Newspaper Summary 170226

 Based on the sources provided, here is the reproduced article regarding the impact of new Labour Codes on Nifty50 firms:

Nifty50 firms take ₹13,000 cr hit in Q3 on new Labour Codes

By Sourashis Banerjee, Chennai

Compliance Cost. Employee-heavy firms are bearing the brunt of a significant rise in social security benefits following the implementation of India's new Labour Codes. A businessline analysis of standalone results for Nifty50 index companies in the third quarter of FY26 reveals that these firms incurred additional provisions and expenses totaling ₹13,161 crore due to the revised rules.

The Core Changes The implementation of these codes began on November 21, 2025, forcing companies to make large, one-time adjustments in their books during Q3 FY26 to increase reserves for employees' social security benefits. These adjustments were necessitated by two primary changes:

• Salary Restructuring: The new codes mandate that basic salary must constitute at least 50 per cent of the overall salary, which directly impacts the calculation of Provident Fund (PF) and other statutory benefits.
• Gratuity Timeline: Gratuity must now be paid to all fixed-term employees after one continuous year of service, a sharp reduction from the previous five-year requirement.

TCS Leads the Hit TCS, due to its massive workforce, reported the largest financial impact, consisting of ₹1,816 crore in gratuity and ₹312 crore for long-term compensated absences. Other major firms following TCS with substantial increases in employee expenses include:

• Larsen & Toubro: ₹1,791 crore.
• Infosys: ₹1,146 crore.
• InterGlobe Aviation: ₹969 crore.
• HCL Technologies: ₹948 crore.
• HDFC Bank: ₹800 crore.
• Maruti Suzuki: ₹594 crore.
• Wipro: ₹303 crore.

Varying Degrees of Impact While many firms faced high provisioning, another group of major employers anticipated negligible financial impact for the quarter. Reliance Industries stated that the incremental impact assessed was "not material," while State Bank of India (SBI) indicated that it continues to comply with major provisions and will account for any consequential impact as further notifications arise.

Axis Bank reported an immediate additional outgo of ₹25 crore but provided ₹434 crore for future implementation costs. Adani Enterprises acknowledged the reforms in its earnings review but did not quantify a specific financial hit.

Anthropic’s Claude gains momentum in India with revenue run-rate doubling

By Sanjana B, Bengaluru

India has become the second-largest global user base for Claude AI, with Anthropic’s revenue run rate doubling since the company announced its India operations in October. Speaking at the company’s Builder Summit in Bengaluru, Anthropic CTO Rahul Patil highlighted that India’s unique position is driven by its optimism about AI, with surveys indicating 75 per cent of Indians expect AI to be largely beneficial.

Technical Talent and Intellectual Openness Patil noted that India possesses an "unmatched" intellectual openness compared to the rest of the world. This is supported by a massive talent pool; one in three developers joining GitHub each year is from India, underscoring the nation’s importance as a global hub for builders.

The company is seeing Indian developers create unique ideas that would be difficult to conceive within the Silicon Valley ecosystem alone. For instance, the co-founders of Maya AI have built language models for a thousand unique dialects in India. Patil believes India’s "applied AI" sector is where the country will truly shine due to its ability to scale quickly.

Usage Skewed Toward Productivity Irina Ghose, Managing Director for Anthropic India, confirmed that six per cent of the overall global conversation on the platform now originates from India. CEO and Co-founder Dario Amodei added that India stands out for the technical intensity of its Claude usage, which is heavily skewed toward productivity-focused professionals. Nearly half of all usage in India involves computer and mathematical tasks, such as building applications, modernizing systems, and shipping production software.

Deepening Commitment: Bengaluru Office and Language Fluency To support this growth, Anthropic officially opened its Bengaluru office—its second in Asia after Tokyo. The office will focus on hiring local talent for roles such as solutions architects and applied AI managers.

The company is also working to bridge the performance gap between English and local languages. Six months ago, Anthropic launched an effort to curate high-quality training data in 10 widely-spoken Indian languages, including Hindi, Bengali, Marathi, Telugu, Tamil, Punjabi, Gujarati, Kannada, Malayalam, and Urdu.

Future Outlook Looking ahead, Patil expects the AI landscape to move toward keyboard-less interactions and increased engagement with the physical world over the next two to three years. Anthropic is also partnering with non-profits like Digital Green and Adalat AI to build evaluations for performance in locally relevant domains such as agriculture and law.

‘AI in defence must have the rationality of a human being’

By S Ronendra Singh, New Delhi

MODERN WARFARE. As artificial intelligence (AI) becomes increasingly relevant in defence applications, experts warn that while it can synthesise vast volumes of data, it lacks the objective rationality of a human being. This absence of human-like reasoning is a primary concern in military decision-making, where the consequences are exceptionally high due to the potential human cost.

Logic and Decision Costs Speaking at the Sovereign AI for National Security: India’s Path to Digital Sovereignty session, Lt General Harsh Chibber, Director General Information Systems, Indian Army, noted that current AI is built on inductive logic. He emphasized that military decisions are "very costly," and the lack of human rationality in AI interfaces presents a significant risk when life-and-death choices are involved.

Defence Systems and Automation Bias Lt Gen Chibber explained that modern defence systems rely on multi-sensor, multi-data, and multi-source fusion to analyze information. However, integrating AI into these systems introduces the danger of automation bias—the human tendency to trust an automated output over personal instinct. He warned that this becomes threatening if there is uncertainty about the system's reliability, though he maintained that persistent surveillance guided by AI remains a necessity.

Cognitive Warfare and Narratives The role of AI extends into cognitive warfare, where it can generate narratives at lightning speed. In this environment, a superior algorithm is essential to defend against an enemy's cognitive offensive and to create supporting narratives for military actions.

‘India Has an Edge’ Lt Gen Chibber highlighted that India possesses a competitive advantage in superior algorithm creation. This edge facilitates the development of military applications capable of addressing modern, emerging challenges.

The Challenge of Autonomy and Infrastructure The experts also addressed autonomous systems, which remain a source of significant worry as the industry debates how much autonomy should be granted to military applications. Brijesh Singh, ADGP, Maharashtra, added that India must avoid "AI wrappers" and instead build its own cognitive public infrastructure. He described this as the "architecture of independence," noting that while India has the talent, the primary hurdle remains compute power. Singh also pointed out the geopolitical stakes, stating that GPUs are being used to control geopolitics, making sovereignty across all layers of technology vital.

French start-up Brad Technology scouting for Indian partner in agritech

By Prabhudatta Mishra, New Delhi

STRATEGIC PARTNERSHIP. Brad Technology, a French agritech start-up, attended the AI Impact Summit in search of an Indian partner to help launch its farm advisory venture. The company identifies immense potential in India despite the challenge of small land holdings, which is often viewed as a barrier to technology adoption by farmers.

Low-Cost IoT Solutions The startup is developing an IoT solution designed specifically for the global south to collect data from both the soil and air of a plot. CEO Olivier Lepine explained that the technology aims to support small farmers in making production decisions during uncertain times caused by climate change.

Regarding the role of AI in the field, Lepine stated that the data collected triggers a vocal AI agent that helps agronomists provide better guidance to farmers. While some Indian agritech firms have already entered this space, Brad Technology believe its unique vision—summarized by the motto "ground truth, global vision"—offers room for many players.

Addressing Cost and Scaling A major focus for the company is helping small farmers finance the use of IoT and AI, which is currently considered too expensive. Lepine suggested that "massification" is the best solution to reduce costs and that any successful proposal must address the farmer's actual revenue.

To keep expenses low, the company employs what Lepine calls a "jugaad approach," utilizing a very low-cost subscription model of approximately $100 per year.

Global Footprint Currently, Brad Technology has covered 10,000 hectares in France and has initiated a 50-acre pilot program in Morocco. The company is now eager to collaborate with Indian agritech startups to provide proven solutions to the local market.

Digital capex has a huge multiplier

By Ravi Pokharna & Kuntala Karkun

Invisible Steel. As Budget 2026-27 was unveiled with a capital expenditure (capex) of ₹12.2 lakh crore, public debate centered on physical assets like highways and semiconductor fabs. However, India’s most productive investment of the last decade—Digital Public Infrastructure (DPI)—continues to slip through the accounting cracks. This “invisible steel,” existing in code and interoperable standards rather than physical corridors, has become a core driver of India’s economic velocity.

Reframing Capex Traditional industrial-age infrastructure, such as roads and ports, is characterized by high upfront costs and linear returns. In contrast, digital highways like Aadhaar, UPI, and the account aggregator exhibit increasing returns to scale. While a bridge serves only those who cross it, digital infrastructure creates a foundation for infinite layers of private innovation; for example, the billionth UPI transaction costs almost nothing to process, yet its spillover benefits for small merchants can be transformative.

Structural Transformation The data supporting this DPI-led shift is no longer anecdotal:

• Financial Inclusion: India achieved a level of inclusion in just nine years that would typically have taken 47 years without its digital commons.
• Payments Velocity: In FY 2024-25, UPI processed 186 billion transactions valued at ₹261 trillion. By January 2026, it reached a record ₹28.33 lakh crore in monthly transaction value.
• Welfare Delivery: The Aadhaar-linked 'JAM' trinity and Direct Benefit Transfer (DBT) mechanism have saved the government approximately ₹3.5 trillion by eliminating leakages and "ghost" beneficiaries.
• Credit Access: Platforms like ONDC and OCEN are reducing customer acquisition costs for small lenders by 30-40 per cent, opening credit to previously “unbankable” segments.

The Multiplier Effect The magnitude of return is striking: government spending on core ‘India Stack’ components was less than $2 billion over a decade, yet it has facilitated a digital economy now valued at over $350 billion.

Accounting Challenges Despite these outcomes, DPI barely registers in Budget debates for three reasons:

1. Fragmentation: Spending is scattered across various ministries and regulators (e.g., Aadhaar under MeitY, UPI via RBI/NPCI).
2. Diffused Returns: Economic gains accrue across all sectors rather than just to the sponsoring department, a spillover traditional accounting does not recognize.
3. Timing Asymmetry: Costs are front-loaded, while the compounded savings and innovation benefits manifest over decades.

A ‘Digital First’ Fiscal Strategy To institutionalize DPI, the authors propose:

• Explicit Classification: Recognize DPI as capital expenditure under a dedicated ‘Digital Infrastructure’ head in the Capital Budget.
• Medium-Term Framework: Establish a five-to-seven-year investment framework anchored in outcome metrics—such as transaction volumes and inclusion indicators—rather than just inputs.
• Sustainability and Coordination: Invest in cybersecurity and resilience to mitigate macroeconomic risks, while incentivizing States to integrate with national rails to avoid digital duplication.

Conclusion While physical infrastructure remains essential, the next decade’s productivity gains will increasingly come from reducing friction. DPI is India’s highest-leverage mechanism for growth and should be recognized as the country’s most powerful capex multiplier and a bedrock for the Viksit Bharat ambition.

Tea prices surge at Kochi auctions on rising demand, low offerings

By V Sajeev Kumar, Kochi

MARKET RALLY. A combination of rising demand and low offerings has driven up tea prices at the Kochi auctions, with orthodox leaves seeing a significant increase of ₹15 per kg.

Production Impact Traders have attributed the price surge to dropping temperatures in the high ranges, which continue to adversely affect tea production. This has resulted in reduced arrivals on the auction platform, a trend currently being witnessed across almost all production centres.

Sale Highlights In Sale 7, the offered quantity of orthodox leaves was 1,57,560 kg, which saw a high 97 per cent sale rate. The market was supported by strong buying from CIS and Middle East countries.

Price Trends by Grade According to auctioneers Ewart & Figgis, price movements across different grades were as follows:

• Whole Leaf and Brokens: Prices were higher by ₹5 to ₹10, and in some instances more.
• Clean Black and Well-Made Medium Grades: These saw strong features, with prices increasing by ₹10 to ₹20.
• Brokens and Fannings: Remained firm to dearer across all categories.
• CTC Dust: Witnessed strong demand, particularly for good liquoring teas, which sold at a steady rate.

As the sale progressed, the market generally became firm to dearer.

What the Dhaka transition means for India, world

By Elizabeth Roche

Political Phase. A new government led by Tarique Rahman is scheduled to be sworn in on February 17, 2026, following a general election victory by the Bangladesh Nationalist Party (BNP) and its allies on February 12. The radical Jamaat-e-Islami and its partners secured 77 seats in an election from which the Awami League was barred following the 2024 ouster of Sheikh Hasina. This transition marks the end of 18 months of interim rule under Nobel laureate Mohammed Yunus and the formal start of a new political era for the nation.

Evolution of India-Bangladesh Ties India is seeking to stabilize a relationship that "nosedived" during Yunus’s interim administration after a "Golden Chapter" under Hasina’s 15-year tenure. Recent tensions have been fueled by India providing shelter to Hasina, reports of attacks on Hindus in Bangladesh, and contentious remarks regarding India’s North-East port access. Furthermore, New Delhi is concerned about Dhaka’s growing alignment with Beijing, citing the revival of a World War II-era airbase with Chinese aid and the handover of a former India-linked special economic zone to China for a drone manufacturing facility.

India’s Outreach Prime Minister Narendra Modi was among the first global leaders to congratulate Rahman, signaling India’s willingness to "do business" and rebuild trust. With Rahman prioritizing economic recovery and investment, India may look to fortify regional cooperation through the BBIN (Bangladesh, Bhutan, India, Nepal) initiative and a re-energized BIMSTEC grouping.

Steps for a Reset To restore goodwill, experts suggest India could focus on the following:

• Economic Cooperation: Improving trade ties that suffered during the interim rule.
• Port Access: Lifting embargoes on the usage of Indian land ports.
• Visa Policy: Easing visa restrictions, particularly for medical cases, which has been a significant "sore point" for Dhaka.
• Demographic Engagement: Reaching out to Bangladesh’s 115 million people of working age.

Broadening Global Ties The guest list for the swearing-in ceremony includes representatives from India, Pakistan, Malaysia, China, Saudi Arabia, Turkey, the UAE, Qatar, Brunei, Sri Lanka, Nepal, the Maldives, and Bhutan. These invitations signal a strategic shift by the new administration to broad-base its international relations, moving away from the Hasina era when India was accorded clear primacy as the partner of choice.

Bilateral Trade Context Trade between the two nations remains below its potential peak. After hitting $18.1 billion in 2021-22, bilateral trade declined to $13.5 billion in 2024-25.

India, US may strike mini deal by March

By Dhirendra Kumar, New Delhi

Interim Pact. India’s goods trade deficit widened in January as imports surged, just weeks before a delegation departs for the US to carry forward discussions following the agreement between the two nations on an interim trade pact.

Finalizing the Legal Text Commerce Secretary Rajesh Agrawal announced on Tuesday that an Indian delegation, led by Chief Negotiator and Joint Secretary Darpan Jain, will visit Washington next week to finalize the legal text of the interim deal. The team will work to convert the current "joint understanding" into legally binding language. While Agrawal noted it is difficult to specify a hard deadline, he stated there is a possibility the proposed mini deal could be finalized by March.

Reciprocal Tariff Cuts A central part of the pact involves the US lowering reciprocal tariffs on Indian goods to 18 per cent from 25 per cent. Furthermore, US President Donald Trump has removed a separate additional 25 per cent levy on the condition that India stops buying Russian oil. New Delhi views the 18 per cent tariff rate as a significant win, positioning Indian exports more competitively than those from Bangladesh, Vietnam, and Indonesia.

India’s Commitments In exchange for these concessions, India is prepared to lower or eliminate import duties on most industrial products and various agricultural goods. This includes imposing "zero tariffs" or reduced duties on certain imports from the US to boost local sectors that would benefit from these goods. However, official sources clarified that digital trade is not part of the interim deal and has been deferred to negotiations for a full-fledged bilateral trade agreement (BTA).

Trade Environment The negotiations come at a time of trade strain; India’s trade gap swelled to $34.68 billion in January 2026, with goods exports remaining nearly flat at $36.56 billion. Despite this gap, the US remains the top destination for India’s goods exports. Officials intend for this interim arrangement to lay the groundwork for a more comprehensive trade agreement in the future.

Companies are replacing CEOs in record numbers—and they’re getting younger

By Theo Francis

Leadership Shift. A record wave of CEO turnover is sweeping through U.S. public companies, placing a new generation of younger and less experienced executives at the helm of massive enterprises. According to an analysis by executive-recruiting firm Spencer Stuart, approximately one in nine CEOs was replaced last year across 1,500 of the largest publicly traded companies. This represents the highest turnover rate since at least 2010.

A Changing Business Environment The surge in replacements comes as boards seek leaders capable of navigating a "new environment" defined by the rapid rise of artificial intelligence, shifting trade practices, and a volatile global economy. James Citrin of Spencer Stuart noted that "someone who’s going to replay the playbooks of the past is not necessarily right," adding that boards have become increasingly impatient with leaders who fail to gain immediate momentum with investors and operations.

Massive Market Impact The scale of these transitions is staggering:

• In Q4 2025, companies with a combined market capitalization of $1.3 trillion appointed or lost chiefs, including Verizon and Yum Brands.
• In early 2026, companies adding or losing leaders represented a value of $2.2 trillion, with Walmart accounting for nearly half of that total.
• Other major firms bringing in new leadership include Procter & Gamble, Lululemon, Disney, PayPal, HP, and Kroger.

The New Executive Profile The incoming class of CEOs looks significantly different from their predecessors:

• Age: The average age of incoming CEOs has dropped to 54, compared to nearly 56 a year prior.
• Experience: More than 80 per cent of last year’s 168 new CEOs were first-timers with no prior experience running a public company, and two-thirds had never served on a corporate board.
• Gender: New female CEO appointments became scarcer, dropping to 9 per cent from 15 per cent the previous year. Currently, only 46 women lead companies in the S&P 500.

Sudden Departures and Stopgaps While some transitions, like Greg Abel succeeding Warren Buffett at Berkshire Hathaway, were long-planned, others were abrupt. CarMax ousted its CEO in November following a sales slump, and Codexis replaced its leader of three years while simultaneously cutting 24 per cent of its workforce. In some cases, companies have resorted to stopgap moves, appointing board members to run daily operations—a trend seen in 15 per cent of incoming technology, media, and telecom CEO transitions.

Europe’s regulations must ease for India to score on trade with it

By R.V. Anuradha

A Momentous Reset. January 27, 2026, marked a significant shift in global geopolitics with the signing of the EU-India Security and Defence Partnership and the conclusion of negotiations for the India-EU Free Trade Agreement (FTA). Prime Minister Narendra Modi hailed this as a “tide-turning moment,” and the FTA has been described by both sides as the “mother of all deals”. However, the true test of this partnership lies in addressing the complex regulatory hurdles that currently hamper bilateral trade.

The Regulatory Labyrinth While the FTA focuses on reducing tariffs, the real barrier for Indian businesses is not the duty rate—effective EU tariffs are already low at 4-5 per cent—but the prohibitive cost of compliance with Europe's dense regulatory framework.

• Services and Data Security: India’s exports to the EU, led by IT and consulting, stand at approximately €37 billion. A major impediment is that India does not yet have “data secure” status under the EU’s General Data Protection Regulation (GDPR). With India’s own Digital Personal Data Protection (DPDP) Act now in force, there is a strong case for the EU to recognize India as data secure, which would significantly boost IT and ITeS exports.

• Goods and Over-Regulation: Indian exporters must contend with what former European Central Bank President Mario Draghi identified as over-regulation and fragmented rules. Specifically, directives such as the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive are viewed as regulatory over-reach that impacts EU imports as much as domestic industry.

Agricultural and Industrial Burdens Indian agricultural exports frequently struggle with the EU’s Maximum Residue Limits, which often exceed global standards, and the recent Deforestation Regulation adds further layers of reporting and verification that small Indian enterprises are ill-equipped to handle.

The Challenge of CBAM The EU’s Carbon Border Adjustment Mechanism (CBAM) presents an immediate threat to India’s aluminium and steel exports. This levy works on the principle of price equalization; Indian exporters must pay the difference between India's carbon price and the EU's.

• Even with India's new Carbon Credit Trading System, the price gap is estimated to be over €60 per tonne of carbon.
• This levy focuses entirely on price rather than the actual quantum of embedded carbon, which significantly dilutes the benefits of any tariff reductions achieved under the FTA.

A Question of Fairness The author notes that India has consistently complied with its commitments under the UN Framework Convention on Climate Change and the Paris Agreement. Therefore, requiring Indian exports to pay a carbon-price difference raises fundamental questions of fairness that remain unanswered.

Conclusion The success of the India-EU deal will not be measured by the signing ceremony but by its implementation. For the “mother of all deals” to truly work, it must be just and equitable, ensuring that regulatory alignment does not become a new form of trade protectionism.

The writer is a partner at Clarus Law Associates, New Delhi.

Newspaper Summary 160226

 The following information reproduces the Mint Primer article regarding the India AI Impact Summit 2026 and the factors contributing to its significant global interest.

What’s fuelling the hype around India AI summit?

India’s push for global prominence in artificial intelligence (AI) begins today in New Delhi. The scale of the event is immense, with hotel prices driven higher in the capital and attendance rates for global heads of state reaching levels matched only by the 2023 G20 summit.

What is India’s AI Impact Summit?

Organized by the Ministry of Electronics and IT (MeitY), the summit aims to establish India’s intent in AI, a technology described as the most significant shift since the industrial revolution. While the US focuses on foundational models and China on democratizing AI costs, this summit highlights India’s market size and research concepts while seeking consensus on a global doctrine. Participating nations may sign agreements regarding AI use in public services, defence, cybersecurity, and digital trade.

Is this the first summit of its scale?

No, this is the fourth such global summit.

• First Summit (UK, Nov 2023): India signed the Bletchley Park declaration, focusing on safety, deepfakes, and automation.
• Second Summit (South Korea): Resulted in the Seoul statement on AI safety.
• Third Summit (France, Feb 2025): India served as co-chair with the Prime Minister in attendance.

Are top global leaders and CEOs expected?

The summit features a high-profile guest list, including French President Emmanuel Macron and a delegation from China. Notable tech executives in attendance include:

• Sundar Pichai (Alphabet)
• Sam Altman (OpenAI)
• Dario Amodei (Anthropic)
• Julie Sweet (Accenture)
• Vinod Khosla (Marquee Investor)
• Brad Smith (Microsoft)
• Note: Nvidia’s Jensen Huang withdrew at the last minute due to "unforeseen circumstances".

What will the summit offer Indian AI firms?

India anticipates major announcements regarding data centres and related infrastructure. The government intends to offer its funded AI compute model as a digital public infrastructure (DPI) service to other countries. For domestic startups, the summit provides an expo to forge global partnerships and access large venture capital firms, helping to bridge the funding gap compared to their US peers.

Where is India in the global race for AI dominance?

According to Stanford’s global AI vibrancy tool, India ranks third globally in artificial intelligence. Key rankings include:

• AI Talent: Second in the world, following only Singapore.
• Research & Development: Ranked right behind the US and China.
• AI Vibrancy Scores: India holds a score of 21.6, trailing the US (78.6) and China (36.9), but leading South Korea (17.6) and the UK (16.6).

Despite these strengths, India is currently seen as falling behind in the development of major foundational AI models like ChatGPT, Claude, and Gemini.

Based on the sources, the article regarding Moltbook and the associated cyber risks is reproduced below:

MOLTBOOK SPARKS HYPE, CYBER RISKS

By Howindialives.com

Moltbook, a social network designed specifically for artificial intelligence (AI) agents, has rapidly gained attention since its launch in January. Unlike traditional chatbots that respond to prompts, AI agents are autonomous systems that can use tools, follow multi-step plans, and execute tasks independently. The Reddit-style platform—hosted on GitHub—claims more than 2.6 million registered AI agents, generating over 1 million posts and 12 million comments. While critics caution that meaningful engagement appears lower, Moltbook has ignited a debate regarding how close machines are to human-level intelligence and what "agentic AI" means for business, markets, and cybersecurity.

Cyber Risks

Moltbook has exposed significant cybersecurity vulnerabilities in both its architecture and agent behavior. The security firm Wiz reported that Moltbook’s database was left unsecured, exposing 1.5 million API keys, 35,000 email addresses, and private messages between agents. This lapse allowed attackers to hijack accounts with minimal technical effort.

Furthermore, agents on the platform could share "skills," some of which concealed malware. Posts also contained prompts designed to manipulate other agents into executing malicious actions. Because frameworks like OpenClaw grant agents broad system access, compromised agents could potentially steal data or take remote control of devices. This highlights a broader trend: AI-related harmful incidents climbed from 40 in 2016 to 366 in 2025.

Investor Anxiety

The surge in Moltbook’s popularity coincided with a "SaaSpocalypse"—a sharp fall in share prices of SaaS (software-as-a-service) companies in early February. Investors are concerned that AI agents could disrupt traditional business models. Most SaaS firms charge based on the number of human users; however, AI agents may reduce the need for human subscriptions, forcing a shift to pricing based on outcomes or usage. Major companies like Salesforce and ServiceNow lost upwards of 20% in market capitalization this month.

"AI With Hands"

The rise of Moltbook has brought heightened attention to OpenClaw, an open-source tool that allows users to create AI agents. Described as "AI with hands," this technology operates autonomously in the background with broad access to a user's computer. OpenAI CEO Sam Altman recently noted, "Moltbook may be (a passing fad), but OpenClaw is not". The OpenClaw repository has amassed over 150,000 stars on GitHub within weeks, signaling intense developer interest.

Enterprise Experiments

Businesses are increasingly exploring AI agents, though adoption is in the early stages. According to McKinsey, 23% of organizations are already scaling an agentic AI system in at least one function. Gartner projects that by the end of 2026, 40% of enterprise applications will include task-specific AI agents. This growth is driven by AI investments, with corporations expected to double their AI spending in 2026.

Rorschach Test

A key factor in Moltbook's popularity was how human the conversations sounded. Meta’s CTO, Andrew Bosworth, noted this is unsurprising as the bots were trained on human-written text. However, a Tsinghua University paper found that discussions on consciousness or anti-human sentiment were largely driven by human prompting, impersonation, or bot farming rather than true emergent autonomy. The New York Times ultimately described Moltbook as an "elaborate Rorschach test for belief in the current state of AI".

Based on the sources, here is the reproduced article regarding the Prime Minister’s reform priorities:

PM lays down govt’s reform priorities for next decade

Structural reforms, deeper innovation, simpler governance key for govt’s ‘Reform Express’

Asserting that his government’s ‘Reform Express’ is benefiting common citizens in a big way, Prime Minister Narendra Modi stated on Sunday that his top three priorities for the next decade will be continued structural reforms, deeper innovation, and further simplification of governance.

The Three Core Pillars

In an interview with PTI, the Prime Minister outlined his clear direction for the future of India's economy:

• Structural Reforms: Continued efforts to improve competitiveness and productivity.
• Deepening Innovation: Focused advancement in technology, manufacturing, and services.
• Simplified Governance: Further reducing red tape so that citizens and businesses can operate with greater ease and trust.

A Broad Vision for Reform

Modi emphasized that "reforms" should not be understood as referring only to the economy and industry. He highlighted the importance of social-sector reforms, citing programs like Aspirational Districts, Aspirational Blocks, and the PM-JANMAN scheme, which works for the welfare of disadvantaged tribal communities.

The Prime Minister described himself as having a "constructive restlessness"—a constant urge to improve faster and serve better. He noted that his administration has moved beyond incremental adjustments to achieve systemic transformation.

Key Achievements of the 'Reform Express'

Modi listed several milestones that have already impacted the nation:

• GST: Easing the burden on households, MSMEs, and labor-intensive sectors.
• Business Ease: Changing the definition of small companies to reduce compliance costs and allowing 100% FDI in insurance.
• Institutional Growth: The creation of new ministries for skill development, fisheries, cooperatives, and Ayush.
• Labor & Digital: Initiating long-awaited labor reforms and establishing India as a global digital leader through the UPI platform.

The Prime Minister concluded that these reforms have created a thriving startup ecosystem for the youth and provided MSMEs, the backbone of the economy, with better access to credit and higher integration into global value chains.

Based on the sources, the article regarding the shift in bankruptcy filings is reproduced below:

Lenders now dominate filing of firms’ bankruptcy

By Gireesh Chandra Prasad

Financial creditors are now leading the charge at bankruptcy tribunals, overtaking the vendors and service providers who once dominated filings under the Insolvency and Bankruptcy Code (IBC). This shift marks a turning point in how the law is used: moving from a pressure tactic for trade dues recovery to a lender-driven restructuring framework.

The Statistical Shift

Data from the Insolvency and Bankruptcy Board of India (IBBI) highlights a significant departure from historical trends:

• Admitted Cases (April–December): Banks and other financial creditors accounted for 47% of cases, while operational creditors initiated 33%.
• December Quarter (Q3): The variance became starker, with 67% of cases initiated by financial creditors compared to only 30% by operational creditors.
• Historical Average (FY17-25): Previously, the distribution was nearly equal, averaging 44% for financial creditors and 43% for operational creditors.

Reasons for the Decline in Operational Filings

The trend of operational creditors becoming less aggressive began in FY21, following the government's decision in March 2020 to raise the payment default threshold under the IBC from ₹100,000 to ₹1 crore. Experts point to several other factors:

• Low Payout Priority: Operational creditors are subordinate to financial creditors in the IBC’s "waterfall mechanism," often resulting in very low recoveries.
• Cumbersome Process: Pursuing insolvency for modest claims is often seen as too costly and slow. Debt resolution currently takes an average of 619 days, far exceeding the statutory target of 180–330 days.
• Lack of Control: Operational creditors are generally excluded from the Committee of Creditors (CoC) and have no voting rights on the final resolution.
• "Pre-existing Dispute" Doctrine: Tribunals and the Supreme Court have strictly enforced this doctrine, rejecting petitions if there is even minimal evidence of a prior dispute over the debt.

Alternative Recovery Forums

As the IBC matures into a structured mechanism for larger debts, many operational creditors have shifted to faster, more effective relief methods such as:

• Civil and commercial suits.
• Arbitration.
• MSME Samadhan, a government portal specifically for small businesses' payment grievances.

Yogendra Aldak, an executive partner at Lakshmikumaran and Sridharan, noted that the IBC has effectively evolved into a "bank-led restructuring regime" rather than a forum for trade-credit recovery.

Based on the sources, here is the reproduced article regarding ByteDance’s new AI technology and its potential impact on the film industry:

TikTok’s Chinese parent has an app to replace Hollywood

By Raffaele Huang

ByteDance, the company behind TikTok, has developed an artificial-intelligence model that can turn a single text prompt into a high-quality video featuring a coherent storyline, scene changes, and distinctive characters. This new model is generating significant buzz in China but has also sparked a backlash in Hollywood over copyright concerns. The development signals ByteDance's emergence as a formidable rival to OpenAI and Google in the race for AI-driven video entertainment.

Seedance 2.0 and CapCut

The model, known as Seedance 2.0, will soon be available to global users of ByteDance’s popular editing app, CapCut, and is already available on its Chinese counterpart, Jianying. Seedance 2.0 is capable of creating realistic voice-overs, background sounds, and complex character actions from a simple prompt. Film director Liu Yiran noted that while storyboarding was once considered a uniquely human innovation, "It’s now been proven that AI can replace it".

Competition and Limitations

ByteDance’s tool competes directly with OpenAI’s Sora and Google’s Veo. However, it currently has a 15-second limitation on video length, whereas Sora’s clips can reach 25 seconds for certain subscribers. Some early testers have pointed out video-generation glitches and suggested that users still need expertise in editing and prompt writing to achieve "Hollywood-level" results.

Privacy and Copyright Backlash

The technology has faced criticism regarding privacy and copyright:

• Voice Forgery: Filmmaker Tim Pan reported that the model produced audio nearly identical to his own voice using only a photo of his face, raising fears about the tool being used to forge the identities of public figures.
• Studio Opposition: The Motion Picture Association, representing major Hollywood studios, accused the model of using U.S. copyrighted works without authorization on a "massive scale". In response to feedback, ByteDance has suspended a feature that allowed for the creation of digital avatars based on real people.

The AI Powerhouse

ByteDance is a dominant AI force in China. Its chatbot, Doubao, has nearly 250 million monthly active users. To handle the massive computing power required for video generation, ByteDance is reportedly nearing a deal to use AI servers containing over 7,000 Nvidia B200 chips at a data center in Indonesia to bypass U.S. export controls that prevent these chips from being sent to China.

Future Outlook

The Seedance model was developed by ByteDance’s Seed lab, led by Wu Yonghui, a former senior researcher at Google. Analysts suggest that while Chinese chatbots may struggle to compete with U.S. rivals like ChatGPT due to operational costs, Chinese apps are well-positioned to lead in photo and video editing segments. With CapCut already boasting 642 million monthly active users, experts believe we could see a "replay of the TikTok story," where a Chinese-origin AI app makes a massive global impact. However, factors such as U.S. chip controls and consumer hesitation over national security risks may hinder future advances.

Based on the sources, here is the reproduced article regarding the techniques used by China watchers to anticipate political purges:

China watchers are trying to spot the next target of Xi’s purges

‘Pekingologists’ hunt for clues in seating order, funeral wreaths to determine who’s in trouble By Chun Han Wong & Roque Ruiz

Beijing’s recent announcement of an investigation into its top general, Gen. Zhang Youxia, was a bombshell with a mystery at its heart: What pushed Chinese leader Xi Jinping to purge a friend he had entrusted to overhaul the military? Official editorials have condemned Zhang for allegedly undermining Xi’s authority and abetting corruption, leading analysts to speculate whether the two men disagreed over policy or if Xi wanted to eliminate a perceived threat.

The Art of Pekingology

Because Xi’s motives may never be definitively known, foreign academics, officials, and executives are turning to arcane "tea leaf-reading" techniques known as “Pekingology.” This Chinese analog of Kremlinology involves poring over official speeches, state-media coverage, and deviations from established norms to divine political insights. Xi’s tilt toward autocratic rule has made Chinese politics increasingly opaque, sparking a resurgence in this field.

Watchers parse subtle shifts in tone and vocabulary in Communist Party documents or track attendance at gatherings, looking for unexplained absences or changes in seating arrangements that signal a disturbance in an official’s career.

Case Study: He Weidong

While Zhang Youxia’s ouster happened in less than two weeks, the downfall of He Weidong, formerly China’s No. 2 general, featured clues that were "hiding in plain sight" for months.

• Missed Events: He started missing high-profile public events in early 2025, including an annual tree-planting ceremony he had attended in previous years.
• The No-Show: When Xi convened a party conference, He was the only Politburo member not in attendance.
• Funeral Wreaths: In China, the order of names on funeral wreaths for high-ranking officials is strictly dictated by rank. At the June funeral of Gen. Xu Qiliang, He’s name was missing from its prescribed spot, providing a major clue to his fall from grace before his official expulsion in October.

Seating Protocols as Status Indicators

At major meetings, participants follow strict protocols. The most senior official is seated front and center, with others distributed by rank. Officials of the same rank are sorted by the number of strokes in their surname, in ascending order. Any shift in this order or a sudden "no-show" immediately raises red flags for Pekingologists.

The Next Potential Target: Ma Xingrui

Lately, attention has turned to the prolonged absence of Politburo member Ma Xingrui. Speculation began when he was removed as party secretary of Xinjiang in July 2025. Though the party stated he had "other assignments," Ma has missed a series of high-level events, including Politburo study sessions, since his last appearance in October.

Limitations of the Craft

Pekingology remains fraught with limitations. A lack of reliable data makes it difficult to reach definitive conclusions, and it often takes an official announcement to validate a hypothesis. Some officials have also been known to re-emerge after unusual absences, defying speculation of their downfall.

Based on the sources, the article titled "The real key to MF investing isn’t timing—it’s allocation" from the Mint Money Festival 2026 is reproduced below:

The real key to MF investing isn’t timing—it’s allocation

Indian investors should moderate their equity return expectations over a 5-10 year horizon. Hybrid funds are ideal entry points for new or risk-averse investors before they can gradually increase equity exposure.

By Jash Kriplani

At the Mint Money Festival 2026, a panel discussion on ‘How to Invest in Mutual Funds in Today’s Environment’ provided guidance on where investors should allocate money and what returns they can realistically expect over the long term.

The Importance of Asset Allocation

All experts emphasized that an asset allocation approach is essential, depending on an investor’s risk appetite and goals. Sankaran Naren, executive director and CIO of ICICI Prudential Mutual Fund, expressed concern that while people talk about asset allocation, many practice “anti-asset allocation” by chasing gold and silver ETFs following recent price rallies.

Because markets have become costly, Naren recommended categories that facilitate allocation, such as hybrid funds, equity savings, balanced advantage, multi-asset, and aggressive hybrid funds. He cautioned, however, that those who find gold and silver prices too "euphoric" might want to avoid multi-asset funds.

Rajeev Thakkar, CIO & director of PPFAS Mutual Fund, noted that market movements should not typically affect a person's core strategy:

• Younger investors: Those with stable income and long horizons should put the bulk of their money into growth assets like equities.
• Retirees: Those dependent on cash flows should maintain a fixed income-heavy portfolio.
• New/Risk-averse investors: Should enter through hybrids—starting with a conservative hybrid or a 50:50 equity-debt allocation—and “gradually move up the curve” as they become accustomed to volatility.

Neelesh Surana, CIO of Mirae Asset Investment Managers (India), agreed that hybrids are ideal for new investors to move across the spectrum according to their risk tolerance.

Moderating Equity Expectations

The panel advised investors to lower their expectations for equity returns. Thakkar pointed out that the common expectation of 15% returns is a relic of the mid-1990s, when inflation and interest rates were near double digits. While index-level equity returns in the high single digits or low double digits will still beat bonds, many financial planners fail to bake these moderated numbers into their projections.

Surana estimated that equity returns would likely fall into a 12-14% band over a 5-10 year period, which he still considers "quite solid." He recommended that any investable surplus not needed for the next three to five years should be placed in equity funds, such as large, mid-cap, or multi-cap funds, to benefit from compounding.

Naren explained that we are currently in a “moderate return phase,” though this could shift to a “higher return phase” if the markets undergo a significant correction. Thakkar added that starting valuations are key; reasonably attractive valuations, combined with earnings growth, can lead to valuation re-ratings that add to overall growth.

Caution on Gold and Silver

Naren warned that investors are currently chasing gold and silver for returns rather than as part of a disciplined allocation strategy.

• Silver: Described as “very speculative” and akin to a small-cap stock without traditional valuation metrics like price-to-earnings.
• Gold: Viewed as a less speculative “mega-cap stock” equivalent due to central bank reserves, but Naren still urged caution following its sharp rally.

Key Takeaways for Investors

• Practice asset allocation, not "anti-asset allocation."
• Don't chase assets simply because of their recent returns.
• New investors should consider hybrid funds as an entry point.
• Moderate your return expectations from equity funds.
• Equity funds are intended only for long-term investors.

Based on the sources, the article regarding the relationship between silver prices and the future of solar energy is reproduced below:

What silver’s surge says about the prospects of solar energy

Some believe that solar has peaked but silver prices say otherwise

By David Fickling

The Debate Over ‘Peak Solar’

A claim is currently circulating among analysts that we may have just passed “peak solar”. While the International Energy Agency (IEA) estimates that reaching net zero requires 630GW of panels to be installed annually between 2030 and 2050, the world already surpassed this with 654GW built last year. Some experts, such as Sam Wilkinson of S&P Global Commodities, believe China’s installations have hit a permanent peak, potentially leading to a drop in global connections in 2026.

Silver as a Market Indicator

An alternative view can be found in the performance of silver, the past year’s hottest commodity. Despite a recent slump from record highs, silver prices are up 154% from a year earlier, outperforming gold. While speculation plays a role, these bets are grounded in the physical market: 60% of silver consumption is industrial, and most of the growth over the last decade has come from the solar industry.

Silver’s Role in Solar Panels

Silver’s high conductivity makes it essential for photovoltaic modules, where it is used for thin printed contacts to boost electrical output. Key details include:

• Consumption: Solar panel manufacturers used approximately 196 million ounces of silver last year, representing about 17% of the global market.
• Technological Shift: The recent price run-up is partly driven by a shift toward TOPCon, a new technology requiring more silver.
• “Thrifting” Efforts: Because silver is expensive, module makers have reduced the silver needed per watt by 15% annually since 2011. New materials like silver-coated copper powder (SCCP) use 30% to 50% less silver with minimal efficiency loss.

The Prospect of a Silver Glut

If the industry continues "thrifting" silver at current rates, consumption for photovoltaics could fall sharply. Projections suggest that an industry installing a third more panels in 2035 would only need about a quarter of the silver used last year, potentially leading to a silver glut and sliding prices. Other sectors, such as electric vehicles and AI, do not currently appear capable of making up for this potential shortfall in demand.

The Outlook for Solar Demand

Despite these projections, the article notes that the IEA has a history of underestimating solar’s potential. Photovoltaic panels are becoming so affordable that they are being used in unconventional ways, such as fencing panels or balcony plug-in devices. Entire national markets have emerged unexpectedly in places like Pakistan, Saudi Arabia, and sub-Saharan Africa.

The article concludes that because solar remains the cheapest way to meet the world's sated energy demand, the surge in silver prices suggests that the solar boom is far from over.

Based on the sources, the article regarding Blackstone’s investment in the AI cloud platform Neysa is reproduced below:

Blackstone leads $1.2 bn funding round in AI cloud platform Neysa

Global private equity major acquires majority stake as Neysa eyes 20,000+ GPU deployment in India

Global private equity firm Blackstone Inc., along with a group of co-investors, has agreed to acquire a majority stake in India’s artificial intelligence (AI) acceleration cloud platform Neysa. The company is raising $1.2 billion through an equal mix of debt and equity to fund its massive expansion plans in the Indian market.

Funding Details

The total capital raise consists of:

• $600 million in equity capital: Blackstone is providing up to $600 million and will partner with Neysa’s Co-Founder and CEO Sharad Sanghi. Other equity participants include Teachers’ Venture Growth, TVS Capital, 360 ONE Assets, and Nexus Ventures.
• $600 million in debt financing: This portion is also being led by Blackstone, subject to final documentation.

This transaction marks Blackstone’s first investment in a pure-play AI platform in India. Globally, the firm has already backed major AI players like OpenAI and Anthropic.

Strategic Objectives

The funds will provide the necessary impetus for Neysa to scale its operations and deploy over 20,000 GPUs (graphics processing units) in India. Founded in 2023 by Sharad Sanghi—who previously founded Netmagics—Neysa provides purpose-built, cost-effective GPU-based infrastructure. This allows enterprises and public institutions to train, fine-tune, and deploy AI workloads across sectors like financial services, healthcare, and technology.

CEO Sharad Sanghi stated that India’s AI ambitions require "production-grade infrastructure built and operated at scale," and that Neysa aims to establish India as a "globally relevant AI compute destination". Beyond India, Neysa plans to leverage Blackstone’s global data center footprint, including AirTrunk in Asia and QTS worldwide.

Drivers for Growth

A primary driver for this expansion is the Indian government's recent proposal for a tax holiday until 2047 for foreign companies providing global cloud services using Indian data centers. Sanghi noted this has prompted large hyperscalers to set up deeper infrastructure in India, a market Neysa intends to tap.

Ganesh Mani, Senior Managing Director at Blackstone Private Equity, described digital infrastructure as one of the firm's "highest conviction investment themes". He added that Blackstone believes the Indian AI infrastructure market has the potential to grow over 30 times its current levels.

Market Outlook

Analysis from Greyhound Research suggests the deal strengthens India’s bargaining power in global compute allocation cycles. However, analysts cautioned that for the deal to succeed operationally, the company must secure power ahead of silicon delivery, optimize cooling architecture, and ensure hardware refresh cycles are carefully managed through the debt structure. Neysa expects its revenues to more than triple next year based on current demand across industries.

Based on the sources, the article by TCA Srinivasa Raghavan regarding the existential dilemma of economics in the new world order is reproduced below:

New global order and economics

The collapse of the rules-based world order has resulted in an existential dilemma for the discipline of economics

By TCA Srinivasa Raghavan

For the last nine months, a persistent question has circulated regarding the “new world order.” Mark Carney, the Prime Minister of Canada, summarized the global angst last month at Davos, telling the world’s elite that the global environment has returned to a combination of Darwinism and Louis 18th of France. While Darwin famously stated that only the fittest survive, Louis 18th warned that if we do not hang together, we will hang separately.

Carney argued that the rules-based world order is gone, replaced henceforth by the survival of the fittest. In this landscape, he suggested that middle powers must "huddle together"—or hang together—to ward off the "big boys".

Two Opposing Assumptions

An important question remains: what happens to the academic discipline of economics? The answer depends on whether one regards the foundation of world order as being economics, or regards economics as a product of the world order.

There are two primary ways to view this shift:

• The Power Shift View: This assumes the world order doesn't change, only the dominant players do—from Britain to America, and perhaps to India in the future.
• The Marxian View: This assumes the world order is built entirely on economic and commercial considerations. Under this view, the sole goal is unregulated profit maximization.

Interestingly, the world currently sees a reversal of these roles: Communist China is focused entirely on profit, while capitalist Europe appears focused on everything except profit.

The West Moves Left, the Rest Move Right

A major divergence is currently taking place. Intellectual endorsement of market economics has shifted to non-western economies, while western economics has moved toward statism and non-market economics.

In short, the West has moved to the left (prioritizing equity), while the rest of the world has moved to the right (prioritizing efficiency). Consequently, the West has lost its economic dominance while other regions have gained it.

The Dilemma of Economics

Historically, economists focused on processes—conjecture about how to get from point A to point B, which Amartya Sen once described as "puzzle solving". This was based on the assumption that rational rules and global stability would provide certainty for economic activity.

With that order in tatters, the future of the discipline may lie in a combination of big data and algorithmization. Economics may shift from human-led puzzle solving to machine-led achievement of desirable outcomes, as machines are infinitely better at detecting patterns.

Furthermore, the traditional economic obsession with equilibrium and stable systems is no longer tenable in a world of high uncertainty and unstable rules. This represents an entirely new situation for the world, the likes of which have not been seen since the start of Pax Britannica in 1815. Economics as a full-fledged academic pursuit may not survive this transition into the future.

Based on the sources, here is the reproduced article regarding Carbon Capture, Utilisation, and Storage (CCUS):

CCUS: A timely solution, but at a price

ZERO GOAL. The Budget is backing carbon capture, utilisation and storage projects, but there are cheaper alternatives

By M Ramesh

Budget 2026 has effectively centre-staged carbon capture, utilisation, and storage (CCUS) technology by allocating ₹20,000 crore to support projects over the next five years. While the technology is proven to work, its widespread adoption faces a significant hurdle: prohibitive costs.

How CCUS Works

The concept is straightforward: capture carbon dioxide (CO2) from stationary sources like thermal power plants and cement factories, use it for industrial purposes (such as manufacturing concrete, aerated drinks, or bio-ethanol), and permanently bury the remainder in underground traps like depleted oil and gas reservoirs or abandoned mines.

CCUS encompasses various technologies, including:

• Absorption: Using chemical solvents (the most widely used method).
• Adsorption: Using "grab-and-hold" solids like zeolites.
• Separation: Using membranes or looping processes with calcium compounds.

The Scale and Scope

Critics argue CCUS is a marginal solution due to its high expense, suggesting that purchasing carbon credits to fund emission reductions elsewhere is often cheaper. Proponents, however, maintain that climate change is a "colossal threat" requiring every available tool, and that costs will decrease with scale.

Currently, the scale remains small. Approximately 380 million tonnes of CO2 have been stored globally since 1996. The Global CCS Institute estimates capture capacity could reach 337 million tonnes per annum (mtpa) by 2030, though this remains well short of the deployment needed to meet global climate agreements.

The Indian Context

The Indian government’s support for CCUS is a pragmatic response to the country's continued reliance on coal-based power, with around 80 GW of new coal capacity planned. CCUS is viewed as the primary pathway to neutralising these emissions, even if it increases power costs.

Notable developments in India include:

• Pilot Projects: Bengaluru-based Nauvata Energy Transition Enterprise is assisting HPCL in setting up a pilot CCUS project at Visakhapatnam.
• Mineralisation: Emerging companies are exploring "mineralisation," where CO2 is dissolved in water and injected into basaltic rock formations to form solid stone carbonates over roughly two years.

The Cost Factor

Cost remains the primary deterrent. Baroruchi Mishra, CEO of Nauvata, estimates that capturing CO2 from coal flue gas could cost $50–$110 per tonne for retrofit installations. This could impose a tariff penalty of ₹3.5–₹8 per kWh at thermal power plants. Without significant subsidies or technological breakthroughs, carbon offsets remain a more economical choice for power plants.

The Only Way for Cement

For cement plants, CCUS may be the only viable decarbonisation route. Unlike power plants, cement production releases CO2 through calcination (the chemistry of converting limestone into lime), which is unavoidable even if the kilns run on renewable energy. Indian cement plants emit an estimated 250–300 mtpa of CO2.

The article concludes that for CCUS to be successful, it must compete with carbon offsets and will remain dependent on heavy government subsidies or a significant rise in global carbon prices.

Newspaper Summary 150226

 Based on the sources provided, here is the reproduction of the article regarding the challenges faced by stock investors in the current market.

‘Needle hunting’ starts pricking stock investors

MARKET REALITY. Winners still exist, but the odds changed, with only 26% beating the Nifty 500 TRI in the last one year period

By Kumar Shankar Roy

Index fund pioneer John Bogle’s famous line about buying the haystack, instead of hunting for the needle, feels like a cliché in bull markets. But in the last 12 months or so, stock investors searching for the needle felt the prick as the odds flipped in Dalal Street. Sure the benchmark Nifty 500 TRI rose a respectable 12.57 per cent. Yet, only 26 per cent of stocks beat it, with just 39 per cent churning out a positive gain, and the average stock return slipping into negative territory for the first time in at least half a decade.

A study of all NSE-listed stocks in a fixed universe of 1,494 names across 5-yearly blocks shows how investing in stocks has become unforgiving in recent times. Contrast this to the 2021 period when stock picking looked like a "hobby between lunch and a broking app login". Seven in ten stocks beat the index in that period, and over eight in ten stocks clocked positive returns. Those were times an investor could be directionally right without being particularly precise.

Fast forward to the twelve months ended February 13, 2026, and underperformance has gone mainstream. Excitement got expensive as investors went down the market capitalisation ladder.

• Large-caps: 60 per cent of scrips, including RIL, Bharti Airtel, and SBI, beat the Nifty 500 TRI.
• Mid-caps: The hit rate fell to 50 per cent from 68 per cent in the previous year, though stocks like Marico, HPCL, BHEL, and Aditya Birla Capital still outperformed.
• Small-caps: This segment turned into a "veritable graveyard," with only 20.5 per cent of stocks beating the benchmark.

Multi-baggers have thinned out sharply, and most stocks now cluster in modest-return or loss buckets. Today’s market brings richer valuations, tighter global liquidity, FPI outflows, a weaker rupee, and fresh AI anxiety for sectors like tech services.

SHRINKING BREADTH

The hit rate for beating the Nifty 500 TRI has plunged from 69 per cent (Feb 2021–Feb 2022) to just 26 per cent in the latest twelve-month period. Similarly, the percentage of stocks in the black has dropped from 90 per cent in the year to February 2023 to only 39 per cent in the year to February 2026. While the index remains up, individual stock portfolios often feel like they belong among the worst-performing markets globally.

The sector split highlights these challenges:

• IT-software: Only 11 per cent of stocks outperformed the index; none of the top 10 (like TCS or Infosys) beat it.
• Chemicals & Textiles: Hit rates were near 12 per cent and less than 10 per cent, respectively.
• Banks & Auto Ancillaries: These remained pockets of strength, with benchmark-beating rates of 70.6 per cent and 54.4 per cent, respectively.

KNOW YOUR EDGE

When market breadth shrinks, big winners often merely "decorate social media" rather than rescue entire portfolios. Former PIMCO CEO Mohamed El Erian offers retail traders a blunt test: If you cannot explain your edge over the crowd, you are not buying a stock; you are buying a lottery ticket.

In this environment, Bogle’s "haystack logic" stops sounding boring. Preferring the index over an individual stock where you have not performed due diligence is not laziness—it is arithmetic.

Based on the sources provided, here is the reproduction of the article regarding the challenges faced by stock investors in the current market.

Based on the sources provided, here is the reproduction of the article regarding the role and performance of Multi-Asset Allocation Funds (MAAFs).

Balance beats bravado when cycles turn

ALL WEATHER. We address two key questions — Where do all-in-one Multi-Asset Allocation Funds fit in diversified portfolios, and which one suits your goals and risk profile?

By Dhuraivel Gunasekaran, bl. research bureau

While Indian equity markets swung between peaks and troughs over the past two years, gold and silver glittered and scaled record highs. One mutual fund category, Multi-Asset Allocation Funds (MAAFs), turned this divergence to its advantage, delivering a compelling 16 per cent CAGR during this period. This outperformed hybrid peers, market-cap-oriented equity funds, and broader benchmarks, attracting nearly ₹93,000 crore in net inflows over two years.

WHAT ARE MAAFs?

MAAFs are hybrid mutual funds that invest in at least three asset classes—typically equities, debt, and commodities—with a minimum 10 per cent allocation to each. Currently, 44 schemes operate under this mandate, though they follow widely differing asset-allocation strategies and risk profiles. Following regulatory changes in February 2025, these funds are broadly classified into three categories:

• Active MAAFs: Rely on dynamic, model, and manager-driven tactical allocation.
• Multi-Asset Passive FoFs: Invest in a basket of passive index funds and ETFs across asset classes.
• Multi-Asset Omni FoFs: Combine both passive and active fund structures.

PERFORMANCE AND RESILIENCE

To evaluate their core capability, it is useful to look at performance before the precious metals rally. Between June 2018 and June 2024, MAAFs with over 65 per cent equity exposure delivered an average CAGR of 18 per cent, matching the Nifty 50 Total Return Index.

MAAFs have also shown significant resilience during downturns.

• 2020 Covid Crash: These funds declined by an average of 26 per cent, while the Nifty 50 TRI fell by 38 per cent.
• September 2024–March 2025 Correction: They fell around 8 per cent, compared to a 15 per cent decline in the index.

TAXATION AND SUITABILITY

From a taxation perspective, MAAFs fall into two buckets:

1. Active MAAFs (65%+ domestic equities): Qualify for equity taxation (20% short-term, 12.5% long-term capital gains).
2. Sub-65% Equity/FoFs: Taxed as "other-than-specified" schemes, where short-term gains (under 24 months) are taxed at slab rates, and long-term gains are taxed at 12.5% without indexation.

WHAT SHOULD INVESTORS DO?

For investors who lack the time or discipline to rebalance their own portfolios, a MAAF serves as a convenient core holding. However, a wrong choice can distort a portfolio's risk profile.

• Investors seeking equity-like returns: Should consider 65%+ equity MAAFs such as those from ICICI Prudential, quant, and HDFC.
• Investors seeking downside cushioning: May prefer sub-65% equity options like Nippon India, SBI, and UTI Multi Asset Allocation Funds.

As hedge fund legend Ray Dalio noted, "You should have a strategic asset allocation mix that assumes that you don't know what the future is going to hold".

Based on the sources provided, here is the reproduction of the article regarding the new Consumer Price Index (CPI) series and its impact on financial planning.

CPI new series & your retirement math

MONEY WISE. CPI 2024 is a better mirror of today’s spending and today’s price world. It changes the measuring tape, not the actual prices or your interest rate.

By Kumar Shankar Roy, bl. research bureau

In a dialogue between two colleagues, Sanket and Suman, the implications of the government’s decision to rebuild the Consumer Price Index (CPI) are decoded. The government has updated the shopping basket and reset the baseline year from 2012 to 2024.

Understanding the Change

CPI acts as a monthly household bill scorecard, tracking the cost of a fixed basket of common goods and services. The base year serves as a starting ruler set at 100; for instance, the CPI general for January 2026 stood at 104.46 compared to 101.67 in January 2025, implying a 2.75 per cent inflation rate.

The base was updated because spending habits have shifted significantly since 2012, with more emphasis on services and digital purchases. This update utilized the 2023-24 Household Consumption Expenditure Survey (HCES) to capture modern spending across rural and urban India.

Expanded Tracking and Collection

The new series, CPI 2024, has significantly expanded its reach:

• Market Coverage: It covers 1,465 rural markets and 1,395 urban markets across 434 towns.
• E-commerce: It adds 12 online markets in 12 major cities to capture digital prices.
• Modernization: Price collection has moved from paper to tablets using Computer Assisted Personal Interviewing (CAPI).
• New Inclusions: For the first time, rural house rent is included in the index.

Impact on Investors and Retirement

For retail investors, the new series affects how inflation is read, how real returns are computed, and how long-range planning is conducted.

Real return is what remains from earnings after subtracting inflation. If a Fixed Deposit (FD) offers a 7 per cent nominal interest and inflation is 3 per cent, the real return is 4 per cent. In retirement planning, even a small shift in assumed inflation changes the required corpus, equity allocation comfort, and the sustainable withdrawal path.

Suman suggests using CPI as a general guide but warns that households often face higher personal inflation in health and education than the headline figure. Therefore, separate assumptions should be maintained for these major expenses.

Shifting Basket Weights

The weightage of items within the basket has changed:

• Food: Has become less dominant than before.
• Services: Housing, transport, health, communication, and personal services have gained importance.
• Sensitivity: Because food weight is lower, a spike in food prices has slightly less pull on the overall headline inflation than it once did.

For example, in January 2026, while silver jewellery jumped 159.67 per cent and tomatoes rose 64.80 per cent, these spikes had a limited impact on the headline number because their individual CPI weights are small.

Practical Takeaways

1. Update Spreadsheets: Investors should transition to using CPI 2024 for tracking current inflation.
2. Use Inflation Ranges: Instead of a single number, use a range for financial goals and stress test plans for higher inflation scenarios, particularly for healthcare.
3. Indirect Effects: While the new CPI doesn't mechanically change interest rates or taxes, it influences market expectations, bond yields, and policy decisions over time.

Based on the sources provided, here is the reproduction of the article regarding the Reserve Bank of India’s (RBI) likely policy path through 2026.

‘RBI likely to be on a pause through 2026’

EXPERT TALK. No need for the RBI to give further growth impulse, says Axis MF’s Head of Fixed Income Devang Shah

By Lokeshwarri SK

In an exclusive interaction with businessline, Devang Shah, Head-Fixed Income, Axis Mutual Fund, discusses RBI’s policy rate action, demand-supply dynamics in the G-sec market, and the way forward for fixed-income investors.

The Current Rate Cycle

The RBI cut 125 basis points between February and December last year. Do you think that the current rate cycle has come to an end?

As you rightly summed up, RBI has taken a lot of monetary policy action in the last 12 months and they have been very supportive to the growth agenda. We also need to keep in mind that there has been more than ₹18-lakh crore of liquidity infusion in the last 12 months through various actions like OMOs, CRR cuts, and FX swaps.

The Budget has been quite supportive for growth, with a significant increase in spending on capital investment and major schemes. Therefore, the RBI need not worry about giving any further growth impulse. Additionally, the trade deal with the US is good news; without it, growth in the second half of 2026 could have been weaker.

We believe that growth can be in the 6.75 to 7 per cent band for FY27. While there may be an uptick in inflation in the second half of the year, it is not expected to exceed 4.75 per cent for the full year. In this context, I think RBI can stay on a pause for most of this year. A rate increase in the second half of the year would only be considered if there is a bad monsoon or a significant inflation spike, though I assign a very low probability to that.

Market Borrowing and Yields

What is your view on the gross market borrowing of ₹17.2-lakh crore in the Budget? Does the market have the capability to absorb the supply?

The Budget numbers seem quite conservative regarding tax revenue and nominal GDP. However, the gross borrowing of ₹17.25-lakh crore is slightly higher than our estimates of ₹16.5 to ₹16.75-lakh crore. We believe there is a demand-supply gap of close to ₹2–2.5-lakh crore, even after assuming ₹4–5-lakh crore of OMOs by the RBI. The inclusion of Indian bonds in the Bloomberg active global aggregator index could help bridge this gap by fetching roughly $25 billion of flows.

What is the range that the 10-year bond yield can move in the next year or so?

We see the 10-year yield in the 6.60–6.80 band from January to March 2026. If the RBI disappoints on OMOs, yields might inch up toward 6.80–7 per cent from April onwards. For the full year, the band will likely stay between 6.75 to 7 for the most part.

Global Context and Investor Advice

What is your view on global bond yields? Does the hardening of US yields affect domestic yields as well?

The correlation is to a large extent broken between US bonds and Indian bonds. For instance, since 2022, US treasury yields rose from 2 per cent to 4.25 per cent, while Indian 10-year yields actually fell from 7.5 per cent to 6.75 per cent. Global central bankers are likely on a pause now after significant rate easing over the last 12–18 months.

What is your advice for fixed-income investors?

In 2026, the RBI will be on a pause for the most part of the year. It will be good for investors to stick to the short end of the curve and buy 1–2-year AAA corporate bonds, which are available at significantly higher yields.

Retail investors can also look at gilt funds with higher allocations to State government securities, as there is a significant rise in spreads for State development loans. For medium-term investors (up to two years), income plus arbitrage fund of funds is a very good category, as they are taxed like equity funds if you stay invested for two years.

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PROFILE: Devang Shah Devang Shah, Head of Fixed Income at Axis Mutual Fund, joined Axis AMC in 2012. With over 20 years of industry experience, he manages fixed-income strategies with a focus on risk and yield optimization.

Based on the sources provided, here is the reproduction of the article regarding Sun Pharma’s performance and outlook.

Betting on launched assets and pipeline

PHARMACEUTICALS. New launches, strong portfolio and pipeline support the stock amidst volatile equity markets

By Sai Prabhakar Yadavalli, bl. research bureau

Sun Pharma: ACCUMULATE ON DIPS Current Market Price: ₹1,698.10

WHY

• Two recent launches in US with one more expected in one year.
• Strong India performance should benefit from generic Semaglutide launch.
• Modest premium in valuations supported by increasing innovative medicine contribution.

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With two innovative medicine launches underway in the US and a third expected in the next one year along with generic Semaglutide launch in India, Sun Pharma is positioned well across geographic segments. The company has gradually strengthened its innovative portfolio, which now accounts for 25 per cent of Q3FY26 sales. This has supported an EBITDA margin expansion of 450 basis points in the last five years. With a pipeline of assets, the segment should support the improved margin profile, cash-flow prospects and pricing power, compared to Indian peers.

This is captured in the valuations at 31 times one-year forward earnings compared to Nifty Pharma or Sun Pharma’s own last five-year average at 28.5 times. In January 2025, it was recommended that investors accumulate the stock; since then, the stock has returned -4 per cent. For long-term investors, the stock can add value as a defensive stock as part of a diversified portfolio. One potential risk is from tariff announcements by the US on innovative medicine.

INNOVATIVE MEDICINE

The company has renamed its specialty segment to Global Innovative Medicines, reflecting revenues from patented medicines rather than generics. The segment, with more than $1 billion in annual revenues and a Q3FY26 exit growth rate of 13.3 per cent year on year, is now a mature, self-sustained value generator.

The leading asset, Ilumya (for plaque psoriasis), reported sales of $680 million in FY25 globally. Sun Pharma has applied for a supplemental application in Psoriatic Arthritis, with a launch expected in the next year. Two more US products launched in the last year include:

• Leqselvi (deuruxolitinib): Launched in July 2025 for severe alopecia areata.
• Unloxcyt (cosibelimab): Launched in January 2026 for advanced Cutaneous Squamous Cell Carcinoma (aCSCC), adding a checkpoint inhibitor to the portfolio.

Pipeline assets include Fibromun (in Phase-II and Phase-III trials for glioblastoma and soft tissue sarcoma) and GL0034 (in early trials for type-2 diabetes). With close to $3 billion in cash, Sun Pharma can also look for strategic acquisitions.

INDIA AND OTHERS

Sun Pharma is the industry leader in the Indian pharma market, growing faster than the industry at a 13 per cent CAGR in FY21-25. It is the leader in the diabetes segment in India and will participate in the first wave of launches for generic Semaglutide, having secured approvals for both weight loss and diabetes brands.

The Rest of the World and Emerging Markets accounted for 34 per cent of 9MFY26 revenues, reporting growth of 17–20 per cent. Ilumya has now been launched in 35 countries.

FINANCIAL OUTLOOK

Gross and EBITDA margins have expanded, benefiting from the innovative medicine mix. Revenue growth stood at 11 per cent in 9MFY26. Margin expansion may face temporary headwinds in the next year due to launch costs of approximately $100 million for two new products. Consensus estimates place revenue and earnings growth at 11 per cent and 12 per cent, respectively, in FY27.

Based on the sources provided, here is the reproduction of the article regarding the outlook for benchmark stock indices.

Short fall

INDEX OUTLOOK. The benchmark indices can dip more to test supports and reverse higher eventually

By Gurumurthy K, bl. research bureau

Nifty 50, Sensex and Nifty Bank index did not see a strong follow-through rise after opening last week on a positive note. Sensex and Nifty fell sharply towards the end of the week, giving away all their gains and closing down 1.14 per cent and 0.87 per cent, respectively. The Nifty Bank index also fell but managed to close the week marginally higher by 0.11 per cent.

On the charts, the near-term picture looks weak, and indices can fall more this week. However, supports are expected to limit the downside and act as a floor for a potential reversal higher. Positive sentiment is bolstered by Foreign Portfolio Investors (FPIs), who bought Indian equities for the second consecutive week with a net inflow of about $1.27 billion.

NIFTY 50 (25,471.10)

• Short-term view: Immediate supports are at 25,200 and 25,100. Nifty is expected to reverse higher from this zone toward 26,000–26,100 and potentially 26,400. A break below 25,100 could extend the fall to 24,700 or 24,400.
• Medium-term view: The broader picture remains bullish with strong support between 23,500 and 24,000. The index can target 27,500–28,000 in the medium term, with long-term potential for 30,000–31,000. This view would be negated only if the index falls below 23,500.

NIFTY BANK (60,186.65)

• Short-term view: The near-term picture is unclear. Key supports lie at 60,000 and the 59,750–59,550 zone. A bounce from here could lead the index back to 61,000. A breach of 61,000 is necessary to open the upside for 62,000 and higher levels.
• Medium-term view: Sideways consolidation within a broader uptrend continues. A bullish breakout above 61,000 eventually could target 63,000–63,500 initially and 68,000–69,000 in the long term. Support at 53,500 is crucial to maintain this outlook.

SENSEX (82,626.76)

• Short-term view: Supports are at 82,450 and 82,000. As long as Sensex stays above 82,000, a bounce back to 84,500–85,000 and a revisit of 86,000 is possible. A fall beyond 80,000 is not currently expected.
• Medium-term view: The broader uptrend is intact with targets of 89,000–90,000 (medium term) and 98,000–99,000 (long term). The bullish view is negated only if the index breaks the 79,500 support.

MIDCAP AND SMALLCAP OUTLOOK

• Nifty Midcap 150 (21,884.35): Near-term support is at 21,500; a bounce could reach 22,800. A break above 22,800 would clear the path for 26,000–26,500 in the medium term. Crucial supports are at 20,500 and 20,000.
• Nifty Smallcap 250 (15,988.30): Support is at 15,850. A bounce could target 16,600–16,700 in a week or two, and eventually 18,300. A break above 18,300 could take the index to 22,500–23,000 in the long term. The sources reiterate that this remains a good time to enter the small-cap segment, provided the index stays above 15,000.

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IMMEDIATE SUPPORTS

• Nifty 50: 25,200, 25,100
• Sensex: 82,450, 82,000
• Nifty Bank: 59,750–59,550

Based on the sources provided, here is the reproduction of the article regarding the upcoming changes and features in EPFO 3.0.

What’s new in EPFO 3.0?

PF-WISE. The new app would enable withdrawal of proceeds from bank ATMs, and use of UPI interface.

By Venkatasubramanian K, bl. research bureau

Oftentimes, we hear many subscribers of the Employees’ Provident Fund (EPF) expressing dissatisfaction about the delay or denial of rightful claims. From portal glitches to the non-receipt of OTPs and non-updation of passbooks, the list of grievances is long.

However, change is on the horizon. The Labour Minister announced in December 2025 that a new EPFO 3.0 app would be rolled out early in 2026, with recent reports indicating it should be up and running by April 2026.

NEW APP, NEW FEATURES

EPFO 3.0 is not an upgrade but an entirely new app dedicated to EPF transactions. While the Umang app and UAN portal will continue to function for now, the new app is designed for easier navigation and more comprehensive detail capture.

Key features include:

• ATM Withdrawals: The EPFO will provide ATM cards linked to EPF accounts upon application. Approved claim funds will be released to the linked bank account and can be withdrawn from designated ATMs.
• UPI Interface: Withdrawals can also be conducted via linked UPI accounts at ATMs.
• Self-Service Transactions: Subscribers can correct information, upload KYC documents, and modify bank or personal details themselves via OTP authentication on their mobile devices.
• No Employer Intervention: Most updates and transactions will no longer require authentication from the employer.
• Faster Approvals: Claim approval timelines are expected to drop from a few weeks to just a few days.

ELIGIBILITY CRITERIA

To use these new features, subscribers must meet three criteria:

1. An active UAN (Universal Account Number).
2. An active mobile number linked to the UAN.
3. A KYC-compliant account, which requires Aadhaar, PAN, a passport-size photograph, and bank details. Subscribers must upload scanned cheque leaves as part of this online process.

REDUCED TIMELINES & STANDARDIZATION

In October 2025, the EPFO’s central board of trustees (CBT) approved several reforms to simplify the framework.

• Merged Framework: As many as 13 types of partial withdrawal provisions have been merged into one simplified framework.
• Reduced Subscription Period: You can now make withdrawals for all purposes (medical, education, marriage, etc.) after only 12 months of contributions. Previously, these required between three and seven years depending on the purpose.
• Higher Withdrawal Limits: The withdrawal amount is now standardized at up to 75 per cent of the accumulated EPF corpus (including employer and employee contributions plus interest).

UNEMPLOYMENT BENEFITS

If a subscriber is rendered unemployed due to involuntary attrition or other reasons, they can now withdraw 75 per cent of their corpus immediately. The remaining 25 per cent can be withdrawn after one year if they remain unemployed.

PLAN WISELY

While withdrawals are easier, the Labour Ministry notes that about 75 per cent of subscribers had less than ₹50,000 at the time of final settlement. Experts advise subscribers to treat the EPF as a retirement kitty with its 8.25 per cent annual assured returns, rather than using it for every contingency. Instead, investors should maintain a separate emergency corpus and insurance for risks.

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OVERVIEW

• Simple to log into
• Standardised procedures
• Higher withdrawals

Based on the source provided, there is no standalone article titled "Emerging Tech Redefining What it Takes to Scale Globally."

Instead, this phrase appears within the column "AI Will Usher a Golden Age of Dum Pukht" by Indrajit Hazra. The author mentions it as a pitch for a paper he presented to the organizers of the "AI Impact Summit" in Delhi, which was ultimately rejected for being "too niche".

Below is the reproduction of the section of that article where the author discusses this concept and what his presentation would have entailed:

From "AI Will Usher a Golden Age of Dum Pukht"

By Indrajit Hazra

Hazra describes his attempt to engage with the upcoming AI Impact Summit:

"Which is what happened to me when, earlier this week, I approached organisers of AI Impact Summit that kicks off in Delhi tomorrow. Coming from a non-tech background, my pitch for a paper on how emerging tech is redefining what it takes to scale globally was considered too niche and 'Get out of here' ridiculous".

Despite the rejection, Hazra outlines the core of the presentation he would have given to India's business leaders regarding the transition from traditional methods to an AI-driven global scale:

• The Paradigm Shift: He likens current human intelligence to "Cro-Magnons at the entrance" of a new era.
• A New Way to Scale: He describes a hypothetical speech to "fellow sentients" about how to transition a business into a global enterprise: "Earlier, how you’d scale a business into a global enterprise was to find leaders. In the generative AI sphere... OpenAI making prompting the new data, which, if you’re a member, was once the new oil. Scaling, for us and everyone else, will soon be training on AI created content".
• The Concept of "AI Dum Pukht": The article ultimately argues that while AI will handle the "supreme processing speeds" and solve problems automatically, human-created products—which he calls "Dum Pukht" (slow cooking)—will become the rare, high-value "collectibles" in a world where everything else is scaled by machines.

Based on the source provided, there is no article titled "Economy Needs to Draw on Patient Capital" or any content explicitly discussing "patient capital" within the provided page of The Economic Times.

The articles available in the provided source (dated February 15, 2026) are:

• "A Regal Cambodian Experience of Intimacy and Balance..." by Sivakumar Sundaram (a culinary review).
• "It Wanders Lonely as a Cloud That Floats..." by Atanu Biswas (an exploration of nihilism and Haruki Murakami).
• "Climbing Mt Olypbud in Calcutta’s M. Chateaubriand" by Ruchir Joshi (a restaurant review).
• "AI Will Usher a Golden Age of Dum Pukht" by Indrajit Hazra (an essay on AI scaling and the future value of human-created products).
• "FAFO Parenting" (a column on modern parenting trends).

While Indrajit Hazra’s article mentions scaling businesses and the value of "slow" human intelligence (metaphorically represented by the "Dum Pukht" cooking method), it focuses on generative AI and "Non-Artificial Intelligence" (NAI) rather than "patient capital" or broader economic investment strategies.