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BSE shares drop 3% after second downgrade in two days. Nuvama lists CAS among 3 key headwinds

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BSE shares drop 3% after second downgrade in two days. Nuvama lists CAS among 3 key headwinds
Shares of BSE dropped around 3% on Tuesday, extending losses for the fifth consecutive session after Nuvama downgraded the stock’s rating to Hold from Buy, and slashed its target price, listing three key headwinds converging in FY27.

BSE shares dropped to Rs 3,235 apiece on Tuesday morning, the lowest level seen by the stock in around five months. Shares of the stock have now fallen more than 10% over five consecutive sessions of losses.

Nuvama on BSE share price

Nuvama downgraded its rating on the shares of BSE to ‘Hold’ and slashed its target price to Rs 3,240 apiece from Rs 4,090 apiece. The latest target price implies around 3% downside potential from the stock’s previous closing price of Rs 3,332 apiece.

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The brokerage highlighted three headwinds for the stock exchange that converge in the ongoing financial year 2027. Here are the 3 key headwinds.

1) CAS has reset volumes, impairing expiry-day decay trading dynamics

The newly introduced closing auction session (CAS) has led to huge confusion among traders, resulting in lower participation. Nuvama highlighted that BSE’s index option premium volumes (ADPTV) of Rs 18,100 crore are the lowest since January 2025.


The premium per contract, which had spiked 54% to Rs 2,605 in the first week of August, has fully unwound, and premium-to-notional is back to 11.1 bps versus 10.9 bps in July, it added, noting that the key issue is lower trading velocity and participation loss.
“Earlier, option premiums decayed predictably into expiry, enabling repeated participation through short duration trades. CAS introduces uncertainty in final settlement due to auction-based closing, reducing the predictability of this decay path. This weakens theta-harvesting strategies and reduces leverage for buyers that previously relied on rapidly falling premiums, and reduces seller interest due to uncertainty of option decay—impacting a large part of the ecosystem,” Nuvama said.The damage is visible as BSE expiry-day contracts fell 33% versus 24% for non-expiry, the brokerage highlighted.

2) Bank guarantee norms are second leg

RBI’s bank guarantee norms are the second leg, and they arrive precisely as CAS impact could heal, according to Nuvama. Tighter collateral requirements may raise capital intensity for intermediaries, reducing turnover efficiency in high-frequency strategies that drive contract volumes, it added.

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The brokerage feels that the impact is likely gradual but could cap recovery into FY28.

3) Market share gains are nearing saturation

Nuvama highlighted that BSE’s contract share of nearly 51.5% is already high, but ADPTV’s share remains lower at around 36%, due to a lower mix of non-expiry-day contribution. This is limiting incremental upside from further share gains, according to the brokerage.

“With contract MS at 50% and incremental levers exhausted, we see no near-term trigger. The gap to ADPTV share of 36.3% is structural due to higher concentration near expiry,” it further said.

Nuvama cut BSE’s EPS estimates by 6.3% for FY27 and 15% for FY28. However, it sees a recovery in VIX as the largest swing factor, suggesting that a move in VIX towards 16–18 could materially lift premium per contract and ADPTV even without a recovery in contracts.

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Faster-than-expected adaptation to CAS, deeper closing-auction liquidity, regulatory recalibration of CAS mechanics, and stronger non-expiry participation could also drive volumes above Nuvama’s revised assumptions.

Jefferies on BSE share price

Nuvama’s downgrade comes a day after Jefferies downgraded the counter to ‘underperform’ from ‘hold’ and trimmed the target price to Rs 2,940 from Rs 3,520.

Jefferies flagged risks to BSE’s revenue from domestic proprietary traders, who account for around 50% of notional turnover. It sees headwinds from the STT hike, RBI’s bank guarantee norms and the Closing Auction Session (CAS).

Also read | BSE shares tumble 5% after Jefferies downgrades stock to ‘underperform’. Here’s why

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BSE share price

BSE shares have fallen over 9% in a week and 8% in a month, although the stock is overall up 25% in 2026 so far. After hitting a 52-week low of Rs 2,021.50 apiece in September last year, BSE shares more than doubled in eight months to hit a 52-week high of Rs 4,447 apiece in May this year. The stock has now fallen more than 27% since then to trade at Rs 3,235 apiece on Tuesday morning.

In the longer term, BSE shares have delivered stellar returns of 1,038% in three years and more than 2,500% in five years. The company has a market capitalisation of more than Rs 1.3 lakh crore.

Also read | Paytm block deal: Vijay Shekhar Sharma’s Resilient Asset likely sells nearly 2 crore shares worth Rs 2,949 crore

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(With inputs from agencies)

(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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Human Remains Found 15 Miles From Nancy Guthrie’s Tucson Home Not Linked to Case, Sheriff Says ‘At This Time’

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Nancy Guthrie
Nancy Guthrie
Nancy Guthrie

TUCSON, Ariz. — Human remains were discovered in a desert area roughly 15 miles from the home of Nancy Guthrie, the missing mother of NBC “Today” show co-anchor Savannah Guthrie, but authorities said Monday there is no indication the remains are connected to her disappearance, which has now stretched more than six months without an arrest.

The Pima County Sheriff’s Department said in a statement posted to social media Monday afternoon that Search and Rescue deputies were responding to reports of human remains found in a desert area near West Ajo Way and South La Cholla Boulevard in southwest Tucson. “The remains appear to have been at the location for an extended period of time,” the department said. “At this time, there is no indication they are connected to the Nancy Guthrie investigation.” The department added that additional information would be released as it becomes available.

According to CNN, deputies were seen at the reported location Monday, on a hillside covered in saguaro cacti overlooking a busy four-lane highway in southwest Tucson. The residential area sits just outside the city limits, one turn off Ajo Way, leading to a handful of homes with long driveways. The sheriff’s department declined to answer CNN’s questions regarding who discovered the remains, when they were located, or the basis for officials’ early determination that the find appeared unconnected to the Guthrie case.

Nancy Guthrie, 84, vanished from her home in Tucson’s Catalina Foothills neighborhood sometime between the night of Jan. 31 and the early morning hours of Feb. 1. According to investigators, she was apparently kidnapped from her residence without her phone or critical medications. A source has told CNN that investigators do not currently have a leading theory regarding a motive for her disappearance.

Monday’s discovery is not the first time remains have surfaced in the vicinity of the Guthrie investigation without ultimately being connected to the case. On Feb. 7, less than a week into the search for Guthrie, deputies responded to a separate discovery of human remains near Irvington and San Joaquin roads. At the time, the sheriff’s department said there was “nothing criminal” about that earlier find, and the department’s cold case unit had responded to that scene.

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The search for Guthrie has continued for more than six months without a named suspect, person of interest, or identified vehicle connected to her disappearance. In July, nearly six months after she went missing, officials released the full contents of a ransom note and a separate follow-up letter addressed to the Guthrie family, which claimed Nancy Guthrie had died. Authorities released the documents publicly in hopes of generating new leads in the case.

Pima County Sheriff Chris Nanos has continued to describe the investigation as active despite the lack of a break in the case. “We have so much DNA to sort through. We have so much, in terms of video evidence, to look at,” Nanos said in comments shared as part of a “Today” show news segment. “So I’m still positive that we’re going to resolve this case.”

The investigation has drawn extensive national attention given Guthrie’s family connection to one of American television’s most recognizable morning news programs. The Guthrie family has publicly appealed to those responsible for Nancy Guthrie’s disappearance, offering full cooperation in exchange for information. Savannah Guthrie has personally offered a $1 million reward for information leading to her mother’s safe recovery, while the FBI has separately offered an additional $100,000 reward, and the nonprofit organization 88-CRIME has offered a further $102,500, bringing the total reward pool available to more than $1.2 million for information leading to a resolution of the case.

Investigators have pursued numerous leads throughout the monthslong search, including reviewing extensive doorbell camera footage, DNA evidence and hundreds of individual tips submitted by the public. In February, investigators recovered a pair of black gloves along a road roughly a mile and a half from Guthrie’s home, matching the description of gloves worn by an individual seen tampering with a camera at Guthrie’s front door on the morning of her disappearance, according to prior reporting citing the New York Post. Separately, authorities have had to publicly dispute unverified claims circulating on social media, including a viral video purporting to show a 911 call reporting a ski mask discovered roughly 135 miles from Tucson that matched the description of clothing worn by a person of interest in the case. A Pima County Sheriff’s Office spokesperson told Fox News Digital the department had “not been advised of anything like that” regarding the alleged ski mask discovery, adding, “so this cannot be confirmed.”

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The department has continued providing periodic updates on the investigation’s status even in the absence of major breakthroughs. Earlier in the case, the sheriff’s department noted in a public statement that “the Nancy Guthrie investigation is ongoing,” while emphasizing that “no suspects, persons of interest, or vehicles have been identified” and that press briefings would be scheduled only if significant developments occurred.

Anyone with information related to Guthrie’s disappearance is urged to contact the FBI at 1-800-CALL-FBI or the Pima County Sheriff’s Department directly at 520-351-4900.

As of Monday evening, authorities had not provided further details regarding the identity of the remains found near West Ajo Way and South La Cholla Boulevard, nor had they indicated when a formal identification process, which would typically involve the county medical examiner’s office, might be completed. The sheriff’s department’s characterization that the remains had been at the location for an extended period suggests any eventual identification could take additional time, particularly if forensic testing is required to determine both the identity of the individual and the circumstances surrounding their death.

This remains an active and ongoing investigation, and authorities have said further updates will be released as new information becomes available, both regarding the discovery of the remains near Tucson and the broader search for Nancy Guthrie, which continues more than six months after her disappearance first drew national attention.

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Innolux Q2 2026 slides: packaging pivot amid display weakness

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UK wage growth holds at 3.5% as labour market weakens

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Mukul Agrawal-backed PTC Industries shares slip 4% despite 466% surge in Q1 profit and 180% EBITDA growth

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Mukul Agrawal-backed PTC Industries shares slip 4% despite 466% surge in Q1 profit and 180% EBITDA growth
Shares of PTC Industries slipped 4% to the day’s low of Rs 19,828 on Tuesday on NSE despite the company reporting strong earnings in the quarter that ended in June 2026. The company’s Q1 profit after tax surged nearly 466% year-on-year, with a 180% growth in its EBITDA for this quarter.

According to a filing with the exchange on Monday, the company delivered a strong beginning to FY27, with consolidated growth supported by scaling advanced manufacturing programmes, execution across aerospace and defence applications, and increasing contribution from its integrated materials and components platform.

The total income was reported at Rs 197.1 crore, registering 83% year-on-year growth against Rs 107.7 crore in the same quarter a year ago. The EBITDA was recorded at Rs 54.2 crore in Q1FY27, rising 180% YoY.

Also Read | 6 listed Indian REITs distribute Rs 3,136 crore to unitholders in Q1 FY27

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The company’s profit after tax stood at Rs 29.1 crore in Q1FY27, registering a year-on-year growth of 466% from Rs 5.1 crore in the corresponding quarter of the previous year.


PTC Industries is a leading Indian manufacturer of precision metal components and strategic materials for critical applications. Through its wholly owned subsidiary, Aerolloy Technologies, the group produces titanium and superalloy materials and components for aerospace, defence and space applications in India and global markets.
During the quarter, Aerolloy Technologies, the wholly owned subsidiary of PTC Industries, continued to remain a key growth driver. Aerolloy Technologies reported total income of Rs 74.27 crore in Q1FY27, implying a growth of 466.4% YoY over Rs 13.11 crore in the June quarter of FY26, with EBITDA of Rs 33.42 crore with a margin of 45.0%. Its profit after tax jumped 322.9% YoY to Rs 22.08 crore.Trac Precision Solutions (UK), the group’s precision machining platform supporting high-value aerospace and industrial applications, reported total income of Rs 71.40 crore and EBITDA of Rs 6.1 crore in Q1FY27.

PTC Industries secured a landmark order from BrahMos Aerospace for the development, integration and supply of a strategic missile sub-system. The order marks the Company’s entry into systems and sub-systems integration, strengthening its role in advanced defence and aerospace programmes.

“Q1FY27 marks a strong start to the year and reflects the progress we are making in scaling PTC Industries as an integrated advanced manufacturing platform for aerospace, defence and strategic applications. Our consolidated performance improved significantly during the quarter, with strong growth in income and profitability and meaningful expansion in margins. Importantly, Aerolloy continued to emerge as a key growth driver, demonstrating the operating leverage beginning to come through from the capabilities and investments we have built over the past several years,” said Sachin Agarwal, Chairman and Managing Director.

“The quarter and the subsequent period were equally significant strategically. Our landmark agreement with Airbus expands our participation in global commercial aerospace supply chains, while the programmes with BrahMos Aerospace, ARDE-DRDO and Gun Factory Kanpur extend PTC’s role beyond precision manufacturing into design-led development, systems and sub-systems for mission-critical defence applications. These are important steps in the evolution of the Company and validate the depth of the integrated materials, metallurgy and manufacturing platform we are creating,” Agarwal further said.

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In the last one year, the stock jumped over 2% and delivered nearly 40.38% returns in the last three years. The stock has delivered nearly 67% gains in the last five years.

Also Read |Paytm’s Vijay Shekhar Sharma sets $1 billion free cash goal, sees fintechs gaining lending share

Mukul Mahavir Agrawal, Vikas Khemani hold over 1% stake in PTC Industries

Investors Mukul Mahavir Agrawal and Vikas Vijaykumar Khemani each held more than 1% stake in PTC Industries, as of the quarter ended June 30, 2026, according to shareholding pattern data.

Vikas Khemani held a 2.57% stake in the company, while Mukul Agrawal owned 1.07%. Mona Russell Mehta also holds a 2.33% stake in PTC Industries, the data showed.

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(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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EKF Diagnostics buys back 200,000 shares at 25.125p average

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Job vacancies at five-year low as smaller firms scale back recruitment

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The number of job vacancies has fallen to its lowest level in more than five years as smaller businesses cut back on recruitment, the latest official figures indicate.

Vacancy numbers dipped slightly over the May-to-July period to 707,000, according to the Office for National Statistics (ONS), which said small firms were citing labour and operating costs as reasons for scaling back hiring.

The ONS said the labour market was “little changed overall”, with the unemployment rate remaining at 4.9%.

Growth in regular earnings – which excludes bonuses – picked up slightly, rising at an annual pace of 3.5% in the three months to June.

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Copper boom drives $13.7bn profit, dividend boost at BHP

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Copper boom drives $13.7bn profit, dividend boost at BHP

Booming copper prices and record iron ore volumes drove BHP to a $13.7 billion profit, with the miner to pay out its biggest dividend since 2022.

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BCI Minerals to build sulphate pilot plant

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BCI Minerals to build sulphate pilot plant

BCI Minerals has taken another step toward downstream processing at its Mardie salt project despite a spate of other companies failing in their attempts to produce sulphate of potash.

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Tencent shares slide as Mizuho cuts price target on AI returns concerns

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Likely deal looms for contentious gambling reforms

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Likely deal looms for contentious gambling reforms

Major parties appear poised to sign off on changes to gambling laws, but some MPs say the reforms do not go far enough.

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