Ace investor Madhusudan Kela-backed Singularity Large Value Fund III and Singularity Equity Fund I, along with Niveshaay Sambhav Fund, have invested a combined Rs 49.99 crore in IPO-bound Steamhouse India through a pre-IPO placement at an issue price of Rs 73 per equity share.

As part of the transaction, Steamhouse India allotted 68,49,315 equity shares through a private placement. Singularity Large Value Fund III received 47,94,520 equity shares aggregating Rs 34.99 crore, while Singularity Equity Fund I was allotted 6,84,932 equity shares worth Rs 5 crore. Niveshaay Sambhav Fund received 13,69,863 equity shares aggregating Rs 9.99 crore.

Following the allotment, the three investors together hold around 2.94% of Steamhouse India’s pre-offer equity share capital. In accordance with SEBI regulations, the size of the proposed fresh issue under the company’s initial public offering will be reduced by the amount raised through the pre-IPO placement.

About Steamhouse

The Surat-headquartered company has already filed its Updated Draft Red Herring Prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its proposed public issue.
Founded in 2014, Steamhouse India operates a centralized steam supply model for industrial customers and serves more than 167 clients across sectors including chemicals, textiles, pharmaceuticals, food processing, paper and manufacturing. The company supplies steam directly to factories through a network of dedicated pipeline infrastructure.Its business model is based on centralized “community boilers”, which serve as an alternative to captive boilers used by individual factories. The company uses IoT and AI-enabled systems across procurement, generation and distribution processes to supply industrial steam at approximately 190 degrees Celsius.

Steamhouse has developed more than 45 kilometres of pipeline infrastructure across industrial clusters such as Sachin, Vapi, Ankleshwar, Sarigam, Panoli and Nandesari. The company is also expanding capacity across Ahmedabad, Dahej, Vapi, Ankleshwar, Panoli, Jhagadia and Nandesari, while evaluating opportunities in Andhra Pradesh, Telangana, Maharashtra, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttar Pradesh and Haryana.
As part of its waste-to-energy initiatives, the company has commissioned a waste-to-steam boiler at Vapi that converts non-recyclable plastic waste generated by paper mills into industrial steam. It has also secured a 5 MW Waste-to-Steam project from Ahmedabad Municipal Corporation under the public-private partnership (PPP) model.
Apart from steam distribution, Steamhouse is expanding into adjacent businesses such as nitrogen compression and distribution, waste-to-energy solutions and aviation logistics. Equirus Capital is the sole book-running lead manager to the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Minister for Skills Jacqui Smith said it was important that prospective undergrads “choose carefully”.

“Don’t walk into a degree by default,” she says.

“Going to university and getting a degree is one of the most transformational things a young person can do. But it is not a universal guarantee of success and not all degrees are equal.

“As well as the variation by subject, too many franchised and poor-quality courses do not offer a good deal to young people, selling the dream then leaving students in the lurch.”

Responding to the IFS report, Nick Harrison, chief executive of the Sutton Trust, a social mobility charity, said while university was not a guarantee of “financial success”, it does remain the “most reliable route to upward mobility”.

He added: “Most graduates continue to see big financial benefits over their lifetimes, and for young people from lower-income backgrounds those gains are often greatest.”

However, he said the report raised an “uncomfortable question” regarding the career options young people have.

“If we are telling young people not to go to university, what exactly are we telling them to do instead? There is no shortage of criticism of so-called low-value degrees, but there is a chronic shortage of high-quality alternatives.

“Apprenticeships and technical pathways can offer great prospects for progression and success, but there are simply not enough of them available to be a viable alternative for lots of young people.”

Vivienne Stern, chief executive of Universities UK, said it was important to highlight that some degree choices such as the arts, were “not motivated by money”.

“We should recognise that these subjects also feed the creative industries, which are a huge economic driver for the UK.

“In an age of AI, we’ll value the understanding of how human beings think and act more, not less, in the future.”

The corporate audit landscape in India continues to be heavily consolidated around major institutional players, with the Big Four and leading mid-tier firms dominating the market. According to data compiled by Prime Infobase, EY Group, KPMG Group and Deloitte Group secured the top three spots among the 10 auditors that handled the highest number of listed company audits in the financial year 2025-26 (FY26).

EY Group retained its top position by auditing 187 companies in FY26, registering a 3% growth from 182 companies in FY25. KPMG Group recorded a sharp 11% volume growth, rising to 157 companies, while Deloitte Group held the third spot with 131 companies, down slightly from 137 in the previous fiscal.

They were followed by GT Group (125), BDO Group (97), PWC Group (82), Singhi Group (52), KGS & Alliance Group (47), Lodha & Co (27) and CNK & Associates LLP. Among these firms, CNK & Associates LLP emerged as the fastest-growing firm in the top 10, jumping 41% to audit 24 companies in FY26.

Top auditors in terms of market capitalisation of companies audited

While volume signifies market reach, market capitalisation metrics underscore the financial scale of the corporations these auditors oversee. In FY26, KPMG Group led by market capitalisation share, auditing companies that constitute 15.67% (Rs 71,14,060 crore) of the total market capitalisation of all companies covered in Prime Infobase’s report.

Also read: Big Six tighten grip on India’s audit market despite mandatory rotation
EY Group followed closely at 15.35% (Rs 69,73,130 crore), with Deloitte Group capturing 13.94% (Rs 63,31,111 crore). Together, KPMG, EY and Deloitte command nearly 45% of the total market capitalisation of these listed entities. The Big Six institutional audit groups’ collective share reached 61%, while the global Big Four firms accounted for 51% of the entire market capitalisation.Only 25 audit firms managed portfolios of 10 or more listed companies. Conversely, 649 audit firms audited just a single listed company. Meanwhile, the trend of joint audits saw a minor contraction. In FY26, the number of companies deploying joint auditors fell to 164 (7% of 2,436 listed companies) from 170 (8% of 2,240 companies) in FY25. Of the 164 companies adopting joint audits in FY26, 119 belonged to the private sector and 45 were public sector undertakings (PSUs) or public sector banks (PSBs).

In FY26, 71 instances of mid-term cessations (resignations or terminations) were recorded across 68 companies, up from 58 instances in 55 companies during FY25. Additionally, 22 auditors across 22 companies resigned after completing their FY26 audit assignments despite having additional years left in their designated tenures. Year-on-year auditor changes were recorded across 323 companies transitioning from FY25 to FY26.

The tenures of 1,030 auditors across 997 companies are scheduled to expire in the ongoing FY27. Of these, 385 auditors (across 381 companies) will complete a tenure of 10 years.
Also read: Why is the market rising today?

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

Stocks fell sharply Tuesday as fears about the sustainability of the artificial-intelligence boom caused a tech-sector rout.

The Dow Jones Industrial Average fell 45.87 points, or 0.09%, to 51666.84. The S&P 500 lost 107.33 points, or 1.44%, to 7365.46, while the tech-heavy Nasdaq Composite declined 579.56 points, or 2.21%, to 25587.04.

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The outlet will have a large garden centre and a spacious café and bakery

Discount retailer Home Bargains is preparing to open its second store in Barnstaple this weekend as it pushes ahead with ambitious expansion plans.

The branch, at Rose Lane near Tesco, will open its doors on Saturday at 8am and will join the retailer’s existing store at Roundswell.

The new outlet follows a £4m investment by the retailer and has created 76 local jobs, including 64 new recruits to the business.

Robin Bryce, the new ‘Barnstaple 2’ store manager, said: “After serving the local community in our Barnstaple store in Roundswell, I’m thrilled and excited to be opening the new site over at Rose Lane which comes with a large garden centre and a spacious café and bakery.

“Looking forward to seeing familiar faces and hopefully a lot of new ones too.”

The 28,395 sq ft store will sell a range of products, including homeware, health and beauty essentials, sweets, snacks and drinks, and fresh and frozen food.

Mr Bryce added: “Our second Barnstaple location will be a great store for us, and we’re proud to be able to offer local people top-branded goods at exceptionally low prices.”

The news comes just months after Home Bargains’ owner, TJ Morris, reported an eight per cent rise in turnover for the full-year to £4.5bn fuelled by its estate expansion.

Operating profit for the year to the end of June 2025 also rose 13.3 per cent to £492m.

By the end of that period, Home Bargains had 632 retail outlets and said it was planning to increase the number in operation over the following 12 months.

It also added that its ambitions included opening between 800 and 1,000 UK stores in the longer term.

It comes months after Home Bargains unveiled plans to overhaul its network infrastructure with a new partnership. In November, the company appointed Evolve Business Group to deliver a fully managed network solution across its UK store estate in a bid to boost security and operational efficiency.

PepsiCo Inc. shares closed virtually unchanged on Thursday, finishing at $142.27 after a modest gain of $0.22, as investors evaluated the company’s progress in adapting to shifting consumer preferences and maintaining growth in a competitive beverage and snack market.

The stability in trading reflected PepsiCo’s established position as a global leader in convenient foods and drinks. The company’s diverse portfolio, spanning carbonated beverages, snacks, juices and healthier options, provides resilience across economic cycles.

PepsiCo has reported steady revenue growth supported by pricing actions, innovation and international expansion. Its focus on premiumization and health-oriented products has helped address changing consumer demands while protecting margins.

The company continues investing in sustainability initiatives, digital capabilities and brand marketing to strengthen its competitive position. Strategic acquisitions and portfolio optimization have expanded its presence in high-growth categories.

Business Performance and Strategy

PepsiCo operates through Frito-Lay, Quaker, PepsiCo Beverages North America, Latin America, Europe and Africa, Middle East and South Asia segments. This geographic and category diversification reduces reliance on any single market or product line.

Beverage brands including Pepsi, Mountain Dew and Gatorade maintain strong consumer loyalty. Snack offerings like Lay’s, Doritos and Cheetos dominate their categories globally.

The company has accelerated development of zero-sugar, low-calorie and functional beverages to align with health and wellness trends. Innovation in packaging and sustainable sourcing supports brand relevance.

PepsiCo’s route-to-market systems and direct store delivery model provide significant advantages in distribution efficiency and shelf presence. These capabilities help defend market share against emerging competitors.

Portfolio Evolution

PepsiCo has actively reshaped its portfolio through acquisitions and divestitures. Focus areas include convenient nutrition, premium beverages and plant-based offerings.

Health-conscious consumers drive demand for better-for-you products. The company responds with reformulations, new launches and transparent labeling practices.

Sustainability goals encompass water stewardship, renewable energy and responsible packaging. Progress in these areas enhances corporate reputation and operational resilience.

Digital transformation initiatives improve demand forecasting, personalized marketing and e-commerce capabilities. These investments support omnichannel growth strategies.

Market Challenges

The beverage industry faces pressure from health organizations, changing demographics and regulatory scrutiny around sugar content. PepsiCo balances innovation with core brand strength.

Snack foods encounter competition from healthier alternatives and private labels. The company counters with premium offerings, limited-time flavors and marketing campaigns.

Inflationary pressures on commodities and transportation costs require careful pricing management. PepsiCo’s scale and hedging practices help mitigate these impacts.

International operations expose the company to currency fluctuations, political risks and varying consumer tastes. Localized strategies and portfolio adaptation address these challenges.

Investment Considerations

PepsiCo appeals to investors seeking dividend growth and defensive characteristics in consumer staples. Its consistent payout increases and strong cash flow generation support long-term holding.

Valuation metrics reflect expectations for steady growth and margin management. Risks include changing consumer preferences, competitive intensity and regulatory developments.

Longer-term opportunities arise from emerging markets, premiumization trends and innovation in health-focused products. PepsiCo’s global scale and brand portfolio position it favorably.

Analysts monitor volume trends, pricing realization and category performance. Successful execution on strategic initiatives could drive further shareholder value.

Sustainability and Responsibility

PepsiCo’s environmental goals include reducing plastic use, lowering carbon emissions and conserving water. Progress reporting demonstrates commitment to measurable improvement.

Community engagement and diversity initiatives strengthen social license to operate. These efforts support talent attraction and brand loyalty.

Corporate governance practices emphasize transparency and accountability. Board oversight ensures alignment with long-term strategy and stakeholder interests.

Outlook

PepsiCo’s recent share price performance suggests steady investor confidence in its fundamentals. The company’s ability to adapt to evolving consumer needs while delivering financial results will influence future valuation.

Upcoming earnings will provide insight into volume trends, margin development and guidance. Management will outline progress on key strategic priorities.

The consumer staples sector offers stability in uncertain economic environments. PepsiCo’s diversified business model and strong brands support resilience.

As health and wellness trends continue shaping the industry, PepsiCo’s innovation pipeline and portfolio adjustments position it for sustained relevance. The company’s focus on convenience, quality and sustainability aligns with modern consumer expectations.

PepsiCo remains a cornerstone of the global food and beverage industry. Its strategic direction and execution capabilities suggest capacity to navigate challenges and capitalize on opportunities.

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 150 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With more than 1,300 investment professionals, and offices in major financial markets around the world, the California-based company has over 75 years of investment experience and over $1.4 trillion in assets under management as of June 30, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

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The deal, the value of which is undisclosed, sees Anlaby-based Oscars buy the Hull residential property management firm from the Garness Group

East Yorkshire estate agency Oscars has acquired Hull’s Gro Residential Management in a deal that establishes a 17-strong operation. The transaction, for an undisclosed sum, sees Anlaby-based Oscars purchase the property management company from Hull-based Garness Group.

Oscars said the acquisition arrives during one of the most significant periods of change in the private rented sector, following the introduction of the Renters Reform Bill. Alisdair Bott-Francis, who founded Oscars 18 years ago, said he is delighted to be bringing together two experienced and committed teams.

He said: “We are absolutely thrilled to add the Gro Residential Management team to the Oscars family. They each bring a wealth of experience, professionalism and industry knowledge, which will be a tremendous asset to our business and to the clients we proudly serve.

“Just as importantly, their arrival complements the strength of our existing team, whose loyalty, dedication and hard work have played such an important role in the continued success of Oscars over many years.

“Bringing together two experienced and committed teams places us in a fantastic position moving forward. This is an exciting time for the business, and I am very much looking forward to working together as one team, continuing to grow the Oscars family, and delivering the high standards of service that landlords and tenants expect from us.”, reports Hull Live.

Mr Bott-Francis, alongside Oscars director Paul Callis, who joined the firm late last year, have maintained a long-standing relationship with Garness Group founder and managing director David Garness. Mr Callis first worked with Mr Garness more than two decades ago while building his own property portfolio, purchasing many of his early investments through the Garness Jones commercial property team.

Mr Callis added: “We are incredibly proud that David has trusted Oscars with the Gro Residential Management business, its staff, and its clients. There is a strong history between our businesses, and we are committed to carrying forward the excellent service already established while continuing to invest in people, systems and relationships.

“The trust built between our businesses over many years has made this a natural fit, and we are excited about the opportunities this acquisition creates for both our team and our clients. Bringing together two strong teams gives us an exciting platform for the future, and I am genuinely looking forward to the continued growth of the Oscars family in the years ahead.”

Mr Garness explained the transaction will enable Garness Group to concentrate on its core activities of commercial property, development and investment through Garness Jones, and specialised residential block management through Pure Block Management, across Yorkshire and The Humber, with both businesses operating from offices in Hull and York.

He continued: “I’m extremely proud of the success we have had with Gro Residential Management, and really pleased also that we have been able to turn to a company in Oscars which has similar values to ours in terms of its complete commitment to customer service. This move allows us to focus on the continued development of Garness Jones and Pure Block Management, each of which have built upon decades of success in the Humber region with significant growth in recent times following the opening of offices in York.

“I was very keen to find an East Yorkshire-based business to take on Gro Residential Management, and retain the current team, as it was important to us that our high service levels were maintained for our long-established clients. We know we have found this in Oscars and we wish them, and of course our team members who have moved on, all the best for the future.”