At 9:27 am, IFCI shares were trading 4.01% lower at Rs 88.90 on the NSE, compared with their previous close of Rs 92.61. The stock opened at Rs 92.50, touched a high of Rs 93.56 and slipped to an intraday low of Rs 88.31.

The stock underperformed the broader market, with the Nifty 50 trading about 0.5% lower during the same period.

NSE is likely to price its IPO between Rs 1,700 and Rs 1,785 per share, below the Rs 2,000-Rs 2,100 range previously marketed, according to reports.

At the upper end of the proposed band, the exchange would be valued at around Rs 4.4 lakh crore, or $46.4 billion, Bloomberg reported.

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The exchange may also reduce the stake offered to about 5.5% of its equity capital from the previously planned 6%. NSE’s draft offer document had proposed an offer for sale of up to 14.89 crore shares.
The lower-than-expected price range and potential reduction in the offer size weighed on IFCI because of its indirect exposure to NSE. IFCI owns more than 50% of Stock Holding Corporation of India, which, in turn, holds over 4% of the exchange.As a result, developments affecting NSE’s valuation have a bearing on the value investors assign to IFCI’s indirect holding. NSE did not immediately respond to a Reuters request for comment on the reported price band.

Also read: ESDS Software shares rally 10%, skyrocket 235% from IPO price in 4 days. Should you buy or sell?

The long-awaited IPO could still rank among India’s biggest public issues. NSE, which dominates the country’s equity derivatives market, is reportedly targeting a listing in the week beginning September 21.

Despite Wednesday’s decline, IFCI shares remained up 20.22% over the past month, outperforming the Nifty 500, which fell 2.95% during the same period. The stock was also up around 68% year-to-date.

Disclaimer: This article has been written by Somanjali Das, who is not a SEBI-registered Research Analyst or an Investment Adviser. Somanjali Das and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here

The multibagger stock has gained 745% so far in 2026, while rising over 21% in the past week and 36% in the last month.

The recent sharp surge in Sterlite Tech’s share price began after the company outlined its long-term growth plans, including a target of becoming one of the top five players globally in optical connectivity solutions and achieving revenue of Rs 20,000 crore by FY29.

Also read | HFCL, Sterlite Tech shares jump: What’s driving up to 705% multibagger run?

The company identified optical TAM expansion, customer co-development, integrated connectivity solutions and tech-led differentiation as key growth drivers. It also plans to expand its capacity to 1.5 times to support the next phase of growth.

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The company has also approved a Rs 3,000 crore capital expenditure plan to expand capacity at its existing manufacturing facility. The proposed expansion will increase its existing installed manufacturing capacity by approximately 50%, with the additional capacity expected to be operational by the end of FY29.

Sterlite Tech Q1 performance

Earlier this year, Sterlite Tech reported its strongest quarterly performance in Q1 of the ongoing FY27, helped by higher demand for optical connectivity products, growth in its data centre business and a record order book linked to AI-ready digital infrastructure.The company reported revenue of Rs 1,910 crore for the June quarter, marking a whopping 87% YoY rise from Rs 1,019 crore reported in the same quarter last year. Sequentially, revenue rose 33% from Rs 1,441 crore reported in Q4 FY26. Profit after tax rose 870% to Rs 197 crore from Rs 10 crore a year earlier. In the March quarter, the company had reported PAT of Rs 59 crore.

EBITDA rose to Rs 397 crore, compared with Rs 140 crore in Q1 and Rs 218 crore in the previous quarter. EBITDA margin stood at 20.8%, the highest in nearly 20 quarters, helped by a better product mix, operating leverage and higher contribution from the data centre business.

Also read | Sterlite Tech targets Rs 20,000 crore revenue by FY29 amid booming AI demand

CLSA on Sterlite Tech share price

CLSA has an ‘Outperform’ rating for the shares of Sterlite Tech, with a target price of Rs 950 apiece, implying another 15% upside potential from the stock’s previous closing price of Rs 824.70 apiece on NSE.

The international brokerage last month noted the company’s order book surged 155% QoQ to Rs 18,600 crore, pointing to a strong growth outlook. Factoring in the company’s recent Rs 1,500 crore QIP fundraising and the significant Q1 FY27 beat, CLSA raised its forecasts by 7-125% for FY27-29CL. The brokerage now sees Sterlite Technologies delivering a 62% EBITDA CAGR.

Also read | Why is the stock market down today? Sensex plunges 600 points, Nifty below 23,500. 6 key triggers behind D-Street selloff

Disclosure: “This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.”

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HERSHEY, PA. — The Hershey Co. has promoted Dave Hulays to chief financial officer. He succeeds Steve Voskuil, who intends to retire in early 2027.

Hulays has more than 30 years of financial leadership experience, including the past 14 years at Hershey. He most recently was vice president of finance. Since joining Hershey in 2012 as vice president of finance for Canada, he has taken on broader financial leadership responsibilities across the company, including the US and international businesses, global supply chain, M&A and enterprise transformation.

Before joining Hershey, he spent 15 years at Procter & Gamble in commercial, supply chain, strategy, global business development and global business services across the company’s North American and international businesses.

“Dave is a proven, enterprise-minded finance leader who has helped shape nearly every corner of this business, from our commercial and supply chain organizations to our growth agenda,” said Kirk Tanner, president and chief executive officer of Hershey. “He leads with rigor, accountability and courage. I’m confident he’s the right person to lead our finance organization into its next chapter.”

Hulays holds a bachelor’s degree from the University of Waterloo and a master’s degree in business administration from York University’s Schulich School of Business in Toronto.

Voskuil, who has led Hershey’s finance organization for the past seven years, will move into the role of senior vice president of strategic projects until his retirement early next year. He will focus on initiatives for the CEO and board while ensuring a smooth transition with Hulays, the company said.

“I also want to thank Steve for his leadership over the past seven years,” Tanner said. “He has been an incredible partner to me and to this company, and his continued partnership will support some of our most important priorities as we move through this transition.” 

PERTH, Australia — Shares of Minerals 260 Ltd. climbed $0.085, or 10.37%, to $0.905, continuing an extraordinary run for the West Australian gold developer as its flagship Bullabulling Gold Project progresses rapidly toward a targeted final investment decision and first production by the end of 2028.

Tuesday’s gain adds to what has already been one of the most dramatic re-ratings on the ASX over the past year, with the company’s market capitalization surging from roughly $30 million to more than $1.4 billion, according to StockAnalysis.com, driven almost entirely by the transformation of its Bullabulling project since the company acquired it in April 2025.

Minerals 260, which listed on the Australian Securities Exchange in October 2021 following a demerger from Liontown Resources, is based in West Perth and holds a broader portfolio that includes the Moora Project, Aston Lithium, the Koojan JV lithium, uranium and rare earth project, Dingo Rocks and Yalwest. But it is Bullabulling, located roughly 25 kilometers southwest of Coolgardie in Western Australia’s historic goldfields region, that has driven the overwhelming majority of investor interest in the stock.

Bullabulling’s resource base has expanded dramatically since Minerals 260 acquired the project, growing from an initial 2.3 million ounces at acquisition to 4.5 million ounces by December 2025, before a further updated Mineral Resource Estimate published in July 2026 lifted the figure by 38% to 190 million tonnes grading 1.0 grams per tonne gold for 6.2 million ounces. According to Mining Weekly, roughly 71% of that resource is now classified in the higher-confidence indicated category, a significant increase reflecting the extensive drilling program the company has undertaken across the project’s five key deposits: Dicksons, Phoenix, Bacchus, Kraken and Gibraltar.

Speaking at the Diggers & Dealers Mining Forum in August, Minerals 260 highlighted the scale of the project’s transformation over roughly a year of aggressive drilling and development work.

“Bullabulling is now 6.2 million ounces. We have a maiden Ore Reserve of 2.5 million ounces. We’ve completed the PFS,” the company told the conference, according to a transcript reviewed by Investing.com.

The project’s pre-feasibility study, published in July, outlined a substantial development case for Bullabulling. According to Mining Weekly, the PFS envisions production of 150,000 ounces of gold annually from a five-million-tonne-per-year processing plant, operating over a 19-year mine life at all-in sustaining costs of A$2,520 per ounce. The study estimated a post-tax net present value of A$2.3 billion and an internal rate of return of 43%, with a two-year payback period and projected annual free cash flow of A$330 million alongside earnings of A$510 million.

Minerals 260 managing director Luke McFayden described the project’s trajectory in comments accompanying the July resource update.

“Bullabulling is firmly established as one of Australia’s premier gold development projects and our strategic objective of creating a large-scale operation by the end of 2028 continues to progress rapidly,” McFayden said.

The company has continued to strengthen its funding position to support the project’s development. In February, Minerals 260 struck an expanded agreement with royalty and streaming company Franco-Nevada, increasing Franco-Nevada’s royalty interest in Bullabulling from 1% to 2.45%, reducing to 1.63% after cumulative production of four million ounces. As part of the same transaction, Franco-Nevada subscribed for approximately 111.1 million Minerals 260 shares at A$0.45 per share, providing the company with additional capital support while reducing its future reliance on traditional debt financing.

Drilling has continued at pace throughout 2026, with the company reporting 839 holes totaling 185,045 meters completed at Bullabulling since acquiring the project, according to Mining.com.au. Five drill rigs remained active on site as of the most recent update, with work focused on further resource growth, regional exploration across the project’s expanded 1,160-square-kilometer tenure package, and broader production readiness activities.

The company has already begun early construction work ahead of a formal final investment decision, including development of worker accommodation village infrastructure and water bore drilling, funded through an estimated A$180 million in pre-FID capital requirements. According to Mining Magazine Australia, Minerals 260’s next exploration phase is focused on three priorities: continued resource growth around existing deposits, regional target generation across the broader tenure package, and operational readiness ahead of eventual production.

A definitive feasibility study and final investment decision for Bullabulling are both targeted for the first quarter of 2027, according to the company’s latest guidance, with an additional mineral resource update also planned to incorporate ongoing drilling results from the Phoenix, Bacchus and Kraken deposits specifically.

Analyst sentiment toward the stock has remained broadly positive, with Investing.com noting an average 12-month price target of A$0.923 among covering analysts earlier this year, alongside a “Strong Buy” consensus rating. The stock’s 52-week range has spanned from a low of A$0.10 to a high near A$0.92, reflecting the dramatic re-rating the shares have undergone as Bullabulling has progressed from an early-stage exploration asset toward a fully de-risked, near-production gold development project.

With Tuesday’s gain extending Minerals 260’s remarkable run over the past year, investors will likely continue watching closely for further updates on the company’s definitive feasibility study, additional resource upgrades expected around Phoenix, Bacchus and Kraken, and progress toward the targeted final investment decision in early 2027, as Bullabulling continues its rapid transformation into what the company has positioned as one of Australia’s largest and most significant undeveloped gold projects heading toward first production by the end of 2028.