As India’s investment landscape becomes increasingly attractive for overseas investors, more NRIs are allocating capital to equities, mutual funds, bonds and real estate.
However, each asset class comes with its own tax implications, and recent changes to capital gains rules and mutual fund taxation have made tax planning more important than ever.
From understanding residential status and leveraging Double Taxation Avoidance Agreements (DTAAs) to navigating TDS provisions and property transactions, investors need to be aware of the rules that can significantly impact their post-tax returns.
In this edition of ETMarkets Smart Talk, Ritu Shaktawat, Partner, Khaitan & Co., breaks down the tax treatment of various investment avenues and shares practical insights to help NRIs invest in India with greater confidence while staying compliant with evolving regulations. Edited Excerpts –
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Q) What are the key tax considerations NRIs should keep in mind before investing in India?
A) Before investing in India, NRIs should undertake a holistic review of the applicable tax and regulatory framework, including the following key considerations, to optimise their post-tax returns and ensure compliance with Indian laws.
1. Determining their residential status: Tax residential status of individuals is categorised into three categories: Non-resident (“NR”), Resident but not ordinarily resident (“RNOR”), and ordinarily resident (“ROR”) and it depends on physical presence in India on a year-on-year basis. The distinction is important as scope of income taxable in India differs for each category. Accordingly, NRIs investing in India or holding any India assets are advised to determine their residential status including for the years in which they expect returns from their India assets, as it forms the foundation for evaluating the taxability of their income and the overall tax implications of their investments in India.
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2. Evaluating the applicable Double Taxation Avoidance Agreements (“DTAA”): NRIs who are non-residents of India for tax purposes should review the applicable DTAAs, between India and their country of residence. The applicable DTAA may provide beneficial tax treatment for certain income streams earned from India such as interest, dividends, capital gains, subject to meeting the prescribed eligibility and documentation requirements.
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3. Understanding the tax implications of the chosen asset class: The tax treatment varies significantly across investments such as equity shares, mutual funds, debt instruments, fixed deposits, and immovable property. Investors should evaluate the applicable tax rates, valuation norms, holding period requirements, exemptions and withholding tax implications before making an investment.4. Consider repatriation and FEMA (foreign exchange) requirements: Apart from tax considerations, NRIs should ensure that investments are made through the appropriate banking channels and in compliance with the applicable FEMA and RBI regulations to facilitate smooth repatriation of income and sale proceeds. 5. Maintain adequate documentation: Investors should preserve records relating to the acquisition date and cost, valuation reports (where applicable), tax paid or deducted at source (“TDS”), and DTAA related documentation, including a valid Tax Residency Certificate (“TRC”), to facilitate tax compliance and claim DTAA benefits, foreign tax credits, and minimise potential disputes with the tax authorities. 6. Review and meet tax compliance requirements: NRIs should assess their annual tax compliance obligations, including filing income-tax returns in India, reporting India-sourced income, claiming credit for TDS where applicable, withholding tax compliances (as may be applicable) and disclosing such income and taxes paid in India as well as in their country of residence, wherever required.
Q) Has the tax treatment of NRI investments changed significantly over the past few years? A) While the fundamental principles governing the taxation of NRI investments have largely remained unchanged, the past few years have witnessed several legislative amendments aimed at rationalising the tax regime, simplifying compliance and addressing practical challenges faced by investors. Some of the key developments are as follows:
1. Changes to capital gains taxation: The Finance (No. 2) Act, 2024 rationalized the capital gains tax regime by revising tax rates and holding periods across various asset classes. The taxation of listed securities, mutual funds and immovable property has undergone significant changes, requiring NRIs to reassess the post-tax returns on their investments.
2. Taxation of debt and hybrid mutual funds: The tax regime for debt-oriented and certain hybrid mutual funds has been substantially modified, with specified mutual funds acquired on or after 1 April 2023, no longer enjoy the traditional long-term capital gains benefits.
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Q) How can NRIs avoid common tax mistakes while investing in Indian financial assets? A) NRIs can avoid common tax mistakes while investing in Indian financial assets by adopting a proactive approach to tax and regulatory compliance and investment monitoring. Some practical considerations include:
1. Don’t treat TDS as the final tax: TDS is only a collection mechanism and may not represent the final tax liability of the taxpayer. NRIs should assess whether in the tax returns to be filed in India any refund of taxes withheld should be claimed, any additional income should be reported, any DTAA benefits should be claimed etc.
2. DTAA benefits: Where eligible, NRIs should furnish the prescribed documentation, including a valid TRC and Form 41 (erstwhile Form 10F), before the payment is due to ensure correct treaty withholding rate is applied and avoid unnecessary refund claims.
3. Plan the timing of exits: The timing of a transfer or redemption can significantly influence the tax liability, particularly where the applicable tax rate depends on the period of holding of the asset.
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4. Mode of investment: Prior to investments in India, various investment modes should be evaluated in detail including tax costs of holding and disposing the investment.]
Q) How do Double Taxation Avoidance Agreements (DTAAs) help NRIs, and how should investors make the most of them? A) DTAAs entered by India aim to eliminate double taxation of the same income through mechanisms such as foreign tax credit or exemptions. DTAAs also provide concessional withholding rates on certain income streams such as interest, rent, capital gains, dividends, and royalties. NRIs can rely on DTAA benefits for their India sourced income during the years they are non-residents of India.
To make the most of DTAAs, NRIs should evaluate the applicable DTAAs before structuring their investments, not only at the time of receiving income or making an exit. The tax treatment of dividends, capital gains on equity shares, mutual funds, and other income can differ significantly across different DTAAs which may materially affect the post tax returns.
To claim DTAA benefits, investors must obtain a TRC issued by the jurisdiction of tax residence, quote PAN, electronically file Form 41 relating to residency. If the applicable DTAA has any specific condition those should also be fulfilled.
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Q) How are short-term and long-term capital gains taxed for NRIs investing in Indian equities and mutual funds? A) As per the domestic tax laws, capital gains arising on the transfer of Indian securities are taxable in India, at the applicable tax rates depending on the nature of the asset and the period of holding as provided below:
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Q) How are equity, debt, and hybrid mutual funds taxed for NRIs? A) For an equity oriented mutual fund (i.e., funds having more than 65% of their investments in equity shares of domestic companies), see comments above.
For Specified mutual funds (i.e funds having more than 65% of their investments in debt and money market instruments) acquired after 1 April 2023, any gains arising on transfer, redemption or maturity are deemed be short term capital gains and are taxable in the hands of the investors as per the applicable slab rate.
For hybrid mutual funds, the taxation depends on the composition of their underlying portfolio, particularly the proportion of investments in equity and debt.
Hybrid funds with > 65% equity are treated as equity-oriented mutual funds whereas funds with less than 65% of equity exposure are treated as specified mutual funds and taxed accordingly.
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NRIs residing in jursidictions such as (Oman, Qatar, Singapore etc.), may be eligible to claim DTAA benefits on capital gains arising from transfer or redemption of mutual fund units as such gains may fall within the residuary clause of “Capital Gains” article, which allocates taxing rights exclusively to the country of residence of the taxpayer.
Since these jurisdictions generally do not levy capital gains tax, such gains may effectively remain tax free, subject to satisfaction of the applicable treaty conditions.]
Q) How are interest income and capital gains from bonds taxed for NRIs? A) Interest income: Interest earned by NRIs on bonds is generally taxable in India and is ordinarily subject TDS. The applicable TDS rate may vary from 10% to applicable slab rates depending on the nature of the bond, and would be subject to the applicable Double Taxation Avoidance Agreement (DTAA) benefits where eligible.
Capital gains: The tax treatment on transfer or redemption of bonds varies depending on the nature of the bond. Capital gains arising on the redemption of Sovereign Gold Bonds (“SGBs”) on maturity (i.e., after the 8-year tenure) are exempt from tax. Additionally, any transfer of tax-free bonds issued by the Government are exempt from capital gains tax.]
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Q) What are the tax implications of buying and selling property in India as an NRI? A) On Purchase of property in India by an NRI
Where an NRI purchases an immovable property in India from a resident seller, the NRI is required to deduct TDS at 1% of the sale consideration, provided the sale consideration or stamp duty value, whichever is higher exceeds INR 50 lakh.
Where an NRI purchases an immovable property from a non-resident seller, the buyer will be required to deduct the tax payable by the seller at source and should obtain necessary declarations from the seller in this regard.
On sale of property in India by an NRI
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The tax implications for an NRI selling a property in India depends on whether the asset is classified as a short-term capital asset or a long-term capital asset. Any property sold within 24 months of acquisition is treated as a short-term capital asset and the gains are taxable as short term capital gains at the applicable slab rates.
For long-term capital gains, the applicable tax rates depend on the date of acquisition
• If acquired prior to 23 July 2024: Effective tax rate of 23.92% (including surcharge and cess) with indexation or an effective tax rate of 14.95% (including surcharge and cess) without indexation, whichever is more beneficial • If acquired post 23 July 2024: Effective tax rate of 14.95% (including surcharge and cess) without indexation.
Immovable property transactions are subject to minimum valuation requirements which should be complied with to avoid taxes payable by the buyer and seller on a deeming basis.
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(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Picture the average American bedroom at night: a phone charging on the nightstand, glowing softly within arm’s reach of the pillow. According to a 2023 survey from the American Academy of Sleep Medicine, 87% of adults regularly sleep with their phone in the bedroom. YouGov polling shows that for many Americans, the smartphone is the last thing they see before sleep and the first thing they reach for upon waking. And a 2026 survey from mattress company Amerisleep found that Americans now spend an average of 38 minutes scrolling in bed before sleep, adding up to roughly 231 lost hours of sleep a year, nearly ten full days.
The instinctive explanation is that people are “addicted” to their phones, or simply can’t bear to be apart from a device they love. But when psychologists and sociologists have actually sat down with people and asked why they do it, the answers turn out to be far more layered, and far less about gadget infatuation than most of us assume.
The phone as a night-time companion, not a compulsion
One of the most detailed studies on this subject comes from sociologist Dana Zarhin, who interviewed dozens of adults and analyzed their sleep diaries in depth. She found that people weave their phones into the bedtime routine for reasons that are practical and social rather than compulsive. Many use it as an alarm clock. Others keep it close so they remain reachable for family members, aging parents, or work emergencies through the night. Some check messages one last time to feel that their social obligations for the day are complete before they allow themselves to switch off.
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Zarhin coined a term for this pattern: “sleepful sociality”, a way of describing how the phone lets people stay socially connected even as they drift toward sleep, without necessarily disrupting the sleep itself. In many of the accounts she gathered, the phone wasn’t a distraction pulling people away from rest; it was a tool people used to manage the handover between their waking responsibilities and the act of sleeping.
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A digital security blanket
There’s also a psychological explanation that has nothing to do with entertainment or scrolling. Researchers studying attachment theory, the same framework used to explain why toddlers cling to a favorite blanket or soft toy, have found that adults form comparable bonds with their smartphones. A widely cited study out of the Wharton School even labeled this the “Adult Pacifier Hypothesis,” showing that people experience genuine comfort and faster recovery from stress simply by having their phone nearby, in much the same way a child is soothed by a familiar object. Also Read: Fatty liver new treatment found: Study discovers a medicine that reverses severe fatty liver by just repairing the gut Later research building on this idea has shown that people who see their smartphone as a kind of “safe base”, something that makes them feel secure rather than merely entertained, are more likely to keep it close during vulnerable moments, and few moments are more vulnerable than the transition into sleep, when the mind is unguarded and thoughts tend to wander. Seen this way, keeping the phone on the pillow isn’t fundamentally different from earlier generations keeping a transistor radio, a landline, or a family photograph within reach at night.
The quiet pull of staying updated
A third strand of research points to something closer to social vigilance than addiction. A study of nearly 500 college students, published in the journal OBM Neurobiology, examined how bedtime smartphone habits related to Fear of Missing Out (FOMO) and general anxiety levels. It found that people with higher trait anxiety and stronger FOMO tended to use their phones more in the sleep environment, not because they were fixated on the device itself, but because the phone offered a way to manage the discomfort of not knowing what they might be missing, whether that was a message, breaking news, or simply what friends were doing. AASM’s own 2025-2026 polling backs this up on a national scale: over a third of U.S. adults say reading the news on their phone before bed, or “doomscrolling,” actively makes their sleep worse, with adults under 35 the most affected. For many, scrolling before sleep functions as a way to quiet racing thoughts, even if it sometimes backfires by keeping the mind more alert than intended.
Where the addiction story does hold some truth
None of this means concern about excessive phone use is misplaced. A large body of research on “nomophobia“, literally, the fear of being without a mobile phone, tells a more cautionary story, particularly among college students. As of 2024, roughly 91% of U.S. adults own a smartphone, a figure that climbs to 98% among those aged 18 to 29, and researchers have found nomophobia to be especially common in this age group, where it’s been linked to anxiety, physical health symptoms, and difficulty tolerating uncertainty.
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Separately, a JAMA Network Open study published in March 2025 that tracked screen use among adults across the U.S. found that people who used screens before bed had a 33% higher rate of poor sleep quality and slept roughly 50 minutes less per week than those who avoided screens at night.
So the honest picture sits somewhere in between. For a large number of people, keeping the phone by the bed is a rational, low-stakes habit rooted in convenience, connection, and comfort, not so different from wanting a glass of water within reach. For a smaller but significant group, especially younger users, the pattern shades into something closer to genuine dependency, where the phone’s presence is driven more by anxiety than by choice.
What the research firmly does not support is the blanket assumption that reaching for your phone at bedtime says something troubling about your character, willpower, or mental health. It says more about the roles the phone has come to play, as alarm clock, lifeline to family, stress reliever, and social anchor, all rolled into one small rectangle of glass.
What this means for your own sleep
Understanding the “why” doesn’t erase the “what happens next”, screen light and late-night scrolling are still linked to delayed sleep onset and poorer sleep quality across nearly every study on the subject. But experts suggest the fix isn’t guilt or willpower alone. The AASM’s own recommendations focus on substitution rather than deprivation: leave the phone in another room and rely on a standard alarm clock, start a low-tech wind-down routine like reading or journaling, and turn off notifications so the device stops pulling at your attention even when you’re not reaching for it.
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It helps to notice which specific need the phone is meeting for you, the alarm function, the fear of missing an emergency call, or simply the comfort of having something familiar nearby, and to find a substitute for that specific need, rather than trying to quit the habit cold turkey. Small, targeted changes tend to work far better than blanket bans, precisely because the habit was never really about the gadget in the first place.
Samsung has confirmed that its upcoming Galaxy Z Fold 8 lineup will feature a redesigned foldable display architecture aimed at significantly reducing the visibility of the crease that forms down the center of foldable phone screens, the company announced this week.
The new display structure, which Samsung is calling “Flex Titanium,” will be used across the company’s next generation of Galaxy foldable devices, referring specifically to the Galaxy Z Fold 8 and Galaxy Z Fold 8 Ultra. The announcement comes just over a week before Samsung’s Galaxy Unpacked event on July 22, where the devices are expected to be formally introduced.
A New Approach to Display Durability
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According to Samsung, Flex Titanium is designed to deliver an improved viewing experience for foldable phone owners, combining enhanced durability with what the company describes as reduced crease visibility. The technology incorporates a titanium-alloy film positioned beneath the device’s OLED display panel, replacing the plastic components used in earlier foldable generations.
Samsung said the titanium-alloy film offers 20 times greater mechanical stiffness compared with the plastic films used in previous models, while measuring less than 30% the thickness of a human hair. That combination allows the film to provide added structural rigidity without adding meaningful thickness to the overall display panel, according to the company.
The titanium film is paired with a separate titanium plate that supports the display module from underneath. According to Samsung, this plate helps eliminate air gaps between the display module and the adhesive layer beneath it, resulting in more stable support when the device is unfolded, while still preserving the flexibility required for repeated folding over the phone’s lifespan.
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Leaked Footage Suggests a Major Visual Improvement
Ahead of Samsung’s official announcement, leaked video footage purporting to show the Galaxy Z Fold 8 Ultra in action circulated online, revealing what appeared to be a nearly invisible display crease even after the device had been folded and unfolded multiple times during the demonstration. If accurate, the footage suggests Flex Titanium could represent one of the more meaningful visual improvements to Samsung’s foldable lineup since the company began addressing the crease issue in earlier device generations.
No New Fold-Cycle Rating Announced
Despite the structural changes, Samsung’s announcement did not include any updated claims regarding the device’s overall fold-cycle durability rating. The Galaxy Z Fold 7, Samsung’s previous flagship foldable, carried a rated lifespan of 500,000 folds, a figure achieved using some plastic components rather than the titanium parts now being introduced in the Fold 8 series.
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Given the shift to titanium-based components, industry observers will likely be watching closely to see whether Samsung’s testing eventually reveals an improved fold-cycle rating for the new devices, even though the company has not made any specific claims on that front as part of this week’s announcement.
Other Specs Detailed Through Leaks
Beyond the new display architecture, the Galaxy Z Fold 8 and Fold 8 Ultra have already been extensively detailed through a series of leaks ahead of Samsung’s official reveal. Those leaks have pointed to a larger battery capacity compared with previous models, along with upgraded charging capabilities, including 45-watt wired charging and 20-watt wireless charging, both improvements over the charging speeds offered by earlier Fold generations.
Leaks have also suggested the new devices could carry a higher price tag than their predecessors, reflecting the added manufacturing costs associated with the new titanium-based display components, though official pricing has not yet been confirmed by Samsung.
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Samsung Launches Pre-Reservation Campaign
Ahead of the official July 22 announcement, Samsung has already begun a reservation campaign for the upcoming devices. The promotion includes a $30 credit for customers who reserve early, along with the potential for savings of up to $1,230 through trade-in and promotional offers. Samsung is also distributing a number of $500 gift cards as part of the pre-launch campaign, a marketing strategy the company has used in past product cycles to build early interest and reduce the risk of production shortages at launch.
Part of a Broader Samsung Strategy
The introduction of Flex Titanium reflects Samsung’s continued effort to refine its foldable phone lineup as the product category matures. Since introducing foldable phones to the mainstream market several years ago, Samsung has steadily worked to address the two most persistent criticisms of the format: durability concerns and the visible crease that forms on foldable displays over repeated use.
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While Samsung’s most recent foldable generations had already made progress reducing the crease issue compared with earlier models, the introduction of a titanium-based support structure suggests the company is aiming to push that improvement further rather than treating the problem as fully resolved.
With Galaxy Unpacked now just over a week away, Samsung is expected to formally unveil full specifications, pricing and availability details for the Galaxy Z Fold 8 and Galaxy Z Fold 8 Ultra on July 22. Until then, the company’s Flex Titanium announcement offers the clearest official confirmation yet of what consumers can expect from the display technology powering its next generation of foldable devices, even as many additional details continue to circulate through pre-launch leaks and reports.
Good morning, and welcome to the Solstad Offshore Second Quarter Presentation. It has been a strong and active quarter for the company with improved operational performance, important contract wins, increased backlog visibility and a continued capital distribution to our shareholders. We have also taken important strategic steps through the new joint venture we have established with SBM Offshore and the ordering of a specialized mooring and installation vessel further strengthen our long-term position in an attractive offshore market.
This presentation will be held by CFO, Kjetil Ramstad; and myself, CEO, Lars Peder Solstad, and there will be a Q&A session after the presentation. So please send in your questions in the chat. We take a quick look at the disclaimer before we move over to the business update for the quarter.
It has been a solid quarter with increased utilization and earnings from the vessels as well as good performance from the JVs and the associated companies. We entered into a long-term contract with SBM Offshore for a newbuild specialized mooring and installation vessel, and this vessel will be jointly owned with SBM and start operation in 2029.
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We have also signed an MOA for the sale of the vessel, Normand Tonjer. We own 56% of the vessel, and we expect a cash effect for Solstad Offshore of around USD 19 million when the vessel is delivered to new owners sometime during the next 6 months.
During this quarter, we have also won an arbitration case, which will give the company a positive liquidity effect of around $14.5 million when received. And a P&L effect of USD 7 million has been
When flights are delayed or cancelled, UK and EU airlines, and other carriers when you are departing a UK or EU airport, have a duty to look after you.
That includes providing meals and accommodation, if necessary, and getting you to your destination. The airline should organise putting you on an alternative flight, at no extra cost.
Additional losses, such as unused accommodation, might require a claim to a credit card provider, if that was the payment option used.
After that, a claim may need to go to your travel insurance provider. But there is no standard definition of what is covered.
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It may require a close look at the details of the policy to see what is covered, in which circumstances.
Bristol is among the top 10 most expensive places in the world to build in, according to a new report. The South West city ranked ninth on the International Construction Cost Index, above Los Angeles, Paris and Sydney.
The findings, which were compiled by design consultancy Arcadis, compared construction costs across 100 major cities around the globe.
Geneva, in Switzerland, took the top spot followed by London, Zurich, Munich and Copenhagen.
The index found the world’s highest-cost construction markets remain concentrated in mature cities with deep demand and constrained delivery capacity.
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While Arcadis said the top of the ranking remained “broadly consistent”, the wider market context is understood to have shifted. Global construction markets are moving from inflation-led uncertainty into a more selective phase of investment, where capital is being deployed more carefully rather than demand simply slowing.
Edel Christie, global president of places at Arcadis, said: “The need to build has not gone away. Cities still need homes, infrastructure, resilient energy systems, modern workplaces and digital infrastructure to support the next generation of economic growth.
“The opportunity is clear, but investment will flow to places and programmes where delivery is credible, viable and achievable — not just cheap to build.”
The report found that many developers are increasingly favouring complex, high-performing assets that support long-term growth such as modern workplaces, healthcare facilities, laboratories, data centres and advanced manufacturing plants.
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Ms Christie said one area where demand was “abundant” and where the construction sector was “rising to the delivery challenge” was in data centres.
“The spectacular growth of the wider data centre ecosystem has created a critical scaling challenge for the construction sector: the ability to deploy huge project teams quickly while maintaining detailed control over scope, quality, schedule and risk,” she said.
The Arcadis report also highlighted the breadth of cost variation across global construction markets. While high-cost locations are concentrated in Europe, the UK and North America, some of the lowest-cost locations were found across Asia, Africa and Latin America.
Bengaluru ranked as the least expensive city in the index, followed by Buenos Aires, Delhi, Mumbai and Ho Chi Minh City.
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10 most expensive cities in world for construction
SYDNEY — Shares of Sunrise Energy Metals surged 13.34% on Wednesday to close at $16.82, gaining $1.98 on the day and extending one of the most dramatic rallies on the Australian Securities Exchange, as investor enthusiasm for the company’s scandium project in New South Wales continued to drive intense buying activity.
The Melbourne-based mineral exploration company, formerly known as Clean TeQ Holdings before rebranding in March 2021, has emerged as the flagship Western play in the global scandium market, a niche but strategically significant metal used in aerospace, defense and clean energy applications. The stock’s latest surge builds on a rally that has seen shares climb from levels below 30 cents in early 2025 to well above $16 today, a gain exceeding 3,000% over roughly the past year.
The Syerston Project at the Center of the Story
At the heart of Sunrise’s remarkable ascent is its Syerston Project in New South Wales, which the company is developing into what would become the largest primary scandium operation outside China. The project’s significance has grown alongside intensifying global competition over critical mineral supply chains, particularly as China has moved to tighten export restrictions on scandium, a metal it currently controls an estimated 80% to 85% of global supply for.
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Company materials have emphasized scandium’s applications across a range of high-specification uses, including defense and aerospace alloys, hypersonic technology, missile systems, shipbuilding and solid-oxide fuel cells, some of which support energy-intensive data centers used in artificial intelligence infrastructure.
A significant catalyst behind the stock’s re-rating came when Sunrise secured a multi-year supply agreement with Lockheed Martin, one of the world’s largest defense contractors. Under the arrangement, Lockheed holds an option to purchase up to 15 tonnes of scandium oxide over five years from the Syerston project, representing roughly 25% of the operation’s forecast Phase 1 production.
The agreement marked a significant validation for a company that had previously struggled to attract top-tier offtake partners, demonstrating both the project’s technical viability and genuine commercial demand for its output from a major aerospace and defense supplier.
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CEO Sees Role in US Strategic Stockpile
Sunrise Energy Metals CEO Sam Riggall has publicly stated that the company expects to contribute scandium supply to the United States’ critical minerals stockpile, positioning Sunrise within broader U.S. industrial policy and defense supply-chain objectives as Washington works to diversify away from Chinese-dominated mineral markets.
That positioning has become central to the market’s valuation of the company, with investors increasingly treating the Syerston project as strategic infrastructure rather than a conventional speculative mining play, a framing that has helped cushion the stock against some of the volatility typically associated with pre-revenue resource companies.
Additional Government and Financial Backing
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Sunrise has also drawn interest from U.S. government financing channels. The company received a letter of interest from the Export-Import Bank of the United States for up to $67 million, or roughly 103 million Australian dollars, in debt financing support for the Syerston project, further reinforcing the strategic significance being placed on the operation by policymakers seeking to secure non-Chinese sources of critical minerals.
The company is backed in part by Canadian mining entrepreneur Robert Friedland, whose involvement has added additional credibility among institutional and retail investors closely tracking the critical minerals sector.
A Resource Base That Keeps Growing
Sunrise’s project economics have continued to improve alongside its exploration results. A mineral resource estimate revision in September 2025 roughly doubled the contained scandium metal identified at Syerston, reinforcing the project’s potential to support multi-decade supply commitments to strategic partners. The company has since moved from the study phase into early construction activity, awarding engineering contracts earlier this year as it works to advance the project toward production.
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A feasibility study previously pegged life-of-mine direct site cash costs at roughly $530 to $540 per kilogram of scandium oxide, positioning Syerston at the lower end of the global cost curve and suggesting the project could offer Sunrise meaningful pricing power in a market where transparency remains limited and supply is tightly controlled by a small number of producers.
A Stock That Has Captured Retail Attention
Sunrise’s dramatic share price trajectory has made it a frequently discussed name within retail investing communities, with online forums repeatedly highlighting the stock’s outsized gains as a case study for other critical minerals equities. The broader rare earths and critical minerals sector has benefited from improving sentiment throughout 2026, supported by continued demand tied to electric vehicles, renewable energy infrastructure and heightened geopolitical concern over supply chain security.
Risks Remain Despite the Rally
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Despite the extraordinary run, analysts have cautioned that Sunrise remains a pre-revenue company, meaning its current valuation continues to rest heavily on the successful execution of its development plans rather than established cash flow. The stock has also experienced sharp pullbacks at points over the past year, including notable declines in late February, underscoring the volatility that continues to accompany its rapid ascent.
With a market capitalization that has climbed into the billions of Australian dollars, the margin for error has narrowed considerably even as bullish sentiment persists. Whether Sunrise can successfully convert its scandium narrative into consistent operational output, and whether global demand for the metal ultimately matches current market expectations, will likely determine whether Wednesday’s gains represent another step in a sustainable long-term growth story or a further extension of a speculative run that has already defied expectations for more than a year.
The shares of banks, including heavyweights HDFC Bank, State Bank of India (SBI), IndusInd Bank and others, rose up to 2% on Wednesday, pushing the Nifty Bank index around 1% up as financial stocks led gains on Dalal Street.
The Nifty Bank index gained around 561 points to trade at 58,023, as seen at 12.40 pm. State Bank of India (SBI) shares were the top gainers, rising around 2%. Union Bank of India, Punjab National Bank (PNB), Canara Bank, HDFC Bank and Bank of Baroda rose more than 1% each.
“Improving balance sheets, better liquidity conditions, stable interest rates and moderating credit costs are expected to support stronger growth and mark the beginning of a broad-based earnings upside for the financials sector,” said Siddhartha Khemka, head of research of wealth management at Motilal Financial Services.
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Q1 earnings showdown on Saturday
The sharp rise in the shares of the Indian lenders ahead of crucial Q1 earnings announcements scheduled for Saturday. As many as five heavyweight private banks, including HDFC Bank, Axis Bank, Kotak Mahindra Bank, ICICI Bank and Yes Bank, are all set to announce their results for the April-June quarter of the ongoing financial year 2027 on Saturday (July 18).
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Nomura, in its note, said that it expected banks under its coverage to report modest core-PPOP growth, led by soft NII growth and controlled opex, while seasonally higher credit costs keep PAT growth muted. It named ICICI Bank, HDFC Bank and Kotak Mahindra Bank as its top picks. The international brokerage said that reported loan growth has been strong for HDFC Bank and Yes Bank, but soft for Axis Bank and Kotak Mahindra Bank. For ICICI Bank, Nomura expects loan growth to be strong. However, it overall expects net interest margins will moderate for the lenders. “We expect Q1 FY27 to be another steady quarter with negative surprise, if any, coming from possible NIM contraction. Provisional numbers suggest solid performance on loan growth across banks (large/mid, public/private/SFB). Asset quality is holding up well across banks and products, with no discernible impact from the current crisis in the Middle East. We prefer frontline banks to others looking at the current macro set-up, which could see NIM pressures abating from here on,” said Kotak Institutional Equities. Also read |Q1 Showdown: Analysts pick top bets as ICICI Bank, HDFC, Axis, Kotak, Yes Bank gear up for results this week
Motilal Oswal Financial Services, meanwhile, said that its channel checks signal a strong MSME credit demand in the April-June quarter of the ongoing FY27, with an increase in the working capital cycle. Private banks’ share is higher among higher ticket sizes, while public sector banks are gaining incremental market share with competitive pricing and CGTMSE-backed lending, the domestic brokerage added.
Technical view on Nifty Bank
Vatsal Bhuva, Technical Analyst at LKP Securities, expected the Nifty Bank index to find support in the 56,800–56,900 zone, while immediate resistance was seen around 58,200.
On the upside, 58,700 (June’s high) remains the immediate hurdle, according to Bajaj Broking. “A decisive close above this level would confirm a breakout from the ongoing consolidation and could trigger the next leg of the rally towards 59,300 and eventually 60,000 levels in the coming weeks,” it added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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