Shares of sugar companies including Balrampur Chini Mills, Dhampur Sugar, Dalmia Bharat, Shree Renuka and EID Parry rallied up to 8%, extending gains for a second session, after Indian sugar prices surged to Rs 4,400-4,800 per quintal, up 8-10% in the last month, marking a 7-year high.

The rally comes amid a rapid surge in global sugar prices. US raw sugar prices moved above the $15/lb resistance level to $16/lb, while London White Sugar climbed to a 15-month high of more than $500 a tonne.

In today’s session, Balrampur Chini Mills gained over a percent to Rs 627 on the BSE, while Dhampur Sugar Mills gained 4% to Rs 169 per share. Uttam Sugar gained 6% to Rs 280 per share. Triveni Engineering shares rose the most, rallying 8% to Rs 271, while Eid Parry gained over 3 percent to Rs 801. Over two days, Triveni Engineering’s stock price has gained the most, rising 12%.

What’s moving the stocks?

A key trigger is the worsening supply outlook in Brazil, the world’s largest sugar producer. The country has warned of a delay in the harvest amid adverse weather conditions. Adding to uncertainty, Brazil has suspended its bi-weekly harvest and production reports, leaving investors with limited visibility on the supply situation.
The shift towards ethanol is further intensifying concerns over a potential sugar supply crunch. In June, 58% of Brazil’s cane juice was diverted to ethanol production, as it is likely more profitable than sugar.

Brazil has also raised its mandatory ethanol blending target to 32% in July from 30% in June, significantly higher than the 25-27% mix seen just months earlier.
Supply concerns are not limited to Brazil. Intense heatwaves and El Nino conditions across the EU and the UK have added to fears of tighter supplies, with sugar output from the region trimmed to 14.98 million tonnes.In Asia, Thailand, the world’s third-largest sugar producer, has cut its projected output by 15.6% to 9.5 million tonnes. India, the world’s second-largest sugar producer after Brazil, is also projecting lower sugar production. Authorities are physically verifying mill volumes to enforce strict hoarding limits.

Global deficit estimates are also pointing towards a tighter market. Green Pool has projected a global sugar deficit of 3.3 million tonnes, while StoneX has estimated the shortfall at 1.7 million tonnes. The International Sugar Organisation has forecast a deficit of 0.26 million tonnes.

With production concerns mounting across major sugar-producing regions and global benchmark prices continuing to climb, the supply outlook has emerged as the key factor driving the sharp move in sugar prices.

India may cut exports

India, the world’s second-largest sugar exporter, is expected to have little surplus for export for at least three more seasons as El Nino weather conditions threaten cane production and rising ethanol demand squeezes supply.

The twin pressures are poised to keep millions of tons of sugar off the world market, tightening supplies for importers across Asia, Africa and the Middle East and supporting benchmark prices in London and New York.

A reuters report stated that government sources and farmers suggest that lower cane availability and rising ethanol demand will leave little for exports for several years, prompting dealers at global houses ‌to warn head offices of shrinking ⁠opportunities in ⁠India, trade sources said.

India exported 6.8 million metric tons of sugar annually on average in the five seasons through 2022-23 – about 10% of global shipments. This year, after exporting around 800,000 tons, India banned shipments until September 30, the end of the season.

Also read: Explained: Why Vedanta Aluminium, Hindalco, Nalco shares tumbled up to 7% on Friday

A prolonged absence deficit from major suppliers would remove a key balancing supplier as weather risks and biofuel policies reshape global sugar trade flows.

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

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Bernt Omdal
Chief Executive Officer

Good morning, and welcome to the presentation of our results for the second quarter.

My name is Bernt Omdal, and I’m the CEO of the company. Together with our CFO, Vidar Jerstad, we will take you through this presentation.

Sea1 Offshore’s report for the second quarter 2026 was released prior to the market opening today. In this presentation, we will cover the main highlights of the report, and we will refer to the presentation issued together with the financial report. At the end of the presentation, we will open up for questions, and I suggest you post your questions in the chat function.

So looking at the highlights for the quarter, we operated 15 fully owned vessels. In addition, we have 4 vessels under construction. All of our vessels in operation delivered a positive EBITDA margin. We had USD 80 million in revenue, and we delivered $41.5 million in EBITDA. That is equal to an EBITDA margin of 52%. We have a book equity ratio of 53%, and our net interest-bearing debt was $259 million at the end of the quarter.

Revenue and EBITDA is up year-on-year, even though second quarter figures in 2025 included a positive contribution from Sea1 Spearfish, which was sold in May 2025. We continue to deliver safe and efficient operations in all regions. This is a result of high focus on safety at all levels in the company.

The utilization of the fleet in the second quarter was 83%, which is somewhat down from same quarter last year, which is a result of the low utilization in the anchor

Manorama Industries shares rallied over 8% to Rs 1,747.25 on the BSE on Friday after the specialty fats and cocoa butter equivalent (CBE) manufacturer reported strong earnings for the June quarter. The sharp buying momentum pushed the stock near its 52-week high of Rs 1,867, driven by investors reacting positively to a 67.6% surge in net profit.

The strong operational performance was backed by an improved value-added product mix, enhanced processing capacity, and robust demand across key consumer industries like chocolate, confectionery, and cosmetics.

Financial performance

For the first quarter ended June 30, 2026, Manorama Industries posted a consolidated net profit of Rs 786.6 million, marking a massive 67.6% jump compared to Rs 469.4 million reported in the corresponding period last fiscal. On a sequential basis, net profit surged 49.9% from Rs 524.6 million in the March quarter.

Consolidated revenue from operations increased by 39.5% year-on-year to reach Rs 4,040.1 million, up from RS 2,895.5 million in Q1 FY26. This performance marked the first time the company crossed the RS 4,000 million quarterly revenue mark. On a quarter-on-quarter basis, revenue rose 3.2% from RS 3,913.4 million. The revenue mix between domestic and export markets stood at 40:60 during the quarter, highlighting its diversified global footings.

Operating performance remained robust, with EBITDA rising 42.2% year on year to Rs 1,062.1 million compared to RS 747.0 million in the base quarter. EBITDA margin expanded by 49 basis points year on year to 26.3%. Profit after tax margin also expanded by 326 basis points to reach 19.5%, aided by operational efficiencies and improved leverage. Diluted earnings per share stood at Rs 13.17 compared to Rs 7.85 a year ago.

Business expansions and global sourcing updates

During the quarter under review, Manorama Industries completed key strategic milestones to reinforce its global supply chain. The company incorporated a wholly owned subsidiary, Manorama Savannah Agro Chad SARL, in the Republic of Chad to strengthen its Shea sourcing operations in West Africa.
Additionally, the firm acquired nearly 10 hectares (24 acres) of land in Burkina Faso for a dedicated Shea seed processing facility. Regulatory approvals for this facility are currently underway. The company noted that these investments in West Africa will enhance raw material security, traceability, and supply chain proximity to international customers.The company also announced the successful completion of its Qualified Institutions Placement (QIP), which has strengthened its balance sheet and provided the financial flexibility to fund future growth opportunities across manufacturing, raw material sourcing, and value-added product categories.

Growth outlook

Commenting on the results, Ashish Saraf, Chairman and Managing Director of Manorama Industries, stated that the company commenced FY27 with strong momentum, driven by sustained demand across end-user industries and a growing contribution from its specialty fats portfolio.

Looking ahead, management expressed confidence in maintaining its long-term growth trajectory. The company plans to leverage its expanding product offerings, deeper customer partnerships, and growing presence in cocoa butter alternatives to deliver sustainable growth and long-term value for stakeholders.

Aviva offers home, car, and life insurance in the UK and serves 25m customers

FTSE 100 insurance group Aviva has announced a 24 per cent rise in operating profit for the first half of this year, bolstered by the group’s “strong progress” following its takeover of Direct Line in 2025.

The London-listed insurer, which provides home, motor, and life insurance across the UK and serves around 25 million customers, revealed its overall operating profit climbed to £1.3bn for the period ended 30 June 2026, up from £1.7bn the previous year, driven by its £3.6bn acquisition of Direct Line in July 2025.

Aviva’s general insurance premiums rose 29 per cent to £8.1bn, with UK and Ireland premiums surging 42 per cent to £5.9bn.

The insurer’s wealth management division also expanded 32 per cent to £7.6bn, underpinned by a new pension scheme and robust sales through its investment platform.

“We are making very good progress with the integration of Direct Line. We have quickly improved Direct Line’s profitability, grown price comparison website sales, and maintained excellent levels of customer service. We are well on track to deliver all the financial benefits of the acquisition,” chief executive Amanda Blanc said, as reported by City AM.

Blanc said the insurer is “confident that we will meet our three-year financial targets in 2028 and expect 75 per cent of our earnings to be capital-light by that point.”

Richard Hunter, head of markets at Interactive Investor, said the results “further cements Aviva’s leading positions particularly in the home and car insurance markets.

“While car insurance has seen a substantial increase in premiums to the exasperation of many consumers, the space has been affected by both higher average new car prices (equating to higher insured valuations) as well as the costly nature of repairing increasingly complex and technologically advanced vehicles,” Hunter said.

The insurance giant is also driving forward with technology adoption as it continues to deploy AI throughout the organisation.

Aviva is utilising its customer base data to train its AI systems, which it described as “major competitive advantages which will drive our future growth.”

The company said it is “already delivering tangible benefits” from implementing AI within its medical underwriting division. Aviva has also recently introduced a generative AI tool to analyse and summarise extensive medical reports and extract pertinent information.

The insurer is additionally planning to introduce an AI virtual assistant later this year, along with the deployment of AI-powered claims agents to assist customers.

Aviva has offices across the UK including in Birmingham, Bristol, Leeds, Liverpool, Manchester, Sheffield and York.

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Shares of LEAP India Ltd made a positive debut on Friday, listing at Rs 165.90 on the BSE, a premium of over 4% to its issue price of Rs 159. However, the gains were short-lived as profit-booking dragged the stock 12.14% from its opening price to Rs 145.85. The stock was trading 8.27% below its issue price.

Leap India Share Price: What should investors do?

Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, said that LEAP India made a modestly positive debut, supported by its strong leadership position in the niche pallet-pooling industry. She noted that the company benefits from high entry barriers and significant long-term growth potential given the underpenetration of the Indian market.
“However, the current valuation appears demanding, with modest return ratios limiting the risk-reward profile. We maintain a Neutral view and suggest a stop-loss at Rs 155,” she added.

Also Read: Why Balrampur Chini, Dhampur Sugar, Dalmia Bharat & other sugar stocks are up 12% in 2 days

How LEAP India plans to use IPO proceeds and who sold shares

The public issue comprised a fresh issue of Rs 480 crore and an offer for sale (OFS) of Rs 2,000 crore, taking the total issue size to Rs 2,480 crore. Under the OFS, KKR-backed Vertical Holdings II offloaded shares worth nearly Rs 1,999 crore, while promoter group entity KIA EBT Scheme 3 sold the remaining shares.

Ahead of the public issue, LEAP India raised Rs 371.3 crore through a pre-IPO placement from institutional investors, including GIC subsidiary Gamnat Pte Ltd, Dymon Asia Multi-Strategy Investment (Singapore), and promoter Sunu Mathew.
The company issued 2.33 crore shares at Rs 159 apiece. Gamnat Pte Ltd invested Rs 280 crore, while Dymon Asia contributed Rs 50 crore. Matyas Possessiones Private Limited, in which promoter Sunu Mathew holds a 99% stake, invested Rs 23 crore.Of the fresh issue proceeds, LEAP India plans to use approximately Rs 360 crore to fully or partially repay or prepay existing debt. The remaining amount will be used for general corporate purposes.

Also Read: Tata Motors PV shares fall 5% after weak Q1 results. What are Morgan Stanley, Nomura, others saying?

Financial performance

LEAP India reported strong financial growth in FY2026, driven by increasing demand for sustainable supply chain and logistics solutions. For the financial year ended March 31, 2026, the company’s total income rose to RS 747.36 crore from RS 485.03 crore in FY2025, registering a 54% year-on-year increase.

The company also witnessed a significant improvement in profitability, with Profit After Tax climbing to RS 62.34 crore in FY2026, compared with RS 37.56 crore in the previous financial year, representing a 66% year-on-year growth.

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

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Mike Ashley’s Frasers Group has acquired the department store chain Harvey Nichols through a pre-pack administration covering about 1,000 jobs, the retailer’s six UK stores and its online and international franchise operations, according to administrators FTI Consulting.

FTI said the deal “safeguards a 200-year-old institution”.

Frasers, the FTSE 100 retailer, said it would begin a “significant restructuring” of Harvey Nichols to “right-size the business” and return it to profit. It said it would integrate the chain into the group and review and “rationalise” the store portfolio, organisational structure, operating model and cost base.

Michael Murray, chief executive of Frasers and Ashley’s son-in-law, said: “The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term.”

The deal follows a sales process in which Frasers beat Next, the London-listed retailer, to take control of the business.

Harvey Nichols had warned in its latest accounts that it would need to “cease trading” within a year if it failed to secure new investment. Ashley has said the chain was in a “death spiral”.

Harvey Nichols has not made a profit since the pandemic. It has been squeezed by online competition, high costs, under-performing regional stores and weaker spending from international tourists. Rivals including Harrods and Selfridges have invested heavily in their shops and online businesses.

The six UK stores are in Knightsbridge in west London, Manchester, Birmingham, Bristol, Leeds and Edinburgh. Harvey Nichols has 13 shops globally, including seven locations in the UK and Ireland. Frasers said it had acquired some assets at the Dublin store, including stock and store fixtures, and that talks over that business continue.

The Oxo Tower restaurant on London’s South Bank, which Harvey Nichols has operated since 1996, has been sold separately to the team behind Fallow. FTI said this would preserve more than 100 jobs and the operations of the business.

Lindsay Hallam, senior managing director at FTI Consulting, said: “From the outset, our focus was to find a solution that protected the underlying value of the business, securing a future for a 200-year-old retailer, and delivering the best possible outcome for stakeholders.”

The acquisition deepens Frasers’ push into upmarket retailing, and the group said it hoped to expand its relationships with luxury brands including Gucci, Moncler, Burberry, Prada and Dior. Murray has previously warned of a softening global luxury market as sales in the group’s premium division fell.

Louise Déglise-Favre, lead apparel analyst at GlobalData, said Frasers had “spent several years constructing a luxury proposition that it has been unable to fully realise”.

She added: “While Flannels provided scale, and the group’s shareholdings in Mulberry and Burberry provided proximity to brands, the houses that define genuine luxury have remained reluctant to trade within a Frasers fascia.”

Déglise-Favre said the outcome of the deal was likely to be a “more concentrated luxury proposition centred on Knightsbridge, with weaker stores absorbed under the other fascias within the group, such as House of Frasers or Flannels”.

The position of Harvey Nichols creditors, including suppliers, landlords and HM Revenue & Customs, is unclear.

Lisa Webb, senior lawyer at Which?, said: “Fraser’s Group must ensure that existing obligations to Harvey Nichols’ customers are honoured if it wants to maintain goodwill in the brand. That means accepting gift vouchers, fulfilling online shopping orders and processing returns and refunds as if nothing has changed. No consumer should be left out of pocket as a result of this sale.”

A pre-pack involves lining up a buyer ready to acquire a business straight after it enters administration. Supporters say the structure is an efficient way to rescue struggling businesses, save jobs and maximise returns to creditors, while critics say it can leave creditors with unpaid debts. Sales to connected parties are subject to mandatory independent scrutiny under 2021 regulations, a regime insolvency professionals warned at the time could remain open to abuse.

Frasers has acquired a number of distressed brands through pre-packs. The company was renamed from Sports Direct in 2019 after Ashley bought House of Fraser. Ashley stepped down as chief executive in 2022 but remains majority shareholder.

Shares in Frasers closed up 13p, or 1.6 per cent, at 817½p on the London Stock Exchange following the deal, valuing the company at £3.6 billion.

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