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Budget 2026 | Capex push to have trickle-down effect; STT hike a negative: Raamdeo Agrawal

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Budget 2026 | Capex push to have trickle-down effect; STT hike a negative: Raamdeo Agrawal
Finance minister Nirmala Sitharaman had 177 paras in her budget speech for 2026-27. To me, one single para holds significant possibilities for India.

In para 130, she said, “Recognising the need to enable critical infrastructure and boost investment in data centres, I propose to provide tax holiday till 2047 to any foreign company that provides cloud services to customers globally by using data centre services from India.”

This provision provides a clear visibility of tax exemption for over 20 years, and has the potential to draw significant global investment in this space. Thus, this could be like the Y2K moment for the Indian software sector in 1995.

Hu Wang, founder of Nvidia, has said that data centres are “the largest infrastructure in human history”. A data centre has a tremendous trickle-down effect-power, backup power, construction (steel and cement), air-conditioning, cables, etc.

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Thus, if India indeed becomes a global hub for data centres, it will go a long way in creating jobs, kick-starting private capex and significantly contributing to overall economic growth. Yet another significant point in the budget is fiscal consolidation amid a world in turmoil. Fiscal deficit is budgeted at 4.3% of GDP, down from 4.4% in FY26 and 4.8% in FY25. The underlying nominal GDP growth assumption is a defendable 11%.


Next comes government capex. The government’s spend on infrastructure is expected to grow in line with 11% GDP growth to ₹12.2 lakh crore. However, “grants in aid for creation of capital assets” (to states and local bodies) are expected to jump 59% to ₹4.9 lakh crore. Thus, the combined capex works out to ₹17.1 lakh crore, up a significant 22% over FY26. This too can have a meaningful trickle-down effect.
If one para is a big positive, there’s another one which has spooked the stock market. Para 140 said, “I propose to raise the STT on futures to 0.05% from present 0.02%. STT on options premium and exercise of options are both proposed to be raised to 0.15% from the present rate of 0.1% and 0.125%, respectively.” At a time when foreign portfolio investors are in an India-exit mode, this provision doesn’t help to reverse the trend. It also hurts market liquidity by deterring trading in F&Os, where margins are in any case thin.

Finally, buybacks are to be taxed in the hands of individual promoters at 30%, and in the hands of the small investors as capital gains tax (12.5% long-term and 20% short-term). What this fails to consider is that the buyback decision is taken by the promoters.

By taxing it higher, there is no incentive to declare buybacks. Even dividends attract peak tax rates for them. Thus, there is a good chance much of the profits will get retained in the company, to the detriment of minority shareholders.

In sum, a good budget overall, but it could have been better for the stock market.

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‘Every drop of water counts’: Fear for Argentina’s glaciers

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'Every drop of water counts': Fear for Argentina's glaciers

It will now be the responsibility of the provincial governments to decide whether or not the glaciers in their region are of strategic importance – that is, whether they provide water for human consumption, agriculture, biodiversity, as a source of scientific information, or as a tourist attraction.

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Japan approves additional $4 billion for chipmaker Rapidus

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Japan approves additional $4 billion for chipmaker Rapidus


Japan approves additional $4 billion for chipmaker Rapidus

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Ceasefire Brings Relief, But Outlooks Remain Complex

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Ceasefire Brings Relief, But Outlooks Remain Complex

Ceasefire Brings Relief, But Outlooks Remain Complex

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Iran’s new supreme leader has severe and disfiguring wounds, sources say

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Iran’s new supreme leader has severe and disfiguring wounds, sources say


Iran’s new supreme leader has severe and disfiguring wounds, sources say

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Albemarle: Strategic Asset In Energy Security (Rating Upgrade)

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Albemarle: Strategic Asset In Energy Security (Rating Upgrade)

Albemarle: Strategic Asset In Energy Security (Rating Upgrade)

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Osterweis Capital Management Q2 2026 Equity Outlook

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Marching Through Iran - A First Quarter 2026 Review

Osterweis Capital Management was founded in 1983 to serve the portfolio management needs of high net worth individuals and institutions. We believe the best way to protect and grow assets is through carefully selected, high conviction portfolios that are designed to capture upside in favorable markets and limit downside during selloffs. We manage equities and fixed income, which are available through mutual funds and separate accounts. Note: This account is not managed or monitored by Osterweis Capital Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use the firm’s official channels. Mutual fund investing involves risk. Principal loss is possible. Distributed by Quasar Distributors, LLC.

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US plane carrying team for talks with Iran lands in Islamabad, two Pakistani sources say

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US plane carrying team for talks with Iran lands in Islamabad, two Pakistani sources say


US plane carrying team for talks with Iran lands in Islamabad, two Pakistani sources say

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E-commerce Trends Reshaping the Shopping Experience

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More than £100 billion in overdue invoices were logged by UK companies in the first nine months of 2025, as late payment practices hit record levels and small businesses bear the brunt.

The UK retail sector is undergoing a dramatic transformation, driven by rapid digital adoption and evolving consumer expectations.

Businesses are now turning to innovative digital strategies to enhance customer experiences and tap into new markets. Rising trends in artificial intelligence, omnichannel shopping, and secure digital payments are all playing pivotal roles in this evolution.

Retail Landscape in the Digital Era

Over the past decade, the traditional high street has steadily given way to a dynamic online marketplace. The growth of e-commerce is not only reshaping how goods and services are sold but is also redefining brand-customer interactions. As consumers become more comfortable with digital transactions, businesses—from small local retailers to multinational chains—are investing heavily in digital tools to remain competitive. The convergence of retail and technology is ushering in an era where personalized shopping experiences and data-driven insights are becoming the norm.

In this context, even industries that might seem distant from traditional retail, such as the online gaming sphere, have experienced parallel digital shifts. The integration of state-of-the-art technology has allowed these sectors to not only attract but also engage a tech-savvy clientele. For instance, the online gaming industry has seen a surge in digital offerings which, in many respects, parallel the changes seen in retail. Numerous industry critiques highlight the best online casinos in Europe, where digital advancements have redefined consumer engagement. This cross-industry adoption underlines how technology transforms not only retail but also the broader leisure and entertainment sectors.

Key Drivers of Change in UK Retail

The unprecedented pace of technological innovation is one of the foremost drivers behind the digital transformation of retail. Shifting consumer habits—accentuated by the convenience of online platforms—have pushed retailers to invest in modern e-commerce systems and integrated shopping solutions. Moreover, the importance of mobile commerce has grown significantly, as a growing number of consumers embrace smartphone-based shopping.

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Modern digital ecosystems rely on robust security measures and resilient data handling methods. Evolving consumer privacy demands and regulatory pressures have pressed businesses to implement better data protection routines. This pivot not only safeguards consumer trust but also supports a more secure retail environment essential for long-term growth.

Data-Driven Insights and Consumer Behavior

Understanding consumer behavior is crucial for retailers navigating digital transformation. With an expanding digital footprint, companies now have access to vast amounts of data that can be harnessed to tailor marketing strategies and optimize supply chains. The analysis of consumer data has revealed that preferences are shifting towards personalized shopping experiences, and retailers are responding by deploying artificial intelligence and machine learning technologies to predict needs and simplify transactions.

Recent research, such as the YouGov UK Retail Round-Up 2025: Key Trends and Insights, shows that online retail now accounts for approximately 26–27 percent of total retail sales. These insights underscore how digital transformation has matured post-pandemic, stimulating the adoption of omnichannel strategies that blend e-commerce with in-store experiences. Retailers adopting these strategies are better placed to respond quickly to consumer demands and competitive pressures.

Smart Technologies and AI Adoption

Artificial intelligence is revolutionizing the retail landscape by providing tools to handle inventory, forecast trends, and even personalize customer recommendations. AI-driven chatbots, for example, have become integral to customer service, providing real-time assistance and helping resolve issues efficiently. Simultaneously, smart analytics platforms enable businesses to measure campaign effectiveness, optimize supply chains, and maintain inventory control with unparalleled precision.

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The adoption of cloud-based systems and secure digital infrastructures further ensures that retailers can operate smoothly in an increasingly interconnected marketplace. With technology continuing its relentless progress, retailers not only reduce operational costs but also enhance overall customer satisfaction.

Ensuring Security and Compliance in a Digital Era

As retailers accelerate their digital initiatives, the issue of cybersecurity and compliance has become central to sustaining consumer confidence. With the increased volume of online transactions, there is a proportional rise in the risk of cyber threats and data breaches. Businesses must balance embracing digital innovation with implementing rigorous security protocols.

Investments in advanced encryption methods and robust compliance frameworks are essential. This equilibrium ensures that while the consumer experience becomes increasingly personalized and efficient, it remains uncompromised in terms of privacy and security. Additionally, regulatory bodies are stepping in to ensure transparency and accountability across all digital channels. Such measures are vital not only to protect sensitive consumer data but also to maintain the overall integrity of the digital marketplace.

Future Outlook: Collaborative Synergies in Retail & Digital Entertainment

Looking forward, the digital transformation in UK retail appears set to deepen as retailers further integrate technology into all facets of their operations. Emerging business models now favor collaboration between retail technology and other tech-driven sectors, including digital entertainment. Innovations in augmented reality, virtual shopping environments, and data analytics are enabling shoppers to experience products in entirely new ways.

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This collaborative trend has even spurred strategic partnerships between retailers and online gaming platforms. Such partnerships allow for an exchange of expertise where gamification elements are introduced in loyalty programs, and interactive customer experiences are developed across digital channels. These efforts are indicative of the broader convergence between retail and digital entertainment, pointing toward a future where the boundaries between shopping, entertainment, and gaming increasingly blur.

Further reinforcing this outlook, the Deloitte Global Retail Outlook provides forecasts that highlight the continuing growth of online channels, backed by technological advancements. Such data not only validate the current trends but also underscore the long-term viability of digital-first strategies in retail.

Furthermore, the evolution of digital payment solutions and blockchain technologies is expected to streamline secure transactions and minimize fraud. As retailers harness these advancements, the overall customer experience becomes smoother, more integrated, and firmly positioned for the future.

Embracing Change with Strategic Vision

Looking at the bigger picture, the digital transformation of the retail sector is not a temporary shift but a fundamental change in how business is conducted. For executives and industry leaders, it becomes imperative to adopt a forward-thinking approach. This involves not only significant investments in technology but also cultivating an organizational culture that embraces innovation.

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For instance, integrating advanced analytics into business strategy enables leaders to make informed decisions backed by real-time data. Emphasizing transparency with stakeholders while aligning with regulatory frameworks further strengthens market positioning. In this evolving landscape, retailers that succeed will be those that remain agile, invest in cutting-edge technologies, and continuously refine their digital strategies.

Conclusion: Navigating the Digital Frontier

The rapid pace of digital transformation presents both significant challenges and exciting opportunities for the UK retail sector. As businesses continue to invest in technology and adapt to digital consumer trends, the industry is poised for a new era where personalized experiences, robust security, and innovative collaboration become the norm.

Ultimately, the convergence of retail, technology, and digital entertainment underscores a broader shift toward a more integrated and dynamic consumer ecosystem. With data-driven insights, smart technologies, and collaborative partnerships across industries, the digital journey of UK retail is likely to inspire a wave of innovation that sets the stage for future growth.

As stakeholders navigate this evolving landscape, maintaining a strategic vision that harnesses these new opportunities will be key to staying ahead in an increasingly digital marketplace.

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Eric Swalwell, candidate for California governor, denies sexual assault allegations

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Eric Swalwell, candidate for California governor, denies sexual assault allegations


Eric Swalwell, candidate for California governor, denies sexual assault allegations

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Regulator bars 39 entities for alleged manipulation of RRP Semicon share price

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Regulator bars 39 entities for alleged manipulation of RRP Semicon share price
The Securities and Exchange Board of India (Sebi) on Friday passed an interim order in the matter of RRP Semiconductor for alleged share price manipulation and barred 39 entities from dealing in the shares of the company.

The regulator said the stock has risen over 700 times in just 19 months. It said the company’s shares rose from ₹15 in April 2024 to ₹10,887 by October 2025, a surge that was not supported by its financials or business fundamentals.

During its investigation, Sebi observed that there was a coordinated network of promoters, preferential allottees, off-market transferees and a set of trading entities, who artificially inflated the share price of RRP Semiconductor.

The regulator said the scheme appears to have commenced with the acquisition of control of the company by Ira Mishra, the daughter of Ramesh Mishra, who was subsequently appointed as a director in the company. This was followed by a significant increase in the share capital of RRP through preferential allotment of shares to select entities.

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The primary beneficiary of the allotment was one Rajendra Chodankar, who holds 74.5% of the share capital of RRP post allotment. Sumita Mishra, wife of Ramesh Mishra, was also a preferential allottee. Of the remaining preferential allottees, three were brought in by Ramesh Mishra and the rest byChodankar, it said.


The preferential allotment was accompanied by the company altering its MoA and changing its name to “RRP Semiconductor”, apparently to showcase its future forays into the promising semiconductor space. Simultaneously, the public shareholding (a small part of which was in demat mode) was fragmented and distributed through a chain of off-market transfers to multiple entities in small quantities, Sebi said in its order.
“The off-market transferees subsequently sold shares of RRP in minuscule quantities, largely to entities that consistently placed large buy orders at upper circuit limits and contributed significantly to the total market positive LTP. The trading pattern, characterised by insignificant sell quantities and aggressive buy orders at circuit limits, is prima facie not reflective of genuine market behaviour, but indicative of a pre-arranged and manipulative strategy to artificially inflate the price of the scrip of RRP,” Sebi whole-time member Amarjeet Singh said in his order.

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