The Thai baht rose 1.3% to 31.2 per dollar, boosted by the Bhumjaithai Party’s election victory, securing 191 seats and enhancing market confidence and policy continuity in Thailand.

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Key Points

• The Thai baht increased by 1.3% to 31.2 per dollar on Monday, recovering from previous losses and reaching a one-week high due to improved market sentiment following the Bhumjaithai Party’s election win.
• The ruling Bhumjaithai Party secured 191 out of 500 seats in the House of Representatives, nearly tripling its 2023 count, enhancing market confidence and reducing risks of political instability.
• This election outcome suggests policy continuity regarding social handouts and budget approvals, while the pro-democracy People’s Party, which led in pre-election surveys, is projected to win 115 seats.

Market Sentiment Improvement

The Thai baht rose by 1.3% to 31.2 per dollar on Monday, recovering from previous losses and reaching a high not seen in over a week. This rebound can be largely attributed to enhanced market sentiment following the substantial election success of the Bhumjaithai Party. As Thailand’s ruling conservative party, the Bhumjaithai Party has made a significant impact by winning 191 of the 500 seats in the House of Representatives, a notable increase nearly triple that of their 2023 performance. This solid victory has instilled confidence among investors, signaling a more stable political environment.

Implications for Political Stability

With a solid electoral win, the Bhumjaithai Party is predicted to reduce the risks associated with political deadlock or instability. A robust showing by Prime Minister Anutin Charnvirakul and his anticipated coalition partners suggests a more cohesive governing body and the potential for policy continuity. This outcome is not just about immediate political dynamics; it enables the continuation of the party’s social handouts and lays the groundwork for the approval of a new budget. As the electorate embraces this new direction, hopes for progress in governance and economic policy remain optimistic.

Opposition Landscape Overview

On the other hand, the pro-democracy People’s Party, which had been a front-runner in pre-election polls, is expected to secure 115 seats. Despite the party’s inability to match the Bhumjaithai Party’s success, their presence will likely contribute to a more diverse political discourse in Thailand. The results highlight a shifting electoral landscape where traditional party dominance faces challenges from emerging political entities. In summary, the elections have not only altered the composition of Thailand’s legislature but also the broader implications for future governance and public policy.

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Shares of Navin Fluorine International rallied after 3% to Rs 6,6824 after the company reported a robust set of figures for the December quarter of financial year 2026. Net profit rose to Rs 185.4 crore in the quarter, up an impressive 122% from Rs 83.6 crore in the corresponding period last year.

Revenue from operations increased 47.2% YoY to Rs 892.3 crore compared with Rs 606.2 crore a year earlier.

Operating performance improved significantly during the quarter. EBITDA climbed to Rs 307.4 crore from Rs 147.3 crore in the year-ago period, while the EBITDA margin expanded to 34.4% from 24.3%, reflecting stronger operating leverage and a favourable business mix.

As for the revenue split, HPP (high-performance products), which includes refrigerants and inorganic fluorides, reported a 35% increase in revenue at Rs 412 crore in Q3FY26. The specialty chemicals business recorded a 60% increase to Rs 354 crore, while the CDMO business rose 61% in revenue terms to Rs 127 crore, the company’s regulatory filing showed.

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The HPP segment reported revenue growth during the period, supported by higher realisations along with increased volumes. The AHF capex was commissioned in Q4FY26 and dispatches have already commenced. It also noted that the pricing environment for HFC continues to remain constructive.
The specialty chemicals business continues to maintain a strong product pipeline, with scale-up underway in existing molecules and new molecule launches planned. De-bottlenecking of the MPP capacity at the Dahej facility is progressing as scheduled and is expected to be commissioned in Q3FY27. The segment delivered its highest-ever quarterly performance and the outlook remains positive, backed by strong order visibility for Q4 and beyond.The CDMO business maintained its momentum with robust order visibility. The company highlighted progress in its strategy, focusing on a balanced portfolio with a mix of early-stage and late or commercial-stage molecules. Supplies for a material order to one EU major have been completed and discussions for future supplies are ongoing, while another EU major has placed a scale-up order scheduled for Q4 supplies.

Navin Fluorine is a specialty fluorochemicals manufacturer serving global customers across pharmaceuticals, agrochemicals, specialty chemicals and high-performance materials.

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

Rose Tian is worried about the economy and global instability. So she does what millions of people in China do: buys gold.

This past week, the 43-year-old high-school teacher visited one of Beijing’s biggest jewelry markets to browse gold bracelets, necklaces and rings ahead of the Lunar New Year. She has purchased thousands of dollars’ worth of gold for herself and relatives over the years.

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TOKYO—Imagine a sheet made of microscopic glass fibers, woven by a former silk maker and thinner than a human hair. A shortage of this material—essential in artificial-intelligence chips—is looming over companies including Apple and Nvidia.

The cloth-like material known as T-glass comes almost entirely from a single century-old Japanese textile company called Nittobo that doesn’t expect to bring significant new capacity online until late this year.

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Upstox is not in a rush to go public, with the brokerage prioritising profitability and business diversification amid a tougher regulatory and market environment. The company is targeting a 2.3x jump in profit after tax to around ₹500 crore in FY26, driven by higher monetisation, operating leverage and growth in non-equity segments, said CEO and co-founder Ravi Kumar.

Edited excerpts from a chat:

After the Budget hiked STT on F&O, the break-even point for retail traders has moved much higher. Do you fear this is the ‘death knell’ for the high-frequency retail F&O boom that fueled Upstox’s early growth, and have you revised your revenue projections for FY27 downward as a result?
The impact of the STT hike remains difficult to quantify at this stage. However, the business has reduced its dependence on any single trading segment by building multiple revenue streams. Strong growth in other segments such as commodities, margin trading facility (MTF) and mutual funds, alongside improving profitability, provides resilience against regulatory changes. Diversification is viewed as a key hedge in an environment of evolving market structure.With the new STT regime likely to dampen trading volumes further, where will the next leg of revenue growth come from or are we entering a phase of consolidation?
The next leg of growth is increasingly being driven by diversification beyond core equity trading. The commodities business has reported nearly 400% growth in revenue, alongside a doubling of market share in average daily turnover. The margin trading facility book has grown more than two-fold year-on-year, with market share increasing by about 30%. Mutual funds have also emerged as a strong growth driver, with SIP assets-under-advisory market share rising nearly 12%, helping create a more balanced revenue mix.

At an industry level, how much of volume decline in F&O are you expecting in FY27?
At this stage, it’s difficult to comment on any potential decline or uptick, as F&O volumes are largely linked to overall market sentiment. In an environment shaped by geopolitical uncertainty, making precise forecasts would be premature.
Industry data indicates retail investors are now not as enthusiastic about equities as they were earlier. You have also seen a drop in active clients. What’s changing the dynamics for you?
Customer engagement has increasingly been driven by traders with higher intent levels and deeper participation. Monetisation has improved meaningfully, with active revenue per active user growing over 40% year-on-year, while retention among high-value traders remains above 90%. This focus on engagement and customer quality has strengthened revenues and profitability despite moderation in overall active client numbers.
Is this decline a temporary cyclical blip, or have we hit peak saturation for the discount broking model in India?
Equity participation in India remains in single digits, which is significantly lower than participation levels in developed markets such as the US and China. This suggests that the long-term opportunity for retail investing is still structurally large. While the current phase reflects a cyclical slowdown influenced by market volatility and regulatory changes, it does not indicate saturation of the discount broking model. The focus remains on long-term participation and gradual deepening of investor engagement.

You’ve been aggressively pushing into insurance, fixed deposits, and mutual funds to shed the ‘trading app’ tag. However, the distribution space is crowded. Why would a customer buy insurance from Upstox rather than PolicyBazaar or their bank? Does this segment generate enough margin to replace lost F&O income?
The expansion into insurance, fixed deposits and mutual funds is part of a broader effort to evolve into a more comprehensive financial services platform. In mutual funds, the platform is already the fourth-largest in India by monthly SIPs, with SIP assets-under-advisory market share rising by nearly 12%. Insurance is being built as a long-term, complementary business aimed at improving customer lifetime value, rather than as a near-term replacement for trading-linked income.

How has the year been so far for Upstox, considering the regulatory landscape, and market trends? How has the company performed?
The year has played out in a challenging environment marked by regulatory tightening, changes in taxation and market volatility. Despite this, the company has reported strong momentum in business performance, with sharp gains in profitability and monetisation. Profit after tax is projected to grow over 2.3x year-on-year, from ₹215 crore in FY25 to around ₹500 crore in FY26, while EBITDA is also expected to grow more than two-fold. The performance has been driven by operating discipline, product innovation and a sharper focus on higher-quality, active traders.

When are you planning an IPO?
There is currently no fixed timeline for an IPO. The business is not under any capital pressure and remains comfortable operating as a private company. While investor interest has increased following peer listings, the priority continues to be on strengthening profitability, expanding product capabilities and building long-term value before taking a call on going public.