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Pakistan is likely to receive the AIM-120 Advanced Medium-Range Air-to-Air Missiles (AMRAAM) from the US, amidst improvement in ties between the two countries, a media report said on Tuesday.An arms contract recently notified by the United States Department of War (DoW), formerly Department of Defence, lists Pakistan among the buyers for AIM-120 AMRAAM, The Express Tribune newspaper reported.According to the DoW, Raytheon - the manufacturer of the AMRAAM - was given a modification of over USD 41.6 million on a "previously awarded contract (FA8675-23-C-0037)" based on "firm-fixed-price (P00026)" for the production of the missile's C8 and D3 variants.The modification, which includes Pakistan among its foreign military sales recipients, raises the total value of the contract to over USD 2.51 billion."This contract involves foreign military sales to UK, Poland, Pakistan, Germany, Finland, Australia, Romania, Qatar, Oman, Korea, Greece, Switzerland, Portugal, Singapore, Netherlands, Czech Republic, Japan, Slovakia, Denmark, Canada, Belgium, Bahrain, Saudi Arabia, Italy, Norway, Spain, Kuwait, Finland, Sweden, Taiwan, Lithuania, Israel, Bulgaria, Hungary, and Turkey," the notification states.It adds that work on the order is expected to be completed by the end of May 2030.Although it remains unclear as to exactly how many, if any, new AMRAAM missiles would be delivered to Pakistan, the development has triggered speculation about potential upgrades to the Pakistan Air Force's F-16 fleet.In PAF service, the AMRAAM is compatible exclusively with the F-16 fighter jet and was reportedly used to shoot down the Indian Air Force MiG-21 flown by Wing Commander Abhinandan Varthaman in February 2019, according to the newspaper.Notably, PAF Chief of Air Staff Air Chief Marshal Zaheer Ahmed Babar visited the US State Department in July.According to the defence publication Quwa, the AIM-120C8 is the export version of the AIM-120D, the main AMRAAM variant in US service. The PAF currently operates the earlier C5 variant, 500 of which were acquired alongside its latest Block 52 F-16s in 2010, the paper said.The development comes as relations between the two countries showed marked improvement following the four-day military conflict between Pakistan and India in May.Pakistan credited US President Donald Trump for arranging a ceasefire and topped it by proposing his name for the Nobel Peace Prize. India has consistently maintained that the understanding on cessation of hostilities with Pakistan was reached following direct talks between the Directors General of Military Operations (DGMOs) of the two militaries.

Ace investor Ashish Kacholia has hit a half-century with the addition of a new stock to his portfolio in the quarter ended September. He picked up Jain Resource Recycling, a smallcap stock that made its market debut on October 1. According to the company’s Red Herring Prospectus (RHP), the shares were allotted to Bengal Finance & Investment Pvt Ltd — an entity associated with Kacholia, in a pre-IPO offer. With this investment, he figures among the top 10 shareholders of the company.Following the company’s listing, Ashish Kacholia’s stake stands at 1.14%, representing 39,16,875 equity shares, according to BSE shareholding data for the September quarter. Shares of Jain Resource Recycling were listed at a 14% premium at Rs 265 over the IPO price of Rs 232. The stock is already up 41% over the issue price at Rs 326.90 and settled with a 5% uptick today.The Rs 1,250 crore IPO, which ran between September 24 and September 26, was a mix of a fresh issue of Rs 500 crore and an offer for sale worth Rs 750 crore. The response from investors was strong, with the issue subscribed 16.8 times overall.Institutional buyers drove the bulk of demand, subscribing nearly 27 times their reserved portion. Non-institutional investors subscribed 5.6 times, while retail investors came in at 3.8 times. Ahead of the issue, the company had also raised Rs 562.5 crore from anchor investors, a commitment that added to the confidence.Also Read: Eternal block deal: Goldman Sachs offloads Rs 355 cr worth of shares, BofA Securities steps in as buyerJain Resource Recycling is engaged in recycling and manufacturing non-ferrous metals such as lead, copper and aluminium. The company operates three recycling facilities near Chennai and also has a gold refining unit in the UAE through a subsidiary.Its customer base includes large domestic and global names such as Vedanta, Luminous Power, Mitsubishi Corporation and Nissan Trading. With exports to markets like Singapore, China, Japan and South Korea, the company has built a footprint beyond India in just three years of operations.Also Read: BNP Paribas acquires Rs 1,806 crore worth stakes in Nifty stocks Hero MotoCorp and IndusInd Bank via bulk dealsThe current value of Kacholia's holding in the company is around Rs 128 crore.Fondly called the ‘Big Whale’, Kacholia publicly holds 50 stocks with a net worth of over Rs 2,894 crore, according to Trendlyne. Other stocks held by Kacholia include Brand Concepts, Agarwal Industrial, Jyoti Structures, Man Industries, Tanfac Industries, Thomas Scott, Xpro, Shaily Engineering, Safari Industries, Faze Three and Balu Forge.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Leading FMCG companies have reported disruption in trade in September on account of implementation of new GST slabs, which in turn impacted revenue and profitability in the second quarter. Major players including HUL, Dabur and Marico, continued their momentum in July and August with a stable demand trends. However, in September, they had to absorb the transitory impact of disruption in trade channels on account of GST reforms and one of them expects the impact to drag in October. According to them, the consumers had deferred their purchase after the government announced the Next-Generation (GST 2.0) reforms on September 4, lowering duties on most daily essentials, including food and personal care products. The FMCG companies expect growth in the second half of the fiscal year, helped by stabilisation of prices and stimulation in demand from the lowering of duties. Moreover, they also expect sentiment to gradually improve during the festive season and months ahead, aided by easing inflation, above-average monsoons, a healthy crop outlook and policy stimulus. Home-grown firm Dabur said it faced "short-term moderation in sales" in the second quarter as its retail business saw a 'temporary disruption' due to the deferment of purchases by consumers awaiting price cuts to take effect following GST rate rationalisation. Moreover, its distributors and retailers also focused on liquidating the existing higher-priced inventory, said Dabur in its updates for the quarter ended September 2025. However, its 'non-GST impacted brands' like Dabur Honey, Anmol Coconut Oil, Gulabari and Hajmola Zeera have performed well. Overall, 60 percent of Dabur's India business will benefit from the lowering of GST, which, according to the company, will drive affordability & enhance purchasing power, which will boost consumption across categories and strengthen demand in both urban and rural markets. Similarly, leading FMCG major HUL had last month said while reduced GST rates will support long-term consumption, short-term order postponement due to anticipation of lower tax led to "near flat to low-single digit" business growth in the September quarter. HUL, which owns popular brands like Lux, Rin, Surf Excel, and Ponds, has witnessed a transitory impact "in the form of disruption at distributors and retailers" across channels to clear existing inventories at old prices. "This has resulted in postponement of ordering in anticipation of receiving new stocks with updated prices and lower orders across the overall portfolio as consumers delayed their pantry buying," HUL had in a regulatory filing. This disruption resulted in a short-term impact on sales for the company in the September quarter. "Given our existing pipeline inventory in the channels, we expect this impact to continue into October as well," it said. Marico also said GST rationalisation has benefited 30 percent of its India business, which will stimulate demand and help in long-term growth in the FMCG sector. "During the quarter, the India business continued to exhibit steady momentum through the months of July and August, while having to absorb the transitory impact of disruption in trade channels and purchases by the Canteen Stores Department ahead of the implementation of new GST rates in September," it said. Despite the same, underlying volume growth in the India business remained in high single digits, albeit moderating sequentially, it said. The GST Council in early September decided to replace the four-slab structure of Goods and Services Tax with two broader rates of 5 and 18 percent, putting most of the common-use items and food products under a lower tax rate. The decision prompted consumers to delay purchases until the new rates took effect on September 22.

Steptrade Capital, an investment management entity, has deployed about Rs 177 crore across nearly 63 IPOs in last 24 months and the fund-house’s placements across mainboard and SME issues have delivered an average listing gain of about 35%, underscoring the growing role of home-grown institutional capital in powering India’s IPO pipeline.Of the total deployment, around Rs100 crore was invested in Mainboard IPOs and Rs 77 crore in SME issues and the investments had a mix of high-growth sectors including infrastructure, renewable energy, logistics and recycling.The allocations were made through Steptrade’s two flagship funds — Chanakya Opportunities Fund I and Steptrade Revolution Fund I — which together form the core of its SME and Microcap focus. Chanakya, India’s first SME-Exchange-focused Category II AIF, alone deployed about Rs 95 crore, while Revolution Fund contributed another Rs 82 crore. Through these funds, Steptrade Capital anchored several IPOs such as Quality Power Electrical Equipments, Fabtech Technologies Cleanrooms, Prostarm Info Systems, Maxvolt Energy, and SAR Televentures.“These SMEs and Microcaps are tomorrow’s market leaders. By backing them early, we enable scale and governance that create long-term value. Smart diversification and timely participation can deliver strong listing gains today and sustainable wealth for investors tomorrow,” said Kresha Gupta, Director and Fund Manager, Steptrade Capital.Steptrade Capital has built a differentiated presence in India’s alternative-investment ecosystem. The firm manages multiple SEBI-registered platforms — including an Alternative Investment Fund, a Portfolio Management Service, and a Foreign Portfolio Investment vehicle — making it one of the few institutions licensed across all categories. Its combined AUM now exceeds Rs350 crore, with a sharp focus on the SME, Microcap, and pre-IPO segments that form the backbone of India’s entrepreneurial economy.Launched in 2023, Chanakya Opportunities Fund I was conceived to provide growth capital and governance support to emerging enterprises. With SMEs contributing nearly 30% of India’s GDP and employing over 25 crore people, the fund plays a catalytic role in advancing India’s production-driven growth.Its sister fund, Steptrade Revolution Fund I, broadens this mandate by diversifying allocations across a wider pool of issuers, mitigating concentration risk while maintaining exposure to India’s most promising new-age businesses.The expansion aligns with SEBI’s ongoing efforts to deepen anchor-investor participation in IPOs — a move aimed at bolstering price stability, widening domestic ownership, and enhancing retail confidence in primary markets.Looking ahead, Steptrade Capital plans to increase its anchor allocations and expand coverage across sunrise sectors, reaffirming its commitment to SMEs and Microcaps as a central force in India’s path toward a $5-trillion economy.

Indian IT stocks could be down amid current headwinds, but they are the backbone of the domestic economy, generating millions of jobs, foreign exchange reserves while building a tech ecosystem, Gurmeet Chadha, Managing Partner & CIO at Complete Circle Consultants, said, slamming analysts who in his views are "abusing" top IT companies. He said that the "analysts" should analyse, sell or trim their holdings in IT stocks and refrain from "abuses".He said it was too early to write their obituaries.As a disclaimer, Chadha clarified that he remains "grossly underweight" on IT sector and has no vested interests."I see some Analysts and investors abuse TCS, Infy and IT cos... It’s been the backbone of economy, generating millions of Jobs, forex reserves and building tech ecosystem and cities like Bengaluru, Hyderabad. Yes they have been slow on AI n will Pay a price.. Analyse , sell/trim your holdings but let’s not abuse. And too early to write obituaries. ( disc -grossly underweight IT in portfolios.. so no vested interest)," Chadha said in a tweet.As the earnings season starts on Thursday, with IT bellwether Tata Consultancy Services (TCS) declaring its Q2 results, the stocks are in strong buzz. Over the past one week, IT stocks have rallied up to 11%. The top gainer has been Oracle Financial Services Software (OFSS) with mid-tier stocks Persistent Systems, Mphasis and Coforge following suit, with 9%, 6% and 6%, respectively.Also read more: After income tax and GST tweaks, Gurmeet Chadha bats for next big push — LTCG cutTCS has gained 3% while Infosys is up 1.2%. At the index level, Nifty IT has soared 3%.Mid-tier IT services firms are expected to drive the sector’s growth in Q2FY26, a quarter marred by macroeconomic headwinds and pricing pressures that curbed overall industry revenues as clients remained cautious on large or discretionary projects. Estimates from two leading domestic brokerages suggest these companies may report constant-currency sequential revenue growth ranging from -0.5% to 6%.Read more: Q2 preview: Coforge set to lead IT earnings as mid-tier firms outshine largecaps; 8 stocks to buy (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Kolkata: The Reserve Bank of India has proposed that the banking ombudsman may pay a compensation up to Rs 30 lakh to aggrieved bank customers for any consequential loss they suffer. This is part of the central bank's effort to strengthen the ombudsman scheme and raise customer satisfaction.In addition, the ombudsman shall also have the power to provide up to Rs 3 lakh for harassment suffered and time spent for taking up their grievances with the f any, by the complainant. Separately, RBI said that customers of state co-operative banks and central co-operative banks can raise their grievances with banking ombudsman structure from November 1Customers can escalate the complaint with RBI if they don't get a response to the complaint with banks for 30 days after filing it.

U.S. equities may be richly priced, but trying to time a correction remains a perilous gamble, according to NYU finance professor Aswath Damodaran. In his latest blog post, the valuations guru described the market as “fairly highly valued” and outlined five broad strategies investors could consider, ranging from maintaining their portfolios to taking aggressive positions, while cautioning that even carefully planned moves may fail.Damodaran noted that 2025 has been a turbulent year for stocks. He said, “Jerome Powell, the current Fed chair, had described the market as ‘fairly highly valued.’ In market strategy speak, these are words that are at war with each other, since markets can either be ‘fairly valued’ or ‘highly valued,’ but not both.” Despite this ambiguity, Damodaran agreed with Powell’s assessment that stocks are richly priced, but cautioned that leaping to the conclusion of an imminent bubble or correction is much more complicated.“After a first quarter, where it looked like financial markets would succumb to the pressure of bad news, stock markets have come roaring back, surprising market experts and economists,” he said. Notably, the technology-heavy NASDAQ rebounded from a 21.3% drop through April 8 to post a 17.3% gain year-to-date, outpacing the S&P 500’s 13.7%.The bulk of gains stems from what Damodaran calls the “Mag Seven”, tech and communication giants including Alphabet and Meta, whose combined market capitalization now accounts for over 30% of U.S. equities and contributed more than half the total market value increase this year.Also read | Frankenstein Monster: Aswath Damodaran says upcoming NYU bot in his name could out-fake scammers, gives Insta scam 'A-' gradeValuation metrics signal cautionMultiple valuation indicators converge to signal elevated market prices. Damodaran highlighted that all three popular PE ratios, trailing, normalized, and CAPE (Shiller PE), are near all-time highs, barely surpassed only by the dot-com boom peak. He said, “All three versions of the PE ratio tell the same story, and in September 2025, all three stood close to all-time highs.”Looking at expected returns, Damodaran’s calculation of the implied equity risk premium (ERP) for the S&P 500 stands at 4.01%, which is low compared to post-2008 crisis levels and indicative of an overpriced market. Yet, compared to the dot-com bubble era when the ERP dropped to 2%, the current market does not constitute a classic bubble scenario.5 strategic responses for investorsRecognizing that an “overpriced” market diagnosis does not automatically translate into an actionable strategy, Damodaran offered five measured approaches investors might consider:Do nothing: Maintain existing portfolio allocations and continue regular investing practices without changes.Increase cash holdings: Build liquidity by directing new investments to cash-like instruments and consider selling perceived overvalued holdings cautiously.Change asset allocation: Adjust the mix of stocks and bonds or shift geographic exposures based on valuation differences.Buy protection: Use derivatives such as puts or futures to hedge portfolio risk without large portfolio disruptions.Make leveraged bets: Aggressively bet on a market correction through leveraged derivative positions or short selling.Lessons on market timingDamodaran’s verdict on timing the market is sober: “Over the last century, this market timing strategy would have reduced your annual returns 0.04% each year, and that is before transaction costs and taxes.” Even more aggressive or more frequent timing schemes failed to deliver positive excess returns in his backtests.He distills three essential takeaways: first, market timing metrics must be comprehensive and account for fundamental market shifts; second, success demands rigorous backtesting of actionable strategies rather than reliance on statistical correlations; and third, “markets can stay mispriced for longer than you can stay solvent.”For investors grappling with today’s “fairly highly valued” market, Damodaran stressed that translating a view of overvaluation into successful trades is far from straightforward. For investors, the decision to attempt market timing remains deeply personal, but the professor’s analysis serves as a cautionary reminder that even when stocks look pricey, predicting the timing and extent of a correction is an inherently uncertain endeavor.Also read | Tata Investment shares fall 9% in October after a sizzling 53% September rally. Has the frenzy run its course?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)