The shares of Astral fell nearly 6% on Monday to the day’s low of Rs 1,389 after the board approved the demerger of its chemicals business into a newly incorporated entity, Astral Chemie, according to an exchange filing.

The filing stated: “After considering the recommendations and reports of the Audit Committee and the Committee of Independent Directors, and after due deliberations, the Board has approved the Composite Scheme of Arrangement amongst Astral Limited (‘Demerged Company’/‘Transferee Company’), Astral Chemie Limited (formerly Astral Coatings Private Limited) (‘Resulting Company’), and Al-Aziz Plastics Private Limited (‘Transferor Company’), along with their respective shareholders and creditors, on the stated terms and conditions.”

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According to a report by Equirius Securities, the demerger is expected to create a near-term overhang on the stock’s performance as investors assess the valuation multiples each standalone business could command post listing. The brokerage has set a target price of Rs 1,980.

It noted that valuing the adhesives and paints business will be challenging, particularly in terms of the discount it may trade at versus listed peers. While the business is expected to see strong growth momentum along with a focused profitability improvement drive, including backward integration through the DSS acquisition, its eventual EV/EBITDA multiple remains difficult to estimate given its scale.

A report by JM Financial said the demerger will consolidate Astral’s entire chemicals portfolio under Astral Chemie, including the paints and coatings business, while Astral Limited will primarily focus on plumbing and building materials. Existing Astral shareholders will receive shares of Astral Chemie in a 1:1 ratio, with mirror shareholding. A separate listing is also proposed for the new entity, subject to regulatory and shareholder approvals, which may take at least 12 months.
Post-demerger, the key variables for Astral Chemie will include funding growth plans, improving profitability, and navigating competitive pressures, the report added. Management has guided for Rs 45-50 billion revenue (implying a CAGR of 20–25%) over the next four to five years, with EBITDA margins potentially reaching 14-15% by FY28E.The demerger rationale includes improved management focus across segments, specialisation and targeted growth, efficient capital allocation, value unlocking for shareholders, and more tailored corporate governance with independent board oversight.

The filing further stated that the chemicals business undertaking, along with all related assets and liabilities, will be demerged from Astral Limited and vested into Astral Chemie on a going-concern basis, as outlined in the scheme.

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The amalgamation of Al-Aziz Plastics Private Limited into Astral Limited, followed by the dissolution of the transferor company, is subject to approval from the National Company Law Tribunal (Ahmedabad Bench), SEBI, the National Stock Exchange of India, BSE, and other statutory and regulatory authorities, as well as approval from respective shareholders and creditors under applicable law.

The turnover of the demerged undertaking for the year ended March 31, 2026 stood at Rs 12,663 million, accounting for 21% of the total turnover of the demerged company for the same period.

There will be no change in the shareholding pattern of the demerged company upon the scheme becoming effective. Further, one fully paid-up equity share of the resulting company with a face value of Re 1 will be issued for every one fully paid-up equity share of Re 1 held in the demerged company.

Upon effectiveness of the scheme and receipt of all regulatory approvals, the new shares will be listed on the stock exchanges. The entire share capital of the transferor company will stand cancelled without any further application, act, or deed, and no shares will be issued by the transferee company pursuant to the amalgamation.

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

Indian stock market traded mixed on Monday, with Sensex in the red and Nifty in the green, even as oil prices inched higher after tensions between Iran and the US escalated over the weekend.

Sensex fell 45 points at 77,055 while Nifty 50 gained nearly 6 points at 24,061.75 during Monday’s session. Broader markets meanwhile slipped into the red, with Nifty Midcap 100 and Nifty Smallcap 100 indices falling 0.06% each.

Eternal, Sun Pharma and Tech Mahindra shares rose over 1% each to lead gains on Sensex, while Kotak Mahindra Bank, IndiGo, M&M, BEL and L&T shares declined up to 1.5%. This came even as India VIX, which measures volatility in market, gained 4.5% to 13.64

Sectorally, Nifty IT declined 0.4% to lead losses, while Nifty Pharma gained around 0.5%. Around 1,222 stocks advanced on NSE, while 1,276 declined and 182 remained unchanged.

What lies ahead?

“Even while the ludicrous stand off between US and Iran continues with occasional strikes and threats by each country, Brent crude remains low at below $73, thanks to the unrestricted passage of ships through the Strait of Hormuz,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments, who added that this is a big macro positive for India and has the potential to impart resilience to the market.
“Additionally, there are two more factors that can continue to support the market. One, relentless FII selling which has been weighing on markets has abated. During the last nine trading days, FIIs were buyers in the cash market, though by small amounts. Two, the South Korean and Taiwanese markets, which have been attracting massive investments have turned weak and excessively volatile. Last week India outperformed both South Korea and Taiwan,” he added.However, the analyst highlighted that it is too early to conclude that the Indian market will continue to rally. A big concern now is the hugely deficient (43%) monsoon. If the monsoon revives and compensates for the deficit in the coming weeks, the market also will respond positively, he said. “In the coming days FY Q1 result expectations will influence the market. Lots of stock specific moves are likely,” according to Vijayakumar.

(With inputs from agencies)

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

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.

Persistent Systems shares opened 7% lower on Monday, ‌after ⁠the ⁠IT services firm offered to buy German firm Nagarro for 1 ⁠billion euros ($1.14 ‌billion), according to ⁠Reuters calculations.

The German digital engineering firm’s board said it intends to recommend the ‌81 euro per share offer to ⁠shareholders.

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India’s luxury housing market is increasingly attracting global capital, with Non-Resident Indians (NRIs) emerging as a key buyer segment.

According to Sudeep Bhatt, Director – Strategy at Whiteland Corporation, NRIs from the Middle East, Singapore, the UK, Australia and Canada now account for 10–12% of the company’s luxury home sales, driven by India’s robust economic growth, improving infrastructure and the appeal of globally benchmarked branded residences.

In an interaction with Kshitij Anand of ETMarkets, Bhatt also discusses the evolution of Dwarka Expressway as a luxury housing destination, the growing role of branded residences, changing preferences of high-net-worth buyers, and why he believes India’s premium housing market is undergoing a structural transformation. Edited Excerpts –

Q) Thanks for taking the time out. Dwarka Expressway and Gurgaon have emerged as one of India’s strongest luxury housing markets. What structural changes are driving this demand, and how sustainable is the current momentum?

A) In 2026, Dwarka Expressway is no longer an emerging corridor. It has become one of the most compelling residential destinations in the Indian real estate landscape. What we’re witnessing is not a cyclical surge but a transformation driven by infrastructure, connectivity, and changing consumer aspirations.

The completion of the expressway, expanding metro connectivity, uninterrupted access to IGI Airport, UER2, Mumbai expressway, cities like Jaipur and proximity to major commercial districts have fundamentally improved the liveability of the region. Unlike mature, established markets where growth is saturated, Dwarka Expressway still offers the scale required to create integrated, world-class developments.
Equally important is the evolution of the home buyers. Luxury today is no longer defined solely by size or location. It is about curated lifestyles, wellness, hospitality, and professionally managed communities. This shift is creating sustained demand for high-quality developments rather than speculative inventory.
We believe the momentum is durable as it is supported by long-term infrastructure investments, rising household incomes, and rising preference for branded, professionally managed residences. At the same time, India’s strong economic growth, disposable incomes, expanding entrepreneurial ecosystem, and increasing popularity of high-net-worth individuals are significantly contributing to the demand for premium and luxury housing. These are key drivers that will continue shaping the market for years to come.
Q) The company built a portfolio spanning luxury residences, branded residences, low-rise developments, and commercial assets. How do you see the revenue mix evolving over the next 3–5 years?
A) Our strategy has always been about building a balanced and resilient portfolio rather than chasing individual asset classes.

Over the next three to five years, we expect premium and branded residences to contribute a larger share of our revenue as buyers highly seek developments backed by globally recognised brands and exemplary service standards. This segment commands strong pricing power while also delivering greater long-term value for homeowners.

At the same time, our project, Urban Cubes 71 will redefine the high street retail experience, bringing together a curated mix of brands to further establish it as a gourmet and retail destination.

Our objective is not simply to develop projects but to build enduring destinations where residential, commercial, hospitality, and lifestyle experiences complement each other. That diversified approach positions Whiteland for sustainable long-term growth. Our projects, The Aspen high rise is on its way to completion, while Blissville low rise development is getting ready for possession this year itself.

Q) Westin Residences! Tell us more about the collaboration with Marriott International with Whiteland.
A) With Marriott International, Westin Residences Gurugram represents a shared commitment to deliver a globally benchmarked residential experience to its buyers.

The collaboration allows us to integrate hospitality into everyday residential living, from wellness-led design principles and personalised concierge services to professionally managed amenities and global service standards. Residents experience the comfort, consistency and attention to detail that define Westin Residences as a brand.

Perhaps the most significant aspect of the partnership is Marriott’s long-term management commitment. This helps preserve quality, operational excellence and asset value over time, ensuring that homeowners benefit not only from an exceptional living experience today but also from stronger long-term value creation.

Q) What is the biggest misconception investors have about the luxury real estate market today?
A) One of the biggest misconceptions is that luxury is primarily about premium pricing and prestigious branding. In reality, true luxury is defined by execution, consistency of experience, and long term management.

This becomes even more relevant in the branded residences segment. A globally recognised brand is not simply lending its name to a project, but brings curated design standards, operational expertise, service protocols and long-term management that continue well after possession.

Luxury real estate should therefore be evaluated as a long-term asset rather than a short-term trade. Today’s buyers consciously recognise that professionally managed developments tend to retain quality, command stronger resale value, and remain desirable over decades.

Ultimately, true premium lies not in the brand itself, but in the quality of life and long-term value that the brand consistently delivers.

Q) Will FY27 be stronger than FY26 in terms of launches, sales, and collections? From a long-term perspective, what does the next 5–10 years look like for luxury real estate?
A) We remain optimistic about FY27. The market fundamentals that supported FY26, including strong end-user demand, infrastructure-led growth and rising buyer confidence continue to remain intact.

More importantly, India’s luxury housing market is undergoing a structural change. Rising disposable incomes, wealth creation, changing lifestyle aspirations and exposure to global standards are encouraging buyers to prioritise quality, wellness, and professionally managed home environments.

Over the next five to ten years, we expect branded residences and premium developments to become a significant part of India’s residential landscape. As luxury becomes more experience-driven rather than product-driven, developers who consistently deliver quality, transparency, and long-term value will be best positioned to lead the market.

Q) How are HNIs looking at luxury real estate – as a long-term investment, wealth preservation tool or a second home for vacation?
A) For HNIs, luxury real estate has evolved beyond being a lifestyle purchase. It has become an important component of long-term wealth planning.

In the current economic environment, market volatility and geopolitical uncertainty prevail in the current global environment. For affluent buyers, high-quality real estate provides both asset stability and tangible value. It serves as a hedge against inflation while offering the potential for long-term capital appreciation.

At the same time, affluent buyers are placing considerable emphasis on lifestyle. They are seeking homes that combine wellness, privacy, hospitality-led services, and superior design. As a result, branded residences are highly seen not only as investments but also as primary homes that improve everyday living.

The distinction between investment and lifestyle is becoming blurred, with buyers expecting both financial resilience and exceptional living standards from the same asset.

Q) Are HNIs and NRIs becoming a larger part of your buyer base? What percentage of sales currently comes from these segments?
A) Yes, we are witnessing a meaningful surge in interest from both HNIs and NRIs. These buyers are seeking globally benchmarked developments that offer transparency, strong governance, professional management, and long-term value creation.

For NRIs in particular, India continues to present compelling opportunities backed by economic growth, currency advantages, and developing infrastructure. Branded residences resonate strongly with this audience since they offer globally familiar service standards and professionally managed communities.

As luxury housing continues to mature, we expect these particular customer segments to play an even more significant role in our overall buyer mix. We are getting major traction from the Middle East, Singapore, UK, Australia, Canada which contributes 10-12% sales.

Q) Are you witnessing any slowdown in booking velocity after the strong run-up in property prices over the past two years?
A) While the market has naturally become more discerning, we have not seen any meaningful decline in demand for well-located, high-quality developments. Today’s buyers are far more selective than they were a few years ago. They are evaluating developers based on credibility, execution capability, product differentiation and long-term value rather than simply comparing prices.

In that environment, projects that offer strong fundamentals, distinctive positioning, and trusted brand partnerships continue to perform well. We believe the market is moving towards quality-led demand, which is a healthy and sustainable sign for the luxury housing sector.