State Bank of India’s sharp rally following its latest earnings has reinforced investor confidence in PSU banks, with market participants debating whether there is still value left in the stock after its one-way move. According to Neeraj Dewan, market expert, SBI continues to offer valuation comfort and remains attractive for long-term investors despite the recent run-up.

Responding to ET Now on whether SBI still offers an opportunity at current levels, Dewan said he remains constructive on PSU banks, citing strong earnings momentum and reasonable valuations.

“Yes, I have been positive on PSU banks and the kind of stellar results SBI came out with, it makes sense to still stay invested in SBI. In fact, it is still a buy-on-dips kind of a stock and if someone has already invested, they should hold on to it because valuation-wise they could be still available at less than 1.5 times book and historically, it has gone even as high as 1.6, 1.7. With this kind of earnings and the growth that the balance sheet can give them going ahead, I think at this price State Bank or even other PSU banks still, there is a valuation comfort and they can still give you decent returns from these levels also for a long-term investor,” Dewan said.

On the commercial vehicle (CV) space, Dewan remained optimistic, pointing to improving capex trends and replacement demand. He noted that recent numbers from Ashok Leyland reflected operational improvements and better cost management.

“Yes, I feel that the CV cycle is already doing well right now and they should continue doing well in this quarter also. Capex is picking up, which was delayed earlier, which we saw in the second and third quarter. But now from the third quarter onward you are seeing a meaningful pick-up there. Even some of these equipment manufacturers for CVs have been shoring up their capacities and I feel that CV for this quarter also can give you a good surprise, looking at the back of the capex and the capex pickup,” he said.

However, Dewan advised caution on the IT sector, suggesting that the space remains highly volatile and difficult to assess amid rapid changes linked to artificial intelligence and recent negative developments.
“Yes, actually definitely some bottom fishing did happen last quarter and even when the initial results were declared, Infosys kind of guidance and the results and people were getting a little positive, but then this bad news came from Anthropic. So, still for an investor, he can avoid it right now because there is too much volatility which is there in the sector, too much of changes which can happen going ahead. So, it is better to avoid right now because we are not sure in the next six to eight months what kind of changes or what kind of new flow from AI and related will impact the earnings,” Dewan said.He added that recent developments could have a structural impact on IT business models and earnings visibility.

“The kind of news which has come in the last couple of weeks has been pretty worrying also, so that can have an impact, but to what extent we still have to see. But definitely some impact will be there on IT companies and there will be a lot to think and change in business models, how IT companies behave and how they function also,” he noted.

On Lenskart, despite acknowledging strong post-IPO numbers and expansion potential, Dewan flagged valuation concerns and relatively weak returns on capital as key risks.

“So, first thing on the numbers, numbers were definitely good and after the IPO this kind of numbers are positive for the company. But second, everything comes at valuation. The stock is already at ₹81,000 crore market cap. Even if they do about — I think at the current run rate they are doing — at ₹134 crores profit, even if you do ₹600 crores, still it is a very-very expensive stock. ROC is very weak, it is I think 6–7% ROC business. So, there are definitely better opportunities in the market,” he said.

Dewan also compared Lenskart with established listed players, highlighting the importance of balancing growth with valuation discipline.

“One has to play the growth, I agree to some extent, but then growth also has to come at a price. So, it is an expensive stock. So, I will not say it is a compelling buy. Maybe if you get some correction in the stock, then maybe one can look at buying it for a long term. But still it is very expensive and if you compare to already listed strong plays like Titan, which is maybe ₹3,77,000 crore market cap, but then the ROCE is 36–37, going towards 40%. So, there are much better opportunities in the market right now. So even if you want to buy growth, it has to come at a price,” he said.

Overall, Dewan’s comments reflect continued confidence in PSU banks and the CV cycle, while urging investors to remain cautious on IT amid structural uncertainty and selective on high-growth stocks where valuations may be running ahead of fundamentals.

Indian equity benchmarks continued to trade in a narrow range as the Nifty struggled to sustain momentum near the 26,000 mark, weighed down by weakness in the IT space and bouts of profit booking. Market participants are increasingly focused on key technical levels as the index attempts to consolidate after recent gains.

Speaking to ET Now, Rajesh Bhosale from Angel One said the Nifty has been finding it difficult to move past the psychological 26,000 level, leading to some profit booking in the benchmark index. However, he pointed out that the broader technical setup remains constructive.

“If we talk about markets, last few sessions Nifty was struggling around the psychological 26,000 mark and due to weakness in IT space we are seeing some profit booking in this benchmark index. But if we consider the weekly charts of Nifty, last week there was a very strong formation that happened and because of that we remained on the market where a dip should be considered as a buying opportunity. If we see, there is a bullish gap left around 25,700 that coincides with key moving averages. So, 25,700 is what we are expecting to act as a support, but on the higher side 26,000 is the immediate resistance. So, 25,700 to 26,000 is the key range for now and one should play this range. But having said that, stock specific opportunities are there and one should focus on there,” Bhosale said.

With the frontline index moving in a tight band, attention is shifting to sectoral and stock-specific opportunities. Bhosale highlighted strength in the financial space, noting broad-based buying interest.

“So, if we see, financial space is doing very good and broad-based buying is witnessed there. One of the counters from that space I am liking is Bajaj Finance. If we see, despite market weakness this counter is up around 2%. If we see the chart structure, it has been holding above its key moving averages and today we are seeing a flag pattern breakout. Also, on the futures front we are seeing a strong long formation. So, Bajaj Finance can be bought with a stop loss of around 965, in the near term we expect a move towards the levels of 1,025,” he said.

From the auto space, Bhosale also sounded positive on Hero MotoCorp, citing improving momentum indicators.
“The second counter which I am liking is Hero MotoCorp. So, from the auto space as well we are seeing a broad-based positive momentum. This counter, if we see, it has been holding above its key moving averages and forming a base on the intraday charts and today there is a range breakout. Particularly, in the RSI if we see, it has crossed its previous swing high and trading above 60 zone, so Hero Moto can be bought in the near term, we expect targets of around 5,960 and for this trade setup stop loss can be kept at around 5,600,” he added.Meanwhile, sentiment around Hindustan Unilever (HUL) has turned cautious following its recent results, with the stock under pressure. Bhosale said the technical setup suggests continued weakness unless key resistance levels are reclaimed.

“So, if we see, since last few weeks HUL was holding on to some gains but it was struggling to cross the 2,500 levels and the kind of formation we are seeing is bearish engulfing, so as of now the momentum can remain on the negative side. So, until the stock does not cross 2,500, one should wait. Once it crosses 2,500, we can see positive momentum. Until then, wait for it. If it dips back towards 2,250 to 2,300, that would be ideal to add or else wait for a price breakout above 2,500 levels,” he said.

Overall, while the Nifty remains range-bound, market experts suggest that selective stock picking could continue to offer opportunities even as the broader index consolidates near key technical levels.

The global business was spun out from Unilever in December and owns the largest ice cream factory in the West of England

The company behind the West of England’s biggest ice cream factory says it is looking to deliver “profitable growth” over the next financial year following a drop in profits.

The newly independent Magnum Ice Cream Company, which was spun out of Unilever in December, makes products including Viennetta and Cornetto at its plant in Gloucester where it employs some 500 staff.

In a set of results announced on Thursday (February 12), the business reported +4.2 per cent organic sales growth year-on-year for the 2025 financial year, against flat revenue of €7.9bn. Operating profit stood at €599m – down from €764 million in 2024 which the company said reflected separation and restructuring costs.

Magnum’s boss, Peter Ter Kulve, said the company expected between three per cent and five per cent organic sales growth along with underlying margin improvement over the coming year.

“We delivered a solid operational performance in 2025,” he said. “Our four leading brands, Magnum, Ben & Jerry’s, Cornetto and the Heartbrand, were the driving force behind our performance, with 150 new launches, including Magnum Utopia and Cornetto Max.

“Every region contributed to growth, with market share gains across most key markets, including the US, our largest market. Growth was supported by improved availability and operational rigour with our front-line first model. Through disciplined execution of our productivity programme, and select pricing actions, we mitigated the impact of elevated commodity inflation and continued to grow volume.”

In November, Magnum announced plans to invest £50m upgrading its factory in Gloucester. Founded in 1959, the site is the second-largest ice cream factory in Europe (behind Heppenheim, Germany). Every week, the facility produces nearly three million Calippos and two million Viennettas, in addition to one million Ben & Jerry’s tubs.

The upgrade plans include a complete rebuild of the factory’s mix plant and the installation of advanced blending systems as well as new high-speed production lines for products including Twister and Solero.

Unilever first announced its intention to spin off its Gloucestershire-based ice cream division in 2024 as part of a broader shake-up of its portfolio, moving away from food towards household and other consumer goods

Ford Motor Company has been overtaken in global vehicle sales for the first time by Chinese electric car giant BYD, underscoring the dramatic shift under way in the global automotive industry.

Ford’s sales slipped 2 per cent last year to just under 4.4 million vehicles, while BYD sold 4.6 million, climbing to sixth place in the global rankings of car manufacturers.

The milestone is symbolic for an industry shaped by Ford’s legacy. Founder Henry Ford revolutionised mass car ownership with the Model T in the early 20th century. More than a century later, the company that defined industrial car production is being outpaced by a Chinese electric vehicle specialist.

BYD’s growth has been driven by its expanding portfolio of affordable, high-tech electric and plug-in hybrid vehicles. Among its best sellers are the SEAL U DM-i and the Dolphin electric city car, priced at under £19,000 in some markets.

In contrast, Ford has scaled back lower-cost small cars in Europe, phasing out the Ford Fiesta during the pandemic and pivoting towards higher-margin SUVs and crossovers. Its entry-level Puma now starts at more than £26,000.

Ford’s sales in the US rose, but the company has lost ground in Europe and China — markets where electric competition is intensifying.

Felipe Munoz, an independent automotive analyst, said the trend was widely anticipated. “BYD is still in expansion mode. Even if sales in China slow, it’s relying on exports to grow,” he said.

“Ford, meanwhile, remains heavily dependent on the US, where growth is modest, and has only a minor presence in China. Europe is also stagnant. This divergence is likely to continue.”

Western carmakers, including Ford, have struggled to navigate the electric vehicle transition. In December, Ford took a $19.5bn (£14bn) charge to scale back EV production, citing weaker-than-expected demand.

Munoz said Ford’s electrification strategy was complicated by its exposure to North America. “North American consumers are not enthusiastic about electric cars, and government support has been inconsistent,” he said.

Ford has attempted to regain a foothold in China through a joint venture with Jiangling Motors, launching an all-electric version of its Bronco SUV. However, its Chinese market share has fallen from nearly 5 per cent a decade ago to less than 2 per cent today.

“Let’s see how the Bronco Electric performs,” Munoz said. “But so far, nothing significant has changed.”

Despite global challenges, Ford remains Britain’s third-largest car brand. According to the Society of Motor Manufacturers and Traders, it sold about 119,000 vehicles in the UK in 2025, representing a 5.9 per cent market share, an 8 per cent increase on the previous year.

BYD, while still smaller in the UK, is growing rapidly. It sold around 51,400 cars last year, achieving a 2.5 per cent market share, but with sales rising almost sixfold.

At the top of the global league table, Toyota retained its crown for the sixth consecutive year with sales of 11.3 million vehicles.

For Ford and other Western manufacturers, BYD’s ascent signals more than just a ranking shift, it reflects a deeper rebalancing of power in an industry increasingly defined by electrification, cost efficiency and Chinese technological ambition.

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Chinese regulators have suggested that financial institutions reduce their holdings of U.S. Treasury bonds, citing concerns over concentrated risks. This move aims to lessen reliance on U.S. debt and enhance the stability of the financial system.

China has issued a warning to its financial institutions to tighten their holdings of US Treasuries amid escalating concerns over economic and geopolitical tensions. The move signals China’s intent to reduce its reliance on American debt instruments, which have been a significant element of its foreign exchange reserves. By warning banks to limit their holdings, Beijing aims to mitigate potential risks associated with US economic instability and political uncertainties.

This directive also reflects China’s broader strategy to diversify its foreign reserves and reduce exposure to US financial assets. As tensions over trade, technology, and geopolitics rise, China’s cautious stance is designed to protect its economic interests and maintain stability within its financial sector. The government’s measures could lead to a shift in global bond markets, impacting US Treasury yields and investor strategies worldwide.

Overall, China’s warning signals a shift towards more cautious financial management in response to international developments. While the country continues to hold significant amounts of US Treasuries, it appears increasingly intent on balancing its reserves to safeguard against potential economic disruptions. This move may have lasting implications for global financial dynamics and US-China relations.

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