Gems, jewellery exports to US plunge 44% in Apr-Dec on tariff woes

by Hansraj Agrawal | Jan 16, 2026 | Business

Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters he said.
| Photo Credit:
SHAILESH ANDRADE

Hit by the punitive tariff, gem and jewellery exports to the US plunged 44 per cent in the first nine months this fiscal to $3.86 billion against $6.95 billion logged in the same period last year.

Exports to the US halved in December, reflecting the continued impact of tariff-related pressures and subdued discretionary demand, according to the provisional data released by Gem and Jewellery Export Promotion Council data.

Kirit Bhansali, Chairman, GJEPC, said the US remains India’s largest export destination, accounting for nearly 30 per cent of gem and jewellery exports and the sharp decline in shipments to US is a matter of serious concern.

Prolonged uncertainty around tariffs could adversely impact the long-term viability of the US market for Indian jewellery exporters, he said.

Overall flat performance

However, overall gem and jewellery exports between April and December saw little movement from year ago at $20.75 billion, while registering a growth of 4 per cent in rupee terms, supported by currency movement and steady trade flows.

The near-flat performance highlights market stabilisation, with strong growth in jewellery exports—particularly gold, silver and platinum jewellery—offsetting moderation in cut and polished diamonds and lab-grown diamonds.

Exports to the United Arab Emirates rose 28 per cent y-on-y to $6.89 billion, while shipments to Hong Kong increased 28 per cent to $4.25 billion. Exports to Australia also recorded strong growth of 40 per cent to $278 million, underscoring the growing importance of diversified and FTA-supported markets.

Plain jewellery shipments up

Kirit Bhansali, Chairman, GJEPC, said the plain gold jewellery exports recorded a value growth of 8 per cent to $3.82 billion as gold bar prices rose by 52 per cent compared to the same period last year, resulting in higher export realisations even though export volumes moderated.

Cut and polished diamond exports between April and December declined 8 per cent at $8.99 billion largely due to tariff-related pressures and reduced demand from the United States.

Gold jewellery exports grew 7 per cent y-on-y to $8.67 billion during the period. Silver jewellery exports surged 44 per cent to $1.11 billion. Polished lab-grown diamond exports declined 10 per cent y-on-y to $840 million.

Published on January 16, 2026

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SEBI proposes fund netting for FPIs to cut funding costs

by Hansraj Agrawal | Jan 16, 2026 | Business

SEBI said the existing framework often leaves FPIs “underinvested” for at least a day
| Photo Credit:
HEMANSHI KAMANI

The Securities and Exchange Board of India (SEBI) on Friday proposed permitting netting of funds for cash market transactions by foreign portfolio investors (FPIs), a move aimed at reducing funding costs and improving operational efficiency, particularly during high-volume trading days such as index rebalancing.

Under the proposal, FPIs would be allowed to use sale proceeds from cash market transactions on a given day to fund purchases executed on the same day, thereby meeting only their net fund obligation instead of settling all trades on a gross basis. Public comments have been invited until February 6, 2026.

Currently, FPIs are required to bring in full funds for purchases irrespective of sales on the same day, even though custodians eventually settle their obligations with clearing corporations on a net basis. This results in higher liquidity requirements and funding costs for investors.

SEBI said the existing framework often leaves FPIs “underinvested” for at least a day. “For example, suppose an FPI has purchased stock A worth ₹100 crore and sold stock B worth ₹100 crore. The FPI would still need to make available ₹100 crore towards the purchase,” the regulator said, adding that the amount could otherwise have been adjusted against sale proceeds.

Funding costs

The issue becomes more pronounced during index rebalancing, when FPIs typically see large simultaneous inflows and outflows. “The cost of funding the same increases significantly,” SEBI said, citing feedback from market participants.

However, the proposed netting will be limited. Only “outright” transactions, where an FPI has either a buy or a sell position in a security in a settlement cycle, but not both, will be eligible for fund netting. Trades involving both buy and sell positions in the same security will continue to be settled on a gross basis, effectively excluding intra-day round-tripping from the benefit.

SEBI clarified that if the value of outright sales exceeds outright purchases, the excess sale proceeds cannot be used to fund other buy obligations. Settlement of securities will also continue on a gross basis, and charges such as securities transaction tax and stamp duty will remain unchanged.

Settlement risk

The regulator also acknowledged concerns raised by custodians and clearing corporations, including the risk of higher trade rejections and increased settlement risk shifting to custodians. On this, SEBI said robust safeguards already exist. “Necessary safeguards by way of default waterfall mechanism, Core Settlement Guarantee Fund (Core SGF), etc., have been put in place,” it said, adding that netting could, in fact, reduce the likelihood of fund-related trade rejections.

SEBI said that there would be no change in the settlement process between custodians and clearing corporations, and that custodians would be required to upgrade systems to support the new framework.

The proposal will require amendments to regulatory frameworks issued by SEBI and the Reserve Bank of India. If implemented, the regulator said the move would lower funding costs for FPIs without increasing market risk, as non-outright transactions would continue to be settled on a gross basis to prevent undue market influence.

Published on January 16, 2026

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UPI पर संकट? Free Payments का सच | Budget 2026 से पहले बड़ा सवाल | Paisa Live

by Hansraj Agrawal | Jan 16, 2026 | Business

आज भारत में UPI सिर्फ एक payment system नहीं, बल्कि हमारी रोज़मर्रा की ज़िंदगी का हिस्सा बन चुका है। चाय वाले से लेकर बड़े malls तक हर जगह एक ही आवाज़ सुनाई देती है – “UPI है ना!” Digital India की इस सबसे बड़ी कामयाबी ने cash और cards को लगभग पीछे छोड़ दिया है। लेकिन इस चमकती success story के पीछे एक बड़ा और गंभीर सवाल छुपा है – क्या UPI हमेशा free रह सकता है? सच्चाई यह है कि हर UPI transaction को process करने में करीब ₹2 का खर्च आता है, जिसे अभी banks और fintech कंपनियां खुद उठा रही हैं। Merchant से कोई fee नहीं ली जाती, जिससे adoption तो बढ़ा, लेकिन system financially sustainable नहीं रह गया। Government incentives भी लगातार घट रहे हैं। जहां FY24 में ₹3,900 करोड़ का support था, वहीं अब यह सिमटकर सिर्फ ₹427 करोड़ रह गया है। RBI Governor भी साफ कह चुके हैं कि UPI हमेशा free नहीं रह सकता। Irony ये है कि रिकॉर्ड usage के बावजूद system को चलाने के लिए पैसे की कमी है। Industry का सुझाव है – छोटे merchants के लिए UPI free रहे, लेकिन बड़े merchants पर controlled charge लगे। अब सबकी नज़र Union Budget 2026 पर है। अगर समाधान नहीं निकला, तो UPI की growth धीमी पड़ सकती है।

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Wipro Q3 Results: नए लेबर कोड का असर, विप्रो की तीसरी तिमाही नतीजे में 7 प्रतिशत गिरा मुनाफा

by Hansraj Agrawal | Jan 16, 2026 | Business

Wipro Q3 Results: सूचना प्रौद्योगिकी सेवा क्षेत्र की प्रमुख कंपनी विप्रो का वित्त वर्ष 2025-26 की अक्टूबर–दिसंबर तिमाही (Q3) में एकीकृत शुद्ध लाभ सात प्रतिशत घटकर 3,119 करोड़ रुपये रह गया. कंपनी ने बताया कि यह गिरावट मुख्य रूप से नई श्रम संहिता लागू होने के कारण किए गए 302.8 करोड़ रुपये के एकमुश्त अस्थायी प्रावधान की वजह से हुई है.

पिछले वित्त वर्ष 2024-25 की समान तिमाही में कंपनी का शुद्ध लाभ 3,353.8 करोड़ रुपये रहा था.

राजस्व में मजबूती, मुनाफे पर दबाव

विप्रो के अनुसार, चालू वित्त वर्ष की तीसरी तिमाही में कंपनी की परिचालन आय 5.5 प्रतिशत बढ़कर 23,555.8 करोड़ रुपये हो गई, जबकि एक साल पहले इसी अवधि में यह 22,318.8 करोड़ रुपये थी.

तिमाही आधार पर शुद्ध लाभ में 3.9 प्रतिशत की गिरावट आयी है जबकि राजस्व में 3.7 प्रतिशत की वृद्धि हुई है. यह आंकड़े दर्शाते हैं कि लागत से जुड़े दबावों के बावजूद कंपनी के कारोबारी प्रदर्शन में राजस्व स्तर पर मजबूती बनी हुई है.

एआई रणनीति पर फोकस

विप्रो के मुख्य कार्यपालक अधिकारी (सीईओ) और प्रबंध निदेशक श्रीनि पल्लिया ने कहा कि तीसरी तिमाही में हमने अपनी अपेक्षाओं के अनुरूप व्यापक वृद्धि दर्ज की. जैसे-जैसे कृत्रिम मेधा (AI) एक रणनीतिक अनिवार्यता बनती जा रही है, ‘विप्रो इंटेलिजेंस’ एक विशिष्ट भूमिका निभा रहा है.

उन्होंने बताया कि कंपनी ने एआई-सक्षम प्लेटफॉर्म और समाधानों को और मजबूत किया. ‘विंग्स’ और ‘वेगा’ के जरिए एआई-आधारित सेवाओं का विस्तार किया. वैश्विक स्तर पर नवाचार नेटवर्क को और बढ़ाया. पूरी आईटी इंडस्ट्री पर दिखा श्रम संहिता का असर दिखा. नई श्रम संहिता का प्रभाव केवल विप्रो तक सीमित नहीं रहा.

इसके अन्य बड़े प्रतिद्वंद्वियों के तिमाही नतीजों पर भी इसका असर साफ दिखा-

टीसीएस: Q3 में 2,128 करोड़ रुपये का असर
इन्फोसिस: 1,289 करोड़ रुपये का नुकसान
एचसीएलटेक: 8.2 करोड़ अमेरिकी डॉलर (करीब 719 करोड़ रुपये) का एकमुश्त प्रावधान

नई श्रम संहिता के कारण आईटी कंपनियों के मुनाफे पर अल्पकालिक दबाव जरूर दिख रहा है, लेकिन राजस्व वृद्धि और एआई-केंद्रित रणनीतियाँ इस सेक्टर की दीर्घकालिक मजबूती को दर्शाती हैं. आने वाली तिमाहियों में लागत स्थिरीकरण के साथ मुनाफे में सुधार की उम्मीद की जा सकती है.

ये भी पढ़ें: वैश्विक तनाव और यूएस के साथ ट्रेड डील पर बातचीत के बीच आयी ये राहत की खबर

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Time to introduce more market-cap based slabs for MF categorisation?

by Hansraj Agrawal | Jan 16, 2026 | Business

Instead of just four categories, SEBI can widen the spectrum by introducing new slabs. At the same time, SEBI should also ensure free hand to fund managers in constructing their portfolios

The decision of Motilal Oswal Asset Management Company to discontinue subscription for its Microcap 250 index with immediate effect (January 8) has created a lot of noise both in social media (X post) and among the investment fraternity.

“This is to notify that subscription in units of Motilal Oswal Nifty Microcap 250 Index Fund has been discontinued with immediate effect ie cut-off time of January 8, 2026. This is issued in consultation with SEBI as microcap is not defined as category based on market capitalisation,” Motilal Oswal AMC said in a press release.

The discontinuation shall be implemented in the manner specified below: Fresh and additional purchases through lump-sum mode and switch-in transactions into the scheme from any other schemes of Motilal Oswal Mutual Fund shall be discontinued; fresh registrations under Systematic Investment Plan (SIP) and/or Systematic Transfer Plan (STP) shall be discontinued; existing SIPs/STPs, wherever applicable, shall be paused with effect from the effective date; and any subscription amount received including SIP, STP in etc, after the applicable cut-off time on the effective date shall not be processed and shall be refunded to the respective investors, without any interest, in accordance with applicable regulations, the fund house has said, thus virtually shutting down the door from all form investments for its micro-cap fund.

Motilal Oswal Nifty Microcap 250 Index Fund currently manages about ₹2,600-crore worth assets. The investment objective of the scheme is to provide returns that, before expenses, correspond to the total returns of the securities as represented by Nifty Microcap 250 Total Return Index, subject to tracking error.

Unwarranted concern

Though the fund house did not give reasons for the sudden decision, it was widely believed that the main reason behind such a move could be due to a perceived liquidity concern.

However, in a clarification to one of the blog posts, Pratik Oswal, Head – ETFs and Index Funds at Motilal Oswal, said the issue is “purely around compliance with existing classification norms, and nothing else.”

“It’s worth noting that today’s micro-caps are significantly larger and more liquid than small-caps were five-seven years ago. From a portfolio-management perspective, the fund can comfortably be more than 2x its current size without any liquidity concerns,” he said in the X-post, adding “and importantly, existing investors are unaffected, and we’re actively working on a resolution.”

According to bl.portfolio estimates, the number of days required to liquidate 50 per cent of the Motilal Oswal Microcap 250 Index Fund portfolio as of December 31, 2025, is just two.

Given the growth and expansion of Indian markets, categorisation of market-cap needs a rethink. As per current m-cap classification, first 100 companies fall in large-cap, from 101 to 250 under mid-cap and stocks beyond 250 come under small-cap. Micro-cap stocks, though there is no clear definition, generally are the stocks in the bottom rung of small-cap stocks.

The m-cap of small-cap, which used to be ₹2,000 crore five years ago, has now jumped to ₹12,000 crore. The regulator, AMFI and fund houses are currently working on revamping categorisation norms that is likely to be out soon.

So, investors need not panic.

Instead of just four categories, SEBI can widen the spectrum by introducing new slabs such as mini mid-cap, mini-small-cap, micro-cap and even tiny-caps. If SEBI sees potential liquidity concern, it can allow the schemes to be launched with a lock-in mandate of three years. At the same time, SEBI should also ensure a free hand to fund managers in constructing their portfolios.

It may be recalled that SEBI Chairperson Tuhin Kanta Pandey, while cautioning AMCs investing in micro-cap companies recently, said, “Maintaining proper documentation for such investment decisions ensures transparency and sound due diligence.” Fund houses should take the advice seriously.

Published on January 16, 2026

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IT stocks power indices higher as Infosys upgrades revenue outlook

by Hansraj Agrawal | Jan 16, 2026 | Business

Equity benchmarks closed marginally higher on Thursday, with technology stocks leading the rally after Infosys reported better-than-expected third-quarter results and upgraded its revenue growth outlook, injecting fresh optimism into a market that has been trading range-bound amid global uncertainties.

The BSE Sensex rose 187.64 points or 0.23 per cent to close at 83,570.35, while the Nifty gained 28.75 points or 0.11 per cent to settle at 25,694.35. However, both indices gave up significant intraday gains in the latter half of the session as profit-booking emerged at higher levels ahead of key earnings announcements from HDFC Bank and ICICI Bank scheduled for January 17.

The Nifty IT index surged 3.34 per cent, emerging as the top sectoral gainer. Infosys led the charge, jumping 5.58 per cent to close at ₹1,689.10, followed by Tech Mahindra, which gained 5.26 per cent to ₹1,672.00. “Indian equity markets ended marginally higher, supported by positive sentiment in IT & banking,” said Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal Financial Services. “The Nifty IT index surged 3.3% after Infosys reported better-than-expected third-quarter financial year 2026 results and upgraded its revenue growth outlook.”

Other IT majors also witnessed strong buying, with Wipro advancing 2.54 per cent to ₹266.80, HCL Technologies rising 2.41 per cent to ₹1,696.50, and TCS gaining 2.34 per cent to ₹3,209.00. The sector’s outperformance came as investors bet on sustained demand for technology services.

Banking stocks provided additional support, with the Nifty Bank index climbing 0.86 per cent to 60,095.15, extending its rally for the fifth consecutive session. “Bank Nifty outperformed the broader market, led by strong gains in PSU banks,” noted analysts at Bajaj Broking. The Nifty PSU Bank index gained 1.2 per cent, while heavyweight private sector banks witnessed strong accumulation ahead of their quarterly results.

On the losing side, Eterna limited the biggest decliner, falling 3.76 per cent to ₹288.00, followed by Jio Financial Services, which dropped 3.15 per cent to ₹277.95. Cipla declined 2.54 per cent to ₹1,398.00, while Hindalco shed 2.44 per cent to ₹932.00, and Asian Paints fell 2.03 per cent to ₹2,756.70. The Nifty Pharma index declined 1.3 per cent, while the Nifty Metal index slipped 0.5 per cent due to profit-booking after recent gains.

Market breadth remained mixed, with 1,849 stocks advancing against 2,395 declining on the BSE, while 150 remained unchanged. Notably, 260 stocks hit 52-week lows compared to just 84 touching 52-week highs, indicating continued pressure in the broader market. The Nifty Smallcap 100 index underperformed, declining 0.28 per cent to 17,362.30, while the Nifty Midcap 100 gained 0.16 per cent to 59,867.80.

“Sentiment was also supported by comments from the Commerce Secretary on January 15 that the first tranche of the India–United States trade deal is close to finalisation,” Khemka added. However, currency markets remained under pressure. “Indian rupee’s underperformance relative to its Asian peers stems from a ‘perfect storm’ of high dollar demand and a retreating tide of foreign capital,” said Dilip Parmar, Research Analyst at HDFC Securities. “Technical weakness was further intensified by fixing-related dollar bids linked to the RBI’s recent FX swap as forex markets were closed on Thursday.”

“The session witnessed the index rebound from its intraday lows and hold on to gains for most of the day, supported by broad-based strength across key sectors such as IT, banking, and financials,” said Hitesh Tailor, Technical Research Analyst at Choice Broking.

“Going ahead, for Nifty, the 100-day EMA zone of 25,600-25,550 will act as an immediate support,” said Sudeep Shah, Head – Technical and Derivatives Research at SBI Securities. “On the upside, the 50-day EMA zone of 25,850-25,900, which also coincides with the rising trendline zone, will act as an as immediate resistance.”

Markets are expected to remain volatile in the near term, with earnings from major banking heavyweights and global developments, particularly around US-India trade negotiations and geopolitical tensions, likely to influence sentiment in the coming sessions.

Published on January 16, 2026

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