Category: BUSINESS

  • Zomato to trade as ‘Eternal’ on stock exchanges

    Zomato to trade as ‘Eternal’ on stock exchanges

    New Delhi: Food-tech giant Zomato on Thursday officially changed the company’s name to Eternal, following an approval from its board.

    In a stock exchange filing, the online food aggregator said that when we acquired Blinkit, we started using “Eternal” (instead of Zomato) internally to distinguish between the company and the brand/app.

    “We also thought that we would publicly rename the company to Eternal, the day something beyond Zomato became a significant driver of our future. Today, with Blinkit, I feel we are there,” said Deependra Goyal, Co-founder of Zomato.

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    The group CEO added that “we would like to rename Zomato Ltd., the company (not the brand/app), to Eternal Ltd”.

    Despite the name change, the Zomato app will continue to operate under its existing name. However, the company’s stock ticker will now be updated from Zomato to Eternal.

    Eternal will serve as the umbrella brand for four major businesses — Zomato, Blinkit, District and Hyperpure.

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    These divisions represent the company’s growing presence in food delivery, quick commerce, dining services, and supply chain solutions.

    Meanwhile, the online food delivery giant clocked a 57 per cent decline in net profit (year-on-year) at Rs 59 crore in Q3 from Rs 176 crore in the same period last fiscal.

    However, the company’s revenue from operations increased by 64 per cent to Rs 5,404 crore in the latest quarter earnings announced on January 20.

    The expenses of the Gurugram-based food giant rose to Rs 5,533 crore.

    In a letter to shareholders on January 20, the company shared updates on its progress and expansion plans, stating that it aims to open 1,000 new Blinkit stores by December this year.

    This announcement was made along with the financial results for Q3 ended on December 31, 2024.

  • DeepSeek banned in USA, illegal users could be fined, jailed

    DeepSeek banned in USA, illegal users could be fined, jailed

    Texas state in the United States of America has banned the Chinese AI app DeepSeek, days after the AI model challenged leading American AI models. Texas Governor Greg Abbott, issued the ban on using DeepSeek in state-issued devices, citing concerns over potential government data theft.

    “Texas will not allow the Chinese Communist Party to infiltrate our state’s critical infrastructure through data-harvesting AI and social media apps,” the Texas Governor said while issuing the ban on the DeepSeek app. Texas has also issued a ban on RedNote, another viral Chinese app, which offers unlimited short video content.

    Meanwhile, multiple national governments have banned DeepSeek’s ‘R-1’ AI model, citing concerns over cybersecurity. Italy, on January 30, became the first nation to ban the use of DeepSeek on government devices.

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    Taiwan, the conflicting neighbour of China, has also banned using DeepSeek by government agencies. The country, which has been under threat of military action from the big nations, is worried that DeepSeek would pose a security threat to the tech-oriented island nation.

    US to bring law against DeepSeek

    Republican senator Josh Hawley filed a bill at the American senate to prevent the importing of technology and intellectual properties developed in China. The law proposed by senator Hawley pushes to implicate violators with up to 20 years in prison and levy fines of up to USD 1 million from individuals and up to USD 1000 million from companies.

    Though the app is not yet banned in the entire United States, the US Navy and NASA have also prohibited the use of DeepSeek for any work-related tasks or personal use.

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    The Chinese AI app, which took the world by storm last week is facing a not-so-warm welcome from its US competitors.

    DeepSeek’s R-1 AI model, developed by a Chinese HedgeFund Firm, using far less investment and time, went viral in the last week of January and became the top AI app in the US, surpassing Open AI’s ChatGPT and Google’s Gemini AI.

    This had led to a share market crash in the US, with leading AI-powered chip manufacturer NVIDIA shares plummeting, and inducing a huge money loss for American investors.

  • Budget to boost consumption sectors, DeekSeek AI an opportunity for Indian IT firms

    Budget to boost consumption sectors, DeekSeek AI an opportunity for Indian IT firms

    Bengaluru: The Union Budget will boost consumption sector and long-term policies are favourable for urban housing, insurance and defence-related industries, according to a new report.

    The capex budget has risen 15 per cent CAGR in the past 10 years and the allocation until 2030 is likely to exceed $1.2 trillion, according to managers at smallcase, a leading provider of investment products and platforms for the Indian capital markets industry.

    According to them, large capex investments are likely to be beneficial for banks and specialised infra NBFCs.

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    “While most of the consumption focused companies are overvalued but consumer finance companies are available at a more reasonable valuation,” the report maintained.

    On DeepSeek AI, smallcase managers said it has expanded the market for IT, but near-term growth rates and valuations are a concern.

    IT remains an interesting play, with DeepSeek catalysing an extraordinarily large TAM (total addressable market) for Indian IT services companies.

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    With the cost of training new AI models being brought down to 1/30th to 1/50th of the earlier paradigm, this makes it possible for small and mid-sized companies and startups to develop new models and launch numerous products based on AI in the next 2-10 years.

    This enlarges the market for Indian IT services many fold. However, with some uncertainty on the near-term growth rates and valuations slightly high, IT remains potentially alpha-generating, said the report.

    Meanwhile, EVs and other means of mobility could provide interesting opportunities. Another sector which could be interesting due to the tax benefits and the budget focus on the sector is Tourism, especially, religious tourism.

    “Toy industry is a $400 billion global market, with significant manufacturing happening in China. The budget has allocated funds for the toy manufacturing industry, which could lead to significant growth in the next 10-15 years,” said Ambareesh Baliga, veteran market expert and smallcase manager.

    At a macro level, “we need the economy to clock over 7.5-8 per cent for long-term growth of the market and currency,” he added.

  • Adani Ports handles highest-ever monthly cargo of 39.9 MMT in Jan, up 13%

    Adani Ports handles highest-ever monthly cargo of 39.9 MMT in Jan, up 13%

    Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday said it handled its highest-ever monthly cargo volume of 39.9 million metric tonnes (MMT) in January, which was up 13 per cent year-on-year.

    This included containers (+32 per cent YoY) and liquids and gas (+18 per cent).

    APSEZ has crossed new milestones of handling 372.2 MMT (+20 per cent YoY) of total cargo (+7 per cent YoY) and liquids and gases (+9 per cent YoY) year-to-date in January, informed India’s largest integrated transport utility and part of the diversified Adani Group.

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    Moreover, Mundra Port has achieved a series of extraordinary milestones in cargo handling during January 2025, some of which have become national records.

    “Record-breaking performance across various cargo segments underlines Adani Port as a leading global port and an engine of India’s economy,” said the company.

    APSEZ Mundra has achieved a historic monthly cargo volume of 17.20 million metric tonnes, surpassing the previous record of 17.11 million metric tonnes, the highest ever by any Indian port in the history of maritime trade.

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    In container handling, Mundra created a new national record by crossing a combined throughput of 7.72 lakh Twenty-foot Equivalent (TEUs) in a month.

    “This milestone demonstrates Mundra Port’s expertise in containerised cargo handling and Adani Port’s important role in the global supply chain,” the company noted.

    It further stated that Adani Mundra Marine Team handled 415 vessels with 884 movements, surpassing the previous record of 406 vessels and 876 movements.

    Mundra Railway Division achieved a record-breaking monthly handling of 1.47 lakh TEUs, surpassing the previous record of 1.44 lakh TEUs handled.

    In addition, the Railway Team created two more records, handling the highest ever 682 trains, surpassing the previous record of 662 trains, and the highest ever 447 double-stack trains, surpassing the previous record of 429 double-stack trains.

    “Container Terminal AICTPL achieved the highest handling of 3.05 lakh TEUs in a single month, surpassing the previous best record of 3.02 lakh TEUs, the highest volume handled by any single container terminal in India,” Adani Ports informed.

    The APSEZ Mundra Liquid team achieved the highest monthly throughput of 0.841 million tonnes of cargo, surpassing the previous record of 0.832 million tonnes, while the APSEZ LPG team shipped a record 1.01 lakh metric tonnes of LPG in a single month.

  • Softbank’s Son had ‘good discussion’ with chiefs of Samsung, OpenAI

    Softbank’s Son had ‘good discussion’ with chiefs of Samsung, OpenAI

    Seoul: SoftBank Group head Masayoshi Son said on Tuesday he had a “very good discussion” with Samsung Electronics Co. Chairman Lee Jae-yong and OpenAI chief Sam Altman, as the three gathered to discuss artificial intelligence (AI) cooperation in the midst of the rapidly changing industrial landscape.

    The rare trilateral meeting took place at a Samsung Electronics office in southern Seoul following Altman’s meetings with SK Group Chairman Chey Tae-won and Kakao Corp. chief executive officer (CEO) Chung Shin-a. Son came to Seoul earlier in the day.

    After the two-hour meeting, Son told reporters that he had “a very good discussion,” which centred on mobile and AI strategies, reports Yonhap news agency.

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    Asked if Samsung would join OpenAI’s Stargate project, Son simply said they had good discussions and would continue talks.

    He added that no decisions had been made regarding whether chip giant SK hynix would also join them for the project.

    The $500 billion Stargate project is a major initiative to build new AI infrastructure in the United States in collaboration with Japan’s SoftBank and Oracle.

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    Upon arriving at the meeting venue, Son said, “I will discuss an update of the Stargate project and potential collaborations with Samsung Group.”

    Son also spoke highly of South Korean technology prowess and engineers, while stressing the growing importance of AI in all countries.

    Tuesday’s meeting was Lee’s first public event after being acquitted by an appellate court of accounting fraud and other irregularities related to the 2015 controversial merger of two Samsung affiliates.

    Altman is visiting Seoul as part of his Asia tour, during which he is meeting with investors, developers and corporate partners to strengthen OpenAI’s industry leadership.

    On Monday in Tokyo, Altman and Son announced plans to establish SB OpenAI Japan, a new joint venture between OpenAI and SoftBank, a move aimed at leveraging the Stargate initiative.

    Earlier Tuesday in Seoul, Altman hinted at South Korean companies’ involvement in the ambitious Stargate project.

    A possible alliance of Samsung Electronics, OpenAI and SoftBank draws close attention as the global AI industry is entering another phase of competition following the launch of Chinese startup DeepSeek’s new AI models.

  • World Bank India head meets Fadnavis, affirms to up commitments in Maharashtra

    World Bank India head meets Fadnavis, affirms to up commitments in Maharashtra

    Mumbai: World Bank’s country head for India Auguste Tano Kouame on Tuesday met Maharahstra’s Chief Minister Devendra Fadnavis, and expressed that the multilateral lender is keen to expand the commitments to the state.

    Kouame said the current size of portfolio under implementation across various sectors in Maharahstra stands at USD 600 million across diverse sectors.

    “The World Bank is interested to increase its commitments to Maharashtra in the coming years,” Kouame told PTI after meeting Fadnavis in the country’s financial capital.

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    During the meeting, the visiting WB officials discussed a slew of potential projects and ideas which included a large programme to make cities and urban spaces liveable, efficient and sustainable, he said, adding that final decision on any commitment will be taken by appropriate officials within the bank.

    Water, sanitation and efficient urban local bodies, along with infrastructure projects focusing on transportation is also high on the Bank’s agenda, he said.

    Coastline development is in such a way that it helps the local communities build livelihoods without hurting the natural diversity was also discussed, he said.

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    The bank is also mulling a follow-on investment in a project aimed at expanding agricultural productivity, he said, adding that making cities and districts flood resilient was also discussed.

    It is also keen to play a part in promoting innovation and quality of healthcare in the state, he said, adding that ideas on helping Maharahstra achieve its ambition of taking the gross state domestic product to USD 1 trillion were also discussed.

    Kouame pointed out that the portfolio under implementation has gone lower than the historical averages partly due to the Covid pandemic and also other priorities pursued by the team.

    The present portfolio concentrates on the agriculture, skills and capacity framework for districts, Kouame said, pointing that there are a slew of other areas where the state can partner.

    “Maharashtra wants to engage with us,” he said, pointing to the discussions at the meeting.

    Declining to specify the Indian state with highest commitments, the country head said the bank wishes to go beyond financial support to get the global best practices.

    When asked about the Maharashtra government’s finances and about certain social sector schemes criticized as doles, he said the bank will wait for the state budget to be presented next month and then comment on concerns around fiscal profligacy, if any.

  • Indian stock market opens higher as US delays tariff hikes on Canada, Mexico

    Indian stock market opens higher as US delays tariff hikes on Canada, Mexico

    Mumbai: The NSE Nifty 50 and BSE Sensex snapped two-day fall on Tuesday after the US delayed tariff hikes on Canada and Mexico by a month.

    At 9.32 a.m., the Sensex gained over 443 points or 0.58 per cent at 77,630.71 and the Nifty went up 130.25 points or 0.56 per cent at 23,491.30.

    On NSE, eleven sectors advanced and one declined out of 12. The Nifty FMCG was the worst performing sector during open, while the NSE Nifty Metal was the best performing sector.

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    Power Grid Corporation, ITC, Hindustan Unilever and Asian Paints weighed on the Nifty 50 index. Infosys, ICICI Bank, Mahindra and Mahindra and L&T added to the Nifty 50 index.

    According to market experts, after the global sell off in equity markets yesterday, there are positive signals as the decision taken by the US President Donald Trump to temporarily freeze the tariffs on Mexico and Canada and start negotiations is a clear indication of Trump’s strategy.

    Vikram Kasat, Head-Advisory, PL Capital-Prabhudas Lilladher said that over the weekend, Trump followed through on his earlier threats, applying 25 per cent duties on Canada and Mexico, and a 10 per cent levy on China, citing these measures as necessary to curb migration and fentanyl flow into the U.S. The Indian rupee hit a record low, weakening beyond Rs 87 per US dollar for the first time on Monday.

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    Additional tariffs of 25 per cent on imports from Mexico and Canada were to go into effect from Tuesday over the flow of undocumented migrants and drugs into the US through their borders. A lower 10 per cent hike is coming in China, but there were no talks ahead of it.

    On February 3, the foreign institutional investors (FIIs) remained net sellers for the 23rd session, as they offloaded equities worth Rs 3,958 crore, while domestic institutional investors (DIIs) bought equities worth Rs 2,708 crore on the same day.

    INDIAVIX was positive yesterday up by 1.83 per cent and was trading at 14.3525.

  • Bill Gates explores making of his internal operating system in new memoir

    Bill Gates explores making of his internal operating system in new memoir

    Washington: As he prepares to turn 70 later this year, Microsoft founder Bill Gates’ new memoir explores how his childhood quirks, upbringing, friendships and experiences coalesced into shaping his internal operating system.

    In “Source Code: My Beginnings,” the first installment of a trilogy retracing his journey from an often misunderstood kid to a polarising technology titan to an influential philanthropist, Gates dissects his brain’s unusual wiring, delves into the emotional trauma of his best friend dying while they were both in high school, and revisits the birth of Traf-O-Data, a startup that he launched in Albuquerque, New Mexico, with another childhood friend, Paul Allen.

    Traf-O-Data, conceived to create software for the groundbreaking Altair computer made Micro Instrumentation and Telemetry Systems, became Microsoft in 1975 — a year it booked $16,005 in revenue while Gates and Allen were making $9 per hour.

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    By 1977, Microsoft had become successful enough to embolden Gates to drop out of Harvard University. In 1979, he had decided to move Microsoft to the Seattle area where he grew up. Although Gates stepped down as Microsoft’s CEO 25 years ago, the Windows operating system and other software created under his reign remain the main pillar in a company that now generates $212 billion in annual revenue, boasts a $3.1 trillion market value, and accounts for most of Gates’ $100 billion personal fortune.

    “Source Code” ends with Gates’s drive back to Seattle in 1979, meaning it doesn’t touch upon his 1994 marriage to Melinda French, nor their 2021 divorce — one of the topics likely to come up in the sequels that he still intends to write as part of a retrospective trilogy.

    “I am being reflective, which is not my normal mode, but it’s kind of time,” Gates said during an interview about the book with The Associated Press. “As we went back and got teacher’s comments or people I worked with at Harvard, it was fascinating. I had confused myself into thinking I got straight A’s in ninth grade.”

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    That might not sound like much of a revelation, but it was a surprise to the cerebral Gates, who paints himself in the book as a “bratty smartass” prone to dismissively sneering, “That’s the stupidest thing I ever heard,” about remarks that seemed nonsensical to him.

    Gate’s self-portrait is that of a nerd nicknamed “Trey” by his card-playing grandmother because he was the third male on this father’s side of the family to be named Bill. He was a pipsqueak who had difficulty making friends and preferred living in his own head before he discovered computers, which became like slot machines that rewarded him for writing elegant lines of code.

    When he did talk, the young Gates rocked back and forth like a metronome setting a rhythm for his brain — a habit that surfaced during parts of his 45-minute interview with the AP.

    “It was a little weird because it was hard to direct my attention,” Gates recalled during the interview. “I had one year in school where they said, Oh we should put you ahead a couple grades.’ And then another time, they said, No, we should hold you back.’ And it’s like, Well make up your mind.’ They were a little confounded.”

    Although he didn’t realise it as a boy, Gates has no doubt he was and still is neurodivergent who channelled that anomaly into learning to programme computers at the right time in the right place with the patient support of his late parents (the book is dedicated to them, along with his sister, Kristi and Libby).

    “It wasn’t until I was an adult that there was this idea that there are kids that have this kind of unique ability to concentrate but less social skills. I certainly would be included in that,” Gates said. “I encourage people who have strengths and deficits to kind of map their ambition onto something that plays to their strengths. Being able to think just about programming and how you do it better ended up being invaluable for me.”

    Gates also had the advantage of growing up in a family that could afford to pay for him to attend a private high school in Seattle. Still, that privilege didn’t insulate him from the trauma he experienced when his best friend, Kent Evans, died in a mountain climbing accident in May 1972 — a year before they were going to graduate.

    Evans’ death occurred while he and Gates were preparing to spend much of the summer working on a program for their school, but what hurt far more was the loss of someone who understood him and helped give him a sense of purpose for the first time in his life.

    “I had no notion of a friend just being gone. It was the only negative thing in my childhood,” Gates said. “It shapes you, that someone can just disappear — somebody you loved and would have done things with. He would have been part of whatever I ended up going on to do. I give Kent credit, along with Paul (Allen), for setting the direction that I ended up going down.”

    Evans’ death provided the impetus for Gates to reconnect with Allen, who was already attending college, to help him with his programming projects. Allen, three years older than Gates and a passionate fan of legendary guitarist Jimi Hendrix, did more than just help with the coding. He also offered Gates some LSD in an attempt to lure his partner down a more psychedelic path.

    Gates rebuffed Allen at first but decided to drop acid with a group of high school friends shortly before his 1973 graduation, according to the book.

    It wasn’t a pleasant experience, a reaction that Gates thought might have been related to the dental surgery he underwent the day after his LSD trip. He tried LSD again with Allen in October 1974 while they were watching an episode of the old “Kung Fu” series on TV, and decided he would be better off without psychedelic drugs even though Apple co-founder Steve Jobs contended Microsoft would have created better products had Gates taken more acid.

    “I thought maybe I’d seem cool if I took it, but that didn’t happen,” Gates said during the interview. “I would say Steve was definitely more hip than I was. He took a lot more acid than I did. He had a sense of style. I had some charisma in terms of motivating engineers and saying this great thing (with personal computers) would happen, but Steve had natural speaking and charisma capabilities, even beyond mine. So I always envied him for the things he did.”

    Gates’ mind is now being blown by the recent advances in artificial intelligence — a technology being planted into Microsoft’s software as part of its partnership with ChatGPT creator OpenAI.

    “When I finally see ChatGPT-4, where the OpenAI guys show me a very early version, I am just blown away completely,” Gates said. He views AI as an “amazing and scary” technology that should be rigorously monitored.

    “You should be nervous. We have to acknowledge that AI is almost uniquely dangerous because it’s unbounded in terms of how good it will get and it’s happening within a generation,” Gates said. “Hopefully, the politicians and the technologists will share with each other, and we can shape this thing. We better get on top of that now.”

    If nothing else, Gates is hoping “Source Code” will help people see a more human side of him, even if he might never been seen as the cultural tastemaker that Jobs was.

    “I wouldn’t say I was completely uncool,” Gates said. “But once I got going on Microsoft, I was willing to be pretty monomaniacal. Even people I competed with found it very intimidating how focused I was. I really didn’t goof off in my 20s because my whole thing was having Microsoft move at full speed.”

    Perhaps Gates will delve deeper into the monomania that made him so rich, famous and sometimes reviled in the next book about his life — an installment that he says won’t be done until sometime in 2027, at the earliest.

  • FM Sitharaman to hold post-budget meeting with RBI top brass on Feb 8

    FM Sitharaman to hold post-budget meeting with RBI top brass on Feb 8

    New Delhi: Finance Minister Nirmala Sitharaman is scheduled to address the Reserve Bank of India’s central board on February 8 in a post-budget meeting to coordinate the fiscal and monetary steps required to accelerate GDP growth.

    The customary meeting will take place a day after the RBI announces its monetary policy review amid expectations that it may cut interest rates for the first time in five years to spur growth as inflation has eased.

    The Finance Minister has decided to stick to the fiscal consolidation path with a reduction in the fiscal deficit target to 4.4 per cent of GDP for 2025-26 from 4.8 per cent earlier, which has reduced the need for market borrowing by the Government.

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    This leaves more headroom for the RBI to adopt a soft money policy to spur growth and the Finance Minister is expected to drive home this point at the meeting. The new RBI Governor, Sanjay Malhotra, is a former Finance Ministry official and has already announced the injection of Rs 1.5 lakh crore in the banking system as the liquidity situation had become tight in the financial sector.

    The Finance Minister has reduced its net market borrowings estimate for the 2025-26 financial year to Rs 11.54 lakh crore which will leave more money in the banking system for giving out loans to corporates for investment and spur demand through consumer spending to accelerate growth.

    According to senior officials, both the fiscal measures announced in the budget and the RBI’s monetary policy will be aligned to accelerate growth along with price stability.

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    The Budget has rolled out significant income tax cuts for the middle class as 1 crore individuals earning up to Rs 12.75 lakh a year will not pay any tax and will have more money in their hands to spend on goods and services. This will add to aggregate demand in the economy, giving a fillip to growth.

    The RBI is expected to ensure adequate liquidity in the economy and moderation in interest rates to back up the fiscal measures in the Budget to propel the economic growth rate and create more jobs and incomes.

  • Market fall creates opportunities for investors to get good entry points: Expert

    Market fall creates opportunities for investors to get good entry points: Expert

    New Delhi: There will be plenty of chances to invest in Indian stocks as market volatility can provide attractive entry points, a leading market expert said on Monday.

    However, investors to be selective in stock picking as the current scenario requires a bottom-up approach to identifying strong stocks, according to the veteran investor.

    In a media interaction, Kela expressed optimism about buying opportunities amid market fluctuations. Additionally, he cautioned against expecting the same high returns seen over the past few years.

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    In the first trading session after the Union Budget presentation amid US President Donald Trump’s trade tariffs which are set to come into force on Tuesday, the Sensex dropped by 327.25 points or 0.42 per cent to trade at 77,178 during the intra-day trade.

    Similarly, the NSE Nifty slipped 138.05 points or 0.59 per cent to trade at 23,344.1.

    Sectors such as metals, mid and small-cap IT & telecom, and real estate faced the biggest losses.

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    The Nifty 50 index has dropped 11 per cent from its peak in late September. This decline has been influenced by multiple factors including concerns over Donald Trump’s trade policies.

    Kela, known for his focus on risk-reward analysis, sees more value in large-cap stocks at present.

    The Nifty index is currently trading at 18 times its estimated earnings for the next year, which aligns with its long-term average.

    “This year, I am leaning more towards large-cap stocks,” he said, adding that the consumer stocks, especially regional brands in the staples segment, are gaining market share from bigger companies.

    On the public sector undertakings (PSUs), Kela recalled his positive outlook on PSU stocks three years ago due to their attractive valuations.

    While some PSU banks still offer investment potential, he suggested that investors should have realistic return expectations.

    “Be cautious with your gains from the past few years and choose stocks wisely. Market fluctuations will create opportunities to enter at the right price,” he added.