Apply that same discipline to intraday trading and the picture that emerges is considerably more sober than the one presented in advertising — and considerably more useful.

Consider it, for a moment, as a business proposition.

The revenue model

In practice, day trading means opening and closing positions within the same session, taking no exposure overnight. Revenue comes entirely from short-term price movement captured across many small transactions.

The critical feature of this model is that it is not a growth business. Over a single session, price movement does not create economic value; it transfers it between participants. The gains of one trader are the losses of another, minus the costs both pay to intermediaries. Unlike a company selling a product into an expanding market, there is no underlying growth to carry an average performer.

That structural point is confirmed by the figure regulated providers must display: across the industry, roughly 70% to 80% of retail accounts using leveraged products lose money. In no other sector would a business plan survive a failure rate of that order without serious scrutiny of the assumptions.

The cost base

Costs in this business are per-transaction, and intraday activity multiplies them.

Every position crosses the spread twice, on entry and on exit. Fast-moving markets add slippage, the difference between the price displayed and the price received, which widens precisely when volatility is highest. Some instruments carry commission. Data feeds, charting software and hardware add fixed monthly overheads.

Here is the arithmetic that decides everything. A trader placing ten round trips a day, across roughly 250 trading days, executes 2,500 round trips a year. If each costs an average of £5 in spread and commission, the annual cost base is £12,500 before a single profitable decision. On a £25,000 account, the strategy must generate a 50% gross return simply to break even.

That is the break-even volume calculation, and it is the reason experienced practitioners obsess over execution costs while beginners obsess over entry signals.

The capital requirement

Two constraints bind simultaneously

The first is risk capital. Sound position sizing typically risks a small fraction of an account on any single idea, often cited as 1% or less. At that rate, an account needs to be large enough that a sensible position is still meaningful after costs — which is why undercapitalised traders are pushed towards excessive leverage, and why undercapitalisation is the most common route to rapid failure.

The second is living capital. Intraday trading produces irregular income with no floor. Any venture whose revenue can be negative for consecutive months needs a separate runway, exactly as a startup does. Using the trading account as the runway means being forced to take risk on a schedule dictated by rent rather than by opportunity, which inverts the entire logic of the activity.

The regulatory environment

In the UK, firms offering leveraged products to retail clients must be authorised by the Financial Conduct Authority. The rules include leverage limits by asset class, negative balance protection so that losses cannot exceed deposits, and mandatory risk disclosure in promotions.

These provisions exist because the regulator concluded the retail outcomes warranted intervention. Checking a provider on the public FCA register is elementary due diligence, comparable to verifying that a supplier is a real company before signing a contract.

The measurement problem

Most businesses fail slowly and visibly, through declining margins that show up in the accounts. This one fails invisibly, because the feedback is extraordinarily noisy.

A poor decision can produce a profit; a sound one can produce a loss. Over small samples, results carry almost no information about process quality. A run of twenty winning trades proves nothing, and neither does a run of twenty losses. Anyone who has managed a sales team through a volatile quarter recognises the problem: you cannot manage what you measure badly.

The professional answer is record keeping that captures the decision, not just the outcome. What was the thesis, what was the risk, what was the plan for being wrong, was the plan followed. Judged on that basis, process quality becomes measurable long before profit and loss becomes meaningful.

The verdict

None of this is an argument that the activity cannot be done. It is an argument that it should be assessed as a business with high fixed costs, negative-sum economics before fees, a poor base rate of survival and an unusually noisy feedback loop.

Assessed that way, the sensible entry route looks like any other prudent venture: small scale, honest accounts, capital you can afford to lose entirely, and a defined point at which you would conclude the model does not work and stop.

Capital is at risk. Leveraged products carry a high risk of rapid loss and are not suitable for everyone.

Fortunately, many Pakistani documentation matters can be planned and managed from overseas. Depending on the type of document and the applicant’s circumstances, people may be able to use online services, overseas application channels, authorized representatives, professional assistance, or a combination of these options.

The key is to understand exactly what document is required, gather accurate information, and check the current procedure before starting. Whether you need to update an identity document, manage family records, prepare a Power of Attorney, or deal with property paperwork, preparation can significantly reduce unnecessary delays.

Identify Exactly Which Pakistani Document You Need

Before searching for an online service or contacting a representative, establish exactly what document you need. Pakistani documentation covers several different areas, and each document has a specific purpose.

For example, identity-related documents are different from family certificates, passports, Powers of Attorney, property records, and other legal paperwork.

Common documentation requirements for Pakistanis living abroad may involve:

• Pakistani identity documentation
• NICOP-related services
• Passport applications or renewals
• Family records and certificates
• Birth and marriage documentation
• Powers of Attorney
• Property documents
• Inheritance paperwork
• Affidavits and declarations
• Other official certificates

The first question should therefore be: What am I trying to accomplish?

If the goal is to update an identity record, look for the relevant identity-document process. If you need someone in Pakistan to complete a property transaction on your behalf, a Power of Attorney may be more relevant.

People sometimes make the mistake of searching for a general “Pakistani documents” service without identifying their actual requirement. This can result in unnecessary applications or confusion about which documents are required.

Once the purpose is clear, create a checklist of the information and supporting documents you are likely to need.

Make Use of Appropriate Online Services

Online services can make certain Pakistani documentation processes more convenient for people living in the UK. Instead of travelling to Pakistan, applicants may be able to submit information, upload supporting documents, or manage parts of an application remotely, depending on the service.

For example, people researching NICOP renewal online may be looking for a way to manage their Pakistani identity documentation without travelling overseas.

Before beginning any online application, however, applicants should confirm that the service is suitable for their circumstances. Check the eligibility requirements, supporting-document requirements, fees, photograph specifications, and any verification procedures that may apply.

An online application does not necessarily mean that every part of the process is completed digitally. Some applications may require additional verification or supporting steps.

When using online services, protect your personal information. Identity documents can contain highly sensitive information, so applicants should verify that they are using an appropriate and trustworthy platform before entering passport numbers, identity-card information, photographs, or other personal details.

The name NADRA Solutions may also appear in searches by people looking for assistance with Pakistani identity documentation. Applicants should understand what a particular service actually provides and whether it is an official application channel, an administrative assistance service, or a separate professional service.

The safest approach is to verify the current requirements before sharing sensitive information or paying for assistance.

Keep Your Identity Documents Accurate and Updated

One of the most important steps in managing Pakistani documentation from the UK is keeping personal information accurate.

Review the information appearing on your Pakistani identity documents and compare it with other important records.

Check details such as:

• Full name
• Date of birth
• Place of birth
• Parents’ names
• Marital information
• Identification numbers
• UK address
• Pakistani address
• Passport details

Inconsistencies can sometimes cause questions when documents are submitted together. For example, a different spelling of a name on two official records may require additional clarification.

This is particularly important when documentation is being used for property, inheritance, banking, or legal matters.

If your personal circumstances have changed, determine whether relevant records should be updated. A change of address, marriage, or another significant event may affect certain records.

It is also helpful to keep copies of previous identity documents. An old document may sometimes be useful when demonstrating previous information or supporting an application.

A secure digital folder can make remote document management easier. Store clear copies of important documents and organize them by category.

For example:

• Identity: passports and identity documents.
• Family: birth, marriage, and family-related certificates.
• Property: ownership documents and agreements.
• Legal: Powers of Attorney and affidavits.
• Applications: submitted forms, receipts, and confirmation records.

A little organization can save considerable time when a document is urgently required.

Use Trusted Representatives in Pakistan When Necessary

Although many processes can be managed remotely, some matters may still require physical action in Pakistan.

In these situations, a trusted representative can sometimes assist on behalf of a person living in the UK.

A representative could be a close family member, lawyer, property professional, or another trusted individual, depending on the matter.

Before asking someone to act for you, clearly define what you expect them to do. If they are handling an important legal or property matter, written authorization may be required.

A Power of Attorney can be useful in appropriate circumstances. It allows a person to authorize another individual to act on their behalf within the powers specified in the document.

For example, someone living in the UK may appoint a trusted person in Pakistan to assist with a particular property transaction.

The wording of the Power of Attorney should be carefully considered. If the representative only needs authority for one specific transaction, unnecessarily broad powers may not be appropriate.

The document may also need to satisfy particular witnessing, notarisation, authentication, or attestation requirements before it can be used.

These requirements can depend on the purpose of the document and the organization that will receive it. Therefore, applicants should confirm the applicable procedure before signing.

A representative should also maintain records of any transaction completed on your behalf. Copies of agreements, receipts, correspondence, and other paperwork should be retained.

Manage Property, Inheritance, and Family Matters Remotely

Property and inheritance are among the most challenging matters to manage when living outside Pakistan.

A UK-based Pakistani may own a house, apartment, commercial property, or land in Pakistan. They may also inherit property following the death of a parent or another family member.

Distance can make these matters more complicated because the owner or heir may be unable to attend local offices or inspect documents personally.

The first step is to organize the relevant paperwork.

Property matters may involve:

• Ownership records
• Purchase or sale agreements
• Property-related correspondence
• Tax records
• Identification documents
• Powers of Attorney
• Other transaction records

Inheritance matters may additionally involve documents establishing family relationships and the relevant status of the estate.

Do not assume that a single identity or family document establishes property ownership or inheritance rights. Different documents serve different purposes.

If several family members are involved, keep communication in writing where possible. Written records can help reduce misunderstandings and provide a clear history of decisions and transactions.

For significant property or inheritance issues, professional legal advice may be appropriate. This is especially true where there are disputes, multiple heirs, unclear ownership, or substantial financial interests.

A trusted representative may be able to handle certain local tasks, but the representative should remain within the authority granted to them.

Avoid Common Remote Documentation Mistakes

Managing documents from another country creates several potential pitfalls. Fortunately, many are preventable.

One common mistake is waiting until the last minute. If a passport or identity document is about to expire, there may be little time to resolve an unexpected issue.

Another mistake is relying on outdated online information. Procedures, forms, fees, and supporting-document requirements can change.

Other mistakes include:

• Entering incorrect personal information
• Submitting incomplete applications
• Forgetting supporting documents
• Providing unclear copies
• Using an inappropriate application channel
• Failing to retain application references
• Sending sensitive documents through insecure channels
• Assuming every process can be completed online
• Giving excessive authority to a representative
• Relying on informal advice for complex legal matters

Applicants should also be careful when choosing third-party assistance.

If a website or service claims to help with Pakistani documentation, understand exactly what it offers. Is it providing general information, administrative assistance, legal advice, or access to an official application process?

Do not assume that a company or service using terms such as “NADRA” is itself a government authority. Verify the nature of the service before providing personal information or making payments.

People searching for NICOP renewal online or NADRA Solutions should therefore check the current requirements and verify the service they intend to use.

For sensitive applications, using an appropriate official channel where available can help reduce unnecessary risk.

Create a Long-Term System for Managing Documents From the UK

The easiest way to manage Pakistani documentation remotely is to create a system before you actually need it.

Start by collecting copies of your important documents and organizing them into categories.

Maintain a record of:

• Document names
• Issue dates
• Expiry dates
• Identification numbers
• Application reference numbers
• Relevant representatives
• Important contact information

Set reminders for documents that need periodic renewal or review.

It can also be useful to maintain a secure digital archive. Make sure the files are clearly named so that you can locate them quickly.

For example, use descriptions such as “Pakistani Passport – Current” or “Property Agreement – Pakistan” rather than generic file names.

Security should be a priority. Identity and legal documents contain sensitive information and should not be shared unnecessarily.

If you regularly manage affairs in Pakistan, establish a relationship with trustworthy professionals or representatives who can assist when physical presence is necessary.

It is also worth reviewing your arrangements periodically. A representative who was appropriate several years ago may no longer be available, and a Power of Attorney may no longer reflect your current requirements.

Planning ahead is particularly useful for property and inheritance matters, where obtaining documents or resolving discrepancies can take time.

The goal is not to eliminate every physical requirement. Instead, the aim is to reduce unnecessary travel by completing appropriate stages remotely and arranging local assistance only where it is genuinely needed.

Conclusion

Managing Pakistani documentation without travelling to Pakistan is increasingly practical for UK-based Pakistanis, but successful remote management depends on preparation and accurate information.

Begin by identifying exactly what document or service you need. Identity documents, family records, Powers of Attorney, property documents, and inheritance paperwork all have different purposes and requirements.

Online services can be useful for eligible overseas applicants. People researching NICOP renewal online should verify the current application process and determine whether any additional verification or supporting documentation is required. Similarly, anyone encountering services described as NADRA Solutions should understand precisely what the service provides and verify its reliability before sharing sensitive information.

Keeping identity information accurate is equally important. Review names, dates of birth, addresses, and other details before submitting applications or using documents for major legal matters.

When physical action is necessary in Pakistan, a trusted representative may be able to assist. A carefully prepared Power of Attorney can be useful in appropriate circumstances, particularly for property and administrative matters.

UK-based Pakistanis should also maintain secure copies of important records and keep track of expiry dates, application references, and supporting documents. Avoid relying on outdated information or assuming that every process can be completed entirely online.

“Although further U.S. rate hikes had already been largely priced in and longer-term inflation expectations had remained stable near the Fed’s inflation target, there apparently remained some doubt as to whether the central bank would actually be willing to raise rates sufficiently quickly and decisively,” Commerzbank’s Thu Lan Nguyen said in a note.

Shares of NMDC rallied up to 2% on Monday to a day’s high of Rs 80.85 after the company announced that it has set a target of achieving net-zero operational emissions by 2047, covering Scope 1 emissions from direct fuel consumption and Scope 2 emissions associated with electricity use.

According to a filing with the exchange, the company has taken the decision as part of its commitment to progressively reduce the carbon footprint of its operations and transition towards lower-carbon mining practices.

Also Read | NMDC sets Net Zero target for operational emissions by 2047

The company said that under its net-zero roadmap, it has identified six key strategies: energy efficiency, renewable energy integration, electrification of its fleet, adoption of low-carbon fuels, Carbon Capture, Utilisation and Storage (CCUS), and demand-side management.

The net-zero roadmap has been divided into three phases. The short-term phase will cover FY 2026 to FY 2030, followed by the medium-term phase from FY 2030 to FY 2040, while the long-term phase will run from FY 2040 to FY 2047.

Also Read | NMDC looks to hit 60 MT iron ore production mark this fiscal: Chairman
The company plans to progressively implement the identified measures across these three phases, with energy efficiency, renewable energy adoption and electrification expected to form key components of the initial transition, followed by deeper decarbonisation measures and emerging technologies in subsequent phases.The company has set an overall target of a minimum 90% reduction in operational emissions as part of its net-zero pathway, with the remaining emissions to be addressed through offsetting measures as the roadmap progresses.

Going beyond Scope 1 and Scope 2, the company’s logistics infrastructure is also expected to contribute to its decarbonisation efforts. The upcoming slurry pipeline project is expected to provide a greener downstream transportation solution by reducing dependence on conventional transportation and associated warehousing requirements.

Further, NMDC plans to increase the movement of iron ore through rail freight, supported by the doubling of railway lines and other supply infrastructure being developed around its operations. Greater use of rail transportation is expected to help reduce the carbon intensity associated with the movement of minerals.

NMDC has already undertaken several initiatives aimed at increasing the share of renewable energy and reducing dependence on conventional energy sources. These include a 10.5 MW wind energy facility at Chitradurga and solar power installations across its projects.

NMDC share price movement

In the last one month, shares of NMDC fell 5% and are down nearly 4.09% in the current calendar year. In the last one year, the stock has gained 4.85%. The stock has gained 67.24% in the last three years and 74.32% in the last five years.

Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor . Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

Shares of ESDS Software Solutions, India’s best-performing IPO of the year, rallied as much as 5% on Monday to hit the upper circuit at Rs 1,622, resuming their strong post-listing run after three consecutive sessions of lower circuits.

ESDS, an AI-enabled end-to-end IT services provider offering data centre, cloud, colocation, managed services and AI infrastructure solutions, listed at a 76% premium to its issue price of Rs 429 per share.

The stock ended its listing day more than 110% above the issue price, before hitting a 20% upper circuit for the next two sessions, followed by three sessions of 10% gains and another 5% rise. The streak took the stock’s gains to 325% in just seven sessions before investors began booking profits and the post-IPO frenzy started to cool.

Decoding ESDS’ mammoth rally

The stock’s explosive post-listing performance follows equally strong demand during its public issue. The ESDS Software Solution IPO was subscribed 136 times overall, highlighting aggressive investor interest across categories. The qualified institutional buyer (QIB) portion was subscribed more than 261 times, while the non-institutional investor and retail portions were subscribed around 193 times and 40 times, respectively.
The investment comes at a time when demand for cloud computing, data storage, cybersecurity and digital infrastructure is accelerating, potentially creating a favourable operating environment for companies such as ESDS.

A substantial portion of the funds raised through the IPO is earmarked for strengthening the company’s digital infrastructure capabilities. Around Rs 576 crore is proposed to be invested in the purchase and installation of cloud-computing equipment and other data-centre infrastructure.

Time to be cautious, investors?

“Fresh investors should avoid chasing at current levels and wait for a meaningful correction, as valuations have become stretched (from a reasonable ~42x FY26 earnings at IPO to 140-170x now),” Santosh Meena, Head of Research at Swastika Investmart, told ETMarkets. Allotted investors, sitting on life-changing gains in days, should book partial profits aggressively (40-60% or more) to lock in returns while retaining a core holding for the longer-term story, given the high risk of sharp reversals once momentum fades.The rally mixes genuine thematic excitement with FOMO and scarcity premium; upside remains possible if AI capacity ramps smoothly and India’s cloud/GPU markets deliver the projected 20-50% CAGRs, but much of the multi-year optimism is already priced in, leaving limited margin of safety and elevated execution risk.

Fundamentally the industry looks robust: India’s data-centre capacity is set to expand several-fold by 2030 on the back of cloud adoption, data localisation, digitalisation and AI workloads, with significant capital commitments from hyperscalers and domestic players. ESDS is well-positioned as a full-stack sovereign-cloud and AI-infra provider with improving margins, sticky customers and expansion plans funded by the IPO, but near-term success hinges on timely capacity addition and contract delivery. Overall, treat it as a high-beta thematic bet, rewarding for early allottees who de-risk, risky for late entrants at peak valuations.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

It’s the chain’s first outlet in the West of England

US clothing brand Hollister is opening a new store at Gloucester Quays, it has announced. The fashion chain has signed for its debut outlet store in the South West – a 8,000 sq ft unit on High Orchard Street.

The store is next to the main entrance into Gloucester Quays’ outlet mall, and opposite retailers Sostrene Grene and All Saints.

Hollister, a brand of Abercrombie & Fitch Co, will sell men and women’s clothing, accessories and fragrance at “outlet prices”, according to shopping park operator Peel Retail & Leisure.

Gloucester Quays already has fashion brands including Jack Wills, Levi’s, The North Face, and Adidas.

Paul Carter, asset director at Peel Retail and Leisure, said: “Securing Hollister for its first South West outlet store is a fantastic milestone for Gloucester Quays. It demonstrates the strength of the destination, and our continued ability to attract sought-after and appealing brands, looking for the best locations and engaged audiences.

“Hollister is a quality addition to our fashion offer, one that was made possible by years of consistent footfall and sales growth, and a compelling tenant mix evolution that means Gloucester Quays is more relevant and interesting today than it was yesterday.”

The new signing comes just two months after Peel Retail & Leisure said it had achieved “a record-breaking start” to the year for Gloucester Quays, with rising H1 footfall, strong retail and leisure performance, and continued leasing momentum.

Across the first half of the year, overall footfall increased by 10 per cent year-on-year, reflecting the continued success of Gloucester Quays’ evolving tenant mix.

The shopping destination is already home to the only South West outlet location for fashion brand All Saints, while outdoor clothing chain Berghaus chose Gloucester Quays for its first standalone store in the region.

“Our strategy has always been to create a destination that offers desirable outlet shopping with a great mix of other uses, and these results demonstrate that approach is continuing to resonate with visitors,” added Mr Carter.