Business
Confidence level of industry improving: KV Kamath, ICICI Bank
ET Now: Talking of expectations from Narendra Modi, do not you think too much hope and money in essence is riding behind one man? Despite his good intentions, there are structural problems in the economy and even the Prime Minister does not quite have a magic wand?
KV Kamath: If you look back to 10 years ago, the economy was getting into near double digit growth even with all the structural problems. Now you have a leader who has a known bias for fixing things and making sure that things work. It is the same set of structure, the same set of people who are driving this. You have the right leader who can drive the effort.
ET Now: The other day we had Mr. Birla meet the Finance Minister and as he walked out of the meeting, he said he expects the economy to revive in three to six months. He says he is going to start investing in India now. We have not heard too many corporate leaders say that. You have a pulse of the mood of corporate India. When do you think will the corporate leaders start investing?
KV Kamath: The first sense comes from the market. It is the collective wisdom of the marketplace that there is action and we will move with speed. That improves the confidence level of industry. Now we need to see whether some of the ground conditions that are needed for people to get back to an investment mode are going to change. Today I read that with a large slate of reforms or projects which have been stuck are going to be addressed in the next few days. If that happens, you will see a sea change in the investment mindset, as it were.
ET Now: It could happen in three months itself. Is that what you think?
KV Kamath: I think that between three and six months it could start happening. But we want incremental investment to happen. There is enough to harvest in the first six months in terms of stuck projects and so on.
ET Now: The one cue that corporate India will also look forward to is the budget. Given the nature of the mandate that we have, the strength that this government have in the Parliament, would you expect tough reforms in this budget itself?
KV Kamath: I do not want to call or second-guess what somebody is working on. But I think it will be a budget where you try to have fiscal discipline and whatever is needed to get that discipline. Now in what measure, in what combination, is for the government to call. I think one thing that people will look for in the budget is fiscal discipline and a way to getting the deficit under control, say, over a three-year period. If it is well-constructed and well-articulated, you will see the cheer going up.
ET Now: Does the 4.1% number look a little tricky to you?
KV Kamath: If you eliminate waste, you eliminate what is theft and eliminate what is not needed, the 4.1 is achievable.
ET Now: When do you think fiscal and monetary policy will start working in tandem? When do you expect rates to turn?
KV Kamath: Regarding the monetary policy, we always say that let us see the constructive design of a fiscal deficit. We know what it is and where it will end. Once they see that construct as it were, for this year and, say, for two years on the line, then I should believe that they should have greater confidence to tinker with the rates, or inflation itself has to start dropping. We see several people have given several solutions starting with release food stocks, pushing the pedal on APMC reform, and so on. I am sure again this is something that the government will very quickly understand and take all the steps or some of the steps which would give policymakers confidence to get interest rates down. We should see it happen in this fiscal, in the next 12 months. I think it ought to start happening in the first six months.
ET Now: A quarter percent or more, through the course of the year?
KV Kamath: I have no call on this. Let us see what happens. Everything will depend on where the deficit number comes in and whether you are able to get the inflation rate moving down. If these turn out positive, rates could move fast.
ET Now: What is your outlook on growth in the short term, medium term, and long term?
KV Kamath: My long-term number does not have a single digit. It is two digits. So you can make a guess on it.
ET Now: During the term of this government?
KV Kamath: I think it will happen during the term of this government.
ET Now: The first term itself?
KV Kamath: It will happen in the first term of this government. That is for sure. If they progress the way they mean to, I am reasonably sure that we will see two-digit rate in the first term of this government itself.
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ENHYPEN member Heeseung announced his departure from the K-pop boy band on March 10, 2026, to focus on a solo career, his agency Belift Lab confirmed in an official statement that sent shockwaves through the global fandom.
The 24-year-old vocalist, widely regarded as the group’s “ace” for his all-rounder skills in singing, dancing and producing, will leave ENHYPEN after six years, effective immediately. Belift Lab, a subsidiary of HYBE Labels, emphasized that the decision followed extensive discussions among the members and agency about the group’s future direction and individual aspirations.
“Heeseung has his own distinct musical vision,” the agency stated via the fan platform Weverse and official social media channels. “After in-depth conversations, we decided to respect his wishes.” Heeseung will remain signed to Belift Lab and is actively preparing for a solo album debut, though no specific release timeline has been disclosed.
ENHYPEN, formed through the 2020 survival show “I-LAND,” will proceed as a six-member act featuring Jungwon, Jay, Jake, Sunghoon, Sunoo and Ni-ki. The group, known for its intense performances and dark-concept storytelling, recently promoted its seventh EP “The Sin: Vanish” in January 2026, achieving strong chart performance and international acclaim.
Heeseung, born Lee Hee-seung, debuted as ENHYPEN’s eldest member and center, contributing significantly to the group’s vocal stability and choreography. Fans often credited him with elevating tracks through his high notes and ad-libs, while his participation in songwriting and production added depth to ENHYPEN’s discography.
In a handwritten letter posted on Weverse shortly after the agency’s announcement, Heeseung addressed ENGENE — the group’s fandom — directly, expressing gratitude and acknowledging the surprise. “Engine must have been very surprised to hear my news, and I think there are many people who are curious about the sudden story,” he wrote. “After thinking it over for a very long time, I made a big decision to follow the direction the company suggested, so that I can come to ENGENE in a better way.”
He described his six years with ENHYPEN as “the brightest moments of my life,” filled with overwhelming joy and growth. Heeseung emphasized his reluctance to prioritize personal ambitions over the team but noted the agency’s proposal aligned with his desire to explore new creative paths. “I had a lot of things I wanted to show you, but I also didn’t want to put my greed ahead of the team,” he added. He promised to work hard on solo projects and return stronger, carrying fans’ support forward.
The departure comes amid a wave of K-pop group restructurings in recent months, with fans drawing parallels to other high-profile exits. Discussions on platforms like X and Reddit highlighted questions about why Heeseung could not pursue solo activities while remaining in the group — a model adopted by members of acts like BTS and TXT. Some speculated internal scheduling pressures or differing artistic directions played a role, though no official statements cited conflicts or scandals.
Belift Lab praised the amicable nature of the transition, noting mutual respect among members. Industry observers commended the agency’s handling, describing it as transparent and professional compared to past cases involving abrupt or contentious departures.
Fan reactions poured in swiftly, ranging from heartbreak to support. Many ENGENE expressed sadness over losing the group’s original dynamic, with trending hashtags reflecting grief and well-wishes. Others voiced optimism about Heeseung’s solo potential, citing his vocal prowess and creative input as assets for independent work. Some fans debated the timing, noting ENHYPEN’s packed schedule and recent promotional fatigue, while others questioned if the move signals broader shifts in HYBE’s strategy for its artists.
ENHYPEN rose rapidly since debut, amassing millions of followers with hits blending pop, hip-hop and electronic elements. The group achieved global success through world tours, music show wins and collaborations, solidifying its position in fourth-generation K-pop. Heeseung’s contributions were central to that trajectory, from standout performances on “I-LAND” to leading roles in concept trailers and live stages.
[NOTICE] ENHYPEN’s Future Activities
Hello, this is BELIFT LAB.
We would like to express our gratitude toward ENGENE for their unwavering support for ENHYPEN and provide information on ENHYPEN’s future activities. BELIFT LAB has given much thought and consideration into…
— ENHYPEN OFFICIAL (@ENHYPEN) March 10, 2026
As ENHYPEN prepares for upcoming activities as six members, no immediate changes to scheduled promotions have been announced. The group maintains a strong fanbase and commercial momentum, with expectations high for continued releases and tours.
Heeseung’s solo path marks a new chapter for the artist who once described ENHYPEN as his “everything.” Belift Lab indicated support for both the group’s group endeavors and Heeseung’s individual pursuits, suggesting potential for future crossovers while respecting the separation.
The announcement underscores evolving dynamics in K-pop, where artists increasingly seek personal expression amid group commitments. For ENHYPEN and its fans, the focus shifts to adaptation and anticipation for what lies ahead — both for the six-piece lineup and Heeseung’s forthcoming solo era.
“It’s unwelcome news for borrowers, as the prospect of falling mortgage rates has quickly given way to rate rises,” he said, adding: “How far they could go is now heavily dependent on how global markets and inflation expectations evolve as conflict in the Middle East unfolds.”
Initial Public Offerings (IPOs) remain one of the most exciting ways to invest in companies at the ground level. Thanks to India’s booming fintech ecosystem, applying for IPOs has become easier than ever, all from your smartphone or web platform. Here are the top platforms you should consider for IPO investing in India this year.
Best Platforms for IPO Investment
Groww
Groww, India’s No. 1 stockbroker, is a popular investing and trading app. The process for applying for an IPO is a two-step procedure on the Groww app.
Retail individual investors, HNIs, employees, and shareholders (if a quota is available) can apply for an IPO on the Groww app with a pre-apply feature for early IPO submissions.
The IPO application process on Groww is designed to be smooth and fully digital. Investors can apply through UPI-based ASBA, select bid quantities, choose cut-off price options (for retail investors), and approve mandates directly within their UPI (GPay/PhonePe, etc.) apps. Investors can also check the IPO allotment status directly on the app once the allotment is out.
One of Groww’s biggest strengths is how it simplifies complex IPO data into an easy-to-digest format. Instead of requiring investors to go through lengthy prospectuses, the platform presents essential insights in a structured layout, including
- Application details (issue size, lot size, price band, bidding dates, investment required, allotment and listing dates)
- Company overview,
- Real-time subscription data
- Strengths and risks,
- Revenue trends,
- Objects of issue (how the company plans to use the raised funds)
- For investors who want deeper analysis, Groww also provides access to the Red Herring Prospectus (RHP) directly within the app/website.
5Paisa
5Paisa is known for its cost-effective brokerage plans and accessible investment tools. Its IPO application feature is simple and easy to navigate, catering especially to price-sensitive investors.
While the platform may not offer as much research depth as full-service brokers, it delivers all essential information needed to evaluate and apply for IPOs. For investors looking to minimise costs while maintaining functionality, 5Paisa is a practical choice.
Angel One
Angel One blends IPO access with strong research and advisory support. In addition to enabling IPO applications, the platform provides in-house research reports, expert analysis, and subscription insights. This makes it particularly valuable for investors who rely on professional recommendations before applying.
Angel One also offers a full-service ecosystem, including equities, derivatives, commodities, and mutual funds, making it a comprehensive solution for diversified investors.
HDFC Securities
HDFC Securities, backed by HDFC Bank, offers a similarly strong full-service brokerage experience. Investors can apply for IPOs through ASBA directly linked to their bank accounts.
The platform provides research insights, subscription tracking, and post-listing support. HDFC Securities is often preferred by investors who prioritise trust, established banking partnerships, and comprehensive service over ultra-low brokerage models.
ICICI Direct
ICICI Direct is a well-established full-service brokerage platform backed by ICICI Bank. It provides IPO applications along with comprehensive research reports, advisory services, and strong bank-broker integration. Investors with ICICI Bank accounts benefit from seamless ASBA integration and smooth fund blocking.
ICICI Direct is particularly attractive to traditional investors who value brand reputation, in-depth advisory services, and integrated banking relationships.
Paytm Money
Paytm Money integrates IPO investing within the broader Paytm ecosystem. Users who already use Paytm for payments and financial services find it convenient to extend their activity into IPO applications.
The app supports UPI mandates, displays live subscription figures, and offers updates on allotment results. Its all-in-one approach, combining stocks, mutual funds, NPS, and IPOs, makes it appealing to investors who prefer managing finances within a single app.
Tips Before You Apply
- UPI vs ASBA: Most platforms let you apply through UPI (fast, convenient) or ASBA (amount blocked in bank till allotment). Choose based on comfort.
- No Brokerage on IPOs: Most Indian brokers don’t charge brokerage for IPO applications, but check Demat account or AMC fees.
- Track Allotment: Platforms usually provide allotment status and refund tracking directly in the app.
Conclusion
When selecting a platform for IPO investment, consider factors such as ease of use, reliability during high-demand issues, research availability, brokerage structure, and bank integration. Most platforms today offer zero brokerage on IPO applications, but Demat maintenance charges and trading costs post-listing may vary. Additionally, ensure that the platform supports smooth UPI mandate approvals and provides timely allotment status updates.
Stocks sink as volatile oil prices, Middle East conflict weigh on trading
“No, we are not buying right now. The war seems to have intensified. Sixteen ships have been downed in the Strait of Hormuz, and the attack on Tehran was very intense. Oil hit $122 a barrel and is now down to about $88. But we haven’t seen the end of this war yet, and President Trump’s statement that it will end soon may be premature,” Trivedi told ET Now.
The crisis, now entering its second week, is raising concerns about global energy supplies. Brent crude has surged 46% since the start of the year, impacting oil-importing economies like India.
“Brent is at $88, up from $60 on Jan 1. This is negative for countries like India, South Korea, and Japan. Gas is an even bigger problem due to dependence on Qatar. The impact is being felt across OMCs, autos, tyres, paints, plastics, fertilizers, aviation, chemicals, and even hospitality. Some restaurants are even changing their menus to avoid using gas,” he said.
Despite market losses, Trivedi avoided predicting specific levels for benchmark indices, pointing to shifting global investor sentiment.
“We had a great February with trade deals and FPIs returning. But the war has changed things. Year-to-date, we are down 8%, the worst among EMs. This doesn’t mean it’s time to buy, but FPIs are favoring other EMs over India,” he noted.
On policy developments like opening FDI with China, Trivedi said it is positive but cautioned that the details matter.“It’s a step in the right direction, but it could create intense competition for local power companies. Chinese products are cheaper, which may help reduce costs but not all companies will benefit,” he explained.
Amid uncertainty, Trivedi remains focused on long-term structural demand sectors rather than global commodities.
“We are positive on data centres and AI, but mainly the power sector, which is the second-highest allocation in our fund after banking and finance.”
Trivedi also stressed that his strategy focuses on structural changes within companies rather than thematic trends.
“We look for incremental changes—CEO changes, ownership shifts, M&A, or subsidiary IPOs. We’ve sold some stocks that reached their potential, and that strategy has worked well,” he said.
He added that portfolio trimming has been gradual over the past year, not a reaction to the latest crisis.
“This war is right in our neighborhood and impacting the economy. In such times, you can’t react quickly unless you’re a hedge fund. We’re weathering the storm like much of the financial industry, and hopefully, the situation resolves soon,” Trivedi said.
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