Shares of Strides Pharma Science surged 9.05% to Rs 1,044.10 during Thursday’s trading session after the pharmaceutical company announced the successful closure of a USFDA inspection at its flagship manufacturing facility in Bengaluru.

This positive development followed the US Food and Drug Administration (US FDA) issuing an Establishment Inspection Report (EIR) for the facility, bringing the regulatory inspection to a close.

According to the company’s stock exchange filing, the USFDA conducted a current Good Manufacturing Practices (cGMP) inspection at the facility from May 12 to May 20, 2026. The inspection concluded with a Form 483 containing five observations, to which Strides submitted a comprehensive response within the stipulated timeframe.

Following a review of the company’s responses and the corrective and preventive actions implemented, the USFDA classified the inspection outcome as Voluntary Action Indicated (VAI) and issued the EIR, effectively concluding the inspection process.

The Bengaluru facility is Strides’ flagship manufacturing site and caters to regulated as well as other international markets. It manufactures a wide range of pharmaceutical dosage forms, including tablets, capsules and oral liquids, supporting both existing commercial products and the company’s future growth plans.

Strides said the successful closure of the inspection further strengthens its regulatory track record and reinforces its commitment to maintaining high-quality standards across its global operations.

Stock Performance and Valuation

The USFDA development comes as a relief for investors after a period of weakness in the stock. Before Thursday’s sharp recovery, Strides Pharma Science shares had declined around 10% over the past month and nearly 16% over the last three months. At Thursday’s level, the company’s market capitalisation stood at approximately Rs 8,825 crore, while the stock’s 52-week high is Rs 1,231.On the valuation front, Strides Pharma Science is currently trading at a price-to-earnings (P/E) ratio of 14.26, while its price-to-sales ratio stands at 1.78 and price-to-book ratio at 2.78.

Technical Indicators

Technically, the stock continues to show signs of recent weakness despite Thursday’s strong rebound. Its 14-day Relative Strength Index (RSI) stands at 36.3. An RSI below 30 generally indicates oversold conditions, while a reading above 70 is viewed as overbought.

The stock is currently trading above six of its eight key Simple Moving Averages (SMAs), while remaining below its 50-day and 100-day SMAs. The technical setup suggests that Thursday’s rally could mark an attempt at recovery, although the stock still needs to regain key moving-average levels to establish stronger upward momentum.

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

Domestic brokerage firm Jefferies has initiated coverage on Turtlemint Fintech Solutions with a Buy rating, setting a target price of Rs 190, citing potential revenue growth of 38% over the next three years for the company with multiple levers at play, as it is the third-largest player in the “point of sales person” or POSP insurance sales channel.

Implying an upside of 37%, the brokerage’s estimate of 38% three-year revenue CAGR is led by 31% premium CAGR and higher take-rates. Adj. EBITDA margin is expected to improve from -10% to +10%, in this base case scenario, driven by operating leverage, higher retention (26% in FY29 vs 22% in FY26) led by rise in health renewals and technology allowing relationship managers to handle more distribution partners.

The brokerage expects the platform to onboard 100-125k partners (15% CAGR) over FY26-29e. This combined with improving partner productivity, noting a third of the distribution partners have been added in the last 2 years, could drive 31% premium CAGR till FY29e. Further, improvement in take rates led by profit sharing models could result in 38% revenue CAGR till FY29e.

POSP is among the fastest growing insurance sales channels in India, with 6% of premiums. The channel has grown 2-4x faster as compared to agencies and banks in the last 5 years. Platforms such as Turtlemint, which operate POSP networks offer insurers an alternative route to B30+ markets, which are typically difficult to penetrate. Turtlemint Fintech Solutions’ granular POSP network & tech stack drives better profitability on a smaller base, according to the brokerage. Turtlemint has 20% market share in POSP premiums.

Partner productivity i.e., premium generated per active partner, is expected to improve by 8% CAGR over FY26-29e led by cross-selling of other insurance products as well as increase in avg. ticket size, the brokerage stated in its report.

Renewals are 20% of Turtlemint’s revenues in FY26. The brokerage expects this to rise to 25% by FY29e, led by rise in share of health insurance within new business premiums. Turtlemint can have higher retention in renewals resulting in greater operating leverage.
Jefferies expects operating cash flows to turn positive in FY28 driven by improving profitability. The company has Rs 650 crore in cash post its recent IPO, which combined with improving cashflows reduces the risk of further capital raise.Key risks include regulation changes, commission cuts and competition from companies such as PB Fintech, which is the largest POSP in India, according to the brokerage.

Jefferies sees low risk of AI disintermediation for Indian insurance distributors, citing that insurance in India is “sold not bought”. While this is true globally, it is especially true in geographies with a lower life insurance penetration rate (such as India), as the consumer’s awareness of financial products is more limited, according to the brokerage. Hence, the reliance on support from intermediaries increases, which is not only limited to educating the customer w.r.t. the product (which AI could provide), but w.r.t. “need for insurance” and claim processing.

Life insurance is predominantly a savings product in India with investors using policies to plan for life events and retirement, the brokerage stated in its report. This has been the reason behind LIC and insurers backed with large private/PSU banks dominating the life insurance market. Hence, Jefferies sees investors less likely to depend on AI platforms alone for selecting policies.

Sugar stocks rallied up to 8% on Thursday even as the government tightened inventory limits, barring dealers handling more than 10 metric tonnes of sugar per month from holding stocks for over 15 days.

Bajaj Hindusthan Sugar shares rose around 8% to Rs 22, while Shree Renuka Sugars and Dhampur Sugar Mills gained 6-7%. Balrampur Chini Mills climbed over 3%, while EID Parry India advanced nearly 2%.

Why are sugar prices rising?

India’s sugar demand typically rises between August and November as the country celebrates festivals such as Ganesh Chaturthi, Dussehra and Diwali, driving demand for sweets, biscuits and other confectionery products. Manufacturers of these products also build inventories ahead of the festive season, further supporting sugar demand.

Last month, the government directed dealers to hold sugar stocks for no more than 30 days to bolster supplies. Despite the move, sugar prices have risen 10% over the past month to record highs, with analysts expecting prices to remain elevated for at least the next three months. Meanwhile, patchy rains and dry weather conditions have affected sugarcane output. Since the crop requires substantial water for irrigation, concerns over supply have added to upward pressure on prices.

Also read |India tightens sugar stock limits to tame record prices

The worsening supply outlook in Brazil, the world’s largest sugar producer, has also triggered a sharp rally in sugar prices. The country has warned of a delay in the harvest due to adverse weather conditions.
Adding to the uncertainty, Brazil has suspended its bi-weekly harvest and production reports, limiting visibility into the country’s supply outlook.Meanwhile, a shift towards ethanol is adding to concerns over a potential sugar supply crunch. In June, 58% of Brazil’s cane juice was diverted towards ethanol, which is expected to offer better profitability than sugar. Brazil also raised its mandatory ethanol blending target to 32% in July from 30% in June, significantly above the 25-27% levels seen just months earlier.

India to cut sugar import duty?

India, the world’s second-largest producer of sugar, is considering reducing its import duty on the commodity to help curb domestic prices that recently climbed to a record, Bloomberg reported. Officials are weighing plans to lower or scrap the 100% tax on inbound shipments in an effort to boost local supplies, the report said, citing sources. This come just before a seasonal surge in sugar demand for the festival season, adding to the incentive to rein in rising prices.

Also read | Why is market rising today? Sensex rallies 500 points, Nifty tops 24,200. 5 key factors behind market rebound

(With inputs from agencies)

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

Apple is expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max within the first half of September, and a steady drumbeat of leaks throughout the summer has offered an increasingly detailed, if occasionally contradictory, picture of what the new devices will include. Here are 10 features currently rumored for this year’s Pro lineup, based on reporting compiled from supply chain leaks and industry tipsters.

1. A variable aperture camera — possibly exclusive to the Pro Max

Apple has been rumored since 2024 to be bringing a variable aperture lens to the iPhone Pro line for the first time, a feature that would allow the camera to physically adjust its aperture opening to control depth of field and light intake, similar to features long available on dedicated cameras. While earlier leaks suggested both Pro models would receive the feature, tipster Ice Universe claimed in a mid-August post on the Chinese platform Weibo that the iPhone 18 Pro Max will “exclusively feature a variable aperture,” a detail that would mark a new point of differentiation between the two Pro models. The leaker added a pointed observation about the tradeoffs involved: “Looks like even Apple can’t escape the reality that if you want the absolute best camera experience, you’ll have to put up with a phone that weighs like a brick.” That claim follows an earlier June leak of internal files from Apple supplier Tata Electronics, which had already pointed to a variable aperture lens coming to the larger Pro Max model specifically.

2. A larger battery for the Pro Max, with a thickness tradeoff

According to alleged Chinese regulatory database filings cited by MacRumors, the iPhone 18 Pro Max is expected to receive a battery capacity nearly 10% larger than the iPhone 17 Pro Max. That improvement is reportedly not without cost: tipster Ice Universe has suggested the device could measure roughly 8.8 millimeters in thickness, making it marginally thicker than the 8.75-millimeter iPhone 17 Pro Max and noticeably bulkier than the 8.25-millimeter iPhone 16 Pro Max.

3. Reused manufacturing molds, keeping the front design largely unchanged

Despite months of speculation about a major front-of-device redesign, including rumors of under-display Face ID and a shrinking Dynamic Island, more recent leaks suggest Apple may simply reuse the manufacturing molds introduced with the iPhone 17 Pro series. According to a post from tipster Digital Chat Station on Weibo, that reused tooling would mean the Dynamic Island remains the same size and shape as the current generation, rather than shrinking or being replaced by a hole-punch camera cutout as some earlier rumors had suggested.

4. Retained 6.3-inch and 6.9-inch displays with new LTPO+ technology

The iPhone 18 Pro and Pro Max are expected to keep the same 6.3-inch and 6.9-inch screen sizes used in the current generation, according to AppleInsider’s tracking of the rumor cycle. However, the displays are reportedly set to adopt new LTPO+ panel technology, a refinement aimed specifically at improving battery efficiency rather than altering screen size or resolution.

5. Satellite-based 5G connectivity

Multiple reports, including from YouTuber and leaker Jon Prosser, have pointed to satellite-based 5G support as one of the more significant connectivity upgrades under testing for this year’s iPhone lineup, expanding on Apple’s existing satellite features that have so far focused primarily on emergency messaging and location sharing in areas without traditional cellular coverage.

6. New color options, including a burgundy finish

Leaked imagery circulating among tipsters, including posts referencing under-display Face ID rumors, has also pointed to new color options for the iPhone 18 Pro lineup, with a burgundy finish specifically spotted in leaked renders shared on social media, according to reporting compiled by Gulf News.

7. Apple’s next-generation in-house C2 modem — but possibly only outside the U.S.

Apple is widely expected to continue expanding its use of in-house-designed cellular modems, following the initial rollout of its C1 modem chip. According to discussion among device leakers, the newer C2 modem may be reserved for non-U.S. versions of the iPhone 18 Pro models, with U.S. units continuing to rely on Qualcomm modems, though this detail remains unconfirmed by Apple directly.

8. A largely unchanged rear camera plateau, with possible thickening

Most rumors continue to point to a rear camera system that looks nearly identical to the current generation, retaining the raised camera “plateau” housing three lenses arranged in a triangular pattern. However, some recently leaked device dummies have suggested the plateau itself may thicken slightly, with individual lens housings protruding somewhat more than on the iPhone 17 Pro, according to MacRumors’ review of the leaked hardware mockups.

9. A likely price increase of $200 to $300

Industry estimates cited by RollingOut suggest the starting price for iPhone 18 Pro models in the United States could rise by $200 to $300 compared with the iPhone 17 Pro lineup, a significant jump that has generated mixed reaction among longtime Apple followers weighing whether this year’s incremental hardware changes justify the added cost.

10. A shift to a staggered, two-phase annual release cycle

Perhaps the most structurally significant change this year involves Apple’s broader release strategy rather than any single device feature. According to MacRumors, Apple is planning to adopt a two-phase iPhone rollout beginning with the 18 series: the iPhone 18 Pro, iPhone 18 Pro Max and an all-new foldable device, widely rumored to be called the “iPhone Ultra,” are expected to launch together in September, while the standard iPhone 18, a lower-cost iPhone 18e and a second-generation iPhone Air are expected to follow separately around March 2027, a departure from Apple’s traditional practice of revealing its entire iPhone lineup at a single event each fall.

As with all pre-announcement leaks, these details remain unconfirmed by Apple and subject to change ahead of any official reveal. Apple has not commented publicly on any of the rumored features, and the company is expected to confirm final specifications, pricing and availability only once its September event is formally scheduled and held.

Shares of Power Finance Corporation (PFC) and REC fell up to 3% on the BSE on Thursday, after domestic brokerage firm Morgan Stanley downgraded the stocks from Overweight to Equal-Weight. The brokerage also cut its target price for PFC to Rs 410 from Rs 510, while its target for REC was lowered to Rs 360 from Rs 430.

PFC and REC’s loan growth has moderated sharply, while system and bank credit to the power sector have accelerated, according to Morgan Stanley.

“The growth disconnect has been much greater than we thought,” the brokerage stated in its note, adding that it sees recovery from the current position to be gradual.

The brokerage also cut its earnings estimates for both companies. For PFC, it lowered the target price by 20% and cut core EPS estimates by 5.5% for FY28E and 7% for FY29E. For REC, it reduced the target price by 16%, while lowering EPS estimates by 5% for FY28E and 7% for FY29E.

The company reported a slight decline in revenue from operations to Rs 28,527 crore in Q1 FY27, from Rs 28,539 crore in the corresponding quarter of the previous financial year.

Also Read | PFC shares tumble 5% to 4-month low after weak Q1 earnings. Why Motilal Oswal still recommends Buy
Along with the Q1 results, PFC announced an interim dividend of Rs 3.90 per share with a face value of Rs 10 each for the ongoing financial year 2027. The record date to determine the eligibility of shareholders set to receive the dividend has been fixed on August 27.REC had reported a dip of over 6% year-on-year in its consolidated net profit at Rs 4,192.76 crore in the June quarter of FY27, citing lower interest income.

Also Read | REC Q1 Results: Net profit dips over 6% to Rs 4,193 crore

PFC-REC Merger

Earlier in July, the boards of Power Finance Corporation (PFC) and REC approved the merger scheme between the two companies, with the share-swap ratio set at 88 PFC shares for every 100 REC shares held. PFC owns a 52.63% stake in REC. The Centre owns 55.99% in PFC but does not directly own a stake in REC.

Also Read | PFC-REC merger: Which stock should you buy before the mega deal creates Rs 11 lakh cr power financing giant

PFC Share Price

Shares of Power Finance Corporation fell 2.7% to Rs 365.80 on the BSE on Thursday. The stock has declined over 11% in the past month and 14% over the last three months. PFC shares are down over 9% so far this year.

REC Share Price

Shares of REC fell 2% to Rs 329.40 on the BSE on Thursday. The shares of the company have declined over 6% in the last six months and have fallen 9% in the year so far.

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