT allocations, focusing on domestically-oriented sectors poised for growth due to the government's shift towards consumption-driven policies.
ET Prime Special Series: Multibagger or IBC - Part 25: Will retrofits help this company reinvent itself in the EV age?
On one side, exports account for nearly 40% of its business, helping it hedge against domestic cycles. On the other, its fortunes remain tied to an industry where EV transition is erasing traditional strengths. Its core ICE product, once present in every engine, has no role at all in EVs. To counter that, the company has launched EV retrofit kits for LCVs. And heavy truck retrofits are next. For a sector where firms depend on OEM orders, the company’s attempt to build a direct relationship with fleet operators may mark a significant shift in how suppliers participate in the EV value chain. This series on auto ancillary companies works with the assumption that, from the whole set of auto ancillary companies, some multibagger stocks will emerge. And some companies in this space risk going bankrupt.
Indian equities poised for cyclical upswing amid GST 2.0 and policy tailwinds
Indian equities may be poised for a cyclical recovery over the next quarter or two, supported by GST 2.0-driven disinflation, easier monetary policy, and a potential resumption of US trade talks. Estimates suggest GST 2.0 could reduce inflation by 25–130 bps, boosting real incomes and domestic consumption, which drives over 60% of GDP.
So, a GST-saved extra cash shopping spree?
Following the GST reset, the impact on consumption will be gauged through trade channels and high-frequency indicators, with capacity utilization being a key parameter. The government anticipates increased household spending from tax changes, but low savings rates may temper this effect.
GST 2.0 wave: Mahesh Patil's guide to winning sectors and hidden contrarian pick
Mahesh Patil from Aditya Birla Sun Life AMC outlines an investment strategy shaped by GST 2.0. The focus shifts towards consumption-oriented sectors like autos and consumer durables, anticipating earnings upgrades. While remaining neutral on IT, Patil identifies it as a contrarian opportunity, poised for a potential rebound with US recovery and attractive valuations.
Why RBI must move fast to bring down bond yields
Despite RBI's rate cuts and government's fiscal measures to boost consumption, bond yields remain stubbornly high, hindering the full impact of the stimulus. Banks are protecting margins by raising spreads for new borrowers, while elevated bond yields increase borrowing costs for the government and corporations. The RBI needs to actively manage bond yields to fully leverage the stimulus.
GST and Market Sentiment: Can policy simplification reduce investment volatility
India’s GST 2.0 reform introduces a simplified two-rate structure — 5% for essentials and 18% for aspirational goods, with luxury/sin taxed at 40%. The move aims to boost consumption, ease compliance, and correct duty distortions. Analysts expect benefits for FMCG, cement, insurance, healthcare, and agriculture, alongside stronger private capex, improved earnings momentum, and potential GDP uplift of 0.5%.
A lost year for Indian equities: Sensex delivers 0% returns in 12 months, leaves investors empty-handed
Indian equities have underperformed in the last year, with Sensex posting a -0.7% return. Weak corporate earnings, persistent foreign investor selling, and high valuations are to blame. Despite policy support, global uncertainties and trade tensions have further dampened market sentiment.
Credit growth surpasses deposits in early September, retail loans to drive FY26 expansion
Credit growth in the banking sector surpassed deposit growth in early September, although it lagged behind the previous year's expansion. This slowdown is attributed to factors like muted private sector capital expenditure and reduced lending to corporates. Lenders anticipate a surge in retail credit demand during the upcoming festival season, with overall credit growth projected at 11-12% for FY26.
Stagflation, not recession, is the key threat ahead: Florian Neto
The U.S. Federal Reserve cut rates by 25 bps, sparking global debate. Chair Powell signaled a “less restrictive” stance, balancing weak labor data, inflation risks, and resilient growth. Analysts see potential easing, volatility, and opportunities in equities, including India and emerging markets.
Revival in infrastructure spending could drive market upswing: Ashi Anand
Ashi Anand highlights that market growth hinges on private sector capex as government spending plateaus. He also discusses Yes Bank's strategic shift towards retail lending after its crisis, noting the transition is ongoing and its success remains uncertain. Investors are cautiously watching these developments for future market impact.
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