SAN FRANCISCO — Patrick Bailey delivered the decisive blow with a three-run home run in the seventh inning, lifting the San Francisco Giants to a 3-0 victory over the Los Angeles Dodgers on Wednesday night at Oracle Park and handing the two-time defending World Series champions their fourth loss in five games.

The Giants snapped a scoreless duel after Shohei Ohtani exited following six dominant innings, capitalizing on a rally that sent the Dodgers to another frustrating defeat in the intense National League West rivalry. Bailey’s blast — his first home run and first extra-base hit of the 2026 season — came off reliever Justin Dreyer and scored Jung Hoo Lee and Heliot Ramos, breaking open a pitchers’ duel that had kept fans on edge through six scoreless frames.

Ohtani turned in one of his strongest pitching outings of the young season, tossing six scoreless innings with seven strikeouts and just four hits allowed while walking none. The two-way superstar’s season ERA dipped to a sparkling 0.38 after the performance, yet the Dodgers’ offense managed only four hits and could not solve Giants starter Tyler Mahle or the bullpen that followed.

Mahle matched Ohtani pitch for pitch through seven innings, scattering five hits while striking out five and issuing no walks in a 91-pitch effort. The right-hander kept the powerful Dodgers lineup quiet, inducing weak contact and limiting hard contact throughout his outing. San Francisco’s bullpen then slammed the door, with relievers combining for two perfect innings to preserve the shutout.

The game remained tied 0-0 until the bottom of the seventh. With Ohtani already out of the game, the Giants loaded the bases with two outs against the Dodgers’ middle relief. Bailey, who had been quiet at the plate early in 2026, drove a 3-2 pitch deep to left-center field for a 407-foot home run that electrified the Oracle Park crowd and provided all the offense the Giants would need.

For the Dodgers, the loss highlighted ongoing offensive struggles against division foes despite their star-studded roster. Mookie Betts remained sidelined with an oblique strain, forcing further adjustments in the lineup. Freddie Freeman, Max Muncy and other regulars managed only scattered singles, with the team leaving seven runners on base and failing to mount a sustained rally.

Manager Dave Roberts expressed frustration postgame with the team’s inability to capitalize on Ohtani’s outing. “Shohei was outstanding again. We just couldn’t get anything going offensively tonight,” Roberts said. “We had opportunities but didn’t cash in. Credit to their pitching staff — they executed their plan well.”

The rivalry game drew a packed house at Oracle Park, with fans from both sides creating the usual electric atmosphere that defines Dodgers-Giants matchups. The contest featured several defensive gems, including a sliding stop by Giants third baseman Rafael Devers on a sharp grounder and a glove-flip play that retired Ohtani at first base during one at-bat.

Ohtani’s performance on the mound continued his remarkable early-season form. After transitioning more fully into a two-way role again in 2026, the Japanese superstar has looked nearly unhittable on the rubber. His seven strikeouts included several swing-and-miss fastballs and sharp sliders that kept Giants hitters off balance. He left the game with the score still knotted, setting the stage for the late drama.

Bailey’s homer marked a breakout moment for the young catcher, who had been searching for his first extra-base hit of the season. Giants manager Tony Vitello praised Bailey’s approach at the plate and his ability to deliver in a big spot. “Pat’s been working hard. To see him come through like that against a team like the Dodgers feels great for the whole group,” Vitello said.

The victory improved the Giants’ record and kept them competitive in the early NL West standings, while the Dodgers, despite the loss, remained near the top of the division thanks to their strong start to the season. However, the recent skid has raised questions about lineup depth with key players like Betts still working through injuries.

Pitching dominated the early innings. Both starters cruised through the first six frames with minimal traffic on the bases. Mahle retired the side in order in several innings, while Ohtani worked efficiently, using his full arsenal to induce ground balls and strikeouts. The game featured just 12 combined hits, underscoring the effectiveness of both pitching staffs.

Defensively, both teams played cleanly with no errors recorded. The Giants turned a couple of double plays to escape minor jams, while the Dodgers’ infielders made routine plays look routine despite the pressure of the rivalry setting.

For Dodgers fans, the shutout added to a growing list of low-scoring losses against division rivals this season. The team’s vaunted lineup, featuring stars like Ohtani, Freeman and Teoscar Hernandez, has at times been held in check by well-executed pitching plans. Roberts indicated the club would review video and make minor adjustments heading into the series finale on Thursday.

The Giants, meanwhile, will look to build momentum from the win. Bailey’s homer provided a much-needed offensive spark for a team that has relied heavily on pitching early in 2026. Lee and Ramos, who scored on the homer, also contributed with timely hits and solid baserunning.

As the series continues Thursday, both teams will send their next starters to the mound in what promises to be another tightly contested affair. The Dodgers will aim to bounce back quickly and avoid dropping the series, while the Giants will try to capitalize on home-field energy and the confidence gained from Wednesday’s late-inning heroics.

The 3-0 result marked the second straight low-scoring game between the clubs, following a 3-1 Giants win on Tuesday. Pitching continues to define the early chapter of this historic rivalry in 2026, with both teams showing strong arms capable of frustrating even the most potent lineups.

For now, the Giants head into Thursday with renewed belief after Bailey’s timely blast, while the Dodgers must regroup and find ways to ignite their offense behind another strong pitching performance. In a division where every game carries extra weight, Wednesday’s shutout victory gave San Francisco a valuable edge in the ongoing battle for NL West supremacy.

The full game highlights captured the tension of the pitchers’ duel, the defensive plays that kept the score tied, and the explosive moment when Bailey’s bat finally broke the deadlock. Fans watching the condensed recap on social media and highlight packages saw Ohtani’s mastery on the mound, Mahle’s efficiency, and the dramatic seventh-inning sequence that decided the outcome in classic Giants-Dodgers fashion.

As April winds down and the season progresses, matchups like this one remind baseball fans why the Dodgers-Giants rivalry remains one of the most compelling storylines in the sport. Wednesday’s game delivered another chapter of pitching excellence and late-inning drama, with Bailey’s home run providing the lasting image of a hard-fought Giants triumph.

Trent Ltd., the retail arm of the Tata Group, continues to command investor attention, but recent earnings and commentary suggest that the company may be entering a more measured phase of growth after a period of sharp expansion.

In a conversation with ET Now, Jignanshu Gor from Bernstein India offered a detailed breakdown of the company’s Q4 performance, shedding light on profitability trends, margin dynamics, and the road ahead for its key brands, Westside and Zudio.

Seasonal Volatility Masks Underlying Stability
Addressing the sequential drop in profit—from Rs 513 crore to Rs 413 crore—Gor emphasised that quarter-on-quarter comparisons may not present the full picture.“So, Trent, the way we read Q4 numbers is largely on a YoY basis because there is seasonality across the quarters, especially the festive quarter does very well for apparel players in general,” he said.

He noted that margins have improved due to two primary factors: operational efficiency and brand mix.
“Margin—I was overhearing the conversation, and I broadly agree—a large part of the margin uptick that we are seeing is for two reasons. One is the employee cost reduction or optimisation that the company has been doing, with a focus on RFID in all its stores. Now it is 100% everywhere—you see a tag has an RFID sticker on it—which reduces the number of people that you need overall.”
“The second big reason is that Westside has done better than Zudio, and hence your gross margins have been better this year versus last year.”
However, he flagged a key concern: declining productivity.

“When you look at a more fundamental metric—revenue per square foot—it is lower YoY, and that tells you what Sajeet was mentioning: that we do not expect the margins to improve from here. Even if they are able to sustain it here, it will be very positive for the stock.”

Zudio’s Expansion: Still Room to Grow
Zudio, Trent’s fast-fashion value brand, now operates 963 stores, including its first international outlets in the UAE. While rapid expansion often raises concerns about diminishing returns, Gor believes the runway remains long.

“The way we think about expansion in the Indian context is that ROCE remains constant, but value per store does not go up—it is not better in a smaller town,” he explained.

“So, when a company goes from a large city to a small city, they have lower revenue per square foot, but they also have lower costs per square foot. Typically, margin profiles are similar in a smaller town, and initially, when you are a new introduction to a town, they are actually better because there is a lack of organised options as good as Zudio.”

He added that while incremental store value may decline, capital expenditure requirements also reduce proportionally.

“When does expansion stop? We think there is still a lot of headroom for growth. Today, they are in around 300 cities. Some of the larger players have gone to 600 cities already.”

Westside’s Outperformance Not Just About Pricing
Westside’s stronger performance relative to Zudio has raised questions about consumer stress in lower price segments. However, Gor believes the explanation is more nuanced.

“So, I think that is one angle. Maybe there are two other factors for Westside’s share of Zudio revenue increasing,” he said.

“One is just faster store additions. This year, Westside added 50-plus stores, which is higher than what they have added in any of the previous years.”

“The second is that the competitive intensity for Westside has been softer than for Zudio. On Westside, we feel Shoppers Stop, Pantaloons, and Lifestyle are all struggling with their own value proposition, whereas Westside has sort of figured out a place in the consumer’s psyche.”

Fundraise Signals Strategic Shift
Trent’s Rs 2,500 crore fundraise has sparked debate around its free cash flow position. Gor dismissed concerns about core business sustainability.

“Yes, so we do not think it is for the core business because you are right—in our view, the core business, despite increasing capex over the years, has been generating positive free cash flow,” he said.

“This year, approximately Rs 300 crore of free cash flow was generated despite capex—not just in stores but also increased office space capex in their Mumbai offices.”

Instead, he suggested the funds may be earmarked for expansion beyond existing operations.

“So, we think this is for either inorganic growth or faster adoption of Star, for which they do not have capex. That is what is mentioned in the rights issue as well.”

Valuation Reset After Sharp Correction
After a significant correction from its highs, Trent’s valuation is now being reassessed by the market.

“We think that a 20% growth stock will get anywhere around a 60 to 65 multiple, and that is the benchmark that we go with,” Gor explained.

“That is why we think a fair price for this over the next 12-month period is around Rs 5,000, from the current value of Rs 4,400–4,500.”

Near-Term Outlook: Cautious Optimism
Looking ahead, Gor struck a balanced tone—highlighting both risks and recovery potential.

“Just consumer demand, but also the supply for apparel players—because Trent runs on a thinner working capital cycle or inventory cycle—they have sort of 90 days of inventory versus most of the others running at 150 to 180 days. So, supply chain disruptions will hurt Trent first,” he noted.

He also expressed caution about near-term demand.

“So, we do think that, given where the macro situation is—with inflation coming in, which the company also mentions—we are a little cautious on near-term demand for Q1, Q2 of FY27.”

Still, there are signs of recovery on the horizon.

“We expect Zudio to recover now on their SSSG/LFL as the base effect becomes better for Zudio stores going forward in FY27 as well.”

Summing up, he added: “We remain cautiously optimistic, but we are not saying that we expect a 25–30% growth number to come back. It will be a far more cautious story going forward.”

When asked directly about near-term growth, Gor concluded: “We are building in 19% to 20% right now.”

This article was written by

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SYDNEY — Australian shares posted mixed results Thursday with the benchmark S&P/ASX 200 index closing down 0.57%, yet a handful of standout performers bucked the broader weakness, delivering double-digit gains that highlighted selective buying in healthcare, resources and consumer stocks amid shifting policy expectations and commodity moves.

The session’s biggest risers within the ASX 200 underscored the market’s rotational nature, as investors rotated toward names perceived to benefit from potential aged care funding improvements in the recent federal budget while others rode commodity tailwinds or company-specific momentum. Leading the pack was aged care operator Regis Healthcare Ltd, whose shares exploded higher on renewed optimism around government support for the sector.

Here are the top 5 gainers among ASX 200 constituents on April 23 (percentage gains based on closing prices):

1. Regis Healthcare Ltd (ASX: REG) — up 16.39% to A$7.03 The standout performer added 99 cents in heavy trading as the market digested fresh details from the federal budget that could ease funding pressures on residential aged care providers. Regis, one of Australia’s largest listed operators, has been expanding aggressively through acquisitions and now stands to benefit from possible increases in accommodation payments and incentives for new bed construction. The stock had hit a multi-year low near A$5.64 just days earlier after breaking key technical support, making Thursday’s rebound particularly sharp. Volume surged well above average, signaling strong institutional and retail interest.
2. Treasury Wine Estates Ltd (ASX: TWE) — up around 16.5% to approximately A$4.72 The wine giant posted one of its strongest single-day moves in recent memory, closing near session highs after reports of solid export demand and easing concerns over global trade tensions. Treasury Wine has been navigating shifting consumer preferences and currency impacts, but Thursday’s surge reflected renewed confidence in premium wine sales, particularly into key Asian markets. The move came with elevated volume, suggesting traders viewed the stock as oversold following earlier weakness.
3. New Hope Corporation Ltd (ASX: NHC) — up approximately 5.5% The thermal coal producer gained ground as oil prices remained elevated near or above US$100 per barrel due to ongoing uncertainty in the Strait of Hormuz. While not a direct oil play, New Hope benefited from broader energy market strength and potential spillover demand for Australian thermal coal exports. The stock has shown resilience throughout the year amid global energy tightness linked to the U.S.-Iran conflict.
4. Karoon Energy Ltd (ASX: KAR) — up around 4.6% to A$2.06 The oil and gas explorer advanced on the back of sustained crude prices and positive sentiment around domestic energy security. Karoon’s operations in the Santos Basin have drawn attention as investors seek exposure to relatively stable production assets less exposed to some of the geopolitical risks affecting larger international players.
5. AUB Group Ltd (ASX: AUB) — up around 5.4% to A$23.80 The insurance and financial services firm rose amid broader sector rotation into defensives and professional services names. AUB has been expanding its broking and risk management offerings, and the gain reflected steady demand for its diversified business model in a higher-interest-rate environment.

Other notable movers included Premier Investments Ltd and Eagers Automotive Ltd, which posted solid mid-single-digit gains earlier in the week but continued to attract attention in rotational flows.

The broader ASX 200 closed at 8,793.4, down 50.2 points, with materials and financials weighing on the index while energy names provided some offset. Healthcare as a sector outperformed on the day, buoyed by Regis and related names, as investors priced in potential policy tailwinds from Canberra.

Analysts noted that Regis Healthcare’s performance was particularly eye-catching given its recent technical breakdown. The company reported strong first-half FY26 results in February, with revenue up 18% to A$667.7 million on higher occupancy and acquisitions. Mature home occupancy reached 96%, and the firm maintained a healthy net cash position. Thursday’s surge suggested the market is now factoring in a more supportive long-term funding environment for aged care operators facing workforce and regulatory costs.

Treasury Wine’s move highlighted resilience in consumer discretionary names despite cost-of-living pressures. The company has focused on premium brands and direct-to-consumer channels, helping mitigate some margin pressures from currency and logistics challenges.

Market breadth remained negative overall, with decliners outnumbering advancers, but the session’s top performers illustrated how targeted catalysts can drive outsized moves even on a down day for the index. Volume in the leaders was notably higher than average, indicating conviction behind the buying rather than mere short covering.

For investors, the day’s action served as a reminder of the ASX 200’s sensitivity to both domestic policy developments and global commodity trends. With the federal budget still fresh and the Strait of Hormuz situation fluid, selective buying in sectors perceived as beneficiaries could continue in the near term.

Longer-term observers pointed to demographic tailwinds supporting aged care names like Regis, while energy exposure remains attractive as long as Middle East tensions persist. However, analysts cautioned that gains could prove volatile if budget implementation details disappoint or if oil prices pull back on any de-escalation signals.

Retail participation appeared elevated in the top movers, with trading apps showing increased activity in Regis and Treasury Wine. Institutional flows likely played a role as well, with some funds rotating out of recently underperforming areas into perceived value or policy-supported plays.

The ASX 200’s modest decline masked underlying strength in certain pockets, a pattern that has repeated throughout April amid geopolitical headlines and domestic economic data. Friday’s session will likely hinge on any fresh commodity price moves and overnight developments from Wall Street.

As the trading week wound down, the standout gains in Regis Healthcare and Treasury Wine provided a bright spot for a market otherwise grappling with caution. Whether these moves mark the start of sustained outperformance or short-term rebounds will depend on upcoming company updates, policy clarity and global risk sentiment.

For now, the top five gainers demonstrated that even in a subdued broader session, compelling stories and sector tailwinds can still deliver significant returns for nimble investors tracking the ASX 200’s daily movers.

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