Nishanth Vasudevan

National Editor-Markets, The Economic Times. Tweets are personal. Retweets are not endorsements

[Nishanth Vasudevan @NishanthV_ET]

The fact that a man is a newspaper reporter is evidence of some flaw of character – Lyndon B. Johnson

[Nishanth Vasudevan @NishanthV_ET]

I wrote today that large domestic MFs are pushing back against valuations asked by #Zepto in its upcoming #IPO .

For new-age businesses, this shows the mismatch in valuation expectations between the private and public markets.

https://t.co/dsGcKYtqXi

[Nishanth Vasudevan @NishanthV_ET]

I recently spoke with Sunil Koul , global EM strategist at @GoldmanSachs . He discussed why Indian stks are in a better position now. We also discussed the outlook for the rupee, Korea, Taiwan & some key investment themes.

https://t.co/Q7BzftqjuA

#Nifty #Brentcrude #rupee

[Nishanth Vasudevan @NishanthV_ET]

I wrote today whats helping investors take the fresh Middle East conflict in their stride. Its the LONG TACO trade!!! #TACO
#Nifty #Trump

https://t.co/47Wd46GbFk

[Gurmeet Chadha @connectgurmeet]

HDFC bank EPS growth is 11% in last 3 years(41 to 50rs)

Reliance EPS growth 8%

Lesser said about TCS & Infy the better

Our top cos r struggling… nice concalls, big statements in AGM won’t work if execution is poor

Forget FIIs, even domestic money will see partial exits

Mgmt needs to smell the coffee before it’s too late.

[Kayezad E Adajania @kayezad]

ICYMI: The @EconomicTimes has started two new sections.

Rupee Diaries brings real money stories from real people, their choices, mistakes and what they taught them.

Policy Doctor answers your health insurance queries in plain language.

Have a health insurance query? Write in to [email protected]

[Paranjoy Guha Thakurta @paranjoygt]

THE TAKE
Mumbai Chases Vanity Projects While Basic Infrastructure Kills
By Govindraj Ethiraj
Residents of Bandra, a bustling Mumbai suburb, are currently fighting a rear-guard action to save a local football ground from being paved over for a new convention center.
The proposition defies economic logic: world-class convention facilities already exist a mere five kilometers away in the Bandra Kurla Complex (BKC).
Why civic authorities are so eager to pour more concrete over scarce urban open space is a mystery. Or given the track record of local governance, perhaps it isn’t.
This local skirmish over a patch of dirt is a microcosm of a much larger crisis in India’s financial capital.
Monsoon Exposes Civic Neglect
As the monsoon season arrives, predictably intense, though somehow always treated as a surprise by city officials, Mumbai is once again buckling under the weight of misplaced priorities.
The daily news reads like a grim ledger of civic failure.
Trees, their roots suffocated by improperly poured tar and concrete or left unpruned by municipal workers, are collapsing and killing pedestrians and some, like a student last week, inside a school van.
Even more perilous are the city's manholes. To manage excessive flooding, officials routinely leave sewer and storm-drain portals open.
Last week, yet another citizen fell to his death in an unprotected manhole.
It is highly likely the victim was walking on the street because a safe, walkable pavement simply did not exist, a standard feature of Mumbai's inner-city layout.
This tragedy echoes the high-profile 2017 death of Dr Deepak Amrapurkar, a prominent gastroenterologist who slipped into a drain after abandoning his stranded car to walk home.
Following Dr Amrapurkar’s death, the Bombay High Court mandated protective grills over the city's vast network of drains.
Yet, the bureaucratic gears grind so slowly that the victim who perished last week died while this very installation drive was still sluggishly underway.
Thieves apparently love these cast-iron manhole covers.
That a city styling itself as a 21st-century economic hub cannot innovate a tamper-proof drain cover is a staggering indictment of its administrative capacity.
The absurdity of the situation was perfectly captured in a recent viral video: a municipal supervisor tumbled into an open drainage chamber while the city’s mayor was in the very same frame, ostensibly inspecting flood preparedness.
The Illusion Of Progress
The contrast between the city's aspirations and its reality is jarring.
The same newspapers reporting these preventable infrastructural fatalities also carry splashy advertisements for new expressways across the country, which reliably develop potholes and cracks within months of their ribbon-cuttings.
Mumbai’s current showcase project is the Coastal Road on the city’s south-western rim and being extended northwards.
Soon to be adorned with corporate-sponsored parks, the operational part of the road is a grand, multi-billion-dollar engineering feat.
Yet, the Coastal Road cannot compensate for the decay within.
The deeper one travels into the city, the more the illusion gives way.
Visitors arriving at the airport expecting the gleaming promise of India’s economic engine are instead greeted by fluttering blue tarpaulins, perpetual construction debris, and deafening, gridlocked traffic.
The incessant honking alone is a recognised public health hazard, yet one entirely ignored by behavioral interventions in the city.
Rapid urbanisation strains any municipal government. It is entirely expected that civic authorities will struggle to keep pace with a booming population.
But in its haste to erect shiny new monuments to progress, like unnecessary Government-owned convention centers, Mumbai’s civic leadership appears to be struggling with its most basic duties.
Allowing rampant, unchecked construction when the existing grid is failing is not a sign of progress; it is a recipe for urban misery.
True progress is not defined by vanity projects. It is defined by clean streets, functioning drainage, and safe public spaces.
A simple, radical place for Mumbai’s leaders to start?
Build and maintain walkable pavements in the inner city.
That would signal a genuine commitment to public welfare and safety that no splashy coastal highway can ever match.

[V D Satheesan @vdsatheesan]

The proposed investment of a 49% share in Adani Vizhinjam Port Private Ltd. by Mediterranean Shipping Company (MSC) was announced without prior consultation with or intimation to the Government of #Keralam. I have conveyed the State Government's strong displeasure to the management of Adani Ports and Special Economic Zone Ltd. Any change in the concessionaire's shareholding structure requires government approval and will be examined strictly under the provisions of the concession agreement and applicable regulations. The Government remains committed to safeguarding Keralam's interests and strengthening Vizhinjam as a globally competitive transshipment hub. #VizhinjamPort #Keralam

[Nishanth Vasudevan @NishanthV_ET]

I interviewed Rajeev Thakkar, CIO, PPFAS Mutual Fund , where he shared his views on investors' returns expectations, his cash strategy, overseas investing, valuations and the AI theme, among other topics

https://t.co/Q15QeTWz67

[Sundar Sethuraman @sethusundar89]

The real test for NSE and JIO IPOs is not whether they get fully subscribed but whether they rekindle foreign investor interest in Indian markets, writes @NishanthV_ET .
https://t.co/zydTUU2wON

[Nishanth Vasudevan @NishanthV_ET]

I wrote today about the contrasting market backdrops of the US IPOs--OpenAI & Anthropic-- and the Indian ones--Jio Platforms & NSE.

In the write up, I explore why Jio and NSE have a bigger task at hand. #IPO #NSE #Jio #OpenAI #Anthropic

https://t.co/daUcFy4BMT

[Daily Iran News @DailyIranNews]

THE STRAIT OF HORMUZ HAS BEEN CLOSED!

[Manika Batra @manikabatra_TT]

I urge Hon’ble Prime Minister @narendramodi ji, our Sports Minister @mansukhmandviya ji and @WeAreTeamIndia to look into the matter 🙏🙏🙏

[Sahil Kapoor @SahilKapoor]

What can a year or two of recent returns do to long-term CAGR?

All returns in USD,
CAGR from GFC'09 bottom to Sep'24
India, Nifty Index: 11.8%
South Korea, KOSPI Index: 6.9%

CAGR from GFC'09 bottom to May'26
India, Nifty Index: 9.2%
South Korea, KOSPI Index: 12.2%

A 5% outperformance of over ~15 years turns into a 3% underperformance in the next 20 months.

These numbers can flip back as easily.

[Sajid Yousuf Shah @TheSkandar]

Today, I experienced something that left me deeply saddened.

After checking into a hotel in Aurangabad, Maharashtra, I was later (After an hour) asked to leave because of concerns linked to my Kashmiri identity.

The owner was courteous & candid. He acknowledged that the decision was unfair and hurtful, but said he was following instructions. I appreciated his honesty and left without any confrontation.

I am not sharing this to seek sympathy or assign blame. I share it because such moments remind us that while laws can unite a nation, trust and understanding take longer to build.

For decades, countless Kashmiris have worked to strengthen the bonds between Jammu & Kashmir and the rest of India. Most Indians have welcomed us with warmth and respect. Yet incidents like this show that stereotypes and apprehensions persist.

My faith in India and its people remains unshaken. I hope we continue moving toward a future where no citizen is judged by their region, faith, or identity, but by their character and conduct.

That is the India we must strive for.

Cc:- @PMOIndia @narendramodi @HMOIndia @AmitShah @CMOMaharashtra @Dev_Fadnavis @mieknathshinde @nitin_gadkari @maha_governor @DGPMaharashtra @DMAurangabadMH

[Harsh Goenka @hvgoenka]

Mumbai never tires of talking about inclusivity and progress. Yet a few decades ago, Indians were not allowed membership at Breach Candy Club, Mumbai. Astonishingly, even today, no Indian can be on its Trust Committee- only a European living in Mumbai is allowed.

The irony? The land belongs to the Maharashtra Government.

[Iran In Hyderabad @IraninHyderabad]

If Rubio knew the history or architecture, he wouldn't have posed for a picture here. This monument was built out for the love of emperor's Iranian wife, crafted by the genius of Iranian architects — meanwhile his government today threatens to wipe out Iranian civilization, insulting other civilizations.

[Arvind Panagariya @APanagariya]

Dear @RBI: Do not let the psychology of Rs 100 per dollar determine your policy response. 100 is just a number, like 99 and 101. Whether the oil shortage is short-lived or long-lived, the right response at this moment is to let the rupee depreciate. 1/6

[Sahil Kapoor @SahilKapoor]

This Is The Time To Buy Rupee Assets, Not Bet Against Them

(Download: https://t.co/lQ0UWPLikp)

[Anand Sankar @saybwala]

Hate to RT this fellow. But in his own stooge way, he has broadcast the flaws in its entirety.

When I saw the mildly hostile post by the Indian embassy tagging a foreign journalist personally to come to a presser - I knew this embarrassment was bound to happen.

These MEA chaps in 2026 have no training in soft skills. It's apparent here.

1. Raised podium
2. Over the top backdrop - one flag was enough
3. Distance from journalists to the podium
4. Cameras everywhere to record the performance, including one journalist stooge

This was meant to intimidate. Finger wagging at women journalists in societies like Norway - is only going to ensure a broader hostile media to India there - not friendlier.

What should have been done?

The local Norwegian journalists should have been called to an informal gathering. Soften them up with a smile. Offer an honest apology that there was no time for the PM to take questions. Some coffee, wine perhaps, good Indian food. Have some Indian expats of good standing from Oslo to help break the ice and cultural barriers. Answer everything politely as much as possible with a smile over 1-2 hrs. Smile, smile, smile.

Is that so difficult?

[PrabhuChawla @PrabhuChawla]

I think North Indian political leaders should learn something from their South Indian counterparts. Incoming Chief Minster #Vdsatheesan calls on outgoing CM #PinarayiVijayan . But in north they go after each other like wild animals.