ET Intelligence Group: Shares of Laurus Labs have gained 30% in two months following a strong FY26 financial performance driven by growth in the contract development and manufacturing organisation (CDMO) segment, improved product mix and operating leverage. The company has guided for a capex of ₹3,000 crore over the next two years, primarily towards CDMO, peptides, fermentation and advanced therapies. Analysts have raised earnings estimates by 6-8% for FY27-28.

The drug maker is undergoing a structural shift towards higher-value segments, with CDMO contributing over 30% to total revenue, up from 13% six years ago. This share is expected to reach 50% by FY30. The company has reduced dependence on the traditional segment of antiretroviral (ARV) therapies, with their contribution declining to about 41% from 67%.

The CDMO segment grew 36% year-on-year to ₹2,080 crore in FY26, driven by late-stage pipeline progress, higher commercialisation of novel molecules, and strong outsourcing demand from global pharma players. Laurus is also expanding into non-pharma segments such as crop science and animal health. From a current base of about ₹150 crore, Motilal Oswal Financial Services (MOFSL) expects these segments to scale beyond ₹1,000 crore over time. The brokerage highlighted that CDMO growth has been supported by both development projects and commercialised molecules, and expects the segment to maintain momentum, projecting a 22% annual growth over FY26-28.

The operating margin before depreciation and amortisation (Ebitda margin) expanded 670 basis points year-on-year to 26.8%, driven by higher operating leverage. While the company expects to sustain margin at current levels, its trend will depend on the extent of volatility in raw material prices.

The company has outlined capital expenditure of ₹3,000 crore over the next two years, with over 90% allocation towards expanding mid and large-scale manufacturing capacities. Its key projects include greenfield Unit 7 facility with over 2,000 cubic meters of reactor capacity and a second commercial block slated for validation by the September 2026 quarter, alongside investments in animal health, fermentation and a formulation facility.

MOFSL has maintained a ‘BUY’ rating on the stock and raised earnings estimates for FY27 by 8% and for FY28 by 6% citing stronger CDMO traction, steady growth in ARV and non-ARV segments, continued operating leverage and ongoing capacity expansion. The stock closed 0.2% lower at ₹1,450.6 on Thursday from the previous day’s close on the BSE.

Indian stock market will remain closed today, June 26, as the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are shut for trading on account of Muharram.

India’s largest commodity exchange, the Multi-Commodity Exchange of India (MCX), is closed for the first session (9 am to 5 pm) on Friday. Trading will resume in the evening session between 5 pm and 11:30 pm, as per its website. The National Commodity & Derivatives Exchange Limited (NCDEX), meanwhile, is closed for the entire day.

Upcoming market holidays
In total, 16 stock market holidays were scheduled for 2026, of which nine have already passed. April saw two holidays – April 3 (Good Friday) and April 14 (Dr. B.R. Ambedkar Jayanti), while markets were also closed on May 1 on account of Maharashtra Day and May 28 for Bakri Id.After today’s market holiday, the BSE and NSE will next be closed on September 14 for Ganesh Chaturthi, followed by October 2 (Mahatma Gandhi Jayanti), October 20 (Dussehra), November 10 (Diwali-Balipratipada), November 24 (Guru Nanak Jayanti), and December 25 (Christmas).

Check list of upcoming seven market holidays, including today.

Muharram is the first month of the Islamic calendar and is based on the lunar cycle, so dates may differ between countries depending on when the new moon is sighted. In India, the datefor Muharram 2026 is Friday, June 26, 2026. This will give a three-day weekend to many.As the first month of the Islamic Hijri calendar, Muharram signifies the beginning of the Islamic New Year. Derived from the Arabic word meaning “forbidden,” Muharram is one of the four sacred months in Islam during which warfare is traditionally prohibited. It carries profound religious and historical significance throughout the Muslim communities of the world. For Shia Muslims, Muharram is particularly marked by grief and remembrance, especially on the day of Ashura, the 10th day of Muharram.

Also read: Vodafone Idea shares rally 80% in less than 3 months. Time to buy or avoid?

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Polestar, the part Chinese-owned electric brand spun out of Volvo, is to abandon the United States after the Commerce Department refused it permission to keep selling new cars, making the company the first casualty of a sweeping American clampdown on Chinese technology in vehicles.

The decision is the opening blow from a rule designed to strip Chinese-written software out of any new car that connects to the internet, a measure Washington frames as shutting the door on the cameras, microphones and GPS systems that it fears could be turned into surveillance tools by a hostile state. For Britain’s small and medium-sized suppliers watching the trade winds, it is a pointed reminder that ownership and code, not just where a car is bolted together, now decide market access.

Polestar, which is controlled by the Chinese motoring giant Zhejiang Geely Holding Group, had applied to carry on selling under a waiver process written into the rule. The government turned it down, the company confirmed on Thursday. The Commerce Department did not immediately comment.

The brand said it would keep selling its remaining American stock and would honour servicing and repairs through its existing network, leaving current owners covered even as the shutters come down on new sales.

Drawn up under the previous administration, the “connected vehicle” rule restricts the import or sale of cars whose hardware and software are tied to China, on national-security grounds. The final rule took effect in March 2025 and has been carried forward rather than unpicked by the current White House.

Carmakers were given until March of this year to certify to the US government that their products carried no code written in China or by a Chinese company, or else to petition for authorisation to keep selling from the 2027 model year onwards. It is a high bar, and one that bites on corporate parentage as much as on the bill of materials.

That distinction explains an awkward split within the Geely empire. Volvo, also majority-owned by the Chinese group, secured authorisation in May to keep trading in the US, after what it described as a case-by-case review and talks with officials over its technology and data security. Polestar, working through the same process, did not clear it.

The rejection is the latest step in a broader American push to wall off Chinese-owned cars. Lawmakers have spent recent weeks floating legislation that would go further still, barring Chinese manufacturers from even building vehicles on US soil.

Polestar had sounded confident it would comply. Chief executive Michael Lohscheller said in a recent interview that the company was “in good dialogue with authorities” about an exemption, adding: “The US is important because obviously it’s a big market.”

Founded as Volvo’s performance and motorsport arm, Polestar became a stand-alone brand in 2017 and was hived off as a separate company in 2021, floating through a special-purpose acquisition vehicle at the height of the electric-car frenzy, when traditional carmakers and start-ups alike scrambled to chase Tesla’s vertiginous share price.

It launched with the limited-edition Polestar 1, a hybrid coupe priced at $156,000, and the Polestar 2, a sporting electric saloon built in China that took early aim at the Tesla Model 3. But a thin line-up left it exposed, particularly in the US, where buyers lean heavily towards SUVs and pick-up trucks. The shares now change hands at $19.22, down 96 per cent from a closing peak of $459.90 in November 2021.

Its Chinese ties had already proved costly. Punitive tariffs imposed by both the Biden and Trump administrations pushed the China-built Polestar 2 out of the American range. Today the brand sells the Polestar 3 SUV, made at Volvo’s plant in South Carolina, and the Polestar 4 SUV, shipped in from South Korea, neither of them built in China.

Polestar said it would now concentrate on shoring up its European business, which already accounts for roughly 80 per cent of global sales. The pivot lands at a moment when the politics of Chinese-built electric cars is fraught on both sides of the Atlantic, with the EU pressing ahead with tariffs on Chinese electric vehicles despite resistance from Germany.

Britain, for its part, is treading a notably different path, courting rather than repelling Chinese capital. The recent Nissan deal to build Chery’s cars in Sunderland underlines how far the UK’s calculation diverges from Washington’s, even as ministers face their own pressure to rethink the 2030 timetable for phasing out petrol cars.

For Lohscheller, the lesson is that the global car market is fragmenting along geographic lines. “The automotive industry is entering a new phase, based on regional dynamics,” he said on Wednesday. For Polestar, that new phase begins with a continent’s worth of ambition and a closed door in the world’s most valuable car market.

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Yemi, a mother of four energetic boys and her husband Temitayo also benefitted from a SFHF holiday to Skegness.

“It was our very first holiday as a family, and when we found out we were going, we were so happy” she said.

“For my boys, it was their first time on a train, and they were beyond excited,” she said.

She said her youngest child, Ayosubomi, was a “lockdown baby” and had missed out on interaction with other children.

Yemi said the holiday had a “wonderful outcome”.

“He came home from school and told me about how he’s been playing nicely with other children and sharing toys.

“His behaviour has improved so much, and I’m incredibly proud of him”.

Helen Bolt the family services manager for Sheffield Young Carers who refers families to the charity describes the holidays as “transformative”.

“They create space for positive shared memories, something many families may not otherwise have the opportunity to do.”

“They help improve family functioning and emotional wellbeing long after the holiday ends.”