Latest news with #Marcellus
Mint
27-05-2025
- Business
- Mint
Sensex crashes over 900 points, Nifty 50 falls below 24,750; why is the Indian stock market falling today?
After two consecutive sessions of healthy gains, Indian stock market benchmarks, the Sensex and the Nifty 50, suffered significant losses in intraday trade on Tuesday, May 27. The Sensex opened at 82,038.20 against its previous close of 82,176.45 and crashed over 900 points, or 1 per cent, to an intraday low of 81,261.96. The Nifty 50 opened at 24,956.65 against its previous close of 25,001.15 and dropped over 1 per cent to an intraday low of 24,737.70. However, the mid and small-cap segments outperformed with mild losses. Around 10:30 AM, the Sensex was 839 points, or 1.02 per cent, down at 81,337, while the Nifty 50 was trading 242 points, or 0.97 per cent, lower at 24,759. Here are five key reasons that could be behind the fall in the Indian stock market today: Weak global cues appear to have prompted investors to book profits. Major markets in Asia, including Japan's Nikkei and Korea's Kospi declined amid concerns that US President Donald Trump's tax-cut bill will widen the fiscal deficit of the US. Tracking weak global cues, investors are booking profits after recent gains. Around 10 AM, as many as 49 stocks in the Nifty 50 index were in the red. Foreign capital inflow appears to be losing steam. In May, FPIs sold Indian equities intermittently amid a lack of fresh positive triggers. On May 26, FPIs' buying of Indian equities stood at a meagre ₹ 135.98 crore. Declining foreign capital inflow is weighing on the Indian stock market. The current price-to-earnings (PE) of the Nifty 50 at 22.6 is above its one-year average PE of 22.15. The domestic market does not have a valuation comfort when earnings have not seen any notable upgrades. Experts expect the market to consolidate in the near term. "In the near term, the market is likely to consolidate around the current levels. Since mutual funds are sitting on sizeable cash, any dip will be bought into, and high valuations will trigger selling on rallies. A sustained rally will happen only when leading indicators suggest a revival in earnings growth. That is some time away," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments. Global uncertainty keeps investors cautious, triggering a sell-on-rise to protect their wealth. Experts highlight that looming geopolitical risks and rich valuations may keep the market on a bouncy track in the short term. "The recent market rally suggests that markets are expecting an improvement in earnings growth in FY26/27, backed by an improving macro. When seen against the backdrop of elevated valuations, I don't think markets are fully pricing in the risks of a messy, protracted negotiations of tariff and trade-related issues with the US and structural issues like low wage growth," Krishnan V R, Chief of Quantitative Research at Marcellus, told Mint. While the medium- to long-term prospects of the Indian stock market remain positive, driven by a healthy macroeconomic outlook, a forecast of an above-normal monsoon, and a strong influx of retail investors, the domestic market is struggling to sustain gains due to a lack of fresh, immediate positive triggers. The market's focus is now on the upcoming Q4 GDP prints on May 30 and the RBI's monetary policy decision on June 6. Read all market-related news here Read more stories by Nishant Kumar
Time of India
23-05-2025
- Business
- Time of India
Saurabh Mukherjea says his portfolio ready to climb walls of worry, backed by 3 factors
Amid market turbulence, Marcellus follows a straightforward yet confident strategy: invest in top-quality stocks, buy at the right valuations, and keep cash handy to seize opportunities as they arise. Despite macroeconomic turbulence and global tariff tensions, Saurabh Mukherjea remains bullish on his Marcellus portfolios. Backed by valuation discipline, high-quality stocks, and ample cash reserves, his CCP strategy targets uncorrelated businesses with strong moats. As market growth slows, Mukherjea sees opportunity in select value plays and resilient earnings, trimming underperformers and holding cash for tactical entry points. Tired of too many ads? Remove Ads 1. Uncorrelated Winners in a Concentrated Core Tired of too many ads? Remove Ads 2. Quality Shines When Growth Slows 3. Valuations at Historic Lows Cash Is King — Even for Kings of Capital Tired of too many ads? Remove Ads With storm clouds gathering over India's macroeconomic horizon and the tariff wars, star investor Saurabh Mukherjea is standing firm, armed with a concentrated portfolio, valuation discipline, and a pile of dry powder wherever needed.'The macro-economic environment is going through a period of weakness,' Mukherjea warned, citing a confluence of domestic and global pressures. 'Rising household debt, weak capex, sluggish job creation, and slowing consumption demand' at home are being compounded by geopolitical uncertainty and tariff wars, which threaten to roil currency markets, inflation, and interest Mukherjea, who runs Marcellus PMS, believes his flagship Consistent Compounders Portfolio (CCP) is well-positioned to weather the turbulence—and possibly thrive in it. In a recent note to clients, he offered three distinct reasons the heart of his defence strategy is a tightly focused portfolio packed with businesses that march to their own drumbeat, largely insulated from macro shocks.'Our largest allocations include companies whose fundamentals are relatively uncorrelated with the macro factors,' said Mukherjea. One of them: a hospital chain rapidly expanding overseas while optimising efficiency at home. Another: a pharma firm with monopolistic control over global API production for cough syrups and painkillers, and exclusive manufacturing rights for patented big pharma second pillar is rooted in history. 'During periods when Nifty50's earnings growth is weak, companies with high quality of moats and capital allocation prudence outshine,' he backdrop tells the story. Between FY22 and FY25, the Nifty50 posted a robust 24% EPS CAGR—a tide that lifted all boats, regardless of quality. But Mukherjea insists the next phase will separate the contenders from the pretenders.''When the going gets tough, the tough get going' by using their superior competitive advantages to gain market shares,' he said, adding that the CCP portfolio is well-aligned to capture these gains in a more challenging the most striking statistic: the 1-year forward P/E multiple of the CCP portfolio is now at its lowest since inception, following a recalibration of its constituents in 2024.'This puts our portfolio at a 25%-30% discount to its six-year average,' said Mukherjea, positioning it as a compelling value play in an uncertain financials-focussed Kings of Capital Portfolio (KCP) remains heavily weighted toward private banks and NBFCs, but he has tightened the screws, cutting exposure to names with inconsistent growth or low RoEs.'We still don't find value in capital market-linked stocks and haven't added back any since our exit in late Sep'24,' he said. The combination of slim pickings and a re-rating in quality lenders has left KCP holding about 10% in cash—a strategic war chest amid market Little Champs Portfolio (LCP) and Rising Giants Portfolio (RGP) are also adapting to the new reality—emphasising earnings resilience, valuation discipline, and elevated cash levels.'Good quality stocks do fall during periods of market slowdown,' Mukherjea acknowledged. Cash, he said, will 'give some mitigation against these falls' and allow selective entries into oversold quality names.'This could be both increasing the position in the existing stocks, which see unwarranted correction + getting into coverage stocks, but which we had not invested earlier due to want of a better entry price. We are keeping a close watch on the developments on a continuous basis to see if we need to adjust the cash positions,' the fund manager portfolios have been pruned. In recent months, LCP exited Home First Finance, Everest Industries, and Credit Access Grameen, while adding Abbott India and Indegene. RGP exited the same three plus Astral, Tube Investments, and Poly Medicure, while inducting Control Print and remains vigilant: 'We are keeping a close watch on the developments on a continuous basis to see if we need to adjust the cash positions.'In a market battered by crosswinds, Marcellus' approach is simple but bold: hold only the best, pay the right price, and be ready with cash when opportunity strikes.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Mint
20-05-2025
- Business
- Mint
Market risks underpriced, returns may be muted in the medium term, says Marcellus' Chief of Quantitative Research
Expert view on markets: Krishnan V R, Chief of Quantitative Research at Marcellus, believes that due to disruptive forces like Gen AI, tariffs and geopolitical tensions, elevated uncertainty will persist in the markets. In an interview with Mint, Krishnan said that due to the elevated valuations across segments, the returns could be muted in the medium term. Here are edited excerpts of the interview: Given the elevated market valuations across the bulk of mid and small-cap space and even among large caps, I think return expectations would be muted over the medium term. Market cap-weighted equity indices have delivered spectacular returns over the last five years. As we wade further into the market cycle, I think company-specific fundamentals like profitability and growth should matter more. In my opinion, given the number of disruptive forces like Gen AI, tariffs and geopolitical tensions, elevated uncertainty is here to stay. The recent market rally suggests that markets are expecting an improvement in earnings growth in FY26/27, backed by an improving macro. When seen against the backdrop of elevated valuations, I don't think markets are fully pricing in the risks of a messy, protracted negotiations of tariff and trade-related issues with the US and structural issues like low wage growth. Earnings growth for the Nifty 50 has been in mid-single digits in Q4FY25. The bulk of the earnings outperformance is being driven by banks and downstream oil marketing companies. Consumer companies are reporting weak volume growth, margin headwinds, and muted demand commentary. Difficult to comment on the quarterly outlook due to seasonality in many businesses, but broadly, we should see some margin benefit to companies from lower prices of crude oil and derivatives in Q1FY26. If we look at valuations of small-cap and mid-cap indices, then at an aggregate level, both are trading above historical averages. However, valuations should be seen in the context of growth outlook, profitability and management's execution, which is stock-specific. Because the small and midcap segment in India includes everything apart from, say, the biggest 100 stocks, it offers plenty of opportunities to pick good quality businesses with strong growth runways. Diversification is the only free lunch in investing. Hence, the ideal investment strategy should be to diversify across uncorrelated asset classes and have an asset allocation plan in place. So, if someone is primarily invested in Indian equities, they should consider adding gold, global equities and bonds, fixed deposits or even REITs/Invits to the mix. Even though post-tax returns for debt investment could be suboptimal, they ensure that investors have funds for major financial goals when they need them. It is difficult to ascribe a fair value to gold, as prices are determined by supply and demand dynamics and safe-haven status. Since Gold prices have risen around 18 per cent annually over the last five years, I think most investors should allocate 10-20 per cent to gold at this point. Because Quant models follow a systematic, rules-based portfolio construction process, they are less likely to be affected by emotions of greed and fear and biases which can affect even the best discretionary fund managers. Most quant funds focus more on risk management, for example, by constraining allocation to a single stock or sector. Further, most factor-based quant strategies typically combine multiple factors like value, momentum and quality. For all these reasons, a well-designed quant strategy can be expected to deliver consistent alpha across market cycles. Quant funds are still a relatively new concept in India, at least for retail investors. Asset under management (AUM) in quant strategies, according to a Forbes article, would be less than 1 per cent of overall mutual fund AUM or even equity fund AUM, and nowhere near other developed markets like the US (including factor funds). But it has grown faster than the overall equity AUM, and over the last few years, I have seen nearly every major fund house launch a quant or a factor fund. I think Indian equity markets are at the sweet spot from a quant investing standpoint. Liquidity has improved beyond just large caps over the last few years, and we have a 15-20-year history on which quant strategies can be tested. Overall, I feel that we are still in the early days. As data availability keeps improving, along with the means to extract and analyse data using modern computing techniques, and as existing quants build performance track records, investor awareness and flows should be strong. History seldom repeatsbut often rhymes. However, if back-test returns are the sole criteria for selecting the winning strategy, then there is a significant risk of future underperformance, especially if there is a regime change. In India, unlike developed countries, reliable historical data is available only for 20-25 years, which may be sufficient but not enough. Our approach is to back-test only as a guide and mainly to rule out a bad strategy. A well-thought-out quant model is based on sound economic rationale with room to evolve based on changing market conditions. Read all market-related news here Read more stories by Nishant Kumar Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.
Hamilton Spectator
14-05-2025
- Business
- Hamilton Spectator
Epsilon Reports First Quarter 2025 Results
HOUSTON, May 14, 2025 (GLOBE NEWSWIRE) — Epsilon Energy Ltd. ('Epsilon' or the 'Company') (NASDAQ: EPSN) today reported first quarter 2025 financial and operating results. First Quarter 2025 Highlights: Operations Update: Epsilon's capital expenditures were $8.0 million for the quarter ended March 31, 2025. These were primarily related to the drilling and completion of 2 gross (0.5 net) Glauconitic wells in the Garrington area of Alberta, Canada (including $4.9 million in drilling carry in favor of the operator to earn a 25% working interest in the large leasehold position). Jason Stabell, Epsilon's Chief Executive Officer, commented, 'Our Marcellus business performed very well during the quarter with all delayed turn-in-line wells now on production and the lifting of the curtailments we sustained for most of last year. As a result, total gas volumes were up over 50% quarter over quarter. Realized gas prices also rebounded strongly, with Marcellus cash-flows (revenues less operating expenses) up over 200% quarter over quarter and up over 450% from the first quarter last year. This demonstrates the leverage we have in the basin to incremental development in a strong natural gas market. As mentioned previously, we have meaningful remaining undeveloped inventory there. However, we don't expect any additional development this year. In Texas, current plans call for 2 gross (0.5 net) new wells over the remainder of the year, in line with our development obligations on the leasehold. The Barnett wells are still economic at current oil prices, but any escalation in activity levels will require higher sustained prices. Our first two wells in the Alberta JV we entered in October are now on production. Our operating partner is currently evaluating inflow performance and sizing artificial lift and facilities. The current plan is to drill 2 more wells there over the remainder of the year. With our diversified assets, commodity mix and balance sheet, we remain in a strong position to take advantage of accretive opportunities.' Current Hedge Book: Earning's Call: The Company will host a conference call to discuss its results on Thursday, May 15, 2025 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). Interested parties in the United States and Canada may participate toll-free by dialing (833) 816-1385. International parties may participate by dialing (412) 317-0478. Participants should ask to be joined to the 'Epsilon Energy First Quarter 2025 Earnings Conference Call.' A webcast can be viewed at: . A webcast replay will be available on the Company's website ( ) following the call. About Epsilon Epsilon Energy Ltd. is a North American onshore natural gas and oil production and gathering company with assets in Pennsylvania, Texas, Alberta CA, New Mexico, and Oklahoma. Forward-Looking Statements Certain statements contained in this news release constitute forward looking statements. The use of any of the words 'anticipate', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'should', 'believe', and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated. Forward-looking statements are based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and the forward-looking statements included in this news release should not be unduly relied upon. Contact Information: 281-670-0002 Jason Stabell Chief Executive Officer Andrew Williamson Chief Financial Officer Epsilon defines Adjusted EBITDA as earnings before (1) net interest expense, (2) taxes, (3) depreciation, depletion, amortization and accretion expense, (4) impairments of natural gas and oil properties, (5) non-cash stock compensation expense, (6) gain or loss on derivative contracts net of cash received or paid on settlement, and (7) other income. Adjusted EBITDA is not a measure of financial performance as determined under U.S. GAAP and should not be considered in isolation from or as a substitute for net income or cash flow measures prepared in accordance with U.S. GAAP or as a measure of profitability or liquidity. Additionally, Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Epsilon has included Adjusted EBITDA as a supplemental disclosure because its management believes that EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures. It further provides investors a helpful measure for comparing operating performance on a 'normalized' or recurring basis with the performance of other companies, without giving effect to certain non-cash expenses and other items. This provides management, investors and analysts with comparative information for evaluating the Company in relation to other natural gas and oil companies providing corresponding non-U.S. GAAP financial measures or that have different financing and capital structures or tax rates. These non-U.S. GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with U.S. GAAP.
Newsweek
08-05-2025
- Entertainment
- Newsweek
Netflix Reveals New Details About its 'Remarkably Bright Creatures' Film
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Netflix has completed production on its adaptation of Remarkably Bright Creatures, the bestselling debut novel by Shelby Van Pelt that has captivated more than a million readers since its 2022 release. Directed by Olivia Newman, known for Where the Crawdads Sing, the film stars two-time Academy Award winner Sally Field alongside Lewis Pullman and a distinguished supporting cast. With production now wrapped, the project is poised to become one of Netflix's major literary adaptations. Why It Matters The film adaptation marks Netflix's continued investment in literary properties with established fanbases. As of December 2023, Remarkably Bright Creatures had sold 1.4 million copies and had enjoyed a prolonged run on the New York Times bestseller list. The story, centered around an elderly widow and a curmudgeonly octopus, has been lauded for its unusual charm and emotional depth. As described in 2023 by the New York Times, the debut novel is "one of those increasingly rare success stories: a quiet, quirky literary debut that has been buoyed by bookseller love and word-of-mouth recommendations." The film also reunites Sally Field with a leading dramatic role, which could further elevate the adaptation's profile ahead of its release. Netflix confirmed production wrapped in May. An octopus floats in the water. An octopus floats in the water. wrangel/Getty Images What to Know Remarkably Bright Creatures follows Tova Sullivan, a 70-year-old widow working the night shift at the Sowell Bay Aquarium, where she meets Marcellus, a giant Pacific octopus. The octopus, whose inner monologue appears throughout the novel, becomes key in unraveling the decades-old mystery of Tova's son's disappearance. According to Netflix's official synopsis, "Marcellus is on a mission to solve a mystery that will heal her heart and lead her to a life-changing discovery." The book's origin story is as unconventional as its plot. Van Pelt, a former financial consultant, created the character of Marcellus in a fiction writing workshop assignment and later expanded it into vignettes, according to The New York Times. "I wasn't thinking too hard about, is this salable?" she told The New York Times. "Because I never thought anybody would read it." The novel was eventually acquired by Ecco, which delayed the paperback edition due to sustained demand for the hardcover. In February, nearly three years after the book's original release, Van Pelt announced a tour to promote the forthcoming paperback. Her tour extends through the end of May where she plans to visit Wisconsin, Michigan, Oregon, Washington, and California. The novel picked up traction when Jenna Busch selected it for her "Read with Jenna" book club, and, according to The New York Times, this lead to Van Pelt's appearance on The Today Show. As for the Netflix adaptation, a release date for the movie has not yet been announced. Who Is in the Cast of Netflix's 'Remarkably Bright Creatures'? Netflix has assembled a high-profile ensemble for the adaptation. Sally Field, whose credits include Lincoln and Forrest Gump, plays Tova. Lewis Pullman (Top Gun: Maverick, Lessons in Chemistry) co-stars, with Colm Meaney (Star Trek: Deep Space Nine), Joan Chen (The Wedding Banquet), Kathy Baker (Edward Scissorhands), Beth Grant (No Country for Old Men), and Sofia Black-D'Elia (Single Drunk Female) rounding out the cast. The screenplay is co-written by Olivia Newman and John Whittington (Sonic the Hedgehog 3). Bryan Unkeless and Peter Craig are producing for Night Owl Pictures, with executive producers including Anonymous Content's David Levine, Tony Lipp, Erika Hampson, and Alisa Tager, along with Van Pelt herself. What People Are Saying Shelby Van Pelt, author of Remarkably Bright Creatures, posted on Instagram on March 28: "I will never in my life be this cool again. It's been an amazing week on set and I cannot wait for this movie to come out." Beth Seufer Buss, sales associate at Bookmarks in Winston-Salem, North Carolina, told The New York Times in 2023: "I don't think it's going to drop off, because everybody who reads it wants other people to read it. This is a universal recommendation. No matter what you're in the mood for or what you're going through, I can put this book in your hands." Jenna Bush Hager told in May 2022: "This novel is filled with love, humor, joy and healing. It demonstrates the power and beauty of unexpected friendships. I can't wait for this creative, feel-good story to surprise and delight the Read With Jenna book club this May." What's Next For now, readers and viewers alike await a visual interpretation of one of the most beloved literary debuts of recent years.
