The NBFC sector in India has been under the spotlight as investors weigh growth potential against rising valuations and emerging competition. According to Viral Shah, from IIFL Capital investors need to be increasingly selective when it comes to NBFCs, especially in comparison to public sector and private banks.

“Incrementally over the past couple of quarters, we have been recommending to clients that NBFCs now is the time to be a bit more selective. The reason is primarily three-fold. One is the starting point of valuations—they are close to their long-term averages, or some are trading rich. Rightfully so, it is accompanied by superior earnings growth. Secondly, on a relative basis, vis-à-vis private banks, the earnings premium that NBFCs deliver is going to narrow. There is nothing wrong with larger NBFCs—they will still deliver a 25% kind of earnings growth CAGR over the next couple of years—but for most banks, including PSUs, earnings growth is set to inflect. The relative earnings premium that NBFCs used to deliver is shrinking. Thirdly, the key risk for NBFCs from here on is margins. Despite 125 basis points of rate cuts, yields for non-AAA rated NBFC paper have not reduced in the last one and a half years. There is clear differentiation even within AAA-rated or corporate-backed NBFCs,” he said.

Shah highlighted that while NBFCs have benefited from lower bank borrowing costs, higher market borrowing costs are offsetting these gains. “Cost of fund reduction on back of the repo rate cuts may not come through, which can lead to earnings cuts for NBFCs,” he noted.

Looking at the NBFC universe, Shah recommends focusing on those that are diversified and have relative advantages on the liability side, such as parentage or strong credit ratings. “They seem better placed and will deliver stabler earnings growth over a longer period of time,” he said.

Digital lending is expected to reshape the NBFC landscape over the next three to five years, with players like Airtel and Jio entering the market alongside established names like Bajaj Finance. Shah believes that while newer entrants have a meaningful right to win in digital distribution and liability advantages, execution will be gradual. “It took Jio Finance three years to reach a ₹20,000 crore loan book on the NBFC side. In the near to medium term, there is no material threat to larger players. Competitive intensity will increase, but larger or more diversified players have levers to offset digital competition. It is a gradual scale-up and nothing to worry about immediately.”

Valuations remain a key consideration. Shah noted that high valuations for NBFCs are partly justified by their natural lending growth, but rationalization may occur as digital lending becomes mainstream. “For larger NBFCs delivering 20-25% earnings growth, even with some compression in valuations, investors can still expect decent 18-20% CAGR returns,” he said.
Regarding market patience, Shah observed that valuation resets are sometimes necessary when earnings growth slows. “If one expects steady 20-25% earnings growth and the new reality is 15%, there has to be a valuation reset. In cases of temporary blips, markets may eventually be patient, and it could be an opportunity to double down. Take Chola Finance: same time last year, its stock was materially below current levels, and the bigger picture remained intact,” he explained.As NBFCs navigate a changing financial landscape, selectivity, digital readiness, and a focus on long-term earnings stability appear to be the guiding principles for investors.

Floyd Mayweather Jr. and Manny Pacquiao have agreed to a professional rematch of their landmark 2015 “Fight of the Century,” set for Sept. 19 at the Sphere in Las Vegas, the boxing icons announced Monday. The bout will stream live globally on Netflix, marking the first professional boxing event at the immersive venue east of the Las Vegas Strip.

The news ends years of speculation about a second clash between the two legends, who first met on May 2, 2015, at MGM Grand Garden Arena in what became the highest-grossing pay-per-view event in boxing history. Mayweather won by unanimous decision after 12 rounds, improving his record to 49-0, but Pacquiao later claimed a shoulder injury hampered his performance.

Now, more than a decade later, Mayweather, 48, will come out of retirement for the fight, while Pacquiao, 47, continues his active career. The rematch arrives as both fighters remain among the sport’s most recognizable names, with Mayweather having competed in exhibitions since his 2017 retirement and Pacquiao pursuing political ambitions alongside occasional bouts.

Netflix confirmed the event in a statement, describing it as a “highly anticipated rematch” that will leverage the Sphere’s cutting-edge technology for an unprecedented viewing experience. The venue, which opened in 2023, features a massive LED exterior and immersive interior displays, promising a spectacle beyond traditional boxing arenas. Full details on ticketing, undercard and production will be revealed in the coming weeks, according to Netflix.

The agreement follows months of negotiations, with sources telling ESPN’s Andreas Hale that the fight is now official. Mayweather has teased comebacks repeatedly, including a planned exhibition against Mike Tyson, but this marks his return to a sanctioned professional bout. Pacquiao, a former eight-division world champion, last fought professionally in 2021, losing to Yordenis Ugas.

Fans and analysts reacted with a mix of excitement and skepticism. The 2015 fight drew criticism for its lack of action, with Mayweather’s defensive style frustrating Pacquiao’s aggressive approach. Many questioned whether aging fighters could recapture the magic, though the novelty of the Sphere and Netflix’s global reach could drive massive viewership.

“Boxing has been incredible lately, but this is two legends cashing in one more time,” one Reddit user commented on a popular thread. Others praised the matchup for its historical significance, noting it resolves unfinished business from the controversial first encounter.

Mayweather, undefeated in 50 professional fights before exhibitions, has maintained elite conditioning through exhibitions and training. Pacquiao, known for his speed and power, has stayed active in exhibitions and political life in the Philippines.

The Sphere’s selection as host adds intrigue. Unlike traditional venues, it offers 360-degree visuals and haptic seating, potentially enhancing the broadcast. Netflix’s involvement signals a shift toward streaming for major boxing events, following successful live sports streams.

Promoters have not disclosed purse details, but the 2015 fight generated over $400 million in revenue, with both fighters earning nine-figure paydays. Expectations are high for similar financial success, bolstered by Netflix’s subscriber base.

As anticipation builds, the rematch revives one of boxing’s greatest rivalries. Whether it delivers fireworks or echoes the original’s tactical chess match remains to be seen, but the event promises to captivate fans worldwide.

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Apple is gearing up for its first major product reveal of 2026 with a “Special Experience” event scheduled for March 4 in New York, London and Shanghai, where the company is widely expected to unveil the iPhone 17e — the successor to last year’s budget-friendly iPhone 16e — alongside refreshed MacBook models powered by the new M5 chip family.

The unusual in-person-only format, not listed on Apple’s standard events page and without a traditional live stream, has fueled speculation about staggered announcements leading up to the event. Bloomberg’s Mark Gurman reported in his Power On newsletter that Apple may drop product details via press releases starting as early as March 2 or 3, with one category per day, culminating in the March 4 experience for select media.

The iPhone 17e, codenamed V159, is positioned as the entry-level model in Apple’s 2026 lineup, replacing the iPhone 16e launched in February 2025. Rumors from supply chain sources and analysts like Ming-Chi Kuo point to a spring release, aligning with the pattern established by its predecessor. While some early leaks suggested a February debut, most now converge on the week of March 4, potentially announced via press release before the event.

Key upgrades for the iPhone 17e include the A19 chip — the same processor expected in the standard iPhone 17 series — promising better performance and efficiency than the A18 in the iPhone 16e. The device is rumored to gain MagSafe wireless charging support, a long-requested feature missing from last year’s model, and possibly swap the display notch for Dynamic Island for a more modern look. The screen is expected to retain a 60Hz refresh rate, keeping costs down.

Design-wise, the iPhone 17e should resemble the iPhone 16e closely, with a single rear camera and similar dimensions. Pricing is anticipated to hold steady at $599 for the base 128GB model with 8GB RAM, allowing Apple to market it as offering more features at the same cost. Production has reportedly entered test runs, with mass manufacturing ramping up ahead of launch.

The iPhone 17e fits into Apple’s evolving strategy for affordable devices, following the introduction of the “e” line as a value-focused option. It arrives amid the full iPhone 17 series, which launched in September 2025 with models including the iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max and the ultra-thin iPhone Air.

On the Mac side, multiple updates are expected. The MacBook Air is poised for an M5 chip refresh in both 13-inch and 15-inch variants, maintaining the current design while gaining performance boosts from the new silicon. No major redesigns are rumored, with focus on efficiency and Apple Intelligence enhancements.

A lower-cost MacBook, sometimes called the “budget MacBook” or “MacBook e,” could debut as an even more accessible option, potentially starting around $699-$799 and powered by an A-series chip like the A18 Pro. This model would slot below the MacBook Air, targeting students and first-time buyers with a simpler configuration.

High-end MacBook Pro models in 14-inch and 16-inch sizes are expected to receive M5 Pro and M5 Max chips early in 2026, delivering substantial gains in CPU, GPU and AI capabilities. These refreshes are described as iterative, with no dramatic design changes anticipated until later in the year or 2027, when OLED displays and touchscreens may arrive for the MacBook Pro lineup to mark its 20th anniversary.

The March timing aligns with Apple’s recent pattern of early-year product drops for non-flagship iPhones and select Macs, allowing the company to refresh its portfolio ahead of the fall iPhone cycle. The “Special Experience” in three global cities suggests a focus on immersive, hands-on demos for invited press, possibly highlighting AI features, new Siri capabilities and ecosystem integration across devices.

Analysts view the event as a low-key but important kickoff to 2026, bridging the gap between last fall’s iPhone 17 series and future innovations like foldables. With the iPhone 17e and M5-powered Macs, Apple aims to maintain momentum in a competitive market while emphasizing value and performance.

Pre-orders for the iPhone 17e and any announced Macs could begin shortly after announcements, with availability following in the weeks ahead. As details emerge from leaks and official channels, attention will turn to how these devices enhance Apple’s lineup for everyday users and professionals alike.

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The cement industry is showing early signs of a pricing revival, particularly in South India, according to Jashandeep Singh Chadha from Nomura.

“Fourth quarter is usually a volume push quarter, so price hikes don’t sustain. But after GST cuts, prices fell more than expected in south and east. The industry attempted price hikes in January and February. In February, Rs 15-20 price hikes were announced, out of which Rs 10 have sustained. This is a positive step for South India,” he said.

Chadha noted that demand is largely in line with expectations. “The demand is strong as usual in the fourth quarter, but there’s no significant uptick. Price hikes are more about major players maintaining discipline and coming off a lower base.”

Looking ahead to FY27, management focus is shifting from volume to value, which could support sustainable price gains. “Top management is moving towards more value than volume. In April-May, we might see price hikes of Rs 40-50 per bag in South India, compared to Rs 10-15 in recent years,” he explained.

Rural demand is expected to drive volume growth next year. “Rural revival is key. We expect FY27 volume to be 7-8% higher than FY26. State and central capex delays could be negative, but rural recovery should offset that,” Chadha added.

Over the next three years, Chadha expects significant improvement in both volume and value. “With consolidation and pricing strength, the industry should report far better results than FY25-26,” he said.
With price discipline returning and rural demand poised for recovery, the cement sector could finally see a long-awaited combination of volume growth and profitability.