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Bandhan AMC Adjusts Duration Strategy Amid External Pressures and Global Developments

By:- Suyash Choudhary, CIO  Fixed Income, Bandhan AMC

Background

For the last few months, we have been focussed on the tension from external account pressures frustrating RBI’s ‘lower for longer’ theme. This can be envisaged under the framework of what is called ‘the impossible trinity’; which denotes the potential tension between exchange rate, capital flow, and monetary policy. Over the past year, one can see this tension in play in the case of India. This has led to monetary easing not achieving desired transmission in market rates.

Given this dynamic, it has made sense to us to turn more active on duration management. Thus, when the ‘lower for longer’ theme seemed to be dominating bond valuations, we had turned underweight duration. Over the course of the West Asia war, as market pricing on rate hikes turned quite aggressive, we had added back duration risk. We had preferred 14 and 40 years on the sovereign curve (since this curve has still been quite steep despite ongoing external account pressures) and front end (up to 3-4 years) on the corporate curve (since this curve is already flat reflecting elevated bank’s credit to deposit ratios).

New Developments

1. Duration of the shock: Given the size of the quantity shock on various commodities from the West Asia war, the length of the disruption was always of a major concern for markets and the global economy. With the buffer from inventories depleting, the sustained impact on supply has potential now for greater damage. There is also risk from production shutdowns increasing at source if offtake via the Strait continues to be compromised. Finally, the floor rates on a host of energy prices likely moves up the longer the conflict persists. This is because of rising buildup of ships that needs clearing once the Strait opens, the capacity of ports to process this flow, and the need for nations to rebuild depleted inventories and possibly build for even higher strategic reserves than before.

1. US growth is holding up, and alternate capital allocation themes are intact:  One reason to go overweight duration was also the very likely impact of the war on growth, and markets pricing that in central bank response functions. This theme would have played an important counterweight to the tightening in financial conditions that we are otherwise facing here in India owing to external account pressures. While this expectation may still hold from a few months’ standpoint, the immediate data reflects a resilient US economy. Furthermore, important capital allocation themes around the world linked to the AI story are if, anything, strengthening in momentum lately.

Implications

It can be easily seen that the above two developments are adding to the external account pressures and, by implication, to the growing disconnect between RBI’s policy rate and market rates. If this dynamic were to not change, the path of least resistance would be for RBI to bring forward tightening rather than market yields reverting to anchoring around existing policy rates. That said, it is important to clarify on two points: One, the route for policy rate normalisation will still be the traditional growth-inflation framework: a prolonged pressure on commodity prices, accompanied with continued currency pressures, will obviously change the predicted path of inflation. With average CPI for the current financial year easily likely to be in the 5 – 6% band, it almost automatically follows that RBI/MPC will have to undertake some rate hikes. As a base case one should expect 50 – 75 bps hikes over the course of the rest of this fiscal year. Two, this still doesn’t imply that a ‘rate defence’ is warranted to ease currency pressures. Thus, at whatever point, if market pricing starts to lean into the direction of aggressive rate hikes (more than what is warranted by the evolving inflation-growth dynamic), we would likely consider that as an opportunity to scale up market risk. To be clear, however, this is our thinking as of date and not a commitment.

Portfolio Strategy Update

Reflecting the evolving dynamics as discussed above, we have again gone underweight duration across a host of our funds (subject to individual mandates and positionings). The primary route undertaken for this has been via reducing our 14- and 40-year government bond positions. Recent relative stability in yields has made the decision somewhat easier, even as the primary reason for the change has been continuous evaluation of the underlying ‘impossible trinity’ tensions in context of the two new developments as described above.

One looks forward to developments that may allow for external pressures to ease including 1> conclusion to the war 2> effective capital flow garnering measures.  A sustainable turn to our capital flow dynamic, however, may also need some fatiguing of the AI allocation theme and / or return of some meaningful US rate cut expectations. Both are for now absent. It is also to be noted that our latest portfolio positionings reflect our current thinking. As always, these may change at any time in the future.

Agoda Reveals the Most Popular Search Filters for 2026: Indian Travelers Favor Choice, Culinary Convenience and Comfort

May 12: Digital travel platform Agoda has unveiled its ranking of what Asian travelers prioritize most when searching for accommodation in 2026. Looking at the most-used search filters on its website this year, Agoda reports that Indian travelers consistently prioritize accommodation type, included breakfasts and strong review scores when seeking holiday stays.

At 26% of all filter activity, choice of accommodation type ranked first for Indian traveler searches in 2026, emphasizing the importance of selecting the right stay over all other factors. This places India among the top markets, compared with the Asia-wide average of 19%.

‘Review scores of 7 and above’ rank among the top search criteria for Indian travelers in 2026 constituting 13% of all filter activity reflecting a strong preference for highly rated stays.

Dining and creature comforts drive Indian travel choices 

The filter for breakfast-included stays is India’s second-most searched at 14%, reflecting a preference for convenience and value at the start of the day. Dinner-included stays also feature among India’s top 10 search filters, pointing to food as a consideration across the entire day, not just breakfast.

Indian travelers also seek specific creature comforts when choosing stays. Swimming pools and bathtubs both rank among the top 10 search filters for Indian travelers in 2026, reflecting a clear preference for amenities that support relaxation and enhance the overall stay experience.

Indian travelers want flexibility before, during and after the stay 

Flexibility across booking, payment and stay options is a clear priority for Indian travelers in 2026. Free cancellation and pay-at-hotel options are featured among the top 10 search filters, highlighting the interest in refundable and on-site payment choices that reduce booking friction.

Other search options that offer flexibility, choice and convenience also feature among the top 10 searches for Indian travelers, including location score (of 9 and above) and car parking facilities. These indicate that travelers are increasingly keen on accommodation that can cater to their diverse preferences, whether this is traveling as a group, driving to their destination, or wanting to be close to public transport and other attractions.

Gaurav Malik, Country Director, Indian Subcontinent & Indian Ocean Islands at Agoda, said,

“In 2026, Indian travelers are becoming more intentional in how they choose their stays. Searches show a clear focus on accommodation type, breakfast-included options and highly rated properties, alongside flexible booking features such as pay-at-hotel and free cancellation. It is not just about availability, but about finding the right fit. Agoda’s easy-to-use search filters and wide range of accommodation choices, amenities, locations and more enable travelers to find the perfect stay based on individual needs and wants.”

With over 6 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, Agoda enables travelers to plan and combine every part of their journey in one place. Running from 7 May to 21 May, Agoda’s 21st Birthday Sale will offer up to 60% off on hotel bookings, with a special flash sale of up to 70% on 19 May and exclusive deals on flights and activities. Agoda VIP members will receive early access to deals from 3 May to 6 May. Discover more on Agoda’s mobile app or at Agoda.com.

“Samsung Introduces ‘Certified Re-Newed’ Programme in India to Expand Access to Premium Galaxy Devices”

Hyderabad, May 12: Samsung India today announced the launch of its ‘Certified Re-Newed’ programme in India, aimed at making premium Galaxy smartphones more accessible through a trusted, company-backed refurbished device offering.

The programme brings refurbished Galaxy devices, including flagship and mid-range models, to consumers at more affordable price points while maintaining Samsung’s standards for quality, reliability, security, and user experience.

The introduction of the Certified Re-Newed programme reflects Samsung’s continued focus on expanding access to premium technology, promoting more sustainable product lifecycles, and strengthening consumer trust in the refurbished smartphone category.

“At Samsung, we are focused on expanding access to our technology while maintaining the quality and reliability that consumers expect from Galaxy devices. The Certified Re-Newed programme reflects this approach by offering a trusted pathway to premium experiences at more accessible price points,” said Sumit Walia.

Under the Certified Re-Newed programme, all devices undergo a comprehensive in-house refurbishment process, including detailed inspection, functional testing, and software validation. Devices are restored using genuine Samsung parts and packaged in new boxes to ensure a premium experience for customers.

Each device is reset to ensure complete data removal and is updated with the latest software, supporting long-term usability and enhanced security. Certified Re-Newed devices will also come with a one-year manufacturer warranty, aligned with the coverage offered on new Galaxy smartphones.

With this initiative, Samsung aims to make premium Galaxy experiences more widely available while supporting responsible consumption and sustainability in the technology ecosystem.

CBSE Class 12 Result 2026 Likely Today; Students Await Official Announcement !

New Delhi, May 12 (BNP): The Central Board of Secondary Education (CBSE) is expected to announce the Class 12 Board Examination Results 2026 today, creating huge anticipation among lakhs of students and parents across the country. Although the board has not officially confirmed the exact date and time, a recent post by DigiLocker indicating “CBSE Class XII Results 2026 Coming Soon on DigiLocker” has strengthened speculation about today’s declaration.

As per reports, CBSE will not hold any press conference for the result announcement this year. Instead, students will be able to access their results online through multiple official platforms including cbse.gov.in, results.cbse.nic.in, cbseresults.nic.in, DigiLocker, UMANG app, and SMS services.

The CBSE Class 12 examinations were conducted from February 17 to April 10, 2026, in a single shift from 10:30 AM to 1:30 PM across India and at overseas examination centres.

Students are advised to keep their admit cards ready to avoid last-minute inconvenience while checking scores. Candidates can log in using their roll number, school number, admit card ID, and date of birth.

Students who have not yet activated their DigiLocker accounts can do so by visiting the DigiLocker portal, selecting “Get Started,” entering the access code provided by their respective schools, and verifying their mobile number through OTP authentication.

With no official result tab activated yet on cbseresults.nic.in, students continue to refresh official websites eagerly as the expected announcement window approaches.

From Awareness to Action: Avaada Group Flags Off ‘Avaada Bharat Uday Yatra’ to Drive India’s Clean Energy Movement

Noida, May 11 : Sensing urgency for adoption of green energy amid rising geopolitical uncertainty and ongoing disruptions in global fossil fuel supply chains, Avaada Group, one of India’s leading integrated green energy conglomerates, today flagged off its ambitious renewable energy awareness initiative, ‘Bharat Uday Yatra’, aimed at building grassroots level awareness around green energy.

As part of the initiative, two custom-designed vans will travel across 9 states and 27 cities over 35 days, creating immersive, on-ground engagements with citizens, institutions, and communities. Through the initiative, the renewable energy company aims to touch millions of Indians, driving awareness around clean energy (solar, wind and water) adoption, energy efficiency, and sustainable living, while addressing common misconceptions around renewable energy.

Envisioned as a nationwide movement, ‘Avaada Bharat Uday Yatra’ goes beyond a conventional outreach campaign to take the message of sustainability from cities to citizens, aligning with the vision of Hon’ble Prime Minister Shri Narendra Modi to build a cleaner and more self-reliant India, while contributing to the national target of 500 GW of non-fossil fuel capacity by 2030.

The ‘Avaada Bharat Uday Yatra’ was flagged off from the company’s corporate office in Noida Sector 62 amid a large and spirited gathering, as crowds assembled to witness and celebrate the momentous occasion. The event was presided over by senior leadership including Mr. Kishor Nair, Chief Executive Officer, Avaada Energy; Mr. Vinoo George, President – Manufacturing, Avaada Electro; and Mr. Prashant Choubey, President & Head – Green Hydrogen/Ammonia Business & New Initiatives, Avaada Group, who collectively flagged off the Yatra amid much fervour and encouragement from those present.

Commenting on the launch of the Yatra, Mr Vineet Mittal, Chairman, Avaada Group, said,

 “The time is now to accelerate adoption to the green energy in India. At a time when geopolitical uncertainties and disruptions in global fossil fuel supply chains continue to impact energy markets, India’s transition to clean energy is not just an environmental priority but a strategic imperative for energy security and self-reliance. India stands at a defining moment in this journey, and the next phase must be driven by citizen participation. Through Avaada Bharat Uday Yatra, we aim to make clean energy more accessible, relatable, and actionable—transforming awareness into a nationwide movement.”

The Yatra will traverse key urban and semi-urban centres across northern, central, western, and eastern India before culminating in Delhi. During its journey across nine states including Uttar Pradesh, Bihar, Odisha, Madhya Pradesh, Maharashtra, Gujarat, Rajasthan, Jharkhand and Delhi, the interactive vans will engage with communities, local leaders, and changemakers.

As a part of the initiative, street play (Nukkad Natak) will be organised to bring renewable energy concepts to life. This apart, there will be several myth-busting activities to help dispel common misconceptions. Citizens will also be encouraged to take Digital Green Pledge to become a part of the national movement and drive sustainability revolution.

By combining on-ground engagement with digital outreach, the initiative reinforces Avaada Group’s commitment to accelerating India’s clean energy transition not just through capacity creation, but by enabling widespread behavioural change and citizen participation.

Tamil Nadu CM Vijay Meets MK Stalin, Udhayanidhi After Swearing-In

Chennai, May 11 (BNP): A day after taking oath as the Chief Minister of Tamil Nadu, C. Joseph Vijay met former Chief Minister M. K. Stalin and DMK leader Udhayanidhi Stalin at Stalin’s residence in Chennai on Monday.

The meeting, described as a courtesy call, marked the first interaction between the leaders after the recently concluded Assembly elections and Vijay’s swearing-in ceremony. Visuals from the meeting showed the leaders exchanging warm greetings and holding discussions on the state’s political developments.

According to reports, Stalin congratulated Vijay on assuming office and extended his best wishes for the new government. The meeting is being seen as a significant political gesture amid the changing political landscape in Tamil Nadu.

The Westin Pushkar Emerges as Luxury Wedding Destination in Rajasthan

Pushkar, Rajasthan : The Westin Pushkar Resort & Spa sets a new benchmark for destination weddings, offering a seamless blend of scenic beauty, luxury living, and curated experiences. Nestled amidst tranquil surroundings near Pushkar’s spiritual landmarks, the resort features sweeping 360° views of the Aravalli Hills and breathtaking sunset backdrops creating a picturesque setting for every celebration.

With four outdoor and two indoor venues, the resort offers versatile spaces for multi-day weddings, including a distinctive dome-shaped venue inspired by the Shiv Ling for sacred pheras. Expansive lawns and seamless baraat processions within the property ensure both grandeur and convenience.

The resort’s 98+ rooms and private villas including pool and plunge pool options are ideal for exclusive wedding buyouts, allowing guests to celebrate together in privacy and comfort. Complementing the celebrations are signature wellness offerings, a premium spa, Westin WORKOUT Fitness Studio, and multiple pools for relaxation.

Dining experiences range from global cuisine at Seasonal Tastes to panoramic rooftop views at Panorama, alongside curated wedding menus tailored to each celebration. A variety of indoor and outdoor activities ensures an engaging stay for guests of all ages, while the resort’s pet-friendly approach adds a thoughtful touch.

“Weddings today are about creating immersive, meaningful experiences, and at The Westin Pushkar Resort & Spa, we bring together nature, luxury, and thoughtful service to make every celebration truly personal and memorable,” said the General Manager, Vijay Chandran. “Our aim is to offer couples and their families a seamless, all-in-one destination where every detail is taken care of.”

Bringing together venues, villas, wellness, and bespoke experiences, The Westin Pushkar Resort & Spa delivers a seamless, all-in-one destination wedding experience.

A refined destination where serene landscapes, exclusive villas, and curated experiences come together to create truly unforgettable weddings.

Fresh Militia Violence in DR Congo’s Ituri Province Leaves At Least 69 Dead

Bunia, May 11 (BNP): At least 69 people were killed in a fresh wave of militia violence in the conflict-hit Ituri province of the Democratic Republic of Congo (DRC), according to local authorities and security sources.

The deadly attacks were reportedly carried out by armed fighters linked to the Codeco militia, which claims to represent the Lendu community, in several villages in late April. The violence comes amid escalating tensions between the Hema and Lendu ethnic groups, who have been engaged in a long-running conflict in the gold-rich province bordering Uganda and South Sudan.

Officials said the attacks followed earlier clashes involving the Convention for the Popular Revolution (CRP), an armed group associated with the Hema community, and the Congolese Army near the locality of Pimbo. Security sources stated that the violence claimed the lives of civilians, militia members, and soldiers.

Local civil society leaders described the killings as a “massacre,” with reports of bodies lying unattended for days due to continued militia presence in the affected areas. Humanitarian agencies also reported widespread panic, displacement of civilians, and destruction of property across several villages.

The United Nations mission in the DRC (MONUSCO) strongly condemned the attacks and reiterated its concern over the deteriorating security situation in eastern Congo. Earlier, the UN mission had rescued nearly 200 civilians caught in crossfire during clashes between armed groups and government forces.

Eastern DRC has remained unstable for decades due to the activities of multiple armed groups competing for control over the region’s vast mineral resources, including gold, cobalt, copper, and diamonds. The violence has triggered a severe humanitarian crisis in Ituri province, where nearly one million people are currently displaced, according to UN agencies.

Authorities and humanitarian organisations have appealed for restraint and urged communities to avoid retaliatory violence as efforts continue to restore peace and stability in the region.

Delhi LG Unveils Plan to Transform Dwarka, Rohini and Narela Into Major Investment Hubs !

New Delhi, May 11 (BNP): Delhi Lieutenant Governor Taranjit Singh Sandhu has directed the Delhi Development Authority (DDA) to prepare a comprehensive and time-bound roadmap for transforming Dwarka, Rohini, and Narela into major investment and decentralised economic hubs of the national capital.

According to officials, Dwarka sub-city is being planned as a major destination for domestic and international investments in Information Technology (IT), IT-enabled Services (ITeS), digital infrastructure, and other non-polluting industries. Similar development initiatives are also being proposed for Rohini and Narela under the broader vision of balanced and sustainable urban growth.

During a recent high-level meeting with senior DDA officials, the Lieutenant Governor discussed various developmental initiatives aimed at bringing transformative changes to these sub-cities. He instructed officials to consult all stakeholders and submit a concrete action plan at the earliest.

Sandhu emphasised the need to explore opportunities for attracting IT companies, global capability centres, healthcare institutions, digital infrastructure industries, data centres, semiconductor plants, and warehousing facilities in these areas, in line with the provisions of the Delhi Master Plan.

Officials stated that the improved connectivity through the Urban Extension Road, expanding Metro network, transit-oriented development policy, upcoming educational hubs, and rapid residential growth have made Dwarka, Rohini, and Narela ideal locations for decentralised business and commercial development.

The Lieutenant Governor noted that the proposed transformation would not only attract large-scale investments but also create employment opportunities, boost revenue generation, reduce pressure on central Delhi, and promote sustainable urban development across the capital.