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Hindustan Times
8 hours ago
- Entertainment
- Hindustan Times
Book Review: In ‘The Listeners,' Maggie Stiefvater approaches WWII with a distinct voice
Maggie Stiefvater has brought her magical prose with her to her first adult novel. 'The Listeners' takes place at a luxury hotel in West Virginia as World War II begins. In need of a place to store their foreign nationals — i.e. Axis diplomats and their families — the U.S. government takes over the Avallon Hotel, forcing its manager and her staff to scramble to balance hospitality and hedonism. June Porter Hudson, the hotel's general manager, is a self-assured woman, wholeheartedly devoted to the Avallon Hotel at the cost of her identity. Tucker Minnick is a tough but emotionally wounded FBI agent, responsible for diplomatically monitoring his hostages and any accomplices. When June and Tucker meet, their logistical tug-of-war serves as mutual annoyance, entertainment and self-discovery. Humanizing and detail-oriented, 'The Listeners' is a story about both people management and self-regulation. It's a unique, domestic take on World War II that showcases the encroaching nature of war as men are drafted, families are torn apart and rations are enforced. At the same time, the novel shows how class divide fosters privilege – and ignorance – in the rich, especially during dark times. When the reality of the conflict finally hits the hotel, both the reader and the narrators have no choice but to reckon with the gray area that exists during wartime: Enemies can be likable; friends can be unsavory. In her afterword, Stiefvater revealed that 'The Listeners' was inspired by real people, events and attitudes, which made the novel that much more impressive. It was well-researched and tactful, handling dark issues with sensitivity and embedding colorful detail onto each page. The many threads opened at the beginning of the book in the form of letters, hotel room orders, oddly specific details and mismatched characters begged the question, 'Will this come together?' But character development came full circle, loose plot threads tied up and previous hints were unveiled as June and Tucker formed a quaint alliance, wrestling to protect the most vulnerable at the Avallon. The result of their efforts was unexpected yet undeniably satisfying. Stiefvater is not afraid of using punctuation in unconventional ways. She demonstrates yet again that rebelling against conventional writing standards can allow creativity to flourish. The prose maintained a sense of magic and possibility, while maturing respectively from her previous young adult work like 'The Raven Cycle' and 'The Dreamer Trilogy.' 'The Listeners' could've been more grounded at times, the supernatural properties of the mountain sweetwater distracting from the novel's historical fiction genre. Altogether, 'The Listeners' lived up to the literary finesse Stiefvater has established in her previous work, this unique take on World War II delivering a beautifully developed setting, riveting plot twists and vivid characters. book reviews: /hub/book-reviews
Mint
14 hours ago
- Business
- Mint
Axis Securities raises Nifty target to 26,300 for March 2026; top stock picks include HDFC Bank, SBI, and others
Axis Securities revised its Nifty 50 target upward to 26,300 for March 2026, citing robust earnings visibility, improved market sentiment, and strong macroeconomic fundamentals. The brokerage said that while the broader market witnessed significant recovery post the lows of February 2025, near-term consolidation is likely due to global economic uncertainties. The firm maintained a bullish outlook on domestic-facing sectors, while advising caution on export-oriented businesses in the wake of ongoing global trade policy shifts. 'India remains a haven amidst global volatility, and with supportive domestic cues, we believe the Nifty is poised to deliver double-digit returns over the next 2–3 years,' Axis Securities said. While near-term consolidation is likely, the focus will remain on selectively positioning in largecap, domestically-driven sectors that offer better risk-reward in the current climate. According to Axis Securities, the Indian equity market experienced a notable rebound starting March 2025. The Nifty 50 gained 12 percent from its February lows, while the Midcap and Smallcap indices surged by 20 percent and 22 percent, respectively. The rally was attributed to factors such as Q4FY25 earnings aligning with expectations, positive trade agreements, easing geopolitical tensions, and a supportive macroeconomic setup for FY26. The last one month alone saw the Smallcap index rising 9.6 percent, the Midcap index up 6.1 percent, and the Nifty 50 inching up by 1.7 percent. 'The market breadth improved substantially in the last three months,' Axis Securities said. Despite the rebound, Axis Securities noted the presence of lingering macroeconomic challenges, including trade policy uncertainty with the US and China, slowing global growth, movement in US 10-year bond yields, and volatility in the dollar index. 'These risks will influence market direction and valuations in the short term,' the brokerage said, adding that markets may consolidate in the near term with narrow participation. Axis said it is adopting a strategy focused on style and sector rotation, especially favouring domestic-facing sectors, given their insulation from reciprocal tariffs. Axis Securities pointed out that largecaps offer better value compared to the broader market, where the margin of safety is currently lacking. 'We believe quality stocks, market leaders, and monopolies from domestic-oriented sectors are well-positioned to outperform,' Axis Securities said. The brokerage is overweight on largecap private banks, telecom, consumption, hospitals, and interest-rate proxies. It also upgraded its view on retail consumption and FMCG stocks based on FY26 recovery expectations. Meanwhile, it continued to underweight IT stocks due to expected US discretionary spending cuts. Reflecting shifts in market style and risk appetite, Axis Securities made one change in its top picks—booking profits in Dalmia Bharat and adding Sansera Engineering. 'This reflects our tactical pivot towards higher-quality plays amidst ongoing market transition,' the brokerage noted. Axis Securities rolled forward its Nifty target to March 2026, raising it to 26,300. The upward revision is based on improved market sentiment, easing tariff concerns, and better earnings prospects for FY26. 'We now value the Nifty at 20x Mar'27 earnings, up from 19x earlier, factoring in favourable index changes like the inclusion of Britannia and BPCL,' Axis Securities said. It expects Nifty earnings to grow at a CAGR of 14 percent over FY23–27, driven largely by financials. In a bull-case scenario, Axis Securities sees the Nifty touching 27,600 by March 2026, valuing it at 21x Mar'27 earnings. This outlook is predicated on a 'Goldilocks' environment with reduced global volatility, a soft landing for the US economy, and a revival in private capex under a stable policy regime. Conversely, in the bear case, Axis pegs the Nifty at 22,300, based on a 17x valuation multiple. 'Challenges such as high interest rates, currency volatility, and trade disruption from potential Trump-era policies could drag down valuations,' Axis Securities warned. Aligned with its revised market strategy, Axis Securities recommended a diversified portfolio comprising domestic-facing plays and quality names. Its top picks include HDFC Bank, ICICI Bank, Shriram Finance, Avenue Supermarts, State Bank of India, Lupin, Hero MotoCorp, Max Healthcare, Colgate, Kalpataru Projects, APL Apollo Tubes, Varun Beverages, Bharti Airtel, Prestige Estates, and Sansera Engineering. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Time of India
17 hours ago
- Business
- Time of India
Top 10 mutual funds to invest in June 2025
Many new and relatively-inexperienced investors always look for top mutual funds to invest in . They ask their friends or colleagues or in some mutual fund forums for top or best schemes while starting their investment journey or while deciding to invest extra money. But most of them are not satisfied with the answers they get from the internet or friends due to different reasons. An online search would mostly take you to some websites with ready-made lists. Most often, the schemes may be shortlisted on the basis of their short-term performance. Sometimes, the schemes from a single category may dominate the list because that category happens to be the flavour of the season. Also Read | Volatile Markets and SIPs: What should mutual fund investors do? Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now Undo Friends or colleagues may give you names of schemes they like or they are investing. Again, there is no guarantee the schemes are indeed suitable for you. Some people never proceed beyond collecting names of top funds because a lingering doubt about the veracity of the names always holds them back. No wonder, many investors keep visiting mutual fund forums for validation for years - even after they start investing. Live Events That is why ETMutualFunds decided to put out a list of top 10 mutual fund schemes. We have chosen two schemes from five different equity mutual fund categories - aggressive hybrid, large cap, mid cap, small cap and flexi cap schemes – which we believe should be enough for regular mutual fund investors. There are caveats: read till the end to ensure you are picking up the best scheme for you. Also Read | Smallcap mutual funds offer 8% average return in May, all equity mutual fund categories end with gains List of top 10 schemes: Canara Robeco Bluechip Equity Fund Mirae Asset Large Cap Fund Parag Parikh Flexi Cap Fund HDFC Flexi Cap Fund Axis Midcap Fund Kotak Emerging Equity Fund Axis Small Cap Fund SBI Small Cap Fund SBI Equity Hybrid Fund Mirae Asset Hybrid Equity Fund Here are some pointers you should keep in mind while investing in these schemes. First, find out about each category and whether it is suited to your investment objective and risk profile. Aggressive hybrid funds Aggressive hybrid schemes (or erstwhile balanced schemes or equity-oriented hybrid schemes) are ideal for newcomers to equity mutual funds. These schemes invest in a mix of equity (65-80%) and debt (20-35). Because of this hybrid portfolio they are considered relatively less volatile than pure equity schemes. Aggressive hybrid schemes are the best investment vehicle for very conservative equity investors looking to create long-term wealth without much volatility. Large cap funds Some equity investors want to play safe even while investing in stocks. Large cap schemes are meant for such individuals. These schemes invest in top 100 stocks and they are relatively safer than other pure equity mutual fund schemes. They are also relatively less volatile than mid cap and small cap schemes. In short, you should invest in large cap schemes if you are looking for modest returns with relative stability. Flexi cap funds A regular equity investor (one with a moderate risk appetite) looking to invest in the stock market need not look beyond flexi cap mutual funds (or diversified equity schemes). These schemes invest across market capitalisations and sectors, based on the view of the fund manager. A regular investor can benefit from the uptrend in any of the sectors, categories of stocks by investing in these schemes. Small cap, mid cap funds What about aggressive investors looking to pocket extra returns by taking extra risk? Well, they can bet on mid cap and small cap schemes. Mid cap schemes invest mostly in medium-sized companies and small cap funds invest in smaller companies in terms of market capitalisation. These schemes can be volatile, but they also have the potential to offer superior returns over a long period. You can invest in these mutual fund categories if you have a long-term investment horizon and an appetite for higher risk. Finally, any search starting with the word 'best' or 'top' is unlikely to offer you the best solution. You should always choose a scheme that matches your investment objective, horizon, and risk profile. If you do not understand the basic mutual fund concepts or are totally new to mutual funds and investing, you should always seek the help of a mutual fund advisor. If you are looking for our recommendations in various mutual fund category, see: Best mutual funds to invest Methodology for hybrid funds: 1. Mean rolling returns: Rolled daily for the last three years. 2. Consistency in the last three years: Hurst Exponent, H is used for computing the consistency of a fund. The H exponent is a measure of randomness of NAV series of a fund. Funds with high H tend to exhibit low volatility compared to funds with low H. i) When H = 0.5, the series of returns is said to be a geometric Brownian time series. This type of time series is difficult to forecast. ii) When H <0.5, the series is said to be mean reverting. iii) When H>0.5, the series is said to be persistent. The larger the value of H, the stronger is the trend of the series 3. Downside risk: We have considered only the negative returns given by the mutual fund scheme for this measure. X = Returns below zero Y = Sum of all squares of X Z = Y/number of days taken for computing the ratio Downside risk = Square root of Z 4. Outperformance i) Equity portion: It is measured by Jensen's Alpha for the last three years. Jensen's Alpha shows the risk-adjusted return generated by a mutual fund scheme relative to the expected market return predicted by the Capital Asset Pricing Model (CAPM). Higher Alpha indicates that the portfolio performance has outstripped the returns predicted by the market. Average returns generated by the MF Scheme = [Risk Free Rate + Beta of the MF Scheme * {(Average return of the index - Risk Free Rate} ii) Debt portion: Fund Return – Benchmark return. Rolling returns rolled daily is used for computing the return of the fund and the benchmark and subsequently the Active return of the fund. 5. Asset size: For Hybrid funds, the threshold asset size is Rs 50 crore Methodology for equity funds: ETMutualFunds has employed the following parameters for shortlisting the equity mutual fund schemes. 1. Mean rolling returns: Rolled daily for the last three years. 2. Consistency in the last three years: Hurst Exponent, H is used for computing the consistency of a fund. The H exponent is a measure of randomness of NAV series of a fund. Funds with high H tend to exhibit low volatility compared to funds with low H. i) When H = 0.5, the series of returns is said to be a geometric Brownian time series. This type of time series is difficult to forecast. ii) When H is less than 0.5, the series is said to be mean reverting. iii) When H is greater than 0.5, the series is said to be persistent. The larger the value of H, the stronger is the trend of the series 3. Downside risk: We have considered only the negative returns given by the mutual fund scheme for this measure. X =Returns below zero Y = Sum of all squares of X Z = Y/number of days taken for computing the ratio Downside risk = Square root of Z 4. Outperformance: It is measured by Jensen's Alpha for the last three years. Jensen's Alpha shows the risk-adjusted return generated by a mutual fund scheme relative to the expected market return predicted by the Capital Asset Pricing Model (CAPM). Higher Alpha indicates that the portfolio performance has outstripped the returns predicted by the market. Average returns generated by the MF Scheme = [Risk Free Rate + Beta of the MF Scheme * {(Average return of the index - Risk Free Rate} 5. Asset size: For Equity funds, the threshold asset size is Rs 50 crore.
Time of India
17 hours ago
- Business
- Time of India
Rs 15 lakh crore in net profit! India Inc's top 500 cos break records in FY25 despite downgrades
India's top 500 companies achieved a record-breaking ₹15 lakh crore in net profit in FY25, driven by strong performances in agriculture, chemicals, and telecom, despite widespread earnings downgrades. While FY26 earnings forecasts have been revised downward, analysts remain optimistic about sectors like defence and telecom, anticipating continued growth and resilience in the face of economic uncertainties. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's top 500 companies have smashed past an all-time milestone, raking in over Rs 15 lakh crore in net profit in FY25, a historic high that underscores the resilience of corporate India, even as earnings faced widespread downgrades in the last 4 compiled by Axis Securities shows that NSE 500 's cumulative profit jumped from Rs 10.66 lakh crore in FY23 to Rs 15.07 lakh crore in FY25, based on the last four quarters ending Q4FY25 on a rolling basis. This includes results from 458 companies. The new peak for corporate profitability in FY25 was powered by strong showings from agriculture & chemicals, telecom, and profit surged 11.4% during the financial year. Telecom profits surged 45.7%, while staples, healthcare, and agriculture and chemicals posted solid 10.8–13.1% gains. Banks grew at a modest 4.8%, while oil & gas profits dropped 10.2%.From FY21 to FY24, profit growth clocked a stellar 26% CAGR for NSE 500 companies. FY25 growth slowed to 10%, but excluding oil & gas, metals & mining, earnings rose 18.9%, Axis with this deceleration, the market's profit engine hasn't stalled. According to Axis Securities' Head of Research Neeraj Chadawar, sectors that were deep in losses during the pandemic have now turned positive. He noted that financials, oil & gas, metals, and IT together contribute 65% of NSE 500 said largecap companies are showing a recovery in earnings momentum, with 81% of Nifty companies beating or meeting earnings expectations in the March market optimism is being reined in. FY26 Nifty earnings have been downgraded by 3.3% and FY27 by 2%, Axis noted. The revision stems partly from index reshuffling — Zomato and Jio Financial have replaced BPCL and Britannia, altering index-level expectations. Adjusted for this change, the downgrade for FY26 is a more modest 2%.Axis projects Nifty EPS at Rs 1,151 for FY26 and Rs 1,315 for FY27, and sees 14% CAGR earnings growth between FY23–27. But concerns persist. 'Trade policy uncertainty, rupee depreciation, and relatively higher valuations remain key risks to near-term market multiples,' it added. Nonetheless, the firm has upgraded its base-case Nifty target for March 2026 to 26,300, valuing it at 20x FY27 Oswal reported that FY25 Nifty EPS ended at ₹1,013, up just 1% YoY on a high base. FY26 EPS was cut by 1.9% to ₹1,135, with sharp revisions in SBI, ONGC, IndusInd Bank, Tata Motors, and TCS. FY27 was trimmed 1.1% to ₹1,314. 'Forward earnings revisions are weakening, with downgrades outpacing upgrades,' the firm warned, despite a better-than-expected Q4FY25 also flagged that while aggregate FY25 profit growth came in at 8%, the outlook is softening. Consensus EPS forecasts for FY26/27 have already been revised down 2.3% and 1.4% since March. Since September 2024, that's a 7.6% and 6.3% cut, respectively. The firm expects further 4–8% earnings downgrades for FY27, citing weak exports, reduced household financial savings, and a sluggish investment noted that all sectors saw FY26 EPS downgrades except oil marketing companies, with the worst cuts in tech, construction, FMCG, and energy. Downgrade/upgrade ratios stood at a steep 3.5x, and RoEs compressed by 30 bps over the last six these cuts, analysts are optimistic about FY26. Sectors like defence, telecom, India-focused pharma, and hospitals are expected to sustain high visibility and strong growth. Cement and metals could also surprise positively due to input cost story is clear: corporate India just delivered its most profitable year ever, even amid macro headwinds and a downgrade-heavy season. While the forward path appears bumpier, the profit engine is still running strong — and FY26 is shaping up to be another test of resilience.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Economic Times
17 hours ago
- Business
- Economic Times
Rs 15 lakh crore in net profit! India Inc's top 500 cos break records in FY25 despite downgrades
India's top 500 companies achieved a record-breaking ₹15 lakh crore in net profit in FY25, driven by strong performances in agriculture, chemicals, and telecom, despite widespread earnings downgrades. While FY26 earnings forecasts have been revised downward, analysts remain optimistic about sectors like defence and telecom, anticipating continued growth and resilience in the face of economic uncertainties. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India's top 500 companies have smashed past an all-time milestone, raking in over Rs 15 lakh crore in net profit in FY25, a historic high that underscores the resilience of corporate India, even as earnings faced widespread downgrades in the last 4 compiled by Axis Securities shows that NSE 500 's cumulative profit jumped from Rs 10.66 lakh crore in FY23 to Rs 15.07 lakh crore in FY25, based on the last four quarters ending Q4FY25 on a rolling basis. This includes results from 458 companies. The new peak for corporate profitability in FY25 was powered by strong showings from agriculture & chemicals, telecom, and profit surged 11.4% during the financial year. Telecom profits surged 45.7%, while staples, healthcare, and agriculture and chemicals posted solid 10.8–13.1% gains. Banks grew at a modest 4.8%, while oil & gas profits dropped 10.2%.From FY21 to FY24, profit growth clocked a stellar 26% CAGR for NSE 500 companies. FY25 growth slowed to 10%, but excluding oil & gas, metals & mining, earnings rose 18.9%, Axis with this deceleration, the market's profit engine hasn't stalled. According to Axis Securities' Head of Research Neeraj Chadawar, sectors that were deep in losses during the pandemic have now turned positive. He noted that financials, oil & gas, metals, and IT together contribute 65% of NSE 500 said largecap companies are showing a recovery in earnings momentum, with 81% of Nifty companies beating or meeting earnings expectations in the March market optimism is being reined in. FY26 Nifty earnings have been downgraded by 3.3% and FY27 by 2%, Axis noted. The revision stems partly from index reshuffling — Zomato and Jio Financial have replaced BPCL and Britannia, altering index-level expectations. Adjusted for this change, the downgrade for FY26 is a more modest 2%.Axis projects Nifty EPS at Rs 1,151 for FY26 and Rs 1,315 for FY27, and sees 14% CAGR earnings growth between FY23–27. But concerns persist. 'Trade policy uncertainty, rupee depreciation, and relatively higher valuations remain key risks to near-term market multiples,' it added. Nonetheless, the firm has upgraded its base-case Nifty target for March 2026 to 26,300, valuing it at 20x FY27 Oswal reported that FY25 Nifty EPS ended at ₹1,013, up just 1% YoY on a high base. FY26 EPS was cut by 1.9% to ₹1,135, with sharp revisions in SBI, ONGC, IndusInd Bank, Tata Motors, and TCS. FY27 was trimmed 1.1% to ₹1,314. 'Forward earnings revisions are weakening, with downgrades outpacing upgrades,' the firm warned, despite a better-than-expected Q4FY25 also flagged that while aggregate FY25 profit growth came in at 8%, the outlook is softening. Consensus EPS forecasts for FY26/27 have already been revised down 2.3% and 1.4% since March. Since September 2024, that's a 7.6% and 6.3% cut, respectively. The firm expects further 4–8% earnings downgrades for FY27, citing weak exports, reduced household financial savings, and a sluggish investment noted that all sectors saw FY26 EPS downgrades except oil marketing companies, with the worst cuts in tech, construction, FMCG, and energy. Downgrade/upgrade ratios stood at a steep 3.5x, and RoEs compressed by 30 bps over the last six these cuts, analysts are optimistic about FY26. Sectors like defence, telecom, India-focused pharma, and hospitals are expected to sustain high visibility and strong growth. Cement and metals could also surprise positively due to input cost story is clear: corporate India just delivered its most profitable year ever, even amid macro headwinds and a downgrade-heavy season. While the forward path appears bumpier, the profit engine is still running strong — and FY26 is shaping up to be another test of resilience.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
