The promoter group’s stake will fall to 72.1% after the IPO from 81.4%. Around 46% of the revenue comes from Karnataka, signalling geographic concentration. Its occupancy rate declined to 64.5% in FY26 from 67.1% a year ago.

Read more: Motilal Oswal raises mid and smallcap allocation to 50%, stays neutral on Indian equities

The company’s revenue growth was strong in the past two years, but it faced margin pressure. The issue also appears to be aggressively priced. Given these factors, investors may wait to see clarity post listing.

Agencies

Lower occupancy, margin pressure a concern

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Incorporated in 2010, Manipal Health Enterprises, a part of the Manipal Group, offers a wide range of healthcare services including tertiary and quaternary care, organ transplants, oncology, cardiology, neurology, orthopaedics, and preventive healthcare.

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As of March 31, 2026, the company operated 49 hospitals with 13,037 licensed beds and 21 clinics. The company has occupancy of 64.5%, compared with 67-76% for its peers. Its average length of stay is also lower at 2.8 days compared with peers which is between 3.2 and 4.2 days.
Over 64% of its revenue is derived from cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGO-R) specialties.According to Crisil report, Manipal Health Enterprises is the largest pan-India multispecialty hospital network by bed capacity and also the second largest hospital chain by number of hospitals as of March 31, 2026 after Apollo Hospitals.

Financials
Revenue from operations grew 29.4% annually to ₹10,335.8 crore and net profit rose 31.1% to ₹916.5 crore between FY24 and FY26. Operating profit before interest, tax, depreciation and amortisation (Ebitda) increased 24.8% to ₹2,644.1 crore during the period. On a year-on-year basis, revenue grew 25.4%, Ebitda rose 22.1% while net profit declined 15.3% in FY26. Ebitda margin dropped to 25.6% in FY26 from 27.5% in FY24. Cash flow from operations grew 32.4% to ₹2,078.4 crore in FY26 over FY25. Average revenue per occupied bed grew 5.7% annually to ₹68,937.61 over FY24-26.

Valuation
Considering the post-IPO equity and net profit for FY26, the company demands a price-earnings (P/E) multiple of 85, quite higher than its peers, which is between 62-68 for Apollo Hospitals Enterprise, Max Healthcare Institute and Fortis Healthcare.

President Donald Trump said Wednesday his administration is considering additional safeguards for artificial intelligence following a recent cybersecurity incident involving multiple OpenAI models undergoing internal security testing.

Asked about reports that OpenAI models autonomously breached another AI company’s systems during internal testing, Trump said the U.S. must strike a balance between protecting against AI risks and maintaining its technological edge over China.

“We’re looking at AI, we’re looking at controls,” Trump said. “We’re also making sure that we lead.”

“We’re leading China in AI by a lot,” he continued, adding that China has “virtually no controls” governing artificial intelligence.

OPENAI DIDN’T REALIZE ITS AGENT WAS RESPONSIBLE FOR HACK FOR A WEEK: REPORT

President Donald Trump and OpenAI CEO Sam Altman participate during a working lunch meeting at G7 summit, in Evian, France, on June 17, 2026. (Ludovic MARIN / AFP via Getty Images / Getty Images)

“It’s freewheeling a little bit,” Trump said. “So we have to be careful in both ways. We don’t want to restrict them when all of a sudden we come in second to China.”

Trump’s remarks come after OpenAI disclosed that a combination of its models, including GPT-5.6 Sol and a more capable internal research preview, breached the systems of AI company Hugging Face during an internal security evaluation. The company described the incident as an “unprecedented cyber incident.”

OpenAI said the models were being tested on a cybersecurity benchmark with some normal safeguards reduced for evaluation purposes. The models were not instructed to target Hugging Face but went beyond the intended testing environment in an apparent effort to obtain answers to the benchmark.

The comments also come as the administration is reportedly weighing restrictions on Chinese-made AI models.

WHITE HOUSE MONITORING INCIDENT AFTER OPENAI MODELS ESCAPED CONTAINMENT AND HACKED HUGGING FACE SYSTEMS

President Donald Trump said his administration is considering additional safeguards for artificial intelligence following a recent cybersecurity incident involving an OpenAI model. (Aaron Schwartz/CNP/Bloomberg via Getty Images / Getty Images)

The administration had already introduced AI-security measures before the incident. Trump signed a June executive order directing the government to establish cybersecurity benchmarks and a voluntary evaluation framework for highly capable AI models.

“Whoever wins with AI is going to win,” Trump said. “That’s how big it is. So it’s bigger than the internet ever was. It’s bigger than anything ever was. So I don’t want to restrict. I know many of these people. I don’t want to restrict them from doing great work.”

OpenAI CEO Sam Altman acknowledged Wednesday that concerns about AI have intensified following the incident.

“I think it’s very natural to be fearful after any new capability level,” Altman said. “Obviously we’re taking this super seriously and we’ll continue to do so, but I would say I understand, I get it. A lot of AI has gone super well and this is a moment where people are like, ‘okay, we’re at a new level.’”

ZUCKERBERG PREDICTS MORE JOBS AND ENTREPRENEURSHIP IF SUPERINTELLIGENCE IS WIDELY DISTRIBUTED

OpenAI CEO Sam Altman said concerns about artificial intelligence are understandable following a recent cybersecurity incident involving one of the company’s models. (Anna Moneymaker/Getty Images / Getty Images)

Altman said OpenAI is not considering slowing AI development.

“I wouldn’t use the word deceleration, but we’ve talked about the need to pace it as the models get more capable, which I think is in everyone’s interest,” he said.

OpenAI said it deactivated and encrypted the internal research prototype involved in the incident and restricted research access to it. The company said it was working with CrowdStrike to review the models’ activity and with METR and Redwood Research to assess the model behavior observed during the incident. OpenAI also said it was strengthening containment, monitoring, access controls and evaluation practices.

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President Donald Trump said his administration is weighing additional safeguards for artificial intelligence while emphasizing the need for the U.S. to stay ahead of China in the AI race. (Eric Lee/Getty Images / Getty Images)

When asked whether OpenAI’s models may have breached other companies’ systems, Altman said: “There could be, yeah.”

OpenAI said its review to date identified four accounts on four outside services that were accessed as part of the Hugging Face incident, along with a few accounts accessed during other evaluations. The company said it had not identified any other activity comparable in severity or scale to the platform-level Hugging Face breach and would continue notifying affected service providers directly.

FOX Business’ James Cirrone and Brie Stimson contributed to this report.

Australia’s benchmark stock index fell on Thursday, snapping a recent winning streak, as a hawkish interest rate hold from the U.S. Federal Reserve and a sharp rebound in oil prices weighed on investor sentiment across the region.

The S&P/ASX 200 was down 0.83%, shedding 74.9 points to trade at 8,963.7 by early afternoon in Sydney. The decline follows a stronger session Wednesday, when the index climbed 0.60% to close near 9,001 points, extending a rally that had been underpinned by optimism over ongoing diplomatic efforts between the United States and Iran.

The reversal in sentiment Thursday traces largely to the Federal Reserve’s latest policy decision. The U.S. central bank held its benchmark interest rate steady but adopted a notably hawkish tone in its accompanying statement, tempering market expectations for near-term rate cuts. That signal, combined with a sharp bounce in oil prices following renewed volatility in the Middle East, dampened the risk appetite that had driven Wednesday’s gains across Asia-Pacific equity markets.

Australia’s own inflation data added a further layer of complexity to Thursday’s trading. Investors had been closely watching the country’s June quarter and full second-quarter inflation figures, released Wednesday, with persistent price pressures remaining a central concern despite the Reserve Bank of Australia having already raised interest rates at each of its first three meetings this year before pausing in June. Reserve Bank Governor Michele Bullock has continued to signal the central bank’s willingness to tighten policy further if needed, describing the anchoring of inflation expectations as “one of our north stars” and warning that allowing those expectations to become unanchored is something the bank “absolutely cannot let happen.” The Reserve Bank’s next rate decision and quarterly economic forecast update are due in 12 days.

Despite Thursday’s broader market decline, several individual companies posted strong results that stood in contrast to the index’s overall direction. Energy company Ampol reported quarterly figures that topped analyst expectations, with Lytton refiner margins of $23.89 per barrel that beat Macquarie’s forecast by 18%, while the company’s projected first-half earnings figures exceeded expectations by 13%. Ampol also confirmed the completion of its acquisition of EG Australia on June 30, a deal valued at $1.165 billion in cash, with the company targeting annual synergies of between $65 million and $80 million within two years of the transaction closing.

Gold miner Perseus Mining also reported quarterly results, producing 109,000 ounces of gold during the June quarter, slightly below analyst estimates of 111,400 ounces, though the shortfall was offset by strong gold prices that lifted the company’s cash margins and overall balance sheet position. All-in sustaining costs for the quarter came in at $1,941 per ounce, roughly 8% higher than analyst forecasts, while gold sales for the period rose to 114,600 ounces, up sharply from 96,300 ounces in the prior quarter, at an average sales price of $4,086 per ounce.

Wednesday’s rally, which set the stage for Thursday’s pullback, had been driven in part by strong results from major resources companies. Rio Tinto shares surged 4.5% Wednesday after the miner lifted its interim dividend on the back of a 47% jump in profit, while Woodside Energy added 0.9% following a 28% rise in quarterly revenue. Australia’s major banks, however, lagged the broader market’s advance that session even as most other sectors posted gains.

The broader technology sector’s fortunes have also factored into recent sentiment across Asia-Pacific markets. Samsung Electronics’ semiconductor division reported operating income of 89.2 trillion won, or roughly $62 billion, more than 250 times higher than the prior year and about 12% ahead of analyst estimates, driven by surging demand for high-bandwidth memory chips used in artificial intelligence systems alongside persistent supply constraints. Samsung’s overall group net income of 71.3 trillion won also topped forecasts, though the company declined to provide specific 2027 capital expenditure guidance, describing its infrastructure planning as still evolving given the pace of demand growth.

The ASX 200 remains well below the all-time high of 9,198.6 points it reached in February 2026, having spent much of the period since trading closer to the 8,800 to 9,000 point range. Over the trailing 12 months, the index has posted a gain of roughly 3.2%, according to recent trading data, reflecting a period of relatively contained but volatile performance compared with the sharper swings seen in some other global equity markets over the same stretch.

With the Reserve Bank of Australia’s next policy decision still less than two weeks away and global markets continuing to digest the implications of the Federal Reserve’s hawkish stance, investors are likely to remain focused on incoming inflation data and corporate earnings from Australia’s ongoing reporting season as key drivers of market direction in the sessions ahead, particularly as questions persist about how sustained oil price volatility tied to the Middle East conflict might further complicate the inflation outlook both in Australia and globally.

The debut fell short of grey market expectations, which had indicated a double-digit listing premium. Ahead of the listing, Xtranet Technologies was commanding a grey market premium (GMP) of around 11%, implying a listing price of about Rs 142 per share, or an estimated gain of nearly 11% over the issue price.

The IPO, which was open for subscription between July 23 and July 27, received a strong response from investors across categories, with the issue closing 12.24 times subscribed.

The Non-Institutional Investor (NII) segment emerged as the biggest contributor, subscribing 26.65 times its allotted quota. The Retail Individual Investors (RIIs) portion was subscribed 8.98 times, while the Qualified Institutional Buyers (QIBs) category saw subscriptions of 7.13 times, highlighting broad-based demand for the offering.

The public issue consisted entirely of a fresh issue of 1.31 crore equity shares, with no Offer for Sale (OFS) component. Consequently, the entire Rs 166.80 crore raised will flow directly to the company to fund its growth initiatives. The IPO was priced in the Rs 120-127 per share band.

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Share India Capital Services served as the book-running lead manager, while KFin Technologies acted as the registrar to the issue.

About Xtranet Technologies

Established in 2002, Xtranet Technologies is an integrated IT solutions provider offering services across digital transformation, cloud computing, cybersecurity, managed IT services, and enterprise infrastructure.
Its offerings include ERP implementation, system integration, network and security solutions, cloud migration, virtualization, data centre management, application development, and IT infrastructure management. The company also provides cloud-based solutions through Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS) models.Among its proprietary offerings are Synergy, a low-code digital transformation platform, and XtraTrust. Xtranet generates revenue through a combination of fixed-price contracts, time-and-material engagements, and recurring service agreements, with a significant share of its business coming from government departments and public sector undertakings (PSUs).

As of April 30, 2026, the company had 504 permanent employees.

How will the IPO proceeds be used?

The company intends to utilize the IPO proceeds to strengthen its balance sheet and support its growth strategy. Of the total funds raised, Rs 102 crore will be allocated towards working capital requirements, while Rs 21.99 crore will be used to repay or prepay existing borrowings. Additionally, Rs 7.30 crore has been earmarked for capital expenditure, including upgrades to systems and hardware, with the remaining proceeds to be deployed for general corporate purposes.

Xtranet Technologies reported a strong financial performance in FY26, driven by healthy revenue growth and improving profitability.

Total income increased 32% year-on-year to Rs 366.01 crore, compared with Rs 276.53 crore in FY25. Profit after tax (PAT) rose 36% to Rs 40.73 crore, while EBITDA climbed to Rs 63.18 crore from Rs 47.20 crore in the previous fiscal.

At the upper end of the IPO price band, the company is valued at a pre-IPO market capitalization of Rs 664.03 crore.

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

The company’s revenue from operations rose 18.5% year-on-year (YoY) to Rs 10,821 crore from Rs 9,126 crore in the corresponding quarter of the previous financial year, Adani Ports said in a regulatory filing.

For the quarter under review, Adani Ports reported EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 6,540 crore, up 19% YoY from Rs 5,495 crore in the year-ago period. The EBITDA margin stood at 60.4%, marginally higher than 60.2% in the corresponding quarter last year.

Also read:ET Exclusive: Adani eyes controlling stake in UK’s Associated British Ports

Should you buy, sell or hold Adani Ports shares?

Nomura has maintained its Buy rating on Adani Ports and Special Economic Zone (APSEZ) with a target price of Rs 2,080, implying an upside potential of around 21% from current levels. The brokerage said the company’s strong ports business more than offset the subdued performance of its logistics segment during the June quarter. Nomura also noted that APSEZ’s pan-India container market share declined by 40 basis points sequentially due to a one-off shift in transshipment traffic to rival ports amid the Middle East crisis, but expects the company to regain market share as the situation normalises.

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Nuvama has reiterated its Buy rating on Adani Ports and Special Economic Zone (APSEZ) while raising its target price to Rs 2,000 (16.2% upside) from Rs 1,920. The brokerage said domestic ports revenue rose 12% year-on-year to Rs 6,660 crore, driven primarily by a 10% increase in realisations to Rs 604 per tonne, even as cargo volumes grew a modest 2% to 115 million tonnes, slightly below its estimates.
Management highlighted market share gains across east coast ports and expects volumes at Mundra to recover as these disruptions ease. Nuvama has broadly maintained its FY27 and FY28 EBITDA estimates and values the stock at 16x June 2028 EV/EBITDA. It also noted that the company remains disciplined on acquisitions, evaluating overseas assets only if they are earnings-accretive from day one, financed in local currency, generate long-term return on capital employed at or above APSEZ’s levels, and strengthen its integrated port and logistics ecosystem.
Read more: Adani Group raises Rs 43,500 crore, now plans another $3-4 billion in 6 months
Motilal Oswal has reiterated its Buy rating on Adani Ports and Special Economic Zone (APSEZ) with a target price of Rs 2,130, implying an upside potential of around 24%. The brokerage said APSEZ remains well placed for future expansion, backed by strong cash flows, a healthy cash balance of Rs 12,400 crore, and a net debt-to-EBITDA ratio of 1.9x.

It expects capacity additions at key ports, ongoing infrastructure projects, and global port acquisitions to support sustainable growth in FY27 and beyond. Motilal Oswal has largely retained its FY27 and FY28 estimates and expects cargo volumes to grow at an 11% CAGR over FY26–28, driving revenue, EBITDA, and PAT CAGRs of 17%, 18%, and 21%, respectively, over the same period. The brokerage values the stock at 17x FY28E EV/EBITDA.

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

Nowhere is that exposure felt more sharply than in Germany, the EU’s biggest manufacturer, producing more than a quarter of the block’s industrial output.

At InfraLeuna, a vast chemicals and plastics industrial park in central Germany, boss Christof Guenther has watched his site’s annual gas bill climb from €60m ($68m; £51m) before the war in Ukraine, to an expected €200m this year amid the Iran crisis.

American gas isn’t the answer, he says. “[Domestic] natural gas prices in the US are about 20 to 25% of the prices we are paying here.” After being turned into LPG and shipped across the Atlantic the price shoots up.

With natural gas accounting for 12% of German power generation, and with half of German homes fitted with gas boilers, German households are also being affected.

The average home now pays 31% more for its electricity than before the Ukraine war, according to Clean Energy Wire, a Berlin-based news outlet covering Germany’s energy transition. Gas prices for German households are also up over that period, over 74%, per the same source.

That is replicated across the European Union, where household electricity bills have risen 30% since 2021, according to official Eurostat figures.

Meanwhile, UK electricity prices are now around 38% higher than in mid-2021, while gas prices are at a 120% increase, according to data by regulator Ofgem.