Despite lingering concerns over geopolitical tensions, weak consumption trends and global uncertainty, Prashant Khemka, Founder, WhiteOak Group believes the Indian equity market has already absorbed much of the pessimism. Speaking to ET Now, Khemka argued that uncertainty is a permanent feature of investing and that markets often reward investors when sentiment is at its weakest.

Uncertainty is a Constant, Not an Exception

Khemka dismissed the notion that the current environment is unusually uncertain, saying every market cycle has its own set of fears.

“I have been investing in Indian markets, or markets in general, for much longer. I do not recollect a point in time when there were no uncertainties or concerns. The closest the market came to having no concerns was during the peaks of the 2007 bubble, the 2000 bubble, or the 1992 bubble. It is only closer to the peak that you see fewer concerns.”

He noted that concerns evolve with time, but markets eventually move on.

“We have forgotten most of those matters. People were worried about Grexit, then Brexit, and later tariffs. COVID was obviously very serious. Right now, the concerns and uncertainties we are talking about will not even be remembered in a few months’ time. Certainly, by next year, they will disappear.”
According to Khemka, the correction from the September 2024 peak, combined with the cost of equity and the time value of money, effectively reflects a much steeper adjustment than headline index levels suggest.
“The market is down from its September 2024 peak by a mid-to-high single-digit percentage. Add another 5% to 7% for the time value of money and the cost of equity, and it is equivalent to a decline of more than 25%. I feel that already builds in a lot of negativity and pessimism. I feel very good about making money from here on.”
No Bubble in India, Says Khemka
Responding to concerns about elevated valuations, Khemka said India is not experiencing a market bubble.

“I would say there is no bubble in India. One can ask whether AI is a bubble globally or not. Only in hindsight does one know whether it was a bubble. But in India, there is no bubble because there is not much that is tied to AI.”

He explained that creating new highs is simply part of the market’s long-term behaviour.

“It is in the nature of the market to create new highs all the time. Over anybody’s investing journey, there would be thousands of new highs. A new high does not necessarily mean the market is overvalued.”

Sideways Phase May Eventually Give Way to an Uptrend
Khemka believes Indian equities have largely been moving sideways for nearly two years, rather than being in a sustained bear market.

“Sometimes markets are rallying, sometimes they are declining, and sometimes they move sideways. We have been in a sideways market for the last 21 months or so. Yes, I would like to see the market eventually trend upwards. It does not necessarily go in a straight line. There will be some ups and downs, but a gradual upward trend would obviously be the desirable outcome.”

Foreign Investors Remain Deeply Pessimistic
Khemka pointed out that foreign institutional investors remain far more negative on India than domestic investors, describing current sentiment as one of the weakest he has witnessed.

“Among foreign investors, the pessimism towards India, on a relative basis, is higher than at any point I have seen during my 20 years of professionally managing India money.”

He clarified that the pessimism is relative to other global equity markets rather than reflecting a broad risk-off environment.

“Emerging market fund managers are substantially underweight India. India is one of the most underweight countries in emerging market portfolios, reflecting that pessimism.”

Domestic Investors Less Optimistic, But Not Bearish
While domestic investor confidence has weakened from last year’s highs, Khemka believes it has not reached extreme levels.

“Today, the sentiment among domestic investors is weaker than it was 12 months ago. I would not call it peak pessimism, but it is definitely weaker. If pessimism is at one end and optimism at the other, I would say sentiment today is below average and tilted more towards pessimism than optimism, but far from the peak pessimism that global investors currently have.”

Long-Term Opportunity Amid Weak Sentiment
Khemka’s assessment suggests that weak investor sentiment—particularly among foreign investors—may itself present an opportunity. While acknowledging that uncertainties remain, he believes markets have already discounted much of the bad news. In his view, periods marked by widespread caution often lay the groundwork for stronger long-term returns rather than signalling the end of the investment cycle.

Shares of HFCL rallied as much as 5% to their day’s high of Rs 199 on the BSE on Thursday after the company announced it secured a contract worth approximately Rs 2,666.09 crore from Rail Vikas Nigam Limited (RVNL) for the BharatNet Phase-III project in the Uttar Pradesh (West) Telecom Circle.

With this surge, HFCL shares are now up 200% in 6 months and about 185% in 2026.

In an exchange filing, HFCL said the contract covers the supply of telecom equipment and related accessories, installation and commissioning, creation of an Optical Fiber Cable (OFC) telecom network, and maintenance of the project over a period of 10 years, including a one-year warranty period.

Under the scope of work, HFCL will undertake the supply of telecom equipment and related accessories, installation and commissioning activities, creation of the optical fibre cable telecom network and long-term maintenance of the project infrastructure.

HFCL stated that the contract strengthens its position in the telecom network segment. The order also expands the company’s involvement in the rollout and maintenance of telecom infrastructure under the BharatNet Phase-III programme.

Also Read | NSE IPO: 10 key things investors need to know about India’s largest IPO in history

Should you Buy HFCL shares?

Monarch Networth Capital believes HFCL is witnessing a high-quality earnings turnaround, supported by stronger capacity utilisation and a richer product mix.
Business visibility also remains strong. HFCL’s order book has reached an all-time high of around Rs 21,200 crore. Management has guided for revenue growth of 20-25% in FY27 along with a 3-4 percentage point expansion in EBITDA margins. It has also articulated a long-term aspiration of achieving Rs 10,000 crore in revenue.Monarch further highlighted the optionality emerging from HFCL’s expansion into defence, aerospace and data-centre-related opportunities. The company is scaling up its defence and aerospace vertical, supported by a 1,000-acre facility allotted in Andhra Pradesh, a defence manufacturing unit in Hosur and a proposed aerospace acquisition carrying an export order book of around Rs 1,930 crore.

Monarch also noted that HFCL is India’s largest optical fibre cable manufacturer, with manufacturing facilities across the country. It added that HFCL was the first Indian company to develop and commercialise 5G Fixed Wireless Access customer-premises equipment.

Also Read | NSE IPO: 5 PSU shareholders to offload 2.37 crore shares in mega public offer

The brokerage pointed out that HFCL has rapidly transformed from a predominantly domestic, optical fibre cable-focused company into a globally diversified technology player. Export revenue has increased from around 11% of sales in FY24 to nearly 41% in FY26, while management is targeting exports to account for more than 50% of revenue by FY27, supported by a confirmed export order book of over Rs 12,000 crore.

HFCL has emerged as one of India’s purest listed plays on the AI connectivity theme. Whether the momentum sustains from here remains to be seen, but for now, the market appears to be betting that the AI and data-centre infrastructure story is still in its early stages.

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

The proposed initial public offering (IPO) of the National Stock Exchange (NSE) is set to be one of the most significant events for India’s capital markets, according to Dipan Mehta, Director, Elixir Equities. Speaking to ET Now, Mehta said the long-awaited listing would bring greater transparency to the valuation of NSE shares while creating an important wealth-unlocking opportunity for existing investors.

Mehta noted that investors who purchased NSE shares in the unlisted market would finally have access to proper price discovery once the company goes public. “It is a very important event which we have been waiting for a long, long time… investors… may get a proper valuation,” he said. He added that the listing would be a positive development for the broader market, saying, “On the whole, it is a great development. And NSE should go ahead and create considerable value for investors.”

Describing NSE as a compelling investment opportunity, Mehta said the exchange deserves to be viewed alongside other listed financial services businesses. “It is one of the best fintech plays… the stock could be pretty attractive,” he remarked. At the same time, he cautioned that investors should keep in mind the possibility of earnings volatility arising from regulatory changes, particularly those related to options trading.

While declining to comment on opportunities in the unlisted or grey market, Mehta said the IPO would provide significant value unlocking for existing shareholders by enabling transparent trading. “It is a great value-unlocking opportunity for investors who invested in the pre-IPO stage,” he said, adding that a public listing would also improve liquidity and price discovery.

On the automobile sector, Mehta advised investors to adopt a cautious approach, pointing to multiple headwinds facing the industry. “I think that in autos one should get a bit cautious,” he said. According to him, delayed monsoons, fading base effects, rising input costs and the industry’s gradual shift towards electric vehicles could weigh on profitability. “There could be pressure on operating profit margins… many, many headwinds over there,” he observed.

Despite the sharp correction in Tata Motors following weaker-than-expected margin guidance from Jaguar Land Rover (JLR), Mehta remains optimistic about the company’s long-term prospects. “On a longer-term basis, Tata Motors can be a great value creator,” he said, noting that JLR’s strong product pipeline and electric vehicle strategy should support future growth. He believes improving earnings visibility is only a matter of time, saying, “It is just a matter of time before they get… the predictability of earnings.”
Mehta also highlighted attractive valuations, favourable currency movements and the improving performance of Tata Motors’ domestic passenger vehicle business as additional positives. For investors with a long investment horizon, he believes the stock continues to offer meaningful upside. “If you have the longer-term view… Tata Motors… can certainly deliver good returns,” he said.

DALLAS — England launched its 2026 World Cup campaign with a thrilling 4-2 victory over Croatia on Wednesday, showcasing attacking firepower while exposing defensive vulnerabilities in a high-scoring Group L encounter at Dallas’ AT&T Stadium. Harry Kane scored twice for the Three Lions, including a retaken penalty, as Thomas Tuchel’s side overcame a resilient Croatian challenge to claim all three points.

The result gives England an ideal start in its quest to end 60 years of hurt since its sole World Cup triumph in 1966. Croatia, a familiar foe and perennial contender, pushed England hard but ultimately fell short against a side displaying both promise and areas for improvement ahead of tougher tests against Ghana and others in the group.

Kane opened the scoring in the 12th minute with a twice-taken spot-kick after Luka Modric fouled Noni Madueke. Croatia goalkeeper Dominik Livakovic saved the initial effort but was penalized for encroaching off his line, allowing Kane to convert the retake. The Tottenham striker, now level with Gary Lineker on 10 World Cup goals, added a powerful header from Declan Rice’s corner three minutes before halftime to restore England’s lead.

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Croatia responded twice through Martin Baturina’s powerful drive on 36 minutes and Petar Musa’s clinical finish seconds before the break. Yet England regained control after the interval, with Jude Bellingham scoring shortly after halftime and substitute Marcus Rashford sealing the win late on. The 4-2 scoreline reflected England’s superiority, particularly in the second half.

Tuchel’s Tactical Approach Pays Off

Tuchel, in his first major tournament as England manager, will take satisfaction from the victory despite defensive lapses. The side demonstrated potency in attack, with Kane, Bellingham and others creating constant threats. England’s ability to score four goals against a competitive Croatia side bodes well for progression, though Tuchel acknowledged the need for defensive refinement.

Bellingham’s inclusion ahead of Morgan Rogers proved inspired as the Real Madrid midfielder delivered a powerhouse performance capped by a fine goal. His driving run and clinical finish moments after the restart shifted momentum decisively toward England. Rashford’s composed late strike as a substitute ended any doubt about the outcome.

Croatia, always dangerous with players like Modric and Perisic, showed why they remain formidable opponents. Their two goals highlighted England’s occasional disorganization at the back, areas Tuchel will target in training before the next match. Despite the loss, Croatia’s fighting spirit kept the contest entertaining for a capacity crowd.

Kane’s Milestone Performance

Kane’s brace took his England tally to 81 goals in 115 appearances, reinforcing his status as the national team’s all-time leading scorer. The 32-year-old forward’s penalty and header demonstrated composure under pressure and aerial prowess, key attributes that make him a constant threat at major tournaments. His performance drew comparisons to past England greats while fueling optimism for a deep run in 2026.

The retaken penalty added drama early, with Livakovic’s save initially denying Kane before the referee’s intervention. Such moments test character, and Kane’s successful conversion set a positive tone for England. His movement and link-up play throughout the match created numerous opportunities for teammates.

Group L Context and Next Tests

The win places England atop Group L temporarily, with Ghana and Panama still to play their opening fixtures. The group, featuring strong European representation, promises competitive battles as teams vie for knockout stage qualification. England’s next match against Ghana will test its ability to maintain standards against motivated opponents.

Croatia, seeking to build on past successes including a 2018 final appearance, faces an uphill task but remains capable of causing upsets. The result underscores the fine margins in international football, where defensive solidity often proves decisive alongside attacking flair.

Defensive Concerns for England

While England’s attack impressed, defensive frailties were evident. Croatia’s goals exposed positioning issues and momentary lapses that Tuchel will seek to address. The manager’s post-match comments emphasized encouragement for his players to express themselves while maintaining balance, a challenge for any side blending youth and experience.

The backline, marshaled by experienced players, will benefit from additional cohesion as the tournament progresses. England’s ability to score four goals provides a strong foundation, but clean sheets remain an aspiration against top opposition. Tuchel’s tactical flexibility, including substitutions like Rashford, proved effective in maintaining control.

Fan Atmosphere and Tournament Buzz

A vibrant atmosphere at AT&T Stadium reflected the global appeal of the World Cup. England supporters, known for traveling in numbers, created a partisan feel despite the neutral venue. The match’s high-scoring nature and end-to-end action delivered entertainment value that will linger in memories as the tournament unfolds.

The result sets a positive narrative for England, generating optimism among fans and pundits. Social media buzzed with praise for individual performances while highlighting areas for growth. As the group stage continues, England’s blend of established stars and emerging talents positions it as a serious contender.

Broader Tournament Implications

England’s victory sends a message to other Group L teams and the wider competition. The Three Lions’ attacking potential could trouble any opponent, provided defensive organization improves. Croatia’s competitive display reinforces the depth of European football, promising exciting matches ahead.

The 2026 World Cup, co-hosted by the United States, Canada and Mexico, has already produced compelling storylines. England’s strong start adds to the tournament’s appeal as it builds toward later knockout stages. Tuchel’s management of squad dynamics and tactical execution will face increasing scrutiny as expectations rise.

Player Ratings and Standout Performances

Kane earned high marks for his clinical finishing and leadership. Bellingham’s all-action display stood out, combining defensive work with creative and goal-scoring contributions. Rice’s set-piece delivery proved crucial, while Rashford’s impact off the bench demonstrated squad depth.

Croatia’s Baturina and Musa showed quality in attack, while Livakovic’s penalty save, despite the retake, highlighted goalkeeping excellence. Modric continued defying age with influential midfield play.

As England prepares for Ghana, focus turns to recovery and tactical refinement. The win provides confidence, but the tournament’s demanding schedule requires sustained performance across multiple matches.

The result caps a memorable night in Dallas, where attacking brilliance overcame defensive imperfections in a match befitting the World Cup’s grand stage. England takes valuable momentum into the next phase of its campaign.

Mumbai: The National Stock Exchange (NSE) filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi), moving a step closer to an initial public offering (IPO) that has eluded it for over a decade amid a host of regulatory setbacks. Bankers and brokers said the IPO size will be around ₹30,000 crore, likely making it the largest public issue in India.

The record is held by Hyundai Motor India’s ₹27,000 crore issue in 2024. The offer will comprise up to 148.9 million shares, representing nearly 6% of NSE’s paid-up capital. NSE will be listed on the BSE as regulations prohibit a stock exchange from self-listing. The proposed issue is entirely an offer for sale (OFS) with a clutch of public sector and foreign institutions putting up a part of their stakes.

State Bank of India, MS Strategic (Mauritius), Canada Pension Plan Investment Board, Aranda Investments (Mauritius), Bank of Baroda, Stock Holding Corporation of India, General Insurance Corporation of India, The New India Assurance Company, National Insurance Company, and United India Insurance Company are among those that will be paring their holdings.

Prolonged Wait
Life Insurance Corporation of India, one of the largest shareholders, is not participating in the OFS. Up to 50% of the shares in the IPO will be allocated to qualified institutional buyers, not less than 15% will be for non-institutional bidders and 35% will be set aside for retail investors, according to the DRHP.

In the unlisted market, NSE is currently valued at around ₹5 lakh crore. On Wednesday, NSE shares in the unlisted market closed at ₹2,045 apiece. Over the past month, the stock has gone up by 3.28%.
The wait for the IPO has been one of India’s most prolonged and closely watched, with the first application submitted to Sebi on October 18, 2016.
The regulator initially withheld approval due to concerns related to a co-location case, governance lapses at the bourse, and issues with its technology infrastructure. The NSE co-location case dates back to 2015, when a whistleblower alerted Sebi to possible manipulation in the exchange’s trading system.
Since then, NSE has repeatedly approached Sebi for clearance. The regulator, under the current chairperson, formed an internal committee to look into the NSE IPO issue.

Subsequently, in June 2025, NSE filed two applications with Sebi to settle the long- standing co-location and dark fibre cases by offering to pay a total amount of more than Rs 1,388 crore.

Recently, a Sebi expert panel agreed to NSE’s proposal to make a payment to settle cases that had been a key stumbling block in clearing the IPO.

A consortium of around 20 investment banks, including Kotak Mahindra Capital Company, JM Financial, Axis Capital, IIFL Capital Services, ICICI Securities, SBI Capital Markets, Avendus Capital, Morgan Stanley India Company, Citigroup Global Markets India and JP Morgan India will act as book-running lead managers (BRLMs) to the issue.

As many as 16 stocks including HDFC Bank, Tata Motors Passenger Vehicles, HDFC Life and others are set to turn ex-record date for dividends on Friday (June 19), effectively marking today the last day for interested investors to buy the shares to be eligible for payments cumulatively worth nearly Rs 248.

Under SEBI‘s T+1 settlement cycle, investors must purchase a company’s shares at least one trading day before the record date to ensure the shares are credited to their demat accounts in time, and they become eligible for the corporate action. Accordingly, today is the last opportunity for investors to buy the shares so that they are credited to their accounts by Friday, making them eligible for the dividends.

HDFC Bank dividend

HDFC Bank in April announced that its board has recommended a final dividend of Rs 13 per share with a face value of Re 1 each for the financial year which ended on March 31, 2026. This takes the total dividend for FY26 to Rs 15.50 per equity share.

HDFC Bank has declared 28 dividends since April, 2001 and currently has a dividend yield of 3.42%, according to data on Trendlyne.

Tata Motors Passenger Vehicles dividend

Tata Motors Passenger Vehicles (TMPV) in May said that its board has recommended a final dividend of Rs 3 per share for the financial year 2026, which would be paid to the eligible shareholders on or before July 14.

The Tata Harrier-maker has declared 20 dividends since July, 2002, according to data on Trendlyne. Notably, this includes the dividends the automaker announced before the demerger of its commercial vehicle business last year.

Tata Communications dividend

Tata Communications will turn ex-record date for a dividend of Rs 17.5 per share for FY26 tomorrow. The company has declared 28 dividends since August, 2000 and has a dividend yield of 1.29%, according to data on Trendlyne.

HDFC Life Insurance Company

HDFC Life Insurance Company has also set Friday as the record date for its final dividend of Rs 2.1 per share. The dividend is scheduled to be paid to the eligible shareholders on or after July 20.

Also read: Brigade Enterprises shares rally 10% after bonus issue. Here’s why you can ignore the 22% plunge

Other stocks turning ex-record date for dividends tomorrow

Sanofi Consumer Healthcare India will turn ex-record date for a final dividend of Rs 75 per share tomorrow, accounting for the highest payout among the pack of stocks whose record date for dividend has been fixed on Friday. Indiamart Intermesh meanwhile will pay a special dividend of Rs 30 and a final dividend of Rs 30.

Polycab India has fixed Friday as the record date for a final dividend of Rs 47 per share. FMCG major AWL Agri Business (formerly Adani Wilmar Limited) tomorrow will turn ex-record date for a final dividend of Rs 1 per share.
Other companies turning ex-record date for dividends include Amba Enterprises (Rs 0.75 per share), Corona Remedies (Rs 10 per share), GHCL Textiles (Rs 0.6 per share), Hindusthan Insulators & Industries (Rs 0.5 per share), India Shelter Finance Corporation (Rs 10 per share), Raghav Productivity Enhancers (Rs 1 per share), Solitaire Machine Tools (Rs 1.5 per share) and Torrent Power (Rs 5 per share).
Along with these stocks, Deepak Builders & Engineers India has fixed Friday as the record date for its 1:10 stock split, while String Metaverse will turn ex-record date for a bonus issue in the ratio of 2:9 tomorrow.
Also read: Dividends and bonus issues! 31 stocks turning ex-record date this week. Do you own any?

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

Shares of Vedanta Aluminium Metal rallied over 3% to their day’s high of Rs 480 on the BSE on Thursday after Citi and Kotak Institutional Equities initiated coverage on the stock with a ‘Buy’ rating and a target price of Rs 560 and 600, respectively. International brokerage Citi named the newly-listed stock its top Indian metals pick.

While Citi projects 20% upside, Kotak with a higher target forecasts an upside of 29% from current levels. The gains come after the stock dropped nearly 11% in just three days since listing. The latest target price implies an upside potential of more than 20% from the stock’s previous closing price of Rs 465.36 on the NSE.

Citi listed key drivers for its bullish call, which include a positive aluminium outlook, growth potential (Balco expansion, Vedanta Aluminium debottlenecking), cost focus (higher captive alumina, domestic bauxite and captive coal), and improving leverage. It expects the company to have a net cash position by FY28.

Expecting aluminium prices to hover around $3,400 in FY27-28, Citi explained that every $100 per ton change in LME can impact the company’s EBITDA by 4-5.5%, and subsequently fair value by nearly Rs 30 per share. “We open a 90-D positive CW: Our commodities team believes the aluminium market is in deficit and will draw inventories sharply over the next 3-6 months, driving prices up 15-20% to $4,000 per ton in base case,” it added.

Kotak on Vedanta Aluminium shares

Kotak Institutional Equities cited the company’s strong positioning as a pure-play aluminium producer. The brokerage believes Vedanta Aluminium is well placed to benefit from sector-leading volume growth, accelerating backward integration and a supportive industry environment. Capacity additions are expected to drive a volume CAGR of around 6% between FY2026 and FY2029, while greater integration across bauxite and coal mines is likely to significantly improve cost competitiveness.

Kotak estimates that the company’s backward integration initiatives could reduce costs by nearly $150 per tonne, providing a meaningful boost to profitability. It also expects a structural deficit in the global aluminium market and sustained elevated aluminium prices to support earnings growth over the medium term.
The brokerage further highlighted that strong free cash flow generation should enable rapid deleveraging of the balance sheet while creating room for higher shareholder returns.

How Vedanta Aluminium shares have been performing?

Four Vedanta Group companies that spun out from Vedanta after the demerger made their much-awaited market debut on Monday, following which the shares of aluminium, iron and steel as well as oil and gas tumbled while those of the power business soared in three days.

Vedanta Aluminium shares listed as the only large-cap stock on the list, debuting at Rs 522 apiece on NSE and surpassing its parent company in terms of market capitalisation on Monday. The stock then dropped 11% in three days to close at Rs 465.36 apiece on Wednesday.

Also Read | What’s dampening the shine of Vedanta’s new crown jewel?

What lies ahead for Vedanta Aluminium?

From a pure valuation and structural standpoint, Sunny Agrawal, Head of Fundamental Research at SBI Securities, said that Vedanta Aluminium Metal appears to offer the most compelling risk‑reward among the five entities for long-term investors.

The aluminium business has emerged as the largest and most scalable vertical within the group, benefiting from strong global demand drivers (EVs, renewables, infrastructure) and integrated cost efficiencies, which enhance margin resilience across cycles, he noted, adding that by contrast, the residual Vedanta housing the zinc-silver business (Hindustan Zinc stake + Zinc International) and base metals business offers stable cash flows and dividend yield but likely limited valuation re-rating given that much of the zinc value is already priced in.

“The other demerged entities (oil & gas, power, and iron & steel) offer cyclical upside but carry higher commodity and execution risks, especially given weaker listing traction and greater earnings volatility. Hence, on a forward SOTP basis, aluminium stands out as a structural compounder with favourable operating leverage, while the rest are more tactical or cyclical plays,” Agrawal further said.

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