Business
India Beyond the US: A new era of global partnerships
The United States: India’s Largest Export Anchor
There is no denying the importance of the United States for India’s trade ecosystem. In FY24–25, the US accounted for nearly 20% of India’s total exports, amounting to USD 86.5 billion, making it our single largest export destination. Key sectors such as engineering goods, electronics, pharmaceuticals, gems and jewellery, and textiles have built strong demand linkages with the US market over the years.
Strategic Export Diversification
However, what deserves equal attention and appreciation is how strategically India is positioning itself to reduce over-dependence on any one geography. Rather than waiting passively for the outcome of the US negotiations, India has been quietly but aggressively building alternative export corridors across Europe, the Middle East, Oceania regions like Australia, New Zealand and Latin America.
India–European Union FTA
ETMarkets.comSource : MOC&I
The most significant step in this direction has been the recently concluded Free Trade Agreement with the European Union (EU), often described as the “mother of all trade deals.” The agreement envisages the removal of tariffs on over 99% of Indian exports to EU, currently valued at approximately USD 75.76 billion, while progressively opening key segments of the Indian market to European Union participants. Over the longer term, the objective is to almost double bilateral trade volumes between India and the EU, significantly strengthening economic integration between the two regions. For sectors like textiles, this is a game-changer. Historically, India faced higher tariffs in Europe compared to competitors such as Vietnam and Bangladesh, putting Indian exporters at a price disadvantage. With tariffs now coming down, Indian textile companies can compete on equal footing in what is the world’s second-largest export market after the US. Over time, this significantly reduces the sector’s heavy reliance on American demand.
The electronics sector stands to benefit just as strongly. Currently, nearly 38% of India’s electronics exports are directed towards the US. The EU, on the other hand, represents a massive USD 750 billion electronics market, where India’s current penetration is still under USD 100 billion. The FTA opens the door for Indian manufacturers to diversify revenue streams and scale meaningfully in Europe. Pharmaceuticals, gems and jewellery, and engineering goods also gain access to a large, high-value consumer base, offering both volume growth and pricing stability.
Expanding the Trade Map
Complementing the EU deal is the recently signed trade agreement with the United Kingdom. The UK currently absorbs around 3.5% of India’s exports, but the new framework provides duty-free access on 99% of Indian goods and targets bilateral trade of USD 100 billion in the coming years. Once again, the biggest beneficiaries are the same export-heavy sectors that are most exposed to the US market. India has also inked FTAs with Oman and New Zealand, which are smaller in scale but strategically important for expanding market presence and building resilient trade networks.
Strengthening Middle East and Asia Corridors
Beyond signed agreements, negotiations are progressing rapidly with countries such as Australia, Chile, Peru, Korea and the Maldives. The urgency reflects a clear diplomatic and economic intent: India wants diversified trade partnerships before any global protectionist wave strengthens.
Even relationship repair efforts with nations like Canada and deeper engagement with the UAE, India’s second-largest trade partner, underline this broader strategy. India and the UAE aim to double bilateral trade to $200 billion by 2032, further strengthening India’s presence in the Middle East corridor.
Conclusion
From an investor’s lens, this is not just about trade numbers; it is about risk management at a national level. The US will continue to remain a critical partner for India. There is no realistic scenario where India disengages from the American market, nor should it. But what India is systematically ensuring is that no single country holds disproportionate influence over its export-driven sectors or broader economic trajectory. This diversification brings negotiating power, economic stability, and long-term growth resilience.
As markets remain sensitive to headlines around the India–US deal, investors should also recognise the bigger picture unfolding quietly in the background. India is not merely reacting to trade pressure; it is reshaping its global economic footprint.
(The author is Founder & CEO, SAMCO Group)
Business
The Changing Face of Weddings in Today’s Busy World
Not long ago, planning a wedding meant months of meetings with vendors, a church or venue booked a year in advance, and a guest list that somehow kept growing. Today? Couples are rewriting the rules entirely, and honestly, it’s fascinating to watch.
We live in a world that moves fast. Work schedules are packed, families are spread across time zones, and the idea of a two-year engagement filled with endless planning can feel overwhelming rather than exciting. So it’s no surprise that the wedding industry is shifting to meet couples where they are busier, more mobile, and more intentional about how they spend their time and money.
This isn’t about weddings becoming less meaningful. It’s the opposite, actually. Couples are cutting the noise and focusing on what truly matters: the commitment itself.
Why Traditional Weddings Are Losing Their Grip
There’s nothing inherently wrong with a traditional wedding. The ceremony, the reception, and the dancing until midnight can be magical. But for a growing number of couples, the logistics have become the enemy of the experience.
The average American wedding now costs well over $30,000. Add to that the time investment dress shopping, catering tastings, seating chart arguments, and vendor negotiations, and you start to understand why so many couples are stepping back and asking, “Is this really what we want?”
Several things are pushing this shift:
- Rising costs of venues, catering, and photography have made big weddings financially stressful for many couples starting their lives together.
- Remote work and relocation have scattered families, making it harder to gather everyone in one place.
- A cultural shift toward minimalism and intentionality is leading people to question whether a massive event truly reflects their values.
- The COVID-19 pandemic forced many couples to downsize, and a surprising number of them actually preferred it.
The Rise of Micro-Weddings and Elopements
Micro-weddings, typically 20 guests or fewer, have exploded in popularity. They offer the intimacy of a meaningful ceremony without the logistical circus of a 200-person event. Couples can spend more on each guest’s experience, choose a unique or unconventional venue, and actually enjoy their own wedding day.
Elopements, too, have shed their old reputation. They’re no longer seen as secretive or shameful. Instead, they’ve become a bold, romantic statement just the two of you, making a promise, on a mountaintop or a quiet beach or in your living room.
What Makes a Micro-Wedding Work
A smaller guest list doesn’t mean a lesser experience. In fact, many couples report that their micro-weddings felt more personal and emotionally resonant than a traditional reception ever could. Here’s what helps:
- Choosing a venue that actually means something to you, not just what’s available.
- Writing personal vows instead of defaulting to the standard script.
- Investing the saved budget into an extraordinary honeymoon or a home down payment.
- Keeping the focus on the couple, not the performance of it all.
Technology Is Changing How Couples Say “I Do”
Perhaps the most dramatic shift in modern weddings isn’t about guest counts or venue choices; it’s about how the legal side of marriage is handled.
For generations, getting legally married meant scheduling a courthouse appointment, standing in line, and navigating a bureaucratic process that felt completely disconnected from the romantic milestone you were marking. That’s changing. Online platforms now allow couples to handle much of this process from home, and in some states, it’s possible to get married online legally, a development that would have seemed unthinkable even a decade ago.
This isn’t about removing romance from the equation. It’s about separating the legal formality from the personal celebration. You can handle the paperwork efficiently and then celebrate in whatever way feels most meaningful to you, whether that’s a destination ceremony, an intimate dinner with close friends, or a backyard gathering with your favorite people.
What Online Marriage Services Actually Offer
It’s worth understanding what these services do and don’t do. They’re not replacing the ceremony; they’re streamlining the legal steps that happen before or after it. Typically, they help with:
- Marriage license applications guide couples through the requirements in their state.
- Connecting couples with ordained officiants who can perform legally recognized ceremonies.
- Facilitating virtual ceremonies for couples who are in different locations or whose families are spread across the country.
- Simplifying the paperwork that follows, including name changes and certificate processing.
For couples who are practical by nature or who simply don’t want the courthouse experience to be their defining memory, this kind of service fills a real gap.
Destination Weddings and the Global Couple
Another major trend reshaping the wedding landscape is the destination wedding, and not just in the classic Tuscany-villa sense. Today’s couples are choosing locations for deeply personal reasons: the beach town where they got engaged, the city where they met, the country one partner calls home.
Destination weddings also naturally limit guest lists, which many couples see as a feature rather than a drawback. Only the people truly committed to celebrating with you will make the trip. The result is often a tighter, more heartfelt experience.
That said, destination weddings come with their own legal complexities. Marriage laws vary by country, and some couples choose to legally marry at home, sometimes through an online service, and then hold their celebration ceremony abroad without the added paperwork.
What Couples Actually Want Now
Surveys and industry data tell an interesting story. Couples today prioritize a few things above all else when planning their wedding:
- Authenticity – they want the wedding to feel like them, not like a template.
- Flexibility – they want options that fit their actual lives, not idealized versions of them.
- Simplicity – fewer vendors, less stress, more presence on the day itself.
- Financial sanity – starting a marriage without crippling debt feels like a foundation, not a sacrifice.
The wedding industry is responding. Vendors who once specialized in grand ballroom events are now offering elopement packages. Officiants are getting ordained online and performing ceremonies in parks, living rooms, and rooftops. Photographers are building entire brands around intimate moments rather than large crowds.
The Legal Side Doesn’t Have to Be the Boring Part
There’s a tendency to treat the legal marriage process as purely administrative, something to get through before the “real” celebration begins. But that mindset is shifting.
Some couples are leaning into the simplicity of a legal ceremony as the ceremony itself. They dress up. They say meaningful words. They sign the license with intention. Platforms that let you get married online legally have made it possible to create a genuinely personal experience around the legal act of marriage, not just a checkbox before the party.
Think about what that means. A couple living in different cities could have a virtual ceremony with family dialing in from three different countries, and it would be legally binding. A couple who eloped could hold a surprise dinner for their closest friends a month later to celebrate, without any of the pressure of a traditional reception.
These aren’t lesser versions of getting married. They’re just different and, for many people, far more fitting.
Is This the End of Traditional Weddings?
Not at all. Traditional weddings aren’t disappearing; they’re just becoming one option among many, rather than the default expectation. Plenty of couples still dream of a white dress, a packed dance floor, and a five-tier cake. And they should have that if it’s what they want.
What’s ending is the idea that there’s only one right way to start a marriage. The pressure to conform to a template that may not fit your life, your budget, or your personality is slowly lifting, and that’s genuinely good news for everyone.
Couples who choose a courthouse elopement aren’t any less married than those who had 300 guests and a string quartet. The commitment is the same. The love is the same. The paperwork, legally speaking, is identical.
The Wedding of the Future Is Already Here
Weddings are changing because people are changing the way they live, work, and connect with the people they love. The modern couple isn’t settling for less when they choose a small ceremony or handle the legalities online. They’re making a deliberate choice about what their relationship’s foundation looks like.
At the heart of all these changes is a simple, timeless truth: marriage is about two people choosing each other. Everything else, the flowers, the venue, the number of guests, the method of filing a license, is just the frame around that central fact.
The most meaningful weddings have always been the ones that reflected the couple. Today, for the first time, there are enough options that any couple can actually find their version.
And maybe that’s the real story here, not that weddings are becoming simpler or more digital or less traditional, but that they’re finally becoming more honest. More personal. More you.
Business
WHO 13 Meteorologist Jeriann Ritter Announces Likely ALS Diagnosis, Faces Career-Ending Impact on Weather Team
Longtime WHO 13 meteorologist Jeriann Ritter has revealed she is facing a diagnosis of amyotrophic lateral sclerosis (ALS), a progressive neurodegenerative disease with no known cure or treatment, signaling a probable end to her on-air career after more than two decades delivering weather forecasts to central Iowa viewers.

In a candid, taped interview that aired during the station’s 6 p.m. newscast on February 24, 2026, Ritter opened up to colleague Keith Murphy about her health journey. Doctors believe she has bulbar ALS, a variant that primarily affects muscles in the face, throat, and neck, leading to difficulties with speech, swallowing, and breathing. She described the prognosis as grim, stating that if the diagnosis holds, “I’m probably done telling you about the weather. But I still have a lot to say.”
Ritter first noticed changes in her speech in October 2025, when her voice began sounding different. By late November, viewers started reaching out with concerns after noticing slurred or strained pronunciation during broadcasts. Some messages even asked if she had been drinking, prompting her to address the issue publicly. In January 2026, she posted on social media thanking supporters for their concern while confirming she was seeking medical attention and feeling otherwise well. A follow-up appearance on WHO’s “Hello Iowa” program that month revealed more somber news: neurologists indicated she would likely lose her ability to speak over time.
The February 24 interview marked her most detailed public disclosure. Ritter explained that bulbar-onset ALS targets the bulbar region of the brainstem, impacting essential functions early in the disease progression. Symptoms often begin with speech and swallowing issues before spreading to other muscle groups. She emphasized the emotional weight of the news but maintained a resilient outlook, expressing gratitude for her career and viewers who have supported her through the uncertainty.
Ritter joined WHO 13 in 2004 after four years at WXOW-TV in La Crosse, Wisconsin, where she served as morning meteorologist. A native of Melvin, a small town in northwest Iowa’s Osceola County, she developed an early interest in weather and pursued meteorology professionally. Over her 22 years at WHO—Des Moines’ NBC affiliate—she became a familiar presence on noon and 4 p.m. newscasts, later shifting schedules in 2022. Colleagues and viewers praised her steady, reliable delivery and warm on-air personality.
The announcement drew immediate reactions from the community. Social media posts on platforms like Facebook and Reddit expressed shock, support, and prayers from longtime fans who grew up watching her alongside veterans like Ed Wilson and John Bachman. Many highlighted her positive attitude amid adversity, with one commenter noting, “She was always such a steady, reliable presence.” Others shared personal stories of loved ones affected by ALS, underscoring the disease’s devastating impact.
ALS, also known as Lou Gehrig’s disease, affects motor neurons, leading to muscle weakness, paralysis, and eventual respiratory failure. Average survival after diagnosis is two to five years, though progression varies. Bulbar ALS often advances more rapidly due to its impact on vital functions. The ALS Association provides resources for patients and families, including support groups and research funding efforts.
Ritter has not specified an exact departure date from WHO but indicated she would continue forecasting as long as possible because she loves the work. Station management has not announced immediate changes to the weather team lineup, which includes chief meteorologist Ed Wilson and others. In the interview, she expressed hope for a “miracle” reversal—acknowledging neurologists’ fallibility—but prepared for the likelihood that her broadcasting days are nearing an end.
The news highlights the personal toll of progressive illnesses on public figures whose voices and presence become part of daily routines for audiences. Ritter’s openness has sparked broader conversations about ALS awareness in Iowa, where community support networks remain strong.
Viewers and colleagues have rallied around Ritter, flooding social media with messages of encouragement. She described herself as an “open book” willing to share her story, hoping it might help others facing similar challenges. As she transitions from on-air duties, Ritter plans to focus on family, advocacy, and whatever opportunities remain to communicate her message.
The WHO 13 team continues to cover her story with sensitivity, including explanatory segments on ALS and bulbar variants. For more information, the station directed viewers to the ALS Association website.
Ritter’s career at WHO has spanned major weather events, community outreach, and consistent professionalism. Her impending exit marks the end of an era for central Iowa television weather coverage, leaving colleagues and audiences reflecting on her contributions while offering unwavering support during this difficult chapter.
Business
NIO Inc. (NIO) Stock Trades Near $5.30 Amid Record Battery Swaps, Profit Turnaround Signals
NIO Inc.’s stock has shown modest gains in late February 2026, hovering around $5.30 after a volatile period, as the Chinese electric vehicle maker highlighted record battery-swap activity during the Lunar New Year holiday and reiterated expectations for its first adjusted quarterly operating profit in Q4 2025.

As of February 24, 2026, NIO (NYSE: NIO) closed at $5.30, up 0.19% on the day with volume of about 35 million shares. The shares have climbed roughly 8-11% over the past month but remain down significantly year-to-date and from 2025 peaks near $8. The 52-week range spans a low of $3.02 to a high of $8.02, reflecting ongoing pressures in the competitive EV sector amid subsidy phase-outs, pricing wars, and macroeconomic headwinds in China.
The recent uptick stems from operational highlights during the Spring Festival travel rush (Feb. 15-23, 2026). NIO reported completing 1 million battery swaps in less than a week—a new milestone—surpassing 100 million cumulative swaps overall. Daily records peaked at 177,627 on one day, marking the sixth single-day high in February alone. The feat underscores the scale of NIO’s proprietary battery-swap network, which now supports subscription-based models and differentiates it from pure charging competitors.
CEO William Li emphasized plans to add 1,000 new swap stations in 2026 while accelerating fifth-generation station construction. Management views the power business as a path to profitability, with the network driving recurring service revenue and customer loyalty amid high holiday travel demand.
Financial momentum builds on a February 5, 2026, profit alert. NIO projected adjusted operating profit (non-GAAP, excluding share-based compensation) of RMB 700 million to RMB 1.2 billion (about $100 million to $172 million) for Q4 2025—the company’s first quarterly adjusted profit. GAAP operating profit is expected at RMB 200 million to RMB 700 million ($29 million to $100 million). This contrasts sharply with a RMB 5.54 billion adjusted loss in Q4 2024.
The preliminary guidance reflects improved gross margins from cost controls, higher deliveries, and contributions from sub-brands Onvo and Firefly. January 2026 deliveries surged 96.1% year-over-year, though full Q4 2025 figures await final results. Management targets full-year breakeven in 2026, supported by new large SUVs launching across brands.
Product momentum includes upcoming SUV launches. The flagship ES9 (premium brand) and Onvo L80 are set for official unveilings around April-May 2026, with deliveries starting in May-June. The ES9 incorporates ET9 sedan technology in SUV form to compete in the luxury segment, while the L80 slots between Onvo’s L60 and L90 to broaden market reach. A dedicated product showcase is planned around April 10, coinciding with the Beijing Auto Show for Onvo.
Despite positives, challenges persist. Intense competition from BYD, Tesla, and domestic rivals has compressed margins, with government subsidy reductions impacting certain models. NIO’s cash burn and capital needs remain concerns, though the profit alert has eased some fears.
Analyst views are mixed but lean cautious. Consensus among 9-14 firms rates NIO a Hold, with average 12-month price targets ranging from $6.05 to $6.83—implying 14-29% upside from current levels. High targets reach $8.50-$9.01, low ends around $4.00. Firms like Morgan Stanley maintain Overweight ratings citing growth potential, while others note execution risks and volume guidance adjustments.
The next catalyst arrives around March 19-20, 2026, with Q4 and full-year 2025 earnings. Investors will scrutinize audited results, margin trends, delivery updates, and refined 2026 guidance. Strong execution on profitability and new model ramps could fuel further gains; shortfalls might renew downside pressure.
NIO navigates a pivotal phase in China’s EV landscape. Its battery-swap ecosystem, premium branding, and multi-brand strategy position it for differentiation, while the profit milestone signals maturing operations. As the sector consolidates, NIO’s ability to sustain momentum amid pricing and demand challenges will determine whether recent stability evolves into sustained recovery.
Business
Cipher Mining (CIFR) Stock Surges 12% Post-Earnings on HPC Pivot, $9.3 Billion Contracts Fuel Rebrand
Cipher Mining Inc. shares jumped more than 12% on February 24, 2026, closing at $17.12 after the company reported fourth-quarter 2025 results and detailed a major strategic shift from Bitcoin mining to high-performance computing (HPC) infrastructure, complete with a rebrand to Cipher Digital and $9.3 billion in long-term hyperscaler contracts.

The rally followed the February 24 earnings release and business update, where Cipher announced revenue of $60 million for Q4—below analyst estimates of around $84 million—and an adjusted net loss of $55 million, or $0.14 per share, wider than the forecasted $0.06 loss. Despite the miss, investors focused on the forward-looking transformation: Cipher has secured two major HPC data center leases totaling 600 MW of gross capacity and approximately $9.3 billion in contracted revenue over initial 10- to 15-year terms, with extension options.
The flagship deals include a 15-year lease with Amazon Web Services for 300 MW at the Black Pearl facility in Texas, generating about $5.5 billion in revenue at nearly 100% net operating income (NOI) margin, backed by Amazon’s guarantee on base rent and expenses. A separate 10-year modified gross lease with Fluidstack for 300 MW at Barber Lake carries roughly $3.8 billion in revenue at an 86% NOI margin, with Google providing a backstop guarantee up to $1.73 billion. Management projects average annualized NOI of $669 million from October 2026 through September 2036 from these contracts alone, rising to about $754 million annually by 2035.
CEO Tyler Page described 2025 as a “defining year,” marking the completion of Cipher’s evolution from a Bitcoin miner to a digital infrastructure platform. The company has contracted for HPC on about 74% of its pro forma 807 MW capacity, with the remaining 26% tied to Bitcoin self-mining at the Odessa site (approximately 207 MW at a power cost of roughly $0.028/kWh). Cipher plans to exit Bitcoin mining by the end of 2026, holding about 1,166 BTC as of February 20 and intending to monetize opportunistically without further mining capex.
To fund the pivot, Cipher raised substantial capital through senior secured high-yield bonds: $2.0 billion at 6.125% for Black Pearl (fully funding completion by October 2026), $1.4 billion at 7.125% for Barber Lake (also fully financed), and additional project-level debt. Liquidity stood strong at around $860 million as of mid-February, including cash and Bitcoin holdings.
Recent expansions bolster the pipeline. Cipher acquired the 200 MW Ulysses site in Ohio for future HPC development, diversifying beyond Texas. Near-term energization targets include Stingray (100 MW, Q4 2026) and Reveille (70 MW, Q3 2027). The company also divested its 49% stake in joint ventures (Alborz, Bear, and Chief Mountain) to Canaan Inc. in a non-cash transaction that included 6,840 mining rigs, streamlining operations.
Analysts have responded positively to the HPC focus amid surging AI demand. Consensus among 14-16 firms rates Cipher a Moderate Buy to Strong Buy, with average 12-month price targets around $25.11 to $27.00—implying 45-58% upside from the February 24 close. High-end targets reach $38 from Morgan Stanley, citing the bitcoin-to-datacenter conversion trend, while others like Northland Securities ($27.50), Needham ($26), Rosenblatt ($33), and BTIG ($25) maintain Buy ratings. The pivot aligns with broader industry shifts toward AI infrastructure, where power-rich sites offer stable, high-margin leases compared to volatile crypto mining.
Challenges remain. The Q4 miss stemmed from a tough Bitcoin environment and hashrate reductions (from 23.6 EH/s to 11.6 EH/s), contributing to ongoing losses. Execution risks include construction timelines, power sourcing, and integration of HPC operations. Regulatory and energy market dynamics could impact costs.
Upcoming catalysts include progress on Barber Lake and Black Pearl commencements in October 2026, potential additional leases, and Q1 2026 results expected in May. Management emphasized scaling construction, engineering, and operations teams with HPC expertise to originate and operate at scale.
Cipher Digital’s trajectory reflects the evolving digital infrastructure landscape. By leveraging its Texas power advantages and securing tier-1 tenants like AWS and Google-backed deals, the company positions itself for predictable, long-term cash flows in the AI era. Investors see the rebrand and contracts as validating the pivot, with the stock’s post-earnings surge underscoring optimism that execution could drive significant value creation through the decade.
Business
Can Omnitech IPO deliver long-term growth for investors?
The promoter group’s stake will fall to 74.2% after the IPO from 94.1%. The company has a loyal customer base with 97% of revenue coming from repeat business. With about 79% of its revenue coming from exports, including 58% from the US, the company faces geographical and tariff related risks. Additionally, It exhibited a longer working capital cycle and had negative cash flow from operations in FY25. Given these factors, investors may wait to see clarity in financials.
Business
Incorporated in 2006, Omnitech caters to customers across sectors such as energy, motion control and automation, industrial equipment systems, metal forming and others. It has three manufacturing units, all in Gujarat thereby creating geographic concentration risks. For instance, flooding from excessive rainfall in FY25 disrupted operations. It has a leased warehouse in Houston, USA. The company imports about 37% of its materials and uses hedging techniques to reduce currency risks.
AgenciesWorld Matters Biz is growing at high-precision components maker, but co is exposed to tariff shifts and has longer working capital cycle
Financials
Between FY23 and FY25, revenue grew by 39.1% annually to ‘342.9 crore and net profit rose 16.5% to ‘43.9 crore. Around 30% revenue comes from top three customers. The company has a longer working capital cycle – net working capital days at 256 in the six months to September. This may increase working capital needs thereby raising interest outgo.
Cash flow from operating activities was ‘11.8 crore in the first half of FY26, but the company faced operating cash flow deficit of ’69 crore in FY25, dropping from positive cash flow of ‘39.4 crore in FY23. Though return on equity (ROE) dropped sharply to 21.6% in FY25 from 53.9% in FY23, it remains well above peer range of 6-13%. For the six months ended September 2025, the company’s revenue and net profit was ‘228.2 crore and ‘27.8 crore, respectively.
Valuation
Considering the post-IPO equity and annualised profit for FY26, the price-earnings (P/E) multiple is 50 compared with above 66 for peers including Azad Engineering, Unimech Aerospace and Manufacturing, and PTC Industries.
Business
Vedanta share price rise 5% as BofA upgrades stock to Buy, raises target price by 75%. Here’s why
The international brokerage cited a more constructive outlook for aluminium prices, supportive silver prices and an attractive dividend yield of over 6% estimated for FY27. It also highlighted that significant deleveraging at the parent level reduces the risk of any increase in brand-fee rates or inter-corporate loans.
BofA has raised its FY26E–FY28E EBITDA estimates for Vedanta by 16–21%, factoring in higher aluminium price assumptions, an increased fair value for Hindustan Zinc, depreciation in the USD-INR rate and a lower holding-company discount of 5%, compared with 15% earlier.
Vedanta Q3 snapshot
Vedanta reported a 61% year-on-year jump in consolidated profit to Rs 5,710 crore for the third quarter, with revenue rising 19% to Rs 45,899 crore. EBITDA climbed 34% year-on-year and 31% sequentially to a record Rs 15,171 crore, while margins expanded sharply to 41%, supported by higher metal prices, stronger premiums, improved volumes and cost efficiencies.
The aluminium business stood out operationally, with alumina production rising 57% year-on-year to a record 794 kilo tonnes, while aluminium cost of production declined 11% year-on-year to $1,674 per tonne, aiding margin expansion. Zinc India and international zinc operations also delivered strong growth on the back of favourable commodity prices and improved volumes.
The stronger operating performance translated into better capital efficiency, with return on capital employed improving to 27%, up nearly 300 basis points from a year ago.
Vedanta share price performance
Vedanta share price has been off to a strong start in 2026, rallying 20% on a year-to-date basis. The stock is up 60% in the last six months.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Form 144 AUTOLIV INC For: 25 February

Form 144 AUTOLIV INC For: 25 February
Business
Cognex head of corporate M&A sells $3.46 million in stock

Cognex head of corporate M&A sells $3.46 million in stock
Business
Piyush Pandey sees buying opportunity in IT stocks despite AI fears
According to Pandey, current valuations are “extremely comfortable” and most stocks are trading below their five-year averages. “As of now, it looks like most of the stocks are in oversold zone and I would say, the fears from the AI are overblown. And as most of these management we also believe that AI would provide more opportunities in the medium to long term. In fact, there can be some price deflation for certain legacy projects, but that should be more than compensated with increasing volume of IT projects,” he explained in an interview to ET Now.
Pandey emphasized that while the near-term impact might be temporary, IT companies are well-positioned for growth over the next one to two years.
When asked whether the AI disruption is materially different from previous technology shifts such as cloud and internet adoption, Pandey noted, “Even with this disruption, it is more about improvement in productivity. Revenue per employee would increase, headcount addition would be more measured, and some routine tasks can get automated. IT services companies are well entrenched in the entire IT ecosystem where they understand the client’s context and their tech journey over decades.”
He added that this productivity boost could make previously unviable legacy transformation projects feasible. “Near term we might see some disruption, but I remain positive and it looks like even for FY27 performance would be slightly better compared to what we had in FY26,” Pandey said.
Concerns over AI reducing man-hours and impacting revenue models were addressed as well. “In this AI age I believe it would shift from man-hour base to fixed price or outcome-based projects. There has been significant increase in productivity, especially in coding hours, but for clients who were previously unable to implement IT projects, now it becomes easier and more affordable,” he said.
On margin pressure, Pandey commented, “There would be some margin compression for legacy projects. But as IT companies move towards outcome-based billing, margins would be broadly protected. For global tech companies in the US, if they cannot monetize AI properly, their margins can take a hit. There is more of a bubble case in AI for US tech companies, but for Indian companies, the opportunities are just too huge.”From an investor’s perspective, Pandey recommends patience. “Let the price stabilise, maybe it can take a month or so. But at the current valuations, if somebody has a long-term horizon… and even Q4 would be reasonably good. So, if somebody has a longer term, one can add; otherwise, they can wait for the prices to stabilise.”
He advises a balanced approach between largecap and midcap IT names. “I would say mix of a largecap and Infosys and Coforge one can have 50-50,” he said, highlighting them as top picks.
Pandey also flagged key metrics to monitor in the AI-driven IT cycle: “Companies will start reporting on deal TCV, especially AI-led deal TCV, and one needs to track the pace at which AI-led deal TCV grows. Even Infosys reported around 5.5% revenue from AI-led services and TCS had a similar number at around 5.8%, that $1.8 billion. AI-led revenue, AI-led deal TCV, and how the mix is changing quarter to quarter needs to be tracked. Plus, headcount addition is still important to keep their employee pyramid intact.”
With measured optimism, Pandey believes the Indian IT sector is poised to navigate AI disruption while delivering value to long-term investors.
Business
HSBC ADR earnings beat by $0.03, revenue topped estimates

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