DayStarter

Market snapshot

Equities: Monday close

The Nifty opened 58 points lower at 24,118. Global cues were mixed after the Federal Reserve Chair’s Jackson Hole speech, while renewed tensions in the Middle East pushed oil prices more than 4% higher.

The index fell quickly to 24,020 during the first 20 minutes. It moved below 24,000 around 10:30 am and touched the day’s low near 23,995.

The market recovered towards the close. A final move during the closing auction lifted the Nifty to 24,080.40, more than 80 points above the day’s low. It still finished below its opening level.

The Sensex closed 0.40% lower at 76,957.27. The Midcap 150 and Microcap 250 ended slightly higher, while the Next 50 and Smallcap 250 declined.

Sector performance

Bank was the strongest sector, rising 0.92%. Pharma gained 0.72%, while PSU Bank rose 0.06%.

Media was the weakest sector, falling 2.84%. Metal declined 2.45%, while FMCG fell 1.69%.

F&O winners and losers

Ather Energy was the strongest F&O stock, rising 6.27%. Indian Hotels gained 4.46%, while Aurobindo Pharma rose 4.36%.

Adani stocks dominated the losers list. Adani Energy Solutions fell 10.37%, Adani Enterprises declined 9.76%, and Adani Green Energy fell 7.33%.

Commodities

Crude oil futures rose 2.97% to ₹8,221. Gold fell 0.63%, while silver declined 0.15%. Natural gas and all three base metals in the table ended higher.

Currency and bond yields

The rupee strengthened by 22 paise to close at 95.22 against the US dollar. India’s 10-year government bond yield rose to 6.95 from 6.91, while the US 10-year Treasury yield increased to 4.72 from 4.69.

Institutional flows

Foreign institutional investors sold Indian equities worth a net ₹7,986 crore on 31 August. Domestic institutional investors bought a net ₹4,589 crore.

Across the five sessions shown below, FIIs were net sellers of ₹11,227 crore, while DIIs bought a net ₹21,405 crore.

Macro view

GDP growth: Q1FY27

India’s real GDP grew 7.8% year-on-year during the April to June quarter of FY27. Real GDP was estimated at ₹81.36 lakh crore, compared with ₹75.46 lakh crore in the same quarter of FY26.

Growth was higher than:

• 6.8% a year earlier.
• The 7.4% estimate in a Mint poll.
• The RBI’s 7.0% estimate for the quarter.

Mint

Sector growth

Services were the strongest broad part of the economy. The tertiary sector grew 10% at constant prices, while Financial, Real Estate, IT and Professional Services grew 12.1%. The secondary sector grew 8.6%, and the primary sector grew 2.9%.

Other sector readings included:

• Manufacturing: +9.2%.
• Construction: +7.7%.
• Utilities: +8.9%.
• Agriculture and Allied: +3.6%.
• Mining: -2.4%.

Mint; Ministry of Statistics and Programme Implementation

Consumption and investment

Gross fixed capital formation grew 11.9% at constant prices, compared with 5.8% in Q1FY26. Gross fixed capital formation measures investment in fixed assets such as machinery, buildings and infrastructure.

Private final consumption expenditure grew 7.1%, compared with 6.8% a year earlier. Nominal GDP grew 10.3%, compared with 8.1% in Q1FY26. Real gross value added grew 8.2%, while nominal gross value added grew 11.5%.

Mint

External growth forecasts

The Asian Development Bank and World Bank both estimate India’s growth at 6.6% for the current financial year. ADB had earlier estimated growth of 6.9%.

Mint

Fiscal deficit

India’s fiscal deficit stood at ₹4.55 trillion at the end of July. This was 26.8% of the full-year budget estimate. At the same point last year, the deficit was 29.9% of the annual target.

The Centre has budgeted a fiscal deficit of ₹16.96 trillion, equal to 4.3% of GDP, for FY27.

Mint; Controller General of Accounts

Government receipts and spending

Total expenditure reached ₹17.62 trillion by July, or 32.9% of the full-year budget estimate. Total receipts reached ₹13.07 trillion, or 35.8% of the annual estimate.

Net tax revenue reached 29.5% of the full-year budgeted amount of ₹28.67 trillion, while non-tax revenue reached 63.5% of the ₹6.66 trillion budget estimate.

The Centre spent ₹4.51 trillion on capital expenditure by July, or 36.9% of the full-year allocation of ₹12.22 trillion. During the same period last year, capital spending had reached 30.9% of the annual allocation. Interest payments reached ₹4.27 trillion, or 30.4% of the ₹14.04 trillion budgeted for the year.

Mint

FCNR(B) window closes

The RBI’s special foreign currency non-resident bank deposit window closed on Monday. As of 21 August, total inflows through the three special swap windows had reached $72.85 billion:

• FCNR(B): $65.4 billion.
• Overseas foreign currency borrowings: $4.86 billion.
• External commercial borrowings: $2.59 billion.

The RBI moved the FCNR(B) closing date forward to 31 August from 30 September because of the “encouraging response”. Swaps against eligible deposits can continue with the RBI until 11 September.

Mint; RBI

Rupee, reserves and balance of payments

The rupee strengthened by 22 paise to close at 95.22 against the US dollar on Monday. The rupee had been at 94.94 per dollar on 5 June when the RBI announced its measures.

India’s foreign-exchange reserves were:

• $728 billion on 27 February.
• $681 billion on 5 June.
• $729 billion on 21 August.

India’s balance of payments recorded a deficit equal to 0.6% of GDP in FY26. This was the largest deficit in 14 years.

Mint; Bloomberg; RBI

Global bond yields and the rupee

The Finance Ministry said it is closely watching the global increase in sovereign bond yields and changes in investment flows. Its August economic review said, “The rise in (global) yield can cut both ways. Our bond yields can rise in tandem. Or, if they don’t, the spread compression can put pressure on the domestic currency.”

Mint; Finance Ministry

Semicon 2.0

The Centre is inviting global technology companies to build a second commercial semiconductor fabrication plant in India. Under Semicon 2.0:

• A modern fabrication facility using standard 12-inch wafers can receive cash incentives of up to 40%.
• Other semiconductor areas can receive incentives of up to 35%.

Applicants must invest at least ₹20,000 crore, or around $2.1 billion, of their own capital. They must also have annual revenue of at least ₹7,500 crore by FY26.

The total programme budget has increased to ₹1.28 trillion, or $15 billion. The first India Semiconductor Mission tranche had an outlay of ₹76,000 crore.

Mint

September rainfall forecast

The India Meteorological Department expects below-normal rainfall in September. Rainfall is expected to be less than 91% of the long-period average. The September long-period average, based on the 1971 to 2020 climatological record, is 167.9 mm.

Mint; IMD

August monsoon

Rainfall in August was 16% below normal. Cumulative rainfall from June to August was 603.7 mm, around 14% below the long-period average.

Among meteorological subdivisions, 17 recorded deficient rainfall and 18 recorded normal rainfall. Odisha was the only state with excess rainfall.

Zerodha AfterMarket Report

Power deficit

India’s national power deficit moved above 10 million units on 27 August. Energy shortages during the previous week were between 3 million and 10 million units. A year earlier, they were below 1 million units.

Load shedding now averages around two to three hours per day. Around 55 GW of thermal power capacity is offline because of maintenance and forced outages. India recorded a rainfall deficit of 16.3% in August, compared with a 1% surplus in July.

Mint; Grid Controller of India

Services output

Real estate services output rose 24.7% year-on-year in June. Retail trade grew 18%, while wholesale trade grew 15.1%. Eight of 19 service sub-sectors recorded double-digit growth, and air transport was the only segment to contract.

Zerodha AfterMarket Report

Silver hallmarking

Hallmarking of silver jewellery is expected to become mandatory from October. BIS currently has 341 silver assaying and hallmarking centres, coverage across 102 districts, and around 25,000 registered silver jewellers.

Since the HUID portal launched on 1 September 2025, more than 7.7 million pieces of silver jewellery have been hallmarked.

Mint; Government data

F&O risk warnings

SEBI is discussing with brokers how to improve futures and options risk warnings on trading platforms. SEBI’s 20 August study found that total losses among individual equity-derivatives traders fell to ₹91,685 crore in FY26 from ₹1.12 trillion in FY25.

However, the average loss per trader increased 2% to ₹1.17 lakh from ₹1.13 lakh. The share of individual traders making losses fell to 87.7% from 90.9%. Around 8.77 million individual traders participated in equity derivatives during FY26, 18% lower than the previous year.

Mint; SEBI

Private equity and venture capital

Private equity and venture capital investments in India reached $4.1 billion in July, 3% higher than a year earlier. There were 111 deals in July 2026:

• 7% below the 119 deals recorded in July 2025.
• Higher than the 80 deals recorded in June 2026.

Mint; EY; Indian Venture and Alternate Capital Association

Indus Waters Treaty

The Permanent Court of Arbitration in The Hague said India must continue to uphold the water-sharing treaty with Pakistan that India had suspended amid bilateral tensions. The court also said India must limit work on a hydroelectric project it is building in the Kashmir region.

Reuters via Mint

Corporate action and earnings

HDFC Bank leadership transition

HDFC Bank shares initially rose nearly 3% before reversing after managing director and chief executive Sashidhar Jagdishan said he would not seek reappointment when his term ends on 26 October. The stock rose 2.7% early in the day but closed at ₹709 on the BSE, 1.5% below its previous close.

The bank said it will fast-track selection of a new chief executive. Deputy managing director Kaizad Bharucha is expected to be appointed interim chief.

Past data shows that RBI approval of private-bank chief executives has taken anywhere from a little over one month to 14 months. A Jefferies analysis found:

• RBI approved Rajiv Anand at IndusInd Bank 35 days after the bank’s reported deadline to submit names.
• RBI approved Sanjay Agarwal at AU Small Finance Bank 439 days after board approval, on 12 April 2023.

Mint; Jefferies

ITC Infotech and Happiest Minds

ITC Infotech will acquire a 22.1% stake in Happiest Minds Technologies from founder Ashok Soota for ₹1,330 crore. The two businesses will then merge, creating an IT services company valued at around ₹7,000 crore. The merged company will become the third listed company from the ITC Group.

Happiest Minds shareholders will receive 25 ITC Infotech shares for every 81 Happiest Minds shares they own. After the transaction:

• ITC Ltd will control 73.4%.
• The combined company will have around 19,000 employees.
• Soota and his family will continue to hold around 22.1% in Happiest Minds.

Mint

Maruti Suzuki capital expenditure

Maruti Suzuki plans to invest ₹77,500 crore over five years through FY31. The spending will go towards capacity expansion, new models, and research and development. FY27 capital expenditure is expected to increase 40% to ₹14,000 crore from around ₹10,000 crore last year.

Zerodha AfterMarket Report

Milky Mist Dairy Food

Milky Mist Dairy Food reported a sharp rise in Q1FY27 profit.

Product growth included paneer sales up 34%, yogurt revenue up 153%, and ice-cream sales up 60%. The company also commissioned a new cheddar and cheese plant in Q1FY27 with capacity of 120 tonnes per day.

NIIF Infrastructure Fund II

National Investment and Infrastructure Fund raised ₹19,000 crore, or $2 billion, in the first close of NIIF Infrastructure Fund II. The fund is targeting total commitments of $3.2 billion, and some investors may also provide another $950 million for co-investments.

Limited partners include AustralianSuper, CPP Investments, a wholly owned subsidiary of Abu Dhabi Investment Authority, Ontario Teachers’ Pension Plan and Temasek. NIIF’s first fund raised ₹16,000 crore, or $2.34 billion.

Mint

Natco Pharma

Natco Pharma acquired a 35.75% stake in South Africa’s Adcock Ingram in July 2025 in a deal worth $226 million. A year later, Natco increased its stake to 49%, taking its total investment to ₹3,000 crore, or approximately $315.4 million. In July, the board approved a ₹2,000 crore qualified institutional placement.

In Q1FY27, revenue fell 43% year-on-year and net profit fell 57%. The decline was mainly linked to the loss of exclusivity on Revlimid, which went off patent in January. Natco’s consolidated revenue and net profit had peaked in FY25 at ₹4,784 crore and ₹1,883.4 crore.

Mint

ONGC deepwater investment

ONGC plans to spend around ₹1 trillion on deepwater exploration through FY31. Chairman and CEO Arun Kumar Singh said investment will be around ₹20,000 crore per year for five years.

The programme will target deep and ultra-deepwater offshore blocks estimated to hold 5,600 million tonnes of oil-equivalent reserves. ONGC plans to fund the programme without using the ₹84,000 crore Samudra Manthan scheme, and has secured around 68% of all deepwater acreage awarded through the ninth round of the open acreage licensing policy.

Mint

Agratas and AESC

Tata Group battery company Agratas Energy Storage Solutions disclosed an intellectual-property agreement with technology partner AESC Apollo Holding. AESC joined the Agratas board in December 2024 with a 12% stake.

Agratas is building a 40 GWh plant in the UK and a 20 GWh facility in India. It also signed a ₹5,000 crore agreement with Jaguar Land Rover to supply EV batteries for seven years starting in FY27. Construction delays could push the UK plant’s commercialisation to 2028 from the earlier target of 2027.

Mint; The Guardian

Pernod Ricard India

Pernod Ricard has had at least 200 employee exits in India during the past two years. Its India headcount has fallen to around 1,400 as part of an operational restructuring.

At least 50 mid-to-senior management employees were asked to leave between January and July 2026. Another 20 to 30 exits are expected between December 2026 and March 2027. These numbers exclude around 100 employees who moved to Tilaknagar Industries after its ₹4,150 crore acquisition of Imperial Blue in December 2025.

Mint

Kotak Mahindra Bank

Kotak Mahindra Bank has recommended executive directors Anup Saha and Paritosh Kashyap to the RBI as possible successors to chief executive Ashok Vaswani. Vaswani’s term ends on 31 December 2026, and he became CEO on 1 January 2024. The Kotak family owns 26% of the bank.

Reuters via Mint

Sterlite Technologies

Sterlite Technologies secured an order worth nearly ₹2,700 crore from a hyperscaler. The order covers high-density optical-fibre cable products for three years starting in 2027, and may be extended for another two years with mutual consent.

FII ownership increased to 19.7% in Q1FY27 from 10.9% in Q3FY26. The stock touched a new high of ₹757.70 on Monday. The company’s current order book is ₹20,000 crore, including the new order.

Mint

Fortis Healthcare forensic audit

The Delhi High Court ordered a forensic audit of transactions involving Fortis Healthcare and related entities. Daiichi Sankyo had won a ₹2,562 crore international arbitration award against former Fortis promoters Malvinder Mohan Singh and Shivinder Mohan Singh on 29 April 2016. Daiichi says the amount due has now increased to around ₹5,300 crore including interest.

The court appointed S Ramanand Aiyar & Co., Chartered Accountants, as forensic auditor. The audit must be completed within six months.

Mint

Subhash Chandra repayment plan

The National Company Law Tribunal created a new five-member special bench to reconsider the repayment plan of Zee Group founder Subhash Chandra. The plan approved last week requires Chandra to pay ₹6.5 crore, comprising ₹6.25 crore to creditors and ₹25 lakh towards insolvency-process costs.

The plan received 80.81% support from creditors by value. HDFC Bank, Axis Bank, Canara Bank, RBL Bank and Union Bank of India voted against it. The matter is scheduled to be heard on Tuesday.

Mint

Old Monk label

Mohan Rocky Springwater told the Bombay High Court that it is ready to change Old Monk’s label. The company will remove the phrase “7 years old blended”. FSSAI had restricted sales of the rum in June and required the company to label it a “rum flavoured spirit”. The company said it has lost ₹1 crore per day during 120 days of the ban.

Mint

Other corporate developments

• GRT Jewellers India will acquire a 74.12% stake in Tribhovandas Bhimji Zaveri for up to ₹1,034 crore. Based on TBZ’s market capitalisation of ₹2,038 crore, that stake is valued at around ₹1,511 crore. GRT will buy shares from major shareholders and launch an open offer for another approximately 26% stake.
• Piramal Finance plans to raise ₹3,850 crore of growth capital, including ₹2,100 crore from a qualified institutional placement and ₹1,750 crore from promoters through a preferential issue. The QIP was open from 24 to 28 August.
• Spark Capital is expanding its private-market business with a ₹1,500 crore late-stage private equity fund and a ₹1,000 crore private credit fund. Its Midas Fund II started in July with a five-year tenure and had raised ₹1,200 crore of its planned ₹1,500 crore target within seven weeks of launch.
• JSW MG Motor India appointed Parth Jindal as chairman with immediate effect. Ownership of the joint venture is JSW 35%, SAIC 49%, and Indian financial institutions, dealers and employees 16%.
• SpiceJet asked the Delhi High Court for more time to deposit the first ₹50 crore instalment of the ₹144.5 crore it owes Kalanithi Maran and KAL Airways. The court listed the matter for 21 September.
• Regional airline Fly91 is close to ordering at least 20 turboprop aircraft from ATR, though the agreement has not yet been finalised.
• The Delhi High Court dismissed a challenge by Germany-based Utimaco Technologies against the Centre’s decision to appoint the state-owned Centre for Development of Telematics as the sole implementation agency for India’s emergency cell broadcast system without a public tender.
• Tata Advanced Systems and Javelin Joint Venture, a partnership between Raytheon, an RTX business, and Lockheed Martin, signed an agreement to co-produce Javelin missile systems in India.
• Eli Lilly will acquire privately held Merida Biosciences for up to $2.88 billion in cash.

Mint; PTI via Mint; Reuters via Mint

Upcoming events

Economic calendar

Other dated items

• The NCLT special bench is scheduled to hear the Subhash Chandra repayment matter on Tuesday.
• John Ternus becomes Apple chief executive on Tuesday.
• Apple’s product-launch event is scheduled for 9 September.
• RBI swaps against eligible FCNR(B) deposits can continue until 11 September.
• The Delhi High Court will hear the SpiceJet matter on 21 September.

Mint

Global pulse

Global markets

Most major global indices ended slightly lower. The Shanghai Composite was the strongest market in the table, rising 0.86%, while the FTSE 100 gained 0.29%.

US-Iran strikes and oil prices

Oil prices rose after fighting between the US and Iran intensified again. Brent crude rose 2.4% to above $90 per barrel, while WTI rose to around $86.3. US forces struck Iran’s Larak Island, and Iran responded with attacks on the United Arab Emirates and Jordan.

European natural gas prices also increased. The renewed fighting raised concerns about oil flows through the Strait of Hormuz.

Bloomberg via Mint

Details of the strikes

Iran said several people were killed in the US attack on Larak Island. Iran’s Islamic Revolutionary Guard Corps then launched missiles and drones at US air bases in Jordan early Monday. Jordan’s military said it intercepted eight missiles before they caused damage.

US Central Command said no ships had hit mines in the Strait of Hormuz. Iranian media reported that authorities seized a bulk carrier near Bandar Abbas.

Bloomberg via Mint; Jordan News Agency; US Central Command

Venezuela-US energy partnership

Venezuela and the US agreed to a 25-year energy partnership. The plan targets crude-oil production of more than 1.5 million barrels per day from 17 strategic oilfields. Interim President Delcy Rodriguez said the agreement would bring capital and technology into Venezuela’s oil industry while the country retains ownership of its natural resources.

Zerodha AfterMarket Report

ONGC Videsh in Venezuela

ONGC Videsh is preparing to restart operations in Venezuela after receiving fresh US sanctions relief. Managing Director Rajarshi Gupta said the company obtained an Office of Foreign Assets Control licence in July. ONGC Videsh is now discussing the operating framework with Venezuelan authorities, and the framework is expected to be ready within three months.

Mint

Germany inflation

Germany’s inflation rate increased to 2.9% in August. This was still slightly below expectations of 3%. Energy inflation rose to 10.5% from 8.3%, while services and food inflation eased.

Zerodha AfterMarket Report

European bond yields

European government-bond yields rose to multi-year highs. Germany’s 10-year Bund yield reached 3.3% for the first time since 2011, and French yields reached their highest levels since 2008. Higher oil prices and more hawkish central-bank signals increased expectations of additional rate rises.

Zerodha AfterMarket Report

Chinese airlines

China’s three largest state-owned airlines reported combined first-half losses of around 8.2 billion yuan, or $1.22 billion. The three airlines are Air China, China Eastern and China Southern. This was their seventh consecutive year of first-half losses, and higher jet-fuel prices affected earnings.

Zerodha AfterMarket Report

China LNG imports

China is expected to import around 5.2 million tonnes of liquefied natural gas in August. This would be 18% lower than a year earlier. Higher prices caused by the Middle East war reduced demand.

Mint

Momentum trade weakens

The S&P 500 Momentum Index has fallen more than 9% since 1 July. Over the same period, the S&P 500 gained 2.8%. The momentum index is on track for its largest quarterly underperformance in 25 years.

The index had risen 44% in Q2 and 133% over the previous five years. Bank of America estimates that July was the second-worst month for the momentum trade in around 40 years, and only April 2009 was worse. Goldman Sachs said 19 August was the worst day for systematic long-short managers in more than two years, with around half of the losses linked to momentum trades.

The Wall Street Journal via Mint; Bank of America; Goldman Sachs

SB Energy and OpenAI

OpenAI received warrants in SB Energy estimated to be worth $5.5 billion. SB Energy reported around $140 million of revenue during the first half of 2026, 66% higher than a year earlier. Its net loss increased to $3.2 billion from around $250 million in the first half of 2025, largely linked to changes in the estimated value of warrant liabilities.

OpenAI invested $500 million in SB Energy earlier this year, and Nvidia committed another $3 billion through two private transactions linked to the IPO.

The Wall Street Journal via Mint

Apple leadership

John Ternus becomes Apple’s chief executive on Tuesday. Apple is the world’s second-largest company by market capitalisation, with a value of nearly $5 trillion. Apple trades at around 33 times next year’s earnings, while the S&P 500 trades at around 20 times.

Apple sold 72 million iPhones during the year Tim Cook became chief executive. Counterpoint Research estimates it will sell 255 million this year. Appfigures estimates Apple’s US App Store commission revenue fell 6% during the June quarter.

The Wall Street Journal via Mint; Counterpoint Research; Appfigures

Nepal floods

Combined deaths in Nepal and China from the flash floods have exceeded 950, and more than 4,400 people remain missing. Nepal’s disaster agency said on Monday that 939 people had died in Nepal and 3,925 were missing, including 592 foreigners.

Chinese authorities reported, as of Sunday, 16 deaths and 546 missing people. At least 900 workers are unaccounted for at 12 hydropower projects damaged by the floods.

Associated Press via Mint; Independent Power Producers’ Association, Nepal

Management commentary

On ethanol compatibility

On US tariffs

On economic resilience

On the semiconductor mission

On ONGC’s deepwater investment

On India’s growth

Feature: REITs and two new REIT-linked mutual funds

Real Estate Investment Trusts have been listed in India since 2019. In August 2026, two fund houses opened new fund offers that give retail investors exposure to REITs through different structures. The feature draws on named public sources, including 1 Finance, Upstox News, Business Today, WhiteOak Capital and Business Standard.

What a REIT is

A Real Estate Investment Trust, or REIT, is a SEBI-regulated investment vehicle that owns income-generating real estate. Instead of directly buying a property, investors buy units of a listed REIT. These units can be traded on a stock exchange like shares.

Main REIT rules

At least 80% of a REIT’s assets must be invested in completed, income-generating properties. A REIT therefore cannot mainly hold land banks or unfinished projects. A REIT must also distribute at least 90% of its net distributable cash flow to unit holders.

REIT distributions can include dividends, interest, repayment of debt received from special purpose vehicles, other income, or a combination of these.

REITs compared with real estate developers

A property developer mainly earns by building and selling properties. A REIT mainly earns rental income from existing assets such as office parks, shopping malls and warehouses.

REIT units are still listed securities. Their prices can move because of market sentiment, interest rates, and performance of the underlying properties.

India’s listed REIT market

India had six listed REITs as of mid-2026.

Together, these REITs hold around ₹3.1 lakh crore of gross assets. Occupancy is around 90% to 99%. They have distributed more than ₹31,700 crore to unit holders since 2019.

Distribution history

India’s four publicly listed REITs distributed ₹1,559 crore to more than 2.7 lakh unit holders in Q1FY26. This was 13% higher than ₹1,371 crore a year earlier. Cumulative distributions since inception had crossed ₹24,300 crore. For FY25, the four REITs distributed ₹6,070 crore, compared with ₹5,366 crore in FY24.

Business Standard

Recent REIT regulatory changes

From 1 January 2026, REITs were reclassified as equity instruments. From 1 July 2026, REITs became eligible for inclusion in equity indices. Only around 13% of India’s Grade-A office stock is currently held through listed REITs.

Edelweiss Nifty REITs & Realty Index Fund

Edelweiss Mutual Fund launched the Edelweiss Nifty REITs & Realty Index Fund. The fund tracks an index that combines listed REITs and listed real estate companies. The scheme tracks the Nifty REITs & Realty Total Return Index.

The NFO ran from 5 August to 19 August 2026. Main terms included:

• Minimum investment: ₹100 in multiples of ₹1.
• Exit load: Nil.
• Maximum total expense ratio: Up to 0.90%.
• Riskometer: Very High.
• Index securities: 95% to 100%.
• Debt and money market: 0% to 5%.
• Fund managers: Bharat Lahoti and Manasi Jalgaonkar.
• Demat account: Not required.

Edelweiss index construction

The index must have at least 60% of its weight in REITs, with the remaining weight in listed real estate stocks. Other rules include:

• Maximum 15% weight in any single security.
• Constituents weighted by free-float market capitalisation subject to the stated limits.
• Maximum 32% total exposure to the same sponsor or promoter group.
• Quarterly review and rebalancing in March, June, September and December.

For inclusion, REITs need at least one month of listing history and trading frequency of at least 90%. Real estate companies need at least one year of listing history and a place among the top 1,000 securities by six-month average market capitalisation and turnover.

Edelweiss underlying index portfolio

As of 31 July 2026, the underlying index held 58.8% in REITs and 41.2% in real estate companies.

Real estate company holdings were:

Edelweiss index history

The Nifty REITs & Realty Index launched on 1 July 2021. The reported correlation between the two segments was around 0.17. These are index-level historical figures, not scheme returns.

1 Finance

Edelweiss fund risks and income treatment

The REIT portion makes up almost 59% of the underlying portfolio but trades only around ₹99 crore per day. The index has only 15 securities and is concentrated in one sector. Some historical REIT returns used in scheme material are back-tested rather than live.

Distributions received from the REIT holdings are not paid directly to investors; they are reflected in the fund’s NAV. Investors seeking periodic withdrawals can use a Systematic Withdrawal Plan. Units held for more than 24 months qualify as long-term capital assets taxed at 12.5%.

WhiteOak Capital Dividend Yield Fund

WhiteOak Capital Mutual Fund launched the WhiteOak Capital Dividend Yield Fund. It is an actively managed equity scheme that mainly invests in dividend-yielding stocks. Its stated objective is to generate long-term capital appreciation and regular income through a diversified portfolio of equity and equity-related instruments of dividend-yielding companies. There is no assurance that the objective will be achieved.

The NFO opened on 10 August and closed on 24 August 2026. Main terms include:

• Benchmark: BSE 500 TRI.
• Plans: Regular and Direct.
• Options: Growth and IDCW.
• Minimum investment: ₹500.
• Fund managers: Ramesh Mantri (Equity), Trupti Agrawal and Dheeresh Pathak (Assistant Fund Managers, Equity), Piyush Baranwal (Debt) and Ashish Agrawal (arbitrage transactions).

WhiteOak asset allocation

The fund may allocate up to 70% to REITs and InvITs together, including up to 60% in REITs, up to 10% in InvITs, and up to 25% in equity and arbitrage.

The scheme information document allocation is given as:

• 80% to 100% in equity and equity-related instruments of dividend-yielding companies, including REIT units.
• 0% to 20% in equity and equity-related instruments of companies other than dividend-yielding companies, including REIT units.
• 0% to 20% in debt securities and money-market instruments.
• 0% to 10% in InvIT units.
• Entry load and exit load: Nil.

WhiteOak fund positioning

WhiteOak lists three investor profiles for the scheme:

• Investors seeking periodic cash flows, including through disciplined withdrawals, STP strategies or the IDCW option.
• Investors seeking an alternative to rental real assets through professionally managed exposure to listed REITs and InvITs.
• Conservative risk takers seeking reasonable returns with low volatility.

The draft scheme filed with SEBI states, “Stock picking based on expected dividend yield in the future as a filter aims to avail benefits of dividend income as well as potential capital appreciation.”

REITs and InvITs

REITs hold real estate such as office buildings, malls and data centres. Their income mainly comes from rent paid by tenants. Examples include Embassy Office Parks and Nexus Select.

InvITs own infrastructure such as highways, power transmission lines and gas pipelines. Their income can come from tolls, transmission charges and usage fees. Examples include India Grid Trust, Rajmarg InvIT and Altius.

How the two funds differ

All performance figures described above are historical index-level figures, not scheme returns. Nothing in this section is a recommendation to buy, sell or hold any security or scheme.

Closing note

Market data: Zerodha AfterMarket Report, 31 August 2026 close. Editorial: Mint Mumbai print edition, 1 September 2026. Feature: independently sourced from named public publications. Strictly fact-based. No investment advice.