The shares of Aequs extended sharp gains for the third consecutive session on Thursday, rallying more than 18% during the gaining streak to hit a lifetime high today as bullish brokerage calls boosted investor sentiment for the smallcap aerospace player.

Aequs shares jumped 7% today, hitting a record high of Rs 274.39 apiece. The sharp gains added more than Rs 2,850 crore to the smallcap company’s market capitalisation, taking it to above Rs 18,402 crore.

IIFL Capital on Aequs share price

IIFL Capital initiated coverage of Aequs with a Buy rating and a target price of Rs 320 per share, implying nearly 25% upside from the stock’s previous closing price of Rs 256.14 on the NSE.

The brokerage noted that Aequs is India’s only vertically integrated precision manufacturer of aerospace components and is extending its high-mix, low-volume manufacturing playbook into high-volume, high-mix consumer electronics, targeting a steady-state RoCE of nearly 20% by FY31. “While near-term valuations appear demanding, they are justified by Aequs’ differentiated franchise, deep competitive moats, and long-duration growth runway,” IIFL Capital said.

It added that the business in which Aequs operates has high entry barriers, driven by massive capital investments, multi-year customer qualification cycles, deep process engineering expertise, and stringent quality and certification requirements. These capabilities take decades to build and are difficult to replicate.
With integrated machining-to-assembly capabilities in India and strategic hubs in the US and France, Aequs enjoys Tier-1 supplier status with Airbus and Boeing, along with long-standing relationships with Safran, Collins, Spirit, and Honeywell, the brokerage said.While Aequs primarily operates in the aerospace segment, it has expanded over the past decade into consumer businesses, including consumer electronics, toys, and cookware.

“Given the scale-driven economics, high fixed-cost structure, and capital intensity of the ATP portfolio, we believe a consolidated valuation better captures the platform’s long-term earnings potential,” IIFL Capital said.

Also read: Smallcap aerospace stock jumps after earning bullish brokerage calls

Nuvama on Aequs share price

Earlier this week, Nuvama initiated coverage on Aequs with a Buy rating and a target price of Rs 444, implying an upside of nearly 73% from the stock’s previous closing price. The brokerage said Aequs deserves a valuation premium over pharma CDMOs because, unlike molecules, aircraft programmes never expire.

It also noted that Aequs is India’s only vertically integrated aerospace SEZ, supplying machined aerostructures, landing gear, and engine parts to OEMs such as Airbus and Boeing. It is also India’s first genuine pure-play aerospace precision manufacturer—a moat built over time, not through capital alone, it added.

According to Nuvama, the company’s $889 million order book supports a 42% revenue CAGR and an 84% EBITDA CAGR over FY26-29. “Fifteen years of patient capital allocation has produced something genuinely scarce in Indian manufacturing: a NADCAP-certified, vertically integrated aerospace SEZ supplying machined aerostructures, landing gear and engine parts from a single campus in Belagavi to Airbus, Boeing, Safran, Collins and Bombardier. The $889 million contracted order book, with 7.4x revenue coverage, is not just a sales pipeline; these are firm purchase orders tied to OEM production schedules.”

“Each part is backed by a complete FAI and an 18-36-month requalification barrier, while the 5,654 SKUs further strengthen this moat with every new part added. The strategic pivot towards engine components, cemented by the Rs 19 billion Tamil Nadu MoU for India’s first integrated aero-engine ecosystem, puts Aequs on the map,” Nuvama said.

Also read: This smallcap aerospace stock could soar up to 91%, predicts Nuvama

Aequs share price

Aequs shares listed at Rs 140 apiece on the NSE in December last year, marking a premium of nearly 13% over their IPO price of Rs 124. The IPO, comprising a fresh issue of Rs 670 crore and an offer for sale worth Rs 251.81 crore, received an overwhelming response from investors. It was subscribed 122.93 times in the QIB category, 83.61 times in the non-institutional investor category, and 81.03 times in the retail segment.

After listing, the shares fell more than 19% to a record low of Rs 113.30 in March this year. The stock has since rallied about 142% in nearly four months to hit a fresh lifetime high.

Also read: Why is market rising today? Sensex jumps over 600 points, Nifty reclaims 24,000. 5 key factors behind today’s sharp D-Street rebound

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

Shares of Swiggy and Eternal rallied up to 7% on Thursday, extending their recent gains as improving sentiment around the food delivery and quick commerce space lifted investor confidence. The rally was supported by Swiggy’s foreign ownership dropping below 50% and bullish brokerage views on the long-term growth prospects of both companies.

Swiggy shares surged more than 7% to hit a more than two-month high of Rs 280.05 apiece on the NSE. Eternal shares, meanwhile, jumped nearly 5% to trade at Rs 300.35 apiece.

Swiggy’s foreign ownership falls below 50%

Swiggy this week announced that domestic ownership had crossed the 50% mark. In an exchange filing, Swiggy said as of July 6, the “aggregate foreign investment in Swiggy Limited including foreign portfolio investment, foreign direct investment and other indirect foreign investment stands at approximately 49.76% of the total paid-up equity share capital of the Company on a fully diluted basis, as per data available from the designated depository.”

Swiggy clarified that this by itself does not result in any changes to the ownership or control status of the company, nor does it have any impact on the share capital, management, business operations, voting rights or rights attached to the equity shares.

This comes after Swiggy shareholders in May failed to pass a resolution to classify it as an Indian-owned and controlled company (IOCC), a status that would let its quick commerce arm Instamart own inventory directly, improving margins and supply chain control.

Under India’s current Foreign Exchange Management Act (FEMA) provisions, a company can qualify as an IOCC only if both ownership and control rest with resident Indian citizens or eligible Indian entities, including through a board composition and nomination framework that supports domestic control.

Also read: Swiggy shares jump as foreign ownership falls below 50%. What this means quick commerce giant?
IOCC status would allow Instamart to operate with fewer restrictions under India’s FDI policies and allow it to own its inventory, like Blinkit, the market leader.

What lies ahead for Eternal?

Motilal Oswal in a recent report said that the food delivery business which had witnessed a slowdown earlier has now accelerated in the third quarter. “The improvement is being driven by targeted activation of budget-conscious customers and curated affordable meal offerings (e.g. meals under Rs 250). While NAOV has moderated, higher order frequency and new customer additions are driving volume growth. We continue to view FD as a stable duopoly and expect growth to remain in the range of ~18-20% over the medium term,” it said.According to the domestic brokerage, quick commerce remains the bigger story. In this space, competition is intense and growth has moderated from the exceptional pace of the last two years, with FY27 estimates now down to around 70% YoY growth (vs 85-100% earlier). Despite this, Blinkit’s position continues to strengthen, Motilal said, highlighting attractive valuations.

While Eternal and Swiggy investors worry about Amazon and Flipkart’s entry into India’s tight spaced quick commerce segment, analysts at Anand Rathi believe that Blinkit is the undisputed market leader that is structurally well-positioned in this space to handle the heat.

In its note on quick commerce released earlier this month, Anand Rathi highlighted that Blinkit’s market leadership is likely to be maintained on the back of clear scale advantage with strong customer retention without relying on heavy discounts. The domestic brokerage maintained its ‘Buy’ rating on the shares of Eternal with a target price of Rs 400 apiece. For Swiggy, Anand Rathi has a ‘Hold’ call with a target price of Rs 310 apiece.

Also read: Blinkit to remain undisputed market leader despite Amazon, Flipkart’s QC entry, says Anand Rathi

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

FOXBOROUGH, Mass. — France opens the World Cup’s quarterfinal round Thursday against Morocco, with kickoff set for 4 p.m. Eastern time, as Les Bleus look to continue an unbeaten run that has established them as the tournament’s most dominant team through six matches.

France enters the quarterfinal having won all six of its games this tournament while scoring 17 goals along the way, the standout performance of this year’s World Cup. Didier Deschamps’ side swept through the group stage with wins over Senegal, Iraq and Norway, then routed Sweden 3-0 in the Round of 32 before edging Paraguay 1-0 in the Round of 16 on a Kylian Mbappe penalty. That result extended France’s winning streak to six consecutive matches heading into Thursday’s contest, giving the squad significant momentum as it pursues a place in the semifinals.

Morocco has similarly impressed throughout the tournament, becoming the first African nation to reach back-to-back World Cup quarterfinals, following the team’s memorable run to the semifinals in 2022. The Atlas Lions advanced to this stage with a commanding 3-0 win over co-host Canada in the Round of 32. Morocco does enter Thursday’s match with an injury concern, however, as star striker Ismael Saibari is uncertain to play due to a hamstring issue that has been monitored throughout the team’s preparation for the quarterfinal.

According to odds from FanDuel Sportsbook, France is a heavy favorite on the 90-minute moneyline at -180, meaning a $180 bet would return $100 in profit, while Morocco is priced at +550 and a draw sits at +280. Looking at the broader outcome of the match, including extra time and penalties if necessary, France is priced at -420 to advance to the semifinals, with Morocco at +310. The over/under for total goals scored in the match is set at 2.5.

SportsLine’s Martin Green, who has built a strong track record handicapping this year’s tournament, has published his picks for the matchup ahead of kickoff. Green enters Thursday’s match on an 18-7 run on his World Cup picks this year, a stretch that has returned a profit of $908 for those following his selections, according to figures cited by SportsLine. He has also posted profitable results across other soccer competitions this year, including a plus-$211.25 return on Champions League picks and a plus-$100 return on Bundesliga selections, building his reputation as one of the more closely followed soccer handicappers heading into the World Cup’s knockout stage.

Green’s analysis of Thursday’s matchup points toward a high-scoring affair between the two sides. He is leaning toward the over on the 2.5 total goals line, priced at -102 with FanDuel. His reasoning centers on the attacking output both teams have shown throughout the tournament: France has scored at least three goals in all five of its previous matches at this World Cup, averaging 2.8 goals per game, while Morocco, despite recording only two clean sheets in five matches, has scored 10 total goals of its own, including a three-goal outing against Canada in the Round of 32. “Both teams have the quality to get on the scoresheet, and this quarterfinal has the makings of a high-scoring affair,” Green told SportsLine.

Beyond the over/under selection, Green has identified what he describes as a critical factor shaping the matchup, along with a pair of additional best bets for the contest, available to those following his full analysis through SportsLine.

Thursday’s match represents the first of four quarterfinal contests scheduled across the tournament’s knockout stage. The winner of France vs. Morocco will advance to face the winner of Friday’s quarterfinal between Spain and Belgium, a matchup set for Los Angeles Stadium. Spain reached this stage with a dramatic 1-0 win over Portugal that marked the end of Cristiano Ronaldo’s storied World Cup career, while Belgium advanced after routing co-host United States 4-1 in the Round of 16.

France’s tournament has been built around the continued excellence of Mbappe, who currently sits tied for the tournament’s Golden Boot lead with seven goals, level with Argentina’s Lionel Messi and Norway’s Erling Haaland. Mbappe’s penalty conversion against Paraguay in the Round of 16 proved decisive in a tightly contested match, and his continued scoring form is expected to be central to France’s attacking approach against a Morocco defense that has shown both resilience and occasional vulnerability throughout the tournament.

For Morocco, the potential absence of Saibari would represent a significant blow to the team’s attacking options heading into one of the biggest matches in the program’s history. Saibari scored in three consecutive group-stage matches earlier in the tournament, establishing himself as one of Morocco’s most important attacking contributors before the hamstring issue emerged. Coach Walid Regragui’s team will need to find alternative sources of scoring threat if Saibari is ultimately unable to feature, particularly against a France side that has conceded sparingly throughout the competition.

Fans looking to watch Thursday’s match can stream the contest through Fubo, which offers a free trial for new subscribers, among other broadcast options carrying the tournament in the United States.

With France entering as significant favorites both on the 90-minute moneyline and to advance overall, Thursday’s quarterfinal represents a considerable step up in competition for a Morocco side that has nonetheless proven capable of producing standout performances against elite opposition throughout this tournament and the previous World Cup in 2022. Whether Morocco can replicate that giant-killing capability against the tournament’s most in-form team will go a long way toward determining which side advances to face the winner of Friday’s Spain-Belgium quarterfinal in the tournament’s semifinal round.

SYDNEY — Australian shares closed lower Thursday, with the S&P/ASX 200 index falling 22.6 points, or 0.26 percent, to 8,762.5, as renewed hostilities between the United States and Iran pushed oil prices sharply higher and weighed on the broader market, even as energy stocks posted strong gains on the back of surging crude prices.

The decline extended a difficult run for Australian equities, marking the fourth consecutive session of losses. The index fell 0.3 percent to close at 8,804 on Tuesday, then dropped a further 0.2 percent to 8,785 on Wednesday, as investors grew increasingly cautious following the collapse of the ceasefire agreement between Washington and Tehran. President Donald Trump declared the U.S.-Iran ceasefire “over” earlier this week, and American forces launched fresh strikes against Iran on Tuesday in response to attacks on three commercial vessels transiting the Strait of Hormuz, sending oil prices climbing roughly 11 percent over the past five trading sessions.

Thursday’s session opened sharply lower, with the ASX 200 down as much as 0.9 percent in early trade before paring some losses through the day. Key sectors including materials, financials and healthcare each fell more than 1 percent during the session, while energy stocks continued their strong recent run, climbing further as oil prices extended their advance. The S&P/ASX 200 Energy index rose 1.9 percent Thursday, marking its second consecutive day of gains and pushing the sector to a near three-week high, with strength spanning coal, refining, uranium, and oil and gas names. Utilities stocks with exposure to liquefied natural gas markets, including AGL Energy and Origin Energy, also moved higher during the session.

Beyond the energy-driven divergence, several individual company developments shaped Thursday’s trading. Gold miner Pantoro fell sharply, dropping 19.6 percent to $1.77, after reporting full-year 2026 gold production of 77,400 ounces, roughly 10 percent below its downgraded guidance range of 86,000 to 92,000 ounces. The company attributed the shortfall to labor shortages, contractor underperformance and equipment availability issues affecting underground production, though it maintained a debt-free position with cash and gold holdings of $223.4 million. Pantoro’s fiscal 2027 guidance pointed to a step-up in output, targeting 90,000 to 105,000 ounces at an all-in sustaining cost of $2,800 to $3,400 per ounce, weighted toward the second half of the year, alongside plans to resume open-pit mining at its Green Lantern site and begin underground development at O’Briens Reef from the September quarter.

Elsewhere in the resources sector, gold miner Catalyst Metals entered forward contracts covering 30,000 ounces of gold at a fixed price of $6,075 per ounce, with deliveries spread evenly at 2,000 ounces per month over 15 months beginning in August, a move designed to protect near-term revenue against price volatility. Construction materials group Fletcher Building rallied after upgrading its fiscal 2026 earnings guidance, providing one of the session’s more notable positive company-specific catalysts.

Wednesday’s session had featured broader sectoral pressure, with electronic technology, non-energy minerals and industrial services stocks dragging on the index. BHP Group fell 2.3 percent that day after workers announced plans to strike July 16 at the company’s Western Australian iron ore terminal over demands for recognition of specialist skills and associated compensation. Trading Economics reported that early losses on Wednesday were trimmed somewhat after Reserve Bank of Australia Assistant Governor Sarah Hunter noted that domestic economic activity remained resilient despite weaker consumer and business sentiment following the recent oil price shock.

Tuesday’s session had seen even broader-based selling, with mining heavyweight BHP Group dropping 2.9 percent, Evolution Mining sliding 3.8 percent, Telstra losing 3.1 percent, and Macquarie Group falling 2.4 percent, while the four major banks each declined between 1.0 and 1.7 percent. Gold stocks were hit particularly hard that session, tumbling 4.3 percent as bullion prices retreated, with Northern Star Resources, Australia’s largest listed gold miner, dropping 5.1 percent. Not every stock struggled during that stretch, however, with WiseTech Global jumping 5.7 percent on Tuesday after the technology company named a new chair, a move the market interpreted as addressing lingering governance concerns that had weighed on the stock in recent months.

The broader macroeconomic backdrop has added further uncertainty to trading this week. The International Monetary Fund cut its 2026 global growth forecast to 3 percent, citing risks stemming from the Middle East conflict, while projecting Chinese economic growth would slow to 4.6 percent amid higher oil prices and structural headwinds, with India expected to lead major economies at 6.4 percent growth. The IMF’s updated forecast assumed energy prices would remain roughly 25 percent above prewar levels, based on an assumption that the Strait of Hormuz would reopen from mid-July, while flagging renewed Middle East conflict, trade fragmentation and a possible correction in AI-driven equity valuations as the primary downside risks to the global outlook.

Regional monetary policy also factored into Thursday’s session. The Reserve Bank of New Zealand raised its Official Cash Rate by 25 basis points to 2.5 percent, marking its first rate increase since 2023, and signaled further tightening was likely as it works to bring inflation back toward its target. The bank projected inflation would peak at 3.9 percent in the current quarter before easing to 3.3 percent by the September quarter, an improvement on its previous forecast of a 4.3 percent third-quarter peak.

Investors also remained focused on data due later this week from China, Australia’s largest trading partner, with June consumer price index and producer price index figures expected to offer fresh signals on the health of Chinese demand. Overnight, Wall Street finished mostly lower but well off session lows, with the S&P 500 closing down 0.28 percent after touching lows of negative 1.09 percent intraday, as chip stocks including Nvidia and Broadcom helped support the broader market even as risk sentiment soured following the collapse of the U.S.-Iran ceasefire.

With Middle East tensions continuing to develop and no clear resolution in sight, investors are likely to remain focused on further geopolitical developments, oil price movements, and this week’s Chinese economic data as they assess whether the current pullback in Australian equities represents a temporary pause or the beginning of a more extended period of volatility heading into the back half of 2026.

Shares of Antony Waste Handling Cell tumbled 5% to their day’s low of Rs 431 on the BSE on July 8 after the company informed exchanges about a serious incident at its Waste-to-Energy (WtE) facility in Pimpri Chinchwad, Pune, Maharashtra.

Rescue operations are currently underway to search for and assist individuals who may be trapped under the debris. The company said the number of people injured or otherwise affected is still being ascertained and will be confirmed by the concerned authorities, the company said in a regulatory filing.

The company said a waste mound located outside its PCMC Waste-to-Energy plant collapsed after becoming unstable due to continuous and exceptionally heavy rainfall. The debris fell onto the administration building, leading to the collapse of the structure.

According to the company, emergency response measures were initiated immediately after the incident. Personnel from the Fire Brigade, the National Disaster Response Force (NDRF), a squad of the Indian Army, senior officials of the company and the Pimpri Chinchwad Municipal Corporation (PCMC), disaster response teams and other emergency agencies reached the site.

Also read: About 16 people stranded in building collapse in Pune’s Pimpri-Chinchwad, rescue efforts underway

Antony Waste Handling Cell said its immediate priority is to support the ongoing rescue and relief efforts and extend all possible assistance to the municipal corporation, local administration, emergency response agencies and other authorities. It added that medical assistance is being provided to the injured, support is being extended to affected families, and efforts are underway to identify and account for all personnel who were present at the site.

Cause of collapse

Based on preliminary information, the company said the waste mound had become destabilised due to continuous and exceptionally heavy rainfall before collapsing onto the administration building. It said the incident appears, prima facie, to have been triggered by the unprecedented weather conditions, noting that the region had experienced continuous and exceptionally intense rainfall in the preceding period.
The company also said the plant was under a scheduled maintenance shutdown when the incident occurred, resulting in a limited number of operating personnel being present at the site. Based on the information currently available, it added that no immediate material impact on the company’s operations has been identified.
Antony Waste Handling Cell said it continues to work closely with the relevant authorities and emergency response agencies and will provide further updates as verified information becomes available.

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

Shares of IT bellwether Tata Consultancy Services (TCS) dipped 2% to Rs 2,016 on the BSE on Thursday as the company is all set to announce its results for the April-June quarter of the ongoing financial year 2027, officially kickstarting the Q1 earnings season for the IT pack on Dalal Street.

TCS shares have already crashed more than 36% this year so far amid multiple headwinds including AI worries, inflationary pressures due to the Middle East war and more. In this background, analysts on Dalal Street expect India’s largest IT services company to report modest profit growth for Q1 FY27, with weak revenue momentum.

What to expect from TCS Q1 earnings?

The Tata Group company is expected to report a 13% year-on-year growth in revenue and 4% YoY rise in profit for the quarter under review, based on an average of estimates by six brokerages. However, sequential growth is likely to be nearly flat.

IT services are expected to remain soft in Q1 FY27 amid a cautious demand environment, with growth partially supported by large deal ramp-ups, outcome-based engagements, and AI-led spending, Axis Securities said. It added that margins are likely to remain mixed, impacted by wage hikes and AI investments, but partly offset by currency depreciation and productivity gains.

Axis expects TCS to report a topline growth of 1% QoQ, supported by growth in BFSI, HiTech, and the benefit of rupee depreciation. EBIT margins are likely to decline by 98 bps QoQ due to wage hikes and continued AI investments. Key monitorables in TCS’ earnings print will include demand environment, deal pipeline, vertical-wise commentary and FY27 outlook, according to the domestic brokerage.
Also Read | TCS Q1 Preview | Can the IT bellwether earnings give hope to investors holding the battered stock?
Nomura in its note had said that Indian IT services companies, particularly largecaps like TCS, are in the midst of a perfect storm of two key headwinds. First, the macro uncertainty emanating from the ongoing Middle-East conflict and uncertainty around rates, particularly in the US, is keeping client spending subdued at the margin level. Second, when tech spending from clients is not increasing, there is heightened competition among IT services companies and the economic dividend of AI is being immediately surrendered to clients.
“With firms like Accenture indicating the lingering impact of the war on growth would continue in the near-term (implying a subdued 1H FY27F for Indian IT, in our view), we believe FY27F is likely to be another subdued year,” it said, while highlighting its optimistic outlook on long-term opportunities.

Nomura believes that the fear of frontier models implementation at enterprises displacing IT services vendors is overblown, as the context matters and tolerance for errors is zero. “We expect the upcoming earnings season to be sombre with weak quarterly growth trends from most of the large caps (weakest at -1.3% q-q from Wipro and the strongest at +1% for TechM. We expect mid-caps in general to continue posting stronger growth vs large caps. We do not expect any changes to the annual guidance from Infosys and HCL Technologies, and expect Wipro to guide -1% to +1% revenue growth in 2Q FY27E,” it said.

TCS share price

TCS shares have fallen around 39% in the past one year and 4% in one month, dropping to a fresh 52-week low of Rs 1,977 apiece earlier this month. The stock currently has a P/E ratio of around 15x.

In the longer term, the shares of the IT major have dropped more than 38% in three years and 36% in five years. The company currently has a market capitalisation of Rs 7.45 lakh crore.

Also Read | TCS braces for muted June quarter earnings; AI outlook and deal pipeline in focus

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

Wilson said TASC applauded the goal to phase out fossil fuels, but condemned “the government’s continued reliance on dirty and dangerous nuclear power”.

He said this created a “multi-generational financial and environmental liability”, leaving our descendants with years of flood defence maintenance and the “insurmountable challenge of safe, millennia-long, highly radioactive nuclear waste isolation, amid a changing climate”.

“Global instability and conflicts in Iran and Ukraine have highlighted that nuclear power plants and their waste facilities are highly vulnerable targets, undermining their promise of energy security,” he added.

“Relying on Sizewell B and C for a combined output of 4.4 GW concentrates immense power generation in East Suffolk, making the area a prime target for malicious attacks with potentially catastrophic environmental consequences.

“Furthermore, TASC believes this centralization increases the national grid’s exposure to massive blackouts caused by a single accident or technical failure.”