The owner of TG Jones, the business carved out of WH Smith’s old high street estate, has secured High Court approval for a sweeping restructuring that will close up to 150 shops and impose steep rent cuts across most of the stores that remain.

Modella Capital acquired the chain last year and rebranded it as TG Jones, stripped of the name it had traded under for more than two centuries after WH Smith sold its loss-making bricks-and-mortar arm to focus on travel retail. The chain currently runs 451 shops and employs 4,700 people. WH Smith’s travel outlets in railway stations and airports were not part of the deal, and the group retained the rights to the historic brand.

Less than a year on, Modella has pushed through a radical rescue plan, blaming “challenging retail conditions”. Alongside the closures, roughly 120 landlords will receive no rent for up to three years, while rents on hundreds of other shops will be cut by between 15 per cent and 75 per cent. Modella says the plan is essential to the survival of the business and that some of the savings will be reinvested in stores as part of a wider turnaround.

The High Court heard this week that the retailer was on the brink of insolvency, facing a cash shortfall of nearly £8m by the end of the week unless the deal was waved through. Tom Smith KC, for TG Jones, told the hearing the business was “highly distressed” and “running on fumes at the moment”. He said it would have run out of cash in April but for a £10m loan from Modella and the deferral of liabilities, including a large tax bill owed to HMRC.

Modella laid part of the blame on years of underinvestment by the chain’s previous owners, arguing that long-term sales had been in decline. It also pointed to current trading pressures and the loss of the WH Smith name, echoing the strains the business flagged earlier this year when TG Jones faced a bailiff threat over unpaid tax and business rates.

The proposals drew considerable opposition, led by property group British Land, which branded them “fundamentally unfair”. Modella sweetened the terms with a series of concessions, persuading British Land to drop its challenge. Many suppliers are also absorbing a significant financial hit.

The plan forecasts that TG Jones will end up with around 302 shops, depending on how many landlords choose to terminate their leases rather than accept reduced rents.

The judge, Mr Justice Hildyard, had to weigh whether the restructuring was fair, and in particular whether creditors would be no worse off under the plan than in an administration, the central test for a restructuring plan of this kind under the Companies Act. He gave the plan the green light this morning, describing it in a summary of his judgment as “complex in their terms and far-reaching in their effect”.

He said he had been most troubled by the potential impact on landlords, but was ultimately persuaded that the deal was “objectively, the lesser of two evils” flowing from the company’s “trading failures and financial predicaments”.

Alex Willson, chief executive of TG Jones, welcomed the ruling. “This decision allows us to move ahead with our turnaround strategy,” he said. “The plan protects the substantial core of the store estate and makes TG Jones a stronger, more sustainable business. We are incredibly grateful to all the colleagues, partners and stakeholders who engaged constructively throughout the process, and to Modella Capital for its continued financial commitment.”

The ruling lands against a punishing backdrop for physical retail. The Centre for Retail Research, which tracks the scale of store closures and job losses across the UK high street, has warned that closures are running at their highest level in years as rising costs, higher business rates and weak footfall continue to erode the case for large store estates. The pressure has been building across the sector, with business rates repeatedly cited as a driver of accelerating high street closures.

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Mystery traders used advance knowledge of a Chinese brokerage crackdown to make more than $100 million in profit from well-timed options trades, one of the world’s biggest electronic-trading firms alleged in a lawsuit.

Two units of Susquehanna International Group filed the lawsuit in federal court in New York on Monday, naming up to 100 “John Does” as the defendants. 

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Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

Shares of IT companies, including Infosys, Tata Consultancy Services (TCS), HCL Technologies and other tech majors, rallied on Thursday, lifting the Nifty IT index nearly 4% after a four-session slump that had dragged the sectoral gauge to a fresh 52-week low.

Coforge shares surged around 5%, while Infosys, Mphasis, HCL Tech and Persistent Systems gained about 4% each. LTI Mindtree and TCS advanced nearly 3% apiece, while Tech Mahindra and Oracle Financial Services rose around 2%. Wipro added nearly 1% in early trade.

The Nifty IT index climbed nearly 940 points, or about 4%, to 26,710. The rebound follows a nearly 7% decline over the previous four sessions, during which the index had fallen to a fresh 52-week low of 25,699 on Wednesday.

Why are IT stocks rising today?

US Federal Reserve Chair Kevin Warsh said inflation expectations and risks have eased in recent weeks. He added that he would stick firmly to the US central bank’s 2% inflation target and disappoint anyone expecting a looser monetary policy stance.”If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed,” Warsh told a European Central Bank panel in Sintra, Portugal. “We have been an independent central bank for a long time. We are going to be an independent central bank at this moment, and you will see no changes on that.”

His comments come as global investors remain concerned about the possibility of multiple rate hikes by the US central bank following its hawkish tone at the last policy meeting. In the first FOMC meeting under Warsh’s tenure, the Fed acknowledged that inflation remained “elevated relative to the Committee’s 2% goal”, attributing it in part to supply shocks that had driven price increases in certain sectors, including energy.

Also read: US Federal Reserve chair Kevin Warsh says he will stick by 2% inflation target, vows to bring in real-time economic data for making interest rate decisions
IT companies derive a significant portion of their revenue from the North American market. Rate hikes or a spike in inflation in the US can weigh on discretionary spending, which, in turn, may affect the sector’s growth prospects.Today’s rally in IT stocks came after Warsh’s comments offered some relief to investors. Traders are now pricing in roughly a 64% probability of a rate hike in September, according to the CME FedWatch Tool.

Nomura expects IT firms to see ‘anaemic’ growth in FY27

While Nomura believes the long-term addressable market for Indian IT companies will continue to expand, it expects near-term growth to remain anaemic. In its latest note, the brokerage said Indian IT services firms, especially large-cap players, are facing a “perfect storm of two key headwinds”.

The first is macro uncertainty stemming from geopolitical tensions in the Middle East and the outlook for interest rates, particularly in the US, which is keeping client spending subdued at the margin.

Nomura also noted that when clients’ technology spending is not growing, competition among IT services companies intensifies, with the economic gains from AI being passed on to customers. With firms such as Accenture indicating that the impact of the conflict on growth could persist in the near term, the brokerage expects FY27 to remain another subdued year for the sector.

Also read: Nomura expects IT firms to see ‘anaemic’ growth in FY27. Here are latest target prices for Infosys, TCS, and others

The international brokerage expects the upcoming earnings season to be subdued for IT companies, with most large-cap players likely to report weak quarterly growth. It expects Wipro to post the weakest performance, with revenue declining 1.3%, while Tech Mahindra is projected to lead the pack with 1% growth.

“We expect mid-caps, in general, to continue posting stronger growth than large caps. We do not expect any changes to the annual guidance from Infosys and HCL Tech, and expect Wipro to guide for -1% to +1% revenue growth in Q2 FY27,” it added.

Nomura has lowered its revenue growth estimates by 100-200 basis points for FY27 and FY28.

(With inputs from agencies)

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

U.S. stocks are set to close out a blockbuster quarter with fresh momentum.

Major indexes are marching toward their best quarterly gains in years. The S&P 500 was up 14% through Monday, and the Nasdaq had jumped 20%-the biggest quarterly rallies for both since the second quarter of 2020.

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ET Intelligence Group: From 52-week low to 52-week high, within three months: stocks of 10 companies with market cap above ₹10,000 crore have achieved this feat helped by robust March quarter performance, stellar FY27 outlook, and in some cases strategic partnerships and fund raising. Additionally, majority of these companies continue to trade below their respective three-year and five-year valuation multiples despite the strong momentum in their stock prices in a short period. According to an analysis by ETIG, these companies have yielded 22-65% returns from their 52-week lows in a short span of three months. The list includes Pidilite Industries, Tata Communications, Tata Capital, Zydus Lifesciences, SKF India, and Amagi Media.

Pidilite Industries, makers of Fevicol and FeviQuick adhesives, hit a 52-week high of ₹1,620 on June 25 from a low of ₹1,259.5 on April 06 driven by a revival in sales volume across retail and industrial markets in the March quarter. It also reported a 300 basis point operating margin expansion to 23% amid lower raw material costs. The stock has clocked a 26% gain so far from the lows hit in April.

Tata Communications has gained over 50% from the 52-week low of ₹1,323 hit on April 02 following multiple factors including expectations of growth revival in FY27 aided by improving operating leverage after net profit dropped by 21% past fiscal year, recent fund raising at attractive interest rate to fund short term requirements and positive scenario for enterprise communications demand.

Central Mine Planning & Design Institute (CMPDI), a public sector company that provides consultancy for coal and minerals mining, has undergone a major rerating. The company listed publicly on March 30 at a discount to offer price of ₹172 and sank to a 52-week low ₹150.3 on April 07. A strong fourth quarter performance and attractive valuation catapulted the stock to a peak of ₹267.9 on June 24. It currently trades at around ₹248, gaining 65% from the lows.

Amagi Media, which offers software solutions to global broadcasters and video streaming services, has also gained 65% from the 52-week low level amid expectations of a 15-20% increase in net profit for FY27.

A new Costco warehouse and gas station are one step closer to coming to Downey, California, after city leaders approved a development agreement for the project, though not everyone is convinced the area needs another location.

The Downey City Council recently voted to move forward with plans for the new warehouse on Firestone Boulevard. City officials say the development is expected to create hundreds of jobs and generate new revenue for public services.

Mayor Pro Tem Horacio Ortiz Jr. praised the project in an Instagram post, calling it an investment in the city’s future.

“The Costco project will create hundreds of jobs, generate new revenue for essential city services, and strengthen our city’s future,” Ortiz Jr. wrote.

COSTCO ADDS FROZEN GREEK YOGURT CUPS FROM BRAND CUSTOMERS CALL ‘TOP TIER’

The announcement drew mixed reactions from residents, with several questioning why another Costco is needed when warehouses already operate in nearby cities of Norwalk and Lakewood.

“Do y’all really need a Costco when the one at Norwalk is a 15 minute drive away?” one commenter wrote.

Another added, “We want a Trader Joe’s not another Costco.”

Others welcomed the project, arguing nearby Costco locations are often overcrowded and difficult to navigate.

COSTCO SHOPPERS STOCK UP ON CULT-FAVORITE COOKIES AS DEMAND SURGES NATIONWIDE

“The Norwalk Costco has been a nightmare since they redid the parking lot,” another resident wrote. “Happy to welcome one to Downey.”

According to local reports, the project includes relocating the existing Downey Nissan dealership before construction begins on the new Costco. The warehouse and gas station would be built on roughly 13.6 acres that include the former All American Home Center site and the current dealership property.

Ticker	Security	Last	Change	Change %
COST	COSTCO WHOLESALE CORP.	924.67	-10.80	-1.15%

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The redevelopment package is expected to cost about $10.5 million and involves Costco Wholesale Corp., Downey Nissan and the owners of the surrounding properties.

The retailer still faces several steps before construction can begin. The project must complete a California Environmental Quality Act review and the city’s entitlement process, which officials expect to take up to a year. Construction of the relocated dealership and the new Costco warehouse would follow, putting the store’s opening several years away.

In the Nifty 500 pack, 15 stocks saw their closing prices cross above their 200-day moving average (DMA) on July 1, 2026. Of these, we have highlighted the top 9 stocks that gained more than 3% in the previous trading session, according to StockEdge.com’s technical scan data. Traders use the 200-day daily moving average (DMA) as a key indicator to determine the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily timeframe, it is generally considered to be in an overall uptrend. Take a look: