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IFCI shares rally over 16% in two days as NSE IPO draws closer

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IFCI shares rally over 16% in two days as NSE IPO draws closer
Shares of IFCI climbed as much as 4% to Rs 101.60 on the BSE on Thursday, extending their rally into a second straight session and taking the stock’s two-day gains to more than 16% amid expectations that the long-awaited NSE IPO could be moving closer to launch.

IFCI owns more than a 50% stake in Stock Holding Corporation of India (SHCIL), which, in turn, holds over 4% of NSE. Through its controlling interest in SHCIL, IFCI enjoys indirect exposure to NSE, making its stock particularly sensitive to developments related to the exchange’s IPO.

NSE IPO soon?

Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey has said the regulator is close to approving the draft red herring prospectus (DRHP) filed by the exchange for its IPO.

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Last month, a Bloomberg report said NSE is seeking a valuation of as much as Rs 5.26 lakh crore ($55 billion) in its planned IPO.

The exchange filed its draft prospectus in June for an offering that will consist entirely of secondary share sales. Existing shareholders plan to sell as many as 148.9 million shares, representing about 6% of the company, according to the filing.


State Bank of India, MS Strategic (Mauritius) Limited, Canada Pension Plan Investment Board, Aranda Investments (Mauritius) Pte Ltd, Bank of Baroda, Stock Holding Corporation of India Limited, General Insurance Corporation of India, The New India Assurance Company Ltd., National Insurance Company Limited and United India Insurance Company Limited are among the selling shareholders in the offer for sale.
Last month, the Securities and Exchange Board of India (Sebi) told NSE it would settle all pending matters, including the co-location and dark fibre cases that have dogged the exchange for years, for Rs 1,491.2 crore.The settlement clears the last major regulatory obstacle standing between India’s biggest stock exchange and an initial public offering that has been delayed repeatedly by legal and regulatory tangles.

NSE IPO details

The proposed IPO is entirely an offer-for-sale (OFS) of up to 14.89 crore equity shares with a face value of Re 1 each, representing nearly 6% of NSE’s paid-up equity capital. The issue size has been fixed at 6% of the exchange’s paid-up capital.

In July, Dolat Capital Market Pvt., a local brokerage house, initiated coverage on India’s largest stock exchange with a bearish call, saying tighter regulations on the country’s equity derivatives market would crimp trading volumes and lead to a decline in its market share. As such, the rich valuations that the stock currently commands leave little room for upside, it added.

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NSE’s shares will be listed on BSE, mirroring the arrangement under which BSE’s own shares are listed on NSE.

NSE’s revenue from operations rose to Rs 16,601 crore in FY26 from Rs 14,780 crore in FY24, while net profit increased to Rs 10,302 crore from Rs 8,305 crore over the same period. However, profit after tax declined 15% year-on-year from Rs 12,188 crore in FY25 to Rs 10,302 crore in FY26, partly reflecting the impact of SEBI’s tighter regulations on equity derivatives trading.

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

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PrivateInvest chased for $17.2m over Burswood apartment

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PrivateInvest chased for $17.2m over Burswood apartment

PrivateInvest Capital Securities Limited and director Mark Roberts are being chased for $17.2 million by Finito Nominees Pty Ltd over the development of an apartment complex in Burswood.

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John Hancock Disciplined Value International Fund Q2 2026 Commentary (JDVIX)

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John Hancock Disciplined Value International Fund Q2 2026 Commentary (JDVIX)

Dollar sign on economic background

Rasi Bhadramani/iStock via Getty Images

Highlights

The MSCI EAFE Index—the fund’s benchmark—gained ground in the second quarter.

While the fund registered a positive total return, it underperformed the index.

Stock selection contributed to relative performance, while sector allocations detracted.

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Deutsche Telekom shares climb as Elliott targets T-Mobile merger plans

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Deutsche Telekom shares climb as Elliott targets T-Mobile merger plans

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Butcombe and Jeremy Clarkson’s Hawkstone launch ‘100 percent British’ beer

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The limited edition pale ale is made with entirely British ingredients

Hawkstone and Butcombe Brewing Co. have unveiled Hops & Glory

Hawkstone and Butcombe Brewing Co. have unveiled Hops & Glory(Image: Handout)

Jeremy Clarkson’s Gloucestershire-based brewery Hawkstone and West Country beer maker Butcombe have launched a special edition beer made entirely with British ingredients.

Hops & Glory is a new limited edition real English pale ale that brings together two of the UK’s top brewing brands in a celebration of British farming.

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The 4.2 per cent ABV ale was brewed at Butcombe Brewing Co’s state-of-the-art brewery in Bristol and has gone on sale for a three-month period.

Jayson Perfect, chief operating officer at Butcombe Group, said: “At Butcombe, we’ve been brewing cask ale for almost five decades, so collaborating on a beer that celebrates the best of British brewing and farming was an opportunity we couldn’t pass up.

“Hops & Glory combines quality ingredients, brewing expertise and a shared love of great beer, resulting in a pale ale we’re incredibly proud to pour in pubs across the UK. It’s a celebration of provenance and craftsmanship, and we hope it encourages more people to discover and enjoy one of Britain’s greatest brewing traditions.”

The new pale ale taps into growing consumer demand for locally sourced products and authentic British brands, according to the breweries, which said it would also “shine a spotlight” on the quality and character that have made cask ale a cornerstone of the nation’s pub culture.

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Andy Cross, sales director at Hawkstone, said: “Great beer starts with great ingredients, and Hops & Glory is a fantastic celebration of British farming and brewing from grain to glass. Working with Butcombe has brought together two brands that share a passion for quality, provenance and creating beers people genuinely love to drink.”

According to its producers, Hops & Glory delivers “vibrant citrus aromas, hints of tropical fruit, and a clean, crisp finish”. It is available in all Butcombe managed pubs and selected pubs around the UK.

A portion of the proceeds of every cask sold will be given to the Licensed Trade Charity, which provides financial and wellbeing support to hospitality workers, and Shout, the UK’s free, confidential 24/7 text support service for people experiencing mental health challenges.

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500-year-old Wiltshire manor to be turned into luxury hotel

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The property has an extensive history, with roots tracing back to at least the 14th century

Hazelbury Manor

Hazelbury Manor(Image: Local Democracy Reporting Service)

A Grade I listed manor house in Wiltshire is set to be transformed into an upmarket hotel. Wiltshire Council has this week approved plans by the new owners of Hazelbury Manor, at Box, to convert the 500-year-old property from residential use to hospitality.

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The owners aid they want to provide a “high-quality hospitality offer” that will bolster Wiltshire’s visitor economy while securing the long-term preservation of these important heritage assets.

Rural Solutions Ltd, representing the owners, described the manor house as “not suitable for modern living”.

“It was considered that the existing layout of the property is not suitable for modern living due to its long corridors and multiple courtyard areas and extensive floorspace,” they informed Wiltshire Council. However, it is that character that makes the property entirely appropriate for use as a hotel, which is believed to be its optimal viable use.”

The conversion includes the manor house, the Grade I listed Dower House, the Grade II listed Granary, and the Grade II Registered Park and Garden — including remnants of a 17th century formal garden and a “quirky” yew circle constructed in the mid-1980s and inspired by Stonehenge — all situated within 175 acres of land.

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The Manor has an extensive history, with roots tracing back to at least the 14th century and substantial development taking place between the 15th and 17th centuries. The great hall dates from the 1500s.

The structure underwent restoration and extension during the 1920s under the direction of restoration architect and architectural historian Sir Harold Brakspear, and later served as a girls’ school from 1943 to 1971 before reverting to private residential occupation.

The Dower House shares a physical connection with the Manor, while the Granary is situated to the east of the principal walled garden and has traditionally been utilised partly for residential accommodation, presently containing two residential units with ancillary buildings.

The broader estate includes tracts of agricultural land and parkland, traversed by several public rights of way, including bridleways and footpaths.

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Box Parish Council expressed no fundamental opposition to the planning application, provided that a comprehensive range of concerns were adequately addressed.

They said: “The Parish Council recognises that the proposed hotel use could help secure a viable long-term future for the historic buildings and wider estate, but considered that the application was lacking sufficient detail in several key areas, including traffic management, public access, the impact on heritage, trees, and landscape, and environmental impacts.

Natural England asked for mitigation to protect bats.

The Garden Trust said: “The application presents an opportunity to consider the broader implications for the Hazelbury Manor Historic Estate to provide a sustainable future for the estate and the applicant appears to be undertaking a careful, sensitive approach to its redevelopment which we welcome.”

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The 20th Century Society said: “We would object to the loss of any Ian Pollard-designed features, such as the Yew Henge and Prospect Mounds. We regard Pollard as a notable postmodern architect, and his interventions at Hazelbury Manor as of significance.

“His Jencksian earthworks and sculptures, alongside his more traditional planting, should be treated as being of high significance.”

The Society for the Protection of Ancient Buildings said “the proposed hotel use may represent a viable option to secure the long-term conservation of the site.”

And the Cotswolds National Landscape Board said it supported the principle of the proposed change of use, recognising that “hotel use represents an appropriate and viable option to secure the long-term conservation of the Manor and its grounds.”

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NYC Mayor Mamdani Bans AI For Nearly 600,000 Students Through Eighth Grade In Nation’s Strictest Policy

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New York City Mayor Zohran Mamdani

NEW YORK — New York City announced a one-year moratorium on students using artificial intelligence in public elementary and middle schools Wednesday, marking the most restrictive policy of its kind adopted by a major American school district.

Mayor Zohran Mamdani, alongside Schools Chancellor Kamar Samuels, unveiled the policy just days before the city’s roughly 1 million public school students return to classrooms for the 2026-27 school year on Sept. 10. The moratorium will bar the use of generative AI tools among students from the city’s 2-K early childhood program through eighth grade, affecting nearly 600,000 students, or about two-thirds of the district’s total enrollment.

Mamdani said the decision reflected a broader philosophy about how children learn best, emphasizing direct human interaction over reliance on artificial intelligence tools.

“Children need teachers and human connection in order to learn and grow,” Mamdani said at a press conference announcing the policy. “They need to develop skills alongside their peers, build relationships with educators and wrestle with tough problems on their own.”

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As part of the rollout, the city said it would disable AI components embedded in nearly 40 educational technology programs currently used in New York City classrooms that do not meet the administration’s new safety and oversight standards. High school students will still be permitted to use AI in certain limited circumstances, and the district plans to introduce AI literacy instruction for older students even as younger children remain barred from using the tools directly.

Teachers, meanwhile, will retain the ability to use AI for administrative purposes such as lesson planning and scheduling, according to a statement from the city.

Mamdani said he had not yet seen research demonstrating clear educational benefits from AI use among elementary and middle school students, aside from studies funded by companies with a financial interest in the technology’s adoption.

The policy also introduces new screen-time restrictions that vary by grade level. Students in second grade and below will face a complete ban on one-on-one screen time during the school day. Students in third through fifth grade will be limited to 30 minutes of screen time daily, while those in sixth through eighth grade will be capped at 45 minutes. The restrictions build on an existing citywide ban on cellphones and other personal devices during the school day for students from kindergarten through 12th grade, a policy introduced last fall that remains in effect.

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The AI moratorium carves out specific exceptions for assistive technology used by students with disabilities, English-language learners and students enrolled in career-readiness programs such as computer science courses. Companion chatbots, however, will be prohibited across all grade levels without exception, reflecting particular concern among city officials over AI tools designed to simulate ongoing, personalized conversation with young users.

City officials said the moratorium could be extended beyond the coming school year, pending a comprehensive review of AI’s role in education to be conducted by a coalition of educators, parents, technology experts and elected officials. That review is intended to guide any future decisions about expanding or further restricting AI access in city classrooms.

The move by the nation’s largest public school system comes after months of pressure from parents, teachers and elected officials urging the administration to slow the rollout of AI tools in classrooms. School principals were instructed in July to pause any new AI-related software purchases while the city finalized its policy, a notable shift from earlier guidance issued in March that had not included grade-based restrictions on AI use or broader limits on digital device time.

New York City is not the first major school district to grapple with student access to AI tools. The district previously imposed a temporary ban on ChatGPT shortly after OpenAI released the chatbot in 2022, before later lifting that restriction and introducing its own custom AI-powered teaching assistant developed with support from Microsoft, a major investor in OpenAI.

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Reuters reported that other large school districts, including Los Angeles, are currently reviewing their own AI policies, suggesting Wednesday’s announcement in New York could influence how other major metropolitan school systems approach the technology in the months ahead. Reuters characterized New York’s new policy as the most restrictive AI-related measure adopted by any school district in the country to date.

Representatives for major AI developers Google, Anthropic and Microsoft did not immediately respond to requests for comment on the announcement, according to Reuters.

The debate over AI’s role in K-12 education has intensified nationally as generative AI tools have become increasingly embedded in everyday classroom technology, from writing assistance programs to personalized tutoring software. Proponents of broader AI adoption in schools have argued the technology can help personalize instruction and support struggling students, while critics, including many of the parents and educators who pushed New York City toward Wednesday’s policy, have raised concerns about diminished critical thinking skills, reduced peer interaction and the potential for AI tools to substitute for genuine human mentorship during formative developmental years.

Mamdani framed the moratorium not as a rejection of new technology outright, but as a deliberate pause intended to ensure any future adoption of AI tools in classrooms is grounded in evidence of genuine educational benefit rather than industry-driven momentum.

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“This moratorium is a commitment to getting the future right,” Mamdani said. “We will embrace new technology, but only when it serves our students.”

The policy announcement arrives amid a broader national conversation about the appropriate boundaries for children’s engagement with AI systems, spanning not just classroom instructional tools but also companion chatbots and other AI products marketed directly to young users. New York City’s decision to prohibit companion chatbots across all grade levels, regardless of the exceptions carved out for assistive and career-readiness technology, reflects a particular note of caution among city officials toward AI products designed to foster ongoing, humanlike interaction with children.

With the new school year set to begin Sept. 10, city education officials are expected to spend the coming weeks communicating the specifics of the moratorium and revised screen-time rules to schools, teachers and families across the district, as New York City positions itself at the forefront of a rapidly evolving national debate over how, and whether, young students should be permitted to engage with artificial intelligence in the classroom.

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American Century Small Cap Growth Fund Q2 2026 Commentary

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Royce Small-Cap Opportunity FY 2025: What Worked... And What Didn't

American Century Small Cap Growth Fund Q2 2026 Commentary

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Lumino Industries shares soar 40% from IPO price after strong market debut. Should you buy or wait?

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Lumino Industries shares soar 40% from IPO price after strong market debut. Should you buy or wait?
Shares of Lumino Industries jumped another 4% on Thursday after making a strong market debut, listing with more than a 34% premium over the IPO price earlier in the morning, with analysts advising fresh investors to wait while IPO allottees should watch out for key levels.

The shares of the integrated engineering, procurement and construction (EPC) and manufacturing company opened at Rs 110 apiece on NSE, marking over 34% premium over the IPO price of Rs 82 apiece. Following the strong listing, the stock soared another 4% to hit the day’s high at Rs 114.48 apiece, marking a nearly 40% jump from the issue price. This added more than Rs 136 crore to the company’s market capitalisation less than an hour since market debut, taking it up to Rs 3,486 crore.

The company’s maiden public issue comprised a fresh issue worth Rs 500 crore, and an offer for sale (OFS) worth Rs 200 crore by promoters Devendra Goel and Jay Goel, at a price band of Rs 78-82 per share. The strong market debut came after the company’s Rs 700-crore IPO received an overwhelming response from investors, being subscribed more than 124 times between August 27 and August 31.
Qualified institutional buyers (QIBs) showed the most interest, booking their reserved portion around 233 times, while that kept for non-institutional investors (NIIs) was subscribed 185 times. Retail investors subscribed to their reserved portion over 40 times.Ahead of the IPO, Lumino Industries raised nearly Rs 207 crore from anchor investors on August 25, with marquee institutional investors including Citigroup Global Markets Mauritius Private Limited, SBI General Insurance Company Limited, Bajaj Life Insurance Limited, Silver Stride India Global Fund and 3PIM India Equity (IFSC) Fund participating in the anchor book.

Also read | Lumino Industries raises Rs 207 crore from anchor investors

How will Lumino Industries use IPO Proceeds?

Lumino Industries plans to use nearly Rs 337 crore for the prepayment or repayment of certain outstanding borrowings. It also proposed to spend around Rs 15 crore on capital expenditure, including equipment and machinery purchases, civil works, and interior development at an existing manufacturing facility.
The remaining proceeds will be deployed towards general corporate purposes. The company is an integrated engineering, procurement and construction (EPC) and manufacturing company focused on India’s power transmission and distribution sector. The company manufactures conductors, power cables, electrical wires and high-temperature low-sag (HTLS) conductors, which are used in power transmission and distribution infrastructure.

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Should you buy, sell or hold Lumino Industries shares?

Attractive valuations versus EPC and cable peers, strong profitability with an 11.71% EBITDA margin, and the highest RoNW among key peers supported Shivani Nyati’s positive view on the stock. The Head of Wealth at Swastika Investmart said the planned debt reduction from IPO proceeds could also help lower finance costs going forward.

At 17.5x FY26 earnings, the stock trades at a significant discount to peers, said Sunny Agrawal, Head of Fundamental Research at SBI Securities. He added that debt repayment through IPO proceeds should further lower interest cost and boost profitability in the ongoing financial year 2027.

However, the high dependence on government and PSU clients, which contribute 53-86% of revenue, remains a key risk due to tender-driven and potentially lumpy cash flows, said Nyati. For IPO allottees, she said that partial profit booking and holding the remaining shares with a trailing stop-loss of Rs 98–100 can be considered.

Fresh investors should avoid chasing the stock after the sharp listing gain and wait for some consolidation. “If the stock sustains above Rs 110–112 with strong volumes, it could move towards Rs 120–125. Medium-term investors can hold with prudent position sizing,” according to the analyst.

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Also read | Lumino Industries shares list at 34% premium over IPO price

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

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Barclays raises Adobe stock price target to $295 on AI growth

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Barclays raises Adobe stock price target to $295 on AI growth

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Owners allege ‘defects’ at Elizabeth Quay tower

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Owners allege ‘defects’ at Elizabeth Quay tower

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