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ITC shares fall 3% to fresh 52-week low; Motilal Oswal sees more pain ahead

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ITC shares fall 3% to fresh 52-week low; Motilal Oswal sees more pain ahead
Shares of FMCG major ITC dropped nearly 3% to hit a fresh record low on Wednesday, with Motilal Oswal Financial Services remaining cautious on the stock after steep tax hikes on cigarettes.

ITC shares dropped to a fresh 52-week low of Rs 275.50 apiece on NSE in the morning trading hours of Wednesday. The stock is currently among the top losers on Sensex and Nifty, following the IT stocks, which crashed up to 7%.

Why are ITC shares falling today?

Motilal Oswal Financial Services, in its latest note, highlighted that the cigarette industry is witnessing one of its most disruptive regulatory resets after the implementation of GST 2.0, effective from February 1, 2026. The revised taxation framework has resulted in around 60-65% surge in cigarette taxes for ITC, implying the need for around 35% hike in MRPs (at historical mix), it further said, adding that this was the steepest hike seen historically and a sharp departure from the largely stable tax regime maintained during 2018-25.

The domestic brokerage highlighted that the transition has also been unusual due to the one-month gap between the announcement (January 1) and the implementation (February 1), compared to the typical immediate or near-immediate execution seen historically. To tackle the high taxes, ITC has adopted a calibrated and phased price hike strategy instead of taking an upfront full tax pass-through, with the objective of limiting the shift toward illicit cigarette markets and retaining market share among legal players, it added.

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Motilal believes the current phase can be viewed in two stages. The first stage represents a transitionary adjustment period wherein ITC is gradually taking price increases to eventually reach tax-neutral levels. The second stage, according to the brokerage, is likely to emerge once the full tax increase is absorbed into retail prices and the competitive equilibrium between legal and illicit trade stabilises.

How will tax hikes impact ITC’s earnings?

“We expect volatility in cigarette volumes and EBIT to moderate from the initial transitionary phase. In this normalized phase, ITC’s product portfolio, innovation pipeline, and premiumization strategy will play a critical role in rebuilding the growth momentum and defending its market positioning. Given the MRP revisions are still underway, the outlook for ITC’s cigarette business remains uncertain. We do not rule out any possibility for further earnings cuts. That said, the extent of consumer acceptance for revised prices will be a key monitorable. We model 15% revenue decline and 19% dip in EBIT in the cigarette business in FY27,” the domestic brokerage said.

Meanwhile, ITC’s non-cigarette business continues to exhibit structural improvement, according to Motilal, which sees FMCG as a key growth driver. “Positive catalysts such as improving FMCG performance and paperboard margin normalization are overshadowed by the cigarette earnings headwind stemming from illicit competition, constrained pricing flexibility, and the inevitable volume-versus-margin trade-off that defines ITC’s near-term trajectory,” it added.


Also read:
Cigarette business weakness drags ITC margins in March quarter

Tax hikes may weigh on ITC’s near-term volume

The domestic brokerage highlighted that recent tax hikes could weigh on ITC’s near-term volume, keeping growth subdued. It expects cigarette volume to decline 10% in FY27 and to remain flat in FY28. On the EBIT front, the high price differential after the tax increase constrains pricing flexibility, making it challenging to drive earnings growth, it added.
“We model 15% revenue decline and 19% dip in EBIT in the cigarette business for FY27. We model a negative EBIT CAGR of ~8% for the cigarette segment over FY26-28E,” Motilal said, adding that competitive pressure from illicit cigarettes will weigh on the formal cigarette industry.

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ITC share price

The domestic brokerage has a ‘Neutra;’ rating for the shares of ITC, with a target price of Rs 300 apiece, implying an upside potential of nearly 6% from the stock’s previous closing price of Rs 283.25 apiece on NSE.
ITC shares have fallen more than 5% in one week, 12% in one month and around 24% so far in 2026. The stock is down more than 33% in one year. In the longer term, ITC shares fell more than 37% in three years but gained over 32% in five years.
Also read: Why stock market is crashing today?

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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Messi’s Chances of Winning 2026 World Cup Estimated at 9-11% as Argentina Eyes Repeat Glory

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messi argentina 2016

Lionel Messi’s prospects of lifting the World Cup trophy for a second time in 2026 stand at approximately 9-11%, according to current betting markets, as the 39-year-old superstar prepares for what could be his final appearance on football’s biggest stage with defending champion Argentina.

Major sportsbooks list Argentina as fourth or fifth favorite to win the tournament, with odds ranging from +800 to +1000. This implies a probability of roughly 9% to 11% for the Albiceleste to repeat as champions in the expanded 48-team competition co-hosted by the United States, Canada and Mexico. While Messi remains a central figure, younger squads from Europe and South America are viewed as stronger overall favorites.

Spain and France currently lead the betting at +450 to +475, followed by England at +600 to +700 and Brazil at +800. Argentina’s odds reflect respect for their 2022 triumph and depth of talent but also acknowledge the challenges of age, form and a demanding schedule in a tournament that runs from June 11 to July 19.

Messi has not ruled out participation despite turning 39 during the group stage. He continues to produce moments of brilliance for Inter Miami and Argentina, though his role has evolved toward mentorship and selective impact rather than carrying the full attacking burden. His presence alone elevates Argentina’s chances, particularly in clutch moments where experience and vision prove decisive.

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Analysts note that no team has successfully defended a World Cup title since Brazil in 1962. Historical precedent weighs against Argentina, yet the squad features a strong blend of veterans and emerging stars including Julián Álvarez, Lautaro Martínez, Enzo Fernández and Emiliano Martínez. This continuity from the 2022 squad provides a foundation that few nations can match.

The defending champions face a competitive path. Drawn in a tough group, Argentina must navigate early challenges while managing player fitness across a longer tournament format. Messi has publicly acknowledged the difficulty, naming France, Spain, Brazil, England, Germany and Portugal as formidable opponents.

Betting markets assign Messi modest individual honors. He sits around +1600 for Golden Boot and remains a long shot for Golden Ball, reflecting expectations of a reduced playing load. However, his leadership and ability to influence big matches keep Argentina within striking distance of contenders.

Expert simulations give Argentina roughly a 10-12% chance of winning the title, aligning closely with betting implied probabilities. Models from Opta and others factor in squad quality, recent form, home-continent advantage for South American teams and the expanded format that offers more recovery time but also fatigue risks.

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Messi’s legacy already includes one World Cup victory that cemented his status as one of the greatest players ever. A second triumph would place him in even more rarefied air, joining legends like Pelé who achieved multiple titles. At 39, any deep run would represent a remarkable physical and mental achievement.

Argentina’s preparation has focused on tactical flexibility. Coach Lionel Scaloni has emphasized balance, allowing Messi freedom in attacking phases while relying on younger players for pressing and defensive structure. This evolution aims to preserve Messi’s energy for decisive knockout stages.

Challenges include potential injuries, adaptation to North American conditions and the psychological pressure of defending a title. The co-hosting nations add crowd dynamics and travel complexities that could affect all teams, though South American sides may benefit from cultural similarities.

Public sentiment in Argentina remains optimistic. Fans view Messi’s leadership as a talisman, even as his physical peak has passed. Social media and polls show strong belief in another strong tournament showing, if not guaranteed victory.

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Broader tournament context favors European teams. Spain enters with excellent recent form and youthful talent like Lamine Yamal. France boasts unmatched depth and attacking options. These sides offer more athleticism and squad options compared to Argentina’s reliance on star quality and cohesion.

Despite the odds, history shows upsets are common in World Cups. Argentina’s 2022 run as slight underdogs demonstrated their resilience. Similar mentality, combined with Messi’s experience in penalty shootouts and high-pressure games, provides intangible advantages.

Bookmakers offer various related markets. Argentina to reach the final sits around +470, while progression from the group stage is heavily favored at short odds. These reflect confidence in a solid campaign even if ultimate victory remains challenging.

Messi has spoken candidly about the tournament. He expressed excitement while recognizing stronger-prepared teams. His focus remains on collective performance rather than personal milestones, though record-breaking opportunities exist in appearances and assists.

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For Argentina, success hinges on key performers stepping up. Goalkeeper Emiliano Martínez provides reliability at the back, while midfield creators supply service to forwards. Defensive organization will be critical against faster European attacks.

The expanded format introduces new variables. More teams increase the chance of upsets, but also demand consistency over additional matches. Argentina’s experience navigating knockout pressure could prove valuable in later rounds.

Investment in youth development has strengthened the squad. Players like Facundo Buonanotte and others add dynamism, reducing over-reliance on Messi. This balance could extend Argentina’s competitiveness deep into July.

As the tournament nears, odds will fluctuate based on friendlies, injuries and early group performances. Current numbers position Argentina as dangerous contenders capable of defying the favorites if everything aligns.

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Messi’s potential farewell tour adds emotional weight. Millions worldwide will watch to see if the eight-time Ballon d’Or winner can author one final unforgettable chapter. Whether or not he lifts the trophy again, his impact on the 2026 World Cup is already assured through inspiration and legacy.

Analysts emphasize that while probabilities favor other nations, football’s unpredictability keeps Argentina relevant. A 9-11% chance still represents genuine possibility in a single-elimination environment where one moment of brilliance can change everything.

The football world awaits confirmation of Messi’s full involvement. Even in a supporting role, his presence commands respect and alters opponent preparations. For Argentina, that edge may prove the difference in pursuing back-to-back titles.

As preparations intensify across North America, Messi and Argentina symbolize both continuity and the passage of time. Their odds reflect reality but underestimate the intangibles that have defined the player’s extraordinary career. A second World Cup victory would rank among the greatest achievements in modern sports history.

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(VIDEO) Kyle Busch Remembered in Private Memorial as NASCAR Community Mourns Racing Legend

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Kyle Busch

CHARLOTTE, N.C. — Family and close friends of NASCAR driver Kyle Busch gathered Tuesday for a private memorial service to celebrate his life, just days after the 41-year-old racing star died from complications of pneumonia that progressed into sepsis.

The intimate ceremony in North Carolina came one day after fellow driver Kyle Larson publicly honored Busch during a High Limit Racing event, donating his winnings to the Bundle of Joy fund — the infertility support charity Busch and his wife Samantha founded — and performing Busch’s signature “Busch Bow” on the podium.

“We all know how much the Busch family means to all of us and we greatly miss Kyle,” Larson said after the race. “We get to celebrate his life tomorrow and I’m looking forward to doing that. I want to send that money to them.”

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A public memorial service in Charlotte is being planned, though the date has not yet been announced, according to Fox Sports reporter Bob Pockrass. Busch was cremated in Mooresville, North Carolina, following his death on May 21.

The news of Busch’s passing sent shockwaves through the NASCAR community. Known for his intense competitiveness, fiery personality and record-setting achievements, Busch had built one of the most decorated careers in modern stock car racing. His sudden death at age 41 prompted an outpouring of tributes from drivers, teams, and fans who remembered him as both a fierce rival and a dedicated family man.

Busch leaves behind his wife Samantha and their two children. The couple’s Bundle of Joy fund, established to assist families facing infertility challenges, reflected their personal journey and commitment to giving back beyond the racetrack.

Throughout his career, Busch earned the nickname “Rowdy” for his aggressive driving style and unfiltered commentary. He won the NASCAR Cup Series championship in 2015 and amassed more than 60 Cup victories, placing him among the all-time leaders. His success spanned multiple eras and manufacturers, driving for teams including Hendrick Motorsports, Joe Gibbs Racing and Richard Childress Racing.

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Born in Las Vegas in 1978, Busch showed prodigious talent from an early age. He broke into NASCAR’s top series in 2003 and quickly established himself as a contender. Over two decades, he became known for his versatility, excelling in Cup, Xfinity and Truck Series competition. His record 102 Xfinity Series wins underscore his dominance in NASCAR’s developmental ranks.

Beyond statistics, Busch’s influence extended to how drivers approached the sport. He advocated for better safety measures and was vocal about the mental demands of high-stakes racing. Colleagues described him as someone who pushed everyone around him to perform at their best, even when that intensity created on-track tension.

Tuesday’s private service allowed those closest to him to grieve away from public view. NASCAR has historically rallied around its members during times of loss, and this occasion proved no different. Drivers past and present shared memories of late-night conversations, intense battles on the track, and moments of camaraderie in the garage.

Larson’s tribute on Monday carried special weight. The 2021 Cup champion has long shared a competitive yet respectful relationship with Busch. By donating his race winnings and mimicking the celebratory bow Busch often performed after victories, Larson offered a personal gesture that resonated widely.

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The racing world continued to process the loss throughout the week. NASCAR officials expressed condolences and noted Busch’s lasting impact on the sport’s growth. Team owners recalled his work ethic and ability to extract performance from equipment. Fans flooded social media with stories of meeting Busch at races or watching his memorable wins.

Busch’s family has requested privacy as they navigate this difficult period. Samantha Busch has been active in charitable causes and shared family moments publicly over the years. The Bundle of Joy fund, which provides financial and emotional support to couples struggling with infertility, stands as a meaningful legacy project the couple built together.

Medical experts note that while pneumonia is common, progression to sepsis represents a serious complication involving the body’s extreme response to infection. Busch’s case has prompted some discussion about health awareness among athletes who endure physically demanding schedules and travel.

As preparations for a public memorial proceed in Charlotte — NASCAR’s hub city — expectations point to a large gathering of racing personalities. The motorsports community often uses such events to reflect on life, legacy and the bonds formed through shared passion for speed and competition.

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Busch’s career was not without controversy. His outspoken nature occasionally led to fines and suspensions, yet even critics respected his talent and commitment. In recent seasons, he had shown growth in balancing competitiveness with mentorship for younger drivers.

His passing occurs at a time of transition in NASCAR. The sport continues evolving with new manufacturers, expanded international interest and a younger generation of stars. Busch’s career bridged traditional roots with modern advancements, making him a pivotal figure in that evolution.

Tributes have poured in from across the industry. Fellow champions praised his skill and dedication. Crew members remembered long hours spent perfecting setups. Sponsors highlighted his marketability and authenticity.

Looking ahead, the public memorial will provide an opportunity for broader reflection. NASCAR tracks may observe moments of silence in upcoming races. Special paint schemes or helmet designs honoring Busch are expected as the season continues.

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For many, Busch embodied the spirit of stock car racing — relentless, unapologetic and driven by a deep love for the sport. His family’s decision to hold a private service first allowed space for personal mourning before opening the celebration to the wider community.

The racing calendar moves forward, but Busch’s absence will be felt for years. His records stand as benchmarks. His personality left an indelible mark on those who knew him. And through the Bundle of Joy fund, his commitment to helping others endures beyond the racetrack.

As friends and family gathered Tuesday, they remembered not just the driver but the man — a husband, father, competitor and friend whose impact reached far beyond checkered flags and victory lanes. The upcoming public memorial in Charlotte promises to honor that full legacy in the heart of NASCAR country.

The motorsports world, while accustomed to risk and loss, still finds these moments profoundly difficult. Kyle Busch’s life, though cut short, was lived at full throttle. His memory will continue motivating future generations of racers who aspire to match his intensity and achievements.

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Ramsdens hails strength of model amid big half year gains

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Chief executive Peter Kenyon said the 175-shop group is in a “great position”

Ramsdens CEO Peter Kenyon

Ramsdens CEO Peter Kenyon(Image: Unknown)

High street pawnbroker Ramsdens has hailed the diversity in its model as it reports a significant leap in half year revenue and profits.

The Teesside-based chain, which runs 175 shops across the country, continues to benefit from high gold prices but has also pointed to its multi-service offer which includes new and used jewellery and watches and travel money. New, unaudited half-year results for the London Stock Exchange-listed firm show revenue of £83.7m in the six months to the end of March, up from £51.6m in the same period last year.

Meanwhile pre-tax profits soared to £16.7m, compared with £6.1m, and operating was £17.1m, up from £6.5m. The growth was driven by a 130% increase in gross profits for the group’s precious metals buying operation to £17.5m, a 31% increase in gross profits in its jewellery retail business to £26.1m and 18% growth in gross pawnbroking profit to £7.3m.

Ramsdens described many of its established shops as “cash cows” which require minimal capital investment. Plans to open between eight to 12 new stores in its current financial year remain on track, with recent launches in Abergavenny and Ashford and new sites being prepared in Newark, Hereford and Skegness.

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Peter Kenyon, chief executive, said: “The group is in a great position. While the gold profits grab the headlines, the group has also delivered gross profit growth of 18% in pawnbroking and 31% in retail jewellery. Customer numbers in FX continue to be strong with total currency exchanged broadly flat.

“The group has maintained a conservative approach to pawnbroking loan to value ratio and provides additional interest rate reductions assisting customers in financial difficulty. The strong profits we are generating are funding the growth in our working capital assets and an accelerated new store opening program, as well as rewarding shareholders with an increased dividend.”

Ramsdens’ half-year gains came despite increased overheads including greater staff costs as its headcount has grown, as well as a pay review which saw the group adopt the Real Living Wage as its entry level pay. It told investors that employment costs have been increasing by about 10% per year in recent years.

Mr Kenyon added: “Whilst the economic backdrop remains challenging with increasing employment costs, high interest rates and continued inflation, we remain highly confident in our opportunity to further strengthen the performance of our existing stores while adding new locations, executing against our established long-term growth strategy. Our balance sheet remains strong and our high level of cash generation provides options on how we allocate our capital to achieve growth.

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“I’d like to thank the whole Ramsdens team for their continued focus on providing a great service and helping customers in their everyday lives.”

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At Close of Business podcast June 3 2026

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At Close of Business podcast June 3 2026

Jack McGinn speaks to Nadia Budihardjo about Red Invest Capital Holdings’ rapid growth.

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Some signs point to larger inflation risk than in 2022, ECB blog argues

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Some signs point to larger inflation risk than in 2022, ECB blog argues


Some signs point to larger inflation risk than in 2022, ECB blog argues

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US announces new tariffs over forced labour concerns

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US announces new tariffs over forced labour concerns

It comes after the US Supreme Court struck down many of US President Donald Trump’s previous duties in February.

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Howdens stock rises on DIY Kitchens acquisition deal

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Howdens stock rises on DIY Kitchens acquisition deal

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Victor Wembanyama Joins Kobe Bryant and LeBron James in Rare NBA Finals Scoring Club at Age 22

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Victor Wembanyama

Victor Wembanyama has etched his name alongside NBA legends Kobe Bryant and LeBron James, becoming just the third player in league history to lead his team in playoff scoring entering the NBA Finals at age 22 or younger.

The San Antonio Spurs’ 22-year-old superstar has emerged as a dominant two-way force in the 2026 playoffs, powering the franchise to an unexpected Finals appearance against the New York Knicks. Through the postseason, Wembanyama has tallied 394 points, outpacing teammate Stephon Castle by 49 points despite missing one first-round game.

The official NBA account highlighted the achievement, noting Wembanyama’s place in an exclusive group with Bryant and James. This milestone underscores the rapid ascent of a player once considered the most hyped prospect in NBA history, now delivering on that promise at an elite level during his third professional season.

The Spurs have exceeded expectations in 2025-26. Many analysts predicted a playoff appearance as the young core matured, but few foresaw a Western Conference title that included a series victory over the defending champion Oklahoma City Thunder. San Antonio’s surprising run reflects careful roster construction centered on Wembanyama’s unique skill set.

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Wembanyama’s statistical dominance extends beyond raw scoring. His postseason averages of 23.2 points, 10.8 rebounds and 3.5 blocks per game demonstrate impact on both ends of the floor. His ability to protect the rim while stretching defenses with perimeter shooting has created matchup problems throughout the playoffs, particularly in the conference finals where he averaged 27.3 points.

At 7-foot-4 with exceptional coordination and basketball IQ, Wembanyama blends size rarely seen with guard-like skills. His willingness to attempt threes in crucial moments, including a game-changing 30-footer in the Western Conference finals, reflects growing confidence and clutch reliability expected from franchise cornerstones.

The Spurs organization has taken a patient approach to building around their young star. Rather than aggressive trades, the team prioritized the draft. In Wembanyama’s rookie season, the Spurs endured a difficult campaign that allowed them to select Castle with the fourth overall pick in 2024. A season-ending injury to a key player in year two further improved their draft position, leading to the addition of Dylan Harper.

This methodical strategy has produced a complementary roster. Castle has developed into a reliable secondary scorer and defender, averaging 19.2 points and 6.7 assists in the playoffs. Harper and other young pieces provide depth and athleticism that fit Wembanyama’s timeline. The front office’s restraint in the trade market preserved assets while allowing organic growth.

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San Antonio’s path to the Finals involved overcoming higher-seeded teams through defensive intensity and balanced scoring. Wembanyama’s two-way presence proved decisive in several closeout games, where his shot-blocking altered opponent strategies and his scoring bursts shifted momentum.

Comparisons to Bryant and James carry weight given their championship pedigrees. Bryant led the Lakers into the 2000 Finals at age 21, while James did so with the Cleveland Cavaliers in 2007 at age 22. Both players went on to win multiple titles and earn Hall of Fame careers. Wembanyama now shares their distinction of carrying scoring load at a remarkably young age in the game’s premier stage.

This achievement arrives amid broader discussions about player development and franchise building. The Spurs, with five championships in franchise history, appear positioned for sustained contention. Their emphasis on drafting and development contrasts with teams relying on superstar acquisitions, offering a blueprint for long-term success.

Wembanyama’s maturity has impressed observers. Despite the massive expectations following his 2023 draft selection, he has handled scrutiny with poise. His work ethic, defensive instincts and offensive versatility have silenced early skeptics who questioned his frame or adaptability to NBA physicality.

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The 2026 Finals matchup against the Knicks presents new challenges. New York features a balanced attack led by Jalen Brunson, Karl-Anthony Towns and strong perimeter defenders. Containing Wembanyama will require coordinated efforts, likely involving help rotations and physicality to limit his paint touches and three-point attempts.

For the Spurs, reaching the Finals validates their timeline. What many viewed as a multi-year rebuild has accelerated into immediate contention. Credit goes to coaching staff for maximizing personnel and to players for buying into team concepts that elevate Wembanyama without overburdening him.

Beyond individual stats, Wembanyama’s leadership has grown. Teammates describe his vocal presence and ability to elevate those around him during critical stretches. His defensive communication and offensive gravity create opportunities for role players, a hallmark of transcendent stars.

The NBA landscape increasingly favors versatile big men. Wembanyama exemplifies this evolution, combining traditional center duties with modern perimeter skills. His block rate and rebounding numbers rank among the league’s best, while his assist totals reflect improved playmaking.

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Looking ahead, a strong Finals performance could further cement Wembanyama’s place among the league’s elite. Even in defeat, his postseason body of work marks significant progress. A championship would accelerate his trajectory toward MVP consideration and potential dynasty building in San Antonio.

The Spurs’ supporting cast development remains crucial. Sustaining this level requires health, chemistry and possible future additions through free agency or draft. For now, the focus stays on the present series and maximizing their opportunity on basketball’s biggest stage.

Wembanyama’s journey reflects the best of NBA storytelling — a generational talent joining a historic franchise and rapidly transforming expectations. From French professional leagues to NBA dominance, his path has been remarkably smooth despite the spotlight’s intensity.

Analysts project continued improvement as he gains experience. At 22, physical maturation and tactical refinement could elevate his game even higher. The league has witnessed few players with his combination of size, skill and basketball sense at such a young age.

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For San Antonio fans, this Finals appearance revives memories of previous championship eras while building new ones. The team’s deliberate approach around Wembanyama has created excitement and belief in a bright future.

As the series unfolds, Wembanyama’s scoring leadership and all-around contributions will face their toughest test. Matching the achievements of Bryant and James in this statistical category places him in rare company. Delivering a championship would place him on an even more exclusive path.

The basketball world watches closely as a new superstar writes his chapter in NBA history. Victor Wembanyama’s rapid rise offers compelling evidence that exceptional talent, paired with smart organizational planning, can accelerate success in today’s league.

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US, South Korea discuss nuclear cooperation in security talks

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US, South Korea discuss nuclear cooperation in security talks


US, South Korea discuss nuclear cooperation in security talks

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AWP: 12% Yield, But NAV Support Is Still The Key

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REIT symbol. Real Estate Investment Trust, Real Estate Investment Trusts with miniature houses Investment concept. copy space, business background

AWP: 12% Yield, But NAV Support Is Still The Key

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