Tag: stocks

Business

Kotak Flexicap Fund Completes 15 Years of Long-Term Wealth Creation

Tanisha Cardozo

Kotak Mahindra Asset Management Company Ltd. has announced the 15-year milestone of the Kotak Flexicap Fund, marking a significant journey in long-term wealth creation. Since its inception, the scheme has delivered a compounded annual growth rate (CAGR) of 16.59 per cent, building a strong performance record across multiple market environments.

Commenting on the milestone, Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company Ltd., said the completion of 15 years is a moment of pride for both the organisation and the investors who have remained committed to the fund. He noted that the flexicap category continues to be important because it allows investors to participate in India’s growth across market segments while leaving allocation decisions to experienced investment teams.

As of 31 December 2025, the fund’s Direct Plan – Growth Option has generated a CAGR of 15.70 per cent over 10 years and 16.87 per cent over five years. The fund is managed by Harsha Upadhyaya, Chief Investment Officer at Kotak Mahindra AMC, whose investment philosophy focuses on sustainable earnings, strong governance and capital efficiency.

Upadhyaya said the fund has navigated varied market cycles over the past 15 years by staying anchored to businesses with durable earnings potential and strong capital efficiency. He emphasised that the focus has always been on research-backed stock selection rather than chasing short-term trends, enabling the fund to participate meaningfully in India’s growth while aiming to deliver consistent long-term outcomes.

Flexicap funds are designed to offer agility across market environments by investing across large, mid and small-cap segments. As of December 2025, the Kotak Flexicap Fund held approximately 73 per cent in large caps, 19 per cent in midcaps and 5 per cent in small caps.

The portfolio blends top-down sector views with bottom-up stock selection. Key exposures include financial services, automobiles and auto components, capital goods, chemicals, construction materials and consumer services. The fund’s research-driven approach is aimed at identifying long-term opportunities supported by sound valuations and clear earnings visibility.

Business

Kotak Securities’ 2026 Market Outlook Signals Strong Equities and Shining Gold Amid Global Volatility

Tanisha Cardozo

Written by Tanisha Cardozo || Team Allycaral Business Desk

Kotak Securities Ltd (“Kotak Neo”) has released its Market Outlook 2026, presenting a confident view of India’s financial landscape for the coming year. Despite global volatility, the firm expects Indian equities and key commodities to maintain strong momentum driven by favourable macro conditions, robust earnings expectations and rising investor participation. Shripal Shah, MD & CEO of Kotak Securities, said that India continues to stand out as a beacon of growth amid global turbulence. According to him, equity markets are well-positioned to deliver strong performance in 2026, supported by healthy corporate earnings and policy initiatives. Shah also highlighted the increasing role of young investors in shaping the future of India’s capital markets, adding that the industry must work towards making investing more inclusive and accessible.

Citing recent SEBI findings, Shah noted a significant gap between market awareness and actual participation: while 63% of households are aware of at least one market product, only 9.5% actively invest. This, he said, indicates substantial untapped potential for the Indian equity ecosystem and a major opportunity for brokerage firms to drive greater financial inclusion. The report points out that Indian equities overcame a sharp 17% drawdown from the September 2024 highs, with the Nifty 50 rebounding to a new all-time high by the end of 2025. Large-cap stocks led the recovery, while mid- and small-cap segments trailed. Sectors such as automobiles, banks and metals outperformed during the year, whereas IT and FMCG remained under pressure. Persistent foreign portfolio investor outflows were absorbed by strong domestic investor activity, further reinforcing confidence in India’s market resilience. A buoyant primary market through 2025 demonstrated sustained investor interest and optimism.

Looking ahead, Kotak Securities expects Nifty earnings to remain healthy, projecting profit growth of 17.6% for FY27 and 14.8% for FY28. Based on these expectations, the report lays out three potential scenarios for December 2026: a base case target of 29,120 assuming a 20x PE on FY28 expected EPS of ₹1,456, a bull case of 32,032 at a 22x PE, and a bear case scenario of 26,208 at an 18x multiple. On the commodities front, 2025 saw exceptional movements. Gold surged over 55%, crossing the $4,000 per ounce mark, driven by geopolitical tensions, macroeconomic uncertainty and strong central bank buying. Indian gold prices rose even more sharply—approximately 60%—due to rupee depreciation. Silver proved an even stronger performer with gains of nearly 100%, supported by safe-haven demand and persistent structural supply deficits despite industrial headwinds from tariffs. Crude oil, however, ended 2025 with a 19% decline as excess supply outweighed geopolitical concerns. Base metals like copper and aluminium remained firm, supported by tight supply conditions, electrification demand and structural constraints even as volatility persisted.

Overall, Kotak Securities’ Market Outlook 2026 emphasizes a year of opportunity for investors willing to navigate global uncertainty with a focus on India’s strong fundamentals, expanding investor base and commodity trends that continue to offer both stability and growth potential.

Finance

Calcutta Stock Exchange Prepares for Final Exit After 117 Years

Tanisha Cardozo

The end of an era is near for one of India’s oldest financial landmarks. The Calcutta Stock Exchange (CSE), established in 1908, is preparing to voluntarily exit its role as a stock exchange after years of operational dormancy and prolonged legal battles.

A century ago, CSE was a powerhouse of trade in the eastern region of India, standing toe-to-toe with the Bombay Stock Exchange. Its building on Lyons Range in Kolkata symbolized prosperity, enterprise, and financial ambition for decades. However, over time, the momentum slowed. After a massive settlement crisis tied to the Ketan Parekh scam in the early 2000s, CSE’s influence began to wane. Trading was officially suspended by SEBI in April 2013 due to regulatory non-compliance and failure to adopt modern trading frameworks.

In February 2025, the exchange submitted a formal application for voluntary exit to SEBI. The decision followed a shareholder vote held in April 2025, where the majority approved a transition plan that would see CSE shift from an exchange to a holding company. Its broking subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue operations through affiliations with the BSE and NSE.

SEBI has appointed Rajvanshi & Associates as the valuation agency to oversee the financial assessment of the exchange, and the exchange has already offered a Voluntary Retirement Scheme (VRS) to employees. The move is expected to save ₹10 crore annually, with ₹20.95 crore allocated for staff exit packages.

Part of the transformation also involves the sale of CSE’s prized 3-acre property on EM Bypass to real estate group Srijan for ₹253 crore — another indicator of the exchange’s shift from traditional market functions to asset management.

The 2025 Diwali season is likely to be its last as a functioning entity — a poignant and symbolic farewell. Kolkata’s iconic financial monument, which has stood tall for 117 years, will cease to operate as a stock exchange, representing the larger story of how India’s capital markets have consolidated over the last two decades.

This voluntary exit is more than a regulatory process. It is the final chapter of a historic institution that once played a pivotal role in India’s financial growth — and a reflection of how regional exchanges have given way to national and global trading platforms in an increasingly digital, centralized world.