Chief Secretary to the Treasury, James Murray said: “We know there is more to do to stop one in every £10 the government spends going on debt interest, and we will more than halve borrowing by 2030-31 so that money can be spent on policing, schools and the NHS.”

Indian equities appear to have moved past several key uncertainties — from trade developments to recent earnings — yet the market continues to search for its next catalyst. Speaking to ET Now, Karthikraj Lakshmanan from UTI AMC said the macro backdrop remains supportive, noting that “macros are quite good… Q3 earnings were in line… fundamentals look good,” even though sector-specific corrections have weighed on the index in recent sessions.

He acknowledged the disconnect between positive fundamentals and subdued market performance, as the anchor observed that “on paper everything looks okay… but it is not reflecting on the ticker.” Lakshmanan responded that “flows are difficult to predict… if fundamentals and earnings accelerate, markets will follow,” adding that the environment is increasingly becoming a bottom-up market where stock selection matters more than broad liquidity trends.

Looking ahead, he struck an optimistic tone on growth, pointing out that “FY25–FY26 saw single-digit growth… FY27 could see double-digit GDP and earnings growth,” which he believes should support equities even without major earnings upgrades. On valuations, Lakshmanan said “large caps look more attractive… private banks have reasonable valuations,” highlighting financials as one of the more compelling pockets after recent corrections.

Discussing capital goods, he noted that while “business has done well post-COVID… government capex continues,” valuations in several names remain elevated, making selectivity important for investors. On broader markets, he reiterated that “diversification is a must,” adding that although indices may not show deep cuts, many individual mid- and small-cap stocks have undergone “silent corrections,” creating selective opportunities.

In the consumption space, Lakshmanan said “discretionary and durables have better growth prospects,” while within staples, foods appear structurally stronger. On autos, he observed that “PV growth remains strong… valuations must be watched,” and described the electric vehicle opportunity as evolving gradually rather than offering immediate pure-play opportunities.

Turning to primary markets, he said the “pipeline is strong,” suggesting that muted subscriptions and listings are largely cyclical and reflect market conditions rather than a lack of quality issuers.
Overall, Lakshmanan’s message was clear: while near-term triggers may be elusive, improving growth prospects and steady fundamentals should continue to underpin markets, with disciplined stock selection and valuation awareness remaining key for investors.

Q4: 2026-02-18 Earnings Summary

EPS of $0.74 beats by $0.05

 | Revenue of $788.06M (47.40% Y/Y) misses by $20.87M

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Three Silicon Valley engineers were arrested and charged with stealing trade secrets from Google and other U.S. technology firms and transferring sensitive data to unauthorized locations, including Iran, federal prosecutors announced Thursday.

Samaneh Ghandali, 41, Soroor Ghandali, 32, and Mohammadjavad Khosravi, also known as Mohammad Khosravi, 40, all of San Jose, were arrested Thursday, according to the Department of Justice (DOJ).

A federal grand jury indicted the engineers on charges of conspiracy to commit trade secret theft, theft and attempted theft of trade secrets, and obstruction of justice.

“We have enhanced safeguards to protect our confidential information and immediately alerted law enforcement after discovering this incident,” Google Spokesperson José Castañeda said in a statement to FOX Business. “Today’s indictments are an important step towards accountability and we’ll continue working to ensure our trade secrets remain secure.”

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The defendants gained employment at technology companies focused on mobile computer processors, according to the indictment unsealed Thursday.

According to prosecutors, sisters Samaneh Ghandali and Soroor Ghandali worked at Google before moving to another technology company identified as “Company 3,” headquartered in Santa Clara, California. Khosravi, who is married to Samaneh Ghandali, worked at a separate company identified in the indictment as Company 2, headquartered in San Diego.

The DOJ alleges the defendants used their positions to access confidential and sensitive information as part of a scheme to steal trade secrets.

The defendants “exfiltrated confidential and sensitive documents, including trade secrets related to processor security and cryptography and other technologies, from Google and other technology companies to unauthorized third-party and personal locations, including to work devices associated with each other’s employers, and to Iran.” 

“As alleged, the defendants exploited their positions to steal confidential trade secrets from their employers,” United States Attorney Craig H. Missakian said in a statement. “Our office will continue to lead the way in protecting American innovation and we will vigorously prosecute individuals who steal sensitive advanced technologies for improper gain or to benefit countries that wish us ill.”

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The indictment alleges that while working at Google, Samaneh Ghandali transferred hundreds of files, including company trade secrets, to a third-party communications platform. Soroor Ghandali is also accused of transferring Google trade secret files while employed at the company.

Prosecutors allege the defendants attempted to conceal their actions by submitting “false, signed affidavits to victim technology companies about the conduct and the stolen trade secrets, destroying exfiltrated files and other records from electronic devices, and concealing the methods of exfiltration to avoid detection by the victim technology companies.”

According to a Google spokesperson, the company discovered the alleged theft through routine security monitoring and referred the case to law enforcement after conducting its own internal investigation.

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Google said it maintains robust security measures to protect its confidential information and intellectual property, including limiting employee access to sensitive data, requiring device authentication before network access, and mandating two-factor authentication for work accounts.

Additionally, Google logs employee activity on its network, including file transfers to third-party platforms such as Telegram. The company began blocking uploads to Telegram from corporate laptops last year.

The indictment states that Google took “numerous measures to safeguard its confidential technology, information, and trade secrets.”

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Prosecutors said Google secured its physical space and restricted access to its buildings, along with its computer systems and network.

According to the indictment, Samaneh Ghandali is an Iranian national who became a U.S. citizen around 2018, Mohammadjavad Khosravi is an Iranian national who became a U.S. legal permanent resident around 2019, and Soroor Ghandali was in the United States on a nonimmigrant student visa.