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ETMarkets Smart Talk | STT hike weighs on sentiment, but growth-focused Budget supports markets: Naveen Kulkarni

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ETMarkets Smart Talk | STT hike weighs on sentiment, but growth-focused Budget supports markets: Naveen Kulkarni
Markets saw a sharp knee-jerk reaction after the Budget despite a strong capex push, as higher securities transaction tax (STT) weighed on near-term sentiment. Naveen Kulkarni, CIO at Axis Securities PMS, believes the sell-off was largely sentiment-driven and exacerbated by thin trading volumes rather than a shift in underlying fundamentals.

In this ETMarkets Smart Talk, Kulkarni explains why the intrinsic value of equities remains intact, how FII behaviour around the STT hike could shape the near-term setup, and why a growth-focused Budget with higher capex and manageable fiscal numbers continues to support the medium- to long-term market outlook. Edited Excerpts –

Kshitij Anand: Let me also get your perspective on why markets fell sharply after the Budget despite strong capex numbers. We have seen a spike in capex to nearly one lakh crore, from ₹11.11 lakh crore earlier to now over ₹12 lakh crore. Is this reaction driven more by sentiment, or is there something else at play? What would be your take on this?
Naveen Kulkarni: Yes, clearly the reaction has been driven by sentiment. At one point, the market was down by probably around 2.5%, and then we have seen some pullback as well. If you look at the markets over the last few sessions, trading volumes have been a little thinner and not particularly exciting. When the sell-off happened, it did not occur on very large volumes; it happened on relatively thinner volumes. And when some degree of institutional buying comes in, seeing opportunity, we are also witnessing a pullback.What will be important is tomorrow, because I do not think there has been significant FII participation yet. How they read the market, especially the STT hike—which impacts them as well, given that many large trading hedge funds operate in India—and how they assess its impact on trading volumes will be key. We could see some more impact coming tomorrow. So, tomorrow and probably next week is when the market should set up. Clearly, we have been in an oversold market and have seen some additional selling, but I think we should be okay from here.

Kshitij Anand: Much of the money is also moving from bank FDs to the equity market, which is something the government has on its mind as it looks to manage liquidity in the banking system. Naveen, picking up from where you left off—given that today is a holiday—do you see the post-Budget sell-off as an overreaction to the STT hike, or as a genuine shift in market structure? The reason I ask is that we have seen substantial selling by FIIs as well. In 2025, more than ₹1.6 lakh crore was withdrawn, and so far in January, the figure is close to ₹40,000–50,000 crore. How do you see this playing out in the coming week?
Naveen Kulkarni: If you look at it, whether it is the securities transaction tax on futures or options, the intrinsic value of the underlying does not change. When you are buying in the cash market, you are holding it for the long term and for delivery, so the intrinsic value does not change because of these parameters. This reaction, whether you look at it from the perspective of FII participation or hedge fund activity, is likely to be short-lived because the intrinsic value of the underlying depends on growth in profitability and overall metrics, and that does not seem to be changing.
On the flip side, if I look at the Budget, there is definitely a focus on growth. Capex numbers are higher, and more importantly, the composition of capex also looks more interesting and growth-focused. Apart from that, a fiscal deficit of 4.3% is not prohibitive for growth. There have not been any significant cuts, and borrowing levels continue to look reasonable. If I look at the Budget numbers overall, they are not very aggressive. It is unlikely that the government will miss its budget expectations or estimates.Broadly speaking, the Budget is not a major negative factor. Yes, the STT hike is having an impact today and may continue to do so for a few more days, but overall, I do not see the underlying value changing. Underlying asset values are likely to rise over the next 12 months, and this phase could provide a good opportunity as the market clears excesses.

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

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WA govt fund backs key worker housing projects

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WA govt fund backs key worker housing projects

Headworks for three more regional key worker housing projects have been funded under a program yet to deliver on its promise.

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More frequent train services from Bristol Temple Meads to continue after government agreement

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The news comes as the regional authority looks to build more stations across the South West

A GWR (Great Western Railway) train waiting on a platform at Bristol Temple Meads station

A train waiting on a platform at Bristol Temple Meads station (Image: Andrew Matthews/PA Wire)

More frequent trains on a number of lines from Bristol Temple Meads station will continue following an agreement with the government.

The West of England Combined Authority (Weca) said that since introducing half-hourly services on certain lines, there had been more than three million more train journeys on those routes.

The routes that will continue to offer more frequent services are:

  • Bristol Temple Meads to Westbury (part of the Heart of Wessex Line), also stopping at Keynsham, Oldfield Park, Bath Spa, Freshford, Avoncliff, Bradford-on-Avon, Trowbridge, and Westbury;
  • Bristol Temple Meads to Gloucester, via Yate, also stopping at Filton Abbey Wood and Bristol Parkway – and will also serve every hour the new Charfield station currently under construction;
  • Bristol Temple Meads to Severn Beach (the Severn Beach Line), also stopping at Lawrence Hill, Stapleton Road, Montpelier, Redland, Clifton Down, Sea Mills, Shirehampton, Portway Park and Ride, Avonmouth, St Andrews Road (hourly), and Severn Beach (hourly).

Weca said its “longer-term ambition” is to have four trains per hour serving stations across the network, after the region secured £752m investment for transport infrastructure improvements from the government last year.

The announcement comes as Weca prepares to unveil a new ‘Transport Vision for the West of England’ this week, setting out more details about the authority’s goals for the future.

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Helen Godwin, mayor of the West of England, said: “Half-hourly services between Westbury, Gloucester via Yate, Severn Beach, and Bristol Temple Meads are important for local commuters, giving people more options to travel on our growing regional rail network.

“Our new agreement to protect these regular services is welcome news for passengers across the West Country. As we build five new train stations, and look to increase the frequency of services across the board, this is another vote of confidence in the West of England.”

Claire Young, MP for Thornbury and Yate, said she was “thrilled” with the news that train services in Yate would run on a half-hour frequency permanently.

“This is something I have campaigned hard for alongside local councillors and I raised the issue five times in Parliament,” she said.

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“It also means that the new Charfield station will be able to run hourly trains. The half-hour service will support jobs in Yate and also help students to access colleges in the area.”

GWR Wales and West of England commercial development manager Hannah Shackleford added: “These aren’t just trains – they’re vital economic lifelines connecting communities and businesses across the region. The decision validates our belief that reliable rail services are essential for local and national growth.”

Two new railway stations have opened in the region in recent years: Portway Park and Ride, and Ashley Down.

Five more are being delivered as part of a wider £400m regional investment: Charfield, Henbury, North Filton, Pill, and Portishead.

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Southern Energy secures $23.5 million in financing and royalty sale

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Southern Energy secures $23.5 million in financing and royalty sale

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WA leads modest uptick in IPO activity

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WA leads modest uptick in IPO activity

The latent IPO market began to stir in 2025 as the local stock exchange welcomed 19 Western Australian-linked companies to its board, dominated by the miners.

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The 5-Year-Old at the Center of ICE Detention Controversy

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Liam Conejo Ramos

Liam Conejo Ramos, a 5-year-old Ecuadorian preschooler from the Minneapolis suburb of Columbia Heights, Minnesota, became a symbol of the Trump administration’s aggressive immigration enforcement policies in early 2026 after federal agents detained him and his father outside their home. The case sparked widespread outrage, viral photos, celebrity commentary and legal battles, thrusting the young boy into the national spotlight amid broader debates over family separations and asylum processes.

Liam Conejo Ramos
Adrian Conejo Arias and his son, Liam Conejo Ramos, after being released from ICE detention

Here are 10 essential facts about Liam Conejo Ramos and the events that brought him to public attention.

  1. Full Name and Background Liam Conejo Ramos (often referred to as Liam Ramos in media reports) is the son of Adrian Alexander Conejo Arias, an asylum seeker from Ecuador. The family entered the United States in 2024 and filed for asylum. Liam, who turned 5 shortly before the incident, attended preschool in Columbia Heights Public Schools. He is described by school officials and community members as a typical kindergartener who enjoys school and has a close bond with his father.
  2. Date and Circumstances of Detention On Jan. 20, 2026, U.S. Immigration and Customs Enforcement (ICE) agents detained Liam and his father in their driveway as they returned home from preschool. Photos captured by witnesses showed Liam in a blue knit bunny hat with floppy ears, a plaid coat and a Spiderman backpack, staring blankly as agents escorted him to a black SUV. The arrest occurred amid Operation Metro Surge, a large-scale enforcement action in the Minneapolis–Saint Paul area targeting undocumented immigrants.
  3. Detention Location and Duration Liam and his father were transported to the South Texas Family Residential Center in Dilley, Texas — a facility for families in immigration proceedings. They spent approximately 10-12 days in custody. Reports indicated Liam became ill during detention, missed school and expressed fear of guards, according to family statements and advocates.
  4. Legal Intervention and Release A federal judge in Minnesota, Fred Biery, ordered their release on Jan. 31, 2026, citing humanitarian concerns and due process issues. The ruling quoted the Declaration of Independence and biblical references in condemning the child’s detention. Liam and Adrian returned to Minneapolis on Feb. 1, 2026, via commercial flight, greeted by supporters including Texas Rep. Joaquin Castro, who shared photos of their reunion.
  5. Viral Photo and Public Reaction Images of Liam in his bunny hat being led away by masked agents went viral, drawing comparisons to past family separation controversies. Celebrities including Ms. Rachel (from children’s programming), Kamala Harris and others expressed outrage on social media, calling the detention “horrifying” and “unacceptable.” Supporters argued the family followed legal asylum processes upon entry.
  6. Connection to Super Bowl Halftime Show Rumors During Bad Bunny’s Feb. 8, 2026, Super Bowl halftime performance, the artist handed a Grammy trophy to a young boy onstage as a symbolic gesture of inspiration. Social media rumors quickly claimed the child was Liam Ramos, linking the cultural moment to his story. Bad Bunny’s publicist, multiple outlets including NPR and People, and school officials confirmed the boy was an actor representing Puerto Rican youth, not Liam, who remained in Minnesota.
  7. Ongoing Immigration Proceedings The family’s asylum case remains pending in immigration court. Despite release from detention, the Trump administration pursued expedited removal, with DHS and Homeland Security Secretary Kristi Noem seeking fast-track deportation. A judge denied the expedited bid in early February 2026, allowing more time for hearings. The family continues fighting for legal status amid uncertainty.
  8. Community and School Impact Columbia Heights Public Schools canceled classes one day due to a credible bomb threat linked to heightened attention on the case. Principal Jason Kuhlman described the environment as “like the wild west,” noting trauma for students and families. The district advocated for Liam, emphasizing his right to education and safety. Community leaders and elected officials rallied in support, highlighting broader effects on immigrant families.
  9. Broader Political Context The incident occurred during intensified immigration enforcement under President Trump’s second term, including workplace raids and family detentions. Critics viewed Liam’s case as emblematic of using children as “bait” to apprehend parents. Supporters of the policy argued ICE had no choice given outstanding orders, though the family maintained they entered legally and pursued asylum properly.
  10. Current Status and Future Outlook As of February 2026, Liam has returned to preschool and family life in Minnesota, though deportation proceedings loom. Advocates continue pressing for humanitarian parole or asylum approval. The case remains a flashpoint in national immigration debates, symbolizing tensions over child welfare, due process and enforcement priorities.

Liam Conejo Ramos’ story — from a routine school day to international headlines — underscores the human impact of policy decisions. While his detention lasted only weeks, the emotional and legal aftermath continues to unfold for this young boy and his family.

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Expert Rankings for Speed, Privacy, Streaming and Security

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Top 10 Best VPN Services in 2026

Virtual private networks remain essential tools in 2026 for protecting online privacy, bypassing geo-restrictions, securing public Wi-Fi connections and accessing streaming content worldwide. With cyber threats evolving and governments increasing surveillance, consumers seek VPNs that balance speed, strong encryption, no-logs policies and reliable performance.

Top 10 Best VPN Services in 2026
Top 10 Best VPN Services in 2026

Independent reviews from PCMag, CNET, TechRadar, Tom’s Guide, Security.org and others in early February 2026 show a competitive field led by established names. Rankings vary by priorities — privacy purists favor audited no-logs providers, streamers prioritize unblocking Netflix and Hulu, budget users seek value, and speed enthusiasts demand minimal slowdowns.

Experts tested dozens of services on factors including connection speeds, server networks, encryption standards (AES-256, WireGuard protocols), kill switches, leak protection, independent audits, jurisdiction and real-world streaming/torrenting performance. Here’s the consensus top 10 VPNs for 2026, drawn from aggregated expert evaluations.

  1. NordVPN — Best Overall VPN NordVPN consistently ranks No. 1 across many 2026 reviews for its blend of blazing speeds (via NordLynx protocol), massive server network (over 8,000 servers in 100+ countries), audited no-logs policy and extras like Threat Protection, Double VPN and Meshnet. It excels at unblocking streaming services, supports 10 simultaneous connections and offers competitive pricing (often under $4/month on long-term plans). Drawbacks include occasional app complexity for beginners.
  2. ExpressVPN — Best for Streaming and Ease of Use CNET and Top10VPN frequently crown ExpressVPN the best overall due to intuitive apps, lightning-fast servers, excellent streaming unblocking (Netflix, Disney+, BBC iPlayer) and top-tier privacy (independent audits, British Virgin Islands jurisdiction). Lightway protocol delivers near-native speeds with strong encryption. It supports unlimited devices on some plans but costs more than competitors.
  3. Proton VPN — Best for Privacy and Free Tier PCMag awards Proton VPN Editors’ Choice for unmatched privacy, thanks to Switzerland’s strong laws, open-source apps, Secure Core routing and repeated no-logs audits. Its free plan offers unlimited data (rare in the industry), while paid tiers add speed and servers. Excellent for privacy-focused users, though speeds trail leaders in some tests.
  4. Surfshark — Best Value and Unlimited Devices Surfshark stands out for unlimited simultaneous connections, low long-term prices (often under $3/month) and solid performance. It features CleanWeb ad/malware blocking, RAM-only servers and strong streaming support. Unlimited devices make it ideal for families or multi-device households, though server count lags behind NordVPN.
  5. Private Internet Access (PIA) — Best for Customization and Torrenting PIA earns praise for deep customization (port forwarding, split tunneling), proven no-logs policy (court-tested) and anonymous torrenting. Affordable with strong U.S. server coverage, it suits power users. Apps feel dated to some reviewers, but functionality remains excellent.
  6. Mullvad — Best for Anonymous Accounts and Privacy Purists RTINGS and privacy advocates rank Mullvad highly for exceptional business practices: cash/crypto payments, no email required, audited no-logs and WireGuard focus. Fixed pricing (€5/month) and transparency appeal to those prioritizing anonymity over features.
  7. CyberGhost — Best for Beginners and Dedicated Streaming Servers CyberGhost offers user-friendly apps, dedicated streaming-optimized servers (Netflix, Hulu) and solid speeds. Affordable long-term plans and 45-day money-back guarantee make it beginner-friendly, though advanced features trail top competitors.
  8. IPVanish — Best for Unlimited Devices on a Budget IPVanish provides unlimited connections, strong speeds and good U.S. coverage. It suits streaming and torrenting, with no-logs audits. Ownership by Ziff Davis (PCMag parent) raises some privacy questions for skeptics.
  9. Mullvad (repeated emphasis in privacy rankings) — Often listed alongside Proton for strict no-logs and ethical stance. Some sources highlight Mullvad’s refusal to log even minimal data, making it a go-to for high-privacy needs.
  10. Atlas VPN or Windscribe — Emerging or niche picks for free/premium balance. Windscribe offers generous free data with strong privacy; Atlas (now part of Nord) provides solid free access but paid tiers lag leaders.

The VPN landscape in 2026 favors audited, transparent providers avoiding Five/Nine/Fourteen Eyes jurisdictions when possible. Speeds have improved industry-wide with WireGuard adoption, while streaming unblocking remains a key battleground. Free VPNs often compromise privacy or speed — experts recommend paid options with money-back guarantees.

When choosing, consider needs: privacy (Proton/Mullvad), streaming (ExpressVPN/NordVPN), budget (Surfshark/PIA) or ease (ExpressVPN). Always review current audits and test with trials, as performance varies by location and ISP.

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BSF Enterprise to hold annual general meeting on March 3

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BSF Enterprise to hold annual general meeting on March 3

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PSU Banks look attractive; Bank of Baroda top pick: Pankaj Pandey

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PSU Banks look attractive; Bank of Baroda top pick: Pankaj Pandey
Pankaj Pandey, Head Research, ICICIdirect.com said PSU banks continue to look attractive, even as he refrained from commenting directly on SBI due to compliance reasons. He said Bank of Baroda remains his top pick in the space, with a target price of ₹340. According to him, the second half of the financial year is expected to be significantly better than the first half, and recent volatility in performance is likely to subside.

“PSU banks overall look very attractive to us. What we have in terms of our top pick is Bank of Baroda, there we have a target price of 340. Overall sense is that H2 is expected to be a lot better compared to H1 and whatever volatility we have seen in the past in terms of performance should do better and this bank also should do well from the perspective of potential M&As or potential consolidation in the PSU space,” Pandey said.

He added that broader policy changes could further support PSU banks. “There are other factors which might also help if the government reviews the potential voting rights plus FDI guidelines. I think PSU banks will probably continue to outperform private sector counterparts,” he said.

On Kotak Mahindra Bank, Pandey said he remains constructive on the stock, highlighting improving growth visibility and easing concerns around potential involvement in the IDBI Bank acquisition. “Kotak on a standalone basis, we have been liking this bank because now they are guiding for one-and-a-half to two times nominal GDP growth rate in terms of advances. Credit cost has been a challenge for them, which they are expecting to trend lower,” he said.

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He added, “So, we see this bank as growing at say 15-odd percent and ROAs at about 2.1-odd percent. So, we like this bank. And whatever overhang was there because they were one of the potential bidders for IDBI has been sort of put to rest. So, from that perspective we are very constructive on Kotak Bank.” He said IDBI Bank is not under his coverage.


On Tata Steel, Pandey said he remains positive and prefers the stock over JSW Steel. “We have a pretty constructive stance. Previously, we had a buy rating. This particular quarter, we have seen realisation being down by about Rs 3,300 per tonne, whereas impact on EBITDA was relatively less at about Rs 1,800 per tonne,” he said.
He expects margins to improve in the coming quarter. “Our sense is that with 12% kind of a safeguard duty coming in, in Q4 we would expect overall EBITDA per tonne to improve by or net realisation to improve by 2,300. And the good part is that going forward you will see bulk of the EBITDA growth is going to be driven by Indian operations, which means that this company will do some catch-up in terms of EV/EBITDA multiple compared to JSW. So, between the two we like Tata Steel more compared to JSW,” Pandey said.On the potential merger of power sector NBFCs, Pandey said his preference is for PFC over REC, citing long-term funding opportunities in renewable and nuclear energy. “In both these entities, preference is towards PFC and both of the companies carry advance book in excess of five lakh crores,” he said.

He highlighted the long-term opportunity size in nuclear power financing. “The broader perspective is that if we were to do a lot more in terms of financing in terms of renewable energy or nuclear power, nuclear power itself is a 20 lakh crore kind of an opportunity which could unfold and the potential merger there will create or you need bigger NBFCs to fund,” he said.

While near-term numbers may not be a strong trigger, Pandey said the longer-term outlook remains positive. “So, from a near-term number perspective, we may not be really sort of that constructive, but our sense is that from a bigger scheme of things this NBFC looks a lot more good to us.”

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Independence calls for 2050 Commission

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Independence calls for 2050 Commission

The body set to replace Infrastructure WA will only be able to conduct research and inquiries on topics the Premier deems fit, sparking calls from the Opposition for more independence.

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Trump’s T1 Smartphone Is Back With New Specs, But With Higher Price, Suspicious Manufacturing Claims

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Trump Mobile

President Donald Trump‘s branded smartphone, how called the Trump T1, has resurfaced after months of silence, this time with upgraded hardware, a redesigned look, and a higher price point.

Early adopters are now thinking whether they will still purchase this controversial device after learning about the new information.

Trump T1 Specs Get a Significant Overhaul

Trump Mobile

According to recent comments from Trump Mobile executives via The Verge, the T1 will feature a 6.8-inch display powered by a Qualcomm Snapdragon 7-series processor. Storage appears to be a major selling point, with 512GB of internal memory and SD card expansion support.

The phone is also expected to include a 5,000mAh battery designed for all-day use. Camera specifications look ambitious on paper, with 50MP sensors on both the front and rear. Industry watchers speculate the rear system could include ultra-wide and telephoto lenses, though no official confirmation has been provided.

Trump T1’s Pricing Strategy Appears Suspicious

The Trump T1 is expected to launch at $499 for early buyers, but that price is described as temporary. Trump Mobile says the device will cost more at a later date, though the final price has not been disclosed.

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This revised pricing strategy has raised eyebrows, particularly given the phone’s earlier announcements, which included features and timelines that ultimately failed to materialize.

Manufacturing Claims Quietly Reversed

One of the most notable changes involves manufacturing. Despite earlier marketing that implied the phone would be made in the United States, company executives have now confirmed that domestic production is no longer planned.

According to Mashable, the reversal directly contradicts previous messaging and has added to concerns about transparency surrounding the project.

Launch Timeline Remains Unclear

The Trump T1 was originally expected to launch months ago, but repeated delays, redesigns, and shifting specifications have clouded its credibility. Executives now claim shipments could begin by spring, though the current version reportedly looks nothing like earlier promotional materials.

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With its specs, pricing, and production plans all evolving, the Trump T1 remains a product surrounded by uncertainty. And even though there will be changes in its pricing for the coming months, the fact that it is connected to Trump is enough to make it controversial—always.

Originally published on Tech Times

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