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Protecting Your Portfolio: Why Gold ETFs Are A Smart Inflation Hedge

Gold Exchange-Traded Funds, or ETFs, are growing quietly popular because they wrap that classic security of gold in a modern, hassle-free package.

By Sethurathnam Ravi

Today’s economy feels like a bumpy roller coaster: prices keep climbing, world politics stir up uncertainty, and stock swings grab attention every day. Because of all that, many investors are hunting for assets that seem steadier and less likely to lose value overnight. For generations, gold has filled that role, its shiny bars and coins promising safety when other markets look shaky. 

Gold’s New Digital Avatar

Now, though, the way people add gold to their portfolios is shifting. Gold Exchange-Traded Funds, or ETFs, are growing quietly popular because they wrap that classic security of gold in a modern, hassle-free package.

A gold ETF Is simply a fund listed on a stock exchange whose price tracks the value of gold itself. Instead of hauling bars to a vault or wondering about purity and insurance, you buy shares of the ETF, each one tied to real gold held by the trust. That routine is cleaner and clearer than dealing with physical bullion, as transactions happen with a single click in a brokerage app. The ability to trade gold just like any other stock makes ETFs a breeze for casual investors and big institutions alike, turning a centuries-old safe haven into a fast, everyday tool.

A Natural Fit for the Digital Age

What really lifts gold ETFs above older assets is how easily they adapt to new market habits. As finance grows more and more digital, the image of dusty, hard metal tucked in a vault begins to look ancient. Gold ETFs slide in with a virtual version of bullion that fits neatly into a smartphone-driven portfolio.

Beyond that convenience, gold still acts like a tried-and-true cushion when inflation runs hot. With prices spiking around the world, a digital bar lets holders keep buying power without the headaches of storage, security, or shipping.

A Reliable Hedge Against Market Volatility

A second, powerful pull comes from gold’s built-in role as a safety net for diversified portfolios. When stock indexes tumble or a currency scares investors, the shiny metal often stays steady or even climbs. Adding gold ETFs helps smooth out that rough ride, giving nervous savers a way to dial back risk when standard assets stumble.

Sustainability Adds Another Layer of Appeal

Yet, in a world obsessed with ethics and the planet, plain bullion no longer checks all the boxes for everyone. Forward-thinking funds now trace every ingot to a clean, responsible mine, matching their holdings with the ESG values so many modern investors demand.

One of the best things about gold exchange-traded funds is how easy they are to reach almost anywhere you sit down with a computer or smartphone. Unlike bricks-and-mortar property or local start-ups tied to one city, a gold ETF shows up on exchanges across every continent the moment the market opens. 

This broad access lets people lock in value even when their own currency slips or their country’s economy stumbles, giving the metal a place in nearly every portfolio. So even though gold ETFs don’t come with the loud headlines attached to meme coins or flashy tech IPOs, they keep earning a quiet, solid reputation as a budget-friendly, future-proof bet. By mixing centuries-old trust in the yellow metal with the modern ease of a digital trade, these funds show no sign of fading amid continual market change. Anyone drafting a steady, long-haul plan could find that gold ETFs are slowly moving toward the front of the line among reliable choices

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IPO GMPs: Globe Civil Projects vs HDB Financial vs Kalpataru Projects – What the Grey Market Is Signaling

The grey market is buzzing with activity as three highly anticipated IPOs—Globe Civil Projects, HDB Financial Services, and Kalpataru Projects International—gear up for listing. The grey market premium (GMP) is often viewed as an early indicator of listing performance, especially when formal subscription numbers haven’t yet matured.

Here’s a detailed comparison of the current GMPs and what they may signal for investors.

1. Globe Civil Projects IPO: Strong Interest in Infrastructure Play

GMP (as of Day 1): ₹28 – ₹30

Issue Price Range: ₹90 – ₹95 (estimated)

Implied Listing Price: ₹120 – ₹125

Listing Gain Potential: 30%+

Grey Market Signal: Investor sentiment is upbeat, thanks to the company's robust order book in government and urban infrastructure projects. High GMP suggests strong listing performance, particularly if broader market sentiment remains supportive.

2. HDB Financial Services IPO: Banking Arm of HDFC Bank Draws Moderate Buzz

GMP (unofficial): ₹60 – ₹70

Expected Price Band: ₹500 – ₹550

Implied Listing Price: ₹570 – ₹620

Listing Gain Potential: ~12%

Grey Market Signal: Though backed by the trusted HDFC Group, GMP signals moderate enthusiasm. This could be due to:

Valuation concerns,

Heavy retail and institutional expectations,

Ongoing sectoral regulation concerns in NBFCs.

Still, long-term investors view this IPO as a stable financials-based bet with brand support and earnings consistency.

3. Kalpataru Projects International IPO: Stable Fundamentals, Steady GMP

GMP (early trends): ₹18 – ₹22

Estimated Issue Price: ₹400 – ₹425

Expected Listing Price: ₹420 – ₹445

Listing Gain Potential: ~5%

Grey Market Signal: Kalpataru’s IPO is witnessing measured interest. As an EPC (engineering, procurement, construction) and infrastructure player with international exposure, the company has good fundamentals. However, low GMP may reflect cautious investor approach toward capital-intensive business models.

Side-by-Side GMP Comparison

IPOGMP Range (₹)Listing Gain PotentialInvestor SentimentGlobe Civil Projects₹28 – ₹3030%+HighHDB Financial Services₹60 – ₹7012%Moderate to HighKalpataru Projects₹18 – ₹225%Stable

What Should Investors Watch?

GMPs are unofficial and volatile—they are good indicators of grey market mood, but not guaranteed predictors.

A high GMP may reflect oversubscription expectations, while a lower one could signal fair pricing or sector concerns.

It’s important to combine GMP insights with company fundamentals and subscription trends before investing.

Conclusion

Among the three, Globe Civil Projects IPO currently leads the GMP race, indicating high near-term listing enthusiasm. HDB Financial Services, while drawing strong brand trust, may see more stable interest. Kalpataru Projects, with solid credentials, is generating a cautious but steady response in the grey market.

Investors should continue monitoring subscription data and SEBI updates before making final application decisions.

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IPO Watch: Sudeep Pharma Files Draft Papers with SEBI to Launch IPO

Sudeep Pharma Limited, a key player in the manufacturing of pharmaceutical and nutraceutical ingredients, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO). The IPO will help the company fund expansion projects, repay existing debt, and support working capital needs.

This IPO move comes at a time when the Indian healthcare and nutraceutical industries are witnessing robust growth.

About Sudeep Pharma

Established in 1989, Sudeep Pharma is a leading producer of mineral-based pharmaceutical ingredients. The company specializes in:

Calcium salts,

Nutraceutical raw materials,

Food fortification compounds.

Sudeep Pharma exports to more than 70 countries, serving the pharmaceutical, food, cosmetics, and personal care industries. It operates manufacturing facilities that comply with international quality standards, including US FDA, FSSC 22000, and WHO-GMP certifications.

IPO Objectives

According to the DRHP, the primary objectives of the IPO include:

Capacity expansion of manufacturing facilities,

Funding working capital requirements,

Prepayment or repayment of outstanding borrowings,

General corporate purposes to support strategic growth.

These investments aim to strengthen the company’s production capabilities and improve overall financial health.

IPO Structure

Issue Type: Combination of Fresh Issue and Offer for Sale (OFS)

IPO Size: To be disclosed in the final Red Herring Prospectus

Listing Platform: Expected to be listed on NSE and BSE

Book Running Lead Managers (BRLMs): To be announced

Market Position & Industry Relevance

Sudeep Pharma operates in a niche space with:

High barriers to entry due to strict regulatory compliance,

Strong international client base,

Long-term demand for quality nutraceuticals and excipient materials.

The IPO offers investors a chance to gain exposure to a company operating at the intersection of pharmaceuticals and wellness—two high-growth sectors in India and globally.

Key Upcoming Dates (Tentative)

DRHP Filing Date: June 2025

SEBI Approval Expected: Within 30–45 days

IPO Launch Window: Post-approval, possibly Q3 FY25

Final details including price band, lot size, and subscription window will be announced closer to the issue date.

Conclusion

With a strong international presence, regulatory credibility, and focus on high-demand sectors, Sudeep Pharma’s IPO is set to attract attention from both retail and institutional investors. The company’s strategic use of funds for expansion and debt reduction positions it well for long-term growth.

Investors looking to diversify into healthcare manufacturing may find this IPO an appealing opportunity once SEBI clearance and final pricing details are announced.

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IPO Watch: Sudeep Pharma Files DRHP with SEBI to Launch IPO for Fundraising

Sudeep Pharma Limited, a key player in the manufacturing of pharmaceutical and nutraceutical ingredients, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO). The IPO will help the company fund expansion projects, repay existing debt, and support working capital needs.

This IPO move comes at a time when the Indian healthcare and nutraceutical industries are witnessing robust growth.

About Sudeep Pharma

Established in 1989, Sudeep Pharma is a leading producer of mineral-based pharmaceutical ingredients. The company specializes in:

Calcium salts,Sudeep Pharma IPO, pharma IPO India, SEBI DRHP filings, upcoming IPO 2025

Nutraceutical raw materials,

Food fortification compounds.

Sudeep Pharma exports to more than 70 countries, serving the pharmaceutical, food, cosmetics, and personal care industries. It operates manufacturing facilities that comply with international quality standards, including US FDA, FSSC 22000, and WHO-GMP certifications.

IPO Objectives

According to the DRHP, the primary objectives of the IPO include:

Capacity expansion of manufacturing facilities,

Funding working capital requirements,

Prepayment or repayment of outstanding borrowings,

General corporate purposes to support strategic growth.

These investments aim to strengthen the company’s production capabilities and improve overall financial health.

IPO Structure

Issue Type: Combination of Fresh Issue and Offer for Sale (OFS)

IPO Size: To be disclosed in the final Red Herring Prospectus

Listing Platform: Expected to be listed on NSE and BSE

Book Running Lead Managers (BRLMs): To be announced

Market Position & Industry Relevance

Sudeep Pharma operates in a niche space with:

High barriers to entry due to strict regulatory compliance,

Strong international client base,

Long-term demand for quality nutraceuticals and excipient materials.

The IPO offers investors a chance to gain exposure to a company operating at the intersection of pharmaceuticals and wellness—two high-growth sectors in India and globally.

Key Upcoming Dates (Tentative)

DRHP Filing Date: June 2025

SEBI Approval Expected: Within 30–45 days

IPO Launch Window: Post-approval, possibly Q3 FY25

Final details including price band, lot size, and subscription window will be announced closer to the issue date.

Conclusion

With a strong international presence, regulatory credibility, and focus on high-demand sectors, Sudeep Pharma’s IPO is set to attract attention from both retail and institutional investors. The company’s strategic use of funds for expansion and debt reduction positions it well for long-term growth.

Investors looking to diversify into healthcare manufacturing may find this IPO an appealing opportunity once SEBI clearance and final pricing details are announced.

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Rama Telecom IPO Day 1: GMP, Subscription Status & Listing Date Explained

Rama Telecom Limited launched its SME IPO on June 25, 2025, seeking to raise ₹25.13 crore through a fresh issue. Positioned in the fast-expanding telecom infrastructure sector, the company aims to leverage India’s digital growth wave. The IPO has garnered early attention from institutional investors and retail participants alike.

Below is a detailed analysis of Day 1 developments including GMP trends, subscription numbers, listing dates, and investment highlights.

Grey Market Premium (GMP) on Day 1

The GMP for Rama Telecom IPO is reported at ₹5.

This implies a potential listing price of ₹73, against the upper price band of ₹68.

The positive GMP reflects early investor interest, although not overly aggressive.

A ₹5 premium signals a mild upside expectation on listing day.

Rama Telecom IPO Subscription Status (June 25, 2025 – Day 1 Close)

Investor CategorySubscription StatusQualified Institutional Buyers (QIB)1.00×Retail Individual Investors (RII)0.30×Non-Institutional Investors (NII)0.17×Total Subscription0.41×

QIB quota was fully subscribed, signaling strong institutional confidence.

Retail and HNI participation remained moderate but expected to rise in the coming days.

IPO Details at a Glance

IPO Type: SME (Small and Medium Enterprise)

Issue Size: ₹25.13 crore (fresh issue only)

Price Band: ₹65 – ₹68 per share

Lot Size: 2,000 shares (Minimum investment ₹1,36,000)

Exchange: NSE SME platform

Key Dates to Remember

EventDateIPO Open DateJune 25, 2025IPO Close DateJune 27, 2025Basis of AllotmentJune 30, 2025Refund InitiationJuly 1, 2025Credit of Shares to DematJuly 1, 2025Listing DateJuly 2, 2025

About Rama Telecom Limited

Rama Telecom operates in the telecom equipment assembly and supply domain, serving both government and private clients. The company focuses on:

Optical fiber assemblies

Broadband and IoT devices

Smart networking solutions

With the expansion of India’s 5G rollout and increased public infrastructure investment, Rama Telecom is well-positioned to benefit from sectoral growth.

Analyst View & Investment Outlook

Market analysts suggest a cautiously optimistic stance:

The fully subscribed QIB segment adds credibility to the offer.

The ₹5 GMP suggests a modest listing gain.

High investment threshold (₹1.36 lakh) may limit retail investor participation.

Investors are advised to monitor Day 2 subscription data for more clarity and assess risk tolerance given the SME nature of the offering.

Conclusion

The Rama Telecom SME IPO made a stable debut on Day 1 with promising institutional backing. While retail participation remains low initially, broader market momentum and sector relevance could drive further interest in the days ahead.

As listing nears, investors should evaluate the IPO’s fundamentals, track subscription updates, and consider market sentiment before applying.

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Expert View: DSP MF Head Remains Bullish on Indian Stock Market for Long Term

Expert View: Bullish on Indian Stock Market for Long Term Despite Uncertainty, Says DSP MF Head of Equities

Amid ongoing global volatility and economic uncertainty, DSP Mutual Fund’s Head of Equities remains strongly optimistic about the long-term prospects of the Indian stock market. According to the expert, India’s structural growth story and resilient domestic economy provide a solid foundation for continued equity market expansion.

Here’s a detailed look at the factors shaping this bullish long-term view.

1. India’s Structural Growth Drivers Remain Intact

Despite global headwinds, India continues to stand out due to:

A growing domestic consumption base.

Ongoing infrastructure development.

A shift towards formalization and digitalization of the economy.

These factors support sustainable earnings growth and make Indian equities attractive for long-term investors.

2. Corporate Earnings on a Steady Growth Path

India Inc. has shown resilience:

Post-pandemic recovery has translated into better profit margins and operational efficiency.

Sectors like banking, capital goods, and manufacturing are expected to lead the next growth phase.

DSP MF’s equity head emphasized that earnings upgrades and fiscal stability will continue to support market valuations.

3. Domestic Flows Offset Global Shocks

Even as foreign institutional investor (FII) flows remain volatile, strong domestic investor participation through:

Mutual fund SIPs,

Retail investors entering the equity markets, has helped cushion volatility and maintain a steady uptrend in stock indices.

4. Reform-Led Economic Momentum

Government initiatives such as:

PLI schemes (Production-Linked Incentives),

Focus on Make in India and Atmanirbhar Bharat, are driving a revival in private sector capex and supporting industrial growth.

These reforms are expected to improve the competitiveness of Indian businesses over the long term.

5. Valuation Discipline and Sectoral Rotation

According to the DSP MF head:

“While valuations in some pockets may appear stretched, there are still many opportunities available in sectors like financials, industrials, and defence.”

The fund house continues to follow a bottom-up stock selection strategy, focusing on companies with sustainable business models, healthy balance sheets, and growth visibility.

Conclusion

While short-term market volatility due to interest rate decisions, geopolitical risks, and global economic shifts may persist, the long-term outlook for Indian equities remains robust. DSP Mutual Fund’s confidence reflects a broader belief that India is entering a multi-year growth cycle supported by reforms, demographics, and strong domestic demand.

For investors with a long-term horizon, remaining invested in quality stocks and sectors aligned with India’s growth could prove highly rewarding.

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36 Years of Leadership and Growth: S Ravi’s Legacy at Ravi Rajan & Co. LLP

Ravi Rajan & Co. LLP, a cornerstone in India’s accountancy and financial services sector, recently celebrated its 36th Founder’s Day, honoring the legacy of its founder, Sethurathnam Ravi. The milestone highlights over three decades of leadership, growth, and innovation under S Ravi’s guidance, including his influential tenure as Chairman of the Bombay Stock Exchange (BSE).

Sethurathnam Ravi: A Visionary Leader with Global Influence

Founded in 1989, Ravi Rajan & Co. LLP began as a small chartered accountancy firm in New Delhi. Today, it is recognized as one of India's most esteemed financial advisory firms, with a widespread presence in key cities like Mumbai, Bengaluru, Ghaziabad, Gurugram, and Dehradun. The firm has grown from a boutique operation to employing over 200 professionals, including chartered accountants, company secretaries, MBAs, and certified analysts.

Sethurathnam Ravi’s leadership has been instrumental in the firm's remarkable journey. His strategic foresight and commitment to excellence have ensured that Ravi Rajan & Co. LLP continues to set the standard in audit, fraud investigation, tax advisory, and legal services. Ravi’s leadership at the BSE, where he served as Chairman from 2017 to 2019, played a key role in shaping India’s capital markets, positioning him as a highly respected figure in the global financial sector.

From BSE to Boardrooms: S Ravi’s Impact on India’s Financial Sector

S Ravi’s name is synonymous with financial leadership in India. His impactful tenure at the Bombay Stock Exchange (BSE) saw him steer the organization through critical transitions, influencing market reforms and enhancing India’s financial infrastructure. In addition to his role at BSE, S Ravi has contributed to several prestigious organizations, serving as a board member for institutions such as IDBI Bank, LIC, ONGC, and BHEL. His vast experience and insights have significantly contributed to the development of India’s financial markets.

Ravi is also a Fellow Member of the Institute of Chartered Accountants of India (ICAI), with a comprehensive academic background, including a Bachelor’s and Master’s degree in Commerce from Durgavati University and a Diploma in Information Systems Audit (DISA). His academic and professional credentials make him a respected authority in finance, further solidifying the firm’s reputation.

Holistic Leadership: Merging Professional Excellence with Social Responsibility

Beyond business success, S Ravi is a staunch advocate for social change. His leadership style integrates financial expertise with a commitment to societal issues such as gender equality, climate change awareness, and education for all. This holistic approach is reflected in Ravi Rajan & Co. LLP’s corporate ethos, with a strong focus on corporate social responsibility alongside business growth.

S Ravi’s belief in driving positive change extends beyond his firm. He has continuously used his platform to highlight and address critical issues that impact global communities, setting a high standard for others in the business world to follow.

Looking Ahead: The Future of Ravi Rajan & Co. LLP

As Ravi Rajan & Co. LLP enters its 37th year, the firm remains steadfast in its mission to uphold professional standards while diversifying its offerings to meet the evolving demands of the financial landscape. S Ravi’s leadership will continue to steer the firm toward new heights, maintaining its status as a leader in the financial services sector while fostering a culture of innovation and responsibility.

Conclusion

Ravi Rajan & Co. LLP’s 36th Founder’s Day celebration marks a significant achievement in both the firm’s history and in India’s financial sector. Sethurathnam Ravi’s leadership, from his impactful role at the BSE to his dedication to professional excellence, has shaped the firm’s success. The firm’s focus on innovation, social responsibility, and growth under S Ravi’s guidance ensures its continued legacy as a benchmark for the financial industry.

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Reliance NU Energies Wins 350 MW Solar Project With Battery Storage from SJVN

Reliance NU Energies, a subsidiary of Reliance Power, has clinched a major renewable energy deal with SJVN Limited to develop a 350 MW solar power project, further cementing Reliance’s growing dominance in India’s clean energy transition.

As part of the agreement, the solar facility will be paired with a 175 MW/700 MWh Battery Energy Storage System (BESS), which will enable the storage and delivery of 175 MWh of electricity for up to four hours—significantly enhancing grid reliability and flexibility.

A Strategic Leap in Green Energy

This hybrid solution—combining solar generation with energy storage—positions Reliance NU Energies at the forefront of India’s evolving energy landscape. With increasing pressure to reduce carbon emissions and shift towards sustainable power, integrated systems like this are key to ensuring a stable, 24/7 power supply from intermittent renewable sources.

"This project is a milestone in our clean energy roadmap, combining large-scale solar capacity with advanced battery storage to support India’s renewable energy ambitions," a Reliance Power spokesperson said.

Driving India’s Energy Goals

SJVN Limited, a joint venture between the Government of India and the Government of Himachal Pradesh, awarded the project as part of its mission to ramp up renewable capacity in the country. The move is aligned with India’s broader target to reach 500 GW of non-fossil fuel capacity by 2030.

The project also marks a strategic boost to Reliance’s energy storage portfolio—a critical component as India pushes for greater integration of solar and wind into the national grid.

Key Project Highlights:

Solar Capacity: 350 MW

Battery Storage: 175 MW/700 MWh

Storage Duration: 4 hours backup at 175 MWh

The deployment of the BESS will help in managing peak loads, reducing dependence on fossil fuels, and stabilizing electricity supply during demand fluctuations or low solar generation periods.

With this win, Reliance NU Energies takes another major step toward becoming a leader in India’s renewable energy sector.

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Indian Pharma Stocks Dip as Trump Pushes Drug Price Reform

Shares of Indian pharmaceutical companies took a hit on Monday after U.S. President Donald Trump announced aggressive plans to slash prescription drug prices in the United States, sending ripples across global pharma markets.

The Nifty Pharma index fell 1.6%, underperforming the broader market, as 13 of the 20 listed pharma firms ended the day in the red. Sun Pharmaceutical Industries, the sector heavyweight, led the decline with a sharp drop of 4.6%, followed by notable losses in Lupin, Dr. Reddy's Laboratories, and Cipla.

Trump’s “Most Favored Nation” Strategy Shakes Global Pharma

President Trump revealed his intention to sign an executive order mandating a pricing model that aligns U.S. drug prices with those in economically comparable nations. This “most favored nation” pricing rule would cap the price of prescription medications in the U.S. to the lowest rate available in any developed country.

“We will ensure American patients no longer pay the highest prices in the world for the same drugs sold cheaper elsewhere,” Trump said, emphasizing that the pricing overhaul could reduce U.S. drug costs by as much as 30%–80%.

Indian Exporters Brace for Impact

India, one of the largest exporters of generic drugs to the U.S., is likely to feel the pinch if profit margins shrink under the revised pricing system. Indian drugmakers heavily rely on the U.S. market, which accounts for a substantial portion of their revenue.

“Investors are reacting cautiously to the possible implications for Indian pharmaceutical exports,” said a senior analyst at a Mumbai brokerage firm. “If U.S. pricing reforms significantly cut reimbursement rates, generic manufacturers from India may have to renegotiate contracts or accept thinner margins.”

Market Sentiment Mixed

While Indian benchmarks posted gains on Monday, with the Nifty 50 and Sensex closing slightly higher, the pharmaceutical sector was the clear laggard due to concerns over international regulatory risk.

Market participants now await further clarity on the executive order’s implementation timeline and whether it will face legal challenges from U.S.-based pharmaceutical lobbies or international trade partners.

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Indian Navy Confirms Total Air Superiority During Operation Sindoor

Vice Admiral A.N. Pramod of the Indian Navy revealed today that no hostile or unidentified aircraft managed to breach Indian airspace during the execution of Operation Sindoor, a strategic counter-offensive launched in retaliation for the April 25 Pahalgam terror attack.

Addressing the media, Vice Admiral Pramod emphasized the scale of India’s air dominance throughout the mission. “To put it plainly, not a single suspicious or enemy aircraft was allowed within hundreds of kilometers of our Kerala battle group,” he stated. “Our layered defences and coordinated operational protocols ensured complete aerial denial to the adversary.”

Carrier Battle Group Maintains Total Control

Following the attack in Pahalgam—carried out by Pakistan-backed terrorists and claiming the lives of 26 civilians including a Nepali national—India launched a multi-pronged military response. The Indian Navy’s role was to secure maritime and aerial superiority in the southwestern theatre.

Vice Admiral Pramod explained that the Indian Navy's carrier battle group, a fleet centered around an aircraft carrier with full offensive and defensive capabilities, played a crucial part. “Our naval assets operated without interference, sustaining an overwhelming presence and maintaining full control in high-risk zones,” he said.

He further noted that India’s integrated defence mechanism—leveraging anti-missile systems, radar surveillance, and coordinated joint-force communication—had been rigorously tested and validated over recent years. The events of Operation Sindoor marked the first time many of these systems were deployed in a real combat scenario.

A Unified Military Response

Operation Sindoor, executed on the night of May 7–8, targeted high-value terror launchpads and militant training facilities in Pakistan and Pakistan-Occupied Kashmir (PoK). The precision strikes were coordinated across branches of the armed forces, showcasing India's advanced strategic preparedness.

Vice Admiral Pramod concluded by saying that India’s ability to project force and secure its assets across domains was now “unquestionable,” thanks to years of investment in indigenous defence development and strategic planning.

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India’s Self-Reliance Proved in Conflict With Pakistan: Ex-DRDO Chief

India’s recent military conflict with Pakistan showcased the country's growing defence self-reliance, according to Dr G Satheesh Reddy, former head of the Defence Research and Development Organisation (DRDO) and advisor to the Defence Minister. In an exclusive interaction, Dr Reddy emphasized that India’s ability to respond with fully indigenous systems marked a pivotal moment in its military evolution.

“This was a conflict fought with home-grown technology. Being aatmanirbhar (self-reliant) gives any nation an edge—our enemies can’t decode what they don’t know,” Dr Reddy said. “Today, that vision has become reality. We’ve reached a point where cutting-edge technologies are not imported but built right here.”

Operation Sindoor: A Showcase of Indian Defence Tech

The recent flare-up, triggered by the April 22 terrorist attack in Pahalgam that claimed 26 civilian lives, led to India launching “Operation Sindoor,” a precise airstrike campaign targeting terror camps in Pakistan and PoK. The conflict was largely airborne—featuring fighter jets, guided missiles, drones, and anti-drone systems.

India deployed several indigenously developed defence platforms. One such system was the Drone Detect, Deter and Destroy (D4) platform developed by DRDO, often likened to Israel’s Iron Dome. The D4 system offers both soft-kill and hard-kill capabilities and was instrumental in neutralizing incoming drone threats from Pakistan.

Akash Missile System in Action

Another highlight of the operation was the use of the Akash missile system—an indigenous surface-to-air missile platform designed to intercept multiple aerial targets simultaneously. Developed over more than a decade by DRDO under the leadership of Dr Prahlada Ramarao, Akash played a crucial role in defending key Indian cities.

“This was its first deployment in an active conflict,” Dr Reddy noted. “Reports suggest it brought down enemy aircraft. For the scientists behind Akash, this is a moment of pride and validation.”

PM Modi’s Push for Indigenous Defence

Dr Reddy credited Prime Minister Narendra Modi’s leadership for pushing India towards defence self-sufficiency. He highlighted that over 65% of the Indian armed forces’ equipment now comes from indigenous sources—an unprecedented figure.

“The Prime Minister's strong emphasis on homegrown systems has reshaped our defence landscape. Credit also goes to the private sector, especially start-ups developing drones and counter-drone tech. Their role in the success of this operation was significant,” he added.

A Strategic Milestone for India

With Operation Sindoor marking the effective deployment of Indian-made systems in real warfare conditions, defence experts say India has entered a new era of military independence. As threats continue to evolve, India’s commitment to building and using its own defence technology might just be its greatest strategic asset yet.

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Sethurathnam Ravi's Vision for Modernizing Capital Market Regulations in India's Digital Financial Future

To unlock India’s potential as a global financial powerhouse, out-dated capital market regulations must evolve in step with digital innovation, investor behaviour, and cyber security challenges.

Indian capital markets have undergone revolutionary transformation since liberalisation of the economy in 1991. The post-liberalisation period’s digital revolution redefined the financial landscape, as technology-enabled models of stockbroking and access to the financial markets were democratized. Yet, even as market structure has altered fundamentally, regulatory frameworks have lagged behind. While India dreams of being a world financial powerhouse, there is a need to go back to out-dated policies, provide space for innovation, and counter cyber security risks in the age of digital investing.

Capital Market Regulation Modernisation

The Securities Contracts (Regulation) Rules (SCRR) that came into effect from 1957 were written when stockbrokers primarily acted as middlemen. They are presently full-service financial service providers. But the SCRR continues to impose retrograde restraints, precluding brokerage houses from pursuing non-securities activities. To facilitate adjustment to the new economic scenario and to enable drive of initiatives such as Make in India, it should permit stockbrokers to diversify their business, as do developed economies such as the US, UK, and Singapore. This not only promotes innovation but also guarantees revenue growth in a highly competitive international environment.

Revenue Diversification

The broking business has seen a revolutionary change from traditional broking services to a diversified suite of financial solutions. Most major firms have indicated that their non-broking revenues now account for more than half of their overall revenues. Such a change depicts changing customer behavior towards single financial platforms and the compulsion on traditional brokers to find new business models. Policies need to be redirected towards encouraging such diversification so that strategic expansion is not achieved at the cost of market integrity.

Need for Clarity in Regulatory Circulars

The Securities and Exchange Board of India (SEBI)’s Regulation 16A is intended to avoid unauthorised investment advice. Yet, the vague interpretation of "indirect associations" can put excessive onus on stockbrokers for third-party platforms’ activities—like those on What Sapp or Telegram—beyond their control. Similarly, the 2024 NSE circular requiring all client referrals to be carried out through approved persons (APs) can suppress organic client capture, particularly where referrals are integrated into traditional digital marketing approaches. More stringent policy guidelines and conditional exemptions, combined with stringent compliance controls, can reconcile risk aversion with operational flexibility.

Cyber security

A Growing Concern With growing dependence on digital infrastructure in capital markets, the danger of cyber-attacks is looming large. Financial institutions handle extremely sensitive information and high-value transactions, which are juicy targets for cyber attackers. Even though SEBI has come out with effective cyber security guidelines, constant interaction with stakeholders, frequent awareness sessions, and revised guidelines are needed to combat emerging threats and protect investor confidence.

India’s capital market environment is poised on the cusp of a new age where digital technology, international integration, and growing investor sophistication will be the hallmark. For such a shift to be sustainable, regulatory reforms cannot be lagging behind. How it updates regulations such as the SCRR, streamlines compliance obligations, enables non-broking diversification, and enhances cyber security defences are not just a policy imperative—it is an economic growth driver. A regulatory structure fit for the future will propel India’s financial sector to a global leadership position and ensure inclusive growth in the digital economy.

Author Details:

S.Ravi (Sethurathnam Ravi) Promoter and Managing Partner of Ravi Rajan & Co. LLP Former Chairman of the Bombay Stock Exchange

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Flipkart Fined ₹1.06 Crore by IRDAI for Breach of Insurance E-Commerce Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of ₹1.06 crore on Flipkart, citing multiple violations of regulatory guidelines concerning insurance e-commerce operations and corporate agency compliance.

The decision follows a detailed probe into the Walmart-backed e-commerce giant’s insurance distribution practices. According to IRDAI, the company breached the Insurance E-Commerce Guidelines, 2017, by exceeding the permitted scope of its Insurance Self-Network Platform (ISNP). Regulations clearly state that only registered insurers, to a limited extent, may be enrolled via ISNPs—other intermediaries or agents are strictly barred.

Key Violations Identified

Out of the total penalty, ₹1 crore pertains specifically to the ISNP rule breach. The remaining amount stems from Flipkart’s failure to comply with corporate agency norms, including the use of just one “specified person” to sell a disproportionately large number of insurance policies—raising concerns about oversight and due diligence.

Regulator Issues Advisory, Avoids Further Action

In addition to the financial penalty, IRDAI issued an advisory and formal warning to Flipkart. However, the regulator chose not to escalate matters over an additional issue related to Board composition, opting instead to close that particular observation without penal action.

This regulatory response reflects IRDAI’s continued scrutiny of digital platforms entering the insurance space, with an emphasis on ensuring responsible conduct, customer protection, and adherence to laid-down norms.

Industry Takeaway

The case underscores the importance of compliance for e-commerce entities exploring insurance distribution models. As regulatory frameworks evolve to address digital innovation in the sector, firms must maintain rigorous internal checks to avoid overstepping operational boundaries.

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Rupee Drops to 86.56 Against Dollar as Global Trade Worries Intensify

The Indian currency took a hit on Wednesday, sliding 30 paise to trade at ₹86.56 against the US dollar in early hours, amid growing global financial uncertainty and market volatility.

Despite a decline in crude oil prices and a relatively soft greenback, the rupee failed to gain ground as investor sentiment turned cautious. Ongoing fears of a worldwide trade slowdown — fueled by rising tensions between major economies — continued to weigh heavily on emerging market currencies.

Risk Aversion Dominates Trading Mood

Forex market participants noted that concerns over a potential global economic downturn, triggered by tit-for-tat tariffs between the US and China, have overshadowed positive factors. As traders seek safer investment avenues, the dollar remains in demand, putting added pressure on currencies like the rupee.

Adding to the nervousness, domestic stock markets showed signs of weakness, mirroring global trends. The combination of capital outflows, geopolitical risks, and a cautious outlook on economic growth is making the trading environment increasingly unpredictable.

Outlook Remains Cautious

While some support for the rupee may come from lower oil import costs and a subdued dollar, the overall sentiment remains fragile. Analysts suggest that until clarity emerges on global trade policies and economic recovery prospects, the rupee may continue to face headwinds in the near term.

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Sensex Slides 300 Points, Nifty Breaches 22,500 Amid Global Trade Fears and RBI Growth Outlook

Indian equity markets faced a sharp decline on Wednesday as escalating global trade tensions and a lowered domestic growth forecast by the Reserve Bank of India (RBI) spooked investors. The BSE Sensex dropped over 550 points in early trade, while the NSE Nifty slipped below the 22,400 mark, reflecting heightened caution in the face of global volatility.

Markets in Retreat Amid US-China Trade Friction

The downturn followed a brief respite earlier in the week, with investor sentiment turning sharply negative after President Donald Trump’s administration imposed a 104% tariff on select Chinese imports. The aggressive move triggered a swift and defiant response from Beijing, which vowed to retaliate and defend its economic interests, raising fears of a prolonged trade war between the world's two largest economies.

These developments rattled global markets and sent shockwaves through emerging economies, including India, where investor confidence took a hit.

Morning Market Movements

At its lowest point on Wednesday, the Sensex fell by 554.02 points (0.74%) to hit 73,673.06, while the Nifty lost 197.25 points (0.87%) to touch 22,356.6. Though losses were partially pared by mid-morning, the broader market trend remained bearish, with widespread selling seen across key sectors.

IT and metal stocks led the decline, bearing the brunt of global uncertainties and falling export confidence. Defensive sectors such as FMCG and pharmaceuticals saw relative strength, though not enough to offset the overall drag.

Domestic Concerns Add to Pressure

The negative global sentiment was compounded by the RBI’s recent GDP downgrade, which projected slower growth for FY2025–26 amid rising geopolitical risks and reduced global demand. The central bank’s shift to an accommodative policy stance, along with a 25 bps cut in the repo rate, signaled concern about the economic outlook.

“The market is reacting to a double whammy — external shocks from the tariff war and domestic worries about slower growth,” noted V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “With rising uncertainty, investors are moving to a risk-off mode. This volatility may persist in the near term.”

Looking Ahead

While the equity market correction appears sharp, analysts caution against panic selling and suggest a wait-and-watch approach. The evolving US-China trade scenario and upcoming corporate earnings will likely guide market direction in the days ahead.

Investors are advised to stay cautious, diversify portfolios, and focus on quality stocks with strong fundamentals until clearer global cues emerge.

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Monetary Easing: RBI Cuts Repo Rate, Signals Support

In a decisive move to cushion the Indian economy against rising global uncertainties and trade tensions, the Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points, bringing it down to 6%. This marks a significant policy shift, as the central bank also announced a transition from a neutral to an accommodative stance, signaling potential for further easing if economic conditions warrant it.

Responding to Tariff Pressures and Growth Slowdown

The decision comes in the wake of escalating global trade disruptions, particularly after the United States announced new tariffs on Indian exports, dealing a fresh blow to the economy already showing signs of slowing momentum. India’s GDP growth, which stood at 6.5% in the last fiscal year, has faced downward revisions, with institutions like Goldman Sachs adjusting forecasts for FY26 to 6.1% in light of these developments.

The RBI’s move aims to provide liquidity support and lower borrowing costs, which could help offset some of the anticipated drag from external shocks, especially for sectors like pharmaceuticals, IT, and manufacturing, which are heavily reliant on exports.

Why the Shift to Accommodative Matters

By shifting its monetary policy stance to accommodative, the RBI is opening the door for future rate cuts or liquidity infusion measures, depending on how inflation and economic growth evolve in the coming months. Governor Sanjay Malhotra stated that the central bank remains committed to maintaining price stability while also supporting economic expansion during a period of heightened volatility.

This policy recalibration highlights the RBI’s willingness to be more flexible and responsive, especially at a time when inflation appears to be within manageable limits and growth concerns are taking center stage.

Market Reaction and Mixed Sentiment

The markets responded cautiously. The Nifty 50 index dropped by 0.72%, while the BSE Sensex declined 0.58%, reflecting investor uncertainty around how effective the policy changes will be in offsetting the broader economic challenges.

Analysts remain divided. Some argue that the RBI could have taken a bolder step by cutting rates more aggressively to boost demand and investor confidence. Others believe the central bank is striking a careful balance by not overstepping during a volatile global environment.

Economic Outlook Ahead

The central bank has revised its growth forecast for FY2025-26 to 6.5%, slightly lower than previous estimates, citing the ripple effects of global protectionism and tightening financial conditions. The RBI also reaffirmed its commitment to keeping inflation within the 2–6% target band, suggesting a data-driven approach for future decisions.

Conclusion

The RBI’s latest monetary policy decision is more than just a rate cut — it’s a strategic signal. In a time of rising protectionism, currency fluctuations, and fragile recovery paths, the central bank is positioning itself as both a stabilizer and a facilitator of growth. How effective this balancing act proves to be will depend on domestic policy coordination and how external risks unfold in the months ahead.

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Why the Supreme Court’s Ruling on Tamil Nadu Governor Sets a Powerful Precedent

In a rare and bold move, the Supreme Court of India has invoked its extraordinary powers under Article 142 to effectively give assent to 10 pending Bills that had been lying with Tamil Nadu Governor R N Ravi — a step that not only resolves a legislative impasse but also sends a sharp constitutional message.

A Rare Use of Extraordinary Powers

The bench comprising Justices J B Pardiwala and R Mahadevan stepped in to exercise a power that is sparingly used — especially in matters involving other Constitutional authorities. Article 142, often termed the Court’s "complete justice" provision, was employed to ensure the democratic functioning of the state was not indefinitely stalled by inaction from the Governor’s office.

Reining in the Raj Bhavan

In a landmark step, the Court introduced a one-month time limit for Governors to act on Bills passed by the legislature. This is a significant evolution of the constitutional balance, as the judiciary has traditionally been cautious about imposing time-bound directives on Constitutional posts such as Speakers or Governors.

This ruling could influence a pending case in Kerala, where former Governor Arif Mohammad Khan withheld assent to multiple Bills — an issue that mirrors the Tamil Nadu situation.

Context from Constitutional History

The verdict adds to a growing judicial trend of limiting discretionary powers of Governors. The Supreme Court, in its 1974 judgment in Shamsher Singh v. State of Punjab, made it clear that the Governor must generally act on the aid and advice of the Council of Ministers, with discretionary powers being the rare exception.

Further, in Rameshwar Prasad v. Union of India (2006), the Court held that the Governor's individual judgment cannot be used as grounds for recommending President’s Rule. Similarly, even the clemency powers of the Governor have been brought under limited judicial review, reinforcing the idea that Constitutional authority cannot be wielded without accountability.

A Strong Message to the States and the Centre

The Supreme Court’s assertiveness is being hailed as a “victory for federalism” by many states. Tamil Nadu Chief Minister M.K. Stalin described it as a historic verdict that upholds the rights of elected governments. Kerala officials echoed this sentiment, warning other Raj Bhavans to take heed.

The ruling may not just settle the matter in Tamil Nadu but could also reshape the conduct of Governors across India, ensuring they don’t become roadblocks in the democratic process.

Conclusion

By stepping in where executive silence created constitutional deadlock, the Supreme Court has reminded all stakeholders — especially Constitutional heads like Governors — that democratic norms must prevail over personal discretion. With Article 142 as its tool, the judiciary has not just dispensed justice, but reasserted the strength of India’s federal framework.