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UBS upgrades MCX rating to Buy with Rs 3,800 target price: Can it boost the stock?

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UBS upgrades MCX rating to Buy with Rs 3,800 target price: Can it boost the stock?
Global brokerage UBS upgraded Multi Commodity Exchange of India (MCX) to a Buy rating from Neutral, raising its 12-month price target to Rs 3,800 from Rs 3,600. The upgrade follows a recent 15% price correction from its May peak, which UBS noted leaves the stock trading at an attractive valuation of 40x 12-month forward price-to-earning, a discount of more than 10% to its three-year average.

Given this strong valuation support, resilient volumes, and positive regulatory developments, the global brokerage raised its earnings per share estimates for MCX by 4%, 8%, and 9% for FY27, FY28, and FY29, respectively. The revised price target implies an upside potential of over 28% from its previous closing price of Rs 2,962, based on a 44x September 2028 estimated PE.

According to UBS, key regulatory developments serve as important medium-term growth catalysts for the exchange. Sebi’s recent consultation paper proposing Foreign Portfolio Investment (FPI) participation in physically settled non-agricultural commodity derivatives and index derivatives is expected to structurally deepen the commodity market.

Furthermore, continued volatility in key commodities driven by geopolitical issues in the Middle East is expected to support near-term volume trends.

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MCX’s Q1 FY27 financials

UBS highlighted that MCX posted strong performance in Q1 FY27, with revenue surging 88% year-on-year to Rs 7 billion. This top-line expansion was supported by a 47% YoY increase in Futures average daily turnover to Rs 10.5 trillion and a 266% YoY surge in Options notional turnover.


Although performance moderated sequentially from the peak seen in Q4 FY26, underlying market participation remained healthy, with traded clients doubling year-on-year to 1.37 million.
UBS forecasts average daily transaction fee revenue of Rs 98 crore and Rs 118 crore for FY27 and FY28, respectively, and expects EBITDA margins to expand to 77% in FY28 driven by operating leverage.

MCX share price

MCX shares were trading at Rs 2,980 on Thursday, up 0.61%. The stock has gained over 12% in a week and nearly 7% in a month, being overall up nearly 35% in 2026 so far.

In the longer term, MCX shares have delivered strong returns, surging nearly 78% in a year, over 840% in three years, and more than 880% in five years.

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

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Engine parts smashed Ryanair window that man’s head was sucked out of, report says

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Broken engine fragments smashed a cabin window of a Ryanair plane causing a man’s head and right shoulder to be sucked into the hole last month, US investigators have said.

The National Transportation Safety Board (NTSB) wrote in a preliminary report that this happened after an engine fan blade broke shortly after takeoff on the 10 July flight from Greece to Germany.

Serbian national Ljubisa Karović’s head and right shoulder were sucked out of the plane’s window, leaving him “seriously injured and in shock”.

His wife Svetlana Grković Maksimović later told BBC Serbia that she and two other passengers held onto his legs for several minutes.

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The NTSB said the flight from Thessaloniki to Memmingen “experienced a No. 2 (right) engine fan-blade-out (FBO) failure during climb out”.

“The crew elected to return to SKG [Thessaloniki International Airport] where they made an uneventful landing.”

The NTSB was “delegated the investigation in full” by the Greek authorities in the days following the incident.

It also detailed a timeline of events given by the flight crew, who said they received a “high vibration” engine alert during the climb.

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In response, they reduced the engine power and carried out a series of checks. When the vibrations stopped, the crew continued to climb on autopilot, the report said.

But the engine vibrations then increased and the crew heard a loud bang, prompting them to declare an emergency and begin their descent.

Flight attendants reported hearing and feeling the vibrations, and seeing a small amount of smoke before the oxygen masks were deployed.

One flight attendant said they then noticed passengers calling for help after a passenger became “partially lodged in a damaged cabin window”, with the entire window missing.

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The engine had undergone ultrasonic inspections in May this year with no findings of fault, the report stated.

Ryanair boss Michael O’Leary earlier suggested that the incident may have been caused by “foreign object damage” to an engine.

The aircraft was operated by Ryanair’s subsidiary Malta Air.

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Terry de Havilland US expansion: Macy’s, Nordstrom deals

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Terry de Havilland US expansion: Macy's, Nordstrom deals

British footwear brand Terry de Havilland is planning a US retail launch with Macy’s, Bloomingdale’s and Nordstrom later this year, according to Darren Spurling, who owns the business.

Spurling, 60, is the nephew of the late designer Terry de Havilland and runs the Newcastle-based company with his son Josh. The business has ten employees, designs in Britain and manufactures its shoes in Spain.

The move follows a rise in US online sales after recent sightings of actresses including Millie Bobby Brown and Margot Robbie wearing the brand’s shoes.

The label was founded by Terrence Higgins, who began designing shoes in 1972 and opened his King’s Road shop, Cobblers to the World, the same year. He took his trading name from a Paris phone book. “He didn’t think Higgins was a very good name for shoes,” Spurling said, “it didn’t seem exotic.”

The brand’s platform heels were worn in the 1970s by David Bowie and by customers Spurling listed as “Lulu, Cher, The Rolling Stones, Elton John”. Its Margaux wedge, named after Margaux Hemingway, has been in the collection since 1973, and the Deco heel, a five-inch sandal with metallic snakeskin trim, has been displayed at the V&A. The museum’s collection also includes a pair of his 1972 snakeskin platform shoes, given by the milliner David Shilling.

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By the late 1990s the designer had moved away from the mainstream and was making bespoke shoes for customers in Camden Market. He returned to wider attention after Miu Miu, the label owned by Prada, produced shoes Spurling described as “literally exact copies, same materials, same designs”.

De Havilland pursued Prada through the courts over trademark infringement, arguing that his products were classed as art. The case did not progress far, but the publicity helped him secure licensing deals in America and Britain. Under Intellectual Property Office rules, a UK registered design must be renewed every five years and lasts a maximum of 25 years.

Spurling, who had previously sold his family’s chain of London sports shops to Blacks Leisure Group and served as managing director of surfwear brand O’Neill’s, reconnected with his uncle at a family party and began advising him on the licensing arrangements. “I helped him to buy out the licensing so that he could get the brand back, which we did in 2010,” he said. Spurling bought the company outright in 2015, when the designer was nearly 80. De Havilland died in 2019.

The pandemic followed. “In all honesty, we thought we were buggered,” Spurling said, given that the company specialised in occasion shoes. The business moved to a direct to consumer model and, in 2022, went “from nothing to doing over a million pounds” online. Spurling said that boom has since ended as consumers have become “more considered” and “more conscious” about what they buy.

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He said he keeps the team small and outsources where possible because “the cost of hiring is an issue … the best way [is] to be adaptable”. The company has reintroduced 1970s designs and added matching bags and trainers, while remaining “very much focused on quality, on craftsmanship, on being slow fashion”.

Other British brands have moved in both directions on the US market. Wine merchant Berry Bros. & Rudd is opening its first US store in Washington, while athleisure label Tala suspended a planned £5 million US investment after a change in American tariff policy.

Spurling said the brand’s history gives it “real strong credibility”, adding: “what we need to do is make it as relevant as possible … and that’s a challenge.”


Amy Ingham

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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Selena Gomez sued for alleged fraud over mental health company

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Hollywood actress and singer Selena Gomez is being sued by five investors who backed Wondermind Global, a mental health business she founded with her mother.

Shareholders are claiming the pop star failed to fulfil promises that she would be “actively building” the brand, saying her “abject dereliction of her duties” has left the company in a “state of financial calamity”.

The lawsuit seeks to recover around $1.2m (£890,000) it claims was invested as well as costs and damages.

The BBC has contacted Wondermind and Gomez’s representatives for comment.

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Gomez, who rose to fame as a child actor before moving into pop music, set up the mental health platform five years ago with her mother Mandy Teefey and businesswoman Daniella Pierson. It came after Gomez publicly discussed her own mental health struggles, including with bipolar disorder.

The 34-year-old is one of the most-followed women in the world on social media, with over 500 million followers, and an estimated net worth of nearly $1bn. She also founded cosmetics company Rare Beauty, in 2020, which is closely associated with her name and image.

Wondermind aimed to make mental health-related content more accessible through a digital platform, recruiting investors to back the venture.

But the lawsuit claims Wondermind’s founders “falsely represented” their position by suggesting “a full slate” of ad deals, celebrity cover stories, an app and other initiatives were already underway and promising that Gomez would take an active role as its head of marketing.

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“Gomez purported ‌to ⁠sign a contract obligating her to perform and then ignored it,” the lawsuit claims.

Gomez is currently listed as a co-founder on Wonderminds website, below her mother who is now in the chief executive role, following Pierson’s departure from the company.

The individuals behind the suit, based in New York and Florida, include Brent Saunders, chief executive of eye-health company Bausch + Lomb.

The claimants’ lawsuit alleges Wondermind failed to meet “even its most basic obligations, such as timely paying its employees and vendors”.

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Promises including Wondermind’s partnerships and app never materialised, according to the claim.

“For three years, while the company quietly collapsed around them, not one of its founders, officers, or directors said a word to the investors whose money was funding the collapse,” the complaint states.

They said they were unaware of the company’s difficulties until an investigative news story by the online magazine, The Cut, surfaced in September 2025.

That report made allegations about Wondermind’s finances and issues with its management, according to the lawsuit.

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The article showed that “Wondermind had no plan for its future – much less a plan for achieving a multi-billion dollar valuation,” the lawsuit claims.

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Lowe’s Companies, Inc. (LOW) Q1 2026 Earnings Call Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript