Shares of Navin Fluorine International rallied after 3% to Rs 6,6824 after the company reported a robust set of figures for the December quarter of financial year 2026. Net profit rose to Rs 185.4 crore in the quarter, up an impressive 122% from Rs 83.6 crore in the corresponding period last year.

Revenue from operations increased 47.2% YoY to Rs 892.3 crore compared with Rs 606.2 crore a year earlier.

Operating performance improved significantly during the quarter. EBITDA climbed to Rs 307.4 crore from Rs 147.3 crore in the year-ago period, while the EBITDA margin expanded to 34.4% from 24.3%, reflecting stronger operating leverage and a favourable business mix.

As for the revenue split, HPP (high-performance products), which includes refrigerants and inorganic fluorides, reported a 35% increase in revenue at Rs 412 crore in Q3FY26. The specialty chemicals business recorded a 60% increase to Rs 354 crore, while the CDMO business rose 61% in revenue terms to Rs 127 crore, the company’s regulatory filing showed.

Also Read | Quant MF cuts gold, silver exposure near peak levels in multi-asset fund

The HPP segment reported revenue growth during the period, supported by higher realisations along with increased volumes. The AHF capex was commissioned in Q4FY26 and dispatches have already commenced. It also noted that the pricing environment for HFC continues to remain constructive.
The specialty chemicals business continues to maintain a strong product pipeline, with scale-up underway in existing molecules and new molecule launches planned. De-bottlenecking of the MPP capacity at the Dahej facility is progressing as scheduled and is expected to be commissioned in Q3FY27. The segment delivered its highest-ever quarterly performance and the outlook remains positive, backed by strong order visibility for Q4 and beyond.The CDMO business maintained its momentum with robust order visibility. The company highlighted progress in its strategy, focusing on a balanced portfolio with a mix of early-stage and late or commercial-stage molecules. Supplies for a material order to one EU major have been completed and discussions for future supplies are ongoing, while another EU major has placed a scale-up order scheduled for Q4 supplies.

Navin Fluorine is a specialty fluorochemicals manufacturer serving global customers across pharmaceuticals, agrochemicals, specialty chemicals and high-performance materials.

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

Rose Tian is worried about the economy and global instability. So she does what millions of people in China do: buys gold.

This past week, the 43-year-old high-school teacher visited one of Beijing’s biggest jewelry markets to browse gold bracelets, necklaces and rings ahead of the Lunar New Year. She has purchased thousands of dollars’ worth of gold for herself and relatives over the years.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

TOKYO—Imagine a sheet made of microscopic glass fibers, woven by a former silk maker and thinner than a human hair. A shortage of this material—essential in artificial-intelligence chips—is looming over companies including Apple and Nvidia.

The cloth-like material known as T-glass comes almost entirely from a single century-old Japanese textile company called Nittobo that doesn’t expect to bring significant new capacity online until late this year.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

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.

Upstox is not in a rush to go public, with the brokerage prioritising profitability and business diversification amid a tougher regulatory and market environment. The company is targeting a 2.3x jump in profit after tax to around ₹500 crore in FY26, driven by higher monetisation, operating leverage and growth in non-equity segments, said CEO and co-founder Ravi Kumar.

Edited excerpts from a chat:

After the Budget hiked STT on F&O, the break-even point for retail traders has moved much higher. Do you fear this is the ‘death knell’ for the high-frequency retail F&O boom that fueled Upstox’s early growth, and have you revised your revenue projections for FY27 downward as a result?
The impact of the STT hike remains difficult to quantify at this stage. However, the business has reduced its dependence on any single trading segment by building multiple revenue streams. Strong growth in other segments such as commodities, margin trading facility (MTF) and mutual funds, alongside improving profitability, provides resilience against regulatory changes. Diversification is viewed as a key hedge in an environment of evolving market structure.With the new STT regime likely to dampen trading volumes further, where will the next leg of revenue growth come from or are we entering a phase of consolidation?
The next leg of growth is increasingly being driven by diversification beyond core equity trading. The commodities business has reported nearly 400% growth in revenue, alongside a doubling of market share in average daily turnover. The margin trading facility book has grown more than two-fold year-on-year, with market share increasing by about 30%. Mutual funds have also emerged as a strong growth driver, with SIP assets-under-advisory market share rising nearly 12%, helping create a more balanced revenue mix.

At an industry level, how much of volume decline in F&O are you expecting in FY27?
At this stage, it’s difficult to comment on any potential decline or uptick, as F&O volumes are largely linked to overall market sentiment. In an environment shaped by geopolitical uncertainty, making precise forecasts would be premature.
Industry data indicates retail investors are now not as enthusiastic about equities as they were earlier. You have also seen a drop in active clients. What’s changing the dynamics for you?
Customer engagement has increasingly been driven by traders with higher intent levels and deeper participation. Monetisation has improved meaningfully, with active revenue per active user growing over 40% year-on-year, while retention among high-value traders remains above 90%. This focus on engagement and customer quality has strengthened revenues and profitability despite moderation in overall active client numbers.
Is this decline a temporary cyclical blip, or have we hit peak saturation for the discount broking model in India?
Equity participation in India remains in single digits, which is significantly lower than participation levels in developed markets such as the US and China. This suggests that the long-term opportunity for retail investing is still structurally large. While the current phase reflects a cyclical slowdown influenced by market volatility and regulatory changes, it does not indicate saturation of the discount broking model. The focus remains on long-term participation and gradual deepening of investor engagement.

You’ve been aggressively pushing into insurance, fixed deposits, and mutual funds to shed the ‘trading app’ tag. However, the distribution space is crowded. Why would a customer buy insurance from Upstox rather than PolicyBazaar or their bank? Does this segment generate enough margin to replace lost F&O income?
The expansion into insurance, fixed deposits and mutual funds is part of a broader effort to evolve into a more comprehensive financial services platform. In mutual funds, the platform is already the fourth-largest in India by monthly SIPs, with SIP assets-under-advisory market share rising by nearly 12%. Insurance is being built as a long-term, complementary business aimed at improving customer lifetime value, rather than as a near-term replacement for trading-linked income.

How has the year been so far for Upstox, considering the regulatory landscape, and market trends? How has the company performed?
The year has played out in a challenging environment marked by regulatory tightening, changes in taxation and market volatility. Despite this, the company has reported strong momentum in business performance, with sharp gains in profitability and monetisation. Profit after tax is projected to grow over 2.3x year-on-year, from ₹215 crore in FY25 to around ₹500 crore in FY26, while EBITDA is also expected to grow more than two-fold. The performance has been driven by operating discipline, product innovation and a sharper focus on higher-quality, active traders.

When are you planning an IPO?
There is currently no fixed timeline for an IPO. The business is not under any capital pressure and remains comfortable operating as a private company. While investor interest has increased following peer listings, the priority continues to be on strengthening profitability, expanding product capabilities and building long-term value before taking a call on going public.

The Ford worker who heckled President Donald Trump during his visit last month to a Michigan auto plant was not disciplined and kept his job, the United Auto Workers union said on Monday.

TJ Sabula, 40, shouted at Trump that he was a “pedophile protector” as the president was touring the Ford River Rouge complex in Dearborn.

The president responded by mouthing the words “f— you” twice and giving the middle finger, according to video of the incident.

Trump’s Justice Department continues to face scrutiny from Republicans and Democrats for its delay in the release of additional documents related to the investigations into deceased sex predator Jeffrey Epstein, after a bipartisan law required the full release of the documents by Dec. 19.

FORD WORKER SUSPENDED FOR CALLING TRUMP ‘PEDOPHILE PROTECTOR’ HAS ‘NO REGRETS’ FOR ‘EMBARRASSING’ PRESIDENT

The president also told Sabula during the exchange that he would be fired, UAW Vice President Laura Dickerson said on Monday at a political conference in Washington, according to Reuters.

“This ain’t ‘The Apprentice’,” she said at the conference, referring to the reality show Trump hosted in which he would abruptly dismiss contestants for underperforming in the competition.

Dickerson said Sabula still has his job and “has no discipline on his record,” stressing that the union supports his right to free speech.

“There was a worker at that plant that day who famously told Mr. Trump exactly what he thought of him,” Dickerson said. “Unfortunately, in that moment, we saw what the current president really thinks about working people and the way he responded — he gave us the middle finger.”

Ford’s executive chairman Bill Ford said after the factory tour with Trump that the incident was unfortunate and that he was embarrassed by it.

Sabula said shortly after the exchange with the president that he had “no regrets whatsoever.”

“As far as calling him out, definitely no regrets whatsoever,” Sabula told The Washington Post at the time. He estimated that he was standing roughly 60 feet away from Trump and said the president could hear him “very, very, very clearly.”

He also said he believes he was “targeted for political retribution” for “embarrassing Trump in front of his friends.”

“I don’t feel as though fate looks upon you often, and when it does, you better be ready to seize the opportunity,” he said. “And today I think I did that.”

WHITE HOUSE SAYS TRUMP GAVE ‘APPROPRIATE’ RESPONSE AFTER HECKLER CONFRONTATION CAUGHT ON VIDEO AT FORD PLANT

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Sabula described himself at the time as a political independent who had never voted for Trump but had supported other Republican candidates.

The White House responded to the exchange by arguing that Trump gave an “appropriate” response to the autoworker.

“A lunatic was wildly screaming expletives in a complete fit of rage, and the President gave an appropriate and unambiguous response,” White House communications director Steven Cheung said in a statement last month.

Reuters contributed to this report.