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Economic Times
18-07-2025
- Business
- Economic Times
Silver Lining: Is it time to add silver to your portfolio?
Silver has long held a reputation as a trusted store of value, second only to gold. However, in recent years, it has evolved beyond its traditional role. Today, silver plays a dual role, not only as a precious metal but also as a key industrial input in critical sectors such as solar energy, electric vehicles, and electronics. This growing utility has reignited investor interest, leading to a noticeable uptick in silver-focused ETFs and mutual funds. Before adding any asset to your core portfolio, it must serve a clear and consistent purpose. Broadly speaking, every core asset should fulfill one or more of four essential roles: enhance long-term returns, reduce overall portfolio volatility, act as a crisis hedge during market turmoil, or generate regular income. Let's evaluate how silver performs across these four dimensions. Also Read | NFO Insight: Capitalmind Mutual Fund's flexi cap fund opens for subscription. Will it help to manage current market volatility? Historically, silver has not delivered strong long-term returns compared to traditional core assets like equities or gold. For instance, over the past 50 years, Rs 1 lakh invested in silver would have grown to approximately Rs 77 lakh. In contrast, the same investment in gold would have multiplied to around Rs 2.07 crore. Equities, particularly the Nifty 50, have fared even better over the long term. A rolling return analysis across 5-, 7-, and 10-year holding periods shows that silver underperformed gold and equities nearly 80% of the time. Even when measured through lump sum investment return matrices, silver consistently lagged behind—except for a brief window during the 1991–1997 period. Overall, silver does not improve the long-term growth trajectory of a portfolio and fails this core role. One might hope that silver could reduce portfolio volatility, much like gold or high-quality bonds. However, historical data suggests otherwise. Silver is highly volatile, with average intra-year declines of around 24%—significantly higher than gold's 14%. The most severe decline, after the 1980 price spike, wiped out nearly 88% of its value, and the asset took 26 years to fully the drawdown following the 2011 silver peak has not been fully reversed, more than a decade later. These prolonged and frequent periods of deep corrections make silver unsuitable for investors seeking stability and capital times of market turmoil, gold has traditionally served as a safe haven, often appreciating as equities fall. Silver, on the other hand, does not share this defensive quality. In all major equity market declines exceeding 35%, silver either fell alongside stocks or underperformed gold. Rather than offering protection, silver tends to behave like a risk asset during crises, failing to act as a reliable hedge. Also Read | Confused between gold and silver? Why not leave it for fund manager to decide Silver, like most commodities, does not produce any income. It does not pay interest, dividends, or rent, making it unsuitable for income-oriented investors. In contrast, assets like real estate and bonds offer regular cash flows, which are essential for many retirees or conservative investors. Silver fails this final core role as silver does not meet the criteria for core portfolio inclusion, it may still appeal to investors seeking tactical or thematic exposure. Silver's price has historically moved in multi-year cycles—upcycles typically last 8–10 years, while downcycles can persist for a similar duration. If timed correctly, investors can benefit from strong short-term rallies. However, silver's cyclicality is a double-edged sword. A poorly timed entry or exit could result in steep losses or wiped-out gains. This makes tactical exposure to silver more suitable for seasoned investors with a strong grasp of market timing and improve timing odds, investors can track two evidence-based indicators: supply deficit/surplus trends and silver's relative performance vs has been in a supply deficit for the past six consecutive years. Historically, deficit cycles can boost prices, but even during such phases, silver outperformed gold in only two out of four cases and even then, only modestly (1–2% CAGR). With supply expected to catch up soon, this tailwind may be silver significantly underperforms gold over 3, 5, and 7 year periods and this coincides with a supply deficit, it has sometimes gone on to outperform gold in subsequent years. However, the current situation shows a mixed picture: silver underperforms over 3 and 7 years but slightly outperforms over 5 years. Also, the magnitude of underperformance over 7 years isn't significant, which weakens the tactical case further. Also Read | Sebi proposes to bring uniformity in valuation process of gold and silver ETFs Silver's unique dual identity of precious metal and industrial commodity makes it interesting, but interest alone isn't a strong enough reason to invest. Based on long-term data, silver fails to deliver on all four key roles of a core portfolio asset. It neither enhances long-term returns, nor reduces volatility, nor acts as a crisis hedge, nor generates from a tactical standpoint, silver's current indicators suggest caution. While short-term opportunities may emerge, they require precise timing, which most investors struggle to execute consistently. In a diversified and disciplined portfolio, silver may serve better as a small satellite exposure rather than a meaningful core may be attractive from a narrative standpoint, but the data doesn't support a significant role either as a core or a tactical asset. As always, building a resilient portfolio means prioritizing assets with consistent performance across market cycles. (Author of the article is Jiral Mehta, Senior Research Analyst at FundsIndia) (Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Economic Times
18-07-2025
- Business
- Economic Times
Savy Infra and Logistics IPO to open on July 21, price band set at Rs 114-120/share
Savy Infra and Logistics is set to open its initial public offering (IPO) on Monday, July 21, aiming to raise up to Rs 69.98 crore at the upper end of the price band. The shares will be listed on the NSE Emerge platform. ADVERTISEMENT The IPO comprises 58,32,000 equity shares with a face value of Rs 10 each, priced in the range of Rs 114 to Rs 120 per share. Also Read | NFO Insight: Capitalmind Mutual Fund's flexi cap fund opens for subscription. Will it help to manage current market volatility? Savy Infra and Logistics has proposed to open its Initial Public Offering (IPO) on Monday, July 21, aiming to raise Rs 69.98 crore (at the upper price band), with shares to be listed on the NSE Emerge platform. The issue size is 58,32,000 equity shares at a face value of Rs 10 each, with a price band of Rs 114 - Rs 120 per equity share allocation for the QIB Anchor Portion is up to 16,60,800 equity shares, for Qualified Institutional Buyers is up to 11,07,600 equity shares, and for Non-Institutional Investors is not less than 8,31,600 equity shares. The equity share allocation for Retail Individual Investors is not less than 19,39,200 equity shares, and for market makers is up to 2,92,800 equity shares. ADVERTISEMENT The minimum application size for S-HNIs is 3,600 equity shares, and for retail investors is 2,400 equity net proceeds from the IPO will be utilised for funding working capital requirements and general corporate purposes. The anchor bidding is open, while the public issue will open on July 21, 2025, and close on July 23, 2025. ADVERTISEMENT The Book Running Lead Manager to the issue is Unistone Capital Private Limited. The Registrar to the issue is Maashitla Securities Private Limited.'Our upcoming IPO is a key milestone in strengthening and expanding our operations. The capital raised will support our working capital needs and enable us to scale both the EPC and logistics divisions efficiently. In EPC, we continue to focus on core infrastructure work such as earthwork, road construction, and foundation preparation—areas where we have built strong execution capabilities over the years,' said Tilak Mundhra, Chairman & Managing Director of Savy Infra & Logistics. ADVERTISEMENT 'In logistics, we are taking a forward-looking step by introducing electric trucks to improve operational efficiency and reduce fuel dependency. This shift will significantly lower costs and allow us to offer dependable, cost-effective services to our clients. By adopting an asset-light model and focusing on long-term contracts, we are ensuring both scalability and financial discipline. We believe these efforts will help us build a strong and resilient logistics platform for the future,' he added. Also Read | Patanjali Foods approves 2:1 bonus issue, record date to be announced later 'We are pleased to be associated with Savy Infra & Logistics Limited as they take a significant step forward with the launch of their Initial Public Offering. The company has steadily built a presence in the infrastructure space, particularly in EPC and logistics services,' said Brijesh Parekh, Founder of Unistone Capital Private. ADVERTISEMENT 'This IPO will support Savy Infra's plans to strengthen its operations, improve execution capabilities, and participate in larger infrastructure projects. With a focus on core EPC activities such as earthwork, foundation preparation, road construction, embankments, sub-grade work, granular sub-bases, and bituminous or concrete surfaces, alongside its growing logistics segment, the company is well-positioned to contribute meaningfully to India's infrastructure growth,' Parekh Infra and Logistics Limited is engaged in the business of EPC and logistics, with a focus on infrastructure projects. The EPC division specializes in earthwork, foundation preparation, road construction, embankments, sub-grade work, granular sub-bases, and bituminous or concrete company also offers Full Truck Load logistics services through an asset-light model by renting trucks and drivers. This approach reduces operational risks and costs while ensuring point-to-point, timely deliveries. In FY25, the company achieved revenue from operations of Rs 28,339.05 lakh, EBITDA of Rs 3,561.50 lakh, and profit after tax of Rs 2,387.79 lakh. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
18-07-2025
- Business
- Time of India
Savy Infra and Logistics IPO to open on July 21, price band set at Rs 114-120/share
Savy Infra and Logistics is set to open its initial public offering (IPO) on Monday, July 21, aiming to raise up to Rs 69.98 crore at the upper end of the price band. The shares will be listed on the NSE Emerge platform. The IPO comprises 58,32,000 equity shares with a face value of Rs 10 each, priced in the range of Rs 114 to Rs 120 per share. Explore courses from Top Institutes in Select a Course Category Also Read | NFO Insight: Capitalmind Mutual Fund's flexi cap fund opens for subscription. Will it help to manage current market volatility? Savy Infra and Logistics has proposed to open its Initial Public Offering (IPO) on Monday, July 21, aiming to raise Rs 69.98 crore (at the upper price band), with shares to be listed on the NSE Emerge platform. The issue size is 58,32,000 equity shares at a face value of Rs 10 each, with a price band of Rs 114 - Rs 120 per share. Live Events The equity share allocation for the QIB Anchor Portion is up to 16,60,800 equity shares, for Qualified Institutional Buyers is up to 11,07,600 equity shares, and for Non-Institutional Investors is not less than 8,31,600 equity shares. The equity share allocation for Retail Individual Investors is not less than 19,39,200 equity shares, and for market makers is up to 2,92,800 equity shares. The minimum application size for S-HNIs is 3,600 equity shares, and for retail investors is 2,400 equity shares. The net proceeds from the IPO will be utilised for funding working capital requirements and general corporate purposes. The anchor bidding is open, while the public issue will open on July 21, 2025, and close on July 23, 2025. The Book Running Lead Manager to the issue is Unistone Capital Private Limited. The Registrar to the issue is Maashitla Securities Private Limited. 'Our upcoming IPO is a key milestone in strengthening and expanding our operations. The capital raised will support our working capital needs and enable us to scale both the EPC and logistics divisions efficiently. In EPC, we continue to focus on core infrastructure work such as earthwork, road construction, and foundation preparation—areas where we have built strong execution capabilities over the years,' said Tilak Mundhra, Chairman & Managing Director of Savy Infra & Logistics. 'In logistics, we are taking a forward-looking step by introducing electric trucks to improve operational efficiency and reduce fuel dependency. This shift will significantly lower costs and allow us to offer dependable, cost-effective services to our clients. By adopting an asset-light model and focusing on long-term contracts, we are ensuring both scalability and financial discipline. We believe these efforts will help us build a strong and resilient logistics platform for the future,' he added. Also Read | Patanjali Foods approves 2:1 bonus issue, record date to be announced later 'We are pleased to be associated with Savy Infra & Logistics Limited as they take a significant step forward with the launch of their Initial Public Offering. The company has steadily built a presence in the infrastructure space, particularly in EPC and logistics services,' said Brijesh Parekh, Founder of Unistone Capital Private. 'This IPO will support Savy Infra's plans to strengthen its operations, improve execution capabilities, and participate in larger infrastructure projects . With a focus on core EPC activities such as earthwork, foundation preparation, road construction, embankments, sub-grade work, granular sub-bases, and bituminous or concrete surfaces, alongside its growing logistics segment, the company is well-positioned to contribute meaningfully to India's infrastructure growth,' Parekh added. Savy Infra and Logistics Limited is engaged in the business of EPC and logistics, with a focus on infrastructure projects. The EPC division specializes in earthwork, foundation preparation, road construction, embankments, sub-grade work, granular sub-bases, and bituminous or concrete surfaces. The company also offers Full Truck Load logistics services through an asset-light model by renting trucks and drivers. This approach reduces operational risks and costs while ensuring point-to-point, timely deliveries. In FY25, the company achieved revenue from operations of Rs 28,339.05 lakh, EBITDA of Rs 3,561.50 lakh, and profit after tax of Rs 2,387.79 lakh.
Economic Times
09-07-2025
- Business
- Economic Times
Best small cap mutual funds to invest in July 2025
iStock According to the Sebi mandate, small cap mutual funds must invest in companies that are ranked below 250 in terms of market capitalisation. Small cap mutual funds that invest in the stocks of very small companies have given over 26.38% in 2024. In May 2025, the small cap funds again gained investors' interest and received an inflow of Rs 3,214 talk about the higher valuations in the small cap space and the recent volatility in the market are forcing many investors to accept that a correction may be around the corner. Mutual fund managers and advisors say the valuations are rich but investors can continue to invest in small cap schemes to create wealth over a long period. According to many mutual fund advisors, even though the small cap segment has run up a lot in the last six months, investors can still invest in these schemes in a staggered manner to create wealth over a long period. Also Read | NFO Insight: Quant Mutual Fund's equity saving fund opens for subscription. Should you add this in current market scenario? Small cap schemes invest in very small companies or their stocks. According to the Sebi mandate, small cap schemes must invest in companies that are ranked below 250 in terms of market capitalisation. These schemes also will have to invest at least 65% in small cap stocks. Small companies go through many ups and downs - more than the established companies in the large and mid cap segments. That is why investing in small cap stocks is considered extremely risky; the small cap segment can also be extremely volatile, especially in the short term. That is why small cap schemes are recommended only to aggressive investors with a very high risk appetite and very long investment you wondering why anyone would take so much risk investing in small cap schemes? These schemes also have the potential to offer very high returns over a long period. For example, the small cap category offered an average return of 19% over 10 years. However, to pocket such fabulous returns you must be prepared to take so much risk and volatility. It is not very easy to identify winners in the small cap segment. Many of these companies are unknown. They are also under-researched. Their management can be unscrupulous and they can make big claims that can be bogus. Sometimes the management along with market operators can drive up prices. These are some of the reasons why the market rewards and punishes these companies these companies succeed, the market will be after these stocks and investors will suddenly have multi-baggers in their portfolio. However, if they falter, the stocks would be severely punished. Overnight the stocks can become absolute short, investing in small caps is not a child's play. You will have to find successful fund managers who specialise in small cap stocks. You should also pay attention to how the schemes fared during the market downturn. Also Read | 12 equity mutual funds offer over 25% CAGR in 5 years, smallcap funds lead Here are some small cap schemes you can invest to create wealth over a long period. Follow our monthly updates to keep track of the performance of these schemes. Axis Small Cap Fund has been in the third quartile for 26 months now. The scheme had been in the fourth quartile for two months before that. SBI Small Cap Fund has been in the fourth quartile in the last month. The scheme had been in the third quartile earlier. Kotak Small Cap Fund has been in the fourth quarter in the last two months. The scheme had been in the third quartile earlier. Nippon India Small Cap Fund had been in the first quartile for the last three months. Axis Small Cap Fund SBI Small Cap Fund Kotak Small Cap Fund Nippon India Small Cap Fund Our methodology: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 <0.5,>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 zeroY = Sum of all squares of XZ = Y/number of days taken for computing the ratioDownside 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 (Disclaimer: past performance is no guarantee for future performance.) 0.5,>
Time of India
09-07-2025
- Business
- Time of India
Best small cap mutual funds to invest in July 2025
Small cap mutual funds that invest in the stocks of very small companies have given over 26.38% in 2024. In May 2025, the small cap funds again gained investors' interest and received an inflow of Rs 3,214 crore. The talk about the higher valuations in the small cap space and the recent volatility in the market are forcing many investors to accept that a correction may be around the corner. Mutual fund managers and advisors say the valuations are rich but investors can continue to invest in small cap schemes to create wealth over a long period. According to many mutual fund advisors, even though the small cap segment has run up a lot in the last six months, investors can still invest in these schemes in a staggered manner to create wealth over a long period. Also Read | NFO Insight: Quant Mutual Fund's equity saving fund opens for subscription. Should you add this in current market scenario? Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » Small cap schemes invest in very small companies or their stocks. According to the Sebi mandate, small cap schemes must invest in companies that are ranked below 250 in terms of market capitalisation. These schemes also will have to invest at least 65% in small cap stocks. Small companies go through many ups and downs - more than the established companies in the large and mid cap segments. That is why investing in small cap stocks is considered extremely risky; the small cap segment can also be extremely volatile, especially in the short term. That is why small cap schemes are recommended only to aggressive investors with a very high risk appetite and very long investment horizon. Should you invest in small cap funds? Are you wondering why anyone would take so much risk investing in small cap schemes? These schemes also have the potential to offer very high returns over a long period. For example, the small cap category offered an average return of 19% over 10 years. However, to pocket such fabulous returns you must be prepared to take so much risk and volatility. Live Events It is not very easy to identify winners in the small cap segment. Many of these companies are unknown. They are also under-researched. Their management can be unscrupulous and they can make big claims that can be bogus. Sometimes the management along with market operators can drive up prices. These are some of the reasons why the market rewards and punishes these companies disproportionately. If these companies succeed, the market will be after these stocks and investors will suddenly have multi-baggers in their portfolio. However, if they falter, the stocks would be severely punished. Overnight the stocks can become absolute dud. In short, investing in small caps is not a child's play. You will have to find successful fund managers who specialise in small cap stocks. You should also pay attention to how the schemes fared during the market downturn. Also Read | 12 equity mutual funds offer over 25% CAGR in 5 years, smallcap funds lead Here are some small cap schemes you can invest to create wealth over a long period. Follow our monthly updates to keep track of the performance of these schemes. Axis Small Cap Fund has been in the third quartile for 26 months now. The scheme had been in the fourth quartile for two months before that. SBI Small Cap Fund has been in the fourth quartile in the last month. The scheme had been in the third quartile earlier. Kotak Small Cap Fund has been in the fourth quarter in the last two months. The scheme had been in the third quartile earlier. Nippon India Small Cap Fund had been in the first quartile for the last three months. Best small cap funds to invest in July 2025: Axis Small Cap Fund SBI Small Cap Fund Kotak Small Cap Fund Nippon India Small Cap Fund Our methodology: 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 <0.5, the series is said to 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: 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
