Operator

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to Wheaton Precious Metals’ 2026 Second Quarter Results Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Friday, August 7, 2026, at 11:00 a.m. Eastern Time. I will now turn the conference over to Emma Murray, Vice President of Investor Relations. Please go ahead.

Emma Murray
Vice President of Investor Relations

Thank you, Julianne. Good morning, ladies and gentlemen, and thank you for participating in today’s call. I’m joined today by Haytham Hodaly, Wheaton Precious Metals’ President and Chief Executive Officer; Vincent Lau, Chief Financial Officer; Wes Carson, Vice President of Mining Operations; and Neil Burns, Vice President, Corporate Development. Please note for those not currently on the webcast, a slide presentation accompanying this conference call is available in PDF format on the Presentations page of our website.

Some of the comments on today’s call may include forward-looking statements. Please refer to Slide 2 for cautionary information and disclosures. It should be noted that all figures referred to on today’s call are in U.S. dollars, unless otherwise noted.

With that, I’d like to turn the call over to Haytham Hodaly, Wheaton’s President and Chief Executive Officer.

Shares in Siemens fell after order growth in its digital industries division missed expectations while market forecasts for smart infrastructure already sit within the newly upgraded guidance.

In European morning trade, shares were 4% lower at 274.55 euros, but almost 15% higher in the year to date.

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The Rs 425.87 crore Ardee Industries IPO witnessed strong investor demand on the third and final day of subscription. The issue was subscribed nearly 134 times against 5.84 crore shares on offer, with robust participation across all investor categories. In the grey market, Ardee Industries shares were trading at a premium of nearly 27% over the upper end of the IPO price band, signalling positive sentiment ahead of the listing.

The public issue comprised a fresh issue of 6.04 crore shares amounting to Rs 320 crore and an offer for sale (OFS) of 2 crore shares worth Rs 105.87 crore. The total issue size stands at Rs 425.87 crore.

The IPO opened for subscription on August 5 and will close on August 7. The company has set a price band of Rs 50–53 per share. Ardee Industries operates in the lead recycling and non-ferrous metals sector, catering to industries that rely on recycled metals and sustainable resource recovery solutions.

The basis of allotment is expected to be announced on August 10, while the company’s shares are likely to be listed on the NSE and BSE on August 12, 2026.

Pantomath Capital Advisors Private Limited is the book-running lead manager for the issue, while KFin Technologies Limited is acting as the IPO registrar.

Ardee Industries IPO Subscription Status

Ardee Industries IPO saw strong demand on the final day of bidding. At the end of Day 3, the issue was subscribed 133.65 times against the 5.84 crore shares available for subscription, reflecting strong investor appetite across categories.
The Non-Institutional Investor (NII) segment emerged as the biggest contributor to demand, with the portion subscribed 255.23 times against 1.25 crore shares reserved for the category.
The Retail Individual Investor (RII) portion was subscribed 45.68 times, with 2.93 crore shares reserved for retail investors. Meanwhile, the Qualified Institutional Buyer (QIB) category was subscribed 197.77 times against 1.64 crore shares reserved for institutional investors.

Ardee Industries IPO GMP Today:

Ardee Industries IPO is maintaining strong momentum in the grey market, with the Grey Market Premium (GMP) rising to Rs 14 per share. At the current premium, the IPO is commanding an estimated gain of nearly 27% over its upper price band of Rs 53, indicating positive sentiment among investors ahead of the listing.

If the current GMP trend continues, Ardee Industries shares could potentially debut around Rs 67 per share, pointing towards healthy listing gains. However, the actual listing performance will depend on broader market trends, investor sentiment, and demand conditions at the time of debut.

IPO Objectives: Utilisation of Funds

The proceeds from the Ardee Industries IPO will be directed towards strengthening the company’s balance sheet and supporting its future expansion initiatives. The company intends to deploy Rs 220 crore towards fulfilling its growing working capital requirements and Rs 20 crore towards the repayment or pre-payment of select borrowings. The balance amount will be utilised for general corporate purposes, taking the overall utilisation of IPO proceeds to Rs 240 crore.

About Ardee Industries

Founded in 1993, Ardee Industries Limited operates in the sustainable recovery and recycling of end-of-life energy storage products and non-ferrous scrap. The company focuses on manufacturing high-purity lead and specialised lead alloys, including lead calcium, lead antimony, lead tin, lead silver, and lead cadmium variants.

Its product portfolio serves multiple industries, including energy storage, electric mobility, automotive, and chemical sectors. As of March 31, 2025, Ardee Industries catered to over 50 customers across domestic and international markets, with a strong presence in the battery and metals industries. The company has also expanded its global footprint by exporting products to seven countries, including Singapore, Hong Kong, South Korea, Switzerland, the United Arab Emirates, Japan, and the United States.

The company’s manufacturing facility is located across approximately 7.61 acres in Tirupati district, Andhra Pradesh. With an installed production capacity of 104,025 metric tonnes per annum (MTPA), the facility is equipped with modern recycling infrastructure, including rotary furnaces, refining kettles, casting systems, and advanced pollution control mechanisms.

Financial Performance

Ardee Industries has demonstrated strong financial growth in recent years. In FY 2025-26, the company’s total income increased by 57% to Rs 1,168.9 crore, compared with Rs 743.5 crore in the previous fiscal year. The company also witnessed a significant improvement in profitability, with Profit After Tax (PAT) surging 155% to Rs 84.7 crore, up from Rs 33.3 crore in FY 2024-25.

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

Homegrown pharma major Lupin Ltd has reported a 16 per cent rise in consolidated profit after tax at Rs 1,416.98 crore in the first quarter ended June 30, riding on robust growth across its key markets.

The company had posted a consolidated Profit After Tax (PAT) at Rs 1,221.46 crore in the corresponding period last fiscal, Lupin Ltd said in a regulatory filing on Thursday.

Consolidated total revenue from operations in the first quarter was at Rs 8,276.89 crore as against Rs 6,268.34 crore in the year-ago period, it added.

Total expenses in the quarter under review rose at Rs 6,389.83 crore as compared to Rs 4,931.84 crore in the corresponding period last fiscal, the company said.

Commenting on the performance, Lupin Ltd Managing Director Nilesh Gupta said, “We are pleased to begin FY27 with a strong performance, driven by robust growth across our key markets and continued improvement in profitability.”

The company’s focus on execution, operational excellence, and sustained investments in technology and innovation continue to strengthen the business and position it for sustainable, profitable growth over the long term, he added.
In the first quarter, the US market posted sales of Rs 3,434.8 crore as against Rs 2,404.1 crore in the same period last fiscal, up 42.9 per cent, while sales in India were up 13.9 per cent at Rs 2,379.6 crore as compared to Rs 2,089.4 crore in the year-ago period, Lupin said.

Sales in other developed markets was at Rs 1,149.4 crore as against Rs 774.8 crore in the first quarter last fiscal, up 48.3 per cent, it added.

Shares of Coinbase Global climbed Friday, trading up 4.42%, or $6.42, to $151.83, as a broader rally across cryptocurrency-linked stocks lifted the exchange operator alongside bitcoin, which rose following a weaker-than-expected July jobs report that boosted expectations for Federal Reserve interest rate cuts.

Bitcoin opened Friday at $64,259.68, roughly 0.5% below Thursday’s opening price, before climbing to $65,143.87 by mid-morning as investors digested the surprise labor market data. Ethereum followed a similar pattern, opening lower before recovering to $1,929.36. The rebound came after the U.S. Bureau of Labor Statistics reported that the economy lost 23,000 jobs in July, a sharp miss from the roughly 80,000 new jobs economists surveyed by Bloomberg had expected, with the unemployment rate ticking down to 4.1%.

Weak Jobs Data Boosts Risk Appetite

Crypto assets have historically responded positively to signs of labor market weakness when that weakness raises the likelihood of Federal Reserve rate cuts, since lower interest rates tend to increase investor appetite for higher-risk assets including cryptocurrencies. Friday’s rally in both bitcoin and Coinbase shares reflected that dynamic, with traders repricing expectations for the central bank’s next policy move following the disappointing employment figures.

A Broad Rally Across Crypto-Linked Stocks

Coinbase’s gain came as part of a wider rally across publicly traded companies with exposure to digital assets. Circle Internet Financial, the issuer of the USDC stablecoin, climbed sharply in recent sessions, while Bullish, operator of a regulated digital assets exchange, also posted strong gains. Bitcoin-focused mining and treasury companies benefited as well, with MARA Holdings and Strategy, the business intelligence firm known for its large corporate bitcoin holdings, both advancing. Analysts have described this kind of broad-based, coordinated movement across crypto-linked equities as typically reflecting either a more favorable shift in regulatory sentiment or a general rotation of investor capital back into digital-asset exposure, rather than any single company-specific catalyst.

Recovering From a Difficult Earnings Report

Friday’s gains help offset some of the pressure Coinbase shares have faced since the company’s second-quarter earnings report, released July 30, which disappointed investors and sent the stock lower at the time. Coinbase posted a net loss of $359.47 million for the quarter, a result that fell short of expectations and prompted several Wall Street analysts to trim their price targets on the stock in the days that followed. Cantor Fitzgerald, for instance, lowered its price target on Coinbase to $184 from $250 following the report, even as the firm and others maintained generally constructive longer-term views on the company.

Despite that post-earnings pressure, Coinbase shares have shown signs of stabilizing in recent sessions. The stock closed July with a monthly gain of 6.76% after climbing as high as $179 before running into resistance and pulling back. Prediction market Polymarket had assigned Coinbase roughly a 73% probability of reaching $165 at some point during August, reflecting a degree of continued investor optimism even amid the stock’s recent volatility.

Regulatory Uncertainty Remains a Wildcard

Coinbase Chief Executive Brian Armstrong has continued publicly pushing for passage of the CLARITY Act, federal legislation aimed at establishing clearer regulatory guardrails for the cryptocurrency industry, arguing it would encourage greater retail and institutional participation in crypto markets and directly benefit exchanges like Coinbase. Despite that advocacy, prediction market data has shown only a roughly one-in-three chance of the legislation becoming law before the end of 2026, with the Senate still needing to secure sufficient votes before lawmakers depart for their August recess. That regulatory uncertainty has continued to weigh on sentiment toward Coinbase shares even as the underlying cryptocurrency market has shown periods of strength.

Diversifying Beyond Pure Trading Revenue

Coinbase has continued efforts to diversify its revenue base beyond cryptocurrency trading volumes, which have historically driven the bulk of the company’s earnings and made its stock highly sensitive to swings in crypto market activity. The company has expanded into new product areas, including tokenized stock offerings that put it in direct competition with Robinhood’s own blockchain-based stock token initiative, a move analysts have said signals a meaningful attempt to broaden Coinbase’s business beyond pure crypto trading. Separately, Coinbase partnered with lender Better to issue what the companies described as the first Fannie Mae-backed crypto mortgage, extended to a couple in Ann Arbor, Michigan, following Fannie Mae’s recent announcement that it would begin accepting cryptocurrency as collateral for conventional mortgages, an early test of a potential new category of crypto-backed lending products.

Mixed Signals From Wall Street

Analyst sentiment toward Coinbase has remained somewhat divided in the weeks since the company’s earnings report. While Cantor Fitzgerald reduced its price target, other firms have maintained more bullish stances; BTIG reaffirmed a buy rating on the stock in early August, while Mizuho Securities has maintained a more neutral hold rating. Options market activity has shown generally bullish positioning in recent sessions, according to data tracked by TipRanks, even as the stock continues trading well below its 52-week high of roughly $444.64 reached earlier in the year.

A Volatile Backdrop for Bitcoin

Beyond the domestic jobs data, bitcoin’s price action this week has also been shaped by broader geopolitical developments. Brent crude oil prices moved above $83 a barrel after Yemen’s Iran-linked Houthi movement attacked Saudi Arabia, further escalating tensions in the Middle East, a development that has added to the mix of macroeconomic and geopolitical factors influencing risk appetite across both traditional and crypto markets this week. Separately, blockchain analysts have noted that roughly 200,000 bitcoin moved from long-term holder wallets over the past week, a shift some observers have attributed to changes in custody arrangements rather than conventional selling pressure, though the movement has added a layer of uncertainty to near-term price forecasts.

With Coinbase’s stock continuing to track closely with broader cryptocurrency price movements and regulatory developments tied to the CLARITY Act still unresolved, investors are likely to remain focused on both the trajectory of Federal Reserve policy following Friday’s weak jobs report and any further progress on crypto-specific legislation in Washington. The company’s continued push to diversify into new products, including tokenized equities and crypto-backed lending, is expected to remain a key storyline as Coinbase works to reduce its historical dependence on trading volume as its primary source of revenue.

Goodwin’s mechanical engineering division is a key supplier of components to UK and US frigate and submarine programmes.

This includes Britain’s Dreadnought programme, which is building the Royal Navy’s next-generation nuclear deterrent submarines, and the Type 26 frigate programme, which is developing a fleet of advanced anti-submarine warships.

According to its latest annual report, Goodwin Steel Castings and Goodwin International have delivered a boost to the company’s profits, having benefited from economies increasing their defence spending.

A report in the Financial Times said several potential buyers that have records in defence had expressed interest in Goodwin in recent weeks.

The company, which was founded in 1883, is majority owned and managed by the Goodwin family, while it has shares listed on the London Stock Exchange.

Its shares were up by about 10% on Friday morning.

Russ Mould, investment director for AJ Bell, said: “The company is a major supplier to UK and US submarine programmes and has also benefited from bumper defence spending across other parts of its business.

“The company took a big hit in March when it lost two significant contracts and faced order delays in the Middle East.”

He added: “Yet the interest in Goodwin’s defence arm is a reminder that the UK has a collection of engineering businesses which are global leaders in their respective niches.

“What any sale would mean for the future of Goodwin as a standalone business remains an open question but it is likely to still derive a significant chunk of its revenue from military spending regardless.”

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