Business
CG Power’s growth momentum strong, but valuation comfort missing: Sandip Sabharwal
CG Power continues to strengthen its manufacturing footprint, with the company recently inaugurating its S3 unit in Nashik. The expansion is expected to double switchgear production capacity from 9,000 units to 18,000 units, marking another milestone for a company that has emerged as one of the market’s biggest multibaggers over the past five to six years.
While the capacity expansion underscores strong demand trends in the power equipment segment, Sandip Sabharwal believes investors need to look beyond the headline growth story and focus on valuations.
“The new capacity is for switchgear, which is just a part of their business. Overall, CG Power has been doing well, and both the key business segments of the company have been firing,” Sabharwal said.
However, he cautioned that companies such as CG Power, Hitachi Energy and GE Vernova have witnessed a significant rerating, pushing valuations well beyond traditional measures of fair value.
“The key challenge in buying many of these companies, which include something like CG Power, Hitachi Energy, or GE Vernova, is that their valuations have run way ahead of any sort of fair value you can ascribe to these companies. All these companies are trading at price-earning ratios much above 100 times, with sort of blue-sky projections of earnings growth for the next few years, which many analysts are justifying to give buy recommendations at these prices,” he said.
Sabharwal added that investors who entered these stocks at lower levels have little reason to exit, but fresh buying at current valuations may not be prudent.”So, I would say that all these companies, including CG Power, are at a stage where, for someone who holds them, who bought them early enough and holds them, and some of these stocks we also hold from earlier levels, there is no reason to sell. But at these price levels, I would not venture out to buy these companies.”
Power Equipment Stocks Already Pricing In Future Growth
The sharp rally in transmission and distribution (T&D) stocks has sparked debate over whether the market is fully appreciating the scale of infrastructure investments expected over the next few years.
Sabharwal disagrees with the view that the market is underestimating the opportunity.
“So, I do not think the street is behind the curve because the valuations more than reflect whatever is going to come in the future. I would say the street is rather ahead of the curve, where the valuations being ascribed to these companies are not justifiable under any sort of growth projections,” he said.
According to him, current stock prices imply extraordinarily high earnings growth assumptions over a prolonged period.
“For these valuations to be justified, these companies need to grow earnings by 50-60% for the next 10 years consecutively, which is very tough. The next couple of years might still see decent growth, but beyond that, the growth obviously will slow down.”
He reiterated that existing shareholders can continue holding these stocks, but new investors should wait for meaningful corrections before considering entry.
Wockhardt‘s Zaynich Approval Excites Markets, But Near-Term Upside May Be Limited
Pharmaceutical major Wockhardt has been one of the standout performers in recent weeks following excitement around the approval of its antibiotic candidate, Zaynich.
While acknowledging the significance of the development, Sabharwal believes the market may have become overly optimistic about the immediate commercial opportunity.
“So, the market got excited because of the approval, which obviously it should have because it is a great achievement. The scale-up, the pace of the scale-up, and the extent of opportunity initially could have been misunderstood,” he said.
He noted that while the long-term potential remains substantial, commercialization and market development will take time.
“Longer term, obviously, the opportunity is there, but it will take time for the market to build up, and many short-term investors could lose patience in the near term also.”
Sabharwal maintained that the stock’s recent rally has already factored in much of the near-term benefit from the approval.
“My view was that it more than factors in whatever has happened for the near term. The near term could be the next three to six months. It will be very tough for the stock to move up further immediately just based on this product approval.”
He expects the stock to consolidate before any fresh upside emerges, depending on the product’s commercial success and subsequent developments.
Airline Route Cuts Reflect Industry Pressures
The aviation sector is also facing challenges as airlines scale back certain international operations amid elevated fuel costs and weak seasonal demand.
Sabharwal pointed out that the industry is entering a traditionally softer travel period during July and August, making route rationalization a practical response to prevailing conditions.
“So, in any case, we enter a lean season of travel in July and August, and in this period, given the high fuel prices and the fact that the routes tend to be competitive on pricing, many of these companies are cutting down on these operations.”
While the development is not positive for the industry in the short term, he believes stronger players are likely to emerge with enhanced competitive positioning.
“So, it obviously is not a positive development by any standard of imagination, but tougher times make the stronger companies stronger.”
Sabharwal highlighted InterGlobe Aviation, the parent of IndiGo, as one of the beneficiaries of this trend due to its strong balance sheet and substantial cash reserves.
“What this actually does is that, given their huge cash reserves and resilience of the balance sheet, this actually makes InterGlobe Aviation stronger for the long run.”
He added that while the stock may remain volatile amid fluctuations in crude oil prices and geopolitical developments in the Middle East, the company’s long-term outlook remains favourable.
“The stock will keep on being volatile, moving up and down based on how the underlying crude prices are moving and tracking the Middle East conflict, but the longer-term prospects will remain strong.”
Ben Johns comes over to the right side to hit a dink shot against Anna Bright and Hayden Patriquine in the 2026 PPA Carvana Mesa Cup finals match of the Pro Mixed Doubles Division at Arizona Athletic Grounds on February 22, 2026 in Mesa, Arizona.
Bruce Yeung | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Last month, investment firms of the ultra wealthy went all-in on sports and played on multiple fronts.
At the beginning of May, billionaire Tom Dundon’s namesake family office partnered with Apollo’s new sports fund to invest $225 million in Pickleball Inc., the parent company of Major League Pickleball and the PPA Tour. Dundon is already an owner of the Portland Trail Blazers NBA team and the NHL’s Carolina Hurricanes.
As for the major leagues, Michael Dell, as part of an investor group led by Silver Lake’s Egon Durban, bought a 25% stake in the Las Vegas Raiders football team. Dell is also a minority investor in the NBA’s San Antonio Spurs and the Austin Gamblers, a professional bull riding team.
Family offices made 51 direct investments in companies in May, holding steady from April’s deal tally, according to data provided exclusively to CNBC by Fintrx, a private wealth intelligence platform.
A Goldman Sachs survey released last fall found that 25% of family offices have invested in sports or related assets like ticketing or arenas and another quarter are interested in doing so. Asides from love of the game, many investors are drawn to the sector as an inflation hedge.
Student housing mogul David Adelman has used his family office to extend his reach into the sports economy. Adelman is a part-owner of the NBA’s Philadelphia 76ers, English Premier League club Crystal Palace and the New Jersey Devils ice hockey team and an investor in sports merchandise giant Fanatics.
In May, his investment firm Darco Capital co-led a $12 million Series A round for PlayerData along with David Blitzer’s family office Bolt Ventures and venture capital firm Pentland Ventures. The UK startup makes GPS-enabled vests and soccer balls that help athletes track their performance.
Adelman told CNBC that some teams in his portfolio use PlayerData products. Crystal Palace, for instance, uses the vests and smart soccer balls in training its academy players. The technology’s application for athletes at all levels, including youth sports, was part of the startup’s draw, according to Adelman.
“What stood out to me was the ability to take something complex and make it simple, practical, and accessible,” Adelman said.
ATLANTA — Doughnut enthusiasts have a sweet opportunity Friday as Krispy Kreme marks National Doughnut Day with free doughnuts of choice at participating locations across the United States, no purchase necessary.
The promotion, available in-shop and at drive-thrus on June 5, aligns with the annual celebration honoring the Salvation Army’s Donut Lassies who served troops during World War I. Customers can select from a range of classics like Original Glazed, chocolate-iced varieties or filled options, subject to availability and exclusions for limited-edition or seasonal items.
“Stop in your local shop on Friday, 6/5 and get a FREE Doughnut of your choice, no purchase necessary,” Krispy Kreme announced on its website. The offer is limited to one per guest at participating U.S. shop locations.
A second deal sweetens the occasion: Buy any dozen doughnuts at regular price and receive a dozen Original Glazed for just $2. This BOGO-style offer is valid in-shop, drive-thru, online for pickup or delivery with promo code details on the Krispy Kreme site.
Details on Claiming Free Krispy Kreme Doughnuts
To maximize the free offer today, head to a participating Krispy Kreme shop or drive-thru. The deal runs all day while supplies last, though popular locations may see lines form early. No app or membership is required for the single free doughnut, making it accessible for walk-ins.
Krispy Kreme operates hundreds of dedicated retail shops nationwide, separate from grocery or convenience store counters where the promotion does not apply. Shoppers should verify local participation via the Krispy Kreme website or by calling ahead, as offers can vary slightly by market.
For those seeking more than one doughnut, the dozen deal provides significant value. Online orders require adding a full-priced dozen plus the promotional Original Glazed dozen and applying the appropriate code. Drive-thru and in-store redemptions offer flexibility for larger groups or families.
The History Behind National Doughnut Day
National Doughnut Day traces its roots to 1938 in Chicago, established by the Salvation Army as a fundraiser during the Great Depression. It commemorates the Donut Lassies — female volunteers who traveled to France in 1917 to support American soldiers in World War I. Using limited resources, including soldiers’ helmets as frying pans, they produced thousands of doughnuts to boost morale near the front lines.
The simple treat became a symbol of comfort and home, gaining popularity stateside upon the troops’ return. Today, the holiday on the first Friday in June serves both as a tribute to that service and a commercial celebration embraced by major chains. Krispy Kreme’s generous giveaway continues a tradition of sharing sweetness with the community.
Krispy Kreme’s Enduring Appeal
Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme has built a loyal following with its signature light, airy doughnuts and iconic “Hot Now” sign signaling fresh batches. The brand expanded globally but maintains its core focus on quality and freshness, often producing doughnuts throughout the day in full-view kitchens.
The free doughnut promotion highlights the chain’s customer-first approach, especially on a day dedicated to the treat. Past years have seen similar giveaways draw crowds, creating festive atmospheres at shops where staff hand out warm doughnuts amid smiles and photos.
Beyond the freebie, Krispy Kreme offers a wide menu including filled, iced and specialty varieties. Pairing a free doughnut with coffee or other items can enhance the experience, though the no-purchase rule means minimal commitment is needed.
Tips for a Successful Doughnut Run
Plan your visit strategically. Early morning or mid-afternoon may avoid peak lunch rushes. Bring friends or family to share the occasion, as the day encourages communal enjoyment. For larger quantities, combine the free single with the dozen deal to stock up economically.
Check traffic and store hours, as some locations open as early as 6 a.m. and close in the evening. Mobile ordering via the Krispy Kreme app or website can streamline the dozen deal, though the free single remains in-person only. Be mindful of weather, as drive-thru lines can lengthen during rain.
Health experts note that while treats like doughnuts fit occasional indulgence, moderation supports balanced diets. National Doughnut Day provides a fun, limited-time excuse to enjoy without guilt. Many participants offset the sweetness with a walk or sharing portions.
Broader National Doughnut Day Landscape
Krispy Kreme is not alone in celebrating. Dunkin’ offers a free classic doughnut with any beverage purchase, while other chains like Duck Donuts, 7-Eleven and Lidl provide their own incentives. These deals collectively amplify the holiday’s visibility and foot traffic across the food service industry.
Social media buzz typically explodes on the day, with users sharing photos of hauls using hashtags. Krispy Kreme encourages such engagement, turning individual visits into shared cultural moments.
The promotion underscores broader trends in experiential marketing, where brands leverage holidays to create memorable customer interactions. For Krispy Kreme, it reinforces brand loyalty among fans who appreciate the no-strings-attached generosity.
Looking Ahead
As National Doughnut Day unfolds, Krispy Kreme shops nationwide stand ready to deliver joy through fresh doughnuts. The free offer represents more than a discount — it embodies the spirit of celebration rooted in historical service and community connection.
Whether grabbing a quick treat on the way to work, surprising colleagues or enjoying a family outing, today offers an ideal chance to participate in this tasty tradition. With clear pathways to free and discounted doughnuts, Krispy Kreme makes it easy for everyone to join the fun.
Consumers are encouraged to act promptly, as supplies are finite and enthusiasm runs high. For the latest details or to locate the nearest shop, visit Krispy Kreme’s official site. In a world of daily stresses, a free warm doughnut provides a simple, delicious reminder of life’s sweeter side.
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ATLANTA — Coffee and doughnut lovers can enjoy a free treat Friday as Dunkin’ celebrates National Doughnut Day with its annual promotion offering a free doughnut of choice with the purchase of any beverage at participating locations nationwide.
The deal, running all day June 5 while supplies last, marks the 16th consecutive year Dunkin’ has sweetened the holiday for customers. It provides an accessible way to mark the occasion rooted in honoring the Salvation Army’s Donut Lassies from World War I.
“Guests can receive a free donut of their choice with any beverage purchase at participating Dunkin’ locations on June 5, while supplies last,” the company stated in its official announcement.
To redeem, customers simply order any beverage — from iced coffee and lattes to cold brew or classic hot coffee — and select a free doughnut. The promotion works in-store or via the Dunkin’ mobile app, though it is not available on third-party delivery platforms. One free doughnut per qualifying beverage purchase.
Step-by-Step Guide to Claiming Free Dunkin’ Doughnuts
Visit a participating Dunkin’ store or use the app to place your order. Add any beverage to your cart and choose a doughnut to pair with it at no extra cost. Popular options include the classic glazed, Boston Kreme, chocolate frosted or jelly-filled varieties, subject to availability.
No coupon is required. Rewards members may find additional ways to enhance their visit through the app, but the core offer stands alone. Drive-thru service typically participates, making it convenient for those on the go. Call ahead or check the Dunkin’ website locator to confirm local availability, as offers apply only at participating U.S. stores.
For best results, go during off-peak hours to avoid longer lines expected at popular urban and suburban spots. Early morning or mid-afternoon often sees shorter waits. Staff are prepared for higher volume, but supplies can run out at busy locations later in the day.
Broader Dunkin’ Celebrations This Week
Dunkin’ has extended festivities beyond Friday. Earlier in the week, customers who purchased a half dozen or more doughnuts received a limited-edition tote bag. The chain also launched a collaboration with Stoney Clover Lane featuring customizable accessories inspired by Dunkin’ staples like doughnuts and coffee.
These add-ons elevate the holiday into a multi-day celebration, appealing to both treat-seekers and collectors. The free doughnut offer remains the centerpiece for June 5.
History of National Doughnut Day
National Doughnut Day originated in 1938 in Chicago as a Salvation Army fundraiser during the Great Depression. It commemorates the “Donut Lassies,” women volunteers who fried thousands of doughnuts for American soldiers in France during World War I, often using soldiers’ helmets as frying pans under difficult conditions.
Their efforts provided comfort and a taste of home, helping popularize doughnuts in the United States when troops returned. Today, the first Friday in June serves as both a historical tribute and a commercial event embraced by chains like Dunkin’ and Krispy Kreme.
Dunkin’s Role in American Doughnut Culture
Founded in 1950 in Quincy, Massachusetts, Dunkin’ has grown into one of the largest coffee and doughnut chains, known for its “America Runs on Dunkin’” slogan and vast menu. The brand operates thousands of locations, emphasizing fresh products and community connections.
The annual free doughnut promotion builds customer loyalty and generates excitement. Past years have seen long lines and social media shares of happy customers enjoying their complimentary treats alongside morning routines.
Doughnuts at Dunkin’ range from simple glazed to elaborate filled and frosted options, often paired perfectly with beverages. Nutrition experts suggest enjoying such indulgences in moderation as part of a balanced approach, perhaps offsetting with physical activity on the day.
Tips for Maximizing Your Visit
Combine the free doughnut with other menu favorites for a full experience. Families or groups can order multiple beverages to secure more free doughnuts within the rules. Consider trying seasonal or limited-time items alongside the promotion.
Social media users often document their hauls with hashtags, contributing to the day’s viral appeal. Sharing responsibly while respecting store staff helps maintain positive vibes during busy periods.
For those unable to visit in person, other chains offer alternatives. Krispy Kreme provides a free doughnut of choice with no purchase necessary, while deals at 7-Eleven, Duck Donuts and more expand options across the country.
Impact on the Food Service Industry
Promotions like Dunkin’s drive foot traffic and boost sales on an otherwise ordinary Friday. They highlight how holidays tied to food traditions create economic ripples, from increased ingredient demand to heightened brand visibility.
Independent doughnut shops sometimes join with their own giveaways, fostering local competition and community spirit. The day underscores doughnuts’ enduring popularity as an affordable, joyful treat.
Looking Forward
As National Doughnut Day unfolds, Dunkin’ locations stand ready to deliver smiles through fresh doughnuts and coffee. The promotion exemplifies the chain’s commitment to making everyday moments sweeter.
Whether grabbing breakfast on the commute, treating colleagues or enjoying a family outing, today offers an ideal chance to participate. With clear redemption steps and widespread availability, Dunkin’ makes it straightforward for customers to enjoy the tradition.
Consumers are encouraged to check local stores promptly, as enthusiasm typically runs high. For the latest details, visit Dunkin’s official site or app. In a fast-paced world, a free doughnut provides a simple reminder of life’s sweeter pleasures and the history behind them.
Dear Reader,I am a Senior Derivatives Expert with over 10 years of experience in the field of Asset Management, specializing in equity analysis and research, macroeconomics, and risk-managed portfolio construction. My professional background covers both institutional and private client asset management, where I have advised on and implemented multi-asset strategies, but highly focusing on equities and derivatives.As you might be as well, I am a stock market enthusiast. My core passion lies in understanding how macro trends influence both asset prices and investor behavior. I closely follow EU and US central bank policies, sector rotation, and sentiment dynamics, and construct actionable investment strategies.BA in Financial Economics, MA in Financial Markets. In the past decade, I have navigated through various market conditions, and this was my PhD.One of the essential goals of writing on Seeking Alpha is to share insights with colleagues, fellow investors, exchange ideas, and become slightly better than yesterday. I contribute to the idea that investing should be accessible, inspiring, and empowering. It might sound like a cliche, I know, but in the end it’s highly valuable – so let’s help each other build confidence in long-term investing. The analysis and opinions shared in my articles and comments are for informational purposes only and should not be considered financial advice. Please do your own research before making any investment decisions.Thank you and have a lovely day!Best regards
Analyst’s Disclosure: I/we have a beneficial long position in the shares of IREN, NVDA, CRWV, MSFT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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