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India's markets regulator on Tuesday said the investigation and final order on Jane Street could be much wider, adding that it will not release any documents that were not relied upon for passing the order in the case. Last week, Jane Street filed an appeal against the Securities and Exchange Board of India (SEBI), seeking to compel it to release documents the U.S. high-frequency trading firm said were pertinent to rebut allegations of market manipulation. Hearing for the case kicked off on Tuesday, with SEBI saying the investigation against Jane street is at a critical juncture and is on going.

Quant Large & Mid Cap Fund (earlier known as Quant High Yield Equity Fund) has delivered positive returns in nine of the last 10 calendar years, according to an analysis by ETMutualFunds. Since 2015, the fund has posted negative annual returns only once—in 2018, when it fell by around 8.45%.This large & mid cap fund has a two-star rating from Value Research and a three-star rating from Morningstar.Also Read | Quant Small Cap Fund hikes stake in Gland Pharma & 2 other stocks, exits Siemens Energy, PG Electroplast in AugustBased on annual returns over the last decade, the fund offered its highest return of 36.84% in 2021, followed by 33.13% in 2017. The lowest positive return was 3.26% in 2019.In the large & mid cap category, Quant Large & Mid Cap Fund topped annual returns in 2015, 2016, 2020, and 2022.However, based on trailing returns, the fund has failed to outperform its benchmark and category average in recent periods. It lagged both in the last three months, six months, one year, and three years, though in the last five years it remained broadly at par with its benchmark and peers.In the past three months, the fund lost 5.56% against a 1.09% loss by the benchmark and a 0.37% loss for the category average. In six months, it gained 6.13%, while the benchmark returned 13.92% and the category 13.63%. Over one year, the fund declined 13.73%, compared with a 0.99% drop in the benchmark and 1.40% in the category. Over three years, it returned 14.97% versus 17.29% for the benchmark and 17.18% for the category. In five years, the fund delivered 23.02%, slightly below the benchmark’s 23.52% but above the category’s 22.46%.Since inception on December 11, 2006, the fund has delivered a CAGR of 13.67%. On daily rolling returns, it has posted a CAGR of 24.85% in the last three years, 18.60% over five years, and 16.65% over seven years.How analysts analyse the performanceAccording to analysts, the fund’s unconventional strategy has enabled it to outperform in different market conditions.“The Quant Large & Mid Cap Fund utilises an algorithm-driven model and has the highest portfolio churn. This unconventional strategy has enabled the fund to outperform in various market conditions. It currently holds only 28 stocks, fewer than most peers, which increases its sensitivity to individual investment outcomes,” said Rajesh Minocha, Certified Financial Planner (CFP) and Founder of Financial Radiance, in an interaction with ETMutualFunds.“Excessive churning results in one of the highest standard deviations in the industry. The fund delivers higher returns but with higher volatility. We recommend considering it as a satellite holding rather than a core portfolio component,” Minocha added.The scheme’s primary investment objective is to generate capital appreciation and provide long-term growth opportunities by investing in a portfolio of large-cap and mid-cap companies.Also Read | Quant Mutual Fund tilts portfolio towards largecaps, auto and FMCG; increases silver in multi‑asset fundThe fund carries an exit load of 1% if redeemed within 15 days. It is managed by Sandeep Tandon, Ankit Pande, Varun Pattani, Ayusha Kumbhat, Yug Tibrewal, Sameer Kate, and Sanjeev Sharma. Performance is benchmarked against the Nifty Large Midcap 250 TRI.The fund’s allocation stands at 52.07% in large caps, 35.25% in mid caps, 7.82% in others, and 4.85% in small caps. Compared to its category, it is overweight in large caps and others.According to the fund house, Quant Large & Mid Cap Fund focuses on long-term portfolio construction across large and mid-cap companies, with the flexibility to invest in emerging sectors. This strategy provides exposure to the growth potential of midcaps while balancing the relative stability of large caps. The scheme is best suited for long-term investors with a medium risk appetite.Time to allocate to large & mid caps?Experts believe large & mid cap funds should be considered alongside flexi cap and multi cap funds, as they offer both stability and growth.“We recommend including large and mid-cap funds in all long-term portfolios, alongside flexi-cap and multi-cap options. These funds offer stability and growth potential. Given current market conditions, consider investing via SIPs or STPs rather than lump sum investments, as short-term pullbacks may be significant,” Minocha suggested.The fund currently has the highest allocation in FMCG (14.48%), followed by crude oil (11.58%), infrastructure (11.33%), and healthcare (6.95%).Risk ratio parameters of the fundAs of July 2025, the PE and PBV ratios of the fund were recorded at 35.84 times and 7.09 times, respectively, while the dividend yield stood at 0.89%.Over a three-year period, the scheme posted a Treynor ratio of 1.08 and an alpha of -0.14. The Sortino ratio was 0.51. Returns due to net selectivity stood at -0.28, while returns due to improper diversification were 0.14.The investment style of the fund focuses on growth-oriented large-cap stocks.Also Read | Quant Mutual Fund appoints Ex-SBI chairman Rajnish Kumar to lead board Among peers, there are about 25 funds that have completed five years in the market. Motilal Oswal Large & Midcap Fund delivered the highest return of 28.22%, followed by ICICI Prudential Large & Mid Cap Fund at 26.85% over five years. Aditya Birla SL Large & Mid Cap Fund gave the lowest return of 17.81% in the same period.According to Minocha, the large & mid cap segment is expected to remain positive, benefiting from India’s growth while maintaining a balance between risk and reward.“Large and mid-cap segments are expected to remain positive. They benefit from India’s growth while striking a balance between risk and reward,” he said.As per SEBI’s mandate, these schemes are open-ended equity funds that must invest a minimum of 35% of assets in large caps and 35% in mid caps.The fund manager can allocate dynamically between large, mid, and small caps depending on opportunities. This flexibility may increase or reduce risk.Investors should always consider risk appetite, investment horizon, and financial goals before making investment decisions.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.

Bitcoin went up by 1.63% in the past one week to trade at $112,026. Meanwhile, Ethereum was trading at $4,312 down by 1.70% in the same period and according to analysts, September is turning into a defining month for crypto and the current levels are supported by hopes of U.S. rate cuts, fresh liquidity flowing through stablecoins, and continued institutional buying.“September is turning into a defining month for crypto. Bitcoin is steady near $112K and Ethereum around $4.3K, supported by hopes of U.S. rate cuts, fresh liquidity flowing through stablecoins, and continued institutional buying. On the policy front, the SEC is easing compliance rules, Nasdaq is preparing to launch tokenized securities, and regulators are working together to clarify the playbook for leveraged products—signs of a maturing market,” said Shivam Thakral, CEO of BuyUcoin.Also Read | Is cash in mutual fund portfolio a safety net or a performance risk?“Among altcoins, Remittix is gaining traction with its PayFi platform and upcoming Beta wallet, while Layer Brett is drawing attention for its high-risk, high-reward potential. Overall, the market is balancing optimism with caution as regulatory frameworks tighten and new innovations keep momentum alive, Thakral added.According to another analyst, Bitcoin is trading above the $111,300 level after attempting to break the resistance near the $113,000 mark. “Bitcoin is trading above the $111,300 level after attempting to break the resistance near the $113,000 mark. While BTC showed signs of momentum, bulls could not sustain the buying pressure, leading to a consolidation. All eyes are now on the BLS inflation revision, which could influence the Fed’s rate cut decision. A softer revision of inflation could trigger a short relief rally, pushing BTC above the $113,000 resistance, with a strong support at the $110,400 mark,” said Edul Patel, CEO of Mudrex.At 10:372 AM IST, Bitcoin was trading at $112,030, marginally up 0.97% over the past 24 hours and nearly 1.71% over the past week. Ethereum, meanwhile, was trading at $4,312, up by 0.30% in the past 24 hours and down by 1.40% over the last seven days.According to CoinMarketCap, the overall cryptocurrency market capitalization stood at around $3.87 trillion on Tuesday.Market perspectiveAvinash Shekhar, Co-Founder & CEO of Pi42Bitcoin’s current holding pattern near the $112K mark, following last week’s aggressive push toward $113.4K and the subsequent pullback, underscores the market’s cautious sentiment heading into what is historically a bearish September. While the bulls have defended support near $107.2K admirably, the retest of $110K to $112K remains a critical battleground. A successful break above this zone could open the door to renewed upside, especially amid symptomatic strength from altcoins like DOGE, which has surged roughly 7% in a single day. However, absent clear macro triggers or sustained momentum, BTC’s path forward may remain range bound in the near term.Also Read | Best tax saving mutual funds or ELSS to invest in September 2025Parth Srivastava, Head of Quant at 9Point Capital’s Research TeamBitcoin appears poised for a period of healthy consolidation before resuming its upward trajectory. With liquidity trends stabilizing, on-chain metrics improving, and derivatives positioning resetting, the groundwork is being laid for the next leg higher. As volatility compresses, BTC is likely to build strength within this range before breaking out for a sustained rally in the medium term.

Morgan Stanley is bullish on two Aditya Birla Group retail companies, with the brokerage on Tuesday initiating coverage of Aditya Birla Lifestyle Brands Ltd (ABLBL) with an “Overweight” rating and upgrading Aditya Birla Fashion and Retail Ltd (ABFRL) to the same, saying both were poised for valuation re-ratings as fundamentals improve.Birla Lifestyle: A defensive play with growth potentialMorgan Stanley said it views ABLBL as a “defensive discretionary play” and began coverage with an “Overweight” and a price target of Rs 175, implying a 23% upside. The brokerage highlighted ABLBL’s portfolio of core lifestyle labels such as Louis Philippe, Van Heusen, Allen Solly, and Peter England, alongside younger growth brands including Reebok and American Eagle.“We expect it to deliver a 10% revenue CAGR, F25–28e, with gradual improvement in its margins and return profile,” the brokerage said. The stock, which listed in June after demerging from ABFRL, was trading at 13 times F27e EV/EBITDA, with “opportunity for multiple expansion upon consistent execution delivery.”On Tuesday, ABLBL shares rose as much as 5.2% to Rs 151.20 on the BSE. The stock debuted at Rs 167 on the NSE on June 23.ABFRL: “Anti-consensus self-help story”The brokerage also upgraded ABFRL to “Overweight,” calling it an “anti-consensus self-help story” with room for profitability improvement. It set a new price target of Rs 131, representing a 53% upside potential.Shares of ABFRL climbed as much as 3.9% on Tuesday to Rs 92.34 on the BSE. The company houses brands spanning mass-market retail, premium ethnic wear, and designer-led labels, with Pantaloons accounting for 59% of revenue and ethnic wear 27%.Recent earningsABLBL reported a profit of Rs 24.06 crore in the first quarter of FY26, up from Rs 22.93 crore a year earlier, while revenue grew to Rs 1,840.58 crore from Rs 1,784.47 crore. Lifestyle brands, which make up 85% of the company’s business, expanded 6% year-on-year, though ecommerce sales fell 19% to Rs175 crore.Meanwhile, ABFRL posted a consolidated net loss of Rs 161 crore in Q1 FY26 despite revenue growth of 7% to Rs3,428 crore. Its Pantaloons business reported quarterly sales of Rs 1,101 crore, with EBITDA rising 43% year-on-year on margin expansion driven by better markdown management.Also read | Mahindra & Mahindra shares soar 14% in 4 days on GST boost. Analysts eye Rs 4,000 next(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

Apple on Tuesday will unveil its next line-up of iPhones amid a global trade war that's added a potential price increase to the usual intrigue surrounding the annual evolution of the company's marquee product. The new iPhones will be the first to be released since President Donald Trump returned to the White House and unleashed a barrage of tariffs, in what his administration says is an attempt to bring overseas manufacturing back to the U.S. - a crusade that has thrust Apple CEO Tim Cook into the hot seat. If Apple follows the same naming scheme since the product's 2007 debut, the new models will be called the iPhone 17. But the Cupertino, California, company recently deviated from tradition with its naming formula for the iPhone operating system. When the next version of its iOS system was previewed at its developers conference in June, Apple revealed the free update will be called iOS 26 in reference to the upcoming year - a marketing technique that automakers have embraced for decades. Regardless, these new iPhones are still expected to be made in Apple's manufacturing hubs in China and India, much to the Trump administration's consternation. Both Trump and U.S. Commerce Secretary Howard Lutnick have repeatedly insisted that iPhones be made in the U.S. instead of overseas. It's an unrealistic demand that analysts say would take years to pull off and would result in a doubling, or even a tripling, of the iPhone's current average price of about $1,000. Cook tried to placate Trump by initially pledging that Apple would invest $500 billion i n the U.S. over the next four years, and then upped the ante last month by adding another $100 billion to the commitment. He also gifted Trump a statue featuring a 24-karat gold base. That kind of diplomacy has helped insulate Apple from Trump's most severe tariffs. However, the iPhones being brought into the U.S. still face duties of about 25%, stoking speculation that the company will reveal its first across-the-board price increase in five years in an effort to preserve its hefty profit margins. Since 2020, Apple has charged $800 for its basic iPhone and $1,200 for its top offering, but analysts now believe the company may raise prices by $50 to $100 on some of the new models. If Apple does announce price increases, it will come just weeks after Google held steady on prices for its new Pixel smartphones. Whatever Apple ends up charging for the next iPhone, the new line-up isn't expected to be much different from last year's model - the first to be designed for a wide range of new artificial intelligence features. While the iPhone 16 has proven to be popular, the models didn't sell quite as well as analysts had anticipated because Apple failed to deliver all the AI-fueled improvements it had promised, including a smarter and more versatile Siri assistant. The Siri improvements have been pushed back until next year. That has lowered the expectations for this year's line-up, which will likely include the usual improvements in camera quality and battery life on top of a slightly redesigned appearance. The most significant new twist could be the introduction of an ultra-thin iPhone dubbed "Air" - a moniker Apple already slaps on like its sleekest iPads and Mac computers. The relatively minor updates to recent iPhone models are raising questions about Apple's ability to innovate in the fast-moving era of AI, said Forrester Research analyst Thomas Husson. "Apple is reaching a tipping point, and I expect 2026 and 2027 to be pivotal years." Apple's AI follies, combined with its exposure in Trump's trade war, have weighed on the company's stock, while the market values of Big Tech peers like Microsoft, Nvidia, Meta Platforms and Google parent Alphabet have been surging. Although Apple's stock price is still down by 4% so far this year, the shares have been bouncing back in recent months amid signs it won't be as hard hit by the tariffs as once feared, and a highly anticipated court ruling cleared the way for the company to continue receiving $20 billion annually to lock in Google's search engine as the default option on iPhones.