ET NEWS

Mumbai: Shares of gold jewellers were among the top gainers on Monday, extending the month-long rally, fuelled by the US-India trade deal, which boosted sentiment across the gems and jewellery space. Kalyan Jewellers shot up 14.7%, leading the surge. Motisons Jewellers, Vaibhav Global, Goldiam International, Sky Gold and Diamonds, Thangamayil Jewellery and P N Gadgil Jewellers climbed 9-16%, while Titan Company gained 3%. The benchmark Nifty 50 rose 0.7%, and the Nifty Midcap 150 and Smallcap 250 indices advanced 1.6% and 2.6%, respectively. "Monday's run-up is largely a combination of strong results by Kalyan Jewellers and P N Gadgil, as well as tariff reduction on jewellery exports as part of the India-US bilateral trade deal," said Gaurang Kakkad, head of research at Centrum Broking. A joint statement issued on Friday said the US would cut tariffs on gems and diamonds exported from India, lowering them from 50% to 18%. Harsh Thakkar, research analyst at Samco Securities, said investors expect the momentum seen in the October-December to continue into the fourth quarter, aided by wedding-season demand - a view echoed in the recent commentary from Kalyan Jewellers' management.Kalyan posted an 60% jump in consolidated net profit for the third quarter from July-September, while P N Gadgil posted a 115.5% rise in October– December profit. “We have seen strong thirdquarter numbers from Sky Gold and P N Gadgil, and we expect strong results from other key players such as Titan Company and Senco Gold. Investors may consider accumulating shares of leading companies in the segment on dips,” Thakkar said. 128135289Kakkad said the third quarter saw strong momentum across jewellery retailers, supported by gold price inflation and robust wedding-related buying. In the October- –December period, international gold prices rose nearly 12% as per data from investing- .com. So far in 2026, gold is up over 16% in a volatile trading period. Kakkad added that the structural story remains intact, with organised jewellers benefiting from market-share gains from the unorganised sector, continued store additions and entry into newer categories, including lab-grown diamonds and lightweight jewellery. His top pick in the sector is Titan. “Despite gold price volatility, January has remained healthy in terms of KPIs (Key Performance Indicators) like walk-ins, footfalls and consumer traction,” said Kakkad. “We expect that some correction in gold prices will provide an opportunity to consumers who were on the fence, and therefore demand momentum should remain strong in the fourth quarter as well.”

Mumbai: State Bank of India surged more than 7% on Monday - its biggest single-day gain in 19 months - after the country's largest lender posted stronger-than-expected December quarter results, prompting a spate of price target upgrades by analysts and a rush of bullish positions in its stock futures. Analysts said the bank's relative outperformance versus private-sector peers and the build-up in derivatives positions point to further upside. SBI shares rose 7.6% to ₹1,148, topping the Nifty gainers' list, while the benchmark index advanced 0.7%. Monday's advance is the highest in a day since June 2024. "SBI reported strong loan book growth of 15.6%, outpacing HDFC Bank and ICICI Bank, and raised its FY26 credit growth guidance to 13-15% from 12-14%," said Yuvraj Choudhary, research analyst, Anand Rathi Institutional Equities. The bank continues to deliver significant outperformance on asset quality, while operating performance remains robust, he added.128135158 Brokerages turned more upbeat on the stock following the results. Nuvama, which called SBI a top buy following its standout December-quarter performance among large lenders, raised its target price to ₹1,250 from ₹1,150. SBI shares have climbed 39.4% over the past six months, compared with a 5.2% rise in the Nifty. Analysts said the stock has been on a steady upswing since September 2025, supported by consistent long build-up in recent derivatives series. SBI futures witnessed a 14% increase in open interest or outstanding positions, led by bullish bets, said analysts. "Even after the gap-up opening today, the stock saw fresh buying, which is a sign that the uptrend remains intact," said Ruchit Jain, head - Technical Research, Motilal Oswal Financial Services. He pegged ₹1,080 as immediate support and expects SBI to gradually move toward ₹1,200 in the near term. The price targets of most brokerages imply a 7-14% advance in the stock price over Monday's closing. "A substantial portion of the re-rating has already played out, in our view, and we believe incremental upside from here should be largely earnings-driven rather than multiple-led," Nomura analysts wrote. The brokerage retained its 'Buy' rating and raised its target price to ₹1,235.

Bangladesh has secured a reduced 19% U.S. tariff under a trade agreement signed between the two countries on Monday, granting exemptions for some textiles and garments manufactured with U.S. material.Muhammad Yunus, chief advisor heading Bangladesh's interim government, said Washington had "committed to establishing a mechanism for certain textile and apparel goods from Bangladesh using ‌U.S.-produced cotton and man-made ‌fiber to receive zero reciprocal tariff in (the) U.S. market."The White House said Bangladesh had agreed to provide significant preferential market access for U.S. industrial and agricultural goods, including chemicals, medical devices, machinery and motor ‌vehicles and parts, soy products and dairy goods, beef, poultry, tree nuts and fruit.Bangladesh will also ease non-tariff barriers by accepting U.S. vehicle safety and emissions standards, recognising U.S. Food and Drug Administration certifications and removing import restrictions on remanufactured goods, the White House added.BANGLADESH TO BOOST U.S. PURCHASESThe nations also noted recent and upcoming commercial deals including aircraft procurement, around $3.5 billion in purchases of U.S. agricultural products, and an estimated $15 billion in U.S. energy product purchases ​over 15 years.According to the U.S.-Bangladesh agreement's 32-page text released by the U.S. Trade Representative's office, ​Biman Bangladesh Airlines intends to purchase 14 Boeing aircraft, with options for additional purchases. The airline first announced a Boeing order last ‌July as negotiations were ‍underway.Bangladesh also will purchase an unspecified amount of U.S. military equipment and limit purchases from certain countries.The South Asian ‍low-wage country also pledged to uphold internationally recognized labour rights and strengthen environmental protections.Yunus said the ‌agreement followed nine months of negotiations that began in April last year.The South Asian nation in August had secured a reduction in U.S. tariffs on its exports to 20%, down from 37% initially proposed by Washington, offering much-needed relief to the nation's apparel exporters.INDIA STILL NEGOTIATINGBangladesh's tariff rate is slightly above the 18% rate for imports from India agreed last week by the Trump administration, but that deal requires more negotiations to be finalized.U.S. Trade Representative Jamieson Greer said that Bangladesh was the first country in South Asia to complete a reciprocal trade deal with the U.S., and "marks a meaningful step forward in opening markets, addressing trade barriers, and creating new opportunities for American exporters."The readymade ‍garments sector is the backbone of Bangladesh's economy, accounting for more than 80% of total export earnings, employing about 4 million workers and contributing about 10% to gross domestic product.Bangladesh goes to the polls on Thursday to elect new leadership after ‍being governed by an ⁠interim government since August 2024, when former ⁠Prime Minister Sheikh Hasina fled to India, where she remains.According to tariff schedules released by USTR, Bangladesh will cut high tariffs to zero on many farm and food products, such as poultry, pork, seafood, rice, corn and cereal grains when the agreement enters into force.Other tariffs fall by 50% at the start and are gradually reduced to zero over five or 10 years, depending on the import. It will take a decade for the current 53.6% duty on almonds to fall to zero and five years for the 53.6% duty on 4-stroke auto rickshaw engines to be eliminated completely.Most U.S. tariffs are a flat 19%, but Bangladeshi-made ingredients for pharmaceuticals and parts for aircraft are allowed in duty-free, consistent with treatment for other countries that have inked tariff-reducing trade deals with President Donald Trump's administration.

Sebi on Monday proposed a sharp reduction in the minimum investment required from individual investors in social impact funds to Rs 1,000 from the existing Rs 2 lakh, in a move aimed at widening retail participation and easing fundraising for not-for-profit organisations (NPOs) on the Social Stock Exchange (SSE).In its consultation paper, Sebi also proposed extending the registration period for NPOs on the SSE without fundraising and lowering the minimum subscription requirement for issuing Zero Coupon Zero Principal Instruments (ZCZP).The regulator said the measures are intended to "further strengthen the SSE framework, facilitate ease of fund raising and encourage greater participation by NPOs".Under the current Alternative Investment Fund (AIF) Regulations, individual investors are required to invest a minimum of Rs 2 lakh in a social impact fund that invests exclusively in securities of NPOs listed or registered on the SSE.Sebi has now proposed lowering this threshold to Rs 1,000 to align it with the existing minimum application size for Zero Coupon Zero Principal Instruments (ZCZP) under the ICDR norms, thereby enabling wider retail participation in social impact investments.On the registration front, Sebi has suggested extending the period during which NPOs can remain registered on the SSE without raising funds from the existing two years to three years.The proposal has taken into account practical challenges faced by NPOs, including delays in statutory and regulatory approvals, and would be subject to approval by the SSE.In addition, the regulator has proposed reducing the minimum subscription requirement for ZCZP issuances from 75 per cent to 50 per cent in select cases.This relaxation would apply only to projects where costs and outcomes can be implemented on a clearly identifiable per-unit basis, ensuring that partial subscription does not adversely affect project execution, Sebi said.In such cases, SSEs would be required to carry out due diligence to ensure that funds raised at the lower subscription threshold can still be meaningfully deployed towards the stated objectives.Also, the regulator said that funds would be refunded to investors if the minimum subscription requirement is not met.

Consumer major Marico on Monday said it will acquire a 75% equity stake in Vietnamese direct to consumer (D2C) beauty and personal care company Skinetiq Joint Stock Company for an acquisition cost of Rs 261 crore.According to the agreement, the company’s subsidiary Marico South-East Asia Corporation (MSEA) will acquire 75% of Skinetiq’s total shares from its existing shareholders and said it can acquire Skinetiq’s remaining shares after FY28, given the achievement of requisite milestones. “The investment in Skinetiq reflects our commitment to building a strong premium beauty play in Vietnam and advancing our D2C strategy internationally,” said Saugata Gupta, managing director and CEO, Marico Ltd, adding that Vietnam remains a priority market for the company due to its “strong macroeconomic fundamentals and rapidly evolving beauty landscape.” Co-founded by Bui Ngoc Anh and Vietnamese beauty blogger Hannah Nguyen in 2020, Skinetiq owns the digital-first skincare brand Candid and holds exclusive distribution rights in the country for the premium skincare brand Murad.In 2025, Skinetiq reported a revenue of Rs 152 crore with a mid-twenties EBITDA margin.Marico Ltd has remained bullish on acquisitions to diversify its D2C portfolio as witnessed by the recent acquisition of Indian plant-based protein brand Cosmix in early February. “We remain focused on advancing our diversification agenda in both India and overseas businesses and will maintain investments to drive the same,” the company said in its recent earnings call.

Less than a year after his appointment, Bhavnish Lathia has resigned as chief technology officer (CTO) of Kotak Mahindra Bank, citing personal reasons, extending the lender’s struggle to retain leadership continuity in the role. Lathia had taken over from Silicon Valley veteran Milind Nagnur, who resigned as CTO in January 2025 after serving a little over two years.In his resignation, Lathia said he was relocating to the US for personal reasons.“The technology leadership team is stable, mature and ready for broader responsibilities,” he wrote in a letter addressed to managing director Ashok Vaswani. “There is never a good time to resign, but I feel this is the best time for me to step off the stage and let the next generation of technology leaders take centre stage.”Following Lathia’s exit, Kotak Mahindra Bank has appointed Nilesh Chaudhari as its new chief technology officer, while Aravamudham (Vijay) Narayanan has been named head of innovation and artificial intelligence.The resignation adds to a series of senior level exits and transitions at the private lender over the past few years. Consumer banking head Virat Diwanji superannuated in July 2024. In January 2025, Ambuj Chandna, head of consumer banking assets, resigned to join DBS Bank as its consumer banking head, while Milind Nagnur stepped down as CTO to relocate to the US. Earlier, Phani Shekhar, head of credit, exited in April 2024, and Shanti Ekambaram, one of the bank’s longest-serving and most influential executives, retired in late 2025.

New Delhi, State-owned Bank of Baroda (BoB) on Monday announced a 30-basis-point reduction in its car loan interest rates, effective immediately.The bank's floating rate now starts from 7.6 per cent per annum, BoB said in a statement.The bank also offers an attractive fixed rate of interest on Baroda car loans, starting at 8.5 per cent per annum.The new rate beginning at 7.6 per cent is available on the purchase of a new car and is linked to a borrower's credit profile, it said.In addition to a reduced rate of interest, the bank is also offering borrowers zero prepayment/part-payment charges on floating rate car loans for individual borrowers, it said.Further, the interest on Baroda Car Loans - both fixed and floating loans - is calculated on the daily reducing balance method, making it even more affordable for borrowers, it said.Customers can also benefit from an extended repayment tenure of up to 84 months, providing enhanced financial flexibility, it added.