Asia
The Economic Times

Equity mutual funds delivered up to 8% return last week; international funds led. Check top 10 performers

Equity mutual funds delivered up to 8% return last week (June 29 to July 4), with sectoral and thematic funds leading the return chart, particularly international funds. Here are the top 10 performers (Source: ACE MF) Nippon India Taiwan Equity Fund, an international fund, delivered the highest return of around 7.86% in the said time period. Edelweiss US Technology Equity FOF and Motilal Oswal Digital India Fund delivered returns of 4.91% and 4.72%, respectively, in the said period. Edelweiss Europe Dynamic Equity Offshore Fund, an international fund, delivered a return of 4.20% in the said time period. Axis Greater China Equity FoF and Edelweiss Greater China Equity Offshore Fund gave 4.20% and 4.12% returns, respectively, in the said time period. HDFC Consumption Fund, a consumption theme-based fund, delivered a return of 3.80% in the said time period. Nippon India Japan Equity Fund, an international fund, delivered a return of 3.44% in the said time period. The other 599 funds in the said time period delivered returns ranging between 2.73% and 3.41% in the same time period.

Equity mutual funds delivered up to 8% return last week; international funds led. Check top 10 performers
Asia
The Hindu BusinessLine

A life devoted to India’s unity and progress

Today, 6th July, is a special day for countless people who cherish the ideals of nationalism and selfless service. We commemorate the 125th birth anniversary of . Syama Prasad Mookerjee, whose life remains a timeless example of courage and unwavering commitment to Maa Bharti. Few leaders in modern India embodied the seamless confluence of intellect, public service and moral conviction as profoundly as . Syama Prasad Mookerjee. The young Syama Prasad was born into circumstances that could easily have assured him a protected and comfortable life. His father, Sir Ashutosh Mookerjee, was among the foremost educationists and intellectuals of his age. Yet, while destiny placed before him a path of privilege, his conscience led him towards one of sacrifice and national service. He was convinced that he could not remain a mute spectator to the turbulence of his times, be it fighting colonialism, communalism, humanitarian challenges and more. Along this journey, he endured profound personal tragedies, including the loss of an infant child and, later, his wife. Yet, these tragedies only deepened his resolve and strengthened his unwavering commitment to serve. If there was one ideal that defined . Syama Prasad Mookerjee’s public life above all else, it was the indivisibility of India. He stood firm during the upheaval of Partition to ensure that West Bengal remained an integral part of India. A few years later, that very conviction drew him to Jammu and Kashmir. Imprisonment did not deter him and isolation did not diminish him. His life came to an abrupt end in detention, far from the countless people whose cause he had made his own. There are moments in history when an individual’s final sacrifice transcends politics and enters the realm of national memory. Mookerjee’s last journey remains one such moment. Acharya Vinoba Bhave said that . Mookerjee sacrificed himself for a cause in which he had faith. Years later, the revocation of Articles 370 and 35(A) in 2019 was the most fitting tribute to his martyrdom. Mookerjee put India First and Indian values first. And he did it by building institutions and nurturing systems that defied conventional mindsets of those times. He became the youngest Vice Chancellor of the University of Calcutta. In his unique style, he brought positive changes that were patriotic and futuristic. Addressing a conference of educators, Mookerjee put it wonderfully when he said, “It is incorrect to look upon educational institutions as factories to produce potential clerks and low-paid staff. We have to turn out students who are capable of providing leadership to our self-governing institutions, such as municipal corporations, provincial and central legislatures and also of directing the affairs in various fields of life such as financial, commercial and industrial ones.” Under his leadership, Calcutta University undertook unique efforts such as improving library infrastructure, boosting research in sciences, encouraging the study of artefacts and establishing courses in agriculture, to name a few. He drew attention to areas such as sports, teacher training and student welfare. To instil a sense of pride among students and alumni, he began a practice of marking 24th January as the foundation day of the University. He requested none other than Gurudev Tagore to compose a song for the University. Yet another example of this spirit can be seen in the later part of his life, when he decided to form the Bharatiya Jana Sangh. At a time when the Congress Party was omnipresent, he felt that there was all the more reason for an alternative voice to speak up for India’s progress while staying attached to our cultural roots. It was perhaps fitting that the party’s symbol was the Diya, the earthen lamp. A single lamp may appear modest, yet it possesses the power to dispel darkness far beyond itself. It is exactly what the Jana Sangh did both during the years it was active and beyond. Dr. Syama Prasad Mookerjee’s tenure as India’s first Minister for Industry and Supply reveals a statesman whose conception of development was remarkably comprehensive and humane. He viewed industry as a means of restoring dignity, opportunity and confidence to a newly independent nation. He respected wealth creation and value addition. While laying the foundations of modern industrial India through pioneering initiatives such as the Damodar Valley Corporation, the Sindri Fertiliser Plant and a robust industrial policy, he simultaneously ensured that India’s traditional strengths were not neglected. Handlooms, cottage industries, artisans and textile workers found in him an equally committed champion. Here, I would like to share a personal experience. The Sindri plant, which Mookerjee worked to establish with a clear vision of self-reliance, was ignored by those who ran the nation for several decades. I feel honoured that our Government had the opportunity to contribute to its revival. It was indeed among the most special moments to have been there for that programme. India’s civilisational tradition has long celebrated dialogue and discussions. Mookerjee embodied this democratic spirit. He joined Pandit Nehru’s Cabinet, believing that the task of nation-building in the early years transcended political differences. He served with sincerity and a constructive spirit. But when he felt that questions of national importance demanded a different course, he relinquished office with dignity and devoted himself wholeheartedly to the political work he believed the nation required. 75 years ago, Pandit Nehru brought the First Amendment, which was a direct assault on free speech. Mookerjee was among its staunchest critics. He understood fully what the Congress was capable of doing. And he was proven right. Those who brought the First Amendment 75 years ago imposed the Emergency in 1975 and 50 years ago, brought in the 42nd Amendment Act, which again struck at the core of liberal democratic values. Mookerjee also stood out for his humanitarian efforts. When the most tragic famine struck Bengal in 1943, Mookerjee immersed himself in serving those affected. He ensured that several canteens and relief centres were opened to feed people. On one hand, he was deeply shaken by the plight of his people while on the other, he was repulsed by the insensitivity of the colonial rulers. He even wrote a book, Panchasher Manwantar, in which he expressed his angst. When a super cyclone hit Medinipur in 1942, his efforts to restore normalcy were widely lauded. Speaking at a college in Kolkata, Mookerjee urged the youth, “Whatever work you undertake, do it seriously, thoroughly and well; never leave it half-done or undone, never feel yourself satisfied unless and until you have given it your very best.” As India advances towards the goal of a Viksit Bharat, the finest tribute we can pay him is to strive every day to build the strong, united, self-confident and compassionate India that he so deeply believed in. And knowing today’s youth, I am certain they will rise to the occasion and do exactly that.

A life devoted to India’s unity and progress
Europe
BBC Business

What Sky buying ITV could mean for your favourite shows

One of the biggest takeovers in British media history is about to take place with the creation of a new British media company - albeit American owned. Sky is expected to buy ITV's TV and streaming channels with the announcement likely imminent, but if you don't read the business pages, you might have missed it. The pay-TV, broadband and mobile company, owned by the American company Comcast, has been in talks to buy ITV's media and entertainment business including ITVX since last year. For Sky, buying the broadcast arm of Britain's most watched commercial public service broadcaster makes sense. It will get access to millions of people, as well as scale and prominence on a free to air platform. It's believed to want to create a commercial streamer that will be a true rival to the likes of Netflix and Disney Plus in the UK. But what does it mean for you? Crucially, this takeover won't mean your favourite ITV shows are suddenly moved behind a paywall. Caroline Frost, TV and podcast editor at Radio Times, says ITV is required by law to provide a free-to-air service until at least 2034 due to the public service broadcasting licence. "Gradually, though, content which might debut on free/live-to-air ITV might end up on a subscription platform," Frost says. In the short to medium-term, the big shows - Coronation Street, Love Island, Emmerdale, I'm a Celebrity - won't look any different. You'll still find them on ITV and ITVX, and they'll still be made by ITV Studios - that's ITV's production arm, which owns more than 60 production companies in Britain and around the world. They also make programmes including Line of Duty for the BBC, Rivals for Disney Plus, and America's most streamed show, Love Island USA. ITV Studios isn't being bought by Sky. If the deal goes ahead, it will become a company in its own right (ITV Studios PLC), still owned by the current ITV shareholders. Part of the Sky takeover agreement is expected to be a "supply deal", in other words, that ITV Studios continues to make those ITV shows and that they remain on ITV. Of course, at some point Sky could decommission some ITV shows - or renegotiate their contracts. You don't take over another company without believing there are savings to be made (and some are pointing to synergies that could be made on the tech platform side, with ITVX and Sky's streaming services potentially merged in the future).

What Sky buying ITV could mean for your favourite shows
North America
CNBC Economy

Private payrolls rose by 98,000 in June, less than expected, ADP reports

Companies added slightly fewer workers than expected in June, with hiring targeted heavily toward healthcare-related sectors, ADP reported Wednesday. Private sector employment grew by a seasonally adjusted 98,000 for the month, down from an unrevised 122,000 in May and a bit below the Dow Jones consensus forecast for 110,000, the payrolls processing firm reported. The ADP report serves as a precursor to the more widely watched nonfarm payrolls count due Thursday from the Bureau of Labor Statistics. ADP's count in recent months has generally undershot the official government report, which has shown mostly solid job creation this year. Nearly half the growth in June — 48,000 — came from the education and health services sector, a consistent leader for payroll growth. All but 2,000 of the new jobs came from services. Other sectors posting gains included trade, transportation and utilities (15,000), financial activities (14,000), and other services (8,000). Natural resources and mining lost 5,000 jobs, the only sector in the red. Leisure and hospitality added just 2,000 positions, continuing a slow year for an industry seen as an indicator of underlying consumer demand. "The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," said Nela Richardson, ADP's chief economist. "For now, the overall effect is a slowdown in job creation." Annual pay gains for those staying in their jobs held steady at 4.4% while edging higher to 6.6% for job switchers. Employment gains were tilted toward small businesses. Establishments with fewer than 50 employees added 53,000, while companies that employ 500 or more saw a gain of 25,000 and those in between rose by 29,000. The Wall Street consensus is for U.S. nonfarm payrolls to rise by 115,000 for June, with the unemployment rate steady at 4.3%. Average hourly earnings are expected to show a pickup of 0.3% monthly and 3.5% annually. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Private payrolls rose by 98,000 in June, less than expected, ADP reports
Asia
The Hindu BusinessLine

Investors looking for shelter from AI storm are turning to India

After losing out big on the global AI rally, Indian equities are regaining the attention of investors seeking to weather the latest market turbulence. With the artificial intelligence frenzy roiling benchmark gauges from Asia to the US, the NSE Nifty 50 Index is becoming a safe haven of sorts for global investors. In the first half of the year, it moved 1% or more on just about one-third of the days — less than the MSCI Emerging Markets Index and barely more than the S&P 500 Index. India’s lack of AI plays has been a hurdle most of the year as investors turned to markets like South Korea and Taiwan that delivered stellar returns. But with concerns mounting over the sustainability of that trade, interest in India is slowly coming back. In June, the Nifty 50 outperformed the MSCI Emerging Markets Index by the most since November, while foreign outflows were the smallest in four months. “India’s calm comes down to one thing: It sits outside the AI trade,” said Maxence Visseau, chief investment officer of Arkevium Capital in Dubai. His firm is neutral on the market and uses it as a diversifier, he said. “India works as an AI hedge inside the EM complex.” Indian equities remain some of the world’s worst performers this year, but the tide is starting to turn as the rupee stabilizes after hitting a record low and oil gains that tanked shares of refiners and airlines recede on easing tensions in the Middle East. That’s reduced inflation concerns and brightened prospects for India’s economic growth, according to a government report at the end of June. At the same time, market players are getting more upbeat about the upcoming earnings season, which Tata Consultancy Services Ltd. kicks off on Thursday. “The fall in commodity prices has altered the macro outlook for India almost overnight,” said Sandip Sabharwal, founder of research house Asksandipsabharwal.com in Mumbai. “Lower commodity prices, improving capital flows and stable interest rates create an environment where earnings upgrades are likely to exceed downgrades over the coming quarters.” In a note to clients, Morgan Stanley analysts including Ridham Desai wrote last month that India has become a “much larger macro asset class.” The less volatile inflation data in recent years support equity valuations and turn the market into one of defensive growth that can withstand global shocks better than it used to, they said. Over the past decade, the Nifty 50 almost tripled, delivering annual gains of more than 10% on six separate years. The benchmark index logged 38 sessions with moves of 1% or more in either direction in the first six months of 2026, compared with 59 for MSCI’s emerging-market and Asian gauges and 32 for the S&P 500. South Korea’s Kospi index was off the charts, with 79 days of fluctuations of at least 1% — or two-thirds of the days in 2026. Meanwhile, the India NSE Volatility Index dropped for a third straight month in June, falling below its one-year average and reaching its lowest level since February on Friday. That’s a far cry from April, when the gauge of option prices was at a one-year high relative to the Cboe Volatility Index, shortly after the Nifty 50 tanked to a low. Kruti Shah, a quantitative analyst at Equirus Securities, sees a “bullish undertone” in the Nifty 50 and favors call spreads to bet on more gains, adding that the upcoming earnings season may offer some positive surprises. “India was held back earlier this year by higher energy prices, elevated valuations and limited exposure to the AI trade,” said Ben Powell, chief investment strategist for the Middle East and Asia Pacific at BlackRock Investment Institute. “As those pressures have eased, investors may look beyond AI-heavy markets. That could put India back on investors’ radar as a differentiated opportunity within emerging markets.”

Investors looking for shelter from AI storm are turning to India
Asia
The Hindu BusinessLine

Top IT stocks stare at great valuation reset

Welcome to the new guessing game in town, that is, ‘Are IT stocks cheap?’. The debate has been raging the last six months and each time it appears cheap enough, another blow lays it low. A few weeks back it was Accenture’s disappointing outlook that triggered a correction. Last week it was KPIT Technologies’ negative pre-announcement that saw the stock crash around 25 per cent last week. After a 30 per cent correction in the Nifty IT index over the past year, the sector’s valuation multiples have compressed sharply. On trailing earnings, the index is now around 18 times, a level that looks modest compared with own multi-year averages. On the face of it that sounds like a classic valuation reset. The more uncomfortable question is whether this reset is complete, or merely halfway through. Look at the Big Four. TCS, Infosys and Wipro now trade around 14-15 times trailing earnings, while HCL Technologies is slightly higher at 18 times Price-to-Earnings (P/E). These numbers look sober when compared with the post Covid boom excesses (broadly 30-40x). That phase has clearly ended. TCS’ P/E has more than halved from a peak of about 42 times to around 15. Ditto for Infosys, which has slipped from about 38 times to 15. Wipro has moved from about 32 times to 14. HCLTech, too, is down from its peak (32x). So, yes, the market has done some cleaning up. The problem is that the cupboard may not yet be fully ship-shape. This is not a sudden change in stance. bl.portfolio has been cautious on Indian IT for about three years, arguing that the sector’s post-Covid valuation premium was running ahead of earnings reality. In our February 8 edition, after the latest AI scare hit IT stocks, we had noted that investors should not view corrections as a buy-the-dip opportunity in our article titled ‘Lessons for IT investors from AI’s iPhone moment’. The historical comparison is revealing. TCS, Infosys and Wipro are now below their pre-Covid P/E levels. That gives bulls a decent argument; the froth has gone, businesses remain cash-rich, payout yields are attractive, and any improvement in demand can trigger a sharp rebound. Bears have an equally simple question: If these companies are no longer growing like premium compounders, why should they be considered cheap? In our article titled ‘Accenture sets the tone for IT stocks’ (bl.portfolio of April 28, 2024), we had explained why Indian IT stocks’ valuation cannot decouple from valuation of global IT stocks like Accenture. Today, Accenture, trading at 10x the trailing P/E, becomes the inconvenient global mirror. A gold standard in IT services and consulting globally, its valuation, earnings expectations and demand commentary matter. In the pre-Covid decade, Accenture used to trade at premium to TCS (which, in turn, used to trade at a premium to Infosys, HCL Tech and Wipro). Bear in mind that Accenture has significantly outperformed its peers, clocking a 10 per cent USD EPS CAGR for the FY16-26 period, comfortably outpacing the growth rates of HCL Tech, Infosys and TCS (all 6 per cent CAGR), and Wipro (3 per cent CAGR). Even after factoring for currency benefit, the EPS CAGR for Indian peers at 7-9 per cent CAGR is below Accenture. While Accenture’s margins are lower than TCS, its larger scale and higher revenue share from high-end business used to garner it a premium over Indian IT. Post Covid, the valuation math has changed. Today, the valuation premium of Wipro, Infosys, TCS and HCL Tech at 39 per cent, 46 per cent, 53 per cent and 84 per cent, respectively, appears unjustifiable. This implies that whenever IT stocks rebound, Accenture is likely to outperform Indian peers.

Top IT stocks stare at great valuation reset
Asia
The Economic Times

11 largecap stocks with upside potential of up to 50%. Do you own any?

Analyst forecasts offer more than just numbers—they provide a strategic view of future market potential. For investors seeking the next big opportunity, a closer look at BSE largecap stocks reveals several promising contenders.Based on consensus estimates from Trendlyne, some largecap stocks are projected to deliver strong returns over the next 12 months. This anticipated “upside” represents the average expected gain over the coming year, offering a data-driven benchmark for investors targeting high-potential opportunities. In this analysis, we spotlight 11 standout largecap stocks expected to deliver gains in the 25% to 50% range over the year ahead. Swiggy is currently trading at Rs 248. Based on analyst estimates, the average target price is Rs 373, indicating a potential upside of 50%. Among 27 analysts covering the stock, the consensus rating is Buy. ICICI Prudential is currently trading at Rs 485. Based on analyst estimates, the average target price is Rs 688, indicating a potential upside of 42%. Among 33 analysts covering the stock, the consensus rating is Buy. HDFC Life Insurance is currently trading at Rs 568. Based on analyst estimates, the average target price is Rs 780, indicating a potential upside of 37%. Among 34 analysts covering the stock, the consensus rating is Strong Buy. Mahindra & Mahindra is currently trading at Rs 3,137. Based on analyst estimates, the average target price is Rs 4,112, indicating a potential upside of 31%. Among 34 analysts covering the stock, the consensus rating is Strong Buy. TCS is currently trading at Rs 2,094. Based on analyst estimates, the average target price is Rs 2,742, indicating a potential upside of 31%. Among 41 analysts covering the stock, the consensus rating is Buy. SBI Life Insurance is currently trading at Rs 1,789. Based on analyst estimates, the average target price is Rs 2,341, indicating a potential upside of 31%. Among 36 analysts covering the stock, the consensus rating is Strong Buy. Infosys is currently trading at Rs 1,047. Based on analyst estimates, the average target price is Rs 1,366, indicating a potential upside of 30%. Among 41 analysts covering the stock, the consensus rating is Buy. Reliance Industries is currently trading at Rs 1,304. Based on analyst estimates, the average target price is Rs 1,694, indicating a potential upside of 30%. Among 31 analysts covering the stock, the consensus rating is Strong Buy. HDFC Bank is currently trading at Rs 801. Based on analyst estimates, the average target price is Rs 1,038, indicating a potential upside of 30%. Among 40 analysts covering the stock, the consensus rating is Strong Buy. ONGC is currently trading at Rs 238. Based on analyst estimates, the average target price is Rs 308, indicating a potential upside of 29%. Among 30 analysts covering the stock, the consensus rating is Buy. Waaree Energies is currently trading at Rs 2,859. Based on analyst estimates, the average target price is Rs 3,582, indicating a potential upside of 25%. Among 15 analysts covering the stock, the consensus rating is Buy.

11 largecap stocks with upside potential of up to 50%. Do you own any?
Europe
The Guardian

Trump refuses to renew US-Canada-Mexico trade pact he once championed

Shipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesView image in fullscreenShipping containers at the Port of Tacoma in Tacoma, Washington, on 4 March 2025. Photograph: Bloomberg/Getty ImagesDonald TrumpTrump refuses to renew US-Canada-Mexico trade pact he once championedTrump and US officials opted to keep USMCA alive on short leash of annual reviews rather than longer term renewal Donald Trump has refused to renew the North American trade pact he once championed as his signature deal, opting instead to keep it alive on a short leash of annual reviews rather than committing to another 16 years. Wednesday was the deadline built into the United States-Mexico-Canada Agreement (USMCA) for the three countries to jointly decide its fate, which is set to expire in 2036. After virtual talks between officials from all three governments, the US trade representative’s office confirmed that Washington had walked away from renewing the deal on its existing terms, pointing to persistent US trade deficits with both neighbors. The refusal does not kill the pact outright, however. USMCA stays in force while negotiations continue, but it will now face a review every year rather than once every six, as originally designed. A senior administration official, briefing reporters on a call announcing the decision, said Trump had “chose not to rubber stamp a USMCA renewal without addressing existing issues”. The official added: “So in other words, the United States did not agree to renew the USMCA in its current form. So, as a result, the USMCA is not renewed.” In a statement, Jamieson Greer, the US trade representative, said the US would “continue to engage with Mexico and Canada to address the Agreement’s shortcomings”. At a press conference on Wednesday, Mexico’s economy minister, Marcelo Ebrard, said his government wants to address the issues raised by the US on foreign dependence. “There is no difference that I can identify ​between Mexico, the United States and Canada that is so big that ​we cannot resolve it,” he said, according to Reuters. Trump has routinely criticized the USMCA as of late, and last month threatened to abandon it. “We don’t need anything that Canada has. We don’t need anything that Mexico has, but they need everything that we have. And they have to treat us better,” he told reporters in the Oval Office. But Trump struck the deal himself in 2020, during his first term, as an updated version of the 1992 North American Free Trade Agreement (Nafta). At the time, the US president even described the USMCA as the “fairest, most balanced, and beneficial trade agreement we have ever signed into law”.

Trump refuses to renew US-Canada-Mexico trade pact he once championed
Asia
The Hindu BusinessLine

Adani Group to build 2,000-bed hospital in West Bengal’s New Town

In this image received on July 4, 2026, West Bengal Chief Minister Suvendu Adhikari interacts with people during the 'Janata Darbar' programme, in Kolkata, West Bengal. | Photo Credit: via PTI Photo West Bengal Chief Minister Suvendu Adhikari on Saturday said the Adani Group would set up a 2,000-bed hospital in New Town, with 1,000 beds reserved for free treatment of the poor. Adhikari made the announcement here while outlining the initiatives undertaken by his government in the state over the past two months, during an interaction with members of the civil society in his Bhabanipur assembly constituency. "The Adani Group has given a written commitment to build a 2,000-bed modern hospital in New Town. Of these, 1,000 beds will be for the poor and another 1,000 would be used for commercial operation," he said. The interaction, organised by the Alipore Citizens' Association, was attended by members of the civil society and several business representatives. No further details on the proposed investment, project cost or timeline for the medical facility were diclosed. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Adani Group to build 2,000-bed hospital in West Bengal’s New Town