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GJC calls on gem traders to stop business with Turkiye, Azerbaijan
After Turkiye and Azerbaijan extended diplomatic support to Pakistan during Operation Sindoor, the All India Gem and Jewellery Domestic Council (GJC) on Friday urged the industry to terminate all business transactions with both nations.
"The Indian gem and jewellery sector stands united in support of the nation. It is imperative that our industry sets a strong example by prioritising the country over commerce. We call upon every jeweller, manufacturer, trader, and wholesaler to stop all transactions with Turkiye and Azerbaijan," GJC chairman Rajesh Rokde said.
"By halting trade, we send a clear message of unity and resolve, reinforcing our industry's role as a pillar of national pride. Let us unite as an industry to uphold these values, showcasing our resilience and loyalty to India's honour and security," he added.
The jewellery body's move comes after a few other sectors, too, have voiced their opposition to doing business with Türkiye and Azerbaijan.
Boycott calls by other industries
Earlier this week, the All Indian Cine Workers Association (AICWA) demanded an immediate visa ban for the artists from these two countries and has urged the Indian film industry to follow the boycott as well. It also called for a boycott of Türkiye as a shooting location. Earlier in the day, the Federation of Western India Cine Workers had also called for a ban on shooting films in that country as well as on other cultural collaborations. Notably, Turkish shows on OTT platforms are quite popular in India.
Tourism
Several Indians planning their holiday trips to Turkey and Azerbaijan have decided to cancel their plans amid the current geopolitical situation. 'Indian travellers have expressed strong sentiments over the past one week, with bookings for Azerbaijan and Turkey decreasing by 60%, while cancellations have surged by 250% during the same period,' a spokesperson for MakeMyTrip said earlier this week.
The platform added that it had pulled down all offers and promotions for both countries. 'In solidarity with our nation and out of deep respect for our armed forces, we strongly support this sentiment and advise against all non-essential travel to Azerbaijan and Turkey,' the firm said.
According to data shared by EaseMyTrip, 287,000 Indians visited Turkey last year, while 243,000 travelled to Azerbaijan.
Tourism is an important industry for both the nations.
- Turkey: 12% of GDP, 10% of employment
- Azerbaijan: 7.6% of GDP, 10% of employment
Apple
There have been several reports that Pune traders have called for a boycott of imports of Turkish apples and dry fruits. According to a Hindustan Times report, traders in Pune import apples, litchis, plums, cherries, and dry fruits from Turkiye. The import of apples alone is worth around ₹1,200 crore, the report added. Aviation The Bureau of Civil Aviation Security (BCAS) revoked the security clearance of the Istanbul-headquartered firm Çelebi Hava Servis citing concerns over national security. The firm provides ground handling services acorss several major airports across India. However, after BCAS revoked its security clearance, the firm's agreements and licences with Indian entities got terminated. Notably, according to Reuters, the Turkish firm has filed a plea in the Delhi HC against the BCAS order.
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The Hindu
12 minutes ago
- The Hindu
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Economic Times
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Time of India
18 minutes ago
- Time of India
Rs 1 lakh crore FII selloff in 6 sectors! Are you still holding the wrong stocks?
Live Events Valuations at Tipping Point Earnings Under Pressure Where the Smart Money Is Moving Bottom Line: What Should Investors Do? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Foreign institutional investors (FIIs) have gone on a selling spree, offloading nearly Rs 1 lakh crore worth of Indian equities in just six months across six key sectors of consumer durables FMCG , and IT . The sharp pullback, concentrated in segments once considered defensives or structural bets, underscores rising concerns around valuations, global macro uncertainty, and a shifting earnings biggest casualty is the IT sector, which alone has seen Rs 33,479 crore in net FII outflows, or a third of total selling. This is followed by FMCG (Rs 17,819 crore), auto (Rs 16,058 crore), consumer services (Rs 14,417 crore), power (Rs 12,231 crore), and consumer durables (Rs 11,296 crore).'We continue to maintain our underweight stance in the IT sector, as we foresee a slowdown in overall IT spending in the US market and a probable delay in discretionary spending,' said Neeraj Chadawar, Head of Fundamental and Quantitative Research at Axis Securities. 'Guidance and commentary remain critical for the sector going forward.'The broad-based nature of the selling suggests a structural de-risking rather than just profit-taking. Even construction (-Rs 9,322 crore) and healthcare (-Rs 9,048 crore) have witnessed sharp outflows. In contrast, only a handful of sectors have seen net FII inflows, including telecom (Rs 23,065 crore) and financials (Rs 9,456 crore).Despite the bounce-back in domestic equities since April, foreign investors remain wary. FIIs were net sellers in four of the six months this year, including massive outflows of Rs 78,027 crore in January and Rs 34,574 crore in February. Even June, so far, has seen a net selloff of Rs 5,404 crore (till June 15).'Export-facing sectors will be in a wait-and-watch mode… domestic-facing sectors will likely lead from here,' Chadawar added, highlighting the impact of reciprocal tax measures and global macro retreat comes amid a strong equity rally that has made valuations appear frothy, particularly in mid- and small-cap segments. According to Jefferies' Chris Wood, the Nifty Midcap 100 Index now trades at 27.1x forward earnings, even as the Nifty itself is at 22.2x—well above its historical median.'Valuations have become an issue again, particularly in the mid-cap space,' Wood wrote in his GREED & fear report. 'The equivalent of $7.2 billion of equity supply was raised last month and $6 billion so far in June. It is this supply which poses the main risk to the market.'Wood noted that domestic flows and sentiment remain strong, especially in consumer finance stocks. However, FII positioning indicates growing concern about over-valuation and saturation in parts of the valuation, earnings downgrades and growth moderation are another red flag. HSBC, in its Q4 review, flagged weak topline performance in consumer staples and slowing credit growth in banks.'Demand for consumer staples was subdued, while competitive intensity remains high… Growth for banks moderated to a single-digit rate amid margin pressures,' the HSBC note said, adding that 'a sustained recovery in earnings growth is still a few quarters away.'The IT sector, despite posting 6% net income growth, continues to suffer from poor visibility in US demand, weak discretionary spend, and macro uncertainty in export markets. This aligns with Chadawar's view that export-oriented sectors remain underweight, pending clarity on reciprocal trade not all foreign investors are pulling back entirely—they're simply rotating. FIIs have made significant investments in telecom (Rs 23,065 crore) and to a lesser extent in financials (Rs 9,456 crore), services (Rs 7,351 crore), and chemicals (Rs 4,863 crore).'From a long-term valuation and earnings visibility perspective, our portfolio is currently tilted towards cyclicals,' said Chirag Mehta, CIO, Quantum AMC. 'We believe the global macro challenges do not derail India's domestic cyclical recovery. Sectors like banking, consumer discretionary, materials, and utilities appear attractive.'While Mehta remains cautious on IT, he believes continued correction could create long-term entry opportunities, especially in high-quality names with consistent earnings Jefferies' GREED & fear India portfolio is shifting gears. Positions in L&T, Thermax, and Godrej Properties are being exited, replaced with TVS Motor, Home First Finance, and Manappuram Finance. Additional exposure is also being added to PolicyBazaar and Bharti Airtel, signaling a shift to consumption- and credit-focused domestic flows remain robust, the intensity and concentration of FII selling, especially in IT, FMCG, and auto, should not be ignored. With nearly ₹1 lakh crore of outflows in six months, the foreign money is clearly betting on earnings downgrades, valuation fatigue, and a global demand slowdown.'We seek out quality, high-integrity businesses at reasonable valuations… Our value-conscious approach often leads us to sectors that may be out of favour but possess strong fundamentals,' Mehta investors navigating this turbulent landscape, the data suggests a clear bifurcation: domestic-oriented sectors like telecom and financials are attracting foreign capital, while export-dependent sectors face sustained selling pressure. The challenge lies in timing entry points as valuations remain elevated despite the sectoral rotation.(Data: Ritesh Presswala): Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)