The shares of Vedanta jumped nearly 2% to a fresh record high on Friday morning, after the metals major said that it has secured its highest domestic credit rating in more than a decade.

Vedanta shares hit a fresh 52-week high of Rs 360.70 apiece on BSE on Friday. This comes after ratings agency ICRA on Wednesday removed the company from watch with developing implications after greater clarity on the allocation of assets and liabilities under the ongoing demerger scheme.

ICRA upgrades Vedanta’s rating

ICRA upgraded Vedanta’s long-term rating to AA+ (Stable), assigned a stable outlook and reaffirmed the short-term rating. “The rating action factors in ICRA’s expectation of a further strengthening in the credit profile of the Vedanta Group in FY2027, building on the considerable improvement witnessed in FY2026. This has been supported by a sharp increase in base metal prices, which has contributed to a strong financial risk profile for the Group, which reported an OPBDITA of $6.7 billion in FY2026,” the ratings agency said.

Post-demerger, ICRA expects the relatively stronger cash-generating entities within the Vedanta group to support the dividend requirements, with the flexibility to fund the same from other group entities as well. ICRA also expects that the intra-group support among entities in the conglomerate will continue if required.

“The Stable outlook on the long-term rating reflects ICRA’s expectations of a continued healthy operating performance, backed by a favourable outlook on base metal prices in the near to medium term, leading to strong profits and cash accruals. The Group’s credit profile will be supported by the healthy cash flow generation from diversified businesses, strong financial flexibility and execution capabilities. In addition, the Group’s commitment to undertake any large debt-funded capex in a calibrated manner while maintaining its debt metrics at prudent levels also supports the Stable outlook,” it further said.

Also read: How the mega Vedanta demerger will impact payout for 21 lakh shareholders?
Vedanta took to X to share the ratings upgrade, adding that this is the highest domestic credit rating in over a decade. “The upgrade marks the Group’s highest domestic credit rating since 2014, reflecting stronger profitability driven by robust operational performance, along with sustained progress in deleveraging and refinancing. Together, these milestones further strengthen Vedanta’s position among India’s leading diversified natural resources companies,” it wrote.

ICRA also upgraded its ratings for the unlisted Vedanta Aluminium Metal to AA+ (Stable) and Talwandi Sabo Power to AA- (Stable).

Vedanta demerger

In April, Vedanta announced that each of its eligible shareholders would receive one share each of Vedanta Aluminium Metal (VAML), Talwandi Sabo Power (to be renamed Vedanta Power), Malco Energy (to be renamed Vedanta Oil and Gas) and Vedanta Iron and Steel for every share held in the parent company, marking one of the biggest corporate restructurings in India’s metals and mining sector.

Vedanta shares at the end of the month adjusted to the mega demerger, appearing to have crashed more than 63% in a single day. The stock then recorded sharp gains. While the eligible shareholders can continue trading Vedanta stock, the value attributable to these new entities is currently in price-discovery limbo from the record date until their listings. Since investors cannot trade them yet, even as Vedanta’s share price has already adjusted lower post-demerger.

Also read:What recent large demergers of Tata Motors, ITC and others tell us about possible listing timeline?

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

NEW YORK — Sony Interactive Entertainment has launched its annual Days of Play promotion, offering significant discounts on PlayStation Plus memberships including up to 33% off 12-month subscriptions for new and upgrading members.

The two-week event, which runs from May 27 to June 10, 2026, aims to provide value to PlayStation users amid recent price adjustments to the subscription service. Players in participating regions can save on new or upgraded PlayStation Plus plans, with the deepest discounts available on the Premium tier.

New members joining during the promotion can secure a 12-month subscription at reduced rates — up to 33% off Premium, 25% off Extra and 20% off Essential in select markets. Current subscribers upgrading from Essential or Extra to Premium or Deluxe can also save up to 33% on the remainder of their membership term.

The discounts come as PlayStation Plus continues to evolve its offerings. The service provides access to online multiplayer, monthly games, cloud storage and extensive catalogs of downloadable titles across tiers, with Premium delivering additional benefits such as game trials, classics from older PlayStation generations and streaming options.

Sony has positioned Days of Play as a celebration for the community, combining membership savings with deep discounts on PS5 games, accessories and limited-time content drops. The promotion also includes a sweepstakes offering winners a PlayStation Portal, DualSense Edge controller, 12 months of PS Plus Premium and $100 in PlayStation Store credit.

The timing aligns with growing interest in the service following the announcement of June 2026 monthly games and ahead of an upcoming State of Play event expected to showcase new titles, including updates on Insomniac’s Wolverine project.

PlayStation Plus has faced scrutiny in recent months due to price increases in certain regions. The current promotion serves as a timely opportunity for players to lock in extended access at more favorable rates before potential further adjustments.

Analysts note that such discounts help maintain subscriber engagement in a competitive subscription gaming market. Microsoft’s Xbox Game Pass and other services continue to pressure Sony, making value-driven promotions like Days of Play strategically important.

For many gamers, the 12-month commitment at a discount represents substantial savings. A full year of Premium access, which normally commands a premium price, becomes more accessible during the event, encouraging longer-term subscriptions.

The promotion extends beyond memberships. Hundreds of PS5 and PS4 games are on sale, including major titles across various genres. Accessories such as controllers and headsets also feature reduced pricing, broadening the appeal to both new and existing PlayStation owners.

Sony’s blog highlighted the breadth of the event, encouraging players to explore the full range of deals available through the PlayStation Store. Regional variations apply, with eligibility and discount percentages differing by country and tier.

PlayStation Plus membership numbers have grown steadily since the service’s revamp, driven by expanded game libraries and regular additions of high-quality titles. The Days of Play initiative typically boosts new sign-ups and upgrades significantly.

Gamers looking to maximize value are advised to review current pricing in their region before June 10. Existing members can check upgrade paths directly through their account settings on console or via the web store.

The event also spotlights community activities for subscribers, including tournaments, exclusive content packs and challenges tied to featured games. These elements enhance the overall experience beyond pure discounts.

As the gaming industry shifts toward subscription models, promotions like this help Sony retain its position as a leader in console-based services. The combination of cost savings and content variety appeals to both casual players and dedicated enthusiasts.

Parents and gift-givers may find the discounted 12-month options particularly attractive for family accounts or as presents. The tiered structure allows flexibility based on individual gaming habits and preferences.

Industry observers expect strong participation in the promotion. Previous Days of Play events have generated significant engagement, with spikes in both sales and new memberships.

Sony has not commented on whether similar discounts will be offered later in the year. Players considering a subscription are encouraged to take advantage of current offers while they last.

The Days of Play 2026 promotion reflects Sony’s ongoing commitment to delivering value to its user base. With attractive pricing on memberships and a wide array of game deals, the event provides an accessible entry point for those looking to deepen their PlayStation experience.

As the promotion progresses, additional content drops and surprises may be revealed. Fans are encouraged to monitor official PlayStation channels for the latest updates.

For those on the fence about subscribing, the current discounts lower the barrier considerably. A full year of access to online play, free monthly games and extensive back catalogs represents strong value, particularly at promotional rates.

The initiative comes at a busy time for PlayStation, with major releases on the horizon and continued investment in first-party development. Days of Play helps maintain momentum and excitement within the community.

Overall, the 2026 edition of Days of Play delivers meaningful savings for PlayStation users. Whether upgrading an existing membership or starting fresh, the event offers a compelling opportunity to enjoy extended access to one of gaming’s premier subscription services.

Japanese brokerage Nomura has downgraded Cummins India to “Neutral” from “Buy” and raised the target price to Rs 6,000 from Rs 4,780 earlier (25% increase), implying a limited downside from current market levels. Following the brokerage action, shares of the power generation company fell 2.7% to an intraday low of Rs 5,858 on Friday.

The brokerage said the stock is currently trading at 52x FY28 estimated earnings, which it believes leaves little room for further re-rating. The revised target price is based on a sum-of-the-parts valuation rolled forward to June 2028 earnings and implies a target P/E multiple of 49x, compared with 42x earlier, supported by strong prospects in the data centre segment.

Nomura highlighted near-term gross margin headwinds as commodity inflation is likely to outpace pricing actions. According to the brokerage, prices of pig iron and copper, which together account for nearly 75% of material costs, have risen 20% and 40% year-on-year, respectively, so far in Q1 FY27. Channel checks suggest the company has taken price hikes of around 8-10%, but Nomura believes these may not be sufficient to fully offset rising input costs.

As a result, the brokerage expects margin pressure to continue through the first half of FY27, with the possibility of further gross margin compression if commodity prices remain elevated. While cost controls and operating leverage could partly cushion the impact, Nomura said a meaningful recovery in margins would likely depend on moderation in commodity prices, additional selective price hikes and a favourable product mix, which may take a few quarters to materialise.

However, Nomura expects Cummins India’s Powergen segment to deliver a CAGR of 20% over FY25-29, supported by multiple structural growth drivers. The brokerage said the rapid expansion of data centres in India, led by rising investments from hyperscalers, is expected to create sustained demand for high-horsepower gensets, a segment where the company holds a dominant position.

The brokerage also expects the Distribution segment to clock a CAGR of 19% during FY25-29. According to Nomura, growth in this business is likely to be driven by the transition to CPCB IV+ emission norms, which is expected to increase aftermarket revenue per unit through higher demand for spare parts and services.
In addition, the brokerage believes expansion into underpenetrated geographies could support volume growth, while fit-to-market product offerings targeted at price-sensitive applications may help widen the company’s customer base further.

Cummins India Q4

For the quarter ended March 31, 2026, the company reported total sales of Rs 2,963 crore, marking a 23% increase compared to the same quarter last year, while remaining marginally lower by 1% on a sequential basis.
Domestic sales stood at Rs 2,513 crore during the quarter, rising 30% year-on-year, although they moderated by 1% compared to the previous quarter. Export sales came in at Rs 450 crore, down 6% from the year-ago period and 5% lower sequentially.

Profit after tax for the quarter stood at Rs 650 crore, while net profit margin came in at 21.9%.

Cummins India shares have risen 33% since the start of the year. Over the past year, the stock has risen 88%.

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

Burberry has quietly knocked a decade off the urgency of its climate plan, becoming the latest FTSE 100 heavyweight to soften the green pledges that defined corporate Britain at the start of the decade.

In its 2025-26 annual report, the trench coat maker confirmed it now expects to hit net zero emissions “no later than” the 2049-50 financial year, a full ten years later than the 2039-40 deadline it set with great fanfare in 2021. Back then, the Riccardo Tisci-era management team promised to go further still, declaring Burberry would be “climate positive” by 2040 and insisting it was “helping protect our planet for generations to come”.

Four years on, the language is markedly more sober. The Macclesfield-based group described the rewritten target as a “pragmatic response to external factors”, while arguing the new timetable still reflected its view of climate change as “a principal risk” to the business. Translation: the City wants margin recovery, the supply chain is not decarbonising as quickly as anyone hoped, and Washington has stopped pretending to care.

From outlier to the herd

Burberry is hardly alone. Unilever, owner of Dove and Marmite, used its 2024 strategic reset to dilute a string of ethical commitments, including the pace at which it weans itself off virgin plastic. Nestlé walked away from the Dairy Methane Action Alliance last year, taking the air out of one of the food sector’s more ambitious decarbonisation coalitions. And the two London-listed oil majors, BP and Shell, have spent the past eighteen months unpicking renewable energy targets in favour of a frank return to barrels and cubic feet.

The political weather, of course, has shifted with them. President Trump’s return to the White House has emboldened US-listed peers to pare back ESG disclosures, and stock market investors – tired of paying a “virtue premium” on shares that have lagged the index – are pushing UK boards in the same direction. As I argued recently in my column on why UK businesses must not retreat from net zero in 2026, the danger is that short-term capitulation in the boardroom papers over a hard cost when capital markets, customers and regulators inevitably swing back.

What burberry actually said

In the small print, Burberry insists the revised goal takes account of the “observed and projected speed and scale of decarbonisation” across the luxury industry and in the economies in which it operates. The group also reiterated a near-term commitment to deliver “significant emissions reductions” by 2030, a deadline that still falls within the current chief executive’s likely tenure and remains broadly consistent with the Science Based Targets initiative’s 1.5°C pathway.

For sustainability professionals, that 2030 milestone is the one to watch. A 2050 long-stop date is now table stakes; the credibility test is what happens in the next 1,825 days.

The schulman turnaround – and the £12.2m question

The climate rewrite lands in the middle of a delicate turnaround under Joshua Schulman, who became chief executive in 2024 and has used aggressive marketing, sharper price architecture and an unapologetic return to the brand’s British heritage to steady the ship. Shares are up roughly 17 per cent over the past twelve months, although they remain a long way below the peaks of 2023.

Schulman’s reward for the recovery, also disclosed in the annual report, is a new long-term incentive plan that could lift his total package to as much as £12.2 million in future years, subject to share price and performance hurdles. Coming in the same document as a softer climate pledge, the optics are uncomfortable – particularly for investors who recall that Burberry recently warned it would cut 1,700 jobs in a global savings drive amid the wider luxury slowdown.

The SME angle

There is a longer-tail story here for the small and mid-sized firms that make up Burberry’s supplier base, and the wider FTSE 100 ecosystem. When a flagship brand stretches its decarbonisation runway, the Scope 3 pressure on tier-two and tier-three suppliers eases – at least on paper. In practice, the regulatory ratchet is moving in the opposite direction, with the new UK Sustainability Reporting Standards bedding in from this financial year. As we have flagged previously, SMEs face a widening net zero divide as 2026 reporting rules loom, and the businesses that mistake a softer corporate mood music for permission to pause investment may find themselves locked out of supply chains within two reporting cycles.

For now, Burberry’s message to the City is straightforward: ambition, yes, but on terms the market – and the share price – can live with. Whether that proves to be pragmatism or short-sightedness will be judged not in 2050, but well before the next general election.

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London managed to build just 7 per cent of the new homes it required last year, a fresh signal that Sir Keir Starmer’s flagship pledge to deliver 1.5 million homes across England by the end of the parliament is in serious trouble.

According to a new report from property consultancy JLL, the capital delivered only 6,325 homes in the twelve months to March 2026, against an annual need of 88,000 — leaving a yawning gap that property professionals warn cannot be closed without urgent policy intervention. JLL’s London housing challenge analysis puts private-sector starts down a remarkable 84 per cent since 2015.

The reasons are familiar to anyone who has tracked the capital’s residential market over the past three years: stretched buyers, departing landlords, ballooning service charges and a planning system that continues to throttle delivery.

Buyers boxed in by rates and the loss of Help to Buy

Higher-for-longer interest rates remain the single biggest drag on demand. Mortgage affordability has tightened sharply, and renters trying to scrape together a deposit are losing ground to rising rents.

The squeeze is particularly acute on new-build stock. JLL’s figures show prospective buyers are now paying a 26 per cent premium per square foot for a London new build compared with an equivalent second-hand property, a gap that, in the absence of Help to Buy (which closed to new applicants in 2023), first-time buyers are simply struggling to bridge.

The picture is consistent with the wider national slowdown Business Matters has reported on previously, with house-building output in 2024 down by a fifth on the previous year.

Landlords and overseas buyers head for the exit

The investor market, historically the bedrock of off-plan sales in zones one and two — has effectively collapsed. Tax increases on buy-to-let landlords and the sweeping changes ushered in this month under the Renters’ Rights Act have driven a wave of disposals.

Just 4 per cent of landlords told JLL they were even considering adding to their portfolios. As we explored in our recent feature on how the Renters’ Rights Act is rewriting the business case for buy-to-let, the abolition of Section 21, the move to rolling periodic tenancies and tougher compliance burdens have fundamentally altered the economics of residential letting.

Overseas investors, traditionally heavy buyers of central London new builds, have also retreated: numbers in prime central postcodes are down 53 per cent on 2015.

The knock-on effect on developer cash flow is severe. A decade ago, more than half of all new homes in the capital were sold off-plan, the crucial pre-sales that unlock development finance and underwrite future schemes. In 2025 that figure was just 11 per cent. Housebuilders are now sitting on more than 22,000 unsold London homes, including 3,600 completed units lying empty and a further 18,737 still under construction.

The cost crunch hitting the supply side

The demand-side problems are being compounded by an equally acute squeeze on supply. The Home Builders Federation’s latest “Viability Crunch” report found that the cost of building a single home has risen by £76,000 since 2020, equivalent to roughly a fifth of the average UK house price.

Around 40 per cent of that increase, the HBF says, stems from new taxes and regulation, including the forthcoming Building Safety Levy, Future Homes Standard and Biodiversity Net Gain requirements. The remainder reflects material and labour inflation, much of it linked to post-pandemic supply chain disruption and the long shadow of the Grenfell tragedy on safety compliance.

Workforce constraints are also tightening their grip, with the construction skills shortage already threatening the 1.5 million homes target Business Matters has reported on at length.

The service-charge sting

A less-publicised but increasingly punitive factor is the relentless rise in service charges, which lenders now bake into affordability calculations.

JLL’s analysis found that average service charges for blocks with basic amenities, lifts, cleaning, communal lighting, have climbed 43 per cent since 2020. For developments boasting concierge services, pools and gyms, charges have leapt by 89 per cent. For first-time buyers attempting to stretch to a £400,000 flat in Battersea or Wembley, a £5,000-a-year service charge can be the difference between a yes and a no from the mortgage desk.

Marcus Dixon, head of UK living and residential research at JLL, was unsparing in his verdict, arguing the current policy mix is actively choking off delivery. He has called for the abolition of stamp duty on primary residences as a starting point.

“Without policy change on buying costs, we’ve simply made new homes unaffordable for buyers, a situation that will need to change if we are serious about increasing housing delivery,” he said.

JLL points out that UK property taxes account for 3.7 per cent of GDP, the highest share of any advanced economy, a level of fiscal drag that, at the margin, makes the difference between a viable scheme and a stalled one.

The implications stretch well beyond Whitehall’s targets. House-building is a critical driver of SME activity, from local subcontractors to building products suppliers and small-scale developers. A capital delivering only 7 per cent of its housing need is a capital starving thousands of small businesses of revenue, while at the same time pricing the workers those businesses rely on out of the city.

If Labour wants to keep its 1.5 million homes pledge credible, ministers will need to address the cost-of-buying problem and the cost-of-building problem in tandem. London’s figures suggest the clock is already running out.

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