Cabinet approves Commitment of Rs.10,000 Crore towards establishment of the SME Growth Fund for direct equity investments in Small and Medium Enterprises to create future champions

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, today approved the Government of India’s commitment of Rs.10,000 crore towards the establishment of the SME Growth Fund (SGF)aimed at catalysing growth-oriented capital for India’s Small and Medium Enterprises (SMEs) and enabling the emergence of champion Indian enterprises across manufacturing, services, technology, innovation-driven sectors, and strategic value chains as per Para 28 of Union Budget 2026-27. This was in part of the holistic set of announcements that were made in Union Budget 2026-27 focussing on providing equity, liquidity and professional support for the MSME ecosystem as a whole.

There are existing funds which provide equity support but majority of them focus on early-stage enterprises and cover majorly Micro enterprises. A structural gap exists for equity growth capital for Small and Medium Enterprises.

The landmark initiative reflects the Government’s commitment towards realizing the vision of Viksit Bharat 2047 by strengthening India’s entrepreneurship ecosystem, deepening the domestic capital market for growth-stage enterprises, and creating a new generation of Indian companies capable of competing at the global level.

SMEs constitute the backbone of the Indian economy, contributing significantly to employment generation, exports, manufacturing output, and innovation. While various initiatives have enhanced access to credit for SMEs, a gap remains in the availability of long-term risk capital required by enterprises seeking to scale, innovate, expand internationally, adopt advanced technologies, undertake acquisitions, and transform into industry leaders. The SME Growth Fund is designed to address this critical financing gap by providing patient growth equity capital to high-potential SMEs with demonstrated business viability and scalability.

The Fund is envisioned as a transformational instrument to support enterprises at critical inflection points in their growth journey. Majority allocation from SGF will be made towards small and medium manufacturing focused enterprises. Fund will also consider SME’s operating in industrial clusters in Tier II and Tier III cities

By providing long-term capital, the initiative will enable Indian SMEs to scale operations, invest in technology and manufacturing capacity, expand into international markets, integrate into global value chains, and undertake strategic investments. The Government expects the Fund to accelerate the emergence of a strong pipeline of Indian companies with the scale, innovation capability, and competitiveness required to become champions in their respective sectors.

The Government’s commitment to the SME Growth Fund complements its ongoing efforts to strengthen the SME sector through reforms, digitalization initiatives, credit support mechanisms, ease of doing business measures, public procurement reforms, startup promotion initiatives, and production-linked incentive programmes.Under the initiative, the Government of India will provide an aggregate commitment of Rs.10,000 crore to the Alternative Investment Fund (AIF) established under the SGF framework. By enabling manufacturing enterprises to expand capacity, adopt advanced technologies and achieve greater scale, the SGF is expected to improve scale, productivity, and strengthen export competitiveness. Investments across industrial clusters, including those in Tier-II and Tier-III cities, will support balanced regional industrial development, reinforce local supply chains and generate high-quality employment opportunities.

With this initiative, the Government reaffirms its commitment to empowering India’s entrepreneurs and fostering a new generation of competitive enterprises. By catalysing investment in high-growth SMEs, the Fund will help create champions, drive innovation-led industrialization, and generate quality employment opportunities across the country. The initiative will serve as a key pillar in advancing the vision of Viksit Bharat @ 2047.

Trent Ltd, the parent company of Zudio and Westside, reported a 26% rise in net profit to ₹532 crore for the quarter ended June 30, 2026. Expanding its Westside and Zudio brands beyond metro cities helped Trent counter the pressure of rising raw material costs.

The company had posted a net profit of ₹423 crore during the same period last year.

Revenue from operations rose 18.5% to ₹5,666 crore in Q1FY27, compared to ₹4,781 crore in Q1FY26.

At 2:02 PM on August 6, Trent shares were trading 3% higher at ₹3,067.60 apiece.

During the April-June quarter, the company added 19 Zudio stores, bringing the total count to 982, and one Westside store, taking its total to 301.

Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Updates on IPO of SBI Funds Management Limited

This is further to our letter no. CC/S&B/AND/2025-26/920 dated March 19, 2026 with regards to filing of the draft red herring prospectus dated March 19, 2026 by SBI Funds Management Limited (“SBIFM”), a subsidiary company of State Bank of India.

In this respect, we further advise as under:

We have been informed by SBIFM that it has filed a red herring prospectus dated July 8, 2026 with the Registrar of Companies, Mumbai – I at Mumbai (“RHP”), in relation to the proposed initial public offering of its equity shares of Rs. 1 (one) each (“Equity Shares”). This initial public offering is an offer for sale of up to 203,709,239 equity shares of face value of Rs. 1 (one) each, representing up to 10.0013% of its paid-up equity share capital for cash (“IPO” or “Offer”). The IPO comprises an offer for sale of up to 128,334,397 Equity Shares (amounting to 6.3007% of the paid-up equity share capital of SBIFM) by State Bank of India, and of up to 75,374,842 Equity Shares (amounting to 3.7006% of the paid-up equity share capital of SBIFM) by Amundi India Holding. The IPO remains subject to receipt of regulatory approvals, market conditions and other considerations.

Further, State Bank of India has been informed by SBIFM that, in compliance with applicable law, including, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, Anchor Investors shall Bid one Working Day prior to the Bid/ Offer Opening Date, being Monday, July 13, 2026. Further, the Bid/Offer Period for QIBs will close one Working Day prior to the Bid/Offer Closing Date, i.e. Wednesday, July 15, 2026. IPO will be open for subscription by the public on Tuesday, July 14, 2026 and shall close on Thursday, July 16, 2026.

Bharat Electronics Limited (BEL), a Navratna defence PSU which designs, develops and manufactures advanced electronic products and systems for the aerospace, defence and civilian sectors, is currently trading in focus following a massive order book of Rs. 73,882 crore. In this article, we try to find out whether this humongous order book can anchor strong multi-year revenue visibility for the compan

Market Capitalisation of BEL stands at Rs. 2,99,883.68 crores. The stock plunged 3.7% to hit a low of Rs. 407.10; off 7.04% from its day’s high and 3.2% from its intraday low; as compared to its closing price of Rs. 423.15 in yesterday’s session.

BEL order book 2026
Bharat Electronics Ltd stock is trading in focus as its robust order book reflects strong business visibility. The order book as of April 1, 2026 is valued at Rs 73,882 crore.

Market Capitalisation of BEL as on date is Rs. 2,99,883.68 crores. The stock closed lowest at Rs. 407.10 (down 3.7%) and also marked lowest decline of 7.04% from day’s high and 3.2% from intraday low compared to its closing price of Rs. 423.15 yesterday.

BEL order book 2026
Bharat Electronics Ltd stock is trading in focus as robust order book translates into strong business visibility. Order book as of April 1, 2026 is valued at Rs 73,882 crore.

We see from the book-to-bill ratio of 2.7x that the Company is securing a large amount of new orders, and this should translate into future multi-year revenues, all going well.

G Sachs and UBS who maintain a Buy rating on this name, note while near-term expectations are largely in the price, sustainability of order inflows into FY27 will be key to growth and re-rating however execution, margin preservation and winning orders will be crucial for future performance. While visibility is strong it’s not risk free.

Brokerage views
Goldman Sachs on BEL
Bharat Electronics Limited (BEL) has been recommended by Goldman Sachs to ‘Buy’ with a target price of Rs475. The brokerage is of the view that BEL has strong order book which would translate into steady delivery in medium term and growth in long term.
Reason for the Target
A healthy book-to-bill ratio of 2.7x: The book-to-bill ratio is greater than 1 for the company, indicating high order inflows versus revenues which the company can convert and book into cash. For a growth stock such as BEL, the ratio indicates high growth momentum and expected high revenues in future, provided the company executes well.

Track Order growth and margin sustenance in FY27: Goldman Sachs would continue to monitor BEL’s growth in order volumes as also ability to sustain its margins in face of increased competition, higher costs and change in project mix.

Company has got healthy order book which translates into confirmed projects and hence good revenue visibility for next couple of quarters and will mitigate risk of any demand slowdown or poor execution.

In Line with Expectations – Street: The numbers were below our estimates for the quarter but better than the street’s estimates. Hence better than feared.

UBS on BEL
We have kept Bharat Electronics Limited in our UBS Buy list with Target Price of Rs. 500 based on strong order book, consistent execution and long term growth story.

Reason for the Target
Higher-than-expected order wins translate into exceeding Bharat’s FY26 growth guidance: The orders already in the pipeline are exceeding Bharat’s growth guidance for FY26 and will continue to drive growth for the company and its top line in subsequent years.

In the short term, there is limited up-side in the stock as it has already seen significant appreciation in price. Up-side would come in if company comes up with earnings upgrades or order surprises.

Key for stock re-rating is FY27 order pipeline: BEL’s stock price gain already largely incorporates positive news and therefore there is limited near-term upside unless BEL delivers on higher growth (than currently priced in) based on strong order booking for FY27.

Financials & Others
Revenues and Net profit of the Company increased by 11.75% to Rs. 10,224 crores and 4.85% to Rs. 2,226 crores respectively over corresponding period of previous year.

The company has delivered excellent growth over last 5 years with CAGR of 23.6%. BEL also has excellent return profile with ROCE of 36.5% and ROE of 27.6%. 3 year average ROE for the company stands at 27.8%. The company has zero debt-to-equity ratio which means debt free balance sheet. Additionally, the company also has healthy dividend payout of 34.5% which reflects the company’s growth and returns to shareholders.

Debt to Equity Ratio ‘0’ indicates BEL is a debt free company, Dividend Payout ratio of 34.5% reflects decent returns to shareholders and growth intent of management.

Bharat Electronics Limited, a public sector company of Government of India, is the largest manufacturer of advanced electronic products for defense and aerospace markets as well as for selected civilian applications such as for radars, communication systems, electronic warfare systems and defense electronics.

As the principal agency for design, development and manufacture of advanced electronic systems for military applications, BEL also meets requirements of select civilian sectors. The company plays a major role in strengthening the defense of the country by developing cutting edge technologies indigenously and also supports other sectors like non-defence electronics for applications in areas of homeland security, smart cities and strategic communication etc.

PhonePe has crossed 50 million lifetime registered merchants on its platform on April 28, the digital payments firm has said. The merchant base now spans over 98 percent of India’s postal codes, including small towns and rural markets.

The milestone comes as the company prepares to go public. PhonePe has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India and plans to launch an initial public offering subject to approvals and market conditions.

PhonePe started by offering QR code-based payment solutions to small businesses and gradually expanded its merchant offerings to include point-of-sale (POS) devices, smart speakers and access to loans. Its business app allows to manage payments and adopt additional services over time.

“Reaching 50 million merchants is a significant milestone in our effort to make financial services more accessible to merchants across India,” said Yuvraj Singh Shekhawat, chief business officer, merchant business at PhonePe.

The expansion has been supported by on-the-ground sales network and local-language support, which helped drive adoption among small businesses and kirana stores transitioning from cash-based transactions, the company said.

PhonePe operates across payments, lending, insurance distribution and other financial services, and competes with players such as Google Pay and Paytm in India’s digital payments market.

Founded in 2016, PhonePe operates across payments, financial services, and digital distribution. It competes with players such as Google Pay and Paytm in India’s digital payments market, where companies are looking to expand beyond payments into lending, insurance and wealth products to drive revenue.

NSE will shift equities and equity derivatives to nanosecond response times from April 11, 2026, making Indian markets among the world’s fastest. The exchange is also scaling order-handling capacity to 100 million transactions per second, up from the current 5–6 million, and expanding co-location infrastructure two to three times. Real-time margin movement across segments has been enabled to improve capital efficiency. NSE is developing agentic AI with a global university and aligning its tech overhaul with India’s Digital Personal Data Protection Act. New product launches include electricity contract-for-difference futures and 10-gram gold futures contracts aimed at retail investors.

All About Nanosecond Trading

Nanosecond trading is an ultra-high-frequency, algorithmic trading strategy where financial transactions are executed in billionths of a second (seconds), with the National Stock Exchange of India (NSE) moving towards this, setting a new benchmark for speed. This technology utilizes specialized, low-latency hardware like FPGAs to exploit micro-arbitrage opportunities and market inefficiencies faster than competitors.

Key Aspects of Nanosecond Trading:

• Speed and Efficiency: It represents the peak of low-latency trading, designed for near-instantaneous order execution.
• Infrastructure: Uses ultra-fast networks and co-location, placing servers close to exchange matching engines to reduce delays.
• Market Impact: The NSE (National Stock Exchange) plans to implement this, potentially processing millions of transactions per second to boost market efficiency.
• Profit Mechanism: Firms aim for miniscule profits on high volumes, where a 3-nanosecond advantage can be worth millions.
• Technology: Relies heavily on automated, pre-programmed algorithms and specialized Field-Programmable Gate Array (FPGA) technology. Reddit +8

This technology is primarily utilized by high-frequency trading (HFT) firms and major exchanges to gain a competitive edge. 

ITI share price: Shares of PSU telecom company ITI rose as much as 6.92% to ₹316.15 apiece, hitting a 52-week high, in Tuesday’s trading session amid a spurt in trading volumes.

According to data available on NSE, around 20.1 lakh ITI shares changed hands so far in Tuesday’s session. On BSE, too, 4.33 lakh shares were traded, significantly higher than the two-week average of 56,000 shares.

There were no fundamental triggers behind the sharp upmove seen in the PSU stock today.

ITI recent developments

In an exchange filing on January 6, ITI said that Lt Gen Kanwar Vinod Kumar, Government Director, ceased to be the director of the company, upon reaching the age of superannuation on December 31, 2025.

“This is to inform that Lt Gen Kanwar Vinod Kumar, Government Director (DIN: 10366028), ceased to be the Director of the Company, upon attaining the age of superannuation on 31.12.2025,” the PSU company said in the filing.

Meanwhile, last month, on December 30, the company announced it had received a work order for the Ice Hockey Rink Project in Kaza, Lahaul & Spiti in the state of Himachal Pradesh, worth ₹72.76 crore.

Under the awarded contract, ITI will build a full-fledged Ice Hockey Rink along with a 500-kW solar power backup system, as well as install CCTV cameras, lighting and other associated accessories, ensuring a high-quality facility suitable for both players and spectators.

“This project is part of the broader effort to develop world-class sports infrastructure in the remote high-altitude region of Spiti Valley, which will complement ongoing initiatives under the High-Altitude Sports Training Centre scheme. With this investment, the local administration aims to boost sports opportunities, promote youth engagement, and develop sports tourism in the Lahaul & Spiti district, which is situated at high altitude of approx. 12,000 ft,” the company said in the filing.

ITI share price trend

ITI share price opened at ₹316.60 in the early morning session on Tuesday, as compared to the previous close of ₹296.10 on Monday and rose to the day’s peak of ₹316.15.

Despite today’s rise, the PSU stock has remained volatile in the near term, shedding 1% in the last six months and 25% in a year. However, the stock has given multibagger returns of whopping 145% in the last five years.

ITI share price is listed on both the BSE and NSE. The PSU multibagger stock hit a 52-week low of ₹233.20 on February 19, 2025. The market capitalisation of the PSU company stood at ₹30,315.98 crore, as of January 13, 2026.

In the world of finance, taxes play a crucial role, especially when it comes to trading commodities. One such tax is the Commodity Transaction Tax (CTT), introduced by the Government of India within the Budget of 2013-14, effective from July 1, 2013. This tax mirrors the Securities Transaction Tax (STT), particularly focusing on the commodity derivatives market. Let’s delve into the specifics of CTT, its implications for traders, and its overall significance.

What is Commodity Transaction Tax (CTT)?

Commodity Transaction Tax (CTT) refers to the tax that is levied on the trading of commodity derivatives. It specifically targets sellers of these derivatives, based on the actual contract size. Notably, the tax applies to non-agricultural commodities, including natural gas, crude oil, copper, silver, aluminium, gold, lead, nickel, and zinc. Importantly, agricultural commodities are exempt from this tax, safeguarding the interests of farmers and agricultural sectors.

CTT Rate in India

The CTT rate varies across different commodities. For instance:

• Gold, silver, and crude oil are taxed at 0.01%.
• Agricultural commodities remain exempt from this tax.

This taxation is applicable only on the selling side of futures contracts, which aims to create a balanced regulatory environment between commodity derivatives and securities trading. While CTT helps generate government revenue, it also raises the trading cost for non-agricultural commodities, impacting profitability, especially for high-frequency traders.

Calculating Commodity Transaction Tax

To compute the Commodity Transaction Tax, you can follow this straightforward formula:

CTT = Contract Value x CTT Rate

For example, if you sell a gold futures contract worth ₹1,00,000 at a tax rate of 0.01%, your CTT would be ₹10. Each commodity’s CTT may differ; thus, traders should be aware of these variations when planning their trades.

Types of Commodity Transaction Taxes

CTT is categorized into different types, based on the selling entity and the nature of the commodity:

Objectives of Commodity Transaction Tax

Understanding the objectives of CTT is crucial for traders. Key aims include:

• Revenue Generation: Enhances public revenue for the government, supporting essential services and development projects.
• Discouragement of Speculative Trading: Limits speculation in non-agricultural commodities, promoting stability and responsible trading.
• Level Playing Field: Ensures equitable taxation across asset classes, aligning commodity trading with securities trading regulations.
• Regulatory Oversight: Enhances monitoring and surveillance of commodity transactions, improving regulatory frameworks.

Impact of CTT on Traders and Investors

The introduction of CTT has a profound impact on trading dynamics:

• Increased Transaction Costs: CTT raises overall trading costs, squeezing profit margins, particularly for high-frequency traders.
• Decreased Trading Volumes: The added expense may drive traders out of the market, leading to reduced liquidity and market activity.
• Risk Management Adjustments: Traders must factor CTT into their trading strategies, influencing trade size and frequency.
• Market Liquidity Challenges: A decline in trading activity can narrow bid-ask spreads, complicating entry and exit strategies for traders.

In conclusion, the Commodity Transaction Tax is a vital component of the trading landscape in India. By understanding its implications and incorporating it into trading strategies, investors can navigate the commodity market more effectively. Staying informed about CTT regulations and obligations is imperative for maintaining compliance and optimizing trading performance.

Bharat Coking Coal Ltd. IPO: What Investors Need to Know About the Grey Market Premium

The upcoming initial public offering (IPO) of Bharat Coking Coal Ltd. (BCCL), a subsidiary of Coal India, is generating significant buzz in the market as it approaches its launch later this week. Current indicators suggest that the grey market premium (GMP) for BCCL is showcasing strong potential listing gains.

Grey Market Premium Insights

On Tuesday, shares of Bharat Coking Coal were trading at a remarkable premium of up to 47.83% in the unofficial market. According to data from Investorgain, the GMP stands at Rs 11 per share, hinting at potential listing gains of approximately 54.78%. IPO Watch concurs with similar premiums, underscoring investor optimism.

Just a day earlier, the GMP had surged to nearly 70% following BCCL’s announcement of its price band, set between Rs 21 and Rs 23 per share. At the upper end of this price band, the company’s valuation exceeds Rs 10,700 crore, highlighting the strong market demand.

Key Dates for Investors

The BCCL IPO, marking the first public issue of 2026, is set to open for subscription on January 9 and close on January 13. Prior to this, anchor investor bidding will take place on January 8.

BCCL IPO Details

As detailed in the red herring prospectus, the total issue comprises an offer for sale of 46.57 crore equity shares by Coal India, amounting to approximately Rs 1,071.11 crore at the upper price band.

• Retail Investors: 35% of the total shares are reserved for retail investors.
• Existing Shareholders: 10% is earmarked for current shareholders of Coal India. Those holding shares on or before January 1, 2026, will qualify for this allocation.

The share allotment for the BCCL IPO is expected on January 14, with the official listing scheduled for January 16.

About Bharat Coking Coal Ltd.

Founded in 1972, Bharat Coking Coal is India’s largest producer of coking coal and one of the largest holders of coking coal reserves in the country, boasting estimated reserves of around 7,910 million tonnes as of April 1, 2024. As a wholly owned subsidiary of Coal India, BCCL was awarded ‘Mini Ratna’ status in 2014, a testament to its operational excellence and significant contributions to the coal sector.

Investors looking to tap into the opportunities presented by the Bharat Coking Coal IPO should stay informed and act swiftly as the subscription dates approach.

Delta Air Lines Stock Sees RS Rating Fly Higher

IBD’s proprietary RS Rating identifies technical performance by showing how a stock’s price action over the last 52 weeks compares to that of the other stocks in our database.

History reveals that the best stocks often have an 80 or higher RS Rating in the early stages of their moves. See if Delta Air Lines stock can continue to show renewed price strength and hit that benchmark.

Is Delta Air Lines Stock A Buy?

Delta Air Lines stock is trying to complete a flat base with a 63.91 entry. See if the airline stock can break out in volume at least 40% above average.

Earnings grew 14% last quarter, up from -11% in the prior report. Revenue also increased, from 0% to 6%.

Delta Air Lines stock earns the No. 3 rank among its peers in the Transportation-Airline industry group. Ryanair Holdings ADR (RYAAY) is the top-ranked stock within the group. For more industry news, check out “Airline Industry News And Stocks To Watch.”

Delta Air Lines (DAL) Stock: Relative Strength Rating Fly Higher

Delta Air Lines (DAL) recently experienced a notable improvement in its Relative Strength (RS) Rating, a key technical indicator developed by Investor’s Business Daily (IBD).

The RS Rating Increase

The stock’s RS Rating climbed significantly from 64 to 73.

• What this means: The Relative Strength Rating measures a stock’s price performance over the past 52 weeks compared to all other stocks in the market. A rating of 73 means that Delta Air Lines’ stock has outperformed 73% of all other stocks in terms of price action over the past year.
• Significance: An improvement of this magnitude signals increasing investor confidence and confirms that DAL is demonstrating superior price strength relative to the broader market. It often draws the attention of momentum investors looking for leading stocks.

Driving Factors Behind the Strength

The upward shift in the stock’s relative strength is fundamentally backed by strong business execution and recent financial performance:

1. Strong Third-Quarter (Q3 2025) Results: Delta reported better-than-expected adjusted earnings per share and revenue for the quarter. This solid performance defied some earlier industry challenges.
2. Raised Full-Year Guidance: Following the Q3 beat, Delta raised its full-year earnings and free cash flow guidance. This forward-looking positivity reinforces the bullish sentiment.
3. Robust Premium and Corporate Travel: A key driver of the company’s success is the strength of its high-margin segments. Revenue from premium cabins (like Comfort Plus and Delta One) and corporate sales continue to show robust growth, showcasing the success of Delta’s focus on the high-end consumer.

The jump in the RS Rating confirms that institutional investors are bidding up the price of DAL as it emerges as a leader within the airline sector, successfully navigating industry headwinds with strong operational and financial metrics.

The IPO for VMS TMT Ltd. opened today, September 17, 2025, with the company aiming to raise ₹148.50 crore through a fresh issue of 1.50 crore shares. The IPO will remain open for subscription until September 19, 2025. The company has set a price band of ₹94 to ₹99 per share, with a minimum lot size of 150 shares.

Company Overview

VMS TMT Ltd. is an Ahmedabad-based steel company primarily engaged in the manufacturing of Thermo Mechanically Treated (TMT) bars, a key component in the construction industry. The company also sells billets, binding wires, and scrap. VMS TMT operates a manufacturing facility in Bhayla village, Gujarat, and has a retail license agreement with Kamdhenu Limited, allowing it to market its products under the “Kamdhenu NXT” brand in Gujarat. The company’s revenue is heavily concentrated in the Gujarat market, which accounted for over 98% of its sales in the last fiscal year.

Financials and IPO Details

The IPO is entirely a fresh issue, with the proceeds intended to be used for repayment or prepayment of certain borrowings (₹115 crore) and for general corporate purposes. This move is aimed at reducing the company’s high debt-to-equity ratio.

Here are the key financial and IPO details:

• Total Issue Size: ₹148.50 crore
• Price Band: ₹94 to ₹99 per share
• Lot Size: 150 shares
• Minimum Investment (Retail): ₹14,850 (at the upper price band)
• Listing: BSE and NSE
• Tentative Listing Date: September 24, 2025

While the company has seen an improvement in its profitability, with profit after tax rising from ₹4.20 crore in FY23 to ₹15.42 crore in FY25, its revenue has declined in the most recent fiscal years.

Subscription Status and Market Outlook

On its first day, the VMS TMT IPO has been well-received by investors. The issue was subscribed over 2.80 times, with strong demand from all investor categories. The Grey Market Premium (GMP) for VMS TMT shares has also been positive, indicating a potential listing gain. However, investors should be aware that GMP is an unofficial indicator and can be volatile.

Analysts have noted the company’s strong brand association with Kamdhenu, its backward integration, and its focused regional presence as key strengths. However, they also point to the high debt levels and concentrated geographic market as potential risks. While the IPO is seen as aggressively priced based on its valuations compared to peers, some analysts recommend it for well-informed, long-term investors.

2025, several billionaires have experienced a remarkable surge in their fortunes, largely driven by gains in technology, luxury goods, finance, and real estate. The most significant increase was observed among those with stake in longstanding investment conglomerates, booming consumer tech companies, and quantitative trading firms. One trend this year that stood apart is the renewed investor confidence in traditional sectors like telecommunications and manufacturing. Collectively, the top-10 billionaires on the list added billions to their net worth, reinforcing their position in the upper ranks of the global wealth hierarchy.

No 1. Warren Buffett | Global Rank: 4 | Net worth: $166.9B | YTD gain: $24.9 billion) | The Legendary investor has added $24.9 billion to his fortune in 2025, fuelled by strong gains in Berkshire Hathaway’s portfolio. His wealth surge has solidified his position among the world’s top five richest individuals.

No 2. Françoise Bettencourt Meyers | Global Rank: 19 | Net Worth: $91.4 Billion | YTD Gain: $16.9 billion | L’Oréal heiress Bettencourt Meyers saw her net worth climb by $16.9 billion this year, making her the wealthiest woman globally. Her family’s beauty empire has benefited from a continued boom in global luxury and skincare markets. 

No 3. Zhang Yiming | Global Rank: 24 | Net Worth: $57.5B | YTD Gain: $13.6 billion | TikTok founder Zhang Yiming has gained $13.6 billion so far in 2025, driven by ByteDance’s strong performance and potential IPO speculation. His ascent reaffirms the dominance of tech entrepreneurs in wealth creation

No 4. Jeff Yass | Global Rank: 23 | Net Worth: $58.8B | YTD Gain: $12.9 billion | Quant trading billionaire Jeff Yass has seen a $12.9 billion increase in wealth, powered by the success of Susquehanna International Group. His savvy investments in tech and betting platforms continue to pay off handsomely

No 5. Carlos Slim: Global Rank: 18 | Net Worth: $92.3B | YTD Gain: $12.8 billion | Mexican business magnate Carlos Slim added $12.8 billion to his fortune, benefiting from a resurgence in telecom and infrastructure sectors. His diverse holdings have helped him maintain a strong position among Latin America’s richest.

No 6. Giovanni Ferrero and Family:  Global Rank: 29 | Net Worth: $46.7B | YTD Gain: $10.9B) | Head of the Ferrero confectionery empire, Giovanni Ferrero has seen his wealth grow by $10.9 billion in 2025. The maker of Nutella and Kinder continues to expand globally, fuelling his rising fortune

No 7. Mukesh Ambani | Global Rank: 16 | Net Worth: $101.0B | YTD Gain: $10.4B | The Reliance Industries chairman Mukesh Ambani has gained $10.4 billion this year amid strong performance in digital, retail, and energy segments. He remains Asia’s wealthiest individual, crossing the $100 billion mark again.

No 8. Lei Jun | Global Rank: 37 | Net Worth: $39.8B | YTD Gain: $10.1 billion | Xiaomi founder Lei Jun has added $10.1 billion to his net worth thanks to surging demand for the company’s new smartphone and EV lines. His wealth rebound signals a strong year for Chinese tech.(Image: Reuters)

No 9. Hussain Sajwani | Global Rank: 185 | Net Worth: $13.1B | YTD Gain: $9.8 Billion) | The Dubai property mogul Hussain Sajwani has experienced a $9.8 billion jump in wealth, reflecting a booming real estate market in the UAE. His company, DAMAC Properties, has capitalised on rising luxury housing demand. (Image: Reuters)

No 10. Wang Ning | Global Rank: 134 | Net Worth: $16.4B | YTD Gain: $8.8 billion | Pop Mart founder Wang Ning saw his fortune rise by $8.8 billion, fuelled by the company’s global expansion and merchandising success. His gains highlight the rising appeal of designer toys and collectibles.