Oil prices declined for a second straight day on Wednesday as hopes grew that disrupted supplies from the Middle East could return if a potential U.S.–Iran peace agreement materialises. This followed comments from U.S. President Donald Trump hinted at progress toward ending the conflict.

Trump said on Tuesday that an operation to escort ships through the Strait of Hormuz would be paused briefly, citing movement toward a broader agreement with Iran, though he did not provide specifics. There was no immediate response from Tehran, where it was still early morning on Wednesday.

Crude oil price on May 6

Brent crude for July delivery dropped $1.52, or 1.38%, to $108.35 a barrel, after losing 4% in the previous session. U.S. West Texas Intermediate crude for June fell $1.50, or 1.47%, to $100.77, following a 3.9% decline on Tuesday.He added that the U.S. Navy would continue its blockade of Iranian ports. The Strait of Hormuz, which normally handles about one-fifth of global oil and natural gas shipments, has largely been shut since the U.S.-Israeli conflict with Iran began on February 28.

The disruption has tightened global supplies, pushing Brent prices last week to their highest level since March 2022.
In a social media post, Trump said both sides had agreed that while the blockade would remain fully in place, “Project Freedom” would be paused temporarily to allow time for the agreement to be finalised.
His remarks came shortly after U.S. Secretary of State Marco Rubio updated reporters on the escort initiative announced on Sunday to help stranded tankers pass through the strait. On Monday, the U.S. military said it had destroyed several Iranian small boats along with cruise missiles and drones while escorting two vessels out of the Gulf.
On Tuesday, Washington played down the prospect of a return to active war, with Defense Secretary Pete Hegseth confirming the truce that began just under a month ago is still in place. Meanwhile, General Dan Caine, the chairman of the Joint Chiefs of Staff, said attacks by Tehran on vessels in the Persian Gulf and the United Arab Emirates didn’t constitute a breach of a ceasefire.

Experts still worried

On the outlook, Haitong Futures noted that the current ceasefire could be temporary. A lack of progress in U.S.-Iran talks may lead to renewed escalation, potentially pushing oil prices higher.

Nuvama Institutional Equities echoed a similar view, stating that an extended shutdown of the Strait of Hormuz, which carries around 20 million barrels per day, could lift crude prices into the $110 to $150 range.

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

Science, software and sustainability recognised by scheme for best in British business

A socks specialist backed by Dragon Steven Bartlett and a business founded in a garage just five years ago are among the North West firms to be recognised in this year’s King’s Awards for Enterprise.

Twenty North West firms have been honoured in this years’ King’s Awards as the prestigious scheme marks its 60th anniversary.

They include TechPlant, which was founded in a Blackburn garage in 2021 and today sells scientific instruments around the world. Meanwhile previous winners Travel Counsellors and Oliver Valvetek have been recognised again, as has Bolton manufacturer Beldam Crossley in its 150th anniversary year.

Meanwhile Stand Out Socks, which won investment from Peter Jones and Steven Bartlett on BBC Dragons’ Den in 2024, has won royal recognition for its backing of people with Down Syndrome and learning disabilities.

The awards scheme was launched in 1965 as the Queen’s Awards to recognise the best in British business and to honour those firms that are helping to improve lives. It has recognised more than 8,000 British businesses in total.

This year there were 186 recipients in total across the UK. Of them, 76 businesses have been recognised for International Trade, 52 for Innovation, 36 for Sustainability and 22 for Promoting Opportunity through social mobility.

This year the awards are launching a new category, for young founders. It will recognise founders aged 18–30 “who are actively leading their businesses and building success with impact”.

Blair McDougall, Minister for Small Businesses and Economic Transformation said:

“A huge congratulations to every business receiving awards this year, who once again have illustrated the best of British innovation and talent.

“These awards show that right across the UK, there are small businesses that are thriving, growing and succeeding and it’s only right that we champion these successes.”

King’s Awards for Innovation

Travel Counsellors

This is the fourth time Manchester’s Travel Counsellors has received a King’s or Queen’s Award. It secured International Trade honours in 2014 and 2020, and previously won an Innovation award in 2003.

This year it was recognised for the development of its technology platform.

Last year Travel Counsellors moved into the North American market with the acquisition of TTAND in Canada. It now works with more than 4,000 travel business owners in countries including the UK, Ireland, the Netherlands, Belgium, South Africa and the UAE.

Steve Byrne, global CEO at Travel Counsellors, said: “We are incredibly proud to receive a King’s Award For Enterprise for the fourth time. Being recognised for Innovation is especially meaningful, because it reflects how our model has evolved as we create ways for travel entrepreneurs to build businesses that truly work for them, including how they can work together to enhance their expertise and offering to corporate travel clients, supported with the freedom, flexibility and guidance they need to succeed.”

“What sets our community apart is the care and human connection they bring to every client relationship. Those values guide how we continue to shape the model and the technology that supports it, and it’s this combination of a high‑tech, high‑touch approach that helps our Travel Counsellors tell powerful stories, inspire connections and build lasting client loyalty.

“Ultimately, this award belongs to our global community. Their dedication, passion and entrepreneurial spirit are what make Travel Counsellors a truly special to be, and I’m deeply grateful for the role each individual plays in our continued success.”

Chemical Processing Services

The firm based in Wrightington, Wigan, has been recognised for its Innovative new disruptive technology for epoxy systems.

Boss Paul Jones told BusinessLive he was “delighted” to receive the award. He said: “This award recognises our work in developing high-performance chemical solutions that avoid the use of CMR (carcinogenic, mutagenic and reprotoxic) substances, addressing a long-standing challenge in the sector. Our approach demonstrates that it is possible to deliver demanding technical performance while significantly improving health and environmental outcomes.

“This innovation builds on a sustained programme of research and development within the company, translating advanced chemical design into scalable, real-world applications. It reflects our commitment not only to performance and commercial value, but also to safer and more responsible chemistry.

“Having previously received a King’s Award, it is particularly meaningful to be recognised again—for further innovation in safer chemical technologies. We see this as part of a wider shift within the industry toward more sustainable and scientifically grounded solutions, and we are proud to be contributing to that progress.”

Idem Safety Switches

Idem, based in Hindley Green, Wigan, was recognised for its development of a safety switch with dual anti-tamper features, incorporating RFID technology, providing enhanced protection from forced entry.

The company said: “Idem are very proud to receive its 4th King’s Award for Enterprise.

This recognises the continued devotion to innovation in safety switches and the overriding mission of keeping people safe in industry.“

Internet Investigations Solutions

Liverpool-based IIS was honoured for its work providing “world-class secure internet intelligence and investigation solutions to carefully vetted public service organisations”.

New Reg

The number plate and personalised registration specialist, based in Longton, Preston, was recognised for its “AI-driven system, automating the identification and pricing of vehicles, providing seamless integrated holistic customer experience”.

Oliver Valvetek

This is the third King’s or Queen’s Award for Oliver Valvetek, its first in the innovation category, and the fourth award overall across Knutsford’s wider Oliver group.

This year’s recognition for Valvetek is for the development of its Face Seal arrangement for subsea gate valves, which the company says has “delivered a major improvement in sealing performance, reliability and manufacturability for demanding subsea applications, particularly where high pressure and deepwater performance are critical”.

Engineering director Nick Howard said: “This is a very proud moment for the business. To have our efforts recognised by such a high standard as the King’s Award is a significant achievement, and one that reflects the innovative skills we have within our engineering and R&D teams here at Oliver’s.

“This award recognises the forward-thinking development that takes place across the business and the quality of the products we continue to deliver. It is a strong endorsement of our engineering capability, our technical knowledge and our willingness to keep improving the solutions we provide for our customers.

“The award will support our continued global growth, open new opportunities, and strengthen our ability to invest in research and development and attract high-calibre people into the business.

“Most importantly, this achievement belongs to the wider team. Innovation does not happen in isolation. It relies on engineering, production, quality, testing, sales, purchasing and every function working together to turn an idea into a proven product that customers trust.”

Quantum Science

The Daresbury tech business has been recognised for its work developing INFIQ infrared quantum dot technology. It says the product has “real commercial momentum” and that it could be used in fields including consumer electronics, automotive systems, industrial automation, medical diagnostics and defence.

Dr Hao Pang, founder and CEO of Quantum Science, said: “Receiving the King’s Award for Enterprise in Innovation is a tremendous honour for Quantum Science. It is a proud moment for the business and a reflection of the dedication, technical expertise and persistence of our team.

“This award recognises the progress we have made in developing INFIQ® into a practical and scalable platform for short-wave infrared imaging. We believe it will help strengthen our profile with customers, partners and investors as we continue to expand commercial adoption of the technology.”

King’s Awards for International Trade

TechPlant

When two friends founded their hi-tech equipment supply business in a Blackburn garage during the Covid pandemic, they could never have believed that five years later they’d win a King’s Award for their international success.

Muhammad Geloo and Aziz Bham had no investors, no loans, and no prior experience in the sector when they joined forces in the back of Dock Street Garage to source, restore and resell high-value precision instruments that had been disposed of or written off by large organisations.

Five years on their business TechPlant, which trades as TT Instruments, employs six and sells to more than 70 countries worldwide with almost 80% of its turnover coming from international customers. Its directors remain proud they have never received a government grant or taken on external debt.

Director Muhammad Geloo said: “Winning the King’s Award for Enterprise for International Trade is something Aziz and I are incredibly proud of. We started TT Instruments five years ago from the back of a garage in Blackburn with nothing — no investors, no loans, no experience.

“We built a multi-million pound international business exporting precision instruments to over 70 countries worldwide, entirely on our own terms. Every instrument we sell has been sourced from UK corporate disposal cycles and given a second life rather than going to waste. This award means everything to us and to Blackburn.”

Altus Science

The Runcorn biotech firm has been recognised for its global success providing Certified Reference Materials (CRMs) for the life science industry.

The company told BusinessLive: “Our goal has always been to make high-quality, compliant standards whilst supporting our customers through technical, scientific expertise. This customer-focused approach to producing standards accredited to the highest possible quality standards has resulted in fantastic organic growth over the last three years. We are extremely proud to be awarded the King’s Award in recognition of this.”

Beldam Crossley

Hi-tech manufacturer Beldam Crossley has been recognised for its recent growth in overseas sales. Overseas sales increased by more than 93% from 2022 to 2024, with key markets including the United States, Japan, the United Arab Emirates, Indonesia, Malaysia, Turkey, Spain, Portugal and West Africa.

The Bolton company can trace its history back to 1876 and has been trading under its current name since 1914. Today it makes high-performance polymer components, bearings and sealing systems used in sectors including aerospace, offshore energy, marine, defence, chemical processing, food production and industrial engineering.

Dave Haxton, managing director of Beldam Crossley, said: “Receiving a King’s Award for Enterprise for International Trade is a proud moment for everyone at Beldam Crossley. It reflects the dedication of our people, the loyalty of our customers and partners, and the strength of British engineering in global markets.

“We are proud to manufacture in Bolton and export specialist solutions that help customers solve complex engineering challenges around the world.”

Northern Consortium UK

The Manchester group has been recognised for its UK university pathway programmes with partners in more than 40 countries worldwide.

Stuart Smith, chief executive officer of NCUK said: “The King’s Award is the ultimate recognition of what our team and our international partners have built together. It also reflects the progress we have made as an organisation over the last few years. I am immensely proud of the work of everyone at NCUK and our global community.

“Together, we will build on this recognition to continue increasing access for students worldwide, support educators around the globe in delivering international qualifications in their own countries, and strengthen the internationalisation and quality of education standards worldwide.”

PSW Integrity

The Birkenhead-based business was recognised for “supporting industries worldwide in asset management and reliability engineering, optimising operational efficiency and sustainability”.

QBS Technology Group

The Alderley Edge software firm was honoured for its overseas sales success supply software “that the world’s largest companies use each and every day”.

Dave Stevinson, Group CEO QBS Software, said: “I am incredibly proud to receive this recognition from the King. In the last eight years, since starting the company, our international sales have gone from zero to well over half a billion dollars of recurring revenue.

“We are on target to go beyond a billion dollars by 2030, through our investment in people and technology.”

Redmayne 1860

Carlisle’s Redmayne 1860 was honoured for its work “combining tradition and technology to deliver British bespoke tailoring to a global audience”.

The company told BusinessLive: “To receive The King’s Award for Enterprise in International Trade is a tremendous honour for all of us here at Redmayne. As a Cumbrian firm with over 160 years of heritage, it is a particularly proud moment not only for British craftsmanship, but for the tradition of craftsmanship here in Cumbria.

“This recognition belongs to our entire team, young and old, and to our next generation of craftsmen and women who are carrying our Redmayne’s legacy forward. Above all, our sincere thanks go to our clients around the world, whose loyalty, support, and appreciation of our commitment to excellence make our work possible.”

Sterling Quality Services

Exports now make up more than 78% of total sales at Sterling Quality Services (SQS), which delivers inspection, expediting and supply chain assurance services in the energy, infrastructure and science sectors.

It’s been recognised for its 195% growth in overseas revenue over the past three years. The group now operates across 50 countries, backed by a network of more than 2,000 inspectors.

Lisa Roberts, managing director of SQS, said: “Winning the King’s Award for Enterprise is an incredible honour for SQS and a proud moment for our entire team. This recognition reflects the trust our global clients place in us, the depth of expertise across our international inspection network, and our commitment to delivering high‑quality, ethical supply chain assurance worldwide.

“As a B Corp, we’ve always believed that sustainable growth, innovation, and doing the right thing go hand in hand — and this award reinforces that belief.”

King’s Awards for Promoting Opportunity

Stand Out Enterprises

Stand Out Socks won investment on BBC Dragons’ Den in 2024 for its work empowering people with Down Syndrome and learning disabilities. The colourful sock business was co-founded by an entrepreneur with Down Syndrome, Ross Laing, and has created thousands of hours of paid work for people with Down Syndrome.

On Dragon’s Den, the Warrington business received offers from four of the five Dragons and ultimately took investment from Steven Bartlett and Peter Jones.

Co-founder Christian Laing said: “We are truly overwhelmed and deeply honoured to receive The King’s Award for Enterprise. It is hard to put into words what this means to us.

“Stand Out Socks began with a simple belief – that people with learning disabilities deserve real, paid, meaningful work and the chance to be seen for what they can do, not what they are assumed not to be able to do. What started as an idea has grown into a family, a movement, and a mission that changes lives every single day – including our own.

“This award is not just recognition of a business. It is recognition of every single person in our team who shows up with pride, determination, and joy. It belongs especially to the incredible individuals with learning disabilities who are at the very heart of everything we do – they are the reason we exist, and they are the reason we keep pushing forward.

“We are also incredibly grateful to our customers, partners, and supporters who have believed in us, backed us, and helped turn this vision into reality. Without them, none of this would be possible.

“This moment means so much – not just for us, but for what it represents. We hope it shows that when people are given the right opportunity, they don’t just take part… they thrive, they lead, and they change the world around them.”

Laltex & Company Limited

The Laltex Group, from Leigh, has been recognised for the success of its supported employment initiative designed to create opportunities for individuals who face significant barriers to work. It has worked with organisations such as Seashell Trust to support people with complex learning disabilities to get employment experience and to develop skills, confidence, and independence.

Sanjay Mulchand, CEO, said: “This award is testament to the dedication of our teams and partners and reinforces our belief that businesses can play a vital role in driving positive social change.”

The Forshaw Group

Property restoration specialist The Forshaw Group was recognised for the development of its INS-Pire academy that aims to encourage young people, particularly those from disadvantaged backgrounds, into the insurance and construction industries.

Liam Hanlon, managing director of Knowsley’s Forshaw Group, said: “We are beyond delighted to be presented with the King’s Award for Enterprise: Promoting Opportunity. This achievement is a culmination of many years of commitment to social mobility within our community, and beyond. It is not only a celebration of the work we do at The Forshaw Group, but it is also recognition of all the incredible organisations and companies we partner with.

“We have only been able to achieve what we have through the commitment, support, enthusiasm, effort and energy of all the people, initiatives and organisations who we are proud to work closely with.”

King’s Awards for Sustainability

Protec International

Protec International, of Adlington, Stockport, makes, supplies and recycles temporary protection materials and sustainable site signage. It has been recognised for its efforts to cut plastic waste and its work remanufacturing materials, reducing carbon, and maximising social value in construction.

CEO James Harrison said he was “honoured” the company had won the award. He said: “This recognition reflects the collective effort across our business and a shared mindset: ‘Where others see plastic waste, we see wasted plastic’.

“By collecting and reprocessing post-consumer materials previously used on site, we are helping to close the loop within the construction industry and deliver practical, scalable solutions for our customers.”

Topspeed Couriers

Topspeed Couriers of Wilmslow has been recognised for its work in sustainable logistics, decarbonising its fleet and providing second chance employment.

The business was founded in 1985 by CEO Stephen Clegg to specialise in the secure transport of controlled and regulated goods. It now employs more than 100 people.

Mr Clegg said: “Winning the King’s Award for Enterprise in Sustainable Development is a huge moment for Topspeed, and I’m incredibly proud that our commitment to operating responsibly has been recognised at a national level.

“This award is a testament to the hard work and dedication of our whole team, and the support of our customers and partners who’ve worked alongside us to put a robust Carbon Reduction Plan in place and keep raising the bar for more sustainable, secure logistics.”

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MNTN, Inc. (MNTN) Q1 2026 Earnings Call May 5, 2026 4:30 PM EDT

Company Participants

Brinlea Johnson
Mark Douglas – Founder, President, CEO & Chairman of the Board
Patrick Pohlen – Chief Financial Officer

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Conference Call Participants

Shyam Patil – Susquehanna Financial Group, LLLP, Research Division
Ronald Josey – Citigroup Inc., Research Division
Andrew Boone – Citizens JMP Securities, LLC, Research Division
Robert Coolbrith – Evercore ISI Institutional Equities, Research Division
Matthew Weber – Canaccord Genuity Corp., Research Division
Andrew Marok – Raymond James & Associates, Inc., Research Division
Robert Sanderson – Loop Capital Markets LLC, Research Division
Laura Martin – Needham & Company, LLC, Research Division

Presentation

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Operator

Hello, and welcome to the Mountain First Quarter 2026 Results Call.

[Operator Instructions] I will now hand the conference over to Brinlea Johnson. Please go ahead.

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Brinlea Johnson

Good afternoon. Thank you for joining us for Mountain’s First Quarter 2026 Earnings Call. With me today is Mark Douglas, CEO; and Patrick Pohlen, CFO.

Just to remind everyone, today’s call includes forward-looking statements that are subject to risks and uncertainties, and actual results could materially differ from those anticipated in these forward-looking statements. For the risks and uncertainties that may affect future results, please see our most recently filed periodic report, which is also available on our website. We will also discuss non-GAAP financial measures on today’s call. Reconciliations of these measures are available in our earnings materials on our website.

With that, I’ll turn the call over to Mark. Please go ahead.

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Mark Douglas
Founder, President, CEO & Chairman of the Board

Thank you for joining us today. Mountain reported strong financial results, delivering first quarter revenue growth of 25% year-over-year, along with strong adjusted EBITDA growth of 74% year-over-year and record positive net income.

Before we get into numbers, I want to take a step back and

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A broad range of companies have been recognised across four categories

Hair dissolving laundry technology, firefighter PPE and construction skills are among the varied areas of expertise among this year King’s Award for Enterprise winners in the Yorkshire & Humber.

A total of 14 firms from South Yorkshire to North Yorkshire and spanning East Yorkshire to West Yorkshire have been recognised in the highly prestigious programme, which is now in its 60th year. Among the region’s winners are AW Hainsworth & Sons Limited, C-Kore Systems Limited, Ideal Boilers Limited, Ionix Advanced Technologies, VAC-EX Limited, Ardent Limited, Cares Laboratory Ltd, Independent Forgings and Alloys Ltd, Irwin Mitchell LLP, Sport:80, Vuba Chemical Innovations Limited, M.B.Roche & Sons Ltd, Sewell Ventures and Techbuyer Limited.

The Yorkshire & Humber firms are among 186 recipients, with Hull and East Yorkshire alone seeing the highest number of awardees in a decade. For Hull’s Ideal Boilers, which employs nearly 1,000 people, the award is the fourth – having previously won three Queen’s Awards .

It was recognised in the Innovation category with CEO Adam Foy saying: “Receiving The King’s Award for Enterprise is a great honour and an incredibly proud moment for us. As a major UK manufacturer with a proud history and heritage, we’re delighted to receive this royal recognition for how we’re shaping the transition to heat pumps across the UK.

“The King’s Award reflects the scale of ambition and commitment our team has shown in transforming not just our own business, but in leading the evolution of the wider UK heating industry.”

Jim Dick OBE, the Lord-Lieutenant of the East Riding of Yorkshire said: “I am delighted to congratulate the recipients of the King’s Award for Enterprise in Hull and the East Riding of Yorkshire. These outstanding businesses exemplify excellence, ambition and innovation, and their success reflects the strength and diversity of our local economy. This prestigious recognition is richly deserved, and I hope it gives them great pride and confidence as they continue to grow and inspire others across our region.”

The team at Barnsley-based Cares Laboratory developed Vamoosh – a formula that dissolves pet hair in the washing machine. The breakthrough product was launched in 2017, is now in more than 5,000 UK retail outlets across grocery, pet, DIY and value channels, and has sold millions of units, building strong consumer loyalty and retailer demand.

In the last 18 months the business has grown its export partners from four to 12 globally. Vamoosh is now found in 30 countries including Australia, Germany, South Africa, the Nordics and most recently the USA.

Tom Abbey, founder of Vamoosh, said: “ We’re absolutely delighted to receive the King’s Award for Enterprise for International Trade. To see the growth of Vamoosh recognised in such a prestigious way is an honour for the whole team. Over the last few years, we’ve worked incredibly hard to grow the brand internationally, bringing our patented innovations to households around the world, so it’s fantastic to see those ecorts recognised with the UK’s highest business award. This achievement is a real reflection of the passion, dedication and innovation across the entire Vamoosh team, and we’re excited for what the future holds.”

Blair McDougall, minister for Small Businesses and Economic Transformation said: “A huge congratulations to every business receiving awards this year, who once again have illustrated the best of British innovation and talent. These awards show that right across the UK, there are small businesses that are thriving, growing and succeeding and it’s only right that we champion these successes.”

Overall, 76 businesses have been recognised for International Trade, 52 for Innovation, 36 for Sustainability and 22 for Promoting Opportunity

Mumbai: Mahindra & Mahindra’s consolidated net profit surged 42% from a year earlier in the fiscal fourth quarter, driven by growth across its automotive, farm equipment, and services businesses. Supply chain woes, however, weighed on margins in the company’s automotive business.

Net profit at the tractor-to-technology group rose to ₹4,668 crore in the March quarter from ₹3,295 crore a year earlier. Revenue from operations climbed 29% to ₹54,982 crore, from ₹42,599 crore, reflecting sustained demand for Mahindra’s SUV and tractor portfolios despite a challenging macro environment.

Standalone profit surged 53% to ₹3,737 crore while revenue grew 25% to ₹39,601 crore during the quarter. The company sold 307,000 units in the March quarter, a 21% increase from a year earlier. Tractor sales surged 36% to 120,000 units. Automotive margins remained largely flat during the quarter as production constraints and supply-side bottlenecks dented profitability despite strong volume growth. The company’s auto EBIT margins inched up marginally to 10.9% in Q4 FY26, from 10% a year-ago due to operational disruptions.

Anish Shah, group MD and CEO, termed the results as a “breakthrough performance” across group companies despite geopolitical headwinds and multiple disruptions. He pointed to the strength of M&M’s diversified portfolio that allowed group to continue growing despite volatile even external conditions.

For FY26, consolidated net profit grew 32% to ₹17,099 crore and revenue climbed 25% to ₹1,98,639 crore. Standalone profit in FY26 rose 32% to ₹15,639 crore and revenue rose 25% to ₹1,47,765 crore.

On the impact of geopolitical uncertainties, Rajesh Jejurikar, executive director, auto and farm sector said, “We’ve not lost any volumes in March and April because of shortage of gas. There are other supply-side issues related to manpower that have caused some production loss.”
“On demand, most of our SUV customers are not affected by fuel price increases, but our LCV portfolio will be sensitive to inflationary pressures,” he said.The company’s EV arm, Mahindra Electric Automobile, crossed sales of 55,000 eSUVs since launch, achieving the top rank by revenue market share in the eSUV segment at 37.4% in FY26.

M&M’s board declared a dividend of ₹33 per share. CFO Amarjyoti Barua noted that strong cash generation-with a standalone closing cash balance of ₹41,159 crore-has provided flexibility for future growth. For FY27, the management guided mid-to-high teen SUV volume growth and mid- single-digit tractor industry growth, subject to geopolitical uncertainty subsiding.

Shares of M&M closed 3.4% higher at Rs3,211.65 apiece on the BSE, outperforming a 0.3% decline in the benchmark Sensex.

Mahindra bets big on AI; eyes Rs4,100 crore revenue impact in FY27
The Mahindra Group is putting artificial intelligence to work across its businesses — from the shop floor to the call centre — and its impact on profitability.

Addressing the quarterly earnings press meet, Anish Shah, group MD & CEO, said in the automotive business, AI-led initiatives are targeted to generate more than Rs 4,100 crore in revenues in FY27, enhance customer satisfaction by 2-3 percentage points, and cut new product development timelines by 10%.

At Mahindra Finance, the targets are sharper—Rs 10,000 crore in disbursements through AI-driven customer acquisition, 80% of operations running autonomously, and 75% of live loan collections AI-assisted.

On the shop floor, cameras and computer vision are being used for quality inspection; in marketing, AI is handling personalised outreach at scale. The group has also set up a two-tier oversight structure to ensure AI is deployed responsibly across all its businesses.

The North East winners include Palintest, Express Engineering Group, Inflo Group, Openworks Engineering and Forfusion

A handful of North East businesses are among those in the UK to be handed King’s Awards for Enterprise.

The prestigious awards, now in their 60th year, are rigorously judged and single out outstanding businesses from across the UK and Channel Islands for their contribution to economic growth and improving lives. They span the categories of international trade, innovation, sustainability and promoting opportunity.

The North East firms are this year among 186 recipients, representing a broad range of sectors. Regional winners include Gateshead-based electrochemical water testing firm Palintest, their Team Valley neighbours and subsea equipment maker Express Engineering Group, North Shields-based audit software business Inflo Group, Prudhoe-based drone capture tech creator Openworks Engineering and IT specialist Forfusion, based at Cobalt Park.

Express Engineering Group, which includes Express Engineering in Gateshead and QA Weld Tech in Middlesbrough, was recognised in the International Trade category for outstanding short-term growth. The maker of precision-engineered equipment for the offshore industry was founded in 1973 by the late Keith Thompson and has grown into a £60m turnover business employing about 330 highly skilled people across seven advanced manufacturing facilities in Gateshead and Middlesbrough.

Chris Thompson, chairman of Express Engineering Group, said: “I have dedicated more than 50 years to this business, and growing the company my father founded into a world-leading exporter has been an immense privilege. This King’s Award is a testament to our people, from those team members who have been with us for decades to the talented apprentices who are the future of our trade.

“Our growth has always been built on a foundation of technical expertise and a global reputation for excellence. I am incredibly proud of what we have achieved together, and I know that the business is in a stronger position than ever to continue flying the flag for North East engineering on the world stage.”

Openworks was founded in 2015 by five friends who shared a passion for engineering. The Prudhoe firm now employs 100 people who help produce its range of products for detection, tracking, identification and targeting of threats such as drones and uncrewed vessels. The Prudhoe-based business was recognised in the international trade category for its global reach, with exports accounting for about 90% of its sales.

Chris Down, chief executive officer at OpenWorks Engineering, said: “OpenWorks has scaled rapidly in the last three years to meet global demand for systems that can detect, track, identify and effectively target nuisance and malicious drones. Receiving the King’s Award for Enterprise in the international trade category is a huge achievement and a great honour; it recognises our team’s dedication to developing and supporting solutions that make a real difference to NATO and its allies.

“I’m really proud of what we’ve all achieved together, and of what we continue to build to provide enhanced situational awareness through AI to defence and security forces. Exporting isn’t straightforward, but it has certainly exposed us to many different forces that have built strength and experience into OpenWorks.”

Water testing innovator Palintest won an award in the Innovation category for its Kemio sensors. The Gateshead-developed technology was launched in 2019 and is the product of three years of in-house research and development. It is now used in more than 30 countries, in locations such as food production sites in the UK to naval vessels in Australia and desalination plants in Qatar. The method simplifies a previously complex process and delivers results in about a minture.

The firm’s research and development manager Kevin McDermott, who led the development programme, said: “Kemio is a Gateshead success story—developed entirely in the North East and now trusted worldwide in safety‑critical applications. Above all, it stands as a major achievement for Palintest’s engineering and scientific teams, whose skill, dedication, and collaboration made it possible.”

Technology and IT business Forfusion was successful in the Promoting Opportunity category for its work in developing talent and its support of Armed Forces personnel. The North Tyneside firm’s Civilian Work Attachment scheme helps ex-forces people transition into civilian employment, giving them hands-on experience across technical and operational teams, along with mentoring and career support.

Steven Forrest, chief executive officer and founder at Forfusion, said: “Receiving a King’s Award for Enterprise is a moment of real pride for everyone at Forfusion. Being recognised for how we champion opportunity, particularly through our work supporting veterans into civilian careers, reflects our belief that innovation and growth are strongest when people come first.

“We’ve built this business in the North East, and we’re proud that it now operates nationally while continuing to create meaningful pathways for talent to thrive across the sector. We’re proud of the business we’ve built, and we’re just as proud of the people who make it what it is.”

Inflo Group – recognised in the International Trade category – was founded in 2016 by four experienced auditors who saw a gap in the market to simplify processes for other auditors. The North Shields firm is active in the US market with its product that aims to automate more of the audit process and allow professionals to concentrate on value-adding activities.

Blair McDougall, minister for Small Businesses and Economic Transformation said: “A huge congratulations to every business receiving awards this year, who once again have illustrated the best of British innovation and talent. These awards show that right across the UK, there are small businesses that are thriving, growing and succeeding and it’s only right that we champion these successes.”

Asian stocks climbed and oil dropped after President Donald Trump signaled progress toward a final agreement with Iran, giving record-high global equities fresh momentum.

MSCI’s gauge for Asian equities climbed 1% to a record with technology shares leading the gains on renewed optimism for the artificial intelligence trade. South Korea, a poster child for AI investments, jumped 5% to an all-time high, with Samsung Electronics Co. reaching $1 trillion valuation.

Brent, the global crude oil benchmark, fell 1.3% to about $108 a barrel following Trump’s comments. The dollar, which emerged as the haven of choice during the Middle East conflict, weakened.

Contracts for the S&P 500 Index advanced 0.3% and those for the Nasdaq 100 climbed 0.7% after Trump’s comments, as cheaper oil bolstered expectations for easing inflation and stronger growth. The Wall Street gauges closed at a record high on Wednesday and the tech rally appeared to have more to run, with strong earnings from Advanced Micro Devices Inc. and Super Micro Computer Inc.

With geopolitical risk premiums easing, the prospect of lower energy costs and reduced uncertainty improves the outlook for global growth, reinforcing support for equities even at record levels. The backdrop also dovetails with a revival in the artificial intelligence trade, as easing inflation pressures and improved sentiment bolster expectations for stronger corporate earnings.

“Our base-case for markets and the economy has been that there will be a near-term resolution between the US and Iran, allowing for energy prices to fall after the Strait of Hormuz is reopened,” said Chris Senyek at Wolfe Research.
Trump said he would pause a US-led effort to help stranded ships exit the Strait of Hormuz to see if an agreement with Iran to end the war could be finalized.“Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Trump said in a social media post on Tuesday.

Cheaper oil lifted the debt market with US long bonds rebounding during the New York session, sending the 30-year yield back below 5%. Even so, bond traders are boosting wagers that the Federal Reserve’s next policy move could be an interest-rate hike rather than a cut.

Elsewhere, the yen strengthened 0.1% to about 157.70 per dollar. Gold rose 0.8% to about $4,590 an ounce.

The rebound in global stocks from their Iran war lows has been so narrow that the market is primed for broader gains triggered by even slightly positive news, according to strategists at JPMorgan Chase & Co. led by Mislav Matejka.

“Many investors are trying to read the tea leaves on the next shoe to drop with the Iran war and oil prices, but stocks have historically moved on quickly from geopolitical events, and we believe this current issue is no different,” said Julian Koski at New Age Alpha.