MUMBAI: Lovable Lingerie is the third-best performing stock among companies listed this year, with it doubling in value, as traders bet it could repeat the performance of Page Industries, sellers of Jockey innerwear.

It gained a third in about a week. But the small float and low delivery volumes is an alert against wagering on it for some who fear it may have risen beyond its fundamentals when many other newly-listed companies are trading below their sale price.

“The rally in Lovable Lingerie is more a momentum play with hardly any genuine interest,” says Sharad Rathi, associate director at Almondz Global Securities.

“The valuations seem to be a bit out of whack.” Lovable that sold shares at Rs 205 apiece, has risen 109% to Rs 428.5 on Friday after touching a high of Rs 462.50. Some of the top shareholders include HDFC Mutual Fund, SBI Funds, UTI Asset management and Fidelity, filings show.

Total outstanding shares of the firm is at 1.68 crore and public holding is about 50 lakh shares. The Sensex was down 2.6% during the period and the BSE IPO index was up 1.6%. Fineotex Chemical and C Mahendra Exports are the two companies that have returned more than Lovable, among this years’ IPOs.

The stock trades at 31 times forecast earnings for fiscal 2012, compared with Page Industries’ 27 times its earnings. Although the stock had been among the top traded in the last few days, gaining to limit on some days, the number of shares that changed had remained negligible. The quantity of shares actually changing hands — was in single digit for many days.
The delivery ratio was 2% to 9% between June 10 and 17 when the stock moved up 33% on BSE, exchange data show. This follows the performance of Page Industries which has gained 396% since its IPO in March 2007. Shares that were sold at Rs 396 apiece are trading at Rs 1,784. “Rising disposable incomes and growing awareness about personal hygiene are boosting growth of the innerwear market in India,” said Anand Rathi Secutities in a recent report. “Also enhancing this growth is the rising modern trade malls, shopping complexes etc,” said the brokerage which has a target price of Rs 430.

The Mumbai-based company’s Rs 93-crore IPO drew good response with it getting subscribed 21.8 times the institutional portion, 98.5 times among wealthy individuals and 20.5 times in the retail category. Rise in raw material prices and intensifying competition are the two risks for earnings growth, the report said.

Shares of cigarette companies have rallied over the past one month, with the three leading cigarette makers ITC, Godfrey Philips and VST Industries hitting record highs. All the three stocks have posted robust returns in the past one year, significantly outperforming the benchmark Sensex, helped by favourable taxation and increase in cost of competing tobacco products.

Unlike previous years, the central government has not increased excise duty on cigarettes in the budget for this fiscal, though states have varyingly raised value added tax (VAT). While northern states such as Rajasthan have significantly raised VAT on cigarettes, all the southern states have spared the sector from a major increase. In contrast, competing tobacco products such as ‘pan masala’ and chewing tobacco have witnessed cost increases in the form of higher taxation and a rise in raw material cost.

Also, prices of tobacco have remained benign compared with higher prices of ‘tendu’ leaves that are used for manufacturing ‘beedis’. The cigarette industry has cashed in on the rise in beedi prices by competitively pricing low-end and micro filter cigarettes to lure ‘beedi’ smokers to cheaper cigarettes. Also, contrary to its earlier plans the government decided to issue less gory pictorial warnings on cigarette packets, which has aided sentiment in the stocks.
In the quarter ended June, VST Industries reported a 90% year-on-year jump in net profit. ITC, which is yet to declare its first quarter earnings, is expected to have witnessed a pick-up in cigarette volumes despite price increases in some of its products. Going forward, the rally in cigarette companies is likely to continue as all factors seem to be positive for the sector.
Analysts expect cigarette companies to report strong earnings growth driven by higher volumes, price increases and lower expenses.

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NEW DELHI: The poor financial health of state electricity boards could pose significant business risks for power traders in the country, says rating agency Fitch.

In a report released today, Fitch Ratings said the credit risk of power traders has become “riskier” due to profitability and liquidity constraints faced by state power utilities.

“If these utilities are having liquidity problems which are leading to delays or defaults in their obligation to power traders, then this in turn increases the business risk for power traders,” it noted.

This could lead investors in power trading companies to either seek higher return on the investments or seek alternate avenues for investment.

Leading power traders include PTC India and Tata Power Trading Company.

Going by estimates, over the past four years, the top five trading licensees have controlled over 80 per cent of the market in terms of volumes.
Some of the large loss making state power utilities come from the states for Tamil Nadu, Uttar Pradesh, Madhya Pradesh. These are also largest buyers of short-term electricity through power traders, Fitch Ratings said.”The financial health of state power utilities, the major customers of power traders, has deteriorated with aggregate annual book losses widening to Rs 295 billion (Rs 29,500 crore) in FY 10 from Rs 70 billion (Rs 7,000 crore) in FY 06, leading to an increase in counterparty risk,” the report said.

As per Planning Commission‘s estimates, electricity distribution losses totalled a whopping Rs 70,000 crore in 2010-11.

According to Fitch, the biggest short-term buyers — SPUs in Tamil Nadu and Rajasthan — face huge energy deficits with largest cash losses on a revenue and subsidy-realised basis.

“Hence, these states will remain net-buyers on short-term power markets and continue to act as major counterparties for power traders. This increases the risk for undiversified power traders significantly,” it added.

The report pointed out that traders with strong equity base and high cash balance are better placed since they have the buffer to absorb any increase in the working capital cycle in the event of delays or defaults by SPUs.

Director in Fitch’s Asia Pacific Utilities team Salil Garg said the agency expects larger traders to face low business risk due to many factors, including economies of scale and diversified customer base.

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NEW YORK — The Dow Jones Industrial Average opened lower Friday, trading around 51,423 shortly after the bell, down about 139 points or 0.27% from Thursday’s record close, as Wall Street took a breather following a strong rally in blue-chip stocks.

The modest pullback comes after the Dow surged nearly 875 points to a new all-time high of 51,561.93 on Thursday, driven by gains in healthcare, financials and other cyclical sectors amid easing concerns over geopolitical tensions and a rotation out of overheated technology names.

Traders appeared to be locking in some profits while awaiting the May jobs report and other economic indicators that could influence Federal Reserve policy expectations. Broader markets showed mixed signals, with futures pointing to a cautious start to the trading day.

Thursday’s Record-Setting Session

The blue-chip index posted its 15th record close of the year on Thursday, climbing 1.73% as investors rotated into more defensive and value-oriented sectors. Healthcare giants like UnitedHealth Group and Merck, along with financial names such as Goldman Sachs, led the charge with gains of around 5%.

The S&P 500 advanced modestly, overcoming a tech pullback, while the Nasdaq Composite finished slightly lower, weighed down by weakness in chipmakers following Broadcom’s earnings report.

Broadcom shares tumbled despite solid results, as investors expressed disappointment over guidance, triggering a broader selloff in artificial intelligence-related stocks that had powered much of the year’s gains.

Analysts described the move as a healthy rotation rather than a fundamental shift, with money flowing from high-flying tech into sectors that had lagged during the AI boom.

Factors Influencing Friday’s Trading

As markets opened Friday, participants were monitoring developments around oil prices, Treasury yields and ongoing geopolitical headlines involving Iran. Easing tensions in the Middle East had supported sentiment the previous day, but any renewed flare-ups could pressure energy costs and inflation expectations.

The upcoming employment report is expected to provide fresh clues on the labor market’s health and the trajectory for interest rates. Stronger-than-expected job growth could raise the odds of fewer rate cuts, while softer data might reassure investors of a resilient but cooling economy.

Year to date, the Dow has delivered solid gains, reflecting broad participation beyond the Magnificent Seven tech stocks. Its recent record underscores resilience amid fluctuating oil prices and policy uncertainty.

Broader Market Context and Sector Performance

Friday’s early dip in the Dow contrasted with Thursday’s broad-based strength outside of technology. Financial stocks benefited from a more stable yield environment, while healthcare names drew support from defensive characteristics amid market rotation.

Energy shares faced pressure as oil prices retreated from recent highs tied to Middle East concerns. Technology, which had dominated for months, saw profit-taking accelerate after disappointing outlooks from key players like Broadcom and CrowdStrike.

Smaller companies in the Russell 2000 index have lagged the large-cap benchmarks this year, highlighting a bifurcated market where mega-caps initially led before broader participation emerged.

Investors continue to watch for signs of sustainable economic growth. Corporate earnings seasons have been mixed, with AI enthusiasm tempered by valuation concerns in some segments.

Historical Perspective on the Dow

The Dow Jones Industrial Average, celebrating its 130th anniversary earlier in 2026, remains a key barometer of U.S. economic health despite its price-weighted methodology focusing on 30 prominent companies.

Recent milestones reflect recovery and growth following periods of volatility driven by inflation, geopolitical risks and shifts in monetary policy. From levels around 41,000 in mid-2025 to surpassing 51,000, the index has shown remarkable upward momentum powered by corporate innovation and resilient consumer spending.

Experts note that while daily fluctuations like Friday’s are normal, the overall trend underscores confidence in American enterprise amid challenges.

What Investors Are Watching Next

Beyond today’s jobs data, attention turns to upcoming speeches from Fed officials and inflation metrics. Markets are pricing in a measured path for rate adjustments, with many expecting cuts later in the year if economic indicators align.

Geopolitical developments, particularly around energy supplies and international trade, could sway sentiment. Additionally, high-profile events like potential IPOs in the tech space may influence liquidity and sector flows.

For individual investors, the current environment rewards diversification. While the Dow’s blue-chip composition offers stability, exposure to growth areas through broader indexes like the S&P 500 provides balance.

Advisors recommend focusing on fundamentals rather than short-term noise. Companies with strong balance sheets and pricing power are better positioned in uncertain times.

Outlook for the Remainder of 2026

Analysts remain generally optimistic about U.S. equities, citing robust corporate profits, technological advancements and potential policy support. However, risks including persistent inflation, election-related uncertainty and global conflicts warrant caution.

The Dow’s ability to hit new highs even as tech cools suggests a maturing bull market with wider participation. Sustained gains would likely require continued economic expansion without overheating.

As trading progresses Friday, volatility may increase around data releases. Investors are advised to stay informed and avoid reactive decisions based on intraday swings.

The modest early decline in the Dow serves as a reminder of the market’s resilience and the importance of perspective. After Thursday’s surge, a consolidation phase could set the stage for further advances if upcoming data supports a soft-landing narrative.

Wall Street will continue navigating the delicate balance between enthusiasm for innovation and the realities of economic cycles. For now, the Dow’s recent records highlight underlying strength in the world’s largest economy.

NEW DELHI: Fitch on Friday said it has withdrawn the ratings on Reliance Capital as the company has decided to stop participating in the agency’s rating process.

“The ratings have been withdrawn as Reliance Capital has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to provide ratings or analytical coverage of Reliance Capital,” Fitch Ratings said in a statement.

A leading financial services company Reliance Capital, an Anil Ambani group firm, has interests in diverse areas including asset management, mutual funds, portfolio management services, life and general insurance.

SEOUL — Nvidia CEO Jensen Huang highlighted deepening ties with South Korea’s tech and industrial giants during a high-profile visit to Seoul on Friday, joining top business leaders for a casual samgyeopsal dinner while announcing expanded hiring for artificial intelligence research and celebrating new product launches.

Huang met with SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and Naver Chairman Lee Hae-jin at a barbecue restaurant near Hongik University in Mapo-gu. The gathering drew crowds of citizens eager to see the executive, whom Huang engaged by distributing snacks outside the venue.

“We are growing together with Hyundai Motor, LG, SK hynix, Samsung, and Naver,” Huang said while interacting with the public. He emphasized the importance of Korean partners, stating, “Korea is doing really well. Like a PC bang, bang!, business is coming back. Korea’s business partners are very important to me.”

The Nvidia chief arrived around 7:10 p.m., toasting with the chairmen before sharing grilled pork and conversation. Outside, he sampled and distributed “HBM Chips” — honey banana-flavored corn snacks developed by 7-Eleven and SK hynix — along with other treats like banana milk. Huang took the microphone to address cheering onlookers, praising the country’s economic momentum.

“My friends had a really good year. But this is just the beginning,” Huang said. He expressed satisfaction with business performance and Nvidia’s stock price while noting Korea’s strong economy.

New Product Push and Collaborations

During the event, Huang spotlighted Nvidia’s recent advancements in artificial intelligence infrastructure. “Nvidia unveiled four new products this week,” he said. He detailed the next-generation AI supercomputer Vera Rubin, which relies heavily on high-bandwidth memory (HBM) and low-power DRAM (LPDDR), along with a new Vera CPU that also incorporates significant memory components.

Huang introduced the RTX Spark, describing it as “a new form of PC platform appearing for the first time in 40 years” that will “open a completely new era.” He noted its demand for advanced memory like LPDDR5. Additionally, he mentioned new processors for autonomous driving and robotics, highlighting “major collaborations with Hyundai Motor in Robotics.”

“All my friends, LG, SK hynix, Samsung, Naver, we are all booming,” Huang added. “I came here to celebrate our great partnerships.” He previewed even more activity ahead, saying, “I also came to prepare for next year. If there was one product this year, there are four new products next year. Please get ready for a very exciting new year.”

The executive also touched on Korean culture, expressing enthusiasm for samgyeopsal, snacks, fried chicken, K-pop and K-dramas. “K-dramas always make me happy,” he said, describing them as family stories often featuring emotional moments.

Nvidia’s AI Expansion in Korea

Nvidia began the hiring process Friday to establish an AI technology center in South Korea. Huang encouraged local talent to apply, stating, “We are expanding AI research and engineering and Robotics research in Korea, and we are hiring talent with several partners. If you know AI researchers or engineers, tell them to apply to Nvidia.”

The move aligns with Nvidia’s strategy to strengthen its presence in key markets driving AI demand. South Korea’s semiconductor leaders, including Samsung Electronics and SK hynix, are critical suppliers of HBM chips essential for Nvidia’s GPUs powering data centers and AI training. Hyundai Motor Group has pursued robotics and autonomous vehicle initiatives that complement Nvidia’s technology.

Naver, one of Korea’s largest internet companies, collaborates with Nvidia on AI cloud services and research. LG contributes through electronics and battery technologies that support broader AI ecosystems. These partnerships underscore Korea’s role as a vital hub in the global supply chain for advanced computing.

Broader Context of Nvidia’s Global Dominance

Nvidia has solidified its position as the leading provider of AI accelerators, with its chips powering much of the world’s generative AI infrastructure. Demand for HBM and related memory has surged, benefiting Korean manufacturers amid the global AI boom. Huang’s visit reinforces these symbiotic relationships at a time when geopolitical tensions and supply chain resilience remain key concerns.

The CEO’s approachable style — engaging directly with citizens and sharing snacks — generated positive local buzz in Hongdae, a vibrant Seoul neighborhood known for youth culture and entertainment. Crowds gathered as word spread of the dinner, turning the evening into a public celebration of business ties.

Industry analysts view Huang’s trip as strategic outreach ahead of further AI infrastructure investments. With major Korean conglomerates investing billions in chip production and data centers, Nvidia’s expanded local hiring could accelerate talent development and innovation collaboration.

Economic and Cultural Significance

South Korea’s economy has shown resilience, with tech exports playing a central role. Nvidia’s success has indirectly boosted Korean firms, as HBM demand from AI servers drives revenue for Samsung and SK hynix. Government initiatives to position the country as an AI powerhouse complement these private-sector partnerships.

Huang’s comments on enjoying Korean food and entertainment reflect a personal affinity that strengthens business diplomacy. Such gestures often humanize corporate leaders and foster goodwill in international dealings. The casual samgyeopsal setting, complete with soju toasts, contrasted with formal boardroom meetings, highlighting a blend of professional and cultural exchange.

For young Koreans in tech, Huang’s call to apply at Nvidia signals opportunities in a high-growth field. The company’s AI centers could create specialized jobs in research, engineering and robotics, contributing to brain gain in a competitive global talent market.

Outlook for Nvidia and Partners

As Nvidia prepares multiple new platforms for 2027, partnerships in Korea are poised to play a larger role. The Vera Rubin architecture and RTX Spark platform are expected to set new standards in performance and accessibility for AI computing. Robotics collaborations with Hyundai could extend to autonomous vehicles and industrial applications.

Market observers anticipate continued strong performance for Nvidia, driven by insatiable demand for AI capabilities across industries. Korean partners stand to benefit from this trajectory, provided they maintain leadership in memory and related technologies.

Huang’s Seoul visit caps a week of product announcements while laying groundwork for sustained collaboration. His optimism about mutual growth reflects confidence in the Asia-Pacific region’s contribution to the AI revolution. For South Korea, it affirms its strategic importance in the semiconductor and AI value chain.

The event also offered a moment of levity and connection amid intense business focus. By distributing snacks and chatting with citizens, Huang bridged the gap between global tech titan and local enthusiast, embodying the approachable innovation culture Nvidia cultivates.

As AI continues reshaping economies worldwide, initiatives like Nvidia’s Korea expansion and high-level engagements signal a bright outlook for collaborative advancement. Huang’s message was clear: the partnership is thriving, with even greater achievements on the horizon.

NEW YORK — GameStop Corp. shares traded modestly lower Friday morning, hovering around $22.04, down about 1.06% or 0.24 points in early trading, as investors digested the company’s recent strong quarterly results and capital return plans amid ongoing retail sector dynamics.

The videogame retailer closed Thursday at $22.27 after posting its highest quarterly net income in company history earlier in the week. The modest pullback reflects normal profit-taking following a positive reaction to earnings that showed significant improvement in profitability driven by collectibles sales growth.

GameStop on June 2 reported net sales of $835.3 million for the first quarter ended May 2, up 14% from $732.4 million in the prior-year period. Collectibles, including trading cards, apparel, toys and pop culture merchandise, surged to $348.9 million, accounting for nearly 42% of revenue compared to about 29% a year earlier.

Operating income reached a record $143.3 million for the quarter, swinging from an operating loss of $10.8 million in the prior year. Net income soared to $389.6 million, boosted by a $268.4 million unrealized gain on options tied to eBay stock and interest income, compared with $44.8 million a year ago. Adjusted figures also showed strength, with the company beating expectations.

The board approved a new $2 billion share repurchase program, signaling confidence in the company’s financial position and strategy under Executive Chairman Ryan Cohen. GameStop ended the quarter with approximately $9.7 billion in cash, marketable securities and related assets, providing substantial liquidity for potential investments or returns to shareholders.

Strategic Shift Toward Collectibles and Efficiency

GameStop has been pivoting its business model beyond traditional video game hardware and software sales, which have faced headwinds from digital downloads and industry transitions. Collectibles have emerged as a high-margin growth area, capitalizing on enthusiast demand for Pokémon cards, Funko Pop figures and other memorabilia.

Selling, general and administrative expenses declined to $201.6 million from $228.1 million, reflecting ongoing cost-cutting efforts that have improved margins. The company continues to optimize its store footprint and explore e-commerce enhancements while maintaining a presence in physical retail.

The $2 billion buyback authorization, valid through 2029, offers flexibility to return capital as the stock trades well below its 52-week high around $31. Analysts view such programs positively in a volatile meme stock environment, potentially supporting the share price over time.

Ongoing Interest in eBay and Broader Ambitions

GameStop has also been active in pursuing strategic opportunities, including increasing its stake in eBay and exploring broader e-commerce plays. These moves have generated attention and occasional volatility but underscore Cohen’s activist-influenced approach to transforming the retailer into a more diversified consumer entertainment company.

Shares remain sensitive to retail investor sentiment, a legacy of the 2021 short squeeze that catapulted GameStop into the spotlight. While trading volumes have normalized compared to meme stock peaks, the stock continues to attract dedicated followers monitoring fundamentals and corporate actions.

Market Context and Analyst Views

In the broader market, retail and consumer discretionary stocks have shown mixed performance amid economic uncertainty and shifting consumer spending. GameStop’s results highlight resilience in niche categories even as core gaming sales face pressure from console cycles and competition.

The company reported strong liquidity and no long-term debt concerns, positioning it well for potential acquisitions or further buybacks. Year-to-date, shares have posted gains, though they remain below peaks seen in prior years.

Some analysts caution that while profitability has improved markedly, sustainable revenue growth in a challenging retail landscape will be key. Others highlight the balance sheet strength as a significant positive, allowing flexibility in an evolving industry.

Company Background and Evolution

Founded in 1984, GameStop grew into a dominant brick-and-mortar videogame retailer but faced existential threats as the industry shifted online. Under new leadership, it has refocused on profitability, inventory management and diversified revenue streams. Store count has been rationalized, with emphasis on experiential retail and collectibles.

The stock’s history includes dramatic swings, from pandemic lows to extraordinary highs in 2021 fueled by social media coordination. Today, with a market capitalization around $9-10 billion, GameStop operates with a more mature investor base balancing nostalgia with forward-looking strategy.

What Lies Ahead

As GameStop navigates the second quarter, attention will turn to holiday season preparations, further collectibles momentum and execution on capital allocation. The buyback program could provide a floor for the stock while management explores growth initiatives.

Investors will also monitor macroeconomic factors affecting discretionary spending, including inflation, employment and consumer confidence. Positive developments in gaming hardware or partnerships could offer tailwinds.

Friday’s slight decline comes after Thursday’s modest gain and follows the post-earnings pop earlier in the week. Trading remains active but within recent ranges, with the 52-week low near $19.93 and high around $30.61.

GameStop’s transformation story continues to captivate, blending legacy retail with modern capital management. The record quarter and aggressive buyback underscore progress, even as challenges in the core business persist. For long-term holders, the focus remains on consistent execution and shareholder value creation in a competitive entertainment landscape.

Market participants will watch upcoming trading sessions for direction, with earnings momentum potentially setting the tone into the summer. GameStop’s substantial cash position provides optionality rarely seen in traditional retailers, offering a buffer and strategic flexibility uncommon in its peer group.