Domestic brokerage firm Systematix Institutional Equities has initiated coverage on the country’s largest aluminium producer, Vedanta Aluminium (VAML), with a Buy rating and a target price of Rs 598, implying a 28% upside.

Backward integration is set to drive the newly-demerged company’s next earnings cycle, as per the brokerage’s note, following a threefold year-on-year jump in its consolidated net profit to Rs 5,629 crore in the June quarter of FY2026.

The brokerage believes that VAML is well positioned to deliver sustainable earnings growth through a combination of higher volumes, progressive backward integration and a supportive aluminium demand outlook. Successful ramp-up of BALCO, Lanjigarh, Sijimali and captive coal mines as per guidance provides scope for further earnings improvement and a potential rerating.

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The recently-listed company’s ongoing backward expansion integration across bauxite, alumina and coal is expected to structurally reduce production costs, improve raw material security and support sustainable EBITDA/t expansion.

However, VAML’s growth is anchored by the 435ktpa BALCO potline ramp-up, which should increase aluminium volumes from 2.46mt in FY26 to 2.77mt in FY28E, as per the brokerage’s note. Higher utilisation of the 5 mtpa Lanjigarh alumina refinery should raise captive alumina consumption from 61% to 81%, materially reducing dependence on externally sourced higher-cost alumina.
The brokerage estimates VAML to deliver a 39% surge in Profit After Tax, with a 29% jump in EBITDA, and a 16% rise in revenue CAGR over FY26-FY28E supported by higher volumes, structural EBITDA/t expansion and lower production costs. It values VAML at 6.5x FY28E consolidated EV/EBITDA, arriving at a target price of Rs 598/share, after adjusting for Q1FY27 ending net debt and 49% non-controlling stake in BALCO.The company expects FY27 capex of approximately Rs 7,000 crore, comprising around Rs 5,000 crore of growth capex and Rs 2,000 crore of maintenance expenditure. The company also indicated that approx. Rs 7,800 crore of residual capex on announced projects would be incurred over the next 18-24 months, primarily across BALCO, residual Lanjigarh and captive mine enhancement.

Growth capex should moderate further to Rs 3,500–4,000 crore in FY28 as the BALCO expansion project is completed and residual spending becomes predominantly mine-related. According to the brokerage, the declining capital intensity, alongside the ramp up of recently commissioned assets should drive free cash flow generation, support deleveraging and enhance return ratios.

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Power is a key component of aluminium production costs, making coal security an integral part of an aluminium producer’s value chain. Systematix expects VAML’s total coal requirement to increase from 25.8mt in FY26 to 31.1mt in FY29E, alongside the BALCO-led smelter ramp-up. Captive mine output is expected to sharply rise from 2.6mt to 19.6mt over the same period, driven by Kuraloi and Ghogharpalli mines. The resulting dependence on linkage and e-auction coal should decline from 90% in FY26 to 37% by FY29E, taking captive consumption from 10% to ~63%, as per the brokerage’s note.

The Sijimali bauxite could strengthen raw material security for the company. The mine is intended to supply the Lanjigarh refinery, which would eventually require ~15mtpa of bauxite upon 100% utilisation of 5mtpa capacity and another 3mtpa after completion of the proposed ramp up to 6mtpa. At full capacity, Sijimali could meet approximately half of its requirement and meaningfully reduce VAML’s reliance on purchased domestic and imported bauxite. The brokerage estimates captive bauxite production of 1mt in FY27E to 4mt in FY28E and 8.5mt by FY29E, raising captive consumption from 8% to 57% over the period.

Vedanta Aluminium had reported a 216% YoY surge in net profit for the June quarter of FY 2026, compared to Rs 1,781 crore in the corresponding quarter of the previous financial year. Revenue from operations rose 46% YoY to Rs 21,393 crore during the April-June quarter of FY27, from Rs 14,654 crore in the year-ago period.

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VAML is the world’s third-largest aluminium producer (ex-China), with an installed smelting capacity of 2.9mt and a domestic capacity share of ~57%.

LONDON — A newly surfaced account of Prince Philip’s efforts to make his son feel at home during his teenage years at boarding school has revealed one of the more unusual gestures in royal history: the relocation of a 12th-century stone font from a crumbling Shropshire church to a school chapel in Scotland.

The story, brought to light by author and journalist William Cash, centers on the moment in 1962 when a 13-year-old Prince Charles, now King Charles III, enrolled at Gordonstoun School in Moray, Scotland, hundreds of miles from Buckingham Palace. Determined to surround his son with something familiar during his time away from home, Philip arranged for a remarkable piece of English medieval history to make the long journey north.

A Chance Discovery at a Derelict Church

The font’s unlikely royal connection began when Philip visited St Michael’s Church in the tiny hamlet of Upton Cressett, Shropshire, alongside former MP Ivor Bulmer-Thomas, with whom he was working on an effort to protect disused historic church buildings across the country. St Michael’s had stopped holding regular services in 1958 and had fallen into serious disrepair by the time of Philip’s visit, making it an example selected specifically to show the Duke of Edinburgh the kind of dilapidated country church in need of rescue.

Cash, whose parents later acquired the Upton Cressett estate in the 1970s, said that when Philip visited the church, it was locked and its contents, including the ornately carved Norman font, were due to be placed into storage. Rather than let the piece languish, Philip decided it deserved a more prominent home.

Recounting Philip’s reaction upon seeing the font, Cash said the Duke of Edinburgh remarked that it would be good if it was moved to Gordonstoun, explaining that he wanted his son to be surrounded by ancient objects of English beauty. Cash added that Philip appeared to view leaving the piece sitting unused in storage as a waste, prompting him to arrange for its transport to Scotland instead.

A Journey of Hundreds of Miles

The font, known today as the Gordonstoun font, is a classic example of a Norman tub font, shaped like a large stone barrel with ornate carvings around its exterior and a lead-lined interior designed to hold water for baptisms. Its size and weight made the logistics of the move all the more remarkable, a detail Cash himself has struggled to fully explain.

Cash said the font is quite large, and he genuinely does not know how it was transported all the way up to Gordonstoun, calling it a strange story that to this day most people don’t know about.

Once it arrived in Scotland, the font took up residence in the school’s chapel, where it remained throughout Charles’s years as a student. Following his father’s earlier path, Charles arrived at the renowned boarding school in May 1962, with Philip personally accompanying him to meet headmaster Robert Chew on his first day, a tradition that placed both father and son among the relatively small number of royals to have attended the remote Scottish institution.

Returned to Its Original Home

The font did not remain permanently at Gordonstoun. It was eventually returned to St Michael’s Church in Upton Cressett in the 1970s, where it remains today, restored to the small, grade-one-listed building from which it had once been so unexpectedly removed. Although the church no longer holds regular services, the font continues to be occasionally used for baptisms, with Cash noting that he and other members of his family were baptized using it.

Visitors to St Michael’s today are frequently unaware of the font’s unusual royal history until it is pointed out to them, according to Cash, who described the reaction of those who learn about its journey to Scotland and back as one of disbelief. He said visitors are flabbergasted to discover the font’s connection to the future king, given the church’s remote setting, tucked away in what he described as the middle of nowhere in Shropshire. He added that people frequently find it almost impossible to believe the font traveled so many hundreds of miles for the King’s aesthetic benefit, calling the whole episode reminiscent of an Arthurian legend.

A Lasting Connection to Conservation

The visit that led Philip to discover the font also had broader consequences beyond the object itself. Bulmer-Thomas’s collaboration with Philip on protecting disused historic churches ultimately led to the establishment of the Redundant Churches Fund, an organization later renamed the Churches Conservation Trust. That organization today counts King Charles himself as its patron, adding a further layer of connection between the King and the obscure Shropshire church that briefly lent its most treasured artifact to his childhood school chapel.

A School With Deep Family Ties

Gordonstoun has held a significant place in the royal family’s history for generations, having also educated Philip himself before Charles followed in his footsteps. Charles studied at the school from 1962 to 1967, earning five O-levels and two A-levels before going on to study archaeology and anthropology at Trinity College, Cambridge. The King formally became patron of the Gordonstoun Association in 2024, taking on a role previously held by his father, marking his first official link with the school since his time as a student there decades earlier.

The newly revealed story of the font adds a small but distinctive detail to the well-documented relationship between Philip and his eldest son during Charles’s formative years, illustrating the lengths to which the Duke of Edinburgh was willing to go to ensure his son felt a sense of connection to English heritage while living far from home in the Scottish Highlands.

South Korean police have raided the national headquarters of Starbucks over defamation claims surrounding a controversial marketing campaign.

Starbucks Korea had in May launched a coffee tumbler promotion called “Tank Day” on the anniversary of the 1980 Gwangju Uprising, where hundreds were believed to have been killed by military forces.

Many felt the “tank” was a reference to vehicles deployed to crush pro-democracy protesters and the promotion sparked a mass boycott movement.

Starbucks quickly rolled it back, saying it was unintentional but civic groups filed a criminal complaint against the company, demanding the police investigate it for defaming victims of the military dictatorship.

Shinsegae Group, which operates Starbucks in Korea, said it had launched an internal investigation into the campaign and concluded that the mistake was unintentional.

It added the team that had planned the promotion did not draw the connection to the historical event, and the upper management had failed to spot it as well.

In June, Starbucks stores across the country closed for half a day to allow staff to attend history lessons.

Shinsegae apologised for the “inappropriate marketing” and said that the Tank Day controversy had led to serious decline in Starbucks sales in South Korea – one of the coffee chain’s largest markets.

The company also sacked its chief executive.

Shares of MapMyIndia (C.E. Info Systems) fell nearly 8% on Wednesday, hitting a low of Rs 1,048 against the previous close of Rs 1,139, despite the company reporting strong Q1 earnings on Tuesday, with revenue rising 15% and profit after tax (PAT) increasing 8%.

According to a filing with the exchange, India’s leading deeptech digital map data, geospatial software and location-based IoT products, platforms, APIs and solutions company announced a year-on-year jump of 14.9% in its revenue from operations to Rs 139.7 crore in Q1FY27 against Rs 121.6 crore in Q1FY26.

The profit after tax (PAT) was recorded at Rs 49.7 crore in Q1FY27 against Rs 45.8 crore in the same quarter a year ago.

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In the first quarter of FY2027 ended June 30, 2026, the total income was recorded at Rs 159 crore indicating a growth of 17.8% on yearly basis. EBITDA was reported at Rs 56.1 crore whereas the EBITDA margin was recorded at 40.2%. EBITDA margin impacted due to change in product mix during this quarter and one-time Rs 4 crore write off for a specific government customer.

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Cash and cash equivalents grew to Rs 745 crore from Rs 685 crore in this quarter. Q1F2Y27 Contribution of Automotive, Enterprise, Government is 42%, 46%, 12% respectively, of the total revenue.
The company said that their two product category pillars – Map-led and IoT-led – continue to complement each other in addressing a broad range of customer requirements and use cases across our Automotive, Enterprise and Government verticals. While the Map-led business continues to deliver strong profitability, the IoT-led business is scaling rapidly with increasing adoption of IoT-led solutions.IoT-led business revenue grew 75% YoY to ₹41.1 crore, reflecting strong adoption of connected mobility and logistics solutions; and the EBITDA margin improved to 13.1% in Q1 FY27 from 8.7% in Q1 FY26, representing a 440 bps year-on-year improvement.

Market segment – Automotive

Automotive business grew at 29% during Q1FY27 on a YoY basis from Rs 45.7 crore in Q1FY26 to Rs 59 crore in Q1FY27. This growth was driven by continued momentum across map-led connected mobility solutions.

The product strategy continued to prioritise building innovations around AI-powered cockpit, in-vehicle intelligence, SDV platforms, and EV charging network integration and range optimisation.

Market segment – Enterprise

In Q1FY27, the Enterprise business grew at 6% on a YoY basis, with multiple wins and go-lives across sub-verticals. Mobility & Logistics won a leading online bus booking platform for Video Telematics and expanded API deployments with a major logistics player to improve routing and delivery efficiency.

Market segment – Government

In Q1FY27, the Government business grew at 11% on a YoY basis, with multiple wins and go-lives across sub-verticals. The company also said that Q1 is seasonally weakest quarter for Government business.

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“We began FY2027 with another quarter of profitable growth while continuing our evolution into India’s leading AI-powered deep-tech digital map data, geospatial software, and location-based IoT company. Revenue from Operations grew 15% year-on-year to Rs 139.7 crore, while EBITDA remained strong at ₹Rs 56.1 crore with EBITDA margin at 40.2%, and PAT increased 8.6% YoY to Rs 49.7 crore with PAT margin at 31.2%. Our performance reflects the continued strength and moat of our products, platforms, APIs and solutions, alongside disciplined execution and continuously growing trust of customers across Automotive, Enterprise and Government segments,” said Rakesh Verma, Chairman & Managing Director, MapmyIndia.

“As our business evolves, to help investors and analysts understand our business better, we are refining the way we present our segmental revenue. Beginning this quarter, we are reporting our market-wise segmental revenues across three customer-focused verticals – Automotive, Enterprise and Government – instead of the previously reported A&M and C&E market segments. This clearly reflects our revenue from these specific customer segments, and also how we organise our operations and pursue growth opportunities. We continue to report product-wise segmental revenue and profitability under the Map-led and IoT-led categories, as these remain the core pillars of our offerings across all our customer verticals,” Verma said.

In the last one month, the MapMyIndia stock rallied 1.79% whereas in the last one year it went up 4.03%. In the last three years, the stock went up 40.42%, and in the last five years, the stock went up 69.64%.

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

California Republican gubernatorial candidate Steve Hilton is warning that a proposed billionaire tax would further strain the state’s economy, arguing that California is already losing businesses, investment and tax revenue as residents grapple with high costs.

California gubernatorial candidate Steve Hilton joined FOX Business’ Maria Bartiromo on “Mornings with Maria” to discuss the proposal, which opponents say could drive more wealthy residents and employers out of the state if enacted.

“It’s already cost California billions of dollars in lost tax revenue because of the amount of wealth that’s already left the state,” Hilton said. “Just because of the threat of this insane tax.”

CALIFORNIA DEMOCRATIC PARTY BACKS CONTROVERSIAL BILLIONAIRE WEALTH TAX PROPOSAL THAT’S ON STATE’S 2026 BALLOT

Lawmakers backing the proposal argue the state’s wealthiest residents should contribute more, while opponents contend California’s existing tax burden is already encouraging people and companies to relocate. Hilton argued the state’s top earners already shoulder a significant share of California’s income tax collections and questioned whether higher taxes would improve public services.

Beyond the billionaire tax debate, Hilton said rising labor costs, energy prices and regulations are making California less competitive. He argued repeated minimum wage increases create “a kind of doom loop” by raising business costs, which are then passed on to consumers.

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Hilton also warned that businesses are scaling back hiring, increasing automation or leaving the state altogether because operating costs have become too high.

“If we don’t face up to the reality, California’s economy is going to absolutely collapse,” Hilton said.

Hilton said he would instead pursue lower taxes, reduced government spending and fewer regulations, arguing those policies would help attract employers, expand investment and make California more affordable for residents.

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PERTH — Shares of Capricorn Metals Ltd surged 8.16% on Wednesday to close at $14.115, extending one of the standout rallies among Australian gold producers this year, as the Western Australian miner continues to benefit from a combination of strong operational execution, rising bullion prices and a substantial upgrade to its mineral reserve base.

The gain builds on a remarkable run for Capricorn shares in 2026, with the stock climbing more than 100% over the trailing 12 months, according to recent trading data, comfortably outpacing both the broader S&P/ASX 200 index and the wider Australian metals and mining sector. Over the past six months alone, the stock has outperformed the ASX All Ordinaries Index by more than 50 percentage points, reflecting sustained investor demand for exposure to the company’s growing gold production base.

A Major Reserve Upgrade

A key catalyst behind the company’s recent strength was an announcement of a 33% increase in group ore reserves to 5.24 million ounces, alongside a 29% lift in group mineral resources to 8.66 million ounces. The upgrade spans both the company’s flagship Karlawinda Gold Project and the emerging Mt Gibson Gold Project, materially extending mine life and production potential across its portfolio.

At Karlawinda, reserves now stand at approximately 1.57 million ounces, underpinning a planned expansion of production capacity to 150,000 ounces per year and supporting a mine life of around ten years at that elevated production rate. The reserve growth has given investors greater confidence in the durability of Capricorn’s production profile at a time when gold miners across the sector have faced questions about the sustainability of near-term output given rising development and operating costs.

Riding a Broader Gold Sector Rally

Capricorn’s gains this week have also come against the backdrop of a broader rally across Australian gold equities, with elevated bullion prices continuing to support margins for unhedged producers such as Capricorn. As a pure-play gold producer with limited exposure to other commodities, unlike more diversified miners, Capricorn’s share price performance tends to track closely with both broader gold sector fundamentals and the company’s own ability to convert those favorable conditions into operational execution and production growth.

Wednesday’s move outpaced the broader materials sector, which also finished the session higher, with the S&P/ASX 200 index climbing 1.40% to close at a fresh record. The S&P/ASX 200 Materials index added a further 1.08%, providing a supportive backdrop for mining stocks more broadly, though Capricorn’s gains notably exceeded the sector average, reflecting company-specific enthusiasm on top of the broader tailwind.

Analysts Point to More Than Just Commodity Prices

Market analysts have cautioned that commodity price appreciation alone is insufficient to fully explain the scale of Capricorn’s outperformance relative to peers, noting that equity valuations tend to expand more significantly when producers demonstrate operational resilience combined with favorable macro conditions. Capricorn’s consistent delivery against production guidance, disciplined portfolio management and its recent reserve upgrades have all been cited as factors that have helped the company command a premium among investors relative to some of its Australian gold sector peers.

A Strong Balance Sheet

The company’s financial position has continued to strengthen alongside its operational growth, with rising free cash flow generation supporting further investment in exploration and development activity across its project portfolio. That financial flexibility has been viewed by analysts as an important factor in the company’s ability to fund the kind of reserve growth demonstrated in its most recent update without requiring significant additional external capital.

With gold prices remaining elevated and Capricorn continuing to deliver on both production targets and resource growth, the company’s shares are likely to remain closely watched by investors seeking exposure to the Australian gold sector. The durability of the current rally will likely depend on the company’s ability to continue translating its expanded reserve base into sustained production growth, as well as the broader trajectory of gold prices in the months ahead.

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