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Time of India
3 days ago
- Business
- Time of India
Bajaj Finance, Nifty's 2025 topper, faces Rs 38,000 crore reality check. What should investors do?
The market's love affair with Bajaj Finance came to a brutal end on Friday as the year's top-performing Nifty stock crashed over 6%, wiping out Rs 38,000 crore in market value after brokerages sounded alarm bells over rising credit costs and growth concerns despite a seemingly robust Q1 performance. The NBFC giant, which had delivered a stellar 32% year-to-date return to claim the crown as 2025's best Nifty performer, tumbled below the psychological Rs 900 mark to hit lows of Rs 897.65 on the BSE as investors grappled with a harsh reality check on asset quality deterioration. Explore courses from Top Institutes in Please select course: Select a Course Category Management Data Science Others Healthcare PGDM Digital Marketing Product Management Technology Public Policy Leadership Operations Management Degree healthcare others Data Analytics Artificial Intelligence Data Science MCA MBA Design Thinking Cybersecurity Finance Project Management CXO Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details The selloff erupted despite Bajaj Finance posting a strong 22% year-on-year growth in standalone profit after tax at Rs 4,133 crore during Q1FY26, supported by robust 24% YoY AUM growth and an impressive customer addition of 4.7 million new customers with 13.5 million new loans booked. But beneath the headline numbers lurked troubling signs that sent shockwaves through the investment community. Credit Cost Reality Bites The most damaging revelation was credit costs surging to 2.02% during Q1FY26, significantly above the company's guided range of 1.85-1.95%, largely driven by stress in the MSME portfolio and two and three-wheeler segments. UBS delivered the harshest verdict, slashing its rating to 'Sell' with a target price of Rs 750. "MSME segment (12% of book) seeing increased stress," UBS noted, highlighting the vulnerability in a key growth driver. Also Read | Bajaj Finance Q1 Results: PAT grows 22% YoY to Rs 4,765 crore, NII jumps 22% Bernstein was equally pessimistic, maintaining its underperform rating with a Rs 640 target price, citing "still elevated credit costs (202 bps vs guidance of 185-195 bps)" that resulted in a return on assets of 4.5%, right in the middle of the company's recently reduced target RoA range of 4.3-4.7%. JPMorgan delivered perhaps the most stinging assessment, downgrading the stock to Neutral from Overweight with a Rs 970 target price. While acknowledging Bajaj Finance "remains best quality NBFC with rare combination of high growth & quality," JPM warned that "a pick-up in mortgage attrition, weakness in MSME AQ & continued weakness in 2/3W loan quality suggest possibility of negative revisions" to estimates. Also Read | Bajaj Finance shares slide 6% after Q1 show fails to cheer D-Street Succession Uncertainty Adds to Woes Adding to investor anxiety, UBS highlighted that the "successor to Rajeev Jain will be announced only closer to the end of his tenure, clearing any near-term uncertainty." Jefferies provided some clarity, noting that "Rajeev will submit a report on succession to the board in 6 months, but plan to keep it internal till later." Macquarie, maintaining its underperform rating with an ₹800 target price, delivered a scathing assessment: "Shares not factoring decline in growth guidance, higher credit costs." The brokerage noted that "stress in the SME segment results in high credit costs" and highlighted that the stock trades at a premium 4.4x FY27E P/B multiple. Prabhudas Lilladher maintained its cautious stance with a Hold rating and ₹900 target price, warning that "valuation continues to be rich (trading at 1-year forward of P/ABV of 4.6x)." The brokerage expects "a moderation in FY26, factoring a healthy trend in early-stage delinquencies." The NBFC's management has, however, maintained its medium-term growth guidance, while indicating a slowdown in the MSME and auto segments (winding down the captive book, which is seeing elevated stress). The company maintained its full-year credit cost guidance and expects lower credit costs in H2FY26, with management expressing confidence about seeing "a further ~5-10bps expansion on account of a rate cut by end-FY26." Some Brokerages Hold Faith Not all analysts turned bearish. Jefferies maintained its Buy rating, rolling forward its price target to ₹1,100 from ₹1,044. "We trim earnings estimates for FY26-28 by 1-2% to factor lower AUM growth and higher credit costs. Still, we see a healthy growth of 23% in AUMs over FY25-28, earnings CAGR of 23% and ROE of 20%," Jefferies noted. Emkay Global also maintained its Add rating with a revised target price of ₹1,000, up from ₹925 earlier, "implying FY27E standalone P/B of 5x." JM Financial kept its Buy rating with a ₹1,000 target price, though acknowledged that "near-term concerns around growth/asset quality and rich valuations might limit upside." The dramatic reversal in Bajaj Finance's fortunes presents investors with a classic dilemma: is this a temporary setback in a growth story or the beginning of a more serious deterioration? The bulls point to the company's track record of "sector-leading growth/RoE on cross-cycle basis" and management's confidence in containing credit costs within the guided range. The company's plan to add 14-16 million new customers in FY26 suggests growth momentum remains intact. However, the bears highlight mounting stress in key segments like MSME and two/three-wheelers, credit costs running above guidance, and rich valuations that leave little room for disappointment.
Time of India
4 days ago
- Entertainment
- Time of India
NYT Strands Hints July 24: Spangram, theme and hints to decode the Thursday puzzle
The New York Times' increasingly popular puzzle game, Strands , returned with yet another intriguing challenge for language enthusiasts on Thursday. For July 24, 2025, the game's theme—'Back away slowly'—sparked curiosity among daily solvers and revealed a clever set of answers that echoed animal defense mechanisms. With players turning to Strands hints in greater numbers, especially those looking for a break from Wordle or Connections, today's puzzle maintained NYT's streak of providing brain-teasing wordplay. Explore courses from Top Institutes in Please select course: Select a Course Category Management Artificial Intelligence Data Analytics Finance Technology Others Healthcare Operations Management Public Policy CXO Cybersecurity Digital Marketing MCA Degree PGDM Data Science MBA Design Thinking Data Science healthcare Product Management Leadership others Project Management Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details What Is NYT Strands? Part of the New York Times Games collection, Strands is a puzzle game built around themed vocabulary. Players are presented with a 6x8 grid of letters and must uncover multiple words tied to a common theme. One special word, called the Spangram, spans across the puzzle either horizontally, vertically, or diagonally. This term offers a thematic cue to solve the remaining words and plays a pivotal role in cracking the puzzle. Today's Theme: 'Back away slowly' The theme for July 24— Back away slowly —immediately hints at self-preservation behaviors, often seen in nature. Players unsure of how to proceed received an extra nudge with Strand's hints, indicating the topic dealt with animal responses to threats. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Fully Loaded 4 BHK apts for 4.49 Cr(All Incl)* in Sec 104 ATS Triumph, Gurgaon Book Now Undo Today's clue in brief: Defense mechanisms animals use to protect themselves from predators. For those requiring a push, two additional cues were offered, as mentioned in a report by Beebom: Live Events Hint #1: A high-pitched animal scream. Hint #2: A sharp, snake-like sound. Spangram for July 24 The Spangram, a central mechanic in Strands, was revealed to be 'Warning', capturing the entire theme in one compact term. It moved horizontally, starting with the letters 'WA,' aligning with the puzzle's central idea: alert responses that deter danger. According to Strands' conventions, identifying the Spangram early can significantly improve the odds of uncovering all theme-related words. Full List of Theme Words In addition to the Spangram, today's puzzle featured the following words, all representing reactions in the animal kingdom when sensing danger: RATTLE HUFF HISS GROWL SNARL SPRAY STOMP SCREECH Each word offered insight into instinctive behavior, painting a vivid portrait of nature's alarm signals. Understanding the Spangram's Function Unlike other daily puzzles, Strands emphasizes the utility of a Spangram as a thematic linchpin. This single word or phrase not only spans from one side of the puzzle to the other but also encapsulates the day's challenge in spirit and logic. Interestingly, it may not always begin or end at the outermost edge of the grid, offering an added level of complexity. FAQs What is the NYT Strands puzzle? Strands is a daily word puzzle game developed by The New York Times that challenges players to find multiple theme-based words in a 6x8 letter grid. A central feature is the Spangram —a single word that spans across the puzzle and encapsulates the puzzle's theme. What was the theme for the July 24, 2025, NYT Strands puzzle? The theme was 'Back away slowly', suggesting animal defense mechanisms or warning behaviors typically triggered by threats in the wild.
Time of India
4 days ago
- Science
- Time of India
The plastic you can't see is flooding the Atlantic, and entering your body
A massive cloud of plastic too small to see is now choking the North Atlantic Ocean. Scientists have found that around 27 million tons of nanoplastics , particles smaller than one micrometre, are floating in the waters between the Azores and the European continental shelf, as reported by TOI. These findings, part of a new study by the Royal Netherlands Institute for Sea Research (NIOZ) and Utrecht University, mark the first time nanoplastics have been measured this precisely in the open ocean, and the results are staggering. Explore courses from Top Institutes in Please select course: Select a Course Category Management Others PGDM Artificial Intelligence Design Thinking healthcare others Cybersecurity CXO MCA Leadership Technology Data Science Degree Healthcare Public Policy MBA Finance Digital Marketing Operations Management Data Analytics Product Management Data Science Project Management Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details Unlike microplastics, which have become an environmental shorthand for ocean pollution, nanoplastics are even smaller, able to slip past most filters, pass through biological membranes, and potentially accumulate in tissues, including those of humans. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like UK Drivers Could Claim Up to £4,000 – FCA Review in Progress Complex Law Click Here Undo According to the researchers, these near-invisible particles are far more numerous than the micro- and macroplastics floating in the same waters, making them a much bigger concern than previously thought. How they measured the invisible The research team collected seawater during a voyage aboard the RV Pelagia , using ultra-fine filters to capture particles below one micrometre in size. By analysing their chemical signatures with high-end mass spectrometry, the scientists could quantify just how much nanoplastic was present, and identify what kind of plastic it was. Live Events This study is the first to provide an accurate estimate of nanoplastic concentration in the marine environment, and the numbers far exceed earlier assumptions. The sheer volume, 27 million tons, suggests that most ocean plastic pollution might exist in forms we've never even seen. Where they come from, and where they end up These particles don't just drift in from obvious trash. While some originate from the breakdown of larger plastic waste exposed to sun and waves, others arrive by river runoff or even fall from the sky, carried by atmospheric currents and deposited through rain. Once in the ocean, nanoplastics spread through every layer of the marine food web, from bacteria and plankton up to fish, seabirds, and marine mammals. The concern, scientists say, is not just ingestion but penetration: nanoplastics can lodge deep in tissue, including brain and organ cells. That puts both marine species and humans, who eat seafood, at potential risk. Cleanup isn't an option. Prevention is. Given their microscopic size and enormous distribution, removing nanoplastics from the ocean is impossible with current technology. That's why researchers stress prevention: stopping plastic from entering the oceans in the first place is the only realistic way to curb the spread. Ongoing work is now focused on understanding how different types of nanoplastics affect living organisms and whether similar pollution levels exist in other oceans. But one thing is clear, this isn't just about marine life anymore. With the ability to cross the blood–brain barrier, nanoplastics could be a direct threat to human health. The study serves as a stark warning: what we throw away doesn't just float, it breaks down and spreads, often far beyond what we can see, touch, or clean up. And it's already here. With inputs from TOI
Time of India
18-07-2025
- Politics
- Time of India
223% spike in income of unrecognised political parties in 2022-23: ADR
New Delhi: The declared incomes of registered unrecognised political parties witnessed a 223 per cent spike in 2022-23 and more than 73 per cent of these parties failed to publicly disclose their financial records, according to poll rights body the Association for Democratic Reforms (ADR). Its report analysed the status of submission of annual reports of a total of 739 (26.74 per cent) registered unrecognised parties across 22 states in India, whose either audit or contribution reports were available on the websites of respective state CEOs for the 2022-23 financial year. Explore courses from Top Institutes in Select a Course Category Management Data Science Degree Others Design Thinking PGDM others Technology healthcare CXO Operations Management Data Analytics Digital Marketing Leadership MCA MBA Product Management Public Policy Data Science Finance Project Management Cybersecurity Healthcare Artificial Intelligence Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK GMPBE India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta CERT-IIMC APSPM India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Kozhikode CERT-IIMK General Management Programme India Starts on undefined Get Details The analysis showed that both annual audit and contribution reports of a significant 73.26 per cent or 2025 of the total registered unrecognised parties are not available in the public domain for FY 2022-23. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like They Are Unstoppable: The Most Beautiful and Talented Female Athletes Undo The maximum number of registered unrecognised parties, whose statements are available are in Uttar Pradesh, followed by Delhi and Bihar, given that these states have the highest number of registered unrecognised political parties. States with zero reporting included Punjab (73 registered unrecognised parties), Uttarakhand (40) and Goa (12) are among the top three states where both audit and contributions reports of none of the registered unrecognised parties are available on the official websites. Live Events Among the 739 registered unrecognised parties analysed in this report, both audit and contribution reports are available for 501 parties across 20 states. This is a mere 18.13 per cent of the total number of registered unrecognised parties. The top compliant states are Gujarat (37.89 per cent), Bihar (36.41 per cent), Delhi (30 per cent), Uttar Pradesh (23.25 per cent) and Tamil Nadu (21.74 per cent) where either statement is available for the aforementioned percentages of total registered unrecognised parties in the state. Gujarat (30.53 per cent), Delhi (21.67 per cent) and Bihar (18.48 per cent) demonstrate relatively higher levels of compliance compared to the national average in terms of the availability of both reports of registered unrecognised parties in the public domain. Out of the top 10, five parties (50 per cent) are from Gujarat, indicating a concentration of unrecognized parties with high declared incomes in this state. Gujarat parties collectively reported Rs 1158.115 crore in total income - over 70 per cent of the top 10 parties' income. The highest income was declared by Bharatiya National Janta Dal, Rs 576.458 crore. Donations above Rs 20,000 account for a large share of total donations - e.g. New India United Party shows 100 per cent of donations as large donations (Rs 407.45 crore). Many of the top earners were formed after 2015, reflecting a trend of newer parties rapidly mobilizing funds. These include Satyawadi Rakshak Party (2022), Jan Man Party (2021), Jan Sewak Kranti Party (2021) and New India United Party (2018) the ADR said. Bharatiya National Janata Dal declared the highest total income of Rs 957.4454 crore (31.76 per cent of total) between the FY 2019-20 to 2023-24. The party witnessed a major jump in FY 2021-22 and FY 2022-23, the report said. Satyawadi Rakshak Party declared the second highest income of Rs 416.2337 crore, with sharp growth in FY 2022-23 (Rs 85.6779) and a massive Rs 330.5558 crore in FY 2023-24. Gujarat-based parties alone account for 73.22 per cent (Rs 1158.1154 crore) of the top 10 parties' declared income of Rs. 1581.7517 crore. Some parties report no or very less income in earlier years, but then suddenly report large sums in one or two fiscal years. In terms of political finance disclosures , registered unrecognised parties are not far behind the recognised political parties. In most cases, the income and donations of only the top 10 registered unrecognised parties match that of the state parties. The total donations above Rs 20,000 declared by top 10 registered unrecognised parties exceeded that of the national and state parties for FY 2022-23. The total income declared by the top 10 registered unrecognised parties was Rs 1581.7517 crore while the total donations declared was Rs 1581.66 crore for FY 2022-23. 99.99 per cent of income came from donations. Rs 1479.942 crore (93.56 per cent) came from donations above Rs 20,000. National parties reported only 33 per cent (27.64) donations from large donors (donations above Rs 20,000), while the top 10 unrecognized parties reported a massive 93per cent from large donors. This stark difference might suggest different reporting practices or dependence on fewer large donors by unrecognized parties. Regional parties reported the least large-donor concentration (14 per cent). Aam Janmat Party jumps from Rs 8000 in FY 2020-21 to Rs 220.3676 crore in FY 2022-23. Similarly, Saurashtra Janta Paksha reported Rs 131.3107 crore from zero in the previous two fiscal years. ADR has urged the ECI to strengthen regulatory oversight and take up regular scrutiny of unrecognised political parties, especially those declaring large donations but not contesting elections. It also recommended that the ECI delist parties inactive for over five years, make financial disclosures mandatory before tax exemptions, and direct state CEO websites to publish updates within 24 hours of receiving financial statements . PTI
