India’s equity markets continue to present selective opportunities despite global uncertainties, according to Gaurang Shah of Geojit Investments. Speaking to ET Now, Shah shared his views on Bata India‘s leadership transition, Nykaa‘s growth strategy, his preferred investment themes, and the much-awaited NSE IPO.

Fresh Leadership Could Revive Bata

Bata India has struggled to reward shareholders over the past five years despite launching new products, consolidating stores, and expanding across customer segments. Shah believes the company now needs a fresh strategic direction under its new leadership.

He also noted that the domestic footwear industry stands to benefit from government measures aimed at curbing cheap imports from China and Bangladesh.

“We do have a positive coverage on Bata India from a long-term fundamental point of view. We feel it is time to bring in new strategies and fresh thinking… With this new leadership, we should see a significant amount of change coming in.”

Nykaa’s AI Push Strengthens Growth Story
Shah maintained a positive outlook on Nykaa after the company outlined its FY30 vision and announced AI-driven initiatives. However, he advised investors not to chase the recent rally and instead wait for better buying opportunities.
He also highlighted that innovation remains essential in the highly competitive e-commerce space.”If you already have investments, you can continue to hold them. If you do not own the stock, do not rush into it. Let the stock correct a little, and then you can gradually accumulate.”

Defence, Asset Management and Power Remain Top Bets
Looking ahead, Shah identified defence, asset management and power as his preferred sectors over the next year. His top stock picks include Bharat Electronics, Nippon Life India Asset Management and Torrent Power.

According to him, these sectors remain relatively insulated from global uncertainties and offer strong long-term growth potential.

“These three sectors are relatively insulated from external global shocks, and there is significant growth potential for both the sectors and these companies.”

NSE IPO Seen as a Big Positive
Shah described the proposed NSE IPO as one of the biggest developments for India’s capital markets in recent years. While he refrained from commenting on valuations until Geojit’s research is complete, he remains optimistic about the broader capital market ecosystem.

He believes exchanges, depositories, registrars and asset managers are all well positioned to benefit as India’s equity markets continue to expand.

“If Indian stock markets continue to grow at 12% to 15% annually over the next three to five years, fundamentally strong capital market-related companies should continue to perform well.”

Long-Term Investing Still the Best Strategy
Across sectors, Shah’s is of the view that investors should focus on fundamentally strong businesses with sustainable earnings rather than short-term market fluctuations. While leadership changes and new growth initiatives can create opportunities, disciplined long-term investing remains the key to generating wealth.

An international team of scientists has identified a completely new type of rock on Mars and, for the first time ever, discovered the mineral garnet in a sample from the Red Planet — a breakthrough that offers researchers a rare glimpse into Mars’s ancient geological history and could help piece together billions of years of planetary evolution.

The discovery was made by a multinational research team that includes James Darling, professor of Earth and Planetary Science at the University of Portsmouth’s School of the Environment and Life Sciences, alongside researchers from Brock University in Canada, the Royal Ontario Museum, the Università di Trieste in Italy, and the Open University in the United Kingdom.

A Familiar Mineral in an Unfamiliar Place

On Earth, garnet is widely recognized as a dark-red gem that was popular with ancient Egyptians, Romans, and the Victorian elite alike, and it remains January’s official birthstone. Beyond its decorative appeal, garnet serves as a cornerstone mineral in geology, providing scientists with a powerful record of the tectonic forces, ore-forming processes, and fluid-rock interactions that shape Earth’s crust and mantle.

Its discovery on Mars marks an entirely new application for that geological record-keeping ability. The find offers a new geological time capsule, preserving clues about the temperatures, pressures, and processes that shaped Mars billions of years ago.

“The findings add a striking new dimension to our understanding of the geology of Mars and open an exciting new window into the evolution of our planetary neighbour,” said Darling.

How the Discovery Was Made

The research was led by Tanya Kizovski, assistant professor of Earth Sciences at Brock University, who described the discovery’s broader significance for understanding Martian geology. “This discovery is going to expand our knowledge of the geologic processes that are possible on this planet,” Kizovski said. “This new garnet-bearing rock type could give us clues to how Mars has changed throughout its history and new insights into the ancient environments that could have formed the garnet and related minerals.”

The breakthrough emerged somewhat unexpectedly, growing out of routine analysis of an existing meteorite sample rather than a targeted search for new minerals. Kizovski and colleagues at the Royal Ontario Museum came to know of the garnet’s presence while analyzing a fragment of a Martian meteorite known as NWA 8171, held within the museum’s collections. Kizovski had set out simply to identify the fragment’s minerals and chemical composition when she noticed something unusual.

“This little section of the meteorite looked really interesting, and the chemistry was a bit odd,” she said. “At first, we assumed it was a mineral called pyroxene, which is very common, but then we decided to take a second look.”

That second look proved decisive. Using the University of Portsmouth’s Electron Microscopy and Microanalysis Unit along with the Royal Ontario Museum’s specialized laser equipment, the team was surprised to discover garnet — a mineral that had not been identified on Mars until now.

How Garnet Could Have Formed on Mars

After confirming the mineral’s identity, the team turned its attention to analyzing the fragment’s broader chemistry and mineralogy in an effort to speculate on how the garnet might have formed in the first place. Kizovski explained the geological process that typically produces garnet on Earth, and how a similar process could plausibly have occurred on Mars.

“Garnet is a classic example of a mineral often found in metamorphic rocks on Earth. The process of metamorphism transforms igneous or sedimentary rocks into a new form through exposure to extreme heat, high pressure or hot fluids,” Kizovski said. “On Mars, the heat and pressure needed to produce garnet through metamorphism could have come from the impact of a meteorite hitting the surface of Mars, magma rising up into the Martian crust or both.”

Both of those scenarios — a violent meteorite impact or upwelling volcanic activity — would have generated the kind of intense heat and pressure conditions on Mars that are typically required to transform existing rock into garnet-bearing material here on Earth, giving researchers two plausible pathways to explain how the mineral might have come to exist on the Martian surface or within its crust.

An Open Question: Is the Rock Even Martian?

Despite the excitement surrounding the discovery, Kizovski was careful to note a significant unresolved question hanging over the find. The research doesn’t definitively indicate whether the garnet-bearing rock formed on Mars or was delivered to the Red Planet and incorporated into its surface via a meteorite landing from elsewhere, leaving open the possibility of what researchers describe as an “extra-Martian” origin.

In other words, scientists cannot yet rule out that the garnet-bearing fragment originated on a different planetary body entirely and was later transported to Mars’s surface by an impacting meteorite, only to subsequently become embedded in Martian material and eventually find its way to Earth as part of the larger NWA 8171 meteorite.

The Next Step: Studying Oxygen Isotopes

Resolving that uncertainty will require a more invasive form of analysis that scientists have so far avoided due to the sample’s extraordinary rarity. Scientists need to now study the garnet’s isotopic signatures to verify whether it was originally produced on Mars or on another planetary body. “Measuring oxygen isotopes from the garnet-bearing rock type itself would help to confirm if it is Martian in origin or from an exotic meteorite impactor,” Kizovski said. “Isotopes are a collection of atoms with equal numbers of protons and electrons, but different numbers of neutrons.”

However, that process would entail destroying some of the sample, “which was avoided thus far due to its rarity, as it may be the only garnet-bearing Martian rock we have for study,” Kizovski added — a tension that illustrates the delicate balancing act facing planetary scientists when working with exceptionally scarce extraterrestrial material. Every test performed on the fragment carries the risk of consuming a piece of evidence that, for now, appears to be entirely unique among known Mars samples.

What Comes Next

Despite the open questions surrounding the garnet’s precise origin, researchers remain optimistic about what continued study of the sample could reveal. Royal Ontario Museum curator Kim Tait and research assistant Jessica Tomacic, working alongside Professor Darling, are continuing to study the sample in detail. “With their work and more comparisons to rover and orbital data, I’m hopeful that we will be able to learn more about the origin and history of garnet on Mars,” Kizovski said.

That comparative approach — cross-referencing the meteorite fragment’s mineral signatures against data gathered by Mars rovers and orbiting spacecraft — could eventually help researchers determine whether similar garnet-bearing rock formations exist elsewhere on the Martian surface, potentially opening up an entirely new category of geological material for future Mars missions to study directly.

Publication and Funding

The team’s study, titled “Expanding Mars’ lithologic diversity: discovery of a garnet-bearing clast in NWA 8171,” was published Tuesday, June 16, in the journal Geochemical Perspectives Letters.

The research project received funding support from multiple sources, including the Government of Canada’s Natural Sciences and Engineering Research Council, the Killam Trusts’ Dorothy Killam Fellowship, and the Science and Technology Facilities Council’s funding program at the University of Portsmouth.

For planetary scientists, the discovery represents more than simply the addition of a new mineral to the catalog of materials known to exist on Mars. It offers a fresh analytical tool — one already well understood from decades of terrestrial geology — that could help unlock new chapters in the 4.5-billion-year history of a planet that continues to reveal previously unknown facets of its geological past with each new sample subjected to modern laboratory analysis.

The state-of-the-art facility near Bristol will have 10 rooms including a sensory area and a gym

Construction work to build the UK’s first play centre and exercise facility for disabled children and young people is under way at a site near Bristol.

Local charity Gympanzees is behind the huge project to transform the former services station next to the M48 Severn Bridge.

Building work on the project, which is expected to complete later this year, will see the vast 2,350 sq metre ground floor converted into 10 rooms for play.

These will include a gym; light and dark sensory rooms; an active sensory space and trampoline room; a café; music room; and soft play.

The new centre is expected to receive more than 200,000 visitors a year once it is open to the public. Until now, the charity has hosted a series of pop-up events attracting thousands of families from around the country.

Stephanie Wheen, founder and chief executive of Gympanzees said: “We can’t thank our funders, corporate partners, and the public enough for their support.

“We’ve had fantastic feedback on our services so far, but families deserve more than temporary pop-up events and remote support,”

Bristol construction company Oakland is partnering with the charity on the project. Tom Lee-Fox, the company’s managing director, said: “It’s a real privilege to have been instructed on this project. It plays to our strengths as a regional contractor with experience across health, education and care settings.

“We do not see this as just another construction project, but an opportunity to be part of Gympanzees’ journey and to make a difference to the lives of the incredible people who both work for and are supported by Gympanzees – we cannot wait to get started.”

In April, Gympanzees secured nearly £1m from the National Lottery for the scheme. The cash raised by the organisation, including the money from the lottery’s community fund, now stands at £8m.

“At previous sensory play and exercise sessions that we’ve held, we’ve witnessed a three-year-old laugh for the very first time and a teenager pull herself up to stand independently,” added Ms Wheen. “With this centre, we can create hundreds more moments like these.”

Suzanne Carlson is an Oregon-based professional truck driver whose career reflects discipline, reliability, and a deep understanding of the transportation industry.

With years of experience moving freight throughout the Pacific Northwest and across the western United States, she has built a reputation for professionalism, safety, and consistency behind the wheel.

Raised in Eugene, Oregon, Suzanne developed an appreciation for travel and transportation at an early age. Family road trips along the Oregon coast and through the Cascade Mountains sparked her interest in the movement of goods and the vital role trucking plays in everyday life. After high school, she worked in warehouse operations, retail logistics support, and dispatch assistance, gaining valuable insight into how supply chains operate.

Motivated by a desire for independence and responsibility, Suzanne earned her Commercial Driver’s License and entered the trucking profession. Over the years, she has transported construction materials, refrigerated products, agricultural shipments, consumer goods, and industrial equipment. Her experience includes navigating mountain passes, coastal highways, major urban corridors, and challenging weather conditions throughout the western United States.

Within the industry, Suzanne is recognised for her strong safety record, thorough vehicle inspections, and dependable communication with dispatch teams and customers. She is also a respected mentor who encourages and supports newer drivers, particularly women entering the profession.

Beyond trucking, Suzanne is an avid cyclist who enjoys exploring Oregon’s scenic roads and trails. Her career and personal interests share common values: patience, preparation, adaptability, and perseverance. Through her work, Suzanne continues to demonstrate the professionalism and leadership that help keep the transportation industry moving forward.

Suzanne Carlson on Life Behind the Wheel, Safety, and the Future of Trucking

Q: Suzanne, what first sparked your interest in trucking and transportation?

A: I grew up in Eugene, Oregon, and spent a lot of time travelling around the state with my family. My father worked in construction and often travelled for projects. During those trips, I became fascinated by highways, freight yards, and the large trucks moving goods from place to place. Most people probably did not pay much attention to them, but I always wondered where they were going and what they were carrying.

Q: Did you always know trucking would become your career?

A: Not at first. After high school, I worked in warehouse operations, retail logistics support, and later in dispatch assistance for a transportation company. Those jobs gave me a closer look at how freight moves through the supply chain. I worked with drivers and logistics teams every day. The more I learned, the more interested I became in driving professionally myself.

Q: What was the transition into trucking like?

A: I enrolled in a commercial driving programme in Oregon and focused on learning everything I could. We covered vehicle operation, freight securement, route planning, federal regulations, inspections, and defensive driving. Once I earned my CDL, I started on regional routes throughout Oregon and Washington before eventually moving into longer-haul work across the western United States.

Q: What kinds of freight have you transported over the years?

A: Quite a variety. I have hauled construction materials, refrigerated goods, consumer products, agricultural shipments, and industrial equipment. Every type of cargo brings different responsibilities. Learning how to handle those differences safely is a big part of being a professional driver.

Q: What have been some of the biggest challenges on the road?

A: Weather is always a factor. The Pacific Northwest can bring heavy rain, dense fog, snow, and ice, sometimes all in the same week. I have driven through mountain passes during winter storms and dealt with difficult conditions on coastal highways. Traffic in major cities can also be challenging. Those situations teach you the importance of preparation and staying calm under pressure.

Q: Safety seems to be a major theme in your career. Why is it so important to you?

A: Safety affects everyone on the road. A truck driver has a responsibility not only to deliver freight but also to protect other motorists. That starts with thorough pre-trip inspections and continues throughout the entire journey. I have always believed that patience and preparation prevent many problems before they happen.

Q: How has the trucking industry changed since you started?

A: Technology has changed a lot. Trucks are more advanced, and communication systems have improved significantly. Drivers have better tools for route planning and fleet management. I have also seen the industry become more diverse. There are more opportunities for people from different backgrounds, including more women entering the profession.

Q: As a woman in trucking, what has your experience been like?

A: Early in my career there were times when I felt underestimated. Instead of focusing on that, I concentrated on building my skills and doing the job well. Over time, professionalism speaks for itself. I am encouraged by how much progress the industry has made, and I enjoy seeing more women choose careers in transportation and logistics.

Q: You are known for helping newer drivers. Why is mentorship important to you?

A: Starting out can be intimidating. There is a lot to learn, and confidence takes time. I remember what it felt like when I was new. If I can help someone feel more comfortable or share something useful from my experience, I am happy to do it. Supporting newer drivers helps strengthen the industry as a whole.

Q: What do you enjoy most about life on the road?

A: I enjoy the independence. I also appreciate seeing different parts of the country. Some of my favourite routes pass through the Columbia River Gorge, coastal Oregon, and the forests of Washington. Every route offers something different. There is a sense of focus and responsibility that comes with the job that I find rewarding.

Q: What do you do when you are not driving?

A: Cycling is my biggest hobby. I enjoy long-distance road rides, forest trails, and coastal routes throughout Oregon. It gives me a chance to stay active and experience the outdoors from a completely different perspective. I also enjoy camping, photography, reading travel memoirs, and exploring small towns during my time off.

Q: Looking ahead, what interests you most about the future of your career?

A: I plan to stay involved in transportation for many years. Long term, I would like to spend more time in mentoring, training, and safety education. The industry depends on skilled, professional drivers, and helping develop the next generation is something I would find very meaningful.

Despite the recent recovery in IT stocks, Helios India remains unconvinced about the sector’s long-term growth prospects, arguing that artificial intelligence could fundamentally disrupt the traditional IT services business model.

Instead, the portfolio management firm continues to double down on India’s domestic consumption story, driven by favourable demographic trends, rising aspirations among millennials and Gen Z, and the rapid expansion of new-age businesses.

In an interaction with ETMarkets, Dinshaw Irani, MD of Helios India, explains why the firm sees IT as a potential value trap, where it is finding opportunities in consumption-led themes, and how it is positioning its portfolio amid evolving macro and geopolitical challenges. Edited Excerpts –

Q) The portfolio continues to maintain an overweight stance on domestic consumption and zero exposure to IT services. What gives you the confidence to stay committed to this positioning despite changing market dynamics?

A) Our conviction in both these sectors (negative – IT and positive – consumption) comes from our Elimination Investment philosophy which simply rejects sectors and stocks on bad factors.

The 8-factor check ensures that the stock that ultimately makes it through comes from sector/industry which has multi-year structural tailwinds & any disruption.
The management, corporate governance and accounting quality are ensured. The valuations fall in the reasonable zone.On these factors, IT was rejected as we were of the view that AI will be a very big disruptor for this sector thus the longevity of the sector tailwinds was threatened.

The negative stance we took way back in Feb.’25, was tested many times but our conviction helped us stand our ground.

Today, the relatively cheap valuations of the sector remind us of a classic value trap as the future growth for this industry looks very bleak, so the past valuations are bound to mislead.

In case of consumption, with the millennials and GenZ now contributing to over 70% of the work pool, the tailwinds are getting longer and stronger.

With the JAM (Jandhan, Aadhar & Mobile data) trinity that India has executed flawlessly, the new age consumption plays (fintech, foodtech, e-comm, Q-comm, D2C, etc) are bound to prosper and grow exponentially.

This has also given rise to a new and more exciting breed of companies and stocks. Thus, we continue to be bullish in this space.

Q) Your PMS is built around three long-term structural themes — private sector dominance, demographic/lifestyle changes, and factor cost advantage. Which of these themes do you believe could create the biggest alpha over the next 3-5 years?

A) The demographic and lifestyle changes will be the biggest alpha generator. India is set to reap the demographic dividend as almost two-thirds of our population is under the age of 35.

A fifth of the global youth live in our country which happens to be the largest youth pool. This young population is much more educated and aspirational than previous generations.

Unlike previous generations, they are not averse to borrowing for the sake of consumption. A classic example of their borrowing appetite is that they even borrow money to go for vacations.

This comfort for borrowing for the sake of consumption stems from their confidence in future earnings that will not only service the debt but also allow them to save. All this is panning out to be a very lucrative proposition for India’s future growth.

Q) The portfolio has a significant allocation towards NBFCs and private sector banks. Are you seeing early signs of a new credit cycle emerging in India?

A) As mentioned earlier, consumption from savings can only grow as much as the consumer earnings grow but if it was through financing/borrowing, the pace of growth becomes exponential to the consumer earnings growth.

Thus, the NBFCs that we have in our portfolio are mostly consumer-facing. The private sector banks too are consumer focused banks.

Banks, NBFCs and other financial service firms are the enabler of consumption by providing the fuel for boosting this consumption.

Q) Small- and mid-cap stocks have seen sharp volatility this year. How are you balancing growth opportunities with valuation risks in this segment?

A) At the cost of repetition, this is where our Elimination Investment philosophy stands out as it helps us avoid the obvious mistakes while investing in mid and small caps.

Normally a money manager gets carried away by cheap valuations keeping in mind the prospects of future growth. What he forgets to question is if the valuation is cheap due to questions on the longevity of this growth, the quality of management, bad corporate governance or questionable accounting practices.

Our philosophy helps us avoid these mistakes by eliminating such stocks. Thus, the stocks that finally make it to the investable pool after the 8-factor elimination process are inherently growth oriented with quality ensured but at the value that is reasonable for the growth.

Q) You highlighted concerns around inflation, crude oil prices, and monsoon uncertainty. Which macro variable do you think markets are currently underestimating the most?

A) Crude prices are expected to fall off once the Strait of Hormuz opens up as that will ease out the supply of almost 14 million barrels per day. So crude does not seem to be that much of a concern.

Inflation will ease once crude prices come off and supply chains disrupted due to high energy prices come back to normal. So that too does not seem to be a problem.

However, the monsoon deficit due to a record El Nino definitely is concerning but given the elevated reservoir levels as compared to past year, maybe we can withstand a year of deficit monsoon. However, this seems to be the biggest concern.

Q) Given the ongoing geopolitical uncertainty and rising commodity prices, how are you positioning the portfolio to navigate the next 12 months?
A) We have been bullish on the domestic consumption story for a while and have oriented our portfolio towards that. The consumption is not only limited to discretionary spends but also to industries like hospitality, healthcare, new age consumption plays, autos, and ancillaries, etc.

We also have a healthy mix of export earners who command a niche as compared to other global competitors.

In the domestic facing sectors, apart from consumption and BFSI, we are also overweight the power equipment suppliers as we believe with increased consumption, the demand for power is expected to rise exponentially.

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