Samir Arora-backed Helios Mid Cap Fund added Billionbrains Garage Ventures (Groww) and four other stocks as new entrants to its June portfolio, while increasing its stake in Paytm and 29 other stocks during the month.

The new additions were Billionbrains Garage Ventures, Aditya Vision, Page Industries, Hindustan Petroleum Corporation and Bharat Heavy Electricals. Among them, the fund bought 18.10 lakh shares of Billionbrains Garage Ventures, valued at Rs 26.57 crore.

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It added 7.80 lakh shares of Hindustan Petroleum Corporation, 3.99 lakh shares of Bharat Heavy Electricals, 1.89 lakh shares of Aditya Vision and 7,128 shares of Page Industries in the portfolio in June.

The fund added 81,157 shares of Paytm in the portfolio and had 4.45 lakh shares in June portfolio compared to 3.64 lakh shares in July portfolio. The fund added 6.28 lakh shares of NBCC (India) taking the total number of shares to 24.62 lakh in June.

The fund added nearly 4.74 lakh shares of PhysicsWallah, taking its total holding to 24.90 lakh shares in June. It also bought 3.80 lakh shares of GMR Airports, 2.12 lakh shares of IDFC First Bank and 1.93 lakh shares of Honasa Consumer.
Among the other 25 stocks where the fund increased its portfolio were some names such as Glaxosmithkline Pharmaceuticals, Piramal Finance, Apar Industries, Gokaldas Export, Motilal Oswal Financial Services, Sunadaram Finance, BSE, MCX, Dixon Technologies (India), Aditya Birla Capital, CarTrade Tech, Delhivery, Vishal Mega Mart, Endurance Technologies and K.P.R. Mill.A complete exit was made from five stocks — Hero MotoCorp, Escorts Kubota, ICICI Lombard General Insurance Company, PB Fintech, and Jain Resource Recycling. Further, 4.01 lakh shares of Jain Resource Recycling and 1.55 lakh shares of PB Fintech were sold from the portfolio.

The fund sold 95,792 shares of Escorts Kubota, 42,721 shares of ICICI Lombard General Insurance Company and 29,057 shares of Hero MotoCorp from its portfolio.

The fund trimmed its exposure to Black Box by selling 45,361 shares, taking its holding down to 2.37 lakh shares in June.

Its holdings remained unchanged in 32 stocks, including ITC Hotels, Swiggy, Ather Energy, Hitachi Energy India, PNB Housing Finance, Lemon Tree Hotels, CAMS, Nippon Life India AMC, Bharti Hexacom, Edelweiss Financial Services and Radico Khaitan.

In June, the fund had 68 stocks compared to the same number of stocks in the previous month. The portfolio of the fund was spread across 23 sectors, with the highest allocation in finance of around 21.70%.

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The fund had an AUM of Rs 1,793 crore. Since its inception, it delivered a CAGR of 25.75%. In the last one year, the fund delivered a 11.92% return against 5.04% by the benchmark.

Helios Mid Cap Fund’s performance is benchmarked against Nifty Midcap 150 – TRI. The fund holds 9.28% in large caps, 55.31% in mid caps, 34.1% in small caps and 1.31% in others.

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

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Anna Price, the community lead at St Mary Magdalene, says its work to build community resilience and break down isolation is hugely important.

“Many people get into a crisis partly because they’re on their own and they’ve got no-one around them to help them make sense of things and help them move forward in life,” she says.

“The cycles that I see of families, the kind of generational dependence on benefits, has meant that for some, they no longer have the skills or the upbringing to know how to hold down a job.”

St Mary Magdalene sits within an estate with high levels of unemployment and “economically inactive” people who are neither in work nor looking for it.

Mental health issues, neurodivergent conditions, physical ill health and disabilities are also prevalent.

“You realise when you hear their stories and what their lives are like, that the idea of employment is very, very, very challenging,” says Price.

“It is really heartbreaking, because it’s a cycle that you feel like we’re trapped in and can’t easily see a way out of that.”

But there is hope. Introducing a person in crisis to Tennant is “like picking somebody off the floor,” she says.

“I’ve always found it very emotional; that they see there is a possibility to get out of debt and get on the right benefits.

“It’s incredible.”

A spokesperson for the Department for Work and Pensions said its Connect to Work programme was expected to support 4,000 people in Norfolk by 2029.

“We’re committed to moving from a welfare state to a working state, giving people in Norfolk and beyond the support they need to move out of poverty and into work,” they added.

“We will always work with anyone with an outstanding debt to find an affordable way to repay, which could include pointing individuals towards free debt advice and support services.”

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The growing role of artificial intelligence (AI), alternative data and Specialised Investment Funds (SIFs) in India’s investment landscape took centre stage at the sixth edition of the Indian Institutional Quant Conference (IIQC), organised by the Lambda Quantitative Strategies Association (LAQSA).

The day-long conference, held on July 17 at the Taj City Centre in Gurugram, brought together global academics, institutional practitioners, regulators and technologists to discuss emerging trends in quantitative and systematic investing. This marked the second time the conference was held in the National Capital Region.

The conference featured panel discussions, fireside chats and technical presentations, with participation from asset management companies, family offices, policymakers, global research firms and academia.

The event began with a welcome address by LAQSA co-founders Rishi Kohli of JioBlackRock AMC, Pankaj Mani of RealWorldRisk and Arvind Mathur of Private Equity Pro.

Among the other speakers were Prof. Chetan Ghate, Member of the Prime Minister’s Economic Advisory Council; Sunil Ramrakhiani, Chief Business Officer at BSE; Prof. Sandeep Juneja, Founding Director of the Safexpress Centre for Data, Learning and Decision Sciences at Ashoka University; Lalit Taneja, Director of the GARP Delhi (India) Chapter; and Prof. Miquel Noguer I Alonso.

Agentic AI and alternative data in focus

One of the key sessions focused on “Agentic AI in Quant: Practical Applications”, led by Prof. Miquel Noguer I Alonso. The discussion examined how autonomous AI agents and multi-agent systems could reshape areas such as portfolio management and systematic trading.

Another session, titled “Practical Uses of AI/ML and Alternative Data for India vs. Global Experience”, featured Balakrishnan Ilango of LSEG and Aditya Sharma of S&P Global Market Intelligence.
The discussion highlighted differences between the adoption of AI globally and in India, particularly in the context of data availability and regulatory constraints in domestic markets.

SIFs gain prominence among wealthy investors

The growing relevance of Specialised Investment Funds was another major theme at the conference. A dedicated panel featuring Rishi Kohli of JioBlackRock AMC, Amit Goel of PACE 360, Vinayak Magotra of Centricity WealthTech and Puneet Jain of Karan Thapar Family Office discussed the rising appetite among ultra-high-net-worth individuals and family offices for systematic allocations through SIFs.The conference also examined the regulatory outlook for quantitative strategies from a global comparative perspective, while Prof. Chetan Ghate provided a macroeconomic perspective on the structural challenges involved in economic policymaking at scale.

Commenting on the event, Pankaj Mani, Co-Founder of LAQSA, said the conference reflected how India’s institutional quant ecosystem was progressing from strategy design towards implementation and greater technical rigour.

“The sessions on Regulating the Quant Ecosystem, Agentic AI in Quant, and Forex Strategies sparked exactly the kind of candid, practitioner-led dialogue we want to build across the ecosystem,” Mani said.

Rishi Kohli, Co-Founder of LAQSA, said the sixth edition reinforced that India’s quant community is expanding in both depth and maturity — linking global experience with India-specific market realities and strengthening the network of professionals building systematic capabilities.

As quantitative tools become more deeply embedded in investment processes, the boundaries between traditional and systematic investing are also becoming less distinct. Discussions at the conference indicated that developments ranging from Agentic AI and alternative data to the emergence of SIFs could play an increasingly important role in shaping India’s institutional investment ecosystem.

(Note: The journalist was invited to the conference)

India’s equity indices rose more than 1% on Friday, as strength in banking and IT stocks helped buck the weakness in most Asian markets, triggered by the sell-off in AI-related and semiconductor stocks in the region.

The NSE’s Nifty 50 rose 261.55 points, or 1.1%, to close at 24,334.3, while the BSE Sensex gained 964.58 points, or 1.25%, to end at 78,151.45.

“Our markets were insulated from the Asian selling due to the lack of AI play,” said Sham Chandak, head of institutional equities at Elios Financial Services.

The Nifty IT index rose 1.75%, while Bank Nifty gained 1.6% and the Auto index climbed 1.2%.

“With the shaky AI trend trading globally, Indian IT services stocks have taken a breather and are partially aided by better-than-expected earnings,” said Chandak. “Major banking stocks like HDFC, ICICI, Kotak and Axis are set to announce their earnings on Saturday, and the market is going in with an expectation of good numbers.”

Elsewhere in Asia, Japan fell 4.03%, Hong Kong declined 1.8%, China lost 3.05%, and Taiwan dropped 6.5%. South Korean markets were closed on Friday but had fallen 6.4% at Thursday’s close.
The Nifty advanced 0.5%, and the Sensex gained nearly 0.8% during the rollercoaster trading week, with fresh tensions in West Asia triggering a rebound in oil prices.Brent crude futures traded at $86 a barrel on Friday evening, up from $76 last week amid renewed tensions involving the Strait of Hormuz, a key oil transit route, between the US and Iran.

Technical and derivative indicators are pointing to continued gains next week.

Ashish Katwa, technical analyst at Stoxbox, said the Nifty had resumed its uptrend after three sessions of consolidation, forming its strongest bullish candle since June 12.

“Options data continues to support the bullish outlook, with fresh put writing at the 24,200 and 24,000 strikes establishing a strong support base,” he said. “Meanwhile, call unwinding at the 24,500 strike signals scope for further upside, while fresh call writing at the 24,600 and 24,700 strikes is expected to act as the immediate resistance zone.”

He said the bias remains positive for next week, with any dip towards 24,200-24,250 presenting a buying opportunity as long as the Nifty holds above 23,970. Immediate upside targets are seen at 24,500 and 24,700.

The India VIX, the market’s fear gauge, rose 2.1% to 13.15.

Broader markets underperformed the benchmarks. The Nifty Midcap 150 fell 0.4%, and the Nifty Smallcap 250 declined 0.6% on Friday. For the week, the indices lost 0.9% and 0.6%, respectively. Of the 4,412 stocks traded on the BSE, 1,635 advanced while 2,588 declined.

Foreign portfolio investors were net sellers of shares worth 376 crore, while domestic institutional investors were net buyers of shares worth 1,018 crore.

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JSW Steel’s consolidated profit for the June quarter more than doubled year-on-year to 4,696 crore, aided by robust revenue growth, higher volumes, and lower finance costs. The bottomline was higher than Street expectations.

The country’s largest producer of steel reported its earnings during market hours on Friday, and its shares climbed 1.4% on the BSE at 1,238.35. While higher compared to the previous year, the bottomline was 75% lower sequentially as the March quarter benefited from one-time gains of 17,888 crore.

Consolidated revenue from operations for the June quarter rose around 10% on year to 47,364 crore; the year-on-year revenue growth stood at 19% on a proforma basis after adjusting the sales of Bhushan Power in the comparable quarter. The entity was de-consolidated from JSW Steel from March earlier this year.

Revenue growth for the steelmaker was boosted by a combination of higher steel prices and a 4% growth in consolidated sales volumes to 6.25 million tonne for the quarter.

Total expenses for the quarter rose less than 4% on year to 41,830 crore—relatively lower than the revenue growth for the period—helped by a near 23% drop in finance costs to 1,712 crore. JSW Steel’s consolidated net debt is down to 46,157 crore at the end of June from 53,870 crore a quarter ago.

Net debt to equity ratio at the end of the quarter stood at 0.42 times, down from 0.51 times at the end of the March quarter, while the net debt to Ebitda ratio stood at 1.46 times, down from 1.81 times.
The revenue growth and relatively lower growth in expenses boosted the consolidated earnings before interest, tax, depreciation and amortisation for the company, which rose 38% on year to 9,383 crore. The Ebitda made on each tonne of steel rose 23% on year to 14,990 during the quarter.

The primary market will stay active next week, with five IPOs opening for subscription and four IPOs set to list on the exchanges. The focus will be on Xtranet Technologies and Cube Highways Trust InvIT, which are the mainboard offerings scheduled to open next week. Alongside them, a few SME issues will also hit the market. Investors will also track the listing of SBI Funds Management, Millworks Technologies and Alpine Texworld after their IPOs close this week.

The week comes after strong demand in the IPO market in the week gone by, led by SBI Funds Management. The Rs 9,813 crore IPO of India’s largest mutual fund house was subscribed over 40 times and drew demand of nearly Rs 2.98 lakh crore. Its grey market premium hovered around 16%, suggesting a positive listing expectation.

Xtranet Technologies IPO

Xtranet Technologies will open its Rs 166.8 crore mainboard IPO for subscription on July 23. The issue will close on July 27. The company has fixed a price band of Rs 120-127 per share. The IPO is entirely a fresh issue of 1.31 crore shares. There is no offer for sale. The shares are proposed to be listed on BSE and NSE, with a tentative listing date of July 30.

The lot size is 110 shares. At the upper price band, retail investors will need to invest Rs 13,970 for one lot.

Share India Capital Services is the book-running lead manager, while KFin Technologies is the registrar.

Incorporated in 2002, Xtranet Technologies is an integrated IT solutions provider. The company offers enterprise applications, digital transformation, managed services, proprietary platforms and strategic technology partnerships.
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The company plans to use IPO proceeds for debt repayment, purchase and installation of systems and hardware, working capital requirements and general corporate purposes. It has earmarked Rs 21.99 crore for repayment or prepayment of borrowings, Rs 7.30 crore for capital expenditure and Rs 102 crore for working capital.

Cube Highways Trust InvIT IPO

Cube Highways Trust InvIT will also open next week. The mainboard issue will open on July 22 and close on July 24. The IPO size is Rs 5,000 crore. The issue is a book-building offer and will list on BSE and NSE. Kotak Mahindra Capital is the lead manager to the issue.
The Cube Highways Trust InvIT issue will be watched closely because infrastructure investment trusts give investors exposure to operating infrastructure assets. InvITs are generally tracked by long-term investors looking for cash-flow visibility, yield and exposure to roads and infrastructure.

SME IPOs next week

Apart from the two mainboard issues, the SME market will also see activity. Shree Balaji Mala Textiles will open its BSE SME IPO on July 22 and close on July 24. The price band is Rs 66-70 per share and the issue size is Rs 18.90 crore.

Metalic Technoforge will open its NSE SME issue on July 21 and close on July 23. The price band is Rs 72-77 and the issue size is Rs 49.96 crore.

Gulf Lloyds India will open its BSE SME fixed-price issue on July 20 and close on July 22. The issue price is Rs 100 per share and the issue size is Rs 18.19 crore.

Four listings to watch

The listing calendar will also be busy next week. SBI Funds Management will be the biggest listing to track after its public issue saw strong institutional and retail demand. The IPO was subscribed over 40 times, with QIB demand crossing 140 times. Its GMP is around 16%.

Millworks Technologies will also be watched closely because of its grey market premium of more than 100%, which signals strong listing expectations. However, grey market trends are unofficial and can change before listing.

Alpine Texworld is another scheduled listing, but its GMP is at 0%, suggesting muted listing expectations for now. The fourth listing of Sotefin Bharat will also be tracked by investors as the market tests appetite across mainboard and SME names after a strong run in recent offerings.

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

Originally published on July 16, 2026

By Jennifer Nash

The Philadelphia Fed manufacturing index showed activity expanded significantly in July, with the index jumping 31.1 points to 41.4. This marks the highest level for the index since

Renaissance Capital provides pre-IPO research to institutional investors and investment banks. The Firm manages two IPO-focused funds: The Renaissance IPO ETF (NYSE: IPO) and the Renaissance International IPO ETF (NYSE: IPOS). Individual investors can get a free overview of the IPO market on www.renaissancecapital.com, and try a free trial of our premium platform, IPO Pro (ipopro.renaissancecapital.com). Through Renaissance Capital’s pre-IPO research service, institutional investors get an independent opinion, in-depth fundamental analysis, and customizable financial models on all IPOs.