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Sunil Subramaniam, Managing Director of Sundaram Mutual Fund, has expressed confidence that 2026 could deliver double-digit equity returns for Indian investors. His outlook is based on robust domestic growth, resilient corporate earnings, and the continued expansion of India’s consumption-driven economy.

According to Subramaniam, India’s equity markets are well-positioned to outperform global peers, supported by structural reforms, government-led infrastructure spending, and rising retail participation. He highlighted that despite global uncertainties, India’s macroeconomic fundamentals remain strong, with GDP growth expected to stay above 6%, inflation moderating, and corporate profitability improving across sectors.

Key Drivers of Equity Market Growth

1. Domestic Consumption: Rising disposable incomes and urbanization are fueling demand across FMCG, retail, and financial services.
2. Infrastructure Push: Government initiatives in roads, railways, and renewable energy are creating long-term investment opportunities.
3. Corporate Earnings: Earnings growth is expected to remain in double digits, driven by banking, IT, and manufacturing sectors.
4. Retail Participation: Increasing retail inflows into mutual funds and direct equities are strengthening market depth.
5. Global Positioning: India’s relative insulation from global shocks and its role as a preferred investment destination for FIIs add to the bullish outlook.

Risks and Challenges

While the outlook is positive, Subramaniam cautioned that risks such as global interest rate volatility, geopolitical tensions, and commodity price fluctuations could create short-term headwinds. However, he believes that India’s structural growth story remains intact, making equities a compelling asset class for long-term investors.

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Conclusion

As 2026 approaches, optimism in Indian equities is rising, with experts like Sunil Subramaniam projecting double-digit returns. With strong domestic fundamentals, government support, and corporate resilience, India’s stock market could be on the verge of another significant growth phase. Investors who align their portfolios with these trends may stand to benefit from one of the most promising equity environments in recent years.

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Vodafone Idea (Vi), India’s third-largest telecom operator, continues to face a precarious financial future despite recent stock market gains. With the government now holding a 49% equity stake, questions have emerged about its role in steering the company’s turnaround. However, Telecom Minister Jyotiraditya Scindia has clarified that the government does not intend to convert Vodafone Idea into a public sector undertaking (PSU), nor will it increase its stake beyond the current threshold.

Scindia emphasized that corporate strategy must be defined by the company’s CEO and management, not by the Department of Telecommunications. “We are a minority equity holder. It is for the company to define its strategy,” he stated, reiterating that the government’s role is limited to enabling a conducive environment for private players.

Mounting Liabilities and Capital Challenges

Vodafone Idea has formally notified the Department of Telecommunications of its critical financial state, with total liabilities nearing Rs 2 lakh crore. These include adjusted gross revenue (AGR) dues, spectrum payments, and operational costs. Despite the government’s earlier relief through equity conversion, the telco continues to struggle with raising fresh capital and attracting strategic investors.

The company’s efforts to secure funding have been slow, and analysts warn that without a substantial infusion of capital, Vodafone Idea may find it difficult to compete with rivals Reliance Jio and Bharti Airtel, both of which are aggressively expanding their 5G networks and subscriber base.

Stock Performance and Market Sentiment

In a surprising turn, Vodafone Idea’s stock has doubled from ₹6.12 in August 2025 to ₹12.21 by late December. This rally has been driven by speculative optimism, hopes of strategic investment, and the government’s equity conversion. However, experts caution that the rally may not be sustainable unless backed by concrete financial restructuring and operational improvements.

Brokerages remain divided on the outlook. While some see potential upside if the company secures funding and improves ARPU (average revenue per user), others remain skeptical due to persistent losses and weak balance sheet fundamentals.

Strategic Outlook and Industry Implications

The future of Vodafone Idea hinges on several critical factors:

• Securing strategic investors to inject fresh capital.
• Improving operational efficiency and customer retention.
• Expanding 4G and 5G infrastructure to remain competitive.
• Managing regulatory dues without further erosion of equity.

The government’s decision to cap its stake at 49% signals a clear intent to retain Vodafone Idea as a private entity, leaving the onus of revival on its management and shareholders.

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Conclusion

Vodafone Idea’s future remains uncertain but not without hope. The government’s passive stance, coupled with the company’s urgent need for capital and strategic direction, places the burden squarely on its leadership. Investors and stakeholders will be watching closely as the telco attempts to chart a sustainable path forward in India’s fiercely competitive telecom landscape.

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Coforge Ltd., a leading mid-tier IT services company, has announced a transformative acquisition of US-based engineering and digital product development firm Encora in an all-stock deal valued at $2.35 billion. The transaction, one of the largest in India’s IT services sector, is expected to significantly enhance Coforge’s capabilities in artificial intelligence-driven engineering and expand its footprint in North America and Latin America.

The acquisition will be executed through a share swap, with Coforge issuing approximately 93.8 million equity shares at Rs 1,815.91 apiece, translating to a non-cash consideration of nearly Rs 17,032 crore. Post-acquisition, Encora shareholders will hold about 21.25 percent of Coforge’s equity.

Macquarie’s Upgrade and Market Reaction

Global brokerage firm Macquarie has upgraded Coforge’s rating from ‘Underperform’ to ‘Outperform’, raising its target price sharply from Rs 1,260 to Rs 2,230. The firm believes that despite potential near-term earnings per share dilution, the acquisition positions Coforge for long-term growth. Encora is projected to generate $600 million in revenue with an adjusted EBITDA margin of around 19% by FY26, after accounting for transaction costs.

Following the announcement, Coforge shares initially rose over 2% to Rs 1,711, snapping a three-session losing streak. However, volatility persisted, with the stock later dipping as investors weighed the scale of the deal and its implications.

Divergent Analyst Views

While Macquarie has taken a bullish stance, other brokerages remain cautious. Elara Capital downgraded Coforge, citing concerns about integration risks and near-term margin pressures. Analysts at Emkay Global highlighted that the deal implies a valuation of 3.9x FY26E revenue and 20.6x FY26E adjusted EBITDA, which is relatively high compared to peers.

Despite these concerns, the acquisition is widely seen as a strategic leap for Coforge, enabling it to address gaps in the North American market and scale up nearshore delivery centers in Latin America.

Strategic Implications

• Geographic Expansion: Strengthens presence in North America and Latin America.
• Service Diversification: Adds AI-led engineering and digital product development capabilities.
• Client Base: Expands access to Encora’s established US client portfolio.
• Scale: Positions Coforge among the most competitive mid-tier IT firms globally.

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Conclusion

Coforge’s acquisition of Encora marks a defining moment in its growth trajectory. While the deal raises questions about valuation and integration challenges, Macquarie’s upgrade underscores confidence in Coforge’s ability to leverage Encora’s strengths for long-term success. Investors will be closely watching execution and financial performance in the coming quarters to gauge the true impact of this landmark transaction.

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Shares of leading food delivery platforms Swiggy and Eternal Ltd (parent of Zomato) traded lower on December 26, 2025, as investor sentiment was weighed down by two major developments: the upcoming Zepto IPO filing and a nationwide strike by gig workers. The combination of competitive pressures and labor unrest has raised concerns about the near-term outlook for India’s food delivery and quick-commerce sector.

Market Performance

• Swiggy shares fell nearly 2% to ₹391.40, marking their fourth consecutive session of losses.
• Eternal shares dropped to ₹279.70, a five-month low, reflecting investor caution amid rising industry challenges.
• The decline coincided with Zepto’s confidential filing of its Draft Red Herring Prospectus (DRHP) with SEBI, signaling its intent to go public and intensifying competition in the quick-commerce space.

Gig Workers’ Strike Impact

The Telangana Gig and Platform Workers Union and the Indian Federation of App-Based Transport Workers called for an all-India strike on December 25 and December 31.

Key grievances include:

• Falling earnings despite rising delivery volumes.
• Long and unpredictable working hours.
• Unsafe delivery targets and arbitrary ID blocking.
• Lack of social security and welfare protections.

The strike, timed during peak demand days, has disrupted deliveries in several urban centers, raising concerns about revenue losses for platforms already facing margin pressures.

Zepto IPO Buzz

Quick-commerce player Zepto has confidentially filed its IPO papers with SEBI, aiming to raise funds for expansion. The move has heightened competitive tensions in the sector, as Zepto continues to gain market share in metro cities with its 10-minute delivery model.

Investors are closely watching whether Zepto’s listing will divert capital flows away from existing players like Swiggy and Eternal, further pressuring their valuations.

Industry Outlook

The food delivery and quick-commerce industry is at a crossroads:

• Labor unrest highlights the urgent need for better worker protections and sustainable pay structures.
• IPO activity signals investor appetite but also raises questions about profitability in a crowded market.
• Regulatory oversight may increase as SEBI and state governments respond to worker demands and competitive practices.

Analysts suggest that while short-term volatility is likely, long-term growth prospects remain strong given India’s expanding digital consumer base. However, companies must balance profitability, worker welfare, and competitive positioning to sustain investor confidence.

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In a major boost to India’s domestic energy exploration, Vedanta Limited’s Cairn Oil & Gas division has received a conditional No Objection Certificate (NOC) from the Andhra Pradesh government to drill 20 onshore oil and gas wells in Krishna district. The approval, granted under the Discovered Small Field (DSF) Policy, 2018, reflects India’s push to enhance hydrocarbon production and reduce reliance on imports.

Key Highlights of the Approval

• Conditional Clearance: The NOC is temporary and issued from an irrigation perspective. Vedanta must secure additional statutory clearances before drilling begins.
• Scope of Drilling: Out of 35 proposed sites, only 20 have been approved due to irrigation infrastructure such as the Bandar Canal running through the region.
• Water Restrictions: Vedanta is prohibited from drawing water from irrigation canals, reservoirs, ponds, or surface sources, ensuring agricultural needs remain protected.
• Strategic Importance: As India’s largest private oil and gas explorer, Vedanta’s project is expected to strengthen domestic energy security and stimulate regional economic activity.

Implications for the Energy Sector

The clearance highlights the delicate balance between energy exploration and agricultural priorities in resource-sensitive regions. While the DSF Policy encourages private participation, state governments remain cautious about environmental and irrigation impacts. If successful, the Krishna district project could serve as a model for integrated resource management in hydrocarbon exploration.

Challenges Ahead

• Regulatory Compliance: Vedanta must obtain environmental, safety, and land-use approvals.
• Community Concerns: Local stakeholders may raise issues related to land acquisition and ecological impact.
• Operational Risks: Onshore drilling in irrigation-heavy regions requires careful planning to avoid disruptions to farming activities.

Industry Outlook

Experts believe that if Vedanta navigates regulatory and community challenges effectively, the Krishna wells could contribute significantly to India’s energy independence. The project aligns with the nation’s broader goal of achieving self-reliance while maintaining sustainable agricultural practices.

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