Yael Selfin, chief economist at KPMG, said the warmer weather in May helped to boost consumer spending, which is likely to have continued into June and July thanks to the World Cup.

However, she added, while this would help the services sector, “it may not be enough to offset weakness across other parts of the economy”.

“The recent rise in energy prices, driven by a pick-up in tensions in the Middle East, could pose a risk to the growth outlook, with financial conditions also tightening as a result,” Selfin said.

Since hostilities resumed between the US and Iran last week, the price of oil has risen from about $72 a barrel to $84, although it remains well below the peak of around $120 seen earlier this year.

The growth in May “is not a bad welcome gift for incoming PM Andy Burnham”, said Paul Dales, chief UK economist at Capital Economics.

“But with higher energy prices still restraining real incomes, he shouldn’t get used to it.”

Responding to the latest figures, a spokesperson for the Treasury said: “We have the right economic plan which has put the UK in a much stronger position than two years ago with the fastest growth in the G7 in the first quarter and the OECD agreeing that we have restored stability.”

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According to exchange data, Abakkus Investment Managers Pvt. Ltd. purchased 29,39,588 shares of Mrs Bectors Food on July 15, representing around 0.96% equity in the company. The shares were acquired at an average price of Rs 168.97 apiece, marginally below the previous day’s BSE closing price of Rs 169.45.

The bulk purchase sparked fresh buying interest in the stock, which has been under pressure in recent months. Over the past three months, Mrs Bectors Food shares have declined around 15%, while the stock has fallen nearly 42% over the last year, significantly underperforming the broader market.

At the current market price, the company commands a market capitalisation of Rs 5,202 crore. The stock has touched a 52-week high of Rs 318.18 and a 52-week low of Rs 164.95, indicating a sharp correction from its peak.

From a valuation standpoint, Mrs Bectors Food trades at a price-to-earnings (P/E) ratio of 36.45, a price-to-sales (P/S) ratio of 2.69, and a price-to-book (P/B) ratio of 4.04.

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Technical indicators continue to suggest caution. The stock’s 14-day Relative Strength Index (RSI) stands at 39, indicating that it is approaching the oversold zone, though it remains above the 30-mark typically considered oversold. Additionally, the stock is trading below all eight of its key simple moving averages (SMAs), reflecting a prevailing bearish trend.
Despite the recent weakness, analysts remain optimistic about the company’s prospects. According to Trendlyne data, the consensus target price implies an upside potential of around 35% from current levels. The stock also enjoys a ‘Strong Buy’ consensus recommendation from 11 analysts, highlighting expectations of a potential recovery in the coming months.

Earnings Watch

Mrs Bectors Food Specialities is yet to announce its June 2026 quarter results. In the March 2026 quarter, the company reported an 8.4% year-on-year rise in consolidated revenue to Rs 496 crore, while consolidated net profit increased 3.3% YoY to Rs 35 crore, indicating steady business growth despite relatively modest earnings expansion.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

British Steel has come under public ownership after the government moved to “protect UK steelmaking”.

The future of the steelworks, which employs roughly 2,700 people in Scunthorpe and supports many other industries in north Lincolnshire, has been dogged by uncertainty over recent years.

“Today’s decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability,” Prime Minister Sir Keir Starmer said.

The UK government took control of British Steel operations in Scunthorpe last year, though it has since remained under the ownership of the Chinese firm Jingye Group.

Jingye has said it has begun the process of seeking compensation for nationalisation, having previously said the business was losing £700,000 a day. However, the UK government has said it could limit or refuse compensation.

Starmer added: “British Steel is part of the fabric of our nation and a cornerstone of Britain’s industrial strength.

“This government will always act in the national interest to support British industry, strengthen our economy and ensure the industries we rely on can thrive long into the future.”

The government had previously sought private investors to take control of the steel manufacturer, initially stopping short of full nationalisation.

“British Steel now belongs to the British people, and our focus is on the future: stabilising the business, backing the communities that rely on it and building a sustainable, competitive and decarbonised steel sector for the years ahead,” Business Secretary Peter Kyle said.

On Wednesday, Parliament passed legislation allowing the government to bring the steel industry into public ownership under circumstances where it met a public interest test.

A spokesperson for the Department for Business and Trade had confirmed on Wednesday the government was “strongly minded” to use the new powers in the case of British Steel.

“The Steel Act gives us powers to nationalise steel companies where it’s necessary in the public interest, to protect a foundation industry that supports our critical national infrastructure, economy and defence,” the department said in a statement.

In March, the National Audit Office released a report noting that the Scunthorpe steelworks was costing the government about £1.3m a day.

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