Business
Samvardhana Motherson shares soar 5% after Q3. Here’s what Nomura, Citi, Motilal said
The company’s revenue from operations came in at Rs 31,409 crore, marking an increase of 14% from Rs 27,666 crore posted in the same quarter of the previous financial year. Improvement in PAT was supported by lower finance costs and higher contribution from JVs and associates. Revenue growth was led by the impact of the Atsumitec acquisition, organic growth, commodities and favourable FX, the company said.
EBITDA for the quarter under review came in at Rs 3,042 crore, higher by 9.5% from Rs 2,776 crore in the same quarter last year. Margins increased to 10% from 9.7%, SAMIL’s investor presentation showed. “Operational improvements supported by realisation of benefits of Transformative Measures in MPP division,” it added.
What should investors do?
Motilal Oswal has reiterated a Buy rating on Samvardhana Motherson with a revised target price of Rs 148, after raising its earnings estimates by 6% for FY26 and 1% for FY27 following a better-than-expected Q3 performance despite challenging global macro conditions. The brokerage highlighted management’s next five-year revenue aspiration of USD 108 billion and expects the company to continue outperforming global automobile sales, supported by premiumisation trends, the ongoing EV transition, a strong order backlog across auto and non-auto segments and successful integration of recent acquisitions.
While ongoing tariff issues could cause some near-term slowdown in key geographies, Motilal Oswal believes the company is relatively well positioned due to its proximity to customers and ability to realign supply chains. It added that potential industry consolidation could benefit larger players like Samvardhana Motherson over the long term and maintained its Buy stance based on a valuation of 24x December 27E EPS.
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Nomura has also maintained a Buy rating on Samvardhana Motherson and raised its target price to Rs 140 from Rs 127, citing expectations of a recovery in passenger vehicle demand along with ramp-up in greenfield plants, aerospace and consumer electronics businesses and the integration of two acquisitions. The brokerage expects these factors to support revenue growth of 21% and 11% in FY27 and FY28, respectively. It also highlighted that operating leverage and ongoing cost rationalisation initiatives are likely to sustain margin improvement going forward. Additionally, Nomura noted that any potential new acquisitions could act as a key upside trigger in the company’s journey towards achieving USD 108 billion in revenue by FY30 from USD 25.7 billion in FY25.
Offering a contrarian view, Citi has maintained a Sell rating on Samvardhana Motherson with a target price of Rs 95, despite a Q3 earnings beat driven by strong performance in the Wiring Harness and Modules businesses and improving margins. The brokerage cautioned that global demand risks remain elevated and flagged concerns around the profitability of emerging businesses and recent acquisitions. Citi said valuations have been rolled forward but sees limited upside potential from current levels.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Dow Falls 400 Points, Shedding Nearly 1,000 Points in 3 Days
The Dow Jones Industrial Average fell sharply for a third day in a row on Tuesday, but the major indexes finished well off their lows as another oil price spike eased.
The Dow fell 404 points, or 0.8%. The index has fallen about 1,000 points since its close on Thursday. The S&P 500 dropped 0.9%. The Nasdaq Composite slid 1%.
WTI crude oil futures rose 4.7% to $74.56 a barrel, while Brent crude oil futures were up 4.7% to $81.40. Brent crude futures have risen 15% in the past three sessions, which is their largest three-day percent gain since the span that ended March 21, 2022.
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RFK Jr criticized for questioning safety of high-sugar Dunkin’, Starbucks drinks
HHS Secretary Robert F. Kennedy Jr. discusses efforts to phase out petroleum-based synthetic dyes in the nation’s food supply on ‘Jesse Watters Primetime.’
Health Secretary Robert F. Kennedy Jr. ignited widespread backlash online after questioning whether high-sugar iced coffee drinks sold at Dunkin’ and Starbucks are safe – and the governor of Massachusetts was among the pushback.
Kennedy said during an “Eat Real Food” rally in Austin, Texas, on Feb. 26, “We’re going to ask Dunkin’ Donuts and Starbucks, ‘Show us the safety data that show that it’s OK for a teenage girl to drink an iced coffee with 115 grams of sugar in it.”
“I don’t think they’re gonna be able to do it,” he added.
The remarks quickly drew a response in Massachusetts, where Dunkin’ was founded and is considered a cultural staple.
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Health and Human Services Secretary Robert F. Kennedy Jr. raised concerns about sugary beverages during an Austin, Texas, rally on Feb. 26, 2026. (Jason Mendez/Getty Images; iStock / Getty Images)
Massachusetts Gov. Maura Healey took to X on Wednesday to defend the iconic New England beverage, posting an image of a flag displaying the slogan, “Come and take it.”
While some users on X criticized Healey, arguing that she should promote healthier food standards, others rallied behind the governor amid concerns the administration could target their favorite drinks.
“Maybe this regime needs to remember we take drinks VERY SERIOUSLY in New England,” one user wrote, alongside an image depicting the 1773 Boston Tea Party.
Others swapped the “Don’t tread on me” motto with, “Donut tread on me.”
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Health Secretary Robert F. Kennedy Jr. referenced Dunkin’ while discussing potential scrutiny of high-sugar beverages. (Paul Weaver/SOPA Images/LightRocket via Getty Images / Getty Images)
The Department of Health and Human Services did not immediately respond to FOX Business’ request for comment on whether the administration plans to carry out its demands and restrict beverages at Dunkin’ or other coffee chains.
Dunkin’ and Starbucks did not immediately respond to FOX Business’ request for comment.
MAHA Action, a nonprofit organization dedicated to the “Make America Healthy Again” movement, said in a statement after the event that Kennedy announced the closure of a loophole in the “Generally Recognized As Safe” (GRAS) food ingredient approval program, a long-standing regulatory pathway that allows companies to self-certify certain ingredients as safe.
“Companies including Dunkin’ Donuts and Starbucks will be required to produce safety data they were supposed to have maintained. The reforms aim to ensure American foods follow the highest safety and nutritional standards globally,” the group said.

Health and Human Services Secretary Robert F. Kennedy Jr. suggested that companies such as Dunkin’ and Starbucks may need to demonstrate the safety of certain high-sugar drinks under stricter federal scrutiny. (Zhang Peng/LightRocket via Getty Images / Getty Images)
Kennedy began pushing to reform the GRAS system soon after his appointment and confirmation, according to The Boston Globe, which noted that the category was created so companies would not have to apply for approval to use common ingredients.
However, over time, the system has expanded to include thousands of new ingredients, including those used in ultra-processed foods, the newspaper reported.
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The renewed focus on sugary beverages comes as Kennedy has launched a broader effort to overhaul the nation’s food supply.
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DOT approves American Airlines flights to Venezuela after 5 years
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American Airlines is set to resume nonstop flights to Venezuela after the U.S. Department of Transportation (DOT) approved the carrier’s request Wednesday, making it the first U.S. airline to restore service between the two countries since 2019.
The airline told FOX Business the flights will be operated by Envoy, a wholly owned subsidiary of American Airlines, with nonstop service from Miami to Caracas and Maracaibo, Venezuela.
The approval follows President Donald Trump’s January directive to reopen commercial airspace over Venezuela after the Federal Aviation Administration issued an emergency order barring U.S. civil flight operations in the country’s airspace. Transportation Secretary Sean Duffy later rescinded the order at the president’s direction.
Trump asked the DOT to lift the restrictions following a discussion with Venezuela’s acting president, Delcy Rodríguez.
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American Airlines is set to resume nonstop service between Miami and Venezuela after the U.S. Department of Transportation approved the carrier’s request on March 4, 2026, marking the first time a U.S. airline has restored flights to the country sinc (Kevin Carter/Getty Images / Getty Images)
The Transportation Security Administration was in Caracas last week reviewing airport security procedures, a necessary step to resume flights, sources told Reuters.
The airline announced in late January that it intended to reconnect with Venezuela, just weeks after the U.S. conducted strikes in the country and captured dictator Nicolás Maduro.
“We have a more than 30-year history connecting Venezolanos to the U.S., and we are ready to renew that incredible relationship,” Nat Pieper, American’s Chief Commercial Officer, said in a statement at the time. “By restarting service to Venezuela, American will offer customers the opportunity to reunite with families and create new business and commerce with the United States.”

The U.S. Department of Transportation approved American Airlines’ request to operate flights to Caracas and Maracaibo, Venezuela, following the lifting of a yearslong restriction on U.S. carriers. (DANIEL SLIM/AFP via Getty Images)
American began operating in Venezuela in 1987 and was the largest U.S. airline in the country before all air service was suspended in 2019.
The DOT said the order is valid for two years.

An American Airlines passenger plane is parked at a gate at Ronald Reagan Washington National Airport on August 24, 2025, in Arlington, Virginia. (DANIEL SLIM/AFP / Getty Images)
In December, the State Department added Venezuela to its “Do Not Travel” advisory list, which remains in effect.
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FOX Business has reached out to the Department of Transportation and the State Department for comment.
FOX Business’ Daniella Genovese and Reuters contributed to this report.
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Pvt lenders to log higher liquidity coverage ratios gains on wholesale deposits
Under the new norms, wholesale deposits, particularly funds from trusts, partnerships and limited liability partnerships (LLPs), will attract lower run-off factors from FY27, reducing the assumed outflows in a stress scenario.
By contrast, lenders with a heavier reliance on retail deposits, largely public sector banks, would see a relatively smaller benefit from the changes to the run-off assumptions, experts said.
“The reduction in the run-off factor from April 2026 is driven towards deposits of trusts, partnerships and LLPs, which had a higher runoff. Different banks will have varying shares of these deposits, and therefore, will benefit accordingly, but benefits to public sector banks may be lower than private sector banks,” said Alok Singh, head of treasury at CSB Bank.
In the new norms that RBI released in April 2025, trusts, partnerships, LLPs will attract a lower run-off rate of 40% against 100% currently. The central bank said the estimated net impact of these measures will improve the LCR of banks, at the aggregate level, by around 6 percentage points.
LCR for HDFC Bank and ICICI Bank stands at 116% and 126%, respectively. Of the total deposits, HDFC Bank has 83% of wholesale deposits and 17% of retail deposits, positioning it to gain from the upcoming LCR changes. While ICICI bank did not disclose the exact wholesale-retail deposit share in their investor presentation, its share of CASA deposits, which are largely retail is at 40%.
SBI and Bank of Baroda, the top two PSU banks have a LCR of 125% and 116%, respectively. SBI has a CASA share of 41%, while Bank of Baroda has a CASA share of 38%.
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