Despite robust long-term fundamentals like a stable ROE of 30%+ and consistent 10-year compounded sales growth of 11%, recent trends reveal deceleration in growth, especially TTM figures showing declining profit growth (-4%) and net profit underperforming quarter-over-quarter (-7.75%).
With a modest Stock P/E of 23.2 and a healthy dividend yield of 2.97%, valuations remain reasonable; however, retail investors should monitor growth recovery closely as quarterly sales growth (5.99% YoY) has not translated into stronger profitability.
News TidBits
Infosys has announced its largest-ever ₹18,000 crore share buyback, with voting to take place between October 6 and November 4. The move signals confidence in robust cash flow generation and reinforces its commitment to shareholder value creation.
The firm’s buyback announcement aligns with market conditions where defensive large-cap stocks like Infosys are sought after amid high volatility. This development may boost its share price in the short term.
Strong institutional interest in Infosys highlights its resilient business model, supported by a consistent pipeline of digital transformation projects. Retail investors should watch for potential upward momentum around buyback completion.
Despite facing macroeconomic pressures such as global economic headwinds and U.S.-India trade tensions, Infosys has reaffirmed its leadership position in IT services with steady revenue streams.
The buyback reflects Infosys' focus on optimizing capital allocation strategies, potentially improving return ratios and profitability metrics over time.
Stacks on Stacks: Tip Time 🤑
Investing without an exit strategy is like playing chess with no endgame—always know your objective, whether it's dividends, capital gains, or asset preservation, to avoid bias-driven mistakes.
Inside The Fund
Kotak Flexi Cap Fund
Fund Size: ₹ 53625.83 Cr
NAV: ₹ 94.309 (as on 26th September, 2025)
1 Year
-1.81%
Category: -5.20%
2 Year
17.37%
Category: 17.33%
3 Year
18.50%
Category: 18.06%
5 Year
20.68%
Category: 21.75%
10 Year
15.01%
Category: 14.94%
Stocks Added
Stock
Sector
1M Change
Bajaj Finance Ltd.
Non banking financial company (nbfc)
1.06%
Vikram Solar Ltd.
Other electrical equipment
0.01%
Stocks Removed
Stock
Sector
1M Change
Kaynes Technology India Private Ltd.
Industrial products
-0.15%
Top 10 Holdings
Stock
Holding %
1M Change
ICICI Bank Ltd.
6.91%
-0.46%
Bharat Electronics Ltd.
5.92%
-0.26%
HDFC Bank Ltd.
5.68%
-0.38%
Ultratech Cement Ltd.
4.07%
0.11%
Larsen & Toubro Ltd.
3.76%
-0.06%
State Bank Of India
3.56%
0.00%
Jindal Steel Ltd.
3.35%
0.00%
SRF Ltd.
3.31%
-0.26%
Infosys Ltd.
3.15%
-0.11%
Axis Bank Ltd.
3.12%
-0.09%
The Common Ground
Shows the commonly added & removed stocks by mutual funds last month
Top Added (2)
TVS Motor Company Ltd. - Preference Shares
5 funds
ICICI Prudential ELSS Tax Saver Fund - Direct Plan - Growth
0.04%
Axis ELSS Tax Saver Fund - Direct Plan - Growth
0.01%
Canara Robeco ELSS Tax Saver Fund - Direct Plan - Growth
0.02%
HSBC ELSS Tax saver Fund - Direct Plan - Growth
0.02%
LIC MF ELSS Tax Saver - Direct Plan - Growth
0.01%
Tata Communications Ltd.
2 funds
SBI ELSS Tax Saver Fund - Direct Plan - Growth
1.06%
Mirae Asset ELSS Tax Saver Fund - Direct Plan - Growth
0.33%
Top Removed (1)
Inox Wind Ltd. - Rights
2 funds
ICICI Prudential ELSS Tax Saver Fund - Direct Plan - Growth
-0.01%
Motilal Oswal ELSS Tax Saver Fund - Direct Plan - Growth
-0.04%
Top News Developments
RBI Monetary Policy Announcement Expected to Drive Market Volatility
The RBI is set to announce its monetary policy early next week, with expectations of interest rate changes fueling speculation of market volatility.
Interest rate-sensitive sectors like banking and real estate could experience substantial price movement as investors weigh borrowing cost implications.
Any accommodative stance by the RBI may create bullish sentiment, while hawkish measures could result in bearish outcomes for equities.
US-India Trade Tensions Escalate Over Tariffs and Energy Policies
The U.S. Commerce Secretary criticizes India for restrictive trade practices, escalating tensions particularly in tariff-related matters.
Export-heavy sectors such as IT and pharmaceuticals may face near-term headwinds due to trade uncertainties.
India’s policy response to these pressures may redefine strategic trade partnerships and influence equity volatility in affected sectors.
Indian Stock Market Sees First Annual Negative Returns Since COVID-19 Rally
Sensex and Nifty posted negative YoY returns for the first time since the pandemic, driven by profit-taking and global headwinds.
Liquidity stress in midcaps and smallcaps has prompted risk recalibration among retail and institutional investors.
Sectoral rotation into defensive areas like FMCG is expected as investors seek safer havens amidst elevated volatility.
IPO Watchlist
Ongoing IPOs
Pace Digitek's IPO, set to close on September 30, has a GMP of 6.39% and modest subscription levels at 0.17x. Retail investors may want to monitor whether institutional activity builds closer to the listing date, as post-listing movement could be subdued.
TruAlt Bioenergy’s ongoing IPO shows stronger demand with a GMP of 19.76% and 0.85x subscription as of its closing date of September 29. Interest in this IPO indicates optimism about bioenergy-related businesses, representing long-term opportunities.
Jinkushal Industries has garnered robust investor demand with a 5.11x subscription rate ahead of its closure on September 29. This SME IPO, featuring a GMP of 14.05%, is likely to attract risk-tolerant retail investors seeking short-term gains post-listing.
Pace Digitek
819.15
Date: 26 Sept - 30 Sept
List: 6 Oct
Subscription: 0.17x
GMP: 6.39%
TruAlt Bioenergy
839.28
Date: 25 Sept - 29 Sept
List: 3 Oct
Subscription: 0.85x
GMP: 19.76%
Jinkushal Industries
116.15
Date: 25 Sept - 29 Sept
List: 3 Oct
Subscription: 5.11x
GMP: 14.05%
Upcoming IPOs
Om Freight Forwarders plans to open its IPO on September 29 with a size of ₹122.31 crore and a GMP of 8.15%. Investors interested in logistics-related businesses may find opportunities for moderate long-term returns.
Advance Agrolife’s upcoming IPO, beginning September 30, has a size of ₹192.86 crore and a GMP of 10%. This agro-focused issue may appeal to investors optimistic about agriculture-linked sectors and their ongoing growth potential.
Fabtech Technologies is set to launch its IPO on September 29 with a GMP of 18.32% and a size of ₹230.35 crore. Strong interest signals robust demand, presenting potential for positive listing-day performance.
Om Freight Forwarders
122.31
Date:29 Sept - 3 Oct
List:8 Oct
Subscription: -
GMP: 8.15%
Advance Agrolife
192.86
Date:30 Sept - 3 Oct
List:8 Oct
Subscription: -
GMP: 10.00%
Glottis
307.00
Date:29 Sept - 1 Oct
List:7 Oct
Subscription: -
GMP: 9.30%
Fabtech Technologies
230.35
Date:29 Sept - 1 Oct
List:7 Oct
Subscription: -
GMP: 18.32%
Cha-Ching Cheatsheet 💵
The pursuit of outsized gains often leads to overconfidence and portfolio concentration—embrace skepticism and diversify investments to mitigate unforeseen risks.
Global Markets
Country
Category
Current PE
Forward PE
Forward PEG
🇬🇧 United Kingdom
Highly Undervalued
13.8
1.0
5.5
🇯🇵 Japan
Undervalued
17.5
0.9
1.5
🇫🇷 France
Undervalued
16.9
0.9
1.4
🇰🇷 South Korea
Undervalued
12.2
0.7
0.2
🇮🇩 Indonesia
Undervalued
16.3
0.7
0.3
🇩🇪 Germany
Fairly Valued
19.7
0.8
0.8
🇹🇭 Thailand
Fairly Valued
15.1
-
-
🇮🇳 India
Fairly Valued
21.6
1.0
7.8
🇨🇳 China
Fairly Valued
16.7
0.9
1.3
🇦🇺 Australia
Fairly Valued
21.4
1.0
-8.1
🇸🇬 Singapore
Overvalued
15.4
-
-
🇺🇸 United States
Overvalued
24.8
0.9
1.9
🇭🇰 Hong Kong
Highly Overvalued
11.9
1.2
-0.8
* Valuation category is calculated as a weighted average of PE ratio, CAPE, forward PE, historical PEG, and forward PEG. We are currently showing PE, Forward PE, and Forward PEG for reference.
Global markets were impacted by the US administration's announcement of increased tariffs on Indian pharmaceutical products and other goods, intensifying trade tensions.
Concerns over rising US H-1B visa fees affected investor sentiment toward Indian IT exports, weighing on global perceptions of India's tech sector growth.
Slowed global economic data from major economies including the US and China added uncertainty to global growth prospects, influencing cautious trading in emerging markets.
The US dollar index strengthened amid these tensions, contributing to the weakening of the Indian rupee and impacting capital flows into Indian equities.
Crude oil price volatility and mixed macroeconomic reports globally further contributed to subdued global market performance, indirectly pressuring Indian markets.
Emerging Opportunities
The electric vehicle (EV) sector is emerging as a major growth opportunity in India, with industry sales surpassing 100,000 units in FY25 driven by multiple major launches.
Policy support and innovation in green energy and environmental technologies present promising investment avenues amid the global push for sustainability.
Selective opportunities in the pharmaceutical sector may arise from valuation corrections and the potential easing of trade tensions or tariff reductions.
Domestic consumption-linked sectors, especially in the context of upcoming festive season demand and improving industrial output, could present medium-term growth prospects.
Contrarian investments in mid- and small-cap stocks with strong fundamentals but currently under pressure from market sell-offs may offer attractive risk-reward dynamics.
Policy & Regulations
SEBI has cleared Adani Group of any regulatory breaches related to allegations from U.S.-based short-seller Hindenburg Research, restoring investor confidence in Adani Ports and Adani Power. This ruling eliminates regulatory overhang, presenting renewed investment stability for retail participants in Adani-related stocks.
RBI is scheduled to announce its monetary policy early next week, fueling speculation about potential changes in interest rates and liquidity. The policy outcome will significantly affect banking, real estate, and infrastructure sectors, requiring investors to stay alert for portfolio adjustments in volatile trading conditions.
Foreign portfolio investors (FPIs) have sold ₹16,422 crore worth of Indian equities last week, reflecting bearish sentiment due to global economic uncertainties and policy concerns. Retail investors should be cautious about market liquidity and broader outflows in the near term.
Crypto Buzz
Name
Price
Market Cap
24h Change
ATH Change
Bitcoin (BTC)
$109306
$2.18T
-0.04%
-11.92%
Ethereum (ETH)
$3988.71
$481.45B
-0.60%
-19.27%
Tether (USDT)
$1.001
$174.27B
0.01%
-24.39%
XRP (XRP)
$2.78
$166.12B
-0.22%
-23.81%
BNB (BNB)
$969.41
$134.91B
-0.35%
-10.13%
Bitcoin witnessed marginal movement, trading at $109,306 with a slight 0.04% drop over the last 24 hours. This stability, despite minor bearish sentiment, underscores its resilience amidst broader crypto market pressures.
Ethereum saw a sharper decline of 0.60%, trading at $3,988.71, as the crypto market faces selling pressure fueled by macroeconomic uncertainty and risk-off sentiment among investors.
Institutional activity in blockchain remains active, with Theta Capital seeking $200 million for a new fund-of-funds. This demonstrates continued optimism toward blockchain technology despite short-term price fluctuations.
Indian Macroeconomy
Currency
Exchange rate against USD
88.67
-0.1
Previous: 88.77
As of Sep 25
Nominal GDP
Annual growth including inflation
7.8%
0.4%
Previous: 7.4%
As of Jun 25
CPI Inflation
Consumer price increase
2.07%
0.46%
Previous: 1.61%
As of Aug 25
Repo Rate
RBI lending rate
5.5%
→
0%
Previous: 5.5%
As of Aug 25
Trade Balance
Exports minus imports
$-26.49B
$0.86B
Previous: $-27.35B
As of Aug 25
Current Account
Global trade, income & transfers
$-2351M
$-15828M
Previous: $13477M
As of Jun 25
Mfg PMI
Manufacturing activity level
58.5 points
-0.8 points
Previous: 59.3 points
As of Sep 25
Services PMI
Services activity level
61.6 points
-1.3 points
Previous: 62.9 points
As of Sep 25
India's GDP annual growth rate has risen to 7.8%, an improvement from 7.4% last quarter, signaling healthy economic expansion. This growth is expected to bolster sectors such as infrastructure, manufacturing, and consumer goods, which benefit directly from higher domestic demand. Retail investors should watch for opportunities in large-cap stocks tied to these sectors as economic momentum builds.
Inflation has increased to 2.07%, up from 1.61%, posing potential concerns for the RBI's upcoming monetary policy decision. The inflationary pressures could lead to tighter monetary conditions, affecting interest rate-sensitive sectors such as banking, real estate, and consumer durables. This shift underscores the need for cautious investment strategies in the short term.
The manufacturing PMI has slipped from 59.3 to 58.5, reflecting a slight slowdown but still indicating expansion. The services PMI also declined to 61.6 from 62.9, emphasizing a broader weakening across sectors. These trends may lead retail investors to favor defensive plays, such as FMCG and utilities, amidst persistent global uncertainties.
Inside The Fund
Stocks Added 
Stocks Removed 
