Earnings Strength Fuels Optimism

Mehta believes the market’s recent resilience has been driven by earnings growth, particularly among mid- and small-cap companies, even as foreign institutional investors remained largely absent.

“The market has gone through the grind of price correction, time correction, and valuation consolidation. The market has always been a slave of earnings, and earnings came out very good across large-caps, mid-caps, and small-caps.”

He added that improving macroeconomic conditions and lower crude oil prices are turning previous headwinds into potential tailwinds.

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“There are green shoots showing right now. Looking at macros and earnings, the risk-reward is quite positive, especially for investors with a one- to two-year horizon.”
Power Ancillaries Preferred Over Direct Utilities
While remaining positive on the power sector, Mehta prefers companies that support the broader energy ecosystem rather than power producers themselves.He highlighted opportunities in power automation, transmission infrastructure, and renewable energy-related businesses that stand to benefit from India’s growing electricity demand and infrastructure spending.

“We have been advocates of power and power ancillaries. Companies involved in HVDC, power automation, and renewable infrastructure could benefit significantly from the ongoing capex cycle.”

He also sees value in engineering and manufacturing firms supplying equipment and services to larger power infrastructure players.

“The ancillary theme is the proxy play. The entire capex, power, and infrastructure theme should do very well from here on.”

Positive on HCLTech Deal, Cautious on IT
Mehta welcomed HCLTech’s partnership with Sarvam but maintained his cautious view on the broader IT services sector.

“This tie-up augurs very well. However, we have generally been negative on the IT space for the last three years and continue to hold that stand.”

While acknowledging the possibility of moderate returns from frontline IT stocks, he believes better opportunities exist elsewhere.

“There can be 10-12% CAGR returns from large IT companies, but investors seeking alpha may find better opportunities in financials, capex-related businesses, and consumption plays.”

He noted that IT companies continue to face structural challenges despite sharp corrections in valuations.

“The long term is about how these companies adapt to digitisation and AI. That is something the Street wants to monitor closely.”

Constructive Outlook
With earnings remaining healthy and macro conditions improving, Mehta believes Indian equities are well positioned for the medium term. His preferred themes remain power infrastructure, capital expenditure plays, and financials, sectors that he expects to benefit from India’s ongoing economic and investment cycle.

Netflix shares tumbled more than 3.5% on Tuesday after the streaming giant was outbid by Fox Corp. in a $22 billion deal to acquire Roku, marking a significant setback in Netflix’s efforts to expand its distribution footprint amid intensifying competition in the media industry.

Fox’s cash-and-stock offer valued Roku at $160 per share, outmaneuvering Netflix in what sources described as an aggressive but ultimately unsuccessful pursuit. The transaction highlights the rapid consolidation occurring across streaming and connected TV platforms as companies vie for greater control over content distribution and advertising data.

Roku, a leading streaming platform operator, has built a substantial user base through its hardware and operating system that hosts multiple services. The deal gives Fox enhanced reach in the connected TV space, complementing its Tubi free ad-supported streaming service and traditional media assets. Netflix, which has historically focused on organic growth and content production, had viewed Roku as a strategic opportunity to strengthen its position in the evolving distribution landscape.

The failed bid represents Netflix’s second major unsuccessful acquisition attempt in recent quarters, following an earlier pursuit of Warner Bros. Discovery. Despite the setback, company executives have framed such efforts as valuable learning experiences for future transactions.

Co-CEO Ted Sarandos previously noted the educational value of the Warner Bros. pursuit. “We really built our M&A muscle pursuing Warner Bros.,” Sarandos said. “We’ve learned so much about deal execution, about early integration.”

Strategic Context and Regulatory Considerations

Industry analysts point to significant antitrust hurdles that likely complicated Netflix’s bid. Owning both substantial original content production and a major distribution platform hosting rival services could have raised competitive concerns with regulators. Fox’s position, focused more on live sports, news and its Tubi platform, was viewed as presenting fewer direct conflicts with other subscription video services.

The Roku board prioritized maximizing shareholder value, ultimately favoring Fox’s premium offer. Sources indicated Netflix adopted a more disciplined bidding approach, which proved insufficient against Fox’s aggressive valuation.

Fox has committed to maintaining Roku as an “open, partner-friendly platform,” a stance that may have eased regulatory scrutiny and appealed to Roku’s leadership. The deal underscores Fox’s strategy to bolster its presence in the streaming ecosystem while leveraging its existing media infrastructure.

Netflix’s Evolution and Future Moves

Netflix has transformed from a DVD rental service into a global streaming powerhouse, but the industry’s shift toward consolidation has prompted the company to explore inorganic growth opportunities. The Roku bid reflected a desire to secure greater control over how its content reaches audiences and to gather valuable first-party advertising data.

Although the deal did not materialize, Netflix continues to evaluate strategic options. Reports suggest the company is among several media giants considering a potential move for Lionsgate Studios, though no formal indication of interest has been submitted.

The company’s leadership has emphasized building transactional expertise through recent pursuits. This “M&A muscle,” as Sarandos described it, positions Netflix to act decisively when suitable opportunities arise in a maturing streaming market.

Roku’s origins add historical irony to the situation. Company founder Anthony Wood developed the original Roku player while at Netflix in the early 2000s during the transition from physical rentals to digital streaming. Netflix ultimately spun off Roku in 2008 to avoid alienating hardware partners. Nearly two decades later, Netflix attempted to reacquire the platform it helped create, only to be outmaneuvered by traditional media player Fox.

Market Reaction and Industry Implications

Netflix shares opened lower following the news, reflecting investor disappointment over the missed opportunity. Roku shares also declined modestly as the market digested the acquisition details, while Fox Corp. stock experienced mixed movement amid broader sector dynamics.

The transaction highlights the intense competition for distribution assets in the streaming era. As consumers fragment across multiple platforms, control over connected TV interfaces and user data has become increasingly valuable. Companies are racing to secure footholds that enhance content delivery and advertising capabilities.

For Fox, acquiring Roku strengthens its position in the ad-supported streaming segment and provides a robust platform for distributing its sports, news and entertainment content. The deal complements Tubi and could accelerate Fox’s digital transformation.

Netflix, meanwhile, will likely continue focusing on content investment and technological innovation to maintain subscriber growth. The company has demonstrated resilience through previous industry shifts, adapting its model from DVD rentals to global streaming dominance.

Broader Streaming Landscape

The Roku acquisition comes as the streaming industry enters a phase of consolidation and maturation. After years of heavy spending on content and subscriber acquisition, major players are seeking efficiencies and strategic advantages through partnerships and acquisitions.

Free ad-supported streaming services like Tubi have gained traction, offering alternatives to subscription fatigue. Control over distribution platforms allows companies to optimize user experiences and advertising revenue across their content libraries.

Regulatory scrutiny remains a key factor in media deals, with authorities closely examining potential impacts on competition and consumer choice. Fox’s structure and commitments regarding Roku’s openness may have provided advantages in navigating these considerations.

Analysts expect further M&A activity in the sector as companies position themselves for long-term success in a fragmented but consolidating market. Netflix’s disciplined approach suggests it will pursue opportunities that align closely with its core strengths in content creation and global reach.

Outlook for Involved Companies

Fox’s successful bid enhances its competitive positioning and diversifies revenue streams beyond traditional linear television. Integration of Roku will require careful execution but offers significant upside in the connected TV space.

Netflix remains well-positioned as a content leader with a massive global subscriber base. While the Roku deal did not close, the company’s focus on original programming and international expansion continues to drive growth. Future strategic moves will likely emphasize opportunities that complement rather than duplicate existing capabilities.

Roku shareholders receive substantial value through the transaction, rewarding the company’s innovation in the streaming hardware and platform space. The deal provides certainty while allowing the platform to operate with continued openness under new ownership.

As the streaming wars evolve, deals like Fox’s acquisition of Roku illustrate the strategic importance of distribution and data in an increasingly competitive landscape. Netflix’s pursuit, though unsuccessful, demonstrates its willingness to adapt and invest boldly in shaping its future trajectory.

The coming months will reveal how these companies leverage their positions as the industry continues consolidating. For investors and consumers alike, the Roku transaction represents a notable milestone in the ongoing transformation of entertainment delivery.

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KANSAS CITY — Lionel Messi delivered a masterclass performance with a hat-trick as defending champions Argentina opened their 2026 World Cup campaign with a commanding 3-0 victory over Algeria, reigniting discussions about whether the 38-year-old superstar can claim the Golden Boot in what may be his final tournament appearance.

Messi’s clinical finishing and visionary play powered Argentina to a strong start in Group play, showcasing the enduring brilliance that has defined his legendary career. The eight-time Ballon d’Or winner opened the scoring with a low drive, added a second before halftime with a composed finish, and completed his hat-trick in the second half with a curling effort from the edge of the penalty area. The performance equaled a significant all-time World Cup scoring milestone and left fans and analysts wondering if Messi can chase the tournament’s top scorer honor at nearly 39 years old.

The result at Children’s Mercy Park sets an ideal tone for Argentina’s title defense. With points secured early, coach Lionel Scaloni’s side can focus on rotation and tactical refinement ahead of tougher tests in a competitive group. Messi’s influence remains central to Argentina’s ambitions as they aim to become just the third team in history to retain the World Cup.

Record-Equaling Achievement and Enduring Legacy

Messi’s hat-trick added another chapter to his extraordinary World Cup journey. At an age when most players have retired or diminished, he continues to perform at the highest level, defying expectations and captivating audiences worldwide. His latest display further cements his status among the tournament’s all-time great scorers, drawing comparisons to legends who excelled in their later years.

The Argentine contingent in the stands created a sea of blue and white, roaring with every touch from their hero. Messi’s ability to produce magic on the biggest stage has been a hallmark of his career, from leading Argentina to Copa América glory to the 2022 World Cup triumph. Tuesday’s performance reminded observers that age has not dulled his instincts or technical mastery.

Scaloni has built a balanced squad that blends youthful energy with veteran experience. Messi’s presence elevates teammates, creating space and opportunities through his vision and movement. The hat-trick was not only about personal records but a statement of Argentina’s intent to defend their crown with authority.

Path to the Golden Boot

With the hat-trick, Messi has positioned himself as an early frontrunner in the Golden Boot race. The award, given to the tournament’s top scorer, has historically been won by players in peak form, but Messi’s consistency and finishing ability make him a unique candidate even at 38. His record against various opponents demonstrates an ability to score in crucial moments, a trait that could prove decisive across multiple group and knockout matches.

Analysts note that the expanded 48-team format offers more games and opportunities for scorers. If Argentina advances deep into the tournament, Messi could accumulate enough goals to challenge for the honor. His clinical edge in front of goal, combined with creative support from players like Julián Álvarez and Lautaro Martínez, enhances his chances.

However, competition remains fierce. Other star forwards from top teams will vie for the award, and injury management will be critical for Messi as the tournament progresses. Argentina’s depth allows for careful workload management, potentially preserving Messi for key moments while maintaining team performance.

Argentina’s Strong Start and Group Outlook

The victory over Algeria demonstrated Argentina’s tactical maturity. The team controlled possession effectively, limited counterattacks and converted chances with efficiency. Midfielders provided balance, while the defense remained organized against sporadic Algerian pressure.

Algeria competed bravely but ultimately lacked the quality to trouble the defending champions consistently. The result gives Argentina momentum heading into subsequent fixtures, where they will face stiffer challenges. A positive start is crucial in a tournament where early slips can complicate advancement.

Scaloni’s management style emphasizes collective effort and adaptability. The squad has evolved since Qatar, showing greater flexibility and resilience. Players understand their roles within the system, allowing Messi to focus on what he does best — creating and finishing.

Senegal and Algeria Context

Algeria’s campaign began with a difficult assignment against the defending champions. Despite the defeat, the team showed moments of promise and organization. Their next matches will test resilience further, but participation itself represents progress after a long absence from the World Cup.

The Group stage features strong competition, and early results like Argentina’s win set the tone. Both Algeria and other opponents will analyze the match for weaknesses, though Messi’s individual brilliance often transcends tactical preparation.

Messi’s Motivation and Future

Messi has spoken about his deep connection to the national team and desire to contribute meaningfully in major tournaments. His performance against Algeria reflects continued commitment and joy in representing Argentina. At this stage of his career, each match carries added significance, yet he maintains focus on team success rather than individual accolades.

Teammates and coaches continue to marvel at his dedication and influence. The hat-trick not only boosted Argentina’s campaign but inspired a nation and global audience. As the tournament unfolds, Messi’s journey will be followed closely, with many hoping to witness more historic moments from one of football’s greatest.

The 2026 World Cup has already produced memorable performances, and Messi’s hat-trick ranks among the early highlights. Whether he can sustain this form and challenge for the Golden Boot remains to be seen, but his opening display suggests he is far from finished at the highest level.

Argentina’s strong start positions the team well for progression. With Messi leading the line, the defending champions carry both experience and hunger into the next phases. For fans and neutrals alike, watching Messi create magic at 38 remains one of football’s enduring pleasures.

As the group stage continues, all eyes will remain on Messi and Argentina. The hat-trick against Algeria was a reminder of his greatness and a statement of intent for the tournament ahead. Golden Boot or not, his contribution to Argentina’s campaign will define much of the story in 2026.

SYDNEY — The S&P/ASX 200 index advanced 35.5 points, or 0.40%, to close at 8,953.2 on Wednesday, extending gains as investors welcomed the US-Iran ceasefire agreement and the reopening of the Strait of Hormuz, which reduced geopolitical risks and supported sentiment across resource and financial sectors.

The modest rise came amid broader regional optimism, with easing tensions in the Middle East helping to stabilize commodity prices and boost risk appetite. The benchmark index has shown resilience in recent sessions, reflecting Australia’s exposure to global trade dynamics and commodity markets that benefit from normalized shipping routes.

The Iran peace deal, which includes the immediate lifting of the naval blockade and restoration of toll-free shipping through the critical oil waterway, has been a primary driver of positive market sentiment. Lower energy price volatility supports Australian exporters and reduces input cost pressures for domestic industries, contributing to the session’s upward movement.

Sector Performance and Key Movers

Mining and energy stocks led gains as oil prices moderated following the agreement, easing concerns over supply disruptions. Major miners benefited from improved global growth expectations and stable commodity demand outlooks. Financial stocks also advanced on expectations of steady lending conditions and improved corporate confidence in a lower-risk environment.

The materials sector posted solid gains, reflecting Australia’s position as a key supplier of iron ore, coal and other resources. Banks and consumer discretionary names contributed positively, with investors rotating toward cyclical areas as volatility expectations declined.

The session’s broad participation signaled healthy market breadth, though gains were relatively measured compared to sharper moves in previous days. Trading volume was steady as institutional investors adjusted positions in response to the positive geopolitical developments.

Economic and Policy Backdrop

Australia’s economy has demonstrated resilience amid global uncertainties, with steady growth supported by resource exports and domestic consumption. The Reserve Bank of Australia’s recent decision to hold interest rates at 4.35% has provided a stable monetary policy backdrop, allowing markets to focus on external factors like the Middle East situation.

Lower oil prices are expected to moderate inflationary pressures, potentially giving the central bank more flexibility in future decisions. This environment generally supports equity markets by reducing borrowing costs and supporting consumer spending.

Analysts noted that the Iran ceasefire removes a significant overhang that had weighed on resource-heavy indices like the ASX 200. The deal’s implementation will be closely watched, but the initial market reaction has been constructive for Australian assets.

Global Market Context

The ASX 200’s performance aligned with gains in other regional markets, as the US-Iran agreement triggered a broad relief rally. European and Asian indices followed positive leads from Wall Street, with energy-sensitive and export-oriented shares advancing.

The VIX, Wall Street’s fear gauge, has declined significantly, indicating reduced global market anxiety. Lower volatility has encouraged capital flows into risk assets, benefiting commodity-linked economies like Australia.

Gold prices eased modestly as safe-haven demand softened, while the Australian dollar showed mixed movements against the US dollar amid shifting risk sentiment and commodity price dynamics.

Investor and Analyst Perspectives

Market strategists described the move as a classic risk-on reaction to geopolitical de-escalation. Reduced uncertainty around energy supplies supports corporate margins and global growth forecasts, particularly beneficial for resource-exporting nations.

Some observers cautioned that full implementation details and verification mechanisms will be key to sustaining the positive momentum. Questions remain around long-term nuclear arrangements and regional security, which could introduce renewed volatility if talks encounter setbacks.

Nevertheless, the consensus leaned optimistic. The ASX 200’s ability to advance steadily demonstrates underlying strength in Australia’s resource sector and broader economy. Year-to-date performance remains robust, with the index benefiting from improved global trade expectations.

Investment Considerations

For individual investors, the session reinforces the importance of maintaining diversified portfolios capable of capturing opportunities across market conditions. Those with exposure to mining, energy and financial sectors likely benefited most from the relief rally.

Financial advisers recommend focusing on companies with strong balance sheets, pricing power and exposure to long-term growth themes such as energy transition and technological adoption. While geopolitical developments can drive short-term moves, underlying fundamentals remain the primary driver over time.

The ASX 200’s performance also highlights Australia’s interconnectedness with global events. Investors are encouraged to stay informed about international developments while maintaining a long-term perspective on domestic opportunities.

Historical Perspective

Wednesday’s gain adds to the ASX 200’s solid performance in 2026, reflecting the market’s resilience amid shifting geopolitical and economic landscapes. The index has benefited from strong commodity demand, corporate earnings resilience and periodic relief from international tensions.

The current environment contrasts with periods of heightened uncertainty earlier in the year. Sustained progress on trade normalization, energy security and domestic policy could support further upside, according to many observers.

Looking Ahead

Attention now turns to upcoming Australian economic data releases, corporate earnings reports and any further details on the Iran agreement implementation. The Reserve Bank of Australia’s communications and global central bank actions will also be closely watched.

As markets digest the latest diplomatic breakthrough, the focus remains on whether positive momentum can be sustained. Strong corporate fundamentals, easing external risks and continued commodity demand provide a constructive backdrop, though volatility is likely to persist given the fluid nature of international relations.

The ASX 200’s advance on Wednesday represents continued confidence in Australia’s economic outlook amid improving global conditions. Investors will continue monitoring developments in the Middle East and their implications for commodity prices, inflation and broader market sentiment in the weeks ahead.

The session serves as a reminder of markets’ sensitivity to headline news while also showcasing their capacity for steady progress when major uncertainties diminish. For now, the ASX 200’s performance underscores a cautiously optimistic outlook as 2026 progresses.

Budget carrier Loganair is now operating a daily schedule between the two transport hubs

Flights from Exeter to Manchester are “key” for regional economic growth and the business community, a chamber of commerce has said.

Budget carrier Loganair launched flights from the South West transport hub last year and is now operating a daily schedule to the North West city. It also operates services from Exeter to Edinburgh, Jersey and Newcastle.

Devon Chamber said the flight route to Manchester, which returned after a five-year absence, would strengthen Exeter as a “key regional transport hub” and help local businesses remain connected to the UK and Europe.

“It cements the airport’s role in supporting regional connectivity, ensuring businesses across the South West can access key markets efficiently,” a spokesperson for Devon Chamber said.

“With a flight time of just an hour – compared with more than four hours by rail or road – the route is helping the region’s businesses connect and be more productive.”

The Manchester service is also helping to drive further growth at Exeter Airport, where passenger numbers soared by 32 per cent in the year to March to 582,000 amid growing demand for regional connectivity.

At the centre of the growth has been the success of KLM Royal Dutch Airlines’ daily Exeter to Amsterdam service, which recently celebrated its first anniversary. The route has opened up worldwide connections for business and leisure travellers through Amsterdam Schiphol, one of Europe’s leading international hubs.

The route has also proved successful in attracting inbound international visitors into the South West, in particular from The Netherlands and Germany, according to Devon Chamber.

Exeter Airport also has a year-round service to Dublin, operated by Aer Lingus, with onward connections to North America and US immigration pre-clearance in Ireland.

Aer Lingus also operates summer flights from Exeter to Belfast, while Aurigny provides year-round links to Guernsey and Skybus offers seasonal direct services to the Isles of Scilly.

Meanwhile, TUI and Ryanair provide the backbone of the airport’s international leisure programme, including year-round flights to Alicante, Malaga and Tenerife, alongside an extensive summer schedule to destinations across the Greek Islands, Balearics, Canary Islands and Turkey.

Exeter is part of UK regional airport operator Regional & City Airports (RCA), which also owns and operates Bournemouth Airport and Norwich Airport.

An independent economic impact assessment carried out for RCA found that Exeter Airport plays a vital role in the regional economy, contributing £54m in Gross Value Added (GVA) and supporting around 780 jobs locally. The airport directly employs around 230 people.