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ET Intelligence Group: Gaja Alternative Asset Management, which manages and advises India-focused investment funds, plans to raise ₹450 crore through a fresh issue to fund its investments in existing and new funds and repay loan. Additionally, it will raise ₹100 crore through an offer for sale. The promoter stake will fall to 54% after the IPO, from 71% currently. The company has generated an average multiple on invested capital (MOIC) of 3.3 times across prior investments and funds, implying strong investment returns. However, its earnings are dependent on fund performance and its business is exposed to regulatory changes. Given these factors, the issue appears to be suitable for long-term investors with a higher risk tolerance.

Business

Incorporated in 1999, the company invests in sectors including education, energy and environment, financial services, consumer and digital technology. Its investment approach is focused on the mid-market segment, comprising deal size of ₹50-250 crore. The Limited Partners (or investors) of Gaja Capital funds are spread across 20 countries including India, the US, Europe and the Middle East. It derives income from management fee, carried interest, which refers to share of profits from successful investments, and income from sponsor commitment. Income from sponsor commitments represents gains on the company’s own capital invested in the funds. As of March 31, 2026, it has committed about ₹274 crore, or 6.4% of the total size of the Gaja Capital Funds. The carried interest accounted for nearly 48% of total income in FY26. Any weak investment performance will affect the carried interest and sponsor related income. According to Crisil, the assets under management for alternative investments in India are expected to grow at 25-27% to reach ₹41 lakh crore-44 lakh crore by March 2030.

Financials

Revenue increased to ₹158 crore in FY26 from ₹104 crore in FY24. Net profit grew to ₹82 crore in FY26 from ₹45 crore in FY24. Net margin rose to 52% from 43% during the period, reflecting operating leverage as cost-to-income ratio fell to 44.6% in FY26 from 52.3% in FY25. Across its three funds, MOIC has ranged from 1.7 times to 3.8 times. MOIC shows how much an investment has grown compared with the amount originally invested. The return on equity increased to 16.5% in FY26 from 14.5% in FY24.Read more: Anthropic pre-IPO credit facility set to climb past $10 billion

Valuation

As the first standalone private equity firm to list on the exchanges, Gaja Alternative Asset Management has no direct listed peers. The IPO is priced at a P/E multiple of 27.5 times, compared with P/E multiples of around 25-40 times for listed asset management companies (AMCs).

Mumbai Milky Mist Dairy Food was listed on the NSE at ₹165 on Tuesday, a 17.9% premium to its issue price of ₹140. The stock ended at the day’s high of ₹181.5. The company’s market capitalisation was at ₹13,972.66 crore at close.

Read more: Augmont Enterprises IPO: Rs 825 crore issue price band set at Rs 750-788

The UK Payments Market report, released once a year, shows that debit cards – included those loaded onto phones – were the predominant way to pay last year.

They accounted for 54% of all payments in made in 2025. Some 39% of payments were contactless.

Cheques had been due to be phased out by 2018, until MPs forced a change of heart by the industry years ago.

Instead, they have withered to just 0.2% of payments made in the UK – with a total of 77 million written last year.

Cash is unlikely to go the same way, according to forecasts by UK Finance.

Notes and coins were used in 3.9 billion, or 8%, of all payments last year. This is expected to halve to 4% of all payments in the UK in 2035, or two billion transactions.

However, some people still had a strong preference for using cash.

“Rather than the UK becoming a cash-free society over the next decade, the UK will transition to an economy where cash is less important than it once was but remains widely valued and still preferred by some,” the report said.

Nearly 50 million people used a cash machines last year.

Nick Quin, from Link, which oversees the UK’s ATM network, said: “Cash withdrawals are falling across every part of the country. More people find it convenient and prefer to pay using contactless cards and digital wallets on smartphones, but millions still rely on cash day in, day out.

“People on lower incomes rely more heavily or entirely on cash to budget, which is why our job is to protect access to cash for as long as people need it.”

Good morning. Financial influencers are reshaping how consumers manage their money—and how brands win their trust, Elyse Goncalves reports for The Wall Street Journal.

Less regulated and more widely accessible than the traditional financial services industry, these “finfluencers” use battle-tested growth tactics to capture attention. Stock picker Timothy James, 38, says he’s used rage-baiting lines to drive views, while U.K. creator Leo Gibson relies on radical relatability. Gibson’s financial advice video reached nearly 500,000 views by ditching institutional polish for a casual bedroom setup.

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NEW YORK — The Dow Jones Industrial Average fell 87.36 points, or 0.16%, to 53,372.42 as of 9:44 a.m. EDT Tuesday, as rising oil prices tied to escalating tensions with Iran weighed on broader market sentiment even as a stronger-than-expected earnings report from Home Depot offered some support to blue-chip stocks.

Tuesday’s modest decline followed a sharper pullback across Wall Street on Monday, when all three major indexes closed lower amid rising crude prices and climbing long-term Treasury yields. The Dow fell 272.63 points, or 0.51%, to close at 53,459.78, while the S&P 500 slid 0.52% to 7,745.06 and the Nasdaq Composite dropped 0.32% to 26,644.91. That pullback came as West Texas Intermediate crude climbed above $83 a barrel and Brent crude moved above $88, with crude prices gaining roughly 3% during Monday’s session alone following the expiration of a 60-day window for the U.S. and Iran to reach a deal aimed at ending their ongoing conflict.

By Tuesday, oil prices had pushed even higher, with crude trading above $90 a barrel as concerns over instability in the Middle East continued to dominate broader market sentiment. According to Yahoo Finance, Middle East conflict concerns combined with the elevated oil prices weighed on the S&P 500 and Nasdaq early Tuesday, with the Nasdaq Composite falling as much as 1.2% in premarket trading, leading declines among the major indexes, while the Dow traded closer to flat.

Home Depot emerged as one of the session’s key earnings stories. The home improvement retailer reported fiscal second-quarter sales of $47.86 billion, topping analyst expectations of roughly $47.27 billion, alongside adjusted earnings per share of $4.92, ahead of the $4.73 consensus estimate. The company reaffirmed its full-year guidance, continuing to project comparable sales of roughly flat to up 2% for fiscal 2026, along with adjusted earnings per share in a range of flat to up 4% from $14.69, compared with a consensus estimate of $14.96.

According to Investing.com, Home Depot shares rose as much as 2.1% in pre-market trading following the report, with demand from repair-focused customers proving more resilient than some investors had feared. However, by the time regular trading got underway, the stock’s gains had moderated considerably, with CNBC reporting the shares up only around 1% after the company left its full-year guidance unchanged despite the top-line beat. Oppenheimer analyst Brian Nagel offered commentary on the results in a CNBC interview, breaking down the retailer’s performance as investors weighed the company’s outlook against continuing softness in the broader housing market. Home Depot separately reaffirmed its guidance while citing what the company described as “frozen housing market conditions,” according to CNBC’s coverage of the report.

Notably, Home Depot’s earnings call was led by interim management, with Senior Executive Vice President Ann-Marie Campbell and Chief Financial Officer Richard McPhail steering the company after Chief Executive Ted Decker began a temporary medical leave on Aug. 12.

Home Depot’s results carried added significance given the broader context of this week’s retail earnings slate. Walmart, Target, Lowe’s and TJX are all scheduled to report results over the coming days, with Lowe’s set to report Wednesday and Walmart due Thursday. Those reports are being closely watched following Friday’s weaker-than-expected U.S. retail sales data, which showed sales unexpectedly fell 0.6% in July, the largest monthly decline in more than a year, raising questions about whether elevated interest rates, inflation and broader household financial pressure are beginning to weigh more heavily on consumer spending.

TheStreet Pro contributor James “Rev Shark” DePorre highlighted the outsized importance the market is placing on this week’s retail results given that backdrop. “The retailers are the real news,” DePorre said. “Walmart (WMT), Target (TGT), and Home Depot (HD) all report earnings, and after Friday’s weaker-than-expected retail sales those reports will carry more weight than they normally would.” DePorre also flagged Wednesday’s scheduled release of Federal Open Market Committee meeting minutes as a significant event to watch this week, given recent signs of division among Fed officials. “Given that three members dissented in favor of a hike at the last meeting and Kevin Warsh declined to signal anything about the path ahead, the minutes may be more informative than usual,” he said.

Beyond the retail and Home Depot storylines, Tuesday’s session also featured notable pressure across the memory chip sector. Micron Technology and SK Hynix each fell more than 4% in premarket trading, while shares of Sandisk also declined more than 4%, according to CNBC, as memory chipmakers broadly retreated as a group after a period of significant gains tied to artificial intelligence-driven demand.

Elsewhere in Tuesday’s earnings and market news, optical product manufacturer Fabrinet fell more than 9% despite fourth-quarter earnings and revenue that exceeded expectations, with the company citing anticipated seasonal expense pressure expected to weigh on margins during its fiscal first quarter of 2027. Buy-now-pay-later company Klarna’s stock plunged following a trimmed financial outlook, according to Yahoo Finance’s market coverage, while packaging company Amcor was downgraded to neutral from overweight by JPMorgan on Monday.

Individual premarket movers Tuesday included notable volatility beyond the major blue-chip names. Electric vehicle company Xos surged 114.6% on heavy trading volume, while medical technology company Profusa climbed 97.2%, according to market tracking. Super League Enterprise also jumped 64.5% amid unusually high trading activity, illustrating pockets of significant speculative interest even amid the broader market’s more cautious overall tone Tuesday morning.

With Wednesday’s Federal Reserve minutes and Lowe’s earnings report on deck, followed by Walmart’s results Thursday, investors are likely to continue closely monitoring how this week’s combination of retail earnings, Fed commentary and ongoing Middle East-driven oil price volatility shapes broader market direction through the remainder of the week, as Wall Street works to reconcile continued strength in areas like artificial intelligence-linked technology stocks against renewed uncertainty stemming from both geopolitical developments and signs of a softening U.S. consumer.