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Time of India
7 days ago
- Business
- Time of India
Reliance Industries warns geopolitical tensions, tariffs may threaten global trade
Reliance Industries , led by Chairman Mukesh Ambani , issued a cautionary note in its annual report on Thursday, saying that ongoing geopolitical and tariff-related uncertainties could disrupt global trade flows and impact the demand-supply equilibrium, reports news agency Reuters. The company highlighted the volatility of crude prices, citing evolving sanctions, changing tariff regimes, and production decisions by both OPEC and non-OPEC as key contributing factors. 'If we cave under pressure, we risk losing access to cheaper Russian crude, which could squeeze refining margins. That's a risk for Reliance and oil marketing companies,' said Pramod Gubbi, co-founder at Marcellus Investment Managers. The warning from Reliance comes as oil marketing companies experienced a downturn, trading between 0.6 per cent and 2 per cent lower in a weak market where the benchmark Nifty 50 was down 0.6 per cent. Shares of Reliance Industries were already down one per cent following an announcement from the US President Donald Trump, who doubled down on India tariffs by imposing an additional 25 per cent duty.
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Business Standard
25-07-2025
- Business
- Business Standard
India-UK trade deal fails to lift stocks as earnings concerns dominate mkts
The much-anticipated signing of the Comprehensive Economic and Trade Agreement (CETA) between India and the UK did little to buoy Indian equity markets, as a broad sell-off overshadowed sector-specific optimism. While companies across textiles, pharmaceuticals, jewellery, automotive, and agriculture are positioned to benefit from tariff reductions under CETA, most stocks in these sectors closed lower on Friday. The decline was driven by pervasive concerns over weak earnings, which sent the Nifty Smallcap 100 index down by more than 2 per cent. Several sectors are poised for long-term growth from CETA; however, they did not see immediate stock gains as sentiment remained risk-averse, with investors focusing on disappointing earnings. Jasani added that the corporate results will be the immediate trigger for market movement. "The first batch of results is not very positive, and one has to see how the rest of the listed universe fares," he said. The Nifty Healthcare index stood out, rising 0.7 per cent—primarily fueled by a 3.2 per cent surge in Cipla. Healthcare and pharma stocks were the only Nifty sectoral indices to end in positive territory. Domestic liquor shares, particularly Som Distilleries & Breweries, came under pressure due to fears that CETA could intensify competition by easing market access for international brands. Despite short-term market weakness, analysts remain optimistic about companies well-positioned in export-oriented sectors, as they stand to realise gains as tariff reductions take effect and trade flows gradually increase. "The stocks will react to the earnings, and these benefits will need to be reflected in terms of revenue and profit growth. Moreover, the India-US trade deal is the most anticipated event," said Pramod Gubbi, founder of Marcellus Investment Managers.
Economic Times
04-06-2025
- Business
- Economic Times
43% of Indian HNIs save less than 20% of their income, says Marcellus–D&B Wealth 2025 survey
The India Wealth Survey 2025, which surveyed 465 households across 28 cities, revealed that 43% of high-net-worth individuals (HNIs) save less than 20% of their post-tax income, despite aspiring for early retirement, entrepreneurial ventures, and financial stability for their children. Tired of too many ads? Remove Ads A shift towards goal-oriented investing The case for advisory-led wealth management Tired of too many ads? Remove Ads A significant proportion of India's high-net-worth individuals ( HNIs ) are falling short on financial discipline and structured planning despite their rising affluence and ambitions, according to a new survey released by Marcellus Investment Managers in collaboration with Dun & Bradstreet on India Wealth Survey 2025, which covered 465 households across 28 cities, found that 43% of HNIs save less than 20% of their post-tax income, even as they aim for early retirement, entrepreneurship, and financial security for their children. Moreover, 14% of respondents do not maintain an emergency fund, and over half allocate more than 20% of their wealth to real estate, highlighting a heavy preference for physical assets despite increasing awareness of market-linked report reveals a striking disconnect between ambition and action among India's wealthy. While 82% believe professional financial planning improves their chances of meeting long-term goals, a majority continue to operate without sufficient diversification or tailored asset allocation. For instance, among households with net worths above Rs 10 crore, 63% save over 30% of their income, yet only 17% allocate more than 30% to equities. Meanwhile, 48% park more than 30% in real estate and 65% allocate 10-20% to gold and silver.'Financial discipline and thoughtful asset allocation are the cornerstones of a solid financial foundation, essential for fulfilling future goals,' said Pramod Gubbi, Co-Founder, Marcellus Investment Managers. 'India's HNIs are no longer passive; they're seeking a structured approach and professional assistance to help realise their life goals.'The study also showed that 76% of ultra-HNIs are aware of the investment corpus required for a comfortable retirement, yet many still struggle with low diversification. About 51% of HNIs said they wanted more help with diversification, 38% sought personalised asset allocation, and 32% were looking for goal planning Mukherjea, Co-Founder, Marcellus Investment Managers, commented: "As India steps confidently onto the global economic stage, its wealthy households are embracing greater sophistication and clarity in their financial journeys. They are seeking expert guidance, not just to manage their wealth, but to bring structure, discipline, and purpose to their long-term financial aspirations."The survey suggests that India's evolving wealthy class is at an inflection point. 'It's no longer about standard products or investment returns; it's about tailored solutions and relationships built on transparency and trust,' said Manish Hemnani, Co-Founder, Marcellus Investment the number of affluent Indian households grows, the need for goal-driven, transparent financial advisory services will likely deepen. The Marcellus–D&B Wealth Survey 2025 points to a maturing wealth mindset—one that's ready to replace instinctive financial behaviour with intentional, professionally guided planning.
Time of India
04-06-2025
- Business
- Time of India
43% of Indian HNIs save less than 20% of their income, says Marcellus–D&B Wealth 2025 survey
A significant proportion of India's high-net-worth individuals ( HNIs ) are falling short on financial discipline and structured planning despite their rising affluence and ambitions, according to a new survey released by Marcellus Investment Managers in collaboration with Dun & Bradstreet on Wednesday. The India Wealth Survey 2025, which covered 465 households across 28 cities, found that 43% of HNIs save less than 20% of their post-tax income, even as they aim for early retirement, entrepreneurship, and financial security for their children. Moreover, 14% of respondents do not maintain an emergency fund, and over half allocate more than 20% of their wealth to real estate, highlighting a heavy preference for physical assets despite increasing awareness of market-linked investments. A shift towards goal-oriented investing The report reveals a striking disconnect between ambition and action among India's wealthy. While 82% believe professional financial planning improves their chances of meeting long-term goals, a majority continue to operate without sufficient diversification or tailored asset allocation. For instance, among households with net worths above Rs 10 crore, 63% save over 30% of their income, yet only 17% allocate more than 30% to equities. Meanwhile, 48% park more than 30% in real estate and 65% allocate 10-20% to gold and silver. 'Financial discipline and thoughtful asset allocation are the cornerstones of a solid financial foundation, essential for fulfilling future goals,' said Pramod Gubbi, Co-Founder, Marcellus Investment Managers. 'India's HNIs are no longer passive; they're seeking a structured approach and professional assistance to help realise their life goals.' The study also showed that 76% of ultra-HNIs are aware of the investment corpus required for a comfortable retirement, yet many still struggle with low diversification. About 51% of HNIs said they wanted more help with diversification, 38% sought personalised asset allocation, and 32% were looking for goal planning support. The case for advisory-led wealth management Saurabh Mukherjea, Co-Founder, Marcellus Investment Managers, commented: "As India steps confidently onto the global economic stage, its wealthy households are embracing greater sophistication and clarity in their financial journeys. They are seeking expert guidance, not just to manage their wealth, but to bring structure, discipline, and purpose to their long-term financial aspirations." Live Events The survey suggests that India's evolving wealthy class is at an inflection point. 'It's no longer about standard products or investment returns; it's about tailored solutions and relationships built on transparency and trust,' said Manish Hemnani, Co-Founder, Marcellus Investment Managers. As the number of affluent Indian households grows, the need for goal-driven, transparent financial advisory services will likely deepen. The Marcellus–D&B Wealth Survey 2025 points to a maturing wealth mindset—one that's ready to replace instinctive financial behaviour with intentional, professionally guided planning. Also read | Rs 43,000 crore selloff by promoters! Insider exits flash warning sign for Nifty bulls
Mint
29-05-2025
- Business
- Mint
Why India's AIFs are outpacing portfolio management services
Two of India's asset classes targeting the rich are growing at sharply different rates, with one growing thrice as fast as the other. Alternative investment funds (AIFs) far outpaced portfolio management services (PMS) in FY25, data on fund commitments and assets showed, thanks to a more efficient tax structure, operational ease, and the flexibility to invest in unlisted stocks. Also Read | Penny stock under Re 1: NBFC to foray into AIF biz with ₹50 crore initial investment Commitments raised by Category III AIFs grew 58% from a year earlier to ₹2.3 trillion at the end of March, as per data by the Securities and Exchange Board of India (Sebi). In the same period, assets under management (AUM) of the PMS industry grew 19% to ₹4.3 trillion, according to industry body Association of Portfolio Managers in India (APMI). Here, category III AIFs are compared with PMS schemes as both invest in listed stocks, while category I and category II AIFs invest in unlisted companies. The minimum investment for AIFs is ₹1 crore, while it is ₹50 lakh for PMS. Also Read | Bank, NBFC investments in AIFs may get smoother Pramod Gubbi, co-founder of Marcellus Investment Managers, said that AIFs are more cash-flow friendly for clients compared to PMS. Marcellus offers PMS for clients based in India, and has an AIF operating in GIFT IFSC for Indian clients wanting to invest in global equities. "Although the tax on portfolio churn is similar for both AIFs and PMS, the key difference is that in a PMS, the client has to arrange and pay the tax themselves. In an AIF, the tax is paid at the fund level, directly from the returns," Gubbi said. Also Read | Indian real estate attracts nearly ₹74K cr till Dec24 from AIFs, max among all sectors: Anarock This means clients receive post-tax returns in an AIF and don't need to worry about setting aside money for tax payments, unlike in a PMS, he added. A tax on churn means capital gains tax is paid every time a PMS or an AIF sells a stock. The capital gains tax is 12.5% for long-term and 20% for short-term investments. AIFs are also easier to operate, said experts. 'In PMS, investors are required to open a separate demat account and for NRI investors a separate custody and bank account too, and each transaction is done in separate account for each client," said Aniruddha Sarkar, chief investment officer at Quest Investment Advisors. In contrast, AIFs handle everything at the fund level, and investors simply receive fund units and net asset value (NAV) statements, much like mutual funds; there is no need for individual demat or custody accounts as units are allocated by registrar and transfer agents (RTAs), he added. Also, when most of the PMS and AIFs have similar strategies, investors would prefer an AIF because of the operational ease, said Sarkar. Others pointed to how the ability of AIFs to invest in unlisted shares gives them an edge over portfolio management services. Sushant Bhansali, chief executive of Ambit Asset Managers, said that AIFs allow investments in unlisted stocks, up to 25% of the portfolio. In comparison, PMS generally cannot invest in unlisted stocks. Only non-discretionary PMS can invest up to 25% in unlisted stocks, but this option is not popular, Bhansali added. 'That's because in a non-discretionary PMS, the client must approve every transaction before it is executed, making the process slower and less convenient. So, most investors prefer discretionary PMS, where the fund manager makes decisions without needing client approval," he added. According to APMI data, non-discretionary PMS accounts for just 18% ( ₹79,436 crore) of the total PMS industry AUM as of March. However, Bhansali added that the reason AIFs appear to be growing faster could also be because the data reflects commitments raised, not actual assets under management (AUM). 'So, comparing PMS AUM with commitments raised in Category III AIFs is not an apples-to-apples comparison," he explained. AUM means mark-to-market value of the funds invested, while commitments raised means only the initial value of the funds raised from investors, which does not reflect in the MTM value. That said, a true like-to-like comparison is not possible because Sebi does not publish AUM data for the AIF industry. Another reason AIFs are gaining popularity is that they can offer close-ended funds, which PMS funds cannot. 'Some investors prefer to commit their money for a fixed period, especially when they have a specific financial goal in mind. In such cases, a close-ended fund structure works well," said a fund manager on the condition of anonymity. This flexibility makes close-ended AIFs more attractive to certain investors.
