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Wall Street major Jefferies has slashed the target price of HDFC Bank shares to Rs 880 from Rs 1,050 per share, forecasting a fresh upside of 22% from current levels after the lender announced that its CEO Sashidhar Jagdishan won’t seek extension beyond his term that ends on October 26.

“We will watch out if this leads to an exit among senior leaders of the bank. This can impact business and performance in the near term,” analysts at the firm said.

The brokerage said its conversations with investors suggest they are comfortable with a leadership change, but believe the appointment of former leaders from PSU banks should be avoided as it could complicate the transition.

Also read: HDFC Bank shares after Jagdishan: What lies ahead for the country’s largest private lender?

Who can become new HDFC Bank CEO?

Jefferies sees Kaizad Bharucha, HDFC Bank’s Deputy Managing Director who leads corporate, business banking and retail assets, among others, as a key internal candidate for the CEO role.

The brokerage said Bharucha could be a simpler choice, with a potential tenure of 2.8-3 years, given that he was appointed Executive Director in June 2014. It believes one option for the bank could be to allow Bharucha to lead HDFC Bank while preparing for a smoother transition over the longer term.
Jefferies identified Anup Bagchi, currently CEO of ICICI Prudential Life and formerly an Executive Director at ICICI Bank overseeing retail banking; Paresh Sukthankar, former DMD at HDFC Bank who left in 2018; Vibha Padalkar, CEO of HDFC Life; Rajiv Sabharwal, CEO of Tata Capital; and Amitabh Chaudhry, CEO of Axis Bank, as potential external candidates.

Jefferies on HDFC Bank outlook

The brokerage has lowered its FY27-29 earnings estimates by 3% each. It does not see a risk to asset quality, noting that the bank has maintained high asset quality and that the book value of its exposure to the Essel group was nil at the time of the merger, with the claim including principal and interest.

Analysts say the uncertainty could raise the cost of equity and lead to a lower valuation, prompting it to base the revised target on 1.6x September 2028 adjusted price-to-book value. However, with HDFC Bank trading at 1.5x one-year forward price-to-book and 12x PE, the brokerage believes valuations are not as demanding.

The bank said in an exchange filing over the weekend that its board had tried to persuade Jagdishan to continue, but he remained firm on his decision not to seek re-appointment. HDFC Bank’s board has now decided to accelerate the process of identifying his successor, well within the timeframe stipulated by the regulator.

Read more: HDFC Bank shares gain 3% as CEO Jagdishan rejects new term; Morgan Stanley, Jefferies, others weigh in

Among the names being considered internally is current Deputy Managing Director Kaizad Bharucha, who has been with HDFC Bank’s board since 2014 and became Deputy MD in April 2023. However, the 15-year cap set by the Reserve Bank of India on the tenure of a Whole-Time Director at a private bank presents a limitation. Bharucha’s current term on the board runs until 2029.

HDFC Bank stock performance

The stock has remained under pressure this year. HDFC Bank shares have fallen 27.33% on a year-to-date basis and are down 24.80% over the past one year, according to NSE data. Over five years, the stock has declined nearly 6.97%.

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

MELBOURNE — Few founder stories in Australian digital marketing carry the weight of Harry Sanders’, who built StudioHawk from a one-person operation run by a homeless teenager into what has become the country’s largest dedicated search engine optimization agency. As the company marks its tenth year of operation, here is a closer look at its origins, its growth and the man who built it.

1. Sanders founded the company at 17, while living under a bridge in Melbourne.

Sanders’ path into the search engine optimization industry began years earlier than most. He taught himself SEO at age 13 in order to help promote his father’s small business, developing a foundational understanding of how search algorithms worked well before he had any formal business training. By the time he turned 17, Sanders had launched StudioHawk — during a period when he was homeless and living under a bridge in Melbourne, according to SmartCompany, which profiled the company as part of its Smart50 awards coverage.

That period of hardship has remained a defining thread in how Sanders talks about the company’s origins. He has said the challenges he faced during that time shaped him and fueled his passion for the industry he would go on to help define in Australia. Rather than distancing the company from that history, Sanders has built it into the core of StudioHawk’s public identity, frequently referencing the experience in interviews, speaking engagements and the company’s own marketing materials.

2. He remains an active advocate for youth homelessness.

Sanders has translated his personal history into ongoing philanthropic work. He serves as an ambassador for the Lighthouse Foundation, an Australian charity focused on supporting young people experiencing homelessness, and donates 100% of his speaking fees to the organization’s efforts to address the issue. The arrangement reflects a broader pattern in how Sanders has approached his public profile as StudioHawk has grown — using the platform the company has built to draw continued attention to an issue he experienced firsthand as a teenager.

3. StudioHawk has grown into Australia’s largest specialist SEO agency.

What began as a solo operation has expanded significantly over the past decade. Founded in 2015, StudioHawk now employs more than 120 SEO specialists across offices in Melbourne, Sydney, London and Atlanta, according to the company’s own profile on the review platform Clutch. The firm has built its growth strategy around specialization rather than diversification, structuring itself as a dedicated SEO and AI search agency rather than expanding into adjacent services like paid media or social media management — a deliberate positioning the company has said differentiates it from larger, full-service digital agencies.

That growth has translated into measurable financial gains. According to SmartCompany’s Smart50 rankings, StudioHawk’s revenue climbed from $5.3 million in the 2020-21 financial year to $8.7 million in the most recent year reported, a growth rate of more than 29%, while the company added 26 new employees over a single 12-month period. The agency’s client roster has come to include major Australian brands such as Ryobi, Vodafone and Officeworks, a list Sanders has attributed to the company’s straightforward strategy of delivering measurable results rather than relying on flashy marketing promises.

4. The company has collected a string of major industry awards.

StudioHawk’s growth has been accompanied by significant recognition within the digital marketing industry. The agency has been named a four-time winner of “Best Large SEO Agency” at the APAC Search Awards, alongside additional honors including Semrush’s Agency of the Year and Optus’s Media Marketing and Advertising Business of the Year. In one notable instance, the company took home the grand prize at the Global Search Awards, a competition judged by a panel that has included the head of digital at Samsung, the deputy general manager at Nissan Motors, HubSpot’s chief marketing officer and Lego’s global search marketing lead.

Sanders himself has drawn individual recognition as well. He has been named to Forbes’ 30 Under 30 Asia list and won B&T’s Entrepreneur of the Year award, in addition to accumulating more than 40 industry honors over the course of his career. Those accolades have positioned Sanders as one of the more prominent public figures in Australia’s digital marketing sector, a status he has used to expand his influence beyond StudioHawk itself.

5. Sanders holds industry leadership roles and has built additional ventures.

Beyond running StudioHawk day to day, Sanders sits on the board of the Australian Web Industry Association and holds status as a Google Partner Specialist, positioning him as an active voice in shaping broader industry standards rather than simply running his own agency. He has also branched into education, launching Hawk Academy, a training program the company says reaches thousands of students annually with instruction on SEO and AI search fundamentals.

Sanders has also diversified beyond the SEO industry entirely, co-founding a separate luggage brand called Kadi that emphasizes design and quality. The venture reflects a broader entrepreneurial pattern that has emerged as Sanders has moved from running a single-person operation to overseeing a multinational agency, using the platform and credibility built through StudioHawk to expand into adjacent business interests.

Looking ahead, StudioHawk has positioned itself to compete in an SEO landscape increasingly shaped by artificial intelligence and AI-driven search summaries, rebranding portions of its service offering around what the company describes as “AI Search” alongside traditional organic optimization work. That shift mirrors broader changes across the digital marketing industry, as agencies nationwide adapt their strategies to account for how consumers increasingly discover information through AI-generated answers rather than traditional search engine results pages.

For a company whose founder once had no permanent address, StudioHawk’s evolution into a firm with offices spanning four cities across two continents represents one of the more striking growth trajectories in Australian digital marketing — one that Sanders has continued to frame publicly not just as a business success story, but as evidence of what he has described as his belief that “most people overestimate what they can do in one year and underestimate what they can do in five.”

California utility PG&E shares tumbled 19%, on pace for their biggest drop since the Covid-19 selloff of March 2020.

Other California-based utility stocks also sank, including Edison International. Its shares are down 20%, on pace for their biggest loss in more than 25 years.

Newsom and California lawmakers have clashed this month over updates to the state’s wildfire response. The administration initially proposed blocking insurance companies from suing utilities over wildfire claims—a move proponents argue is necessary to prevent higher electricity bills for California residents and to prevent utilities from facing bankruptcy.

BOSTON — Unrefined Foods is adding to its portfolio of frozen foods with a line of frozen breakfast muffins.

The organic muffins are formulated with stone-milled whole grains and are sweetened with maple syrup. The muffins are available in banana bread, cinnamon swirl and loaded blueberry varieties.

“We created Unrefined Foods to eliminate a trade-off parents shouldn’t have to make,” said Melissa Bermudez, co-founder of Unrefined Foods. “Convenience shouldn’t require compromise. Busy families need packaged foods that are quicky and easy to eat on the go; they just deserve packaged foods made from healthy, wholesome ingredients they’d actually choose themselves.”

The breakfast line may be purchased at select retailers across New England and online through the company’s website.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

A fuel supplier is suing a New Jersey distributor and its president, alleging they failed to pay for gasoline that was later sold through stations in the Trump-promoted Freedom Fuel Network.

Mansfield Oil Company filed the lawsuit against KRSM Inc. and its president, Syed Kazmi, on Aug. 19 in the U.S. District Court for the Eastern District of Pennsylvania. Mansfield alleges KRSM obtained approximately 150 loads of fuel from its account at the Twin Oaks terminal in Pennsylvania between May 21 and July 7, totaling roughly 1,124,594 gallons worth $3,998,868.46. 

“KRSM sold a portion of such fuel to its stations that are part of the Freedom Fuel Network,” Mansfield alleges in the complaint. The company further claims KRSM was able to sell some of the fuel at low prices because it had not paid Mansfield for it. Those allegations have not been adjudicated. 

KRSM had been a Mansfield customer since 2022. A commercial credit application included with the complaint and signed by Kazmi states that if Mansfield extended credit and KRSM purchased fuel, KRSM would be responsible for paying for it. The agreement called for payment by electronic funds transfer within 10 days of receiving an invoice. 

VENEZUELA SAYS TRUMP’S HISTORIC OIL DEAL TARGETS 1.5M BARRELS PER DAY, COULD GENERATE $200B

Mansfield acknowledged in the complaint that a data-receiving error delayed its ability to send the invoices until early July. The company said it later discussed what it characterized as minor pricing discrepancies with Kazmi, revised the invoices and sent them to KRSM on July 17. Mansfield alleges its bank subsequently advised it that KRSM had refused attempted drafts from its account. 

KRSM disputes Mansfield’s account of the payment dispute.

Kazmi said in an Aug. 25 court declaration that he “did not agree that the amounts Mansfield demanded were correct or owing.” In court filings, KRSM contends the dispute centers on the prices Mansfield charged for the fuel and says it objected to the invoices before the lawsuit was filed.

On Aug. 28, U.S. District Judge Gerald Austin McHugh vacated an earlier temporary restraining order that had frozen the identified M&T Bank account but granted Mansfield’s requests for preliminary injunctions in part. McHugh ordered the defendants to maintain at least $2.75 million in the account while the litigation proceeds.

The Freedom Fuel Network drew national attention after lowering pump prices amid President Donald Trump’s push for cheaper gasoline.

The White House published a Freedom Fuel Network video on July 7 promoting the network’s lower prices.

Freedom Fuel says on its website that it is a privately owned company that “answered President Trump’s call to action to lower prices at the pump.”

“We didn’t hesitate; we took decisive action and lowered our prices to make filling up more affordable for hardworking families across the greater Philadelphia area,” the company says on its website.

Freedom Fuel also says 25 participating stations experienced an average volume increase of more than 50% after prices were lowered, with several locations increasing more than 100%. Those figures are company-reported and have not been independently verified.

Mansfield’s lawsuit brings claims including breach of contract, unjust enrichment, action for the price, account stated and conversion. The company is seeking at least $3.998 million, plus interest, costs and other damages. 

CLICK HERE TO GET FOX BUSINESS ON THE GO

Fox Business reached out to attorneys for KRSM and Kazmi, Freedom Fuel Network and counsel for Mansfield Oil for comment.

Australian retail traders seeking a user-friendly mobile platform for contracts for difference have a clear frontrunner in 2026, according to independent platform testing. Plus500, operated locally by Plus500AU Pty Ltd under Australian Securities and Investments Commission licence AFSL 417727, ranks as the best overall trading app for its tap-to-trade design, one-tap guaranteed stop-loss orders and rapid onboarding process. Sources: (FXEmpire, Investing.com, compareforexbrokers.com.au, Investing in the Web Plus500 Review 2026

Independent evaluations of ASIC-regulated apps conducted through mid-2026 consistently place Plus500 highly for overall mobile experience. Testers scored the app highly across criteria including order placement speed, ease of account setup, biometric login options and parity between the mobile version and the full web platform. Onboarding typically requires only an email to access a free unlimited demo account. The app supports Face ID, Touch ID and fingerprint authentication, and delivers the complete feature set available on desktop across more than 2,800 CFD instruments. Sources: (FXEmpire, Investing.com, compareforexbrokers.com.au)

Visit Plus500 (CFD service. Your capital is at risk)

Plus500 offers CFDs on shares, indices, forex, commodities, ETFs, options and cryptocurrencies. Pricing is commission-free, with costs embedded in the spread. Typical spreads reported in recent testing include around 0.8 pips on EUR/USD, 1.0 pips on GBP/USD and 0.9 pips on AUD/USD, though these fluctuate with market conditions. The minimum deposit stands at A$200, with fee-free Australian funding options that include PayID, BPAY, cards and PayPal. Retail leverage remains capped under ASIC’s Product Intervention Order, and negative balance protection applies so clients cannot lose more than the funds deposited.

Client money is held in segregated trust accounts with Australian banks in accordance with the Corporations Act. Plus500AU does not use client funds for hedging or its own business purposes. The parent company, Plus500 Ltd, is listed on the London Stock Exchange as a FTSE 250 constituent, providing an additional layer of public financial reporting and governance transparency. The firm is also an AFCA member for dispute resolution.

The app’s risk-management tools stand out for casual and intermediate users. Guaranteed stop-loss orders can be set with a single tap and are priced via a wider spread at the time the position is opened. Trailing stops, price alerts and push notifications during Australian market hours further support position management on the go. Charting includes more than 100 indicators and drawing tools, though it remains more basic than the 115-plus indicator suites offered by some competitors.

While Plus500 leads for user-friendliness and mobile usability, other ASIC-regulated apps serve different needs. Pepperstone’s cTrader platform appeals to active forex and CFD traders seeking tighter raw spreads and depth-of-market data. CMC Markets’ Next Generation app provides desktop-grade charting and a broader instrument range that includes ASX share trading alongside CFDs. eToro remains popular for social and copy-trading features, while Interactive Brokers offers deeper multi-market access for more experienced users. Independent shortlists from 2026 testing routinely list these platforms immediately after Plus500 for specialised use cases.

Visit Plus500 (CFD service. Your capital is at risk)

CFD trading carries significant risk. ASIC and brokers themselves note that a substantial majority of retail CFD accounts lose money. Leverage amplifies both gains and losses, and positions can be closed automatically if margin requirements are not met. Prospective users are advised to review the Product Disclosure Statement and Target Market Determination, practise extensively on the free demo account, and trade only capital they can afford to lose. Educational resources on the platform cover basic concepts, though more advanced research and technical analysis tools are limited compared with some rivals.

Market conditions in 2026 continue to favour mobile-first platforms as smartphone trading volume grows. Australian regulators maintain strict oversight of CFD providers, enforcing segregated funds, negative balance protection and leverage limits that apply equally on mobile and desktop. Plus500 has operated under its current ASIC licence since 2012 and maintains compliance with these rules.

For traders who prioritise a clean interface, fast execution on a limited number of weekly trades, and built-in risk controls without the complexity of MetaTrader or advanced multi-platform setups, recent independent assessments identify Plus500 as a leading CFD trading platform available in Australia. Those seeking the absolute tightest spreads, extensive automation or real share ownership under CHESS sponsorship may find better fits elsewhere. As always, individual circumstances, risk tolerance and trading style should guide the final selection after careful comparison of fees, features and regulatory protections. Sources: (FXEmpire, Investing.com, compareforexbrokers.com.au)

The competitive landscape remains dynamic, with brokers continually refining mobile interfaces and funding options. Yet for the combination of accessibility, regulatory standing and practical risk tools that define everyday mobile CFD trading in Australia this year, Plus500 currently sets the benchmark.

Visit Plus500 (CFD service. Your capital is at risk)

NEW YORK — As artificial intelligence (AI) quickly gains traction with consumers, many are entrusting AI agents to shop for snacks and beverages, according to the latest Consumer Pulse Research from Accenture.

As part of Accenture’s “Talk to My AI Agent” study that surveyed 25,000 global consumers, the 2026 Consumer Pulse Research sampled 1,518 snack and drink (non-alcoholic) respondents in 16 countries. Of those, 80% said they’re open to collaboration with an AI agent that would work with the consumer to find the best option. 

But these snack and beverage consumers are willing to go even further with AI agents, Accenture found. Sixty-eight percent indicated they would allow task execution, in which AI handles specific commerce tasks at the consumer’s request. Also, 30% are open to delegated decision-making – in which AI chooses what to buy, with the consumer making the payment – and 8% would permit autonomous purchasing that lets the AI agent make the transaction independently, with guardrails set by the consumer.

“AI agents are becoming the go-to discovery model for many consumers, helping them find snacks and drinks that better match the healthier, more budget-conscious or higher-quality version of themselves they aspire to be,” said Kath Gramling, global consumer goods, retail and travel lead for global business consultancy Accenture. “As we saw in our research, 63% of snacks and drinks consumers would now instruct an AI agent to shop for their ‘idealized self,’ showing a clear shift in how everyday purchases are discovered, chosen and consumed.”

Consumers’ trust in AI agents has advanced, in part, as they’ve turned to these tools to help reduce decision-making complexity, Accenture noted. Fifty percent of weekly AI users said they trust agents’ recommendations for snacks and drinks – in fact, 74% reported they would trust an AI agent more than their best friend to make a purchase, the research revealed. When instructing an AI agent on which snacks and drinks brands to buy, 45% of those surveyed prioritized value, while 37% put quality at the top of the list. 

Similarly, 31% of snack and beverage consumers said generative AI lowers decision stress during their shopping journeys. Snacks and drinks consumers with high decision stress are 1.3 times as likely (85% versus 64%) to be open to an AI-powered personal shopper.

“Consumers are rethinking what they want (and expect) from snacks and beverages,” Gramling said. “It is no longer just about satisfying a craving. As wellness trends and GLP-1 adoption reshapes eating and drinking habits, many shoppers are looking for products that support specific goals, whether that’s a protein bar that helps them feel fuller or a beverage that delivers energy or gut health benefits.”

For snacks and drinks recommendations, gen AI has become one of the fastest-growing sources, according to the study. Forty-eight percent of the snack and beverage respondents identified as weekly users of gen AI – 1.9 times more than in 2025 – and almost two-thirds of active users said gen AI makes them feel “seen, heard and understood.” Large language models (LLMs), a form of gen AI, are the No. 2 snacks and drinks discovery channel for weekly AI users, Accenture said.

“For snack and beverage brands, this raises the stakes at the moment a consumer is deciding what to put in their cart,” Gramling noted. “AI agents are introducing shoppers to new products, reducing decision stress by more than 30% and even steering consumers away from long-term favorites if another option better matches their goals. While 58% of consumers would tell an AI agent which brands to consider when purchasing snacks and drinks, 36% of behaviorally loyal consumers would allow an agent to switch from a favorite brand for a better fit.”

Other key findings from Accenture’s full global AI study include the following:

• 61% of respondents want an AI agent that shops multiple grocery retailers on their behalf, splitting their baskets.

• 71% of those polled expect gen AI to influence at least half of their spending decisions over the next 12 months.

• 87% of consumers agree that AI will impact the role of physical stores, with 31% expecting stores to become more important for experiences.

“As loyalty becomes more conditional,” Gramling said, “the brands coming out ahead are making claims, ingredients and quality easier to verify, compare and recommend, while still protecting the human side of snacking (taste, emotion, identity) that consumers aren’t willing to delegate.”