Planning authorities have approved local developer Griffin Group’s plan to build a $16.27 million six-storey apartment building in Applecross, despite pushback from the City of Melville.  

The Metro Inner Development Assessment Panel greenlit the project on 5a and 5b Macrae Street on Thursday morning, with three members supporting the application and two against it. 

Menora-based Griffin’s vision for the development features 21 apartments of two and three bedrooms, with a ground floor car park of 32 bays and a rooftop garden. 

City of Melville councillor Nicole Robins opposed the application, stating at the DAP meeting there were too many discretions sought in regards to the Canning Bridge Activity Centre Plan.

She cited the proposed building exceeded the required height of 20 metres at 20.2 metres, did not meet the minimum 10 per cent requirement of dwellings being one-bedroom with no one-bedroom options, did not meet setback, visitor bay and driveway length requirements.

Ms Robins also expressed concerns with the plan omitting waste collection onsite and the length of community consultation for the revised plan. 

When the plan was initially introduced to receive public feedback, it had been advertised as short-term accommodation.

There were 43 objections, mostly surrounding residents concerned the accommodation would be used as an AirBnB. 

“There are too many cases where assessment is being sought against the desired outcomes,” she said. 

MIDAP deputy presiding member Dale Page, however, disagreed with the councillor.

“The number of discretions sought is not a valid consideration,” she said. 

Ms Page acknowledged the discretions sought but said it overall aligned with the desired outcomes of the precinct plan. 

“I’m happy to support the proposal,” she said. 

“It’s a preferred use in this precinct and it aligns with the desired outcomes of both the current and drafted versions of the Canning Bridge Activity Centre Plan. 

“I note and I endorse the pragmatic approach of the city in having due regard to the draft of the activity centre plan but not requiring significant design changes to ensure full compliance with it.”

The site fronting Macrae Road has been vacant since 2022.

Griffin has two other projects in Applecross underway. 

Astoria Applecross – comprising six townhouses on 4 Tweeddale Road – is set to complete construction in quarter one of next year. 

Over at 65a Canning Beach Road, five full-floor apartments in a project called Manhattan Residences Applecross are estimated to finish in quarter three of 2027. 

KPIT Tech’s revenue from operations, meanwhile, rose around 9% YoY to Rs 1,675 crore during Q1 FY27, from Rs 1,539 crore reported in the corresponding quarter of FY26.

Also Read | KPIT Tech Q1 Results: Shares rally 10% even as net profit drops 32% YoY to Rs 117 crore. Here’s why

The revenue in constant currency terms grew only 0.1% YoY. The company said its pipeline continued to be satisfactory, with healthy growth in its products and solutions pipeline. “Hereafter margins will improve successively every quarter, aided by revenue mix and growth and AI-led productivity gains,” the company said.

The Pune-headquartered tech firm’s total income rose over 8% YoY to Rs 1,683 crore, while total expenses increased around 15% YoY to Rs 1,509 crore during the quarter under review.

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Its EBITDA, however, fell more than 11% to Rs 288 crore, while the EBITDA margin contracted to 17.2% in Q1 FY27 from 21% in Q1 FY26. Profit margin also fell to 7% from 11.2%.
Notably, this comes after the company earlier this month issued weaker-than-expected guidance for FY27, warning of a near-term slowdown in revenue growth, adding to investor concerns over the broader impact of AI on the country’s software services sector.The company announced a final dividend for FY2025-26 and set August 12 as the record date for its final dividend of Rs 5.25 per share for the financial year 2026. Only those shareholders who own the shares of the company in their portfolios as on the record date will be eligible to receive the payout.

The Q1 FY27 performance has been slightly ahead of the outlook the company shared at the end of the quarter, said its CEO and MD Kishor Patil. While a few of KPIT Tech’s largest clients continue to face pressures, the strategy it has pursued to diversify growth across clients, geographies, mobility segments and offerings is beginning to demonstrate its resilience, he added.

“AI-led products and solutions have become a common thread across our portfolio, and we are seeing encouraging traction across AI-defined mobility, vehicle engineering, digital cockpit, autonomous technologies and aftersales. We believe our focused investments, differentiated capabilities and trusted client relationships position us well to return to stronger growth in H2FY27 and beyond. We have successfully navigated similar industry cycles before and remain confident in our strategy, execution and long-term direction,” he further said.

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In the last one month, the stock was down 11.69% and in the last three months, it was down 21.89%. The stock was down 43.12% in the last six months and nearly 53% in the last one year.

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

The Fed acknowledged that inflation remained “elevated”, which it said was in part due to rising energy prices, but said US economic activity was expanding at a “solid pace despite uncertainty caused by the conflict in the Middle East”.

Warsh said he had wanted to and succeeded in having a “family fight” with his fellow policymakers on the rates decision.

“I asked for a good family fight, and I got one. That’s the purpose. That’s the design feature,” adding that “there was a large majority support for the decision that we made in the room”.

US stock markets ended the day lower following the decision. The benchmark S&P 500 hit its lowest level in a month, while the tech-heavy Nasdaq was down about 9% from its June record high. The Dow Jones index fell by the largest amount on the day by 2.19%.

Markets have been rattled in recent days by declines in AI-chip stocks, concerns over the amount of money being spent by big tech firms on AI infrastructure and development and rising oil prices.

Richard Flynn, managing director at Charles Schwab UK, said the “biggest smoke signal” for the Fed going forward was the energy market, with the ongoing conflict in Iran likely to influence future rate decisions.

Warsh, who was appointed by US President Donald Trump in May, has held interest rates twice since he took over as chairman.

He previously told Congress that the central bank had “no tolerance to persistently elevated inflation”.

President Trump pushed Warsh’s predecessor, Jerome Powell, to cut interest rates, and has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

But the new Fed chairman has said his “goal” is “for there to be no politics” and has stressed the importance of the Fed’s independence.

Richard Carter, head of fixed interest research at investment management firm Quilter Cheviot, said Trump would be watching the Fed’s decision with interest, particularly with the US mid-term elections less than 100 days away,

“The president will want to deliver positive news on the economy,” he added. “Inflation continuing to remain elevated and the looming potential for rate hikes certainly makes that narrative difficult to achieve.”

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Dabur shares dropped to Rs 415.55 apiece on NSE on Thursday amid an overall muted market sentiment. The company on Wednesday reported a 15% YoY rise in consolidated net profit to Rs 591 crore for the April-June quarter of FY27, marking its third straight quarter of double-digit profit growth, helped by price increases, cost control and broad-based growth across its FMCG portfolio.

Consolidated revenue rose 11% year-on-year (YoY) to Rs 3,761 crore, while India FMCG business grew 9.5% with underlying volume growth of 5%. Operating profit grew 11% during the quarter.

The company stated that Q1 was marked by inflationary pressure, geopolitical uncertainty in the MENA region and volatile commodity prices. It said disciplined cost management under Project Samriddhi, operating efficiencies and selective price increases helped protect profitability.

Motilal Oswal Financial Services said Dabur delivered a steady show, with the home and personal care segment continuing to lead growth. The segment outperformed with 12% YoY growth, supported by hair care and oral care.

“Dabur expects a double-digit consolidated revenue growth in FY27 along with improvement in margins. Management expects revenue growth to be supported by a slightly higher mix of pricing. Resilient rural demand, coupled with signs of improving urban demand, bodes well for Dabur’s growth outlook. However, the pace of demand recovery, commodity inflation and the progress of the monsoon (including any El Nino-related risks) remain key monitorables for FY27,” the domestic brokerage noted.

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Motilal Oswal reiterated its ‘Neutral’ call on the shares of Dabur with a target price of Rs 475 apiece, implying 10% upside potential.
Also Read | Dabur Q1 Results: Profit rises 15% to Rs 591 crore; revenue up 11%

JM Financial on Dabur share price

JM Financial noted that Dabur’s Q1 earnings were largely in-line with its estimates. The company’s guidance on FY27 is largely unchanged – low double-digit sales growth led by stable volumes and improved pricing growth. On profitability, while input costs remain inflationary, management targets to drive EBITDA growth ahead of topline through price hikes and cost-saving initiatives, it added.The domestic brokerage upgraded its FY27 EPS estimate by 3%, factoring in slightly better margins versus FY26, while it kept FY28 forecast unchanged. It believes that valuation is inexpensive and restricts the downside; but rerating to the long-term average will be contingent on more consistent delivery and outperformance versus staples peers, especially on the revenue front.

JM Financial maintained its ‘Add’ call on the shares of Dabur, but reduced its target price to Rs 490 apiece from Rs 505 apiece. The latest target price implies around 13% upside potential.

Equirus Securities noted that Dabur’s operating momentum continues to strengthen, supported by hair care, oral care and foods, an improving mix, resilient rural demand and market-share gains. Near-term volume growth could remain moderated by inflation-led pricing, but the company’s diversified portfolio, strong brand franchise, healthy cash generation and disciplined capital allocation support our positive view, it said.

Following the recent correction, risk-reward has turned favourable despite a lower target multiple of 36x, according to the brokerage which has an ‘Add’ rating on the shares of Dabur with a target price of Rs 474 apiece, implying 9% upside potential.

Also Read | Brands see strong consumer appetite this festive season despite war-led woes

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

The Newcastle firm is celebrating its 80th year

Longstanding Newcastle law firm Hay & Kilner has expanded in the region with the opening of a new office. The full service firm says the launch of its Stockton-on-Tees base will help it better service a significant and longstanding client base across South Durham, Tees Valley and North Yorkshire.

The new office is at Preston Farm. Recruitment there is said to be well under way, with roles available across a number of practice areas.

Partners also hope the move will create opportunities for further regional growth. It is Hay & Kilner’s 80th year in business with ambitions to increase turnover by 50% over the next five years through continued investment in its people, sector expertise and regional presence.

Latest available accounts for the firm – covering the year to the end of March 2025 – show turnover of more than £10m and operating profit of more than £3.2m. Profit before members’ remuneration and profit shares was more than £3.3m.

Jonathan Waters, managing partner at Hay & Kilner, said: “The opening of our Stockton office is an important step in our long-term growth strategy. We already work with a substantial number of businesses and individuals across Tees Valley, South Durham and North Yorkshire, and having a dedicated base there will allow us to support them even more effectively while strengthening our presence in the region.

“We’re incredibly proud to be celebrating our 80th year in the North East at a time of real momentum for the firm. The continued investment we’re making in our people, our clients and our regional footprint reflects our confidence in the future.”

Hay & Kilner says the expansion on to Teesside follows two consecutive years of strong financial growth and continued investment in the firm, including the recruitment of more than 40 new colleagues across legal and business support roles. The firm now more than 130 people, with recent appointments including experienced solicitors, trainees and specialists in compliance, marketing and finance, providing a strong platform for its next phase of expansion.

Mr Waters added: “Our heritage gives us credibility and deep roots in the North East, but our mindset is firmly future-focused. We are investing, we are recruiting and we are expanding. The next five years will be about disciplined, sustainable growth, strengthening our presence across the region, attracting exceptional talent and continuing to deliver outstanding service to our clients.”

Growth in the US slowed in the three months to June, according to official figures.

The Commerce Department said the US economy grew at an annual rate of 1.5% in the second quarter, down from 2.1% seen in the first three months of the year.

It comes as the world’s largest economy continues to weather the financial impact of the war with Iran and US businesses navigate tariffs.

The growth figure was lower than analysts had estimated, with the downturn due to lower government spending, investment and exports. However, the economy received a boost from an increase in consumer spending.

The latest growth figures come after the Federal Reserve decided to hold interest rates for a fifth time in a row in Wednesday, with new chairman Kevin Warsh warning there was no “magic wand” to tackle rising prices.

Prices in the US have been rising at a rate above the Fed’s 2% target for more than five years, but the Commerce Department said consumer spending remained resilient.

The Fed said US economic activity was expanding at a “solid pace despite uncertainty caused by the conflict in the Middle East”.

The main economic concern from the conflict has been rising oil prices, which had surged again following recent escalations.

Brent crude, the global benchmark for oil prices, was about $90 a barrel on Thursday. Higher oil prices typically lead to increased prices at the pumps, with average gasoline prices now back above $4 a gallon.