Shares of Milky Mist Dairy Food came under mild profit-booking pressure on Thursday after gaining 42% over the previous two trading sessions following its much-awaited stock market debut.

The stock slipped as much as 4.21% to an intraday low of Rs 191.25 on the NSE. However, the decline later moderated, with the shares trading broadly flat around Rs 200 apiece.

The Thursday dip comes after a strong run since listing. Milky Mist made its market debut on August 18 at Rs 165 per share, an 18% premium to its IPO price of Rs 140. The stock extended its gains in the following trading session, rising another 10% and taking investors on a strong post-listing ride.

The strong debut was backed by an overwhelming response to Milky Mist Dairy Food’s Rs 1,553 crore IPO, which was subscribed a staggering 56.12 times overall.

The issue comprised a fresh issue of 10.20 crore shares worth Rs 1,428 crore and an Offer for Sale (OFS) of 89 lakh shares valued at Rs 125 crore. The IPO was priced in the range of Rs 133-140 per share.

Interestingly, investor enthusiasm was already visible before the listing. Milky Mist’s unlisted shares were commanding a grey market premium (GMP) of around 14% over the IPO price, signalling strong expectations ahead of its debut.
Following the sharp post-listing gains, the company’s market capitalisation currently stands at around Rs 15,369 crore.

So, should you buy, sell or hold Milky Mist shares?

While Milky Mist’s business fundamentals remain encouraging, analysts believe investors may need to exercise caution after the stock’s strong listing performance.

Shivani Nyati, Head of Wealth at Swastika Investmart, highlighted the company’s 33.6% revenue CAGR, improving margins and 32% return on equity (RoE) as key strengths. She also pointed to Milky Mist’s leadership in the value-added dairy segment as a factor supporting its premium valuation.

Adding to investor confidence, Temasek-backed Jongsong Investments invested Rs 482 crore in the pre-IPO round at Rs 139.76 per share for a 5.2% stake. According to Nyati, the investment offers additional validation of the company’s growth prospects and IPO valuation.

However, the valuation is where the stock may face its biggest challenge. At around 85 times FY26 earnings, Milky Mist is trading at a substantial premium to the dairy sector’s average P/E of around 52.5 times, Nyati noted.

“While the premium is supported by its FMCG-like margins and value-added product mix, the strong listing may lead to some profit-booking,” she said.

Her view remains positive on the company’s long-term business prospects, but she cautioned investors against chasing the stock after its sharp rally.

The strategy for investors, according to Shivani Nyati: Hold the stock, maintain a stop-loss at Rs 150 and look to add on meaningful dips rather than buying aggressively at current levels.

Strong financial performance

Milky Mist’s latest financial numbers provide further support to its growth story. For the year ended March 2026, the company reported revenue of Rs 3,145 crore, marking a 33.6% year-on-year growth. More strikingly, its net profit jumped 175.7% YoY to Rs 127 crore.

With strong revenue growth, expanding profitability and a dominant position in value-added dairy products, Milky Mist has emerged as one of the more closely watched new-age dairy stocks. However, after its sharp post-IPO gains, the key question for investors is no longer simply whether the business is attractive, but whether the current valuation leaves enough room for further upside.

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

India’s markets regulator is set to overhaul decades-old rules and stem soaring outflows of foreign funds, three sources said, in a move some investors say would help the South Asian nation beef up its weighting in global stock market indexes.

The changes, if finalised, will come as foreign ownership of Indian stocks has hit a 17-year low and the rupee, down about 6% ​this year, ranks among one of Asia’s worst performers, hit by worries about a steeper import bill and anemic capital flows.

The reforms planned by the regulator, the Securities and Exchange Board of India, include lowering collateral requirements in cash equities and encouraging longer-dated derivatives, three regulatory sources said.

“That suggests SEBI has listened to the institutional investment community and focused on the practical issues investors face,” said Steve Lawrence, CIO of U.S.-based Balfour Capital Group, ‌which manages more than $463 million ⁠in assets.

The ⁠measures, being reported for the first time, will add to plans to boost the cash equities market by making shorting of stocks easier, nearly doubling the number of shares eligible for lending and borrowing.

The regulator plans to roll out the changes ​in nine months, after consultation with industry and giving market participants time to change existing systems, added the sources, who warned of short-term disruptions stemming from some changes.
The sources spoke on condition of anonymity ​as the talks are confidential.SEBI did not respond to a Reuters request for comment sent on Wednesday.

India wants to increase its weightage in global stock market indices and the reforms now being considered stand to benefit its ratings and re-ratings, said one of the sources.

FOREIGNERS’ SELLING OF EQUITIES CROSSES $50 BILLION

India’s weighting in the MSCI emerging markets index has fallen below 12%, from a peak of 21% in September 2024.

From October 2024 until June 2026, foreigners’ selling of Indian equities crossed $50 billion, National Stock Exchange data ⁠showed.

Foreign investors ‌have sought the proposed reforms for some time as a way to pull India in line with major regional markets such as China, South Korea and ​Taiwan, which already have mature ​securities lending and borrowing arrangements and closing auction to determine prices.

Global index provider MSCI said that it would monitor the planned reforms and their ⁠effectiveness through feedback from market participants for future global accessibility reviews.

“Measures relating to closing-price formation, margin and collateral ​efficiency, stock lending, short-selling and hedging tools are relevant to market accessibility for international institutional investors,” MSCI said in an email.

BOOSTING ​CASH EQUITIES, LONGER TERM OPTIONS

A key change being considered in SEBI’s advanced discussions is cutting collateral requirements for trades in highly liquid stocks, a move that could reduce upfront capital by 15% to 20%, two of the sources said.

It is also weighing lower upfront collateral requirements for derivatives contracts expiring after a year.

This is a change driven by feedback from overseas asset managers who say the existing system favors weekly derivatives contracts and discourages longer hedging strategies, the two sources added.

Liquidity tends to be higher in short-tenure contracts across markets, but in India’s case longer contracts face near-zero liquidity, exchange data shows.

The push to deepen institutional participation follows a two-year effort by SEBI to curb speculative retail derivatives trading activity as they incurred losses five years in a row.

Regulatory sources ‌say the watchdog would like the composition of derivative markets, in terms of retail and institutional participation, to more closely reflect developed markets.

Retail investors make up more than 35% of trading activity in India, NSE data shows, versus about a fifth in the United States, where institutional and professional investors dominate market ​volumes.

The reforms, once adopted, ​could help draw larger foreign institutional capital, including passive ⁠funds, two foreign investors said.

Reducing costs and friction “will make it easier for global investors to translate interest in India into long-term investment,” said Tracey Wingate of Investment Company Institute, a U.S.-based association for global investors.

SHORT TERM VOLATILITY

Some of the reforms being considered may be hard to implement, however.

The regulator, for example, is currently navigating the fallout from a new method for calculating ​closing prices for stocks with derivatives contracts, an established practice in major global markets.

The bumpy rollout of the move, which some large foreign asset managers had sought, led to sharp volatility in India’s benchmark Nifty 50 index in its first week, with limited participation from market makers and investors.

“Early participation in the closing auction session has been relatively modest,” said Angela Lan, a senior strategist at State Street Investment Management, which manages $6.3 trillion in assets.

Despite initial turbulence, SEBI has signalled it intends to stay the course as markets adapt to new systems.

Over time such changes should help reduce execution frictions, which are typically one component of a broader set of considerations for global investors, Lan said.

“We do not expect them, on their own, to drive a meaningful increase in passive allocations to India.”

Operator

Thank you for standing by, and welcome to the Medical Developments International FY ’26 Full Year Results Call. [Operator Instructions]

I would now like to hand the conference over to Mr. Brent MacGregor, CEO. Please go ahead.

Brent MacGregor
Chief Executive Officer

Thank you very much. Good morning, everyone. Welcome to today’s investor briefing for our FY ’26 full year results. I am Brent MacGregor, I’m the CEO, and I’m joined today by Anita James, our Chief Financial Officer.

So today, I’m going to share with you an overview of our results and the company’s key achievements in the year and take you through our priorities for FY ’27. Anita will speak to the financials in more detail, after which I will give some closing remarks. And then as usual, we’ll have plenty of time for questions at the end of the presentation.

So on that note, why don’t we jump to Slide 4, and I’ll walk you through the key messages we want to convey today. So in short, our strategy to grow Penthrox, it continues to gain momentum. And as evidenced by our results in FY ’26, where we made some great progress.

We delivered a solid financial performance with very strong cash flow generation and earnings in both our Pain Management and Penthrox and in our respiratory segments were materially improved. And in that regard, free cash flow landed at $4.2 million.

So Penthrox in-market demand, it continues to grow, and it continues to grow across all of our jurisdictions. But we achieved some really significant milestones in FY ’26. A significant one in Europe was achieving the approval for the

The historic business has been snapped up by a larger regional group

A 150-year-old pharmacy in Cheltenham that collapsed into administration earlier this year has been sold off, securing the jobs of all staff.

Spa Pharmacy, which occupies a neo-Georgian terrace property on Rotunda Terrace, fell into financial difficulty in June, with insolvency specialists at BK Plus appointed shortly after.

The pharmacy has now been acquired by Hampshire-headquartered group Medicine Clinic Pharmacies for an undisclosed sum.

Medicine Clinic has taken over the day-to-day running of the business via a management agreement, with full completion to follow on NHS change of ownership approval.

Mitesh Patel, director at Medicine Clinic Pharmacies, said: “We are delighted to have exchanged on the takeover of Spa Pharmacy and, most importantly, to have been able to get the pharmacy back open and serving its local community so quickly.

“This was an exceptionally fast and complex transaction, with exchange achieved within just seven days, and it took a huge collaborative effort from everyone involved to make it happen.”

Mr Patel said the group’s “immediate priority” was to provide “stability and continuity” for patients, staff and the wider community.

“We are also very pleased to be working alongside the previous owners, whose knowledge of the pharmacy, its patients and the local community will be invaluable as we work together to rebuild the business and get it back on track,” he said.

“We see significant potential at Spa Pharmacy and are excited about the next chapter for the pharmacy, its team and the community it serves.”

The sales process was managed by Richard Thomas and Jonathan Board of property firm Christie & Co. The firm said it received 18 offers for the business before the sale with Medicine Clinic was agreed and that it demonstrated “the buoyancy” of the pharmacy market.

Mr Thomas said: “The pharmacy has traded as a successful independent business for many years, so speed was of the essence to ensure local patients could continue to access their medication. We undertook an expedited sales process and invited best and final offers within just one week.”

Simon Wall, associate director at BK Plus, added: “We are pleased to have been able to secure the sale of the Spa Pharmacy following an accelerated mergers and acquisitions process.

“The pre-packaged sale agreed immediately on myself and Brett Barton’s appointment as joint administrators has secured the employment of all of the company employees, and we anticipate a return to creditors.”

The founder of Evergrande, the property giant at the centre of China’s housing market slump, has been sentenced to life in prison and had all of his personal property confiscated.

Hui Ka Yan pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery.

Shenzhen Intermediate People’s Court also fined Evergrande Group 8.82bn yuan (£960m; $1.31bn), while its real estate unit was ordered to pay 7bn yuan, according to state media.

Hui’s sentencing marks a pivotal moment in the fallout from Evergrande’s collapse, which shook China’s property sector and left investors and domestic banks reeling.

Hui, also known as Xu Jiayin, rose from humble beginnings in rural China, where he was raised by his grandmother before venturing into property development and setting up Evergrande in 1996.

He oversaw the company’s rapid rise through an aggressive expansion funded with large amounts of borrowed money.

The firm became China’s biggest real estate developer, with a stock market valuation of more than $50bn (£36.7bn), but collapsed in 2021.

Evergrande’s implosion has often been blamed for triggering a broader slump in China’s property market that continues to weigh heavily on the economy.

Authority says mill clearance will pave way for housing schemes

An old mill in Heywood will be demolished to make way for Heywood’s regeneration.

Regent Mill is an industrial complex rather than the typical historic cotton mill you see dominating the skylines of Rochdalian towns. But the bulldozing of this deteriorating building on St James Street could unlock a wider vision for Heywood.

Rochdale council, who are carrying out the demolition work, say they hope to bring forward plans to build around 200 new homes in this area of the town.

These homes are expected to be more affordable homes. No timeline for when this could happen has been set out.

Once the former tile merchant has been levelled, it would facilitate housing schemes to come forward, according to the local authority. This would link into Heywood’s ongoing regeneration.

A fresh new Heywood Civic has already been completed. This has been accompanied by the makeover to Peine Square on the Civic’s doorstep.

Some £20m of the government’s Pride in Place funding is currently being spent, with grant applications for local businesses expected to be open soon. This would bring further cash directly to local organisations to better the area.

Coun Danny Meredith, cabinet member for regeneration and housing at Rochdale Borough Council, said: “The demolition of Regent Mill is part of the wider regeneration of this part of Heywood, as part of our masterplan. This will see us work with partners to transform brownfield sites around the town centre into new, high-quality much needed social homes for local people.

“Over time, we hope to bring forward more than 200 homes on and around the Regent Mill area. So where we now have empty sites, which are not visually appealing, we will have fantastic new homes to help address our housing shortage and give the whole area a lift.

“We have already seen considerable regeneration within Heywood town centre and this project will continue this redevelopment and further support local families.”

There are some concerns about the demolition work raised by highways teams. Highways explained that recent demolitions of properties in this area ‘have caused damage to highways surfaces causing significant risk to pedestrians’.

Planning papers described how the council intends to fence off the demolition site, including debris netting and site signage to protect pedestrians and the roads.

Michael Perich
CEO & MD

Good morning, and welcome to the presentation for the full year results for Noumi Limited for the financial year of 2026. I’m Michael Perich, Group CEO. And today, I’m joined by Noumi Chair, Genevieve Gregor, and I’d like to welcome our Group CFO, Iain Short, for his first call for Noumi.

It’s a pleasure to be with you today, and thank you for joining the call. We’ve uploaded the relevant materials to the ASX. You can navigate to the slides as you choose or follow on the screen. [Operator Instructions]

I will focus on the overview of the results and discuss the key elements of the progress of the company during the year. This will be followed by our strategy for the upcoming period. Iain will follow with the financial performance for the period, followed by closing remarks. Genevieve will take you through the Scheme Implementation Deed. We’ll then move to Q&A at the completion of the formal presentation.

The key messages for today’s call is, consistent execution of our strategy is delivering results. I’m proud of the progress we are making as we execute our plans, but there is more to do. As you will see in the results, FY ’26 is another year of consistent progress for Noumi with modest growth in revenue and underlying earnings, delivered alongside deliberate investment in brands, people and capabilities. These results were delivered in a challenging period with a number of external factors impacting the results.

Investments into our brands delivered revenue growth. Solid adjusted operating