The shares of JSW Cement dropped around 2% on Monday, snapping a two-session winning streak during which the stock rallied over 14% following the release of its results for the January-March quarter of FY26.

The shares of the cement-maker dropped to Rs 135.76 apiece despite the overall bullish market sentiment on Monday morning. The stock has gained over 10% in one week and 13% year-to-date.

JSW Cement Q4 Results

JSW Cement on Thursday reported a net profit of Rs 362 crore for the fourth quarter of the financial year 2026, marking a whopping 2,162% year-on-year (YoY) surge from just Rs 16 crore net profit reported for the corresponding quarter of the previous financial year. The strong profit surge was mainly due to the lower base of last year, which occurred due to a non-cash, exceptional expense.The company’s consolidated revenue grew 11% YoY to Rs 1,895 crore during the quarter under review, up from Rs 1,709 crore in the same period last year. Along with the Q4 results, the company announced a dividend of Rs 0.5 per equity share with a face value of Rs 10 each for the financial year, which ended on March 31, 2026, subject to shareholders’ approval.

Motilal Oswal on JSW Cement

Motilal Oswal Financial Services maintained its ‘Neutral’ call on the shares of JSW Cement with a target price of Rs 135 apiece. This implies a downside potential of more than 2% from the stock’s previous closing price of Rs 137.99 apiece on NSE.
The domestic brokerage said that the firm’s Q4 results were above its estimates, led by higher-than-estimated realisation and operating EBITDA, which increased 46% YoY.”Management noted that demand was soft in April 2026 due to external factors. However, it is normalising gradually in May 2026 and could become stable going forward. JSW Cement has achieved over 50% of its targeted cost savings so far, and expects to reach 75% by FY27 and fully materialise by FY28, led by an increase in green power share, logistics efficiencies, and premiumisation. It has approved a 2.5mtpa additional grinding capacity at Nagaur (Rs 4.3 billion capex, targeted by January 2028), taking total capacity to 6 mtpa, due to delays in Punjab clearances and the need to optimise clinker utilisation,” it said.

Motilal raised its EBITDA estimates by 3-4% for FY27-28, and profit estimates by 32% for FY27 and 27% for FY28, primarily due to a lower tax rate following the company’s shift to the new tax regime.

JSW Cement reported strong earnings in Q4 FY26, led by strong volume-led growth and better operating performance. However, the near-term outlook remains measured, as soft demand in April and high costs may weigh on margins. JSW Cement’s strategy remains structurally compelling, with a differentiated low clinker ratio, higher GGBS mix, and sharp cost-saving measures (Rs 100/t, annual cost savings over FY27-28). Entry in the north opens a long-term growth runway; however, execution and pricing traction remain key monitorables,” it further said.

JM Financial on JSW Cement

JM Financial maintained its ‘Buy’ rating on the shares of JSW Cement, with a target price of Rs 155 per share. This implies an upside potential of more than 12% from the stock’s previous closing price.

The domestic brokerage said that the company reported strong quarterly earnings for the January-March period. “Management reiterated cement volume growth guidance of mid-to-high teens (excluding the north plant) for FY27, with GGBS expected to outperform industry growth, supporting volume-led expansion. Additionally, the board has further announced a 2.5mtpa grinding unit in Nagaur, Rajasthan, at a capex of Rs 4.3 billion (~$18/t), slated for commissioning by January 2028. Factoring in Q4FY26, we reiterate FY27E–28E EBITDA estimates and maintain BUY with an unchanged target of Rs 155 based on 14x March 2028E EV/EBITDA,” it added.

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

Shares of railway companies Jupiter Wagons, Titagarh Rail Systems and Texmaco Rail & Engineering rallied as much as 10% on Monday after a report said Indian Railways is preparing to launch a mega Rs 40,000-crore tender to procure 1 lakh freight wagons over the next three to four years.

Jupiter Wagons shares soared 10% to their day’s high of Rs 304 on the BSE, while Titagarh Rail Systems rose 9% to Rs 827.50. Texmaco Rail rose over 6% to Rs 115 apiece.

According to a Mint report citing two sources, the proposed tender is expected to be slightly larger than the previous major wagon procurement exercise undertaken in 2022. The report said Indian Railways may procure around 35,000-40,000 wagons annually, with the first set of orders likely to be issued during the second quarter of the current financial year between July and September.

“The industry is completing orders under the previous Indian Railways wagon tender and fresh orders with longer visibility will allow the domestic wagon industry to function at capacity and maintain operations of their production lines,” Sudipta Mukherjee told Mint.

Mukherjee added that nearly one-third, or around 11,000 wagons, of the annual wagon procurement under the previous Railways tender was supplied by Kolkata-based Texmaco, which currently has the capacity to manufacture more than 15,000 wagons annually.

The report further said Indian Railways is currently holding discussions with manufacturers to assess their production capabilities before floating the tender, which is expected to be issued in phases.
Last month, Jefferies initiated coverage on Titagarh Rail Systems with a ‘Buy’ rating and a target price of Rs 810, a level the stock has already crossed. In the same report, the brokerage initiated coverage on Jupiter Wagons with an ‘Underperform’ rating and a target price of Rs 200, implying a potential downside of 28% from Rs 277.On Titagarh Rail, Jefferies said the company is likely to emerge as a major beneficiary of the shift towards passenger and metro coach manufacturing. “We believe Titagarh will be a key beneficiary of rising passenger and metro coach demand,” the brokerage said, while projecting a 35% revenue CAGR and a 43% EPS CAGR over FY26-30. The growth is expected to be driven by a 14-fold increase in passenger rail systems revenue along with margin improvement as the company moves higher up the technology value chain.

The brokerage noted that Titagarh’s passenger rail systems order book stands at Rs 108 billion, equivalent to 42 times FY25 passenger rail systems sales, providing strong revenue visibility. It expects the share of passenger business revenue to rise from 7% in FY25 to 63% by FY28.

In contrast, Jefferies expects growth at Jupiter Wagons to moderate as the business remains heavily dependent on the lower-growth freight wagon segment. The brokerage estimates a 23% EPS CAGR for Jupiter Wagons over FY26-30, significantly lower than Titagarh’s projected 43%, with wagons expected to continue contributing more than 60% of overall sales even by FY28. It also said the company’s new wheel manufacturing facility is likely to make a meaningful contribution only after FY28.

“With valuations at 40x FY27E PE, similar to Titagarh, we find Jupiter too expensive for the growth differential,” Jefferies said, assigning an ‘Underperform’ rating and a Rs 200 target price. The brokerage values Jupiter’s core business at 20 times March 2028 EPS and the wheel plant at 3.5 times book value.

Overall, Jefferies believes India’s railway capital expenditure cycle remains firmly intact but said investors should prefer Titagarh Rail Systems due to its stronger earnings outlook, improving return ratios and higher exposure to structurally faster-growing passenger and metro rail segments.

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

NEW YORK — MJF defeated Darby Allin to regain the AEW World Championship in the main event of Double or Nothing on May 24, 2026, at the Prudential Center in New Jersey. The pay-per-view event was broadcast live on HBO Max.

MJF became a three-time AEW World Champion with the victory. After the match, TNT Champion Kevin Knight attacked Allin while he was strapped to a stretcher, performing a UFO Splash and flipping the stretcher over.

The sold-out crowd reacted strongly throughout the night as AEW presented its annual Double or Nothing event. The card featured multiple title changes and tournament matches.

Main Event Recap

MJF and Darby Allin headlined the show in a match that lasted more than 20 minutes. Allin entered as champion after winning the title earlier in the year. MJF used his signature style to secure the pinfall victory. Following the match, Knight entered the ring and assaulted Allin as medical personnel attended to him.

Tag Team Title Change

Christian Cage and Adam Copeland defeated FTR to win the AEW World Tag Team Championship. The victory marked a significant moment for the veteran duo, who have teamed together in recent months. FTR had held the titles prior to the event.

Singles Match Highlights

Konosuke Takeshita defeated Kazuchika Okada in a highly anticipated singles match. The bout received strong reactions from the live audience. After the match, Kyle Fletcher returned and attacked Takeshita, escalating their ongoing rivalry.

Jon Moxley retained the AEW Continental Championship against Kyle O’Reilly. Moxley used his technical and striking abilities to secure the submission victory.

Owen Hart Foundation Tournament

In quarterfinal action of the Owen Hart Foundation Men’s Tournament, Will Ospreay defeated Samoa Joe. Swerve Strickland defeated ROH World Champion Bandido in another quarterfinal match.

On the women’s side, ROH Women’s World Champion Athena defeated Mina Shirakawa to advance to the semifinals.

Event Production and Attendance

Double or Nothing 2026 was produced as a live pay-per-view from the Prudential Center. The event featured elaborate entrances, pyrotechnics and the standard AEW production elements. The sold-out crowd was described as energetic throughout the card.

The card included multiple high-stakes matches and storyline developments. AEW has positioned Double or Nothing as one of its premier annual events alongside All In and All Out.

Background on Key Competitors

MJF has held the AEW World Championship on multiple occasions. His victory in the main event returns him to the top of the promotion. Darby Allin is known for his high-risk style and has held several titles in AEW.

Christian Cage and Adam Copeland, known collectively as parts of long-standing tag teams in their careers, captured their first AEW World Tag Team Championship together. FTR, consisting of Dax Harwood and Cash Wheeler, are recognized for their traditional tag team wrestling approach.

Konosuke Takeshita has emerged as a top singles competitor in AEW. Kazuchika Okada, a former IWGP Heavyweight Champion, has competed in AEW since 2024. Kyle Fletcher’s return added an immediate post-match development.

Jon Moxley, a former AEW World Champion, retained the Continental Championship. The Owen Hart Foundation Tournament honors the late Owen Hart and features rising and established talent.

Broader AEW Context

AEW has continued its schedule of major pay-per-view events in 2026. Double or Nothing traditionally serves as a platform for significant storyline progression and title changes. The event drew international attention with its mix of established stars and emerging talent.

The promotion has expanded its roster and programming since its founding in 2019. AEW events are available on pay-per-view and through streaming platforms, including HBO Max for this edition.

Tournament and Title Implications

The Owen Hart Foundation Tournament continues with semifinal matches scheduled in upcoming weeks. Winners will advance toward a final that typically takes place at a later pay-per-view event.

The AEW World Tag Team Championship change shifts momentum in the division. Christian Cage and Adam Copeland’s victory positions them as top contenders for future defenses.

MJF’s return to the world title picture sets up potential future matches against top challengers. His post-match celebration and the subsequent attack by Kevin Knight created immediate storyline developments.

The sale was a ‘complex and fast-moving’ process, according to the administrators

A Bristol ambulance provider used by the NHS has been rescued from administration, saving hundreds of jobs and services. BAEMS (trading as Bristol Ambulance EMS) collapsed into administration last week after facing serious legal action earlier in May.

The private company provides emergency ambulances and specialist drivers to the NHS and other healthcare operators across the UK.

Its also offers non-emergency patient transport and a range of paediatric, neonatal and adult intensive care transfers, as well as supplying paramedic crews to the South Western Ambulance Service NHS Foundation Trust.

But earlier this month, HMRC lodged a petition for the business to be wound up, our sister site Bristol Live revealed, and on Friday Nick Harris and Lucinda Coleman of PKF Francis Clark were appointed as joint administrators.

On Friday (May 22), the administrators completed the sale of the business and its assets to EMED Group – a national provider of specialist transport and care services.

It is understood the transfer of operations was “carefully planned” to support continuity of transport and specialist ambulance services for patients, NHS partners and healthcare organisations across Bristol and the South West.

Around 315 staff and 120 ambulances and operational services across seven depots will transfer into EMED Group as part of the agreement.

Mr Harris, partner in the restructuring team at PKF Francis Clark, said: “BAEMS provides important ambulance and patient transport services across the South West and continuity of those services has been a key priority while we have been working with the company over recent weeks to explore all options to secure its future.

“Following a complex and fast-moving sale process, involving negotiations with several interested parties, we are pleased to have completed a sale of the business to EMED Group, protecting the jobs of all employees.

“This outcome supports continuity for patients, NHS partners and operational teams whilst enabling services to continue under EMED Group.”

Business Live understands that EMED Group will work with local operational teams, NHS partners and staff over the coming weeks to support services, maintain patient care and begin a phased integration of systems and back-office functions.

Craig Smith, group chief executive of EMED Group, said: “Our immediate priority is supporting patients, Bristol Ambulance colleagues and NHS partners through this transition and ensuring services continue to operate safely and effectively.

“Over the last 15 years Bristol Ambulance has built a great operation, with outstanding CQC reports, and provides critical services across the region that enable access to healthcare in a wide range of settings. We are pleased to welcome colleagues into our family.”

Rob Johnson, chief executive at Bristol Ambulance EMS, said the company’s priority during the process had been “protecting continuity of service for patients” while also supporting staff.

“EMED have demonstrated a clear commitment to maintaining services, supporting teams and working closely with NHS partners during the transition period,” he said.

“I would also like to thank colleagues across Bristol Ambulance EMS for their professionalism, resilience and continued dedication to patient care throughout what has understandably been a challenging period.”

It is understood the administrators have worked with commissioners and partners of BAEMS to transition all the contracts operated by the business.

They were assisted by Paul Evans of PME Consulting; Andrew Knox, restructuring and insolvency partner at Stephens Scown; and valuation agents Simon Bamford and Josh Chivers of Gordon Brothers.

The administrators said they would “undertake their statutory duties” as the administration process progresses, including investigating BAEMS’s financial position and the circumstances leading to the winding‑up petition brought by HMRC, and will report back to creditors.

Creditors are invited to direct any immediate enquiries to Dan Ott at PKF Francis Clark’s Bristol office on dan.ott@pkf-francisclark.co.uk.

The Icelandic-born billionaire behind Nasdaq-listed biosimilars group Alvotech has become the latest international entrepreneur to warn that Britain’s tax direction is making the country uninvestable for mobile capital.

Róbert Wessman, the 56-year-old founder and chief executive of Alvotech and the owner of fast-growing French wine venture Maison Wessman, has told Business Matters in an interview at his Pall Mall club that the “whole package” of inheritance tax, capital gains tax and political instability is steadily pushing him towards the exit.

“It’s just the whole scheme has changed so much, which makes it very difficult, not only for foreigners to come here, but for wealthy people, who live here, are born here, and have always been here, to basically stay here,” Wessman said.

His warning lands as Britain digests the most striking edition of the Sunday Times Rich List in living memory, with one in six members of the 2026 list dropping out and the UK billionaire population falling to 157, twenty fewer than four years ago. Almost a third of the 350 British nationals on the main list no longer live on the British mainland.

‘Not a pro-business country anymore’

Wessman, who moved his family from Reykjavík to London in 2019 and opened a Hammersmith head office for his Aztiq investment vehicle two years later, said he no longer regarded the UK as a pro-business destination.

“At the same time, the stability is not really there. You had Brexit, it was a big issue for the industry, for the country, for the business, and then all the tax legislation now,” he said.

He spoke before the former health secretary Wes Streeting, who has launched a Labour leadership bid against Sir Keir Starmer, pledged what he called a “wealth tax that works”, centred on aligning capital gains rates with income tax. The proposal has been costed by allies at around £12 billion a year.

Asked about politicians’ appetite for taxing the wealthy, Wessman was unsparing: “We see this in many countries, that this can be the flavour of the day for politicians. But in the end, countries are built on employment, on jobs, high-paying jobs preferably, value creation. And hopefully you can then benefit from having the business in the country.”

His comments echo a growing chorus of warnings from international business owners. Henley & Partners has forecast that Britain will lose more millionaires than any country bar China this year, and a BDO survey recently found that two-thirds of the UK’s ultra-wealthy have considered relocating, citing policy inconsistency as a bigger problem than the headline tax rate itself.

From Icelandic generics to Nasdaq biosimilars

Wessman has built, and lost, fortunes before. He turned Delta, an obscure Reykjavík generics business, into Actavis, one of the world’s largest generic drugmakers, before losing an estimated €250 million in the 2008 Icelandic banking crash. That episode triggered a long and bitter legal battle with fellow Icelandic financier Björgólfur Thor Björgólfsson over a highly leveraged pre-crisis buyout.

Undeterred, he has founded seven companies over three decades and is now ploughing capital into Alvotech, the Nasdaq, Icelandic and Swedish-listed group he is positioning as a global challenger in biosimilars.

The group has invested $2 billion since 2013, employs 1,500 staff, most of them in Reykjavík, and is being built deliberately as the “fourth leg” of the Icelandic economy alongside fishing, tourism and manufacturing. Alvotech has five approved biosimilars on the market, generated revenues of $593 million last year and is guiding to $650 million to $700 million in 2026. It is currently valued at around $1 billion in New York.

Wessman holds a 35 per cent stake through Luxembourg-domiciled Aztiq, plus a further 30 per cent through a partnership with Temasek, the Singapore sovereign wealth fund, and private equity house CVC Capital Partners.

Biosimilars, close copies of complex biological drugs whose patents have expired, are notoriously expensive to develop and frequently trigger patent litigation, as Alvotech experienced in its dispute with AbbVie over the autoimmune blockbuster Humira. Wessman argues they are essential if state-funded healthcare systems are to avoid being “sunk” by the cost of modern biologics.

A château, two million bottles and Norah Jones

His diversification into wine began as a hobby with the 2004 acquisition of the 12th-century Château de Saint-Cernin, near Bergerac, and the release of an inaugural vintage in 2016. Maison Wessman is now on track to produce around two million bottles this year, supplying French retailer Intermarché and backed by the American jazz singer Norah Jones, whom Wessman met through a mutual contact after Enrique Iglesias played at his wedding.

‘We are leaving with a lot of capital, a lot of jobs’

Wessman, who is not a non-dom, said he moved to London “against the stream when Brexit was happening” because of the capital’s practical access to his businesses across Asia, the United States and central and eastern Europe. His Russian-born wife and six children are settled in “world-class” London schools.

“London is the most amazing city to live in. It has amazing education. It has everything to offer. It has amazing history,” he said.

But he believes Brexit was a strategic error for what he called “a very proud nation”, leaving Britain less integrated into European supply chains and badly diminished as a listing venue.

“Since Brexit, many of the big banks don’t ever bring up the UK as an alternative, as a listing venue anymore,” he said.

That listings problem now compounds with sweeping fiscal reform. The chancellor, Rachel Reeves, has scrapped the centuries-old non-dom regime and replaced it with a new four-year residence-based test for foreign income and gains, plus a residence-based inheritance tax that captures worldwide assets for those resident in the UK for ten of the previous twenty years. Capital gains tax rates were also lifted in the October 2024 Budget to 18 per cent and 24 per cent.

The early evidence is unflattering: around 1,800 non-doms have already quit the UK in the wake of the reforms, raising serious questions about whether the package will deliver the £34 billion Treasury revenue target.

Wessman said he had recently looked at properties in Milan and made clear he was reluctantly being pushed in that direction.

“I don’t regret paying high taxes in the UK,” he said, “but it has to be within certain certainties and scope. I’m sitting with my tax adviser getting an update two to three times a year of what might be coming next, and it’s all over the place. This is not encouraging anyone to live here.”

“I really love to live here. But overall, I think where you have mobile capital, which can be based anywhere, it will push more people out.

“We are leaving with a lot of capital. We are leaving with a lot of jobs. We are leaving without even thinking that the UK would be a good idea to build any manufacturing or R&D or anything. That’s the sad part of it.”

For a government banking on wealthy non-doms to part-fund public services, that is a warning shot from precisely the sort of internationally mobile, job-creating, IP-rich founder the Treasury insists it still wants to attract.

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