In a move that strengthens its play in the insurance space, Axis Bank is set to infuse Rs 389 crore into Axis Max Life through a fresh equity issuance, a step that will take the combined holding of Axis entities close to the regulatory cap of 19.99%.

The capital infusion is expected to bolster Axis Max Life’s balance sheet, enabling it to scale operations, enhance product offerings, and capitalise on rising insurance penetration in India, an opportunity that could translate into long-term value creation for Axis Bank shareholders.

Post the transaction, Axis Bank, along with Axis Securities and other Axis-linked shareholders, will collectively hold up to 19.99% in Axis Max Life, while Max Financial Services will retain a dominant stake of around 80.01%. Additionally, Axis shareholders have the option to acquire an incremental 0.98% stake to fully utilise the permitted holding limit.

The proposal, however, remains subject to shareholder approval and other necessary regulatory clearances.

The development was announced by Max Financial Services Limited late Thursday. Its shares ended 1% lower at Rs 1,462.90 on the NSE.

Meanwhile, Axis Bank shares ended 0.42% higher on Thursday at Rs 1,198.10.
Stock markets are closed today for the Good Friday holiday.Shares of Axis Bank have delivered 10% returns over the past year, outperforming benchmarks Nifty and the BSE Sensex, whose returns in the same period stand at negative 3% and negative 4%, respectively.

However, the stock has seen relentless selling pressure over the past month amid significant selling in banks and financials. It has fallen 13% in this period.

Also read: Nifty Bank logs 3rd-worst March fall since the global financial crisis. HDFC Bank, SBI among top culprits

India’s third-largest private lender by market capitalisation reported a 14% jump in its gross advances in the December-ended quarter to Rs 11.70 lakh crore compared to Rs 10.26 lakh crore in the year-ago period. Its total deposits rose 15% YoY to Rs 12.6 lakh crore versus Rs 10.96 lakh crore in the corresponding quarter of the last financial year.

The gross advances increased by 3.7% on a sequential basis, while total deposits grew 4.8% quarter-on-quarter.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Financial markets often move in patterns, and over time, investors rely on simple rules, one of the most common being that gold rises when the dollar weakens. But the current cycle is different.

The shift became clear in 2022, when around $300 billion of Russia’s central bank reserves were frozen after the Ukraine invasion. It sent a strong global message: holding dollars is no longer just a financial decision, but also a geopolitical one.

This is where gold comes back into focus, not just as a trade, but as a signal. At its core, gold rises when confidence in global systems weakens. What makes this phase unique is the nature of demand. It is not driven by panic, but by steady and deliberate accumulation, largely from central banks, making it more structural and long term in nature.

A World Moving Away from One Centre

The global economic system is gradually shifting from a single-centre structure to something more distributed.You can see it in small but meaningful ways:

1. Countries settling trade in local currencies
2. Groups like BRICS are actively working towards reducing reliance on the dollar
3. Conversations around oil trade in yuan are gaining traction
4. The idea of de-dollarisation becoming part of mainstream policy discussions

War, Power, and Economic Leverage

Geopolitics is adding another layer to this shift. Despite repeated claims from Donald Trump that the United States has “won” the conflict with Iran, the reality appears more complex. In today’s environment, the advantage is not just about military strength, it is about economic leverage.
This is evident in the Strait of Hormuz, a key route for global oil flows. With prices rising and markets on edge, Iran’s influence over this passage gives it a significant strategic edge.
At the same time, the US response has seemed inconsistent, with signals of possible negotiations followed by clear denials. This lack of clarity has unsettled global markets, and as confidence weakens, it has also started to raise broader questions about the credibility of the US, and, in turn, the dollar itself.

Pressure Points on the United States

The US is also navigating several internal and external constraints that shape how global markets perceive its position.

1. Globally, support from traditional allies like NATO has been less unified this time than in past conflicts.
2. Then there are macroeconomic realities. US debt is approaching $40 trillion, bond yields remain elevated, and policy shifts, from tariffs to tensions with the Federal Reserve, have added to uncertainty.

None of these factors create an immediate crisis. But together, they shape perception. And in financial markets, perception often matters as much as reality.

The Gold Revaluation Debate

Interestingly, even before the recent geopolitical escalation, there were discussions around the possibility of the US revaluing its gold reserves.

Currently, US gold holdings are still valued at an outdated price of $42.22 per ounce. If revalued to current market levels (above $5,000), the total value could jump from around $11 billion to nearly $1.3 trillion.

Such a move would significantly strengthen the US balance sheet and could help manage fiscal pressures. But it would also send a powerful signal, bringing gold back into the centre of the monetary system.

And if that happens, the ripple effects could be global. Central banks may accelerate gold purchases, and confidence in paper currencies could weaken further.

In fact, central bank buying is already strong and is expected to average around 60 tonnes per month in 2026. If this trend continues, gold’s role in the global financial system could become even more prominent.

Commodity Cycles: Learning from the Past

Commodities periodically move through long-term cycles of rising and falling prices, driven by changes in economic growth, demand and liquidity.

The last major gold cycle, from 2000 to 2011, began after the dot-com crash, gained momentum during the financial crisis, and ultimately delivered nearly 600% returns.

The current cycle started around 2018, when gold was near $1,200. Since then, multiple forces have driven its rise, pandemic-era liquidity, high inflation and rising geopolitical tensions.

Unlike previous cycles, this one is not driven by a single theme. It is the result of overlapping structural shifts. Even the recent pullback in gold, driven by rising oil prices, tighter monetary expectations and higher interest rates, appears more like a pause than a reversal.

What Could Challenge the Bull Case?

There is, however, an interesting divergence playing out beneath the surface.

The ongoing US-Iran tensions have created pressure on several fragile economies. To manage rising energy costs and defend their currencies, some countries are being forced to sell gold and convert it into dollars. Turkey, for example, has sold nearly $8 billion worth of gold in recent months.

But this is only one side of the story.

Stronger economies, with more stable external positions, are doing the opposite. Institutions like the People’s Bank of China continue to accumulate gold as part of long-term reserve diversification. India as well has shown no indication of selling or policy shift.

This creates a clear divide: weaker economies sell gold to meet short-term dollar needs, while stronger ones buy gold to prepare for a different future.

Technical Outlook on Gold

Technically, gold has shown resilience, finding support in the 4,200-4,300 range and forming a strong rejection candle, indicating buying interest at lower levels and a possible reversal. As long as this support holds, gold can move towards 5,000, with further upside towards the 5,300-5,400 resistance zone. In rupee terms, this translates to potential targets of Rs 1,66,000, with extended upside towards Rs 1,82,000.

As the global system gradually shifts towards a more multipolar structure, gold is increasingly being viewed as a strategic asset rather than just a hedge. While short-term volatility may persist, the broader trend remains upward, supported by ongoing structural changes.

(The author Amit Pabari is MD, CR Forex Advisors)

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times.)

The cost of fish and chips, a much-loved dish, is set to increase due to the ongoing fuel crisis. The price increase is set to take effect after the Easter long weekend.

Local shops have already warned customers about the increase as they struggle to absorb rising prices of oil, fish, potatoes, and transport.

Fish and Chips Prices to Increase

According to a report by The Guardian, fish and chips shops and their suppliers operate on small profit margins. This means that any price increase anywhere along the supply chain will end up being passed on.

John Susman, the owner of seafood consultancy Fishtales, said that “We’re going to see some fairly sharp increases.”

Australian Restaurant and Cafe Association chief executive Wes Lamber previously noted that “Fuel touches everything in hospitality – every delivery, every supplier, every ingredient and every collection truck that pulls up behind a venue.”

“If government won’t stabilise costs, businesses must be allowed to survive them,” he added, according to news.com.au.

Fish, Potato Costs Go Up

The cost of fresh fish has already risen, and the cost of frozen fish is expected to follow.

Potatoes, on the other hand, remain cheap and in season for now. However, The Guardian points out that the surge in costs will likely affect the next crop.

The price of canola oil, which is commonly used for frying across the country, may also increase.

The Guardian notes that there are countries trying to make fuel out of vegetable oils, which can lead to a bump in prices. Canola oil, in particular, can be refined into biofuel, which can be used to boost the volume of petrol and diesel.

He said Britain must become more business friendly with AI at its heart

Britain must not “succumb to a narrative of decline” and needs to embrace artificial intelligence after losing economic ground in the past 10 years, the former editor of the Financial Times has said. Lionel Barber, who was editor of the FT for 15 years until 2020, said Britain needs to be “a lot more business-friendly” after a series of blows to the corporate sector.

Its aims to become a global artificial intelligence (AI) hub are crucial in helping boost the UK’s standing as a global business centre, he said.

Mr Barber told the Press Association: “It’s very important that this country does not succumb to a narrative of decline. It needs to be a lot more business friendly.

“I think there have been some bad missteps – Brexit has been a massive distraction. And we lost ground in the last 10 years.”

His comments come after Mr Barber has been hired to a new specialist advisory board for US firm Capitol AI as it launches in the UK and Europe.

Lord Ed Vaizey – former culture and digital minister – has also been appointed to the group’s advisory board as the Washington-based firm beefs up its leadership in the UK to help ramp up expansion.

Capitol AI was founded in 2021 by Shaun Modi and Tom Hallaran to offer firms a “model-agnostic” agentic AI platform to help make sense of their own data and produce documents, reports, summaries and other products.

Mr Barber said he was keen to take on the role to support a tech start-up and “an exciting entrepreneur”, while also helping Britain become a home for cutting-edge AI businesses.

He told PA: “This country is trying to carve a role out for itself, so it’s AI friendly.”

This is helping attract firms such as Capitol AI to the UK, having just opened a new office in the UK, he said.

The firm has hired former Lockheed Martin and Dell executive Mike Nayler to run the UK office as it looks to build clients in the public and private sector.

Mr Barber said: “AI is at the heart of its business… so I’m backing a high-tech entrepreneur, but also this is cutting-edge technology. AI is coming, whether you like it or not.”

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Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Market expert Gurmeet Chadha has flagged concerns over sustained foreign capital outflows, urging the government to reconsider recent changes in capital gains tax and securities transaction tax (STT).

In a post addressed to PMO India and the Ministry of Finance, Chadha claimed that India is losing nearly $1 billion in foreign capital daily. He noted that since July 2024, following hikes in capital gains tax and STT, foreign outflows have cumulatively touched around $100 billion, making Indian markets less attractive on the global stage.

He cautioned that such trends could undermine India’s ability to attract long-term, patient risk capital, which is critical to funding the country’s growth ambitions. According to Chadha, the current tax regime risks reversing the benefits of earlier structural reforms that had enhanced India’s appeal among global investors.

Highlighting the government’s track record of responsiveness, he pointed to past instances where feedback on taxation across Goods and Services Tax (GST) and income tax led to course corrections and relief measures. He urged policymakers to once again take a relook at the current framework to restore investor confidence and stem capital outflows.

“Honourable @PMOIndia and @FinMinIndia… We are losing foreign capital of almost $1 billion a day. Since July 2024, post hike in capital gains tax and STT, we have lost $100 billion and our markets have become globally unattractive. We need patient risk capital to fund our growth story. It’s undoing the good work done through various reforms. A responsive government like yours has always taken feedback on taxation, GST, income tax and given relief,” Chadha’s tweet said.

The remarks come at a time when Indian equity markets have been grappling with persistent foreign institutional investor (FII) selling, adding pressure to valuations and overall sentiment.Foreign institutional investors (FIIs) have sold domestic equities worth Rs 19,837 crore in just two sessions in April, extending the sell-off to Rs 1.51 lakh crore in 2026. In March, they sold shares worth Rs 1,17,775 crore, while offloading Rs 35,962 crore worth of shares in January. In a reversal of sorts, they ended up net buyers at Rs 22,615 crore.

Chadha regularly comments on stock market-related developments and broader economic issues, and the latest post comes on the back of new securities transaction tax (STT) rules that came into effect from April 1.

The government in its February Budget had announced a rise in STT charges on futures and options (F&O) trades from April 1. The Union Budget 2026 increased STT by 150% on futures and 50% on options. The futures segment faces the steepest adjustment. STT will rise to 0.05% of notional turnover from 0.02%, a levy applied to the full contract value rather than just premiums paid.

The Complete Circle Consultants Managing Partner and CIO has been demanding rationalisation in long-term capital gains (LTCG) tax to 10% for the long term.

Currently, long-term capital gains on listed equity shares and units of mutual funds are exempt up to Rs 1.25 lakh. This applies to securities held for 12 months or more. Meanwhile, selling equity shares within one year of holding incurs a short-term capital gains (STCG) tax of 20%. It was 15% prior to July 23, 2024.

(Disclaimer: Recommendations, suggestions, views and opinions given by experts are their own. These do not represent the views of The Economic Times.)

The 10-year strategy has been backed by the region’s two mayors

A new plan for the future of offshore wind in the North East has been launched, highlighting how the region can build upon its position as a major UK contributor. The 10 Year Vision and Strategy for North East England Offshore Wind was unveiled at the Energi Coast Supply Chain Showcase, held at The Boiler Shop in Newcastle city centre.

The strategy focuses on the region’s role in defining the next phase of offshore wind industrialisation in the UK. It highlights how the North East can build momentum in offshore wind over the next decade and how it can set the standard in offshore electrical solutions and lead development of deeper-water technologies.

Commissioned by UK energy sector network NOF on behalf of the North East Combined Authority (North East CA) and Tees Valley Combined Authority (TVCA), the strategy was developed with support from Energi Coast, the North East of England’s offshore wind cluster.

The North East is already a major contributor to the UK’s offshore wind industry, with significant port infrastructure and extensive capabilities in manufacturing, fabrication, assembly, logistics and operations and maintenance, as well as a world class supply chain.

The new vision and strategy aims to build on existing strengths to maximise opportunity, ensuring it can unlock high quality job opportunities and support the local economy, whilst also strengthening the UK’s offshore wind supply chain in the long term.

The strategy suggests that the region can capitalise on its capabilities in advanced components, smart fabrication, sustainable materials, data science, robotics, logistics and environmental services to drive further employment and growth.

The launch follows last week’s announcement from The Crown Estate that a new offshore wind leasing round in 2027 could accommodate a capacity of around 6GW or more. The identified area is predominantly based off the coast of the North East and could result in the creation of up to 10,000 direct jobs and a potential economic boost to the UK of over £12bn.

Joanne Leng, chief executive of NOF, which owns and operates Energi Coast, said: “Given the opportunity that lies before us – brought into even sharper focus by The Crown Estate’s announcement last week, which is opening up to 6GW of additional capacity off the North East Coast – it was crucial that North East England has a roadmap for growth in the next decade of offshore wind. That has now been created and we’re looking forward to supporting its delivery – and seeing the region’s outstanding capabilities continue to evolve.”

Tony Quinn, chair of Energi Coast, said: “The North East of England is rapidly becoming the epicentre of the UK’s energy transition. We already have 10GW of Offshore Wind in various stages of operation, construction or development and need to start planning for another 6GW as announced by the Crown Estate last week. It is therefore imperative that we have a strategy that clearly articulates how in the North East we intend to maximise the economic opportunity and make an important contribution to the UK’s future energy security.”

North East Combined Authority and Tees Valley Combined Authority have both placed offshore wind and clean energy at the heart of their Local Growth Plans and wider strategies, with North East mayor Kim McGuinness previously unveiling ambitions to double the number of green jobs to 50,000 by 2035, and the TVCA aiming to grow its cluster of 17,000 jobs, comprising offshore wind and wider clean energy technologies.

Ms McGuinness said: “I want to double the number of green energy jobs in our region by 2035, and this strategy shows how offshore wind can power the next decade of those jobs in the North East. It aligns directly with my £130m Plan for Green Jobs, making sure local people benefit from the green energy revolution through secure work, skills, and opportunity.”

Tees Valley mayor Ben Houchen added: “The North East is already at the forefront of the UK’s offshore wind sector, and this new vision will build on our strengths to make sure we seize the full opportunity ahead of us. Our skilled workforce, proud industrial heritage and clear ambition to go even further means we can create more high-quality jobs and ensure local people and local firms benefit directly from the enormous opportunities in the sector.”

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in SNDK over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.