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International brokerage firm HSBC has reiterated its “Buy” call on Eternal, raising its target price to Rs 390 per share from Rs 340, citing clear scale and profitability leadership in both food delivery and quick commerce, while maintaining a “Hold” and Rs 430 target on Swiggy due to continued execution risk and slower margin progress in its quick commerce business. The new target price for Eternal forecasts an upside potential of 21% from the last close on the NSE.Eternal, which consolidates Zomato and Blinkit, continues to outperform Swiggy on both operational and financial metrics. In quick commerce, Blinkit’s net order value (NOV) surged by 125% year-on-year in Q1 FY26, far ahead of Swiggy’s Instamart, which rose by 75%. Blinkit also maintains a significant margin advantage—with contribution margins at 3% in Q1 FY26 compared to Instamart’s negative 4.6%.Operational leverage remains firmly on Blinkit’s side, with Instamart’s store throughput still only about 70% of Blinkit’s. Despite Swiggy’s improvement in average order values, HSBC notes that marketing and acquisition costs are likely to continue weighing down Swiggy’s QC margins over the next few quarters, limiting any near-term rerating potential for the shares.Balance sheet strength is another key differentiator in HSBC’s view. Blinkit and Eternal’s combined businesses sit on a cash surplus of about $2.2 billion, while Swiggy’s cash had dropped to $620 million by Q1 FY26, placing greater pressure to close the margin and cash-burn gap quickly. HSBC estimates that even in a bullish scenario, Swiggy’s quick commerce arm Instamart will only achieve EBITDA-level profits by FY31, whereas Blinkit is set to reach profitability much sooner. Material outperformance for Swiggy stock now hinges on significant execution improvement and rapid cash burn reduction.Financial projections from HSBC reflect these concerns. Eternal’s food delivery business is valued at a 45x forward EV/EBITDA multiple on an FY27 EBITDA estimate of roughly $276 million, while Swiggy’s food delivery is pegged at a 40x multiple on FY29 estimates of $260 million. For QC, Blinkit receives a 45x multiple on projected FY30 EBITDA of $880 million, significantly higher than Instamart’s 40x multiple.These differences drive HSBC’s strong preference for Eternal, where ongoing user growth, margin expansion, and robust cash reserves look set to reinforce its leadership in both food delivery and the faster-growing quick commerce market. For Swiggy, an attractive valuation is outweighed by concerns over rising competition, lagging margins, and cash burn worries, leaving its shares in “hold” territory for now.Eternal shares closed at Rs 323, lower by nearly 3% on the NSE. Swiggy shares also ended lower at Rs 419, down almost 2%. Eternal shares have risen 17% on a year-to-date basis, while Swiggy is down more than 20% over the same duration.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

India and Pakistan will face off in the final of an Asia Cup for the first time in the tournament's 41-year history at the Dubai International Cricket Stadium on Sunday.Also Read- Ind vs Pak Live India has entered the final unbeaten, winning each of their six matches, including two comfortable victories against Pakistan in the group stage and the Super Fours. Meanwhile, Pakistan's only two defeats in the tournament have come against the arch-rival.The clash between the two teams has been marred by controversies this year, with Pakistani pacer Hairs Rauf and Indian captain Suryakumar Yadav being fined 30 per cent of their match fees. The Pakistani player was fined for provocative gestures, while his teammate Sahibzada Farhan was spared with a warned. The Indian skipper was penalised for dedicating the first win to the Indian armed forces. The emotions are high with the memories of Pahalgam terror attack and the following Operation Sindoor still fresh. There were boycott calls by fans and the opposition parties at the start of the tournament. While this is the third time India and Pakistan will face off within three weeks, such an occurrence is a rarity, especially with the two teams not engaging in bilateral series ever since 2013. The clashes are usually in multilateral events, including the World Cup, the T20 World Cup, the Champions Trophy and the Asia Cup. India vs Pakistan Asia Cup Rivalry historyThe rivalry between India and Pakistan in the Asia Cup goes back to 1984, which was the inaugural season of the tournament, India sealed a comfortable 54-run victory. It was only in 1995 that Pakistan first beat India with a massive 97-run win. The first T20 Asia Cup was played in 2016, where India won a slow-scoring match, while Pakistan's only win the format's Asia Cup came in 2022, when they registered a five-wicket win. India vs Pakistan Asia Cup: Head to head record India and Pakistan have played 20 matches against each other in the Asia Cup. India has won 12 of them, while Pakistan has emerged victorious six times. Two matches have had no result due to rain. In the T20I format of the Asia Cup, India has beaten Pakistan four times in five matches. Meanwhile, in the T20I format itself, India has dominated the rivalry with 12 wins out of 15 matches. A match in 1997 had been abandoned. Key Matches in Ind vs Pak Asia Cup key matches and timelineHere are some of the most memorable India vs Pakistan matches in the Asia Cup.2010: Pakistan entered the match against India in a must win situation. The Shahid Afridi-led side started will with 71-run partnership and ending with 267 runs as India kept chipping away with wickets. Praveen Kumar picked up three wickets, but it was Ravindra Jadeja’s left-arm spin that kept Pakistan in check.India were on track in the chase with Gautam Gambhir and captain MS Dhoni registering half centuries before facing a finding themselves in trouble at 219/6 with 49 runs required off 29 balls.Suresh Raina was batting alongside Harbhajan Singh when drama unfolded. Shoaib Akhtar and Afridi were seen exchanging words in the heat of the moment. However, the Indian duo held their nerves ad brought the target down to eight runs in the las over. The Indian spinner swung a length ball, clearing midwicket for a huge six to seal India's win. He then turned towards Akhtar and let out a loud roar as the Indian dressing room celebrated.2014: India and Pakistan had one loss and a defeat each and both needed a win to bolster their chances for a spot in the final. Rohit Sharma Sharma held one end, while India kept losing wickets form the other. Eventually, the Men in Blue ended with 245 runs, riding on the late hits by Ambati Rayudu and Jadeja.Pakistan's Mohammad Hafeez gave Pakistan a great start but Indian spinners R Ashwin and Amit Mishra inflcted a collapse. Pakistan was reduced to 203/6 off 45 overs. Afridi, who was the last recognised batter, was joined by Gul with 43 runs needed in 30 balls.Afridi swung his bat hard, collecting regular boundaries even as he lost partners from the other end. The last over was given to Ashwin, who had bowled brilliantly until then. With one wicket to win for India after a wicket in the final over, Afridi was finally on strike with nine needed in four balls. Afridi stepped back and swung hard on a shorter ball and the power sent it over the ropes. Afridi again gave himself room and swung hard again to give Pakistan a stunning win.2016: This was the first time the tournament was being played in the T20 format. Batting first, Pakistan got off to a poor start and were eventually reduced to just 83 runs. Mohammad Amir was firing in, giving Pakistan a perfect start with a toe crushing yorker to Mohammad Amir. He soon took the wickets of Ajinkya Rahane and Suresh Raina as India found themselves in deep trouble.Virat Kohli and Yuvraj Singh played out the remaining spell with singles and dots but were soon rewarded with a flurry of boundaries.Kohli led India with a top knock of 49 runs, with Dhoni and Singh taking India home with an over to spare in a thrilling low-scoring contest. India won by five wickets, but the match could have had a nervy finish were it not for Kohli’s brilliance.

New Delhi: Self-styled godman Chaitanyananda Saraswati, accused of sexually harassing 17 women students at a private institute in Delhi, was arrested from Agra early on Sunday, Delhi Police said.As per a PTI report, the police traced the 62-year-old Saraswati to Agra following a tip-off. He was apprehended from a hotel late at night, and the Delhi Police team has returned to the city to produce him in court later today.Earlier, police froze Rs 8 crore linked to Saraswati, which was held across multiple bank accounts and fixed deposits.According to the FIR, Saraswati, a former chairman of the management institute in southwest Delhi, allegedly forced female students to visit his quarters late at night and sent them inappropriate text messages at odd hours. He is also accused of keeping track of the students’ movements through his phone.Saraswati faces charges of molesting female students pursuing PGDM courses under the EWS scholarship and forgery. Delhi Police are continuing their investigation into the case.Inputs from PTI

When Shaju R , the chief technology officer at DCUBE Ai, a Thiruvananthapuram-based company providing software solutions, felt a creeping sense of burnout, he did not turn to ChatGPT for answers. The 45-year-old looked to something ancient and rooted in his land—the martial art form called kalaripayattu.Shaju, who has spent over two decades in the high-pressure world of IT, says long hours, poor posture and stress had all taken a toll on him, physically and mentally. Gym did not seem inviting any longer, thanks to recurring back pain and a frustrating plateau in fitness. That’s when kalarippayattu swung into his ken as he saw his children perform the basics.His kids had recently enrolled in a local kalaripayattu class. Intrigued by its blend of movement, discipline and heritage, Shaju decided to give it a try. He signed up for Nalludal, a wellness programme rooted in kalari practice run by Agasthyam Kalari in Thiruvananthapuram, and he found himself moving with a purpose that no gym equipment had ever given him.Shaju recently cycled over 60 km from Thiruvananthapuram to Kollam. “Kalari has given me the confidence to return to marathon running, too. At 45, I feel better than I did at 35,” he says. Now, he practises kalari thrice a week and, on other days, he repeats the sequences at home. It does not require any equipment; all it needs is presence and commitment. For a man who travels constantly, this portability is everything.More than fitness gains like better posture, reduced back pain and improved flexibility, Shaju says kalari has given him something else: clarity and calm. “It has helped reduce sleepless nights, lowered stress and built resilience. The focus kalari demands trains your mind to stay anchored in your body,” he says.Shaju is not an outlier. Across the country, busy professionals, wellness seekers and cultural enthusiasts are turning to traditional Indian martial arts and practices for something the gym never promised: a sense of wholeness.STICK SHIFT Anita Pradhan (name changed), a legal head at a Delhi-based automotive firm, has always been health-conscious. The 50-yearold packed her days with gym sessions, yoga and walks. “But I wanted something more visceral. Something that combined movement with purpose and self-defence,” she says.124186567A corporate wellness workshop introduced her to silambam, a martial artform of Tamil Nadu that uses a bamboo staff. What began as a curiosity soon grew into a passion.“Silambam is rhythmic, technical and beautifully challenging. It is unlike anything I have done before,” says Pradhan. She increased her martial arts sessions while keeping the gym routines for strength and cardio. The combination has worked for her. “My shoulder and core strength have improved, my back is healthier and my focus has sharpened. Stick work demands precision and attention. It’s a moving meditation.”Her martial arts journey hasn’t just made her physically stronger; she says it has improved her decision-making skills in highstakes boardroom scenarios. “It has taught me to stay calm in crisis. Martial arts discipline spills over into sleep, diet and stress management,” she adds.Keshav Raghavender, founder of KSR Silambam Studio in Chennai, says, “When the stick rotates near your body, your brain sharpens, stress melts.” He has students from all age groups, practising freestyle and combat Silambam.Meanwhile, Shyam Mohan, a retired aerospace engineer from ISRO, has gone back to kalaripayattu. As a teenager, he had trained in Thekkan Kalari or southern kalari, practised in the southern parts of Kerala. But it got sidelined in the rush of life and work. At 60, he returned. While he has been unable to join a gym due to his erratic travel, he can practise kalari on the move. “Kalari sessions today are adapted to age and ability,” he says. “At the end of every session, I feel alive.”Many people are taking up martial arts not as replacement for gyms, but as effective complements. In this hybrid fitness routine, kalari is for mobility, coordination and focus, and weights for strength and endurance. The new professional wants muscles and balance.The founder of a Mumbai-based stockbroking firm, who trains in kalari and requests anonymity for the story, says: “Our corporate roles are demanding. Kalari gives me mental clarity, discipline and a break from screens. It keeps me from burning out.”S Mahesh, the gurukkal at Agasthyam Kalari, says: “Kalaripayattu is not just a combat system. It aligns body, breath, mind and life force. Each of its movements comes from nature—the lion, the serpent, the elephant. It is both destructive and healing.” Kalari is interwoven with healing traditions like ayurveda and siddha. “The same hands that strike can also heal,” says Mahesh.Agasthyam Kalari says it has trained more than 12,000 girls in self-defence in its programmes like Shakthi. POLE POSTURES Among the traditional practices that are seeing a resurgence is mallakhamb, in which postures are performed using a pole and a rope. Once confined to Maharashtra, this rather strenuous activity is now practised almost across the country.Uday Deshpande, who won the Padma Shri in 2024, heads the Shree Samarth Vyayam Mandir in Mumbai. He has trained thousands, including the visually impaired. Deshpande says mallakhamb is used in blind schools as it can develop strength, balance, body awareness, confidence and independence, and does not require visual inputs.Gatka, a martial tradition associated with Sikh warriors, is also finding new ground. “It’s self-defence, it’s identity, it’s discipline,” says Harjeet Singh Grewal, president, National Gatka Association of India.Meanwhile, in urban India, games associated with Mangalagaur, a festival celebrated by married women in Maharashtra, are returning as fitness dance sessions. Groups like Parampara, led by Uma Himani, bring games like phugdi and lezim to apartment complexes, promising improved stamina and flexibility.Boutique resorts like CGH Earth train their massage therapists in kalaripayattu. “It improves body awareness during massage and aligns mind and breath,” says Dr Jayan Pandaraparambil of Kalari Kovilakom, CGH Earth’s ayurvedic hospital in Palakkad.Fitness expert Leena Mogre explains the appeal: “While gyms target muscle groups, martial arts build total body fitness, emotional balance and cultural connection.”LOCKED IN TIME Yet Indian martial arts haven’t achieved global recognition like karate or taekwondo. Experts blame colonialism, lack of centralisation and limited portrayal in pop culture. Also, unlike East Asia’s martial diplomacy, India underinvested in showcasing its ancient systems, says Grewal. While Israel’s Krav Maga and Brazilian Jiu-Jitsu became popular, Indian arts were seen as ritualistic or esoteric, despite their battlefield origins.That’s changing. But their popularity is still largely confined to the regions where they originated from. The primary barrier to wider adoption is accessibility. Unlike gyms and yoga studios, training centres for martial arts are very few.A CEO at a consultancy firm, who took up mallakhamb for three months, says: “I loved it. But when my job moved away from the training centre, I had to give it up.”However, Agasthyam Kalari, with Milind Soman as brand ambassador, aims to take the martial art nationwide. “Kalari is the mother of all martial arts. Anyone who tries it will feel the transformation,” says Soman.As more training centres open and as Indians, from children to CXOs, warm up to these ancient workouts, the future of Indian fitness may well lie in its past.Why People Are Taking Up Martial ArtsDesire for Holistic Wellness: Martial arts integrate breath, movement and mindfulness.Burnout & Mental Fatigue: Demanding careers are pushing people toward practices that offer more than physical benefits.Cultural Curiosity: Growing pride in indigenous traditions, amplified by initiatives like Khelo IndiaAccessibility & Adaptability: Many martial arts -- kalari, mallakhamb, silambam, mudgal—can be practiced with minimal equipment and anywhere.