Indian households‘ equity exposure to the secondary markets fell by Rs 54,786 crore in FY25 indicating investors likely booked profits amid valuation concerns and heightened volatility according to an article published by the Securities and Exchange Board of India (Sebi).

In contrast, equity investments witnessed strong traction in the primary market as household flows into equities through IPOs, FPOs, rights issues and preferential allotments rose to Rs 95,139 crore in FY25 – more than double the Rs 46,879 crore recorded in FY24.

The domestic households put their trust on mutual funds which turned out as the biggest driver of inflows. The investments through MF schemes in the primary market jumped to Rs 5.13 lakh crore in FY25 from Rs 2.85 lakh crore in FY24 and Rs 1.66 lakh crore in FY23. Secondary market mutual fund flows, including ETFs, also rose sharply to Rs 30,885 crore in FY25 compared with Rs 9,783 crore in the previous year. Together, the flows stood at Rs 5.43 lakh crore.

The article authored by Dr Prabhas Kumar Rath, Shyni Sunil and Kalyani H, revealed household savings through the Indian securities market sharply increased to a record Rs 6.91 lakh crore, nearly doubling from Rs 3.58 lakh crore in FY24. Apart from equities and mutual funds, the other preferred instrumests were debts, REITs and InvITs.

The data highlights a structural shift in household savings behaviour, with financial assets increasingly gaining preference over traditional avenues such as gold and real estate. Sebi noted that the revised methodology now captures a broader set of investments including secondary market participation, REITs, InvITs and private placements, offering a more realistic picture of household participation in capital markets.

The growing appetite for mutual funds was also visible in the stock of household assets. Household mutual fund holdings climbed to Rs 44.39 lakh crore at the end of FY25 from Rs 36.28 lakh crore a year earlier and Rs 24.45 lakh crore in FY23. Even so, household ownership of equities continued to swell due to market appreciation and continued primary market participation. The value of household equity assets increased to Rs 88.92 lakh crore in FY25 from Rs 84.07 lakh crore in FY24 and Rs 53.67 lakh crore in FY23.
The Sebi article said the revised methodology increased the household savings through securities markets-to-GDP ratio to 2.17% in FY25 compared with 1.71% under the earlier approach, indicating that the role of financial markets in household wealth creation had been materially underreported earlier.The Sebi article emphasized that the household savings channeled through the securities market is a crucial component of the financial savings. The data on household savings reported by RBI relied partly on estimations. While data on mutual fund investments were sourced from Sebi, 35% of the equity via public and rights issuances and 40% of the public issuances of corporate debt were considered for equity and debt, respectively, the Sebi note said. “The household shares in equity, debt and mutual funds, thus computed were in turn used by MoSPI in the computation of Gross Savings in the economy,” it said further.

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

NEW YORK — Dorian LPG Ltd. (NYSE: LPG) shares jumped more than 12% in midday trading Wednesday after the liquefied petroleum gas shipping company reported sharply higher fourth-quarter earnings, driven by elevated freight rates and strong demand for very large gas carriers (VLGCs).

The stock rose to $47.64, up $5.31 or 12.56%, as of 11:39 a.m. EDT, with volume exceeding average levels. The move followed the company’s announcement of fiscal fourth-quarter results that far exceeded prior-year figures.

Dorian LPG reported net income of $81.0 million, or $1.90 per diluted share, for the three months ended March 31, 2026. That compared with net income of $8.1 million, or $0.19 per diluted share, in the same period a year earlier.

Adjusted net income, which excludes certain items including unrealized gains or losses on derivatives, totaled $80.4 million, or $1.89 per diluted share. This beat analyst consensus estimates of around $1.48 per share. Revenues climbed 102% to $153.3 million from $75.9 million.

Time charter equivalent (TCE) rates for the fleet averaged $63,615 per available day, up 80.1% from $35,324 in the prior-year quarter. The Baltic Exchange Liquid Petroleum Gas Index averaged $90.453 during the period, compared with $51.715 a year earlier.

For the full fiscal year ended March 31, 2026, the company posted net income of $193.7 million, or $4.54 per diluted share, on revenues of $481.5 million. Adjusted net income reached $194.8 million, or $4.57 per diluted share. TCE rates averaged $52,238 per day.

John Hadjipateras, chairman, president and chief executive officer, said in a prepared statement: “Our strong results for the quarter reflect a healthy freight market and the dedication of our seagoing and shore side employees. Fortunately, none of our people or ships are in the Middle East Gulf. The delivery of the Areion in late March and the sale of the 2015 built Cobra highlight our approach to fleet management. We are optimistic about the prospects of the freight market while cautious of the uncertainty posed by fast evolving geopolitical events. Our declaration of a $1.00 per share irregular dividend reflects our confidence in the long-term sustainability of LPG demand and our company’s prudent approach to capital allocation.”

The board declared an irregular cash dividend of $1.00 per share, totaling $42.8 million, payable on or about May 28, 2026, to shareholders of record as of May 18, 2026. During fiscal 2026, the company paid four irregular dividends totaling $104.7 million.

Dorian LPG completed the sale of the 2016-built VLGC Cobra on May 6, 2026, generating net proceeds of $81.9 million after commissions and fees. It prepaid $16.5 million of debt related to the vessel.

The company took delivery of the dual-fuel newbuilding VLGC Areion in March 2026 and secured a $62.9 million debt facility to finance it. The fleet consists of 27 modern VLGCs, including six chartered-in vessels, with an aggregate capacity of about 2.3 million cubic meters. Owned vessels average 10.5 years in age.

Vessel operating expenses fell to $9,780 per calendar day in the fourth quarter from $12,671 a year earlier, partly due to lower drydock-related costs. General and administrative expenses rose to $13.3 million from $8.3 million, driven by higher bonuses and stock-based compensation.

Interest and finance costs declined to $6.9 million from $8.0 million, reflecting lower average debt levels and SOFR rates. Long-term debt stood at $565.8 million as of March 31, 2026.

The results come amid tight VLGC supply and robust U.S. LPG exports. Geopolitical factors, including disruptions in the Middle East, have supported higher spot rates for gas carriers, though the company noted risks from evolving events.

Dorian LPG operates globally, focusing on modern, fuel-efficient ECO and dual-fuel vessels. It has expanded its low-emission fleet, with dual-fuel ships now representing over 20% of operations following recent deliveries and charters.

Analysts have tracked the sector’s strength. The company has returned significant capital to shareholders since its IPO, with dividends forming a key part of its strategy.

Shares of Dorian LPG have risen more than 74% year-to-date as of the prior close, trading near 52-week highs. The market capitalization reached approximately $2.04 billion.

The company maintains a cautious outlook on geopolitical uncertainties while highlighting confidence in sustained LPG demand driven by global energy needs.

Industry observers point to limited newbuild deliveries in the VLGC segment as supporting rate strength. Dorian LPG’s active fleet management, including asset sales and newbuild integrations, aims to optimize its position in the market.

The earnings release preceded a conference call held at 10 a.m. EDT on May 20, 2026, where management discussed operational details and market conditions.

Dorian LPG, headquartered in Stamford, Connecticut, employs about 587 people. It provides in-house technical management for its fleet and focuses on safety and efficiency in LPG transportation.

The surge in LPG stock reflects broader investor interest in shipping companies benefiting from current freight market dynamics. Competitors in the VLGC space have also seen volatility tied to rates and geopolitics.

Looking ahead, the company continues to monitor bunker fuel costs, which rose during the quarter, and derivative positions to manage interest rate exposure.

Dorian LPG’s balance sheet remains solid, with cash generation supporting dividends and debt reduction. The irregular dividend policy allows flexibility based on earnings and market conditions.

Investors will watch future TCE realizations, fleet utilization and any updates on newbuild programs or additional capital returns. The stock’s beta of 0.75 indicates lower volatility relative to the broader market.

The strong quarterly performance underscores the benefits of Dorian LPG’s modern fleet in a favorable rate environment for VLGC operators.

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Warner Music Group Corp. (WMG) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference May 20, 2026 10:40 AM EDT

Company Participants

Armin Zerza – Executive VP & CFO

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Conference Call Participants

David Karnovsky – JPMorgan Chase & Co, Research Division

Presentation

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David Karnovsky
JPMorgan Chase & Co, Research Division

Okay. We’ll get started. I’m happy to have back at the conference this year, Warner Music Group. On my left is Armin Zerza, CFO and COO. Armin, thanks so much for being here.

Armin Zerza
Executive VP & CFO

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Thank you. Thanks for having me.

Question-and-Answer Session

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David Karnovsky
JPMorgan Chase & Co, Research Division

Great. So you’ve been at Warner Music for almost exactly a year now, initially as CFO, on top of which you’ve now added COO to your responsibilities. So how has your day-to-day focus changed since you’ve arrived? And how do you expect it to continue to evolve from here as you take on this broader operational mandate?

Armin Zerza
Executive VP & CFO

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Yes, David, in fact, I took on most of the responsibilities that I have today very early in my job. So my focus hasn’t really changed. What we are focused on and what I’m focused on as a team is ensuring that we develop and execute against plans that can deliver value to all of our key stakeholders, so our fans, our artists and songwriters, our partners and of course, us and our shareholders. And as you know, I’m personally very focused on ensuring that within that context, we deliver against our growth model, which is high single-digit or higher revenue growth, double-digit profit and EPS growth, and then stronger cash conversion.

And to do that, I’ve been personally engaged in a few key initiatives for the company. The first one is making

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Operator

Hello, and welcome to the Annual Meeting of Shareholders of United Fire Group, Inc. Please note that today’s meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today’s meeting over to Jim Noyce, Chairperson of the Board of Directors of United Fire Group, Inc. Mr. Noyce, the floor is yours.

James William Noyce

The meeting will please come to order. Good morning, and welcome to the Annual Meeting of Shareholders of United Fire Group, Inc., and thank you all for attending. I am Jim Noyce, Chairperson of the Board of Directors. And in accordance with our bylaws, I will be presiding at this meeting.

Today’s meeting is being broadcast by live audio webcast. We believe this virtual meeting option will maximize participation of shareholders regardless of their location. Thank you very much to those who are participating virtually today. We will conduct our meeting in 2 parts. First, we will address our formal business — our formal items of business, followed by a question-and-answer session. You may submit questions through the virtual meeting website. An agenda that outlines the order of business for the meeting has been made available.

The matters on which the shareholders at the meeting are voting include: election of the 5 Class A directors identified in the proxy statement; ratification of the Audit Committee’s appointment of Ernst & Young LLP as our independent registered public accounting firm for 2026, approval on an advisory basis of the compensation of the company’s named executive officers; and approval of the amendment and extension of the 2021 Nonemployee Director Stock Plan.

Sarah Madsen, Senior Vice

Airbnb is pushing far beyond home rentals, rolling out airport pickups, grocery delivery, luggage storage, car rentals, boutique hotels and exclusive travel experiences as it expands deeper into travel services.

The company announced Wednesday that travelers can now book grocery delivery through Instacart in more than 25 U.S. cities, airport rides through Welcome Pickups in over 160 cities worldwide and luggage storage through Bounce at more than 15,000 locations globally. 

Airbnb also plans to launch in-app car rentals later this summer.

“We want to bring a little bit of magic to every trip you’re on,” Airbnb Chief Business Officer Dave Stephenson told FOX Business.

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At the same time, Airbnb is adding boutique and independent hotels in major cities including New York, Paris, London, Rome and Singapore, alongside new AI-powered features like review summaries, listing comparisons and smarter customer support tools.

The expansion builds on Airbnb’s broader push into travel services and experiences beyond traditional home stays.

“[When COVID-19] hit, we had to retrench and focus on the core, and then we did that for a number of years and really worked on and perfected the kind of core business,” Stephenson said. “But then a couple of years ago, part of me coming into this new role was to get us ready to expand into services [and] experiences, which we did May of last year.”

Airbnb now offers more than 3,000 curated experiences worldwide, including tours tied to landmarks such as the Tower of London, Tokyo Skytree and the Taj Mahal.

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The company is also leaning into FIFA World Cup 2026 travel with exclusive fan events and athlete-led experiences.

Stephenson said Airbnb expects World Cup demand to outpace the surge it saw during the Paris Olympics, when more than 700,000 guests stayed in Airbnb properties.

“The average homeowner is going to earn about $3,000 from sharing their place,” he said.

Airbnb is also adding new social and group-planning tools. A revamped Trips tab will show reservations alongside nearby restaurants, attractions and experiences, letting users save spots and build shared itineraries.

Later this summer, Airbnb will launch a new travel map and “connections” feature, allowing users to see where friends have stayed, browse their reviews and bookings, and message them directly for travel tips.

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“These group itineraries — I think it’s going to be a really cool new feature that people will find really valuable, because when you travel in Airbnb, you tend to travel with family and friends,” Stephenson said.

The new services and hotel offerings are available now in select markets, while car rentals and additional app features are expected to roll out later this summer.