{"id":37927,"date":"2025-07-11T19:10:39","date_gmt":"2025-07-11T13:40:39","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=37927"},"modified":"2025-07-18T15:23:46","modified_gmt":"2025-07-18T09:53:46","slug":"the-weekly-wrap-churning-your-portfolio-can-be-tax-smart","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/the-weekly-wrap-churning-your-portfolio-can-be-tax-smart\/","title":{"rendered":"The Weekly Wrap | Churning Your Portfolio Can Be Tax-Smart"},"content":{"rendered":"<p><strong>\ud83c\udfc1 TL;DR<\/strong><\/p>\n<p>If equity\u00a0long-term capital gains (LTCG) tax rates are expected to go up, selling and re-buying your equity investments annually to lock in today\u2019s lower LTCG rate is a smart strategy.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Beating Rising LTCG Rates With A Smart Strategy<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>India\u2019s equity investors are staring at a changing tax landscape. With long-term capital gains (LTCG) tax on listed equity already reintroduced in 2018 after a long holiday, whispers of future hikes\u2014from the current 12.5 to 20% or even 25%\u2014are no longer just speculation. 7 out of 10 smart investors I speak to expect this to happen in the next\u00a05 to 10 years.<\/p>\n<p>The conventional wisdom says:\u00a0Buy &amp; hold, avoid churning your portfolio to minimise\u00a0tax drag, and let compounding do its magic.<\/p>\n<p>But what if I told you:\u00a0Regularly churning your portfolio\u2014selling and re-buying your investments annually to lock in today\u2019s lower LTCG rates\u2014isn\u2019t a tax inefficiency, but actually a smart, forward-looking feature if you expect LTCG tax rates to go up.<\/p>\n<p>Let\u2019s look at an example.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Under current Indian tax laws:<\/strong><\/p>\n<ul>\n<li>Gains on equity mutual funds and listed stocks held for\u00a0more than one year\u00a0are taxed as\u00a0long-term capital gains (LTCG).<\/li>\n<li>LTCG is taxed at\u00a012.5%.<\/li>\n<li>Gains\u00a0below \u20b91.25 lakh per financial year\u00a0are exempt.<\/li>\n<\/ul>\n<p>Say the government raises the LTCG rate to\u00a020% effective 5 years from now. This move may come as part of broader fiscal reforms, or due to global trends harmonizing capital and income tax treatments.<\/p>\n<p>&nbsp;<\/p>\n<p>This brings us to an <strong>important question<\/strong>:<\/p>\n<blockquote><p>Should you continue with a buy-and-hold strategy and pay 20% LTCG at the end, or should you start locking in gains annually at the current 12.5% rate?<\/p><\/blockquote>\n<p>Let\u2019s illustrate the impact of both strategies using an example.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/846269ae-3416-e6ea-477f-f847767a7c00.png\" width=\"400\" height=\"199\" data-file-id=\"2669011\" data-cke-saved-src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/846269ae-3416-e6ea-477f-f847767a7c00.png\" \/><\/p>\n<p>We\u2019ll compare two strategies:<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/cef358cb-8930-12fc-54c5-06fa380e8772.png\" width=\"400\" height=\"105\" data-file-id=\"2669013\" data-cke-saved-src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/cef358cb-8930-12fc-54c5-06fa380e8772.png\" \/><\/p>\n<p>&nbsp;<\/p>\n<p><strong>\ud83d\udcc8 Strategy A: Buy &amp; Hold<\/strong><\/p>\n<p>Let your \u20b9100 compound at 12% for 5 years:<\/p>\n<p>FV = 100*(1 + 0.12)^5 = \u20b9176.23<br \/>\nGain = \u20b976.23<br \/>\nTax (20% of \u20b976.23) = \u20b915.25<\/p>\n<p>Post Tax Amount After 5 Years = \u20b9160.99<\/p>\n<p><strong>\ud83d\udd01 Strategy B: Annual Churn<\/strong><\/p>\n<p>Sell and repurchase annually, paying 12.5% LTCG on yearly gains:<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/696cc729-0827-cd2a-ee57-68fb264de23c.png\" width=\"400\" height=\"189\" data-file-id=\"2669006\" data-cke-saved-src=\"https:\/\/mcusercontent.com\/9460ade7a36b92bd9a14f2bfd\/images\/696cc729-0827-cd2a-ee57-68fb264de23c.png\" \/><\/p>\n<p>Post Tax\u00a0Amount After 5 Years: \u20b9164.74<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Annual churning beats buy-and-hold<\/strong> by \u20b93.75 on \u20b9100 investment, or 3.75% more on invested capital. Scale it to a \u20b910 lakh portfolio, and the difference becomes\u00a0\u20b937,500 in 5 years.<\/p>\n<p><strong>What if the LTCG goes to 25%?<\/strong><br \/>\nLet\u2019s re-run our calculation for an even more adverse scenario: LTCG becomes\u00a025%\u00a0in year 5.<\/p>\n<ul>\n<li>Buy &amp; Hold:\u00a0Net Amount = \u20b9157.17<\/li>\n<li>Annual Churn\u00a0Still \u20b9164.74<\/li>\n<\/ul>\n<p>Delta: \u20b97.57 or on\u00a0\u20b910 lakh, that\u2019s\u00a0\u20b975,700 of additional returns in your pocket.<\/p>\n<p>By churning annually, you crystallize and pay taxes on\u00a0smaller gains, but at a\u00a0lower tax rate. As opposed to compounding gains and then paying a higher rate on the entire amount later.<\/p>\n<p>In a buy-and-hold scenario,\u00a0you\u2019re exposed to future tax hikes. You\u2019re taking on a potential\u00a0risk that could be eliminated. Annual churning\u00a0locks in the LTCG benefit under current laws, acting as a hedge against future fiscal surprises. Of course, if you believe LTCG tax rates are going to stay put or even decrease, you should not be doing this at all.<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>When the facts change, I change my mind &#8211; what do you do, sir?<\/p>\n<p>: John Maynard Keynes<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p><strong>Implementing the Strategy in Practice<\/strong><\/p>\n<ul>\n<li>Mark your investment anniversary\u00a0every year.<\/li>\n<li>Sell and rebuy\u00a0holdings\u2014same asset if your thesis hasn\u2019t changed.<\/li>\n<li>Ensure\u00a0no lock-ins\u00a0(e.g., avoid ELSS funds for this).<\/li>\n<li>Check for\u00a0exit loads\u00a0on funds (usually 1% if sold within a year\u2014no problem if you wait 12+ months).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>If you expect LTCG tax rates to go up then locking in\u00a0today\u2019s lower LTCG rates\u00a0isn\u2019t gaming the system\u2014it\u2019s\u00a0good financial hygiene. With a little effort, you could preserve more of your wealth and compound smarter.<\/p>\n<p>&nbsp;<\/p>\n<h3>Twice Bitten, Ain\u2019t Shy<\/h3>\n<p>&nbsp;<\/p>\n<p><i><span style=\"font-weight: 400;\">Why everything that\u2019s \u2018posed to be bad make me feel so good?<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Everything they told me not to is exactly what I would<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Man, I tried to stop, man, I tried the best I could<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">But you make me smile<\/span><\/i><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The American rapper Kanye West\u2014or Ye Ye, as he renamed himself again last month\u2014is hardly the go-to person if you want to learn anything about, well, almost anything. But the starting lines of his 2005 song \u2018Addiction\u2019 remind us of what many men and women in India have been doing for the past few years, even when they are told not to do it.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">No, we aren\u2019t talking about drugs or alcohol or binge-watching Netflix or fantasy-gaming on Dream11. We are talking about something equally addictive\u2014futures and options trading.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><b><img loading=\"lazy\" class=\"alignnone wp-image-37250 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/sip-01.png\" alt=\"SIP_Kuvera\" width=\"600\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/sip-01.png 600w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/sip-01-300x75.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/sip-01-150x38.png 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/b><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Readers of this weekly newsletter may remember that we have been writing about this addiction for over a year; <\/span><a href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-weigh-your-options\/\"><span style=\"font-weight: 400;\">first in May last year<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-kick-the-habit\/\"><span style=\"font-weight: 400;\">then again in October<\/span><\/a><span style=\"font-weight: 400;\">. And we have been urging investors, especially young people who got hooked on to F&amp;O trading in the post-pandemic bull run, to be more careful.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">But it can be difficult to kick the habit, and data the Securities and Exchange Board of India released this week shows just that.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Individual investors, dabbling in the high-octane world of equity derivatives, got hammered again in FY25, with their net losses ballooning 41% from FY24 to a staggering Rs 1.05 trillion, or $12 billion. That money came out of the pockets of 96 lakh traders, a stunning 91% of whom ended the year in the red. On average, each retail trader lost around Rs 1.1 lakh.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">What\u2019s more troubling is that the number of people jumping into the F&amp;O frenzy\u2014fueled by advertisements, YouTube influencers, and expiry-day adrenaline\u2014kept rising despite repeated warnings from SEBI and the government.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The high losses are even more concerning in the wake of <\/span><a href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-captain-cool-hits-a-six-%f0%9f%8f%8f\/\"><span style=\"font-weight: 400;\">SEBI\u2019s ban on US trading firm Jane Street<\/span><\/a><span style=\"font-weight: 400;\"> for engaging in manipulative market practices that helped it to make more than Rs 43,000 crore in profits from options trading.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Jane Street, of course, claims it did nothing wrong and that what it did was just arbitrage trading. And it will likely challenge the ban. Still, it\u2019s difficult to ignore the fact that one company alone made such massive profits while millions of individuals made heavy losses.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">So, when will retail traders learn their lesson? That we can\u2019t say, but there may be some movement in the right direction.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">SEBI data showed that retail traders lost Rs 21,255 crore in Q1 of FY25, Rs 25,942 crore in Q2 and Rs 33,661 crore in Q3.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">But starting late November 2024, SEBI rolled out a series of measures to cool the speculative frenzy\u2014higher contract sizes, tighter intraday limits, and upfront premium collection, to name a few. The message was clear: this isn\u2019t a casino.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Did it work? To a degree. Losses in Q4 dropped 26% from Q3 to Rs 24,745 crore. The number of retail participants shrank to 42.7 lakh in Q4 from 61.4 lakh in Q1\u2014a 30% drop that speaks volumes. People either wised up or tapped out.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Even the average loss per trader fell in Q4\u2014to Rs 57,920 from Rs 62,975 in Q3. The percentage of loss-makers also declined, from 88.5% to 86.4%.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The Q4 data offers a sliver of hope that the worst may be behind us, if the reforms continue and if retail investors start trading with more awareness and less blind ambition.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">For now, the lesson from FY25 is sobering: the market rewards patience, not thrill-seeking. And when nearly nine in ten traders are losing money, it\u2019s time to rethink what \u201cplaying the market\u201d really means.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Bouncing Back<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">While millions of individuals are burning money in F&amp;O, millions more are steadily investing in mutual funds even though they keep adjusting their strategies and preferences depending on market movements.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Latest data released this week by the Association of Mutual Funds in\u00a0India\u00a0showed inflows into equity mutual funds surged 24% to Rs 23,587 crore in June, ending a five-month decline thanks to strong retail participation. Overall, the mutual fund industry touched a new peak in June, with net assets under management rising to Rs 74.41 trillion.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Inflows into large-cap equity schemes soared 36% monthly jump to Rs 1,694 crore while the amount of money flowing into small-cap and mid-cap funds rose 25% and 34%, respectively, the AMFI data showed. This helped the benchmark Nifty 50 gain 3% in June, while the mid-caps climbed 4% and the small-caps jumped 6.7%.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Contributions via systematic investment plans (SIPs) also hit a new record of Rs 27,269 crore in June while the number of SIP accounts increased to 86.4 million from 85.6 million in May.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">One of the highlights during June was investors pouring more money in gold and silver funds amid rising global trade uncertainty that have pushed prices of precious metals higher.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Inflows into gold exchange-traded funds soared 10 times month-on-month to Rs 2,081 crore in June while inflows into silver ETFs more than doubled to Rs 2,004 crore from Rs 853 crore in May.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Enter the Dragon<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Staying with <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual fund<\/a> news, the industry this week saw the big-bang entry of a player who may well change its entire dynamics in coming months and years. That player is Jio BlackRock Asset Management.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The fund house is a joint venture between Jio Financial Services, a unit of India\u2019s biggest company and billionaire Mukesh Ambani-led Reliance Industries, and BlackRock, the world\u2019s biggest asset manager.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The fund house said this week it raised Rs 17,800 crore across three debt schemes\u2014an overnight fund, a liquid fund, and a money market fund\u2014via new fund offers. These are its first set of schemes since securing SEBI approval in May.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The company also said that 90 institutional investors and 67,000 retail investors have invested in these funds so far, underlining its wide reach and brand awareness in such a short period.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Now, why are we saying that Jio BlackRock can perhaps change the industry dynamics? Well, because Ambani has a history of doing so. Remember the 2016 launch of Reliance Jio Infocomm, the group\u2019s telecom venture?\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Thanks to his deep pockets, Ambani launched the telecom company offering cheap phones and free data and calls. Overnight, thousands of customers joined up. Within months, many of Jio\u2019s competitors shut shop. Some telecom operators merged with each other (think Idea and Vodafone) and some others were absorbed by Bharti Airtel.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Today, Jio is the largest telecom company in India, followed by Airtel. Vodafone Idea, and state-run BSNL and MTNL are barely surviving. Ambani can follow a similar playback for the mutual fund business. He would focus on small-ticket investments to rope in thousands of investors. And he would launch multiple equity and debt funds to rock the competition. And he would keep costs low\u2014that means bypassing distributors and offering only direct plans.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Jio BlackRock can use Reliance Jio\u2019s large digital network to bypass distributors that other fund houses use. That way the company can offer funds directly to institutional and retail investors. It can also tap into the customer base and network of Jio Financial, which demerged from Reliance Industries two years ago and commands a market value of Rs 2.1 trillion.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Equally importantly, the fund house will tap into BlackRock\u2019s expertise. BlackRock, which manages $11.6 trillion, can offer its famed investment and risk management system called Aladdin to help its India JV to go one up on its competition.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">All in all, India\u2019s <a href=\"https:\/\/kuvera.in\/mutual-funds\/all\">mutual fund<\/a> industry, which now has nearly four dozen companies, is bracing for some disruption.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Hitting a Wall<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Moving on to corporate developments, two companies were in the crosshairs with shareholders and investors this week.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Mining giant Vedanta Ltd, led by billionaire Anil Agarwal, faced an attack by US-based short-seller Viceroy Research. In an 87-page report, Viceroy said Mumbai-listed Vedanta\u2019s UK-based parent Vedanta Resources Plc was \u201csystematically draining\u201d the Indian unit and that it had taken a short position against the debt of the British parent.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Viceroy said that Vedanta\u2019s group structure was \u201cfinancially unsustainable\u201d and a risk to creditors. It said it had uncovered material discrepancies in its investigation. It also said that Vedanta Ltd\u2019s dividend policy serves its parent company\u2019s requirements, not its own cash flow.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Vedanta, which plans to split into four to five separate listed entities as part of a reorganization, dismissed the report. The group said the report was \u201ca malicious combination of selective misinformation and baseless allegations\u201d. Still, shares of Vedanta and Hindustan Zinc fell almost 5% after the report.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The second company was Zee Entertainment Enterprises, whose shareholders rejected a proposal by the founding family of media baron Subhash Chandra and his son Punit Goenka to raise their stake by injecting funds via warrants.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The proposal involved the company issuing 16.95 crore preferential warrants for Rs 2,237 crore to the promoter family. This would have increased the promoter shareholding to increase from just 3.99% currently to 18.39%. The proposal required approval from at least 75% of shareholders but only 59.5% of the shareholders who voted supported it.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The rejection came after proxy advisory firms InGovern and Institutional Investor Advisory Services recommended voting against the proposal due to concerns about stake dilution. Currently, retail investors hold a 41.68% stake in Zee while institutions such as HDFC Mutual Fund, ICICI Prudential Mutual Fund, LIC and Vanguard own nearly 39%.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Market Wrap<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">India\u2019s stock markets fell for a second consecutive week on renewed worries over US trade tariffs and as Tata Consultancy Services, the nation\u2019s biggest software services exporter, disappointed with its quarterly earnings.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The BSE Sensex lost 1.12% this week while the Nifty 50 slipped 1.22%; both had declined 0.7% last week.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">The mid-cap index dropped 1.7% while the small-cap index shed 1.4%. Among sectoral indices, all but two of the 13 ended in the red\u2014only the FMCG and pharma indices stayed in the green.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Market breadth was negative with 35 of the 50 Nifty stocks and 20 of the 30 Sensex companies falling this week.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">IT stocks were among the biggest losers after TCS missed revenue forecasts for Q1. HCL Tech dropped 5%, TCS lost nearly 4.5% and Wipro shed 4%. Tech Mahindra and Infosys also declined.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Overall, Titan was the top Nifty loser this week, falling more than 8.5%. Apollo Hospitals, Bharti Airtel, Bajaj Auto, Bharat Electronics and Hindalco were the other prominent names that slipped.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Gainers were led by Hindustan Unilever, which ended the week with a gain of 7.7% and jumped 4.6% on Friday after the company named insider Priya Nair its new CEO.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Kotak Mahindra Bank, state-run companies NTPC and Power Grid Corp, and SBI Life were the other major winners.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"alignnone wp-image-37226\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-1024x256.png\" alt=\"FD_Kuvera\" width=\"600\" height=\"150\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-1024x256.png 1024w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-300x75.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-768x192.png 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-1536x384.png 1536w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-2048x512.png 2048w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2025\/05\/FD-Banner-9.0-01-150x38.png 150w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Other headlines<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capgemini to buy outsourcing pioneer WNS for $3.3 billion in AI push<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">ICICI Prudential Asset Management files draft prospectus for IPO<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Hindustan Unilever appoints Priya Nair as MD and CEO, succeeding Rohit Jawa<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">TCS Q1 consolidated revenue up 1.3% at Rs 63,437 crore, profit beats forecasts with 6% rise<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tata Elxsi Q1 net profit drops 21.6% to Rs 144 crore, misses analysts\u2019 estimates<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Airport lounge operator Travel Food Services&#8217; Rs 2,000 crore IPO fully covered<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reliance Jio delays IPO plan, 2025 listing not on cards, reports Reuters<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After Crocs, German footwear brand Birkenstock launches infringement lawsuit in India<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">US air conditioner maker Carrier sues Indian government over electronic waste rules<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tesla to open first India store in Mumbai on July 15<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SEBI proposes allowing asset management companies to advise pooled funds such as family offices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">SEBI to enhance surveillance against derivatives manipulation, says chairman Tuhin Kanta Pandey<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Israel and India finalising investment protection agreement<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After NSE, MCX to launch electricity futures<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s all for this week. Until next week, happy investing!<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\n<p><strong>Read more: <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\">Zen And The Art Of Investing<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Watch here:<\/strong> Investing in International Markets<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/cD4mOCHdP70?si=E3KqcFnUX5ya-cGl\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit <a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a> to discover Direct Plans and <a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a> and start investing today. #MutualFundSahiHai #KuveraSabseSahiHai<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83c\udfc1 TL;DR If equity\u00a0long-term capital gains (LTCG) tax rates are expected to go up, selling and re-buying your equity investments annually to lock in today\u2019s lower LTCG rate is a smart strategy. &nbsp; Beating Rising LTCG Rates With A Smart Strategy &nbsp; India\u2019s equity investors are staring at a changing tax landscape. With long-term capital [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-churning-your-portfolio-can-be-tax-smart\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":12756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[802,4112,1529,2569,3672,67,386,41,394,487,4111,413],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Weekly Wrap | Churning Your Portfolio Can Be Tax-Smart<\/title>\n<meta name=\"description\" content=\"Retail investors face heavy F&amp;O losses despite warnings; mutual fund trends shift; Jio BlackRock eyes disruption; Vedanta and Zee struggle.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/kuvera.in\/blog\/the-weekly-wrap-churning-your-portfolio-can-be-tax-smart\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Weekly Wrap | Churning Your Portfolio Can Be Tax-Smart\" \/>\n<meta property=\"og:description\" content=\"Retail investors face heavy F&amp;O losses despite warnings; 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