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Vijay Kedia’s FY26 scorecard: Losses dominate with 14 stocks falling up to 68%; SME multibagger shines

LSD News Szerkesztőség — Thu, 02 Apr 2026 04:41:05 +0000

Ace investor Vijay Kedia’s portfolio delivered a largely muted performance in FY26, with the majority of his known holdings ending the year in the red amid a challenging market environment. Domestic equities remained under pressure for most of the year due to tariff-related concerns, weak earnings growth, elevated valuations and persistent foreign institutional outflows. Sentiment deteriorated further toward the end of the year amid the escalating Iran-Israel/US conflict, which triggered a spike in energy prices, heightened inflation concerns and pushed back expectations of US Fed rate cuts.

A majority of the stocks in the portfolio ended the year deep in the red, reflecting the broader stress in mid- and small-cap segments. The worst hit were Tac Infosec and Affordable Robotic, both plunging over 68%, followed by Innovators Facade (-47%), Global Vectra (-45%) and Patel Engineering (-43%). Several others, including Siyaram Silk Mills (-33%), Om Infra (-30%) and Sudarshan Chemical (25%), also posted significant declines.

Even relatively stable names such as Elecon Engineering (-21%), Mahindra Holidays (-21%) and Vaibhav Global (-20%) failed to escape the downtrend, while Atul Auto declined 13%. Neuland Laboratories remained largely flat during the period.

However, the portfolio did see a few bright spots. TechD Cybersecurity emerged as the biggest winner, delivering a stellar 159% return. The SME stock is a recent listing and has not completed one year. It made its market debut on September 22, 2025.

Other bright spots were Advait Energy and Yatharth Hospital which surged 57% and 45%, respectively, bucking the general trend.

The latest shareholding data for the January-March quarter of FY26 is still not available on the exchanges and will be published in due course. The above stocks were part of Kedia’s 17-stock portfolio as on December 31, according to data compiled by Trendlyne.

Also read: PSU banks emerge most resilient in FY26 despite macro headwinds, deliver up to 57% returns

Words of wisdom

Kedia, who has a penchant for picking smallcap multibaggers, has words of wisdom for market participants. The veteran investor urged investors to stay calm and focus on long-term discipline, stressing that losses remain notional until realised.

In a recent LinkedIn post, Kedia reminded investors that fluctuations in portfolio value should not be confused with permanent losses. “The rise you saw was a paper profit. The fall you see today is a paper loss. Nothing is real… until you sell,” he said.

Drawing a distinction between market-linked and personal wealth, he noted, “Your demat statement belongs to the market. Your bank statement belongs to you,” underlining that volatility is an inherent part of equity investing.

Kedia acknowledged that the current phase may feel like a crisis, but described it as a learning curve for investors. “Markets don’t build wealth without first building your temperament,” he said, adding that even seasoned investors experience anxiety during downturns.

Read more: Market rout wipes Rs 33 lakh cr since Iran War: Vijay Kedia’s real lessons on paper losses

Kedia began investing in the stock market at the age of 19 and started Kedia Securities in 1992, when he was 33.

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

Why Trump is going after institutional homebuyers: They dominate markets like Atlanta, Jacksonville

LSD News Szerkesztőség — Thu, 08 Jan 2026 16:31:08 +0000

President Donald Trump speaks during the House Republican Party member retreat at the Kennedy Center in Washington, Jan. 6, 2026.

Mandel Ngan | AFP | Getty Images

President Donald Trump’s renewed focus on housing affordability has found a clear villain: institutional investors that own large swaths of single-family homes in fast-growing Sun Belt cities, where would-be homeowners increasingly find themselves bidding against Wall Street.

Trump argued in a social media post Wednesday that corporate ownership has helped push housing further out of reach for everyday Americans, saying he’s immediately taking steps to ban large institutional investors from buying more single-family homes.

The message may be aimed at places like Atlanta and Jacksonville, metropolitan areas where investor ownership is far higher than the national average.

While institutional investors only own roughly 2% of the nation’s single-family rental housing stock, their presence is far more concentrated in parts of the Southeast. The U.S. Government Accountability Office estimates, for example, that investors control about a quarter of Atlanta’s single-family rental market, more than a fifth of Jacksonville’s and sizable shares in Charlotte and Tampa.

Wall Street goes shopping in the Sun Belt

Those concentrations trace back to the aftermath of the financial crisis, when large investors moved aggressively into housing markets flooded with foreclosures. By buying homes in bulk, they helped stabilize prices in hard-hit regions experiencing sharp declines, particularly across the Sun Belt, according to Wolfe Research.

“While their overall footprint is limited, ownership is heavily concentrated in Sun Belt cities, likely reflecting expectations of stronger home price appreciation,” analysts at Wolfe said in a recent note to clients.

The idea of curbing Wall Street’s role in housing isn’t new. Analysts at BTIG note that Congress has seen multiple efforts in recent years to rein in institutional homeownership, ranging from tighter regulations and financing limits to outright ownership bans and even forced liquidations.

“Bureaucratic limitations have historically hindered the legislation in Congress, and as it stands now most bills remain in the ‘Introduced’ phase,” BTIG said in a note.

Trump did not provide details on how such a ban would be implemented. The president said he plans to outline additional housing and affordability proposals in a speech at the World Economic Forum in Davos in two weeks.

— CNBC’s Michael Bloom contributed reporting.

Chinese companies have begun to dominate Southeast Asia’s online shopping market

LSD News Szerkesztőség — Thu, 30 Oct 2025 04:47:47 +0000

A woman poses for a selfie next to signage for e-commerce giant Alibaba in the Xuhui district in Shanghai on Feb. 22, 2025.

Hector Retamal | Afp | Getty Images

Alibaba and ByteDance’s TikTok Shop are just some of the Chinese e-commerce players that have quickly come to dominate around half of the online shopping market in several Southeast Asian countries, consulting firm Bain and Company said in a report Thursday.

In Indonesia, Thailand and the Philippines, Chinese online shopping players — such as Shein and PDD‘s Temu — account for roughly 50% of the local e-commerce market, data for 2024 showed, according to the report. It indicated the Chinese companies have also gained a foothold in the growing online commerce market in countries from the U.S. to Brazil.

The findings come as Chinese companies are accelerating their global expansion, amid slowing economic growth at home — and despite escalating U.S.-China trade tensions.

“Far from being killed by tariffs, the internationalization of Chinese retail is entering a new phase,” the report said. Its authors noted that the Chinese sellers have so far tended to perform better “in markets with lower online purchasing power.”

This year, Bain pointed out, Alibaba’s Taobao is expanding Singles Day shopping promotions to 20 regions — meaning the world’s biggest shopping event is no longer just a factor for China but markets where rival Amazon.com has pushed its Black Friday sales.

It’s not immediately clear the extent to which Singles Day was promoted outside China in past years. But the ramp up is recent. Taobao in Malaysia last year announced it would be the first time the shopping event would be promoted in English, in addition to Chinese.

Alibaba’s international division — called “International Digital Commerce Group” — reported 19% year-on-year revenue growth in the three months ended June 30 to 34.74 billion yuan ($4.85 billion).

That was slightly more than what the company’s cloud computing unit brought in, but still far less than the 140.07 billion yuan in revenue generated by Alibaba’s China e-commerce business, which saw slower growth at 10%. Similar to Amazon.com, merchants open accounts on Alibaba’s platforms to sell directly to consumers.

One signal of how quickly Chinese sellers are expanding their online sales abroad comes from financing numbers.

In just over a year, fintech startup FundPark has facilitated $3 billion in loans to small Chinese businesses for overseas e-commerce — it had previously taken the company six years to lend the same $3 billion amount, Anson Suen, co-founder and CEO, told CNBC.

FundPark, which has received $750 million in financing from Goldman Sachs and HSBC, assesses how much small merchants can borrow by using its tech-based data analysis. The startup on Tuesday announced it raised $71 million to support its new artificial intelligence-powered tool for “dynamic funding” that can help merchants navigate tariff uncertainties.

Taking China learnings abroad

Part of the Chinese e-commerce companies’ success comes from lessons learned in their home market that integrate livestreaming, rapid product innovation and speedy logistics, Bain analysts pointed out.

In fact, Amazon shut down its China marketplace in 2019 amid rising competition from domestic players.

The country’s giant market has provided fertile training ground.

At $2.32 billion in gross merchandise value sold last year, the Chinese e-commerce market is more than twice the size of the U.S., which saw $1.05 billion in GMV last year, Bain said. GMV is a measure of sales on an ecommerce platform over a period of time.

In Southeast Asia, Indonesia was the largest market with $62 billion in e-commerce GMV last year, while Thailand and Vietnam each recorded $30 billion in GMV, Bain said. The Philippines saw $20 billion in 2024 GMV, while Singapore’s was far smaller at just $8.55 billion.

But it’s far from a straight path to growth for Chinese players in every market.

Bain pointed out that in Singapore, Alibaba’s Lazada had lost market share to the local incumbent Shopee, while Amazon and Walmart still dominate in the U.S.

While PDD, Alibaba and ByteDance divide up most of the Chinese market, the U.S. is a far different story, with Bain data showing that non-Chinese e-commerce players accounted for nearly 95% of the market.

The U.S. e-commerce giants also have a large international presence.

Amazon reported net sales in North America of $100.1 billion in the quarter ended June 30, while international sales were $36.76 billion, meaning the U.S. e-commerce giant still makes more in net sales than Alibaba at home and abroad. The U.S.-based e-commerce giant is set to report earnings Thursday local time.

Walmart reported $23.7 billion in online U.S. sales in the quarter ended July 31, and $8.3 billion overseas — up 22% from a year ago, according to CNBC calculations.

— CNBC’s Victoria Yeo contributed to this report.

Indian visitors continue to dominate tourist arrival figures

LSD News Szerkesztőség — Sun, 26 Oct 2025 10:40:45 +0000

A total of 35,090 Indian nationals have arrived in the country thus far in the month of October, data from the Sri Lanka Tourism Development Authority (SLTDA) shows.

They are among 119,670 tourists to visit Sri Lanka in the first 23 days of this month, the SLTDA stated.

According to data released by the SLTDA, in addition to the Indian national, 9,759 persons from the United Kingdom, 8,821 from China, 6,944 from Germany and 6,635 Russian nationals have also visited Sri Lanka in the month of October.

Meanwhile, the number of tourists arrived in Sri Lanka in 2025 has increased to 1,845,164 with the release of the latest figures for October.

Among them, 410,382 individuals are from India, 171,652 from the UK and 128,779 are from Russia, the SLTDA noted.

How dealmaking king Goldman Sachs aims to dominate another corner of Wall Street

LSD News Szerkesztőség — Fri, 08 Aug 2025 16:56:17 +0000

Crypto Pundit Says Bears Will Continue To Dominate Ethereum Price, Here’s For How Long

LSD News Szerkesztőség — Thu, 20 Mar 2025 04:35:53 +0000

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Ethereum’s price has now found itself stuck below $2,000 in the past seven days, and it looks like it will continue here into the next few days with little sign of a significant recovery. The second-largest cryptocurrency by market capitalization has struggled under downward pressure since early March, with sellers dominating the wider crypto market.

Interestingly, recent technical analysis using Elliott Wave theory suggests that bearish dominance will continue for Ethereum into the foreseeable future. The analysis, posted on TradingView, highlights the formation of an ABC correction pattern, which could dictate Ethereum’s next major move.

Ethereum’s Price Structure Points To Extended Correction

According to a crypto analyst known as behdark on the TradingView platform, Ethereum’s recent pivot formations, momentum shifts, and wave degrees all indicate an ongoing correction. This interesting outlook is based on the analyst’s count of Elliott Wave, which shows Ethereum appears to be forming an ABC correction pattern.

Two Demand Zones Identified For ETH

The analyst outlined two possible market bottoms for Ethereum, referred to as “Demand 1” and “Demand 2.” The first demand zone is between $1,350 and $1,080, and this is where Ethereum might see some buying pressure that will help put an end to the continuation of wave C.

China wants to dominate in AI — and some of its models are already beating their U.S. rivals

LSD News Szerkesztőség — Sat, 21 Dec 2024 14:14:08 +0000

China’s attempts to dominate the world of artificial intelligence could be paying off, with industry insiders and technology analysts telling CNBC that Chinese AI models are already hugely popular and are keeping pace with — and even surpassing — those from the U.S. in terms of performance.

AI has become the latest battleground between the U.S. and China, with both sides considering it a strategic technology. Washington continues to restrict China’s access to leading-edge chips designed to help power artificial intelligence amid fears that the technology could threaten U.S. national security.

It’s led China to pursue its own approach to boosting the appeal and performance of its AI models, including relying on open-sourcing technology and developing its own super-fast software and chips.

China is creating popular LLMs

Like some of the leading U.S. firms in the space, Chinese AI firms are developing so-called large language models, or LLMs, which are trained on huge amounts of data and underpin applications such as chatbots.

Unlike OpenAI’s models which power the hugely popular ChatGPT, however, many of these Chinese companies are developing open-source, or open-weight, LLMs which developers can download and build on top of for free and without stringent licensing requirements from the inventor.

On Hugging Face, a repository of LLMs, Chinese LLMs are the most downloaded, according to Tiezhen Wang, a machine learning engineer at the company. Qwen, a family of AI models created by Chinese e-commerce giant Alibaba, is the most popular on Hugging Face, he said.

“Qwen is rapidly gaining popularity due to its outstanding performance on competitive benchmarks,” Wang told CNBC by email.

He added that Qwen has a “highly favorable licensing model” which means it can be used by companies without the need for “extensive legal reviews.”

Qwen comes in various sizes, or parameters, as they’re known in the world of LLMs. Large parameter models are more powerful but have higher computational costs, while smaller ones are cheaper to run.

“Regardless of the size you choose, Qwen is likely to be one of the best-performing models available right now,” Wang added.

DeepSeek, a start-up, also made waves recently with a model called DeepSeek-R1. DeepSeek said last month that its R1 model competes with OpenAI’s o1 — a model designed for reasoning or solving more complex tasks.

These companies claim that their models can compete with other open-source offerings like Meta‘s Llama, as well as closed LLMs such as those from OpenAI, across various functions.

“In the last year, we’ve seen the rise of open source Chinese contributions to AI with really strong performance, low cost to serve and high throughput,” Grace Isford, a partner at Lux Capital, told CNBC by email.

China pushes open source to go global

Open sourcing a technology serves a number of purposes, including driving innovation as more developers have access to it, as well as building a community around a product.

It is not only Chinese firms that have launched open-source LLMs. Facebook parent Meta, as well as European start-up Mistral, also have open-source versions of AI models.

But with the technology industry caught in the crosshairs of the geopolitical battle between Washington and Beijing, open-source LLMs give Chinese firms another advantage: enabling their models to be used globally.

“Chinese companies would like to see their models used outside of China, so this is definitively a way for companies to become global players in the AI space,” Paul Triolo, a partner at global advisory firm DGA Group, told CNBC by email.

While the focus is on AI models right now, there is also debate over what applications will be built on top of them — and who will dominate this global internet landscape going forward.

“If you assume these frontier base AI models are table stakes, it’s about what these models are used for, like accelerating frontier science and engineering technology,” Lux Capital’s Isford said.

Today’s AI models have been compared to operating systems, such as Microsoft’s Windows, Google‘s Android and Apple‘s iOS, with the potential to dominate a market, like these companies do on mobile and PCs.

If true, this makes the stakes for building a dominant LLM higher.

China is focusing on large language models (LLMs) in the artificial intelligence space.

Blackdovfx | Istock | Getty Images

“They [Chinese companies] perceive LLMs as the center of future tech ecosystems,” Xin Sun, senior lecturer in Chinese and East Asian business at King’s College London, told CNBC by email.

“Their future business models will rely on developers joining their ecosystems, developing new applications based on the LLMs, and attracting users and data from which profits can be generated subsequently through various means, including but far beyond directing users to use their cloud services,” Sun added.

Chip restrictions cast doubt over China’s AI future

AI models are trained on vast amounts of data, requiring huge amounts of computing power. Currently, Nvidia is the leading designer of the chips required for this, known as graphics processing units (GPUs).

Most of the leading AI companies are training their systems on Nvidia’s most high-performance chips — but not in China.

Over the past year or so, the U.S. has ramped up export restrictions on advanced semiconductor and chipmaking equipment to China. It means Nvidia‘s leading-edge chips cannot be exported to the country and the company has had to create sanction-compliant semiconductors to export.

Despite, these curbs, however, Chinese firms have still managed to launch advanced AI models.

“Major Chinese technology platforms currently have sufficient access to computing power to continue to improve models. This is because they have stockpiled large numbers of Nvidia GPUs and are also leveraging domestic GPUs from Huawei and other firms,” DGA Group’s Triolo said.

Indeed, Chinese companies have been boosting efforts to create viable alternatives to Nvidia. Huawei has been one of the leading players in pursuit of this goal in China, while firms like Baidu and Alibaba have also been investing in semiconductor design.

“However, the gap in terms of advanced hardware compute will become greater over time, particularly next year as Nvidia rolls out its Blackwell-based systems that are restricted for export to China,” Triolo said.

Lux Capital’s Isford flagged that China has been “systematically investing and growing their whole domestic AI infrastructure stack outside of Nvidia with high-performance AI chips from companies like Baidu.”

“Whether or not Nvidia chips are banned in China will not prevent China from investing and building their own infrastructure to build and train AI models,” she added.

Bitcoin’s Institutional Titans: Here’s How Binance And BlackRock Dominate The BTC Market

LSD News Szerkesztőség — Tue, 12 Nov 2024 14:24:10 +0000

The cryptocurrency market has witnessed a major evolution in recent years, with centralized exchanges and now recently spot Bitcoin exchange-traded funds (ETFs) playing a crucial role in driving adoption.

Among the participants helping to boost crypto adoption, the two key players leading this charge are Binance, the world’s largest cryptocurrency exchange, and BlackRock, with its spot Bitcoin ETF known as IBIT, according to the latest insight shared by a CryptoQuant analyst.

The analyst reveals their influence extends across trading volumes and institutional investment, making them central figures in the current Bitcoin market.

Market Share And Institutional Presence

The CryptoQuant analyst Crazzyblockk highlighted Binance and BlackRock’s pivotal roles in a post on the CryptoQuant QuickTake platform.

According to Crazzyblockk, the emergence of spot Bitcoin ETFs, which began operations in January 2024, has further solidified Bitcoin’s role in mainstream finance.

Centralized exchanges and spot Bitcoin ETFs metric. | Source: CryptoQuant

Among these, Binance stands out due to its dominance in spot BTC trading volume and vast BTC reserves, holding 623,000 BTC out of the 3.15 million BTC collectively held across all centralized exchanges.

In comparison, BlackRock’s IBIT ETF has become a leader in the ETF space, holding 434,000 BTC of 1 million BTC across all spot ETFs.

Furthermore, the CryptoQuant analyst noted that in terms of market share, Binance accounts for approximately 19.7% of the BTC reserves held across all exchanges, establishing its stronghold as a central player in global Bitcoin trading.

Meanwhile, BlackRock’s spot BTC ETF, trading under the ticker IBIT, has also emerged as a key institutional player. Holding over 43.4% of the total Bitcoin reserves across all spot ETFs, BlackRock’s presence signifies the growing institutional demand for Bitcoin exposure through regulated financial products.

Bitcoin Market Performance

Along with Binance and BlackRock’s role in the Bitcoin market, the asset has installed hope and confidence back into investors following its recent price performance.

So far, BTC has surged by more than 20% in the past two weeks and over 10% in the past 7 days bringing its price above $75,000. Particularly, the asset trades for $75,700, at the time of writing up by 1.8% in the past day.

BTC price is moving upwards on the 1-hour chart. Source: BTC/USDT on TradingView.com

This current market price marks a mere 0.7% decrease from its all-time high of $76,243 created yesterday. Interestingly, despite the asset still seeing a continuous uptick in price as of today, BTC’s daily trading volume appears to have cooled off.

Data from CoinGecko shows that this metric of BTC has seen a notable decline from more than $130 billion as of November 6 to a valuation below $70 billion as of today.

Featured image created with DALL-E, Chart from TradingView

Crypto PACs Dominate Ohio Senate Race, Spending $40M on Sherrod Brown’s Foe

LSD News Szerkesztőség — Fri, 27 Sep 2024 02:36:11 +0000

If Brown loses, the chances get much higher that Republicans take the Senate majority, and Sen. Tim Scott (R-S.C.) potentially becomes the next chairman. Though Scott’s crypto views had long been muted, he recently cheered on digital assets innovations at the Nashville Bitcoin 2024 event, and at a symposium in Wyoming hosted by the SALT Conference, he floated a crypto-specific subcommittee if he wins the gavel.

Apple’s no longer among top 5 smartphone vendors in China as domestic brands dominate market

LSD News Szerkesztőség — Fri, 26 Jul 2024 08:20:31 +0000

Customers are shopping for the iPhone 15 at the flagship store of Apple Smart Products on Nanjing Road Pedestrian Street in Shanghai, China, on May 24, 2024.

Costfoto | Nurphoto | Getty Images

Apple was edged out of the top five smartphone vendors’ list in China in the second quarter, as competition from domestic brands such as Huawei intensifies, according to a Canalys report.

Apple’s market share in China shrank to 14% in the second quarter, the report released Thursday showed, from 15% in the first quarter and 16% in the same period a year ago.

The iPhone maker, which was the third-largest smartphone vendor in the second quarter last year, dropped to the sixth spot with about 9.7 million in shipments, according to CNBC calculations.

“It is the first quarter in history that domestic vendors dominate all the top five positions,” said Lucas Zhong, research analyst at Canalys.

Apple’s shipments have been declining since the first quarter when they dropped 25% year on year to 10 million units.

“Chinese vendors’ strategies for high-end products and their deep collaboration with local supply chains are starting to pay off in hardware and software features. Honor’s latest Magic V3, which leverages GenAI, has significantly enhanced the user experience of foldable devices,” Zhong added.

On the other hand, Apple is facing a “bottleneck” in the Chinese market as it aims to “stabilize retail prices and protect margins of channel partners,” he said.

Localization of Apple Intelligence services in China will be an important move in the next 12 months, Canalys said, as Chinese brands are aggressively incorporating generative AI into their products.

Chinese brands dominate

From April to June, Vivo reclaimed the top spot with 19% market share and 13.1 million units shipped – driven by strong offline and online sales during the “618” e-commerce festival.

Oppo maintained second place with 11.3 million units, buoyed by the launch of its new Reno 12 series. Huawei spinoff Honor came in third with 10.7 million units shipped, marking a 4% year-on-year increase.

Huawei came fourth with 15% market share and 10.6 million shipment units — it had not made it to the top five a year earlier. Huawei’s consumer business has seen a resurgence in China after the launch of its Mate 60 smartphone.

Xiaomi took the fifth spot with the buzz from its first electric car, the SU7, also contributing to solid sales of its K70 and flagship 14 series, Canalys said.

Overall, the Chinese smartphone market grew 10% year on year in second quarter, with shipments exceeding 70 million units, Canalys said.