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Asia
The Hindu BusinessLine

India aims to be defence manufacturer, not buyer: PM

Prime Minister Narendra Modi on Sunday said India does not want to remain merely a buyer in the defence sector as the country seeks to become a major manufacturer and one of the decisive players on the global stage. Speaking after commissioning three indigenously built naval ships-- INS Agray, INS Dunagiri, and INS Sanshodhak-- at the Syama Prasad Mookerjee Port in Kolkata, Modi said strong maritime capabilities are the deciding factor for a country’s economic and strategic influence, and India understands this well and is preparing for it. Designed by the Indian Navy’s Warship Design Bureau and constructed by Garden Reach Shipbuilders & Engineers, these naval ships represent key operational capabilities across maritime combat, hydrographic surveying, and anti-submarine warfare. “The strength of the nation’s defence sector cannot be measured by its dependence on global markets but by its ability to become self-reliant. India seeks to become a producer and a manufacturer, because nations that manufacture become decisive players on the global stage,” the Prime Minister pointed out, informing that more than 40 indigenously built warships and submarines had been inducted into the Indian Navy over the past few years. Nearly every few weeks the Navy has received a new capability, while 45 major naval platforms are currently under construction. “These figures are not merely statistics but indicators of India’s industrial capacity and future potential,” Modi said. Recalling the commissioning of INS Vikrant, he said that it had marked the beginning of a new chapter in India’s maritime journey and announced India’s growing naval strength to the world. The journey from INS Vikrant to the commissioning of INS Agray, INS Dunagiri and INS Sanshodhak is not merely a story of new warships but also a reflection of India’s increasing self-reliance, he said. Earlier in the day, the Prime Minister led the nation in observing the 12th International Day of Yoga from Kolkata’s iconic Red Road, where around 35,000 people joined him in performing the morning exercises. “June 21, in some parts of the Earth, marks the longest day, and because of International Yoga Day, this day has also become the day of the world’s largest collective celebration,” Modi said. The theme for this year’s celebration, “Yoga for Healthy Ageing,” highlighted the role of yoga in enhancing physical health, mental well-being, emotional resilience and active ageing, thereby improving overall quality of life. “Yoga is not just a physical exercise, not restricted to any age group; it is an expression of the human spirit. Our target should be more flexible at 40 than we were at 20, and to be more energetic at 50 than we were at 30,” Modi said, expressing happiness at having the opportunity to visit the historic land of Bengal, which has played a pivotal role in shaping India’s intellectual, cultural and national renaissance. “Let us pledge not to limit yoga to just one day or a single event; let us make yoga an integral part of our lives,” he added. 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.

India aims to be defence manufacturer, not buyer: PM
Asia
The Economic Times

Equity mutual funds fell upto 6% last week. Check top 5 laggards

Equity mutual funds corrected upto 6% in the last week (June 15 to June 19) and international funds were among the worst performers. Here are the top five laggards (Source: ACE MF) Hang Seng fell the most at 3.69%. S&P 500 and Nasdaq were down 0.71% and 0.62% respectively. Dow Jones was down 0.20%. iNifty 50 and BSE Sensex were up 0.66% and 0.70%. DSP World Mining Overseas Equity Omni FoF delivered the highest negative return of around 5.81% in the said period. The other funds in the said time period delivered returns ranging between a negative 2.44% to positive 4.62% in the said time period.

Equity mutual funds fell upto 6% last week. Check top 5 laggards
Asia
The Hindu BusinessLine

How small investors can gain global exposure without international mutual funds

Dedicated international funds have been among the better-performing diversification options for Indian investors, but many of them are not easy to access today. With industry-level overseas investment limits largely exhausted, several schemes have suspended or restricted fresh inflows. For investors still looking for global exposure, the workaround may lie within domestic equity-oriented schemes themselves. Over the past year, while the Nifty 100 Total Return Index delivered virtually flat returns, some international funds generated very attractive returns. Major global indices also posted strong gains in rupee terms, with the S&P 500 returning 25 per cent, the Shanghai Composite 21 per cent, the Nikkei-225 83 per cent and Brazil’s Ibovespa 21 per cent. However, gaining exposure to overseas markets through dedicated international funds is not straightforward. The RBI has capped the mutual fund industry’s overseas investments at $7 billion, with an additional $1-billion limit for overseas ETFs. As these limits have largely been exhausted, many international funds have suspended or restricted fresh subscriptions. Consequently, among the 66 dedicated international funds available, only a handful remain open for investments at any given time. This makes it difficult for investors to access overseas opportunities. Interestingly, several domestic equity schemes, which are required to maintain at least 65 per cent exposure to Indian equities, have quietly built meaningful allocations to overseas stocks. Currently, 40 such schemes hold overseas exposure of up to 29 per cent of their portfolios. Together, the overseas allocation of these schemes stood at ₹35,941 crore, compared with ₹84,142 crore managed by dedicated international funds. They span categories such as flexi-cap, value, contra, multi-asset and aggressive hybrid funds, as well as sectoral and thematic strategies focussed on technology, healthcare, innovation and commodities. Here, we analysed the portfolio composition, performance and suitability of 24 domestic mutual fund schemes that allocate at least 5 per cent of their assets to overseas equities. Among flexi-cap funds, Parag Parikh Flexi Cap had 12 per cent of its assets, or ₹17,070 crore, invested in overseas equities as of May 2026. It has been one of the category’s most consistent long-term performers. Its value-oriented investment approach, strategic international allocation and timely cash calls have helped it emerge as a category leader. Historically, the fund invested up to 30 per cent of its portfolio overseas, though the allocation varies based on market conditions and regulatory constraints. Over the past three years, its international allocation has declined from 30 per cent to 12 per cent. The overseas portfolio is primarily concentrated in leading US technology companies such as Alphabet, Amazon, Facebook and Microsoft. The fund’s five-year annualised return of 14 per cent is ahead of the category average of 12 per cent. However, the fund’s strong return cannot be attributed to overseas exposure alone. SBI Focused Fund held 12 per cent of its assets, or ₹5,545 crore, in overseas equities. The fund has tactically maintained international exposure between 5 per cent and 15 per cent over the past five years. Its current overseas portfolio is concentrated in two holdings — Alphabet and EPAM Systems. The fund’s five-year annualised return of 13 per cent exceeds the category average of 12 per cent. DSP Value Fund held 15 per cent of its assets, or ₹274 crore, in overseas equities. Its international portfolio is diversified across sectors such as technology, healthcare, industrials and energy, and across regions including the US, Europe, China, Taiwan and Canada. Key overseas holdings include Amazon, Microsoft and NVIDIA. Over five years, it has delivered an annualised return of 14 per cent, in line with the category average. Two schemes, Franklin India Dividend Yield and Aditya Birla Sun Life Dividend Yield, held overseas allocations of 11 per cent and 5 per cent respectively. Franklin India Dividend Yield Fund’s international allocation has ranged between 11 per cent and 19 per cent over the past five years. It primarily invests in dividend-yielding stocks in emerging markets such as China, South Korea and Taiwan. Aditya Birla Sun Life Dividend Yield Fund, on the other hand, favours the US and global companies such as Starbucks, L’Oréal and Microsoft. Over the past five years, these funds have delivered annualised returns of 14 per cent and 15 per cent respectively, compared with the category average of 15 per cent. SBI Children’s Fund-Investment is the only scheme in the children’s fund category with overseas exposure. It allocated 15 per cent of its assets, or ₹974 crore, to international equities. Its overseas portfolio includes Alphabet, ReNew Energy Global and EPAM Systems. Structured as a hybrid fund, it has delivered a strong five-year annualised return of 24 per cent. However, the fund’s strong return cannot be attributed to overseas exposure alone, given its broader hybrid portfolio.

How small investors can gain global exposure without international mutual funds
Europe
BBC Business

Interest rates expected to be held by Bank of England

Interest rates are expected to be held by policymakers at the Bank of England (BoE) who are keeping a close eye on events in the Middle East. The Monetary Policy Committee (MPC) is widely predicted by analysts to keep the benchmark rate at 3.75% for a fourth consecutive meeting. Interest rates are the primary tool used to control inflation, which is the rate at which prices rise. The UK inflation rate remains above target but has not risen as high as many had feared given the upheaval caused to economies across the world by the US-Israel war with Iran. Official figures published on Wednesday showed that inflation remained at 2.8% in the year to May, as the pace of food price rises slowed to a 17-month low. Over the year to May, transport costs rose by the fastest rate, the Office for National Statistics (ONS) said, while the rate of price increases in meat, dairy, and vegetables eased. That figure, which was lower than expected, has reinforced expectations that policymakers will not need to increase interest rates at the next announcement made at 12:00 BST on Thursday. At its last meeting in April, the MPC signalled that interest rates could rise this year as it attempted to curb inflation following a "significant energy price shock" from the Iran war. US President Donald Trump said a peace deal with Iran was signed on Wednesday, and should lead to the reopening of the Strait of Hormuz. Oil prices have dropped close to their lowest since the conflict began as traders forecast the return of free-flowing ships through the vital waterway, which normally carries a fifth of the world's oil and gas supplies. Analysts believe the deal could slow energy and fuel price rises, making the worst case scenarios for inflation unlikely. However, analysts said price rises were still expected to accelerate in the UK, given the delayed impact of higher wholesale energy prices on domestic gas and electricity prices.

Interest rates expected to be held by Bank of England
Asia
The Economic Times

9 Sensex stocks with up to 40% upside potential. Are these in your portfolio?

Analyst forecasts often offer more than just numbers; they provide insights into where the next wave of market opportunities may emerge. For investors scanning the Sensex for potential outperformers, the latest analyst consensus highlights several heavyweight stocks that could deliver strong returns over the coming year. According to Trendlyne data, multiple Sensex stocks show attractive upside potential over the next 12 months based on average analyst target prices. This "upside" represents the expected gain from current levels and serves as a research-backed indicator for investors seeking to position themselves ahead of potential rallies. Among them, nine Sensex stocks stand out, with projected gains ranging from 20% to 40%, suggesting strong return potential in an increasingly selective market. TCS is currently trading at Rs 2,125, while analysts have set an average target price of Rs 2,967, indicating a potential upside of 40%. Among the 42 analysts covering the stock, the consensus recommendation is Buy. Infosys is currently trading at Rs 1,051.40, with an average analyst target price of Rs 1,461, suggesting an upside potential of 38.95%. The stock carries a Buy consensus rating from 40 analysts. Mahindra & Mahindra is currently trading at Rs 3,074.80. Based on analyst estimates, the average target price stands at Rs 4,126, implying a potential upside of 34.17%. Among the 35 analysts tracking the stock, the consensus rating is Strong Buy. HDFC Bank is currently trading at Rs 779.80, with analysts projecting an average target price of Rs 1,040. This represents a potential upside of 33.35%. The stock has earned a Strong Buy consensus rating from 39 analysts. Eternal is currently trading at Rs 264.30, while the average analyst target price is Rs 347, indicating a potential upside of 31.10%. Out of 32 analysts covering the stock, the consensus recommendation is Buy. Reliance Industries is currently trading at Rs 1,309.50. Analysts have set an average target price of Rs 1,697, implying a potential upside of 29.57%. The stock enjoys a Strong Buy consensus rating from 32 analysts. ICICI Bank is currently trading at Rs 1,346.50, with an average target price of Rs 1,675 based on analyst estimates. This suggests a potential upside of 24.38%. Among the 39 analysts covering the stock, the consensus rating is Strong Buy. Bajaj Finserv is currently trading at Rs 1,769.40, while analysts have an average target price of Rs 2,160. This points to a potential upside of 22.05%. The stock has a Buy consensus rating from 15 analysts. UltraTech Cement is currently trading at Rs 11,367, with an average analyst target price of Rs 13,687. This implies a potential upside of 20.41%. Among the 39 analysts tracking the stock, the consensus recommendation is Strong Buy.

9 Sensex stocks with up to 40% upside potential. Are these in your portfolio?
Europe
The Guardian

Federal Reserve holds rates steady but signals possible hike before year’s end

Kevin Warsh speaks to reporters after the meeting on Wednesday. Photograph: Will Oliver/EPAView image in fullscreenKevin Warsh speaks to reporters after the meeting on Wednesday. Photograph: Will Oliver/EPAFederal ReserveFederal Reserve holds rates steady but signals possible hike before year’s endOpen markets committee says ‘economic activity is expanding at a solid pace’ in first meeting under new chair Kevin Warsh US stock markets dropped on Wednesday afternoon after the Federal Reserve left interest rates unchanged and signaled a possible rate hike before the end of the year. The Fed was widely expected to keep rates at a range of 3.5% to 3.75%, where they have remained since December. The decision was unanimously supported by the Fed’s voting committee. “Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East,” the Fed’s open market committee said in the statement. The Dow closed 500 points lower, and the S&P 500 and Nasdaq down over 1.2% each, soon after the announcement. This was the first meeting overseen by Kevin Warsh, who took over as Fed chair in May and has implied he wants to tighten the Fed’s public communications on future guidance. The committee’s monthly policy statement was notably shorter compared with previous statements. It acknowledged that “inflation remains elevated relative to the committee’s 2% goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy” and said the central bank “will deliver price stability”. The Fed also released a slate of projections illustrating when individual officials predict rate changes will occur. Nine members projected at least one rate increase this year. Warsh confirmed he was the sole board member who did not contribute to the projections. The projections mark a U-turn in outlook from just a few months ago: the last time the Fed released projections, in March, 12 of the 19 officials projected at least one rate cut by the end of this year. In his first press conference as chair, Warsh announced plans to overhaul the central bank, particularly its public communications. Warsh said he would create five new taskforces that will assess the “broad conduct of monetary policy”, including communications, the Fed’s balance sheet, data, productivity and jobs. The groups will “examine current practice, consider alternatives, and ultimately propose next steps for policy-maker consideration”, with Warsh noting that he would enlist “some of the very best minds, both inside and outside the economics profession” for the groups. One of the taskforces will reassess how the Fed communicates with the public more broadly, including the Fed’s news conferences, dot-graph projections and meeting transcripts and minutes.

Federal Reserve holds rates steady but signals possible hike before year’s end
Asia
The Economic Times

Lenskart Solutions among top 5 midcap stocks with highest mutual fund buying in May

These top 5 mid cap stocks that witnessed highest net buying by mutual funds in May. Here is a detailed breakup, according to a report by Motilal Oswal Financial Services. Lenskart Solution witnessed the highest net buying in mutual funds in May. The value change in May was Rs 86.7 billion and on a monthly basis the value change was 59.4%. The percentage of midcap value was 1% JSW Energy witnessed a net buying in mutual funds in May. The value change in May was Rs 73.9 billion and on a monthly basis the value change was 59.4%. The percentage of midcap value was 0.9%. Billionbrains witnessed a net buying in mutual funds in May. The value change in May was Rs 86.2 billion and on a monthly basis the value change was 21.5%. The percentage of midcap value was 1%. Yes Bank witnessed a net buying in mutual funds in May. The value change in May was Rs 38.3 billion and on a monthly basis the value change was 57.1%. The percentage of midcap value was 0.5%. Premier Energies witnessed a net buying in mutual funds in May. The value change in May was Rs 56.4 billion and on a monthly basis the value change was 36.6%. The percentage of midcap value was 0.7%.

Lenskart Solutions among top 5 midcap stocks with highest mutual fund buying in May
Asia
The Economic Times

NFO Watch: 3 mutual funds will open for subscription this week. Check dates and key details

Three new mutual funds will open for subscription this week. Fund houses launch new schemes to complete their bouquet of offerings. Here is a detailed breakdown. (Source: ACE MF) The data further showed that among these three funds, two are passive funds and one is an actively managed fund. Tata Multi Sector Passive FoF will open for subscription on June 22 and close on July 6. The minimum investment amount is Rs 5,000. HDFC Nifty Auto Index Fund will open for subscription on June 22 and close on July 3. The minimum investment amount is Rs 100. JM Multi Asset Allocation Fund will open for subscription on June 24 and close on July 8. The minimum investment amount is Rs 5,000. Always choose a fund that suits your risk appetite, investment horizon and financial goals. Your decision should not be based on where others are investing.

NFO Watch: 3 mutual funds will open for subscription this week. Check dates and key details
North America
CNBC Finance

NBA to begin naming winning bids for Europe teams in the coming months, deputy commissioner says

The NBA plans to begin naming winning bidders for 12 permanent European teams in the next 60 to 90 days, Deputy Commissioner Mark Tatum said in an exclusive CNBC interview. The 12 new teams will be located in Rome, Milan, London, Manchester, Paris, Lyon, Madrid, Barcelona, Berlin, Munich, Athens and Istanbul. They'll be joined by four rotating clubs available to any FIBA-affiliated team in Europe on an annual basis depending on performance. FIBA is the sport's international governing body in Europe. Bids for teams are due at the end of June, Tatum told CNBC Sport. The league is looking for "great operators" who will invest in new stadiums, said Tatum, who added there are only "two to three world-class" basketball arenas in all of Europe. "We're on a very, very quick timeline here," Tatum said. "We're going to identify the right partners in the right cities, and we're going to take as much time as we need in order to identify those right partners. We're talking not only existing basketball teams in the ecosystem, but we're talking to soccer teams that currently don't have basketball teams that are interested, and we're also talking to individuals and other entities who don't have a basketball team but want to invest in a basketball team." Tatum noted basketball is the second-most popular sport in Europe but gets "less than 1% of the commercial market share there." He estimated Europe has about 300 million basketball fans. The NBA is considering how to intermingle NBA Europe teams with its existing North American teams. In the short term, NBA Europe teams could play teams based in the U.S. and Canada in the preseason, Tatum said. Then, over time, teams across the two leagues could meet up in the Emirates NBA Cup — the midseason tournament that the league debuted in 2023. NBA officials are having "a ton" of conversations with potential media partners for NBA Europe, including "some of the big global streaming partners," Tatum said. The value of the league will be in its global interest, even though it's based in Europe, he said. "There has been an incredible amount of inbound interest on taking those games and distributing them not only throughout Europe but globally," Tatum said. "We have no doubt that it will create some global interest, and therefore media partners are very interested in carrying that content." Tatum also pitched investors on the NBA's Basketball Africa League. While the league has been operating for six seasons, the NBA has only recently begun selling individual teams to investors. The BAL currently contributes $250 million in GDP to the African continent, said Tatum, who estimated that could grow to $5.4 billion by 2034. "Eleven of the top 20 fastest growing economies in the world are in Africa, and Africa is expected to account for more than 40% of the world's youth in the next five years," Tatum said. "So, what I would say to those investors is, 'What a great market opportunity.' Basketball is now turning into a business and creating jobs and economic growth, and now it's the opportunity to get in at the ground level and take advantage of that growth." Get this delivered to your inbox, and more info about our products and services.

NBA to begin naming winning bids for Europe teams in the coming months, deputy commissioner says