Under the triple lock system, the state pension increases each April in line with whichever of three measures is the highest:

The rise in wages of 3.9% is likely to determine the April 2027 state pension increase.

The triple lock was introduced by the Conservative-Liberal Democrat coalition government in 2010.

It was designed to ensure the value of the state pension wasn’t overtaken by the increase in the cost of living or the incomes of working people.

The Labour government has previously said it would keep the triple lock until the end of the current Parliament.

But since that commitment, there has been intense debate over the cost of the triple lock and whether it is justified.

In July 2025, the government’s official forecaster said the cost of the triple lock guarantee was set to be three times higher by the end of the decade than was originally anticipated when it began.

The Office for Budget Responsibility (OBR) said the annual cost is set to reach £15.5bn by 2030.

It said the cost of the state pension has risen steadily over the past eight decades, and now equates to £138bn, or around half the total amount the government spent on benefits.

Earlier in July, the influential Institute for Fiscal Studies think-tank suggested that the triple lock should be scrapped as part of a wider pensions overhaul.

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South African group started sale process for Aldermore earlier this year and other banks look set to show interest

Investec and Nationwide are amongst the firms preparing to table bids for alternative lender Aldermore, as its South African parent company First Rand receives first-round offers for the business, City AM has revealed.

The two financial institutions are expected to submit offers for the UK bank ahead of an initial deadline on Tuesday, according to sources close to the matter.

First Rand launched a formal sale process earlier this year after Aldermore became embroiled in the motor finance misselling scandal through its motor lending arm, Motonovo.

In a research note published earlier this month, analysts at RBC placed Aldermore’s valuation at £1.45bn, inclusive of its motor finance operations.

An Investec spokesperson stated that the firm does not comment on market speculation. Nationwide declined to comment, while Aldermore has also been approached for a response, as reported by City AM.

Lloyds is similarly poised to lodge a bid for the business, with Natwest also counted among the prospective suitors, according to individuals with knowledge of the situation. Both banks declined to comment.

The interest from Aldermore’s competitors arrives amid a broader wave of consolidation sweeping Britain’s mid-market banking sector. Nationwide previously acquired Virgin Money for £2.9bn in 2024, while Santander snapped up TSB in 2025.

Metro Bank has also been named amongst the potential suitors, Sky News previously reported. Private equity giant Warburg Pincus is also expected to table a bid for the firm, according to sources speaking to City AM, while finance-focused private equity house JC Flowers and CVC are similarly poised to join forces on a combined offer, City AM understands.

CVC declined to comment, and JC Flowers did not respond to a request for comment when approached by Reuters, which first reported their interest. Warburg Pincus also declined to comment.

Raymond shares surged 8.32% to Rs 1,086 during Tuesday’s trading session after the company announced that its aerospace subsidiary had secured significant multi-programme orders from a leading Indian aerospace and defence major.

According to the company’s filing, the new business covers more than 300 part numbers across precision-machined, casting and structural components for multiple aircraft applications. Annual volumes are expected to exceed 37,000 components, translating into an estimated annual business potential of around Rs 33 crore at expected production rates.

Production under the new programmes is scheduled to commence progressively during 2026 and 2027.

The order win strengthens Raymond’s presence across several segments of the aerospace manufacturing value chain, including precision machining, aerospace castings, structural components and complex assemblies.

The company said the broader scope allows it to participate in multiple stages of aerospace manufacturing rather than being concentrated in a single area.

Commenting on the development, Rakesh Tiwary, Group Chief Financial Officer, Raymond Limited, said the order win is aligned with the company’s strategy of optimising its product mix and improving margins.
According to Tiwary, the latest award demonstrates Raymond’s manufacturing capabilities across machining, castings, structures and assemblies. The broader product portfolio is expected to increase the company’s value capture per programme while strengthening its multi-year order backlog.The development also marks an expansion of Raymond’s customer base within India’s growing domestic aerospace ecosystem, a segment where the company’s aerospace business has historically been predominantly export-led.

Raymond stock performance

Raymond shares gained around 25% over the past week and nearly 69% over the last month, according to exchange data.

Following Tuesday’s rally, Raymond’s market capitalisation stood at approximately Rs 6,677 crore, while the stock’s 52-week high is Rs 1,084.90.

With the latest gain, the stock is trading close to its 52-week peak, reflecting the strong momentum witnessed in the counter.

On the valuation front, Raymond currently trades at a price-to-earnings (P/E) ratio of 180.09, while its price-to-book (P/B) ratio stands at 2.14.

From a technical perspective, the stock continues to show strong momentum. Raymond is currently trading above all eight key simple moving averages (SMAs), ranging from the 5-day SMA to the 200-day SMA.

Also read: Tata Group stocks rocket up to 20% as RBI move revives Tata Sons IPO hopes

The combination of a fresh aerospace order win, strong recent price momentum and improving participation in India’s domestic aerospace manufacturing ecosystem has placed Raymond stock firmly in focus among investors.

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

The food group, also behind the Napolina and Crisp ‘N’ Dry brands, reported a jump in profits for the first half of the year amid significant inflationary pressures

Tinned tuna giant Princes has reported robust sales growth despite facing “significant inflationary pressures”, buoyed by a series of recent acquisitions.

The food group, which is also behind the Napolina and Crisp ‘N’ Dry brands, posted a sharp rise in profits for the first half of the year.

Recently appointed interim chief executive Giuseppe Mastrolia said he was “pleased” with the performance.

The London-listed firm revealed revenues climbed 7% to £999.4 million for the six months to 30 June, compared with the same period a year earlier.

The company attributed the uplift to the benefit of recent deals, including the takeover of Italian baby food business Plasmon and Princes France.

Revenue growth was said to have gathered pace over the second quarter of the year.

Princes noted that its fish division recorded rising sales volumes, though this was offset by a decline in raw tuna prices.

The group added that the first half was also affected by the timing of inflation-linked price increases, which largely came into force at the start of July and are therefore expected to underpin further revenue growth going forward.

The company said it is “well positioned” for the remainder of the year and anticipates trading in line with management expectations for 2026 as a whole.

Pre-tax profits, meanwhile, surged 62% to £39.2 million compared with the prior year.

Princes also confirmed it is targeting a further £2 million of cost efficiencies.

Mr Mastrolia said: “Against a challenging macroeconomic backdrop and significant inflationary pressures across a number of our key input costs, we have demonstrated the resilience of our business model and, importantly, our ability to protect profitability through disciplined commercial management and continued focus on operational efficiency.

“We enter the second half with a clear plan and a strong sense of urgency.

“There is considerably more value to unlock across Princes and I am confident in our ability to deliver it.”

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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.

Shares of KEC International rallied up to 6% on Tuesday to the day’s high of Rs 429.60 on NSE after the company secured new orders of Rs 1,303 crore across various business segments.

According to a filing with the exchange, the company said that under its Transmission & Distribution (T&D) business, it has secured orders for T&D projects across India, the Middle East and America.

This includes 400 kV transmission lines in Northern India, 380 kV transmission lines in Saudi Arabia, and supply of towers, hardware and poles in the Americas.

Also Read | Infra firm KEC International bags Rs 1,303 crore orders across businesses

In the cables and conductors business, the company has secured various orders in India and the overseas market.

“We are delighted with the new order wins, amidst a challenging environment. Our India T&D business has secured a prestigious order from an existing private client for a transmission line project to evacuate power from a hydroelectric plant in Northern India,” said Vimal Kejriwal, MD & CEO, KEC International.
“The International T&D business has further strengthened its presence in the Middle East with multiple order wins in Saudi Arabia. The outlook for our T&D business remains robust, driven by these orders, a strong L1 position, a large pipeline of opportunities and sustained demand across our key markets,” Kejriwal further said.Kejriwal also said that with these orders, the company’s YTD order intake stands at over Rs 7,600 crores and these orders will play a key role in driving our targeted growth going forward.

In August, the company announced receiving new orders worth Rs 1,063 crore across its four market segments. Under the civil segment, the business secured a significant order for a high-rise residential project from a renowned real estate developer, involving the development of 24 lakh sq. ft. of residential buildings along with associated facilities.

Under the transmission & distribution segment, the business secured orders for T&D projects which include 400 kV Transmission lines in Africa and supply of towers, hardware, and poles in the Americas.

Under the renewables segment, the business secured an order for a 50+ MW Wind EPC project from an existing private developer in Western India and under the cables & conductors segment, the business secured various orders in India and the overseas market.

KEC International share price

Shares of KEC International fell 7.35% last month and nearly 44.80% YTD. In the last one year, the stock tanked 53.81%. In the last three years and five years, the stock tumbled 38.27% and 5.93%, respectively.

Also Read | HDFC Bank shares rise 3% as lender shortlists CEO candidates. Why Bernstein, Nomura, others see up to 62% upside

Disclosure: This article has been written by Surbhi Khanna, who is not a SEBI-registered Research Analyst or an investment advisor. Surbhi Khanna does not hold any financial interest in Economic Times as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of the EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.