Adani Group-backed Cemindia Projects Ltd. has appointed banks as it nears the launch of a share sale to institutional investors to raise as much as 50 billion rupees ($524 million), according to people familiar with the matter.

The company, formerly known as ITD Cementation India Ltd., has been meeting institutional investors and could launch the qualified institutional placement in the coming days, the people said, asking not to be identified because the information is private. ICICI Securities Ltd. and SBI Capital Markets Ltd. are working on the transaction, they said.

Deliberations are ongoing and details including the timing and size of the offering could change, the people said. Representatives for Cemindia Projects and the banks didn’t immediately respond to requests for comment.

The company’s board on July 23 approved raising as much as 50 billion rupees through the issuance of equity shares via a qualified institutional placement.

India’s equity capital market is on track for its strongest month on record despite a lackluster stock market, fueled by a flurry of block trades and institutional placements. Almost $10 billion of deals have priced in August, led by the government’s $3.2 billion sale of shares in Life Insurance Corp. of India, as ample domestic liquidity continues to support demand for new stock.

Adani Group, through its Renew Exim DMCC unit, acquired control of Cemindia Projects in 2024 and subsequently increased its holding through an open offer. The group held a 67.46% stake following the transaction.
Cemindia Projects focuses on heavy civil, infrastructure and engineering, procurement and construction projects in India, according to its website.

Airline says older workers bring invaluable life experience and skills

Budget airline easyJet has launched a new recruitment drive, with a specific focus on attracting older workers to join its cabin crew.

Since rolling out an initiative to bring in older workers back in 2022, the number of cabin crew members aged over 50 has more than doubled, while the number of those over 60 has almost quadrupled, the airline said.

EasyJet’s own research indicated that the majority of adults who had switched careers after turning 50 reported feeling happier as a result.

Many prospective applicants assume cabin crew roles are geared towards younger workers, and feared they would be the eldest member of the team, easyJet noted.

Michael Brown, director of cabin services at easyJet, said: “It’s been incredibly encouraging to see the numbers of cabin crew over 50 more than double since 2022 – evidence that many are increasingly viewing cabin crew as a fantastic career pivot regardless of age.

“We want more over-50s to apply as they not only bring their existing skills to excel in a career at easyJet, but also a wealth of life experience that is appreciated by our customers and colleagues alike, which is at the heart of the fantastic service our crew are known for.”

Employment minister Andrew Western said: “Supportive employers like easyJet know the breadth of experience over-50s can bring to the workforce and it shows what can be achieved when this is valued.”

Applications open from September, with vacancies available across the airline’s UK bases.

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A consortium led by Karbon Homes, plus Thirteen Group, are part of a major housebuilding initiative announced by the Government

Housing associations and a council in the North East are to deliver thousands of new homes in the region after securing multimillion-pound Government funding.

Northumberland housing group Karbon Homes has led a consortium that also involves believe housing, Bernicia, Durham Aged Miners Homes Association and Livin to deliver 2,533 homes with Government funding of £350m. And Middlesbrough’s Thirteen Group has received £349.2m to build 2,750 new properties.

The funding is part of a national programme worth almost £10bn announced by the Government following Prime Minister Andy Burnham’s pledge to have the biggest council house building programme since the post-war period. Newcastle City Council is one of three local authorities in England to get direct funding, securing £141.4m to build 966 houses in the city.

Sarah Robson, executive director of development and asset management at Karbon Homes, said: “Alongside meeting customer needs and strengthening local communities, working collaboratively will also enable us to strengthen procurement, share expertise and support the development of a more resilient construction supply chain.

“We’re delighted to receive the maximum available allocation for our partnership bid which reflects our track record and ambition. Although we recognise the financial constraints the Government is operating within, this first wave of funding is critical to ensure we can continue to deliver the much-needed affordable homes our region needs, and we hope further funding will follow in due course.”

Thirteen Group will build properties in the North East, the Tees Valley, and in Yorkshire and Humber.

Chief executive Matt Forrest said: “This is fantastic news for Thirteen and the communities we serve, and will enable us to build thousands more social and affordable new homes over the next 10 years. These homes are very much needed – our new builds attract more than 200 applications each and we really need to close that gap between supply and demand as quickly as possible.

“Developing is in our DNA at Thirteen and securing this funding – the largest sum we’ve ever been allocated – is a huge vote of confidence in our ability to deliver quality new homes at pace and scale. We have a long-established and successful partnership with Homes England and these homes will be in addition to the 1,763 we’re currently developing under the previous funding programme.”

John Johnston, chief executive of housing group Bernicia and chair of the North East Housing Partnership, said: “We very much welcome the announcement of £445m in funding to build 3,400 new social and affordable homes across the North East.

“The North East Housing Partnership is ready to mobilise and begin delivering these much-needed homes for people across the region to support the North East mayor’s Plan for Homes. And with over 50,000 people on housing waiting lists in our region, we know demand is huge, so we will continue to work alongside the mayor to develop the case for additional, long-term funding that matches our shared ambition for new homes and the housing need in the region.”

Vet Tix surpassed an incredible milestone, as it has now handed out 40 million free event tickets to veterans, active military members, former and current first responders, and their families across all 50 states. 

Vet Tix began as a grassroots effort in a garage in Phoenix in 2008, and today, the nonprofit organization has grown into the nation’s largest Veteran Service Organization, serving more than 2.8 million members. They announced their milestone in a press release on Tuesday. 

“It’s not just 40 million tickets. It’s 40 million opportunities to create memories, strengthen family bonds and give something back to those who have served our country and communities,” Michael A. Focareto III, U.S. Navy veteran, CEO and founder of Vet Tix said in the press release. 

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“We’re grateful to the thousands of donors, including sports teams, venues, artists, ticketing organizations and individuals, who make these experiences possible. Every ticket helps us move closer to our goal of reaching veterans, service members and first responders in every community across the country. We also work to create opportunities for the family members and friends who support them by securing ticket donations that appeal to a wide range of interests.”

Vet Tix said that the Arizona Diamondbacks were its first major donor in 2008. About 40% of its tickets are sports-related. 

Through Vet Tix and 1st Tix, recipients gain access to sporting events, concerts, family attractions, comedy performances and performing arts events. A study conducted by IMPCT Group found that attending live events has significant benefits for the wellness and social engagement of veterans, first responders and their families. 

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The study showed that 90% of respondents reported that attending events positively affected their well-being, while 86% of respondents reported stronger family bonds. 

The tickets distributed have a combined face value exceeding $2.6 billion, while additional event-related spending has generated an estimated $3.75 billion in economic activity. The total estimated economic impact exceeds $6.5 billion. 

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On average, Vet Tix distributes 25,000 to 30,000 tickets a day.

“The act of service to our country and communities is something most Americans will never have to experience,” Focareto said. “In addition to enduring the impacts of military deployments or long shifts while on duty, many veterans, service members and first responders endure invisible emotional challenges. These events are much more than a way to pass the time. They create space for moments of joy that are an important part of recovery, rehabilitation, reintegration and reconnection.” 

A video has emerged purportedly showing a Panda Express employee stepping around food while cleaning a frying station, as meals were being prepared. 

Paul Elisha Finger, who captured the footage, told Storyful that he “noticed the gentleman jump on the fryer that the lady had just put food into” when he visited a Panda Express location in Milwaukee, Wisconsin, in early July. 

The worker then “started spraying the chemical and wiping [while] standing right over the food,” according to Finger. 

“I could not believe my eyes,” Finger told Storyful. 

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A Panda Express spokesperson told FOX Business on Tuesday that “We acted immediately when the video was first brought to our attention.”

“The behavior shown does not meet our food safety or workplace safety standards. We took corrective action, conducted retraining, and reinforced safety procedures with the restaurant team and in the region. The safety of our guests and associates remains our top priority,” the spokesperson added.

The video shows a female employee reaching through the cleaner’s legs to drop a bowl of food into one of the fry baskets, as the male worker apparently was cleaning the exhaust hood area of the fry station. 

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Panda Express says on its website that its food is a “flavorful combination of Chinese regional cuisine and technique with bold American tastes.” 

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“Panda Express, the nation’s largest Asian restaurant chain, has revolutionized American Chinese cuisine. Founded in 1983, the family-owned business has grown into a culinary powerhouse, seamlessly marrying authentic Chinese flavors with American tastes,” adds Panda Restaurant Group, Inc., on its website. “With over 2,600 locations worldwide, Panda Express has played a pivotal role in popularizing American Chinese cuisine to millions around the world.”

Motilal Oswal Financial Services remains bullish on Vedanta Aluminium Metal, citing favourable industry dynamics, company-specific structural drivers and a valuation gap with peers. The brokerage expects the company to enter a strong earnings inflection point.

The domestic brokerage reiterated its ‘Buy’ call on Vedanta Aluminium Metal shares with a target price of Rs 540 apiece, implying around 21% upside from the stock’s previous closing price of Rs 448 apiece. The stock gained over 1% to trade at nearly Rs 454 apiece on Wednesday morning.

Vedanta Aluminium at strong earnings inflexion point

In its latest report, Motilal Oswal said the company that demerged from parent Vedanta earlier this year is entering a strong earnings inflection point, with EBITDA projected to expand at around 18% CAGR over FY26-28. This is supported by a multi-year earnings growth runway, which is largely driven by three levers, including volume scale, integration-led structural cost reductions, and a rising value-added mix.

The global aluminium market is structurally tightening due to China’s production cap, supply disruptions in Europe and Russia, and years of underinvestment outside China, Motilal Oswal noted. This, coupled with India’s robust demand growth and significant import substitution opportunities, creates a favourable outlook for Vedanta Aluminium Metal, according to the brokerage.

It added that India offers an equally compelling long-term opportunity as domestic aluminium demand is expected to grow at an 8-9% CAGR and reach 8-8.5MT by FY30, driven by infrastructure development, electrification, automotive demand, renewable energy investments, and manufacturing growth. The country’s persistent aluminium import dependence further creates a sizeable import substitution opportunity for domestic producers, it further said.

In Motilal Oswal’s view, Vedanta Aluminium’s ongoing backward integration, rising contribution from VAP, and robust domestic demand outlook provide strong visibility on earnings growth and cash flow generation over the medium term. The brokerage forecasts the company’s consolidated revenue, EBITDA and PAT to expand at around 11%, 18% and 23% CAGR respectively over FY26-28, aided by volume growth, margin expansion, and increasing downstream contribution.
Also read | Vedanta Aluminium shares in a sweet spot, says ICICI Securities; initiates coverage with Buy rating

Vedanta Aluminium Metal share price

Vedanta Aluminium was the only large-cap stock among the four companies spun off from Vedanta under its mega demerger. It debuted at Rs 522 apiece on the NSE on June 15, surpassing its parent company in terms of market capitalisation.

After the market debut, the stock lost around 19% in a little over a month to hit a record low of Rs 423.15 apiece in late July. The stock has so far recovered over 7% since then.

Also read | Vedanta Aluminium Q1 Results: Net profit soars 3x YoY to Rs 5,629 crore; Rs 8/share dividend declared

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

The Sunderland was bought by Poltronesofà S.p.A for nearly £100m in 2024

The company behind North East furniture chain SCS largely maintained revenues despite closing many of its stores for refurbishments after a takeover by an Italian firm.

Sunderland-based A Share and Sons has released accounts for 2025 in which revenues came in at £239.1m. That compares to £344.8m in the previous accounting period, but that was a 17-month span after the company’s takeover by Poltronesofà S.p.A in January 2024 led to a change in accounting periods.

The accounts show that the previous period’s operating loss of £36.5m was reduced to £22.9m.

SCS’ new owner – which took the company off the London Stock Exchange in a near £100m deal – refurbished 60 stores after its takeover, to improve the look of its showrooms and bring them into line with its international business. Each closure lasted around five weeks, impacting financial results.

The accounts detail how the company’s headcount fell significantly during the year, from 1,565 previously to 1,133. Office and managerial staff more than halved following the Poltronesofà takeover.

The company added a new store in Carlisle, Cumbria, and moved its shop in Warrington, Cheshire, to a better retail park location.

Directors said: “Gross revenue of £253.5m, which represents revenue stated prior to accounting adjustments for interest-free credit fees, was broadly in line with £253.6m achieved on a like for like basis in FY24 (being the 12 month result to 31 December 2024). The revenue performance represents a strong result when considering the impact of FY24 store closures for refurbishments on order bookings for early FY25, the closures within FY25 itself, and with a backdrop of continued cautious consumer spending and confidence.

“Gross margin in FY25 improved to 49.4% compared to 47.4% in FY24. This improvement is a result of the enhancements made to the product range partially offset by an increase in the cost of finance, with an increasing number of customers choosing interest free credit options to finance their purchases, on an increasing average loan tenure. The operating loss, before adjusting items, in FY25 of £22.9m was significantly less than the loss incurred in FY24 of £36.5m. The loss reflects the planned impact of the period of closure of the stores in FY24 and FY25 for refurbishment and alignment of the UK business with the wider Poltronesofà product offering and store look and feel.

“FY25 remained, as planned, a year of transition under the company’s new ownership with the completion of the store refurbishment programme and other activities ongoing to enhance the customer experience. If the FY25 result were to be adjusted to remove the effect of the store closures and also adjusted for a number of one-off costs incurred as part of the transition, the operating loss, before adjusting items, would have been significantly lower at approximately £13.8m.”

In March, the company announced that the Poltronesofà name would be officially introduced to the UK market, and it said its focus in 2026 would be on building recognition of the Poltronesofà name in the UK.

Shares of Cyient gained as much as 8% to their day’s high of Rs 1,055 on the BSE on Wednesday after the IT services company laid out its growth and margin priorities at its investor day, with brokerages differing on the pace and strength of its recovery.

Cyient said its immediate focus is to reignite growth, targeting double-digit year-on-year revenue growth and steady quarter-on-quarter growth through FY28-29. In the near term, the company is targeting EBIT margins of more than 15%, while its medium- to long-term goal is to deliver industry-leading growth with EBIT margins above 16%.

The company said its go-to-market (GTM) team is now fully in place to pursue larger deals and gradually move the business from project-based work towards annuity-based contracts, which provide greater revenue predictability. Project-based work currently makes up around 40% of the business.

Management said Cyient’s large-deal pipeline has reached a record high, with nine qualified deals carrying a combined total contract value of around $300 million.

Cyient described FY26 as a year of stabilisation after several strategic interventions. It expects FY27 and FY28 to mark the start of a recovery driven by its revamped strategy.

The company has also made progress on margins, with EBIT margin rising to 13.2% in Q1 FY27 from around 12.2%. Management aims to reach the 15% medium-term target through AI-led revenue leverage and operating cost efficiencies.

Motilal Oswal on Cyient

Motilal Oswal reiterated its Sell rating on Cyient with a target price of Rs 740, 24% downside, saying the recovery remains back-ended and that FY27 organic growth is expected to remain broadly flat. The brokerage said it is encouraged by the semiconductor opportunity but would wait for proof of concept before assigning considerable valuation to the business.The domestic brokerage continues to value the Digital, Engineering and Technology (DET) business at 9x FY28E EPS. This reflects gradual margin improvement, a muted organic growth outlook and continued execution risk. The brokerage also continues to apply a holding company discount to the value of the DLM stake.

Nuvama on Cyient

Nuvama retained its Hold rating on Cyient while raising its target price to Rs 1,050 (7.5% upside) from Rs 900. The brokerage said the company’s total addressable market (TAM) has expanded significantly, from around $100 billion to $2.4-3.2 trillion, creating a larger long-term growth opportunity.

Nuvama highlighted Cyient’s three-year roadmap, which envisages stabilisation in FY26, transformation in FY27 and scaling in FY28. The company has set an FY31 objective of achieving industry-leading growth alongside a 16% EBIT margin. Cyient Semiconductors, meanwhile, is targeting nearly 4X revenue growth, a gross margin of more than 40% and an EBIT margin above 20% by FY31.

The company has also introduced CYINGINE, a platform designed to help clients scale AI adoption and deliver measurable engineering outcomes.

PL Capital on Cyient

PL Capital said the key monitorables remain the success rate and execution within Cyient’s marquee accounts. The brokerage has not incorporated Tao Digital’s financials as the acquisition is yet to be completed.

It has largely retained its FY27E and FY28E DET USD revenue growth estimates while marginally raising its EBIT margin estimates to 13.5% and 14.0%, respectively, from 13.2% and 13.7% earlier. PL Capital maintained its Hold rating with a target price of Rs 1,040, an upside of 6.5% from the last closing price.

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