Credit management firm Darcey Quigley & Co has said the expansion of the Growth Guarantee Scheme will not deliver its full benefit while late payment continues, after the government confirmed changes that will support an additional £2 billion of SME lending a year by 2028/29.

The changes were announced on 13 July by the then chancellor, Rachel Reeves. The Growth Guarantee Scheme, run by the British Business Bank, gives lenders a 70 per cent government guarantee on commercial loans to smaller businesses of up to £2 million.

Total lending supported through the scheme will rise to £3.35 billion a year, from £1.35 billion now. The maximum loan term increases from six to 10 years for loans of up to £1.1 million, and the turnover ceiling for eligible businesses rises from £45 million to £54 million.

The British Business Bank estimates the changes will support an additional 12,000 businesses a year by 2028/29, up from 8,000, taking the total to 20,000. HM Treasury puts the gap between SME demand for finance and the amount available at between £1.6 billion and £4.1 billion a year.

Lynne Darcey Quigley, chief executive and founder of Darcey Quigley & Co, said improved access to finance was welcome, but that many businesses would not realise the full benefit if late payments continued to undermine their cash flow.

“The additional funding is a positive step that will help many businesses invest with greater confidence,” she said. “But finance should enable growth, not compensate for the cash flow pressures created by late payments. Businesses should not have to borrow simply because they are waiting for customers to pay what they owe.”

She added: “The healthiest businesses aren’t necessarily those with the biggest credit facilities, they’re the ones with predictable, reliable cash flow. Access to finance can create opportunities, but cash flow is what keeps businesses operating day to day.”

Darcey Quigley & Co said many smaller companies continue to face financial pressure because invoices remain unpaid long after agreed payment terms. The firm said the consequence is that otherwise healthy businesses turn to external finance to bridge cash flow gaps, rather than using it to fund recruitment, investment and growth.

“Businesses should never have to take on additional borrowing simply because they are waiting to be paid for work they’ve already completed,” Darcey Quigley said. “The cheapest source of funding available to any organisation is the money it has already earned. Improving payment practices and reducing debtor days can often do more to strengthen financial resilience than taking on new debt.”

The firm said its intervention comes as UK businesses continue to face rising operating costs, economic uncertainty and subdued customer demand. The Federation of Small Businesses reported this month that just one in six small firms expects to grow over the next 12 months, the lowest proportion since its Small Business Index began in 2014.

Separate legislation before parliament would introduce mandatory 60-day payment terms for companies with revenues above £54 million, backed by statutory interest at 8 percentage points above the Bank of England base rate and new enforcement powers for the Small Business Commissioner.

The British Business Bank supported a record £9.4 billion of finance for smaller firms in 2025/26, including £1.3 billion through the Growth Guarantee Scheme.

“Strong cash flow underpins every major business decision,” Darcey Quigley said. “Whether it’s hiring new staff, investing in technology or expanding into new markets, those decisions become much easier when businesses have confidence that payments will arrive when they should.

“The Government’s investment will undoubtedly help many SMEs unlock new opportunities. But long-term business resilience won’t be built through borrowing alone. It will be built by creating a business environment where companies are paid fairly, paid promptly and can confidently reinvest the money they’ve already worked hard to earn.”

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

According to a filing with the exchange, the company reported a 20.4% year-on-year (YoY) increase in revenue from operations (net of excise duty and GST) to Rs 8,451.23 crore in Q1 FY2027, compared with Rs 7,017.37 crore in the corresponding quarter of CY2025.

Also Read | Varun Beverages shares fall 5% as Q2 margins shrink after Twizza acquisition in South Africa; net profit rises 15%

Profit after tax (PAT) rose 15.1% year-on-year to Rs 1,525.36 crore from Rs 1,325.49 crore, driven by strong volume growth across India and international markets.

Gross margin expanded by 44 basis points to 55% in Q2 CY2026, supported by a higher contribution from the international business. In India, early procurement of key raw materials and lower sugar consumption, aided by a higher mix of low- and no-sugar products, helped offset inflationary pressure on input costs.

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Consolidated sales volumes rose 19.8% year-on-year to 466.7 million cases from 389.7 million cases, driven by 14.4% volume growth in India and a 38.4% increase across international markets. The international business included 11.8 million cases from the recently acquired Twizza operations in South Africa.
Depreciation rose 33.6%, primarily due to the commissioning of new plants in India last year and the acquisition of Twizza. Finance costs increased 55.8%, largely on account of the Twizza acquisition.The realization per case for beverages improved by 1.2% at the consolidated level with improved realizations in international territories.

EBITDA increased by 17.2% to Rs 23,430.4 million in Q2 CY2026 and EBITDA margins declined by 76 bps to 27.7% in Q2 CY2026 due to consolidation of Twizza business which currently has lower margins.

In India, EBITDA margins improved by 38 bps driven by operational efficiencies from healthy volume growth which were partially offset by higher other expenses primarily transportation and distribution costs.

VBL India continued to remain net debt free with a free cash of Rs 14,941 million, however, at the consolidated level net debt stood at Rs 3,730 million as on June 30, 2026, on account of acquisition of Twizza in South Africa. The company’s long-term rating for bank loan facilities from CRISIL (an S&P Global Company) is reaffirmed as CRISIL AAA/Stable.

“We are pleased to report a strong performance during this quarter across our markets. Consolidated sales volumes grew by 19.8% and, together with improved realizations, translated into a 20.4% increase in net revenue from operations. EBITDA increased by 17.2% to Rs. 23,430.4 million in Q2 CY2026,” said Ravi Jaipuria, Chairman, Varun Beverages.

Also Read | Varun Beverages’ international fizz outpaces India biz as overseas volumes surge 38%

Jaipuria also mentioned that the company entered a strategic alliance with Asahi Group Holdings to introduce the iconic CALPIS brand in India, marking their entry into the value-added fermented dairy beverage category.

In accordance to their dividend policy, the Board of Directors has approved a second interim dividend of 25% of face value, i.e., Rs 0.50 per share, resulting in a total cash outflow of approximately Rs 1,691 million.

The company has set August 1 as the record date for determining the entitlement of Equity Shareholders for receipt of the second interim dividend.

In the last one year, the stock was down 14.32% and in the last two years, the stock was down 34.84%.

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

Investor attention is focused on the company’s quarterly performance, with market participants keen to assess revenue trends, operational execution, and management’s outlook for the coming quarters.

Earlier in July, KPIT Technologies’ management had provided an initial outlook for Q1FY27, highlighting that the anticipated impact on revenue would stem from multiple client-related actions. At the same time, the company outlined potential growth opportunities ahead. Based on these factors, management indicated that Q2FY27 revenue is expected to remain in a similar range to Q1FY27 revenue.

The positive movement in KPIT Tech’s stock also came amid broader strength in the Indian IT sector. The IT index witnessed gains as investors renewed their interest in technology stocks, creating a supportive environment for companies across the sector.

Beyond the headline financial figures, investors will closely track management commentary on demand trends, client engagements, growth drivers, and the company’s strategy to navigate near-term challenges while capitalising on future opportunities.

Share Price Performance

KPIT Technologies has shown signs of short-term momentum, with the stock gaining 8% over the past week. However, the broader performance remains weak, as the stock has declined 15% over the past month and is down nearly 50% over the past year, indicating continued pressure over the medium to long term.

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The latest shareholding data indicates a cautious approach from institutional investors during the June 2026 quarter. Foreign Institutional Investors (FIIs) marginally reduced their stake from 13.25% to 13.22%, while Mutual Fund holdings declined from 12.09% to 11.91% during the same period. The reduction in institutional ownership suggests a measured stance by large investors.

Valuation & Technical Outlook

From a technical perspective, KPIT Technologies is currently trading below 4 out of 8 key Simple Moving Averages (SMAs), reflecting weakness in the prevailing trend.
On the technical front, the 14-day RSI stands at 48.9, indicating a neutral momentum zone. Typically, an RSI below 30 signals oversold conditions, while an RSI above 70 indicates overbought territory. Despite the recent recovery, the stock continues to trade below key medium- and long-term moving averages, highlighting a bearish trend structure.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

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Earlier this month, the jewellery retailer reported a net profit of Rs 14 crore for the April-June quarter of FY27, compared with a net loss of Rs 21 crore in the corresponding quarter last year.

The company said its standalone revenue rose nearly 49% year-on-year (YoY) to Rs 733 crore during the quarter. Same-store sales growth stood at 39% YoY, while standalone EBITDA jumped 134.6% YoY to Rs 55 crore. BlueStone also added 12 stores in Q1 FY27, taking its total store count to 352 across 139 cities.

What do technical charts indicate for BlueStone’s share price?

BlueStone’s sharp rally following its quarterly results was accompanied by a significant increase in trading volumes, indicating strong buying interest, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. He added that after the sharp upmove, the stock has witnessed a healthy breather over the past three trading sessions.Technically, the stock continues to trade well above its key short- and long-term moving averages, reflecting a strong underlying trend, Shah said. He added that the Average Directional Index (ADX) is rising, signalling strengthening bullish momentum.

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“On the weekly timeframe, the MACD line remains above the zero line and continues to trend higher, while the expanding green histogram bars further reinforce the positive bias,” he said.
According to Shah, the stock has immediate support in the Rs 740-730 zone, and the bullish outlook is expected to remain intact as long as it sustains above this range. On the upside, the immediate resistance is placed at Rs 840-850. “A decisive breakout above this resistance could pave the way for a continuation of the uptrend,” he added.
Also read |Bluestone Jewellery shares rocket 36% in just three days after Q1 results. Can the momentum sustain?

BlueStone share price

BlueStone shares had a muted stock market debut in August last year, listing at Rs 510 apiece on the NSE, nearly 2% below their issue price.

The company announced its Q1 FY27 results on July 20, following which the stock surged 45% in just three trading sessions to hit a lifetime high of Rs 869.50. It was trading at Rs 807.90 on Wednesday.

Overall, the stock has gained 2% over the past week and around 50% in the last month. It is up more than 65% in 2026 so far and has delivered a 58% return since its listing.

Also read | Why is market rising today? Sensex soars over 800 pts, Nifty tops 24,200; 4 key factors powering D-Street

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

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The first phase at the 116 acre site owned by the Welsh Government will see a major industrial unit built

The first development at the Welsh Government’s Brocastle Employment Park in Bridgend has been confirmed.

Joint venture partners Hilllwood and Maple Grove Developments (Deeside Regeneration) have agreed terms with the Cardiff Bay administration to speculatively develop a 57,486 industrial unit on a 4.85 acre plot at the park.

The wider brownfield site extends to 116 acres where the Welsh Government has invested in infrastructure in the hope of attracting new investment and jobs.

The amount the developers have agreed to pay the Welsh Government for the land, known as plot five, has not been disclosed. They are also receiving grant funding for the scheme from the Welsh Government via the Development Bank of Wales. The grant amount has also not been disclosed.

The site benefits from outline consent planning and is being marketed specifically to the manufacturing sector.

Subject to full planning work on site will commence early next year with the building ready for occupancy towards year end.

The developers are confident of securing a tenant for the building with proximity to the M4 and the current lack of grade A industrial space in Wales.

The Brocastle land had been earmarked for a 500 job factory for production of the Grenadier 4x 4 vehicle from Ineos Automotive. However, at a late stage, the company opted for a site in France. The site adjoins the former Bridgend Ford engine plant which is being turned into a data venture campus by US firm Vantage.

Bob Tattrie, managing director of Hillwood, said “We are excited to be bringing forward a further advanced build industrial scheme in South Wales, which suffers from a lack of frade A industrial accommodation. We are also delighted to again work with Maple Grove in delivering this.”

Cabinet Minister for Enterprise, Connectivity and Energy, Adam Price, said: “Developing modern employment sites and premises which provide investment ready platforms is a key part of the new Welsh Government’s mission to halve Wales’ productivity gap with the UK average.

“Such sites support businesses to plan and invest with confidence, and this development provides important opportunities for both new investment into Wales and for existing Welsh businesses to grow.”

Andrew Dewhurst, director at Maple Grove Developments, said: “We are pleased to have secured the development plot for the upcoming business unit on Brocastle Business Park. Planning works progress well with a view to being on site in early 2027. Bringing forward our third joint venture in Wales is a proud moment for Maple Grove and we’re delighted to be working with our partners at Hillwood.”

Letting agents for the Brocastle site are property advisory firms JLL and Knight Frank through their Cardiff offices.