Business
S&P/ASX 200 Rises 0.54 Percent to 8,703.8 on Mining and Bank Gains
SYDNEY — The S&P/ASX 200 index climbed 46.8 points, or 0.54 percent, to 8,703.8 in midday trading on Monday, May 25, 2026, as strength in mining and financial stocks lifted the benchmark.
The Australian sharemarket opened higher and maintained gains through the morning session. At 12:32 p.m. AEST, the index showed solid buying interest amid mixed global cues and positive domestic corporate updates.
Mining stocks led the advance, supported by firmer iron ore and copper prices on international markets. Major companies including BHP Group and Rio Tinto contributed to the upward movement. Financial stocks also provided support, with the big four banks trading mostly higher.
Sector Performance
The materials sector recorded strong gains, reflecting the heavy weighting of resource companies in the Australian market. The financials sector posted modest advances. In contrast, information technology and consumer discretionary stocks showed mixed results, with selected individual company movements influencing performance.
The Australian dollar traded around $0.64 against the U.S. dollar in early afternoon trading. Bond yields edged lower, with the 10-year government bond yield declining slightly from recent levels.
Economic Context
The Reserve Bank of Australia has held its cash rate at 4.10 percent in recent months. Market participants continue to watch inflation data and global central bank policies for signals on future rate decisions.
Recent employment figures have shown resilience in the Australian economy. Retail sales data have remained steady, though concerns about slowing growth in China continue to influence resource companies. Iron ore prices have stabilized in response to Chinese steel production trends.
Company News
Several individual stocks moved on corporate developments. Commonwealth Bank of Australia reported steady lending growth in its latest update. Mining services companies benefited from improved commodity prices.
Technology firms with exposure to artificial intelligence attracted selective buyer interest. Selected healthcare and consumer staple stocks traded mixed during the session.
Global Influences
Wall Street closed mixed on Friday. European markets showed varied performance on Monday morning. Asian markets were mostly lower, with the Nikkei 225 and Hang Seng indices recording declines.
Oil prices traded in a narrow range, providing limited direction for energy stocks listed in Australia. Gold prices remained relatively firm, supporting related mining companies.
Market Breadth
Advancing stocks outnumbered decliners by a comfortable margin in early trading. Trading volume was slightly above average levels for a Monday session. The small-cap S&P/ASX Small Ordinaries index outperformed the broader market.
Analyst Commentary
Market strategists noted that the Australian sharemarket has displayed resilience in 2026 despite external pressures. Resource companies have benefited from stable commodity prices, particularly from major trading partners.
The banking sector has maintained stable interest margins and cautious lending standards. Technology and healthcare stocks have provided diversification for investors seeking growth opportunities.
Broader Economic Indicators
Australia’s economy has continued to expand at a moderate pace. Inflation has moderated but remains above the Reserve Bank of Australia’s target band. Unemployment has stayed relatively low, supporting consumer spending.
The housing market has shown signs of stabilization in major cities. Business investment in the resources sector remains a key driver of economic activity. New project approvals have been steady in recent months.
Outlook
Market participants will watch upcoming data releases, including inflation figures and trade balance numbers, for further direction. Corporate earnings season continues, with several major companies scheduled to report results in coming weeks.
The S&P/ASX 200 has traded within a defined range for much of 2026, reflecting balanced domestic conditions and global uncertainties. Analysts expect continued volatility as investors assess the impact of commodity prices, interest rates and geopolitical developments.
The Australian sharemarket’s performance remains closely tied to global growth expectations and commodity demand. Resource stocks, which form a significant portion of the index, continue to respond to developments in China and other major economies.
Financial stocks have provided stability amid changing interest rate expectations. Technology companies have offered growth exposure as artificial intelligence adoption increases across industries.
The S&P/ASX 200 index movement reflects real-time market conditions and is subject to change throughout the trading session. Investors continue to monitor both domestic economic indicators and international developments for direction.
Business
Markets may have already discounted short-term pain, recovery seen ahead: Dinshaw Irani
“I think things are looking pretty bright. The only overhang for India was obviously the runaway crude prices, thanks to what was happening in the GCC. By the way, one more thing I want to point out is I never wear this shirt very lightly with a bull on my chest as such. We are in for a good run in the markets,” he added.
He added that a resolution in global tensions could ease crude prices, which would significantly support India’s macro stability, especially the current account deficit.
Crude oil remains key macro trigger for India
Irani highlighted that India’s sensitivity to oil prices is high due to large import dependence.
“India has been obviously getting hit not only because of the crude prices being 5 million barrels a day of crude. So, any upsurge in that price really impacts our current account deficit, but we also getting hit on the FPI and FDI becoming almost zero now for us.”
However, he noted that corporate earnings have remained resilient despite macro pressures, surprising positively across segments.
Earnings surprise on the upside across midcaps and smallcaps
Contrary to earlier cautious expectations, earnings growth has come in stronger than anticipated, especially in broader markets.
“The quarterly numbers thus far has been very exciting. In fact, the midcaps have been outlier out here… the numbers are in the mid-20s, the earnings growth is in the mid-20s, same holds out for the smallcap universe. It is in the early 20s as such.”
He further noted that even after adjusting for companies moving from losses to profits, earnings trends remain healthy across the market.
Near-term pressure in Q1, but outlook improves beyond that
While the June quarter may reflect margin pressure due to crude and input costs, Irani expects recovery ahead.
“Obviously, the current quarter will be a trying one given that the crude impact will be felt the most in this quarter… But beyond that, you will see growth coming back to normal, earnings growth coming back to normal.”
He added that markets often discount such phases in advance, which may explain recent volatility.
Rally sustainability: short-term cost pressure vs long-term earnings strength
Addressing concerns on whether the rally is sustainable, he pointed out that Q4 earnings have already surprised positively.
“It has been a pretty healthy number which has come out for the current quarter… already quite a few has started passing the raw material hikes that they are seeing to the end consumer.”
He cited autos and oil & gas as sectors where price transmission has already begun. If this continues, earnings could surprise further on the upside.
Oil marketing companies: risk reduces, earnings may stabilise
On oil marketing companies, Irani noted that the worst may be behind them as price hikes have already been implemented.
“For them to breakeven, so basically now from a huge amount of loss, we are not seeing those kind of losses going forward.”
He added that if crude cools below key thresholds, profitability could improve further, though retail fuel prices typically do not reverse quickly.
Investment stance: selective buying after sharp corrections
On portfolio strategy, Irani said the focus is on opportunities where corrections have been excessive and not fundamentally justified.
“Wherever there have been sharp corrections for no reason, those are the sectors or rather stocks that we are picking up.”
He highlighted interest in new-age companies, discretionary consumption, and engineering/manufacturing-linked (EMS) space, where he believes the correction has been overdone.
Shift towards midcaps and smallcaps; IT remains avoided
He also confirmed a strategic tilt away from largecaps toward mid and smallcap exposure.
“We have moved into mid and smallcaps to an extent… because the growth rates from here on will be very exciting in this category rather than in the largecap space.”
On sector preference:
“It is mainly discretionary space, somewhat a capex space… IT is a total avoid for us even today.”
He warned that artificial intelligence-led disruption could pressure margins and growth in the IT sector going forward.
Outlook: growth cycle ahead if macros stabilise
Summing up the market view, Irani maintained that India is positioned for a strong phase ahead, provided crude stabilises and earnings momentum continues.
“We are in a very good spot today.”
Business
$15m funding boost to redevelop Cottesloe foreshore
A multi-million-dollar funding boost has taken the Cottesloe foreshore redevelopment off the ice, advancing the project five years after a masterplan was finalised.
Business
No Winner in $131 Million Powerball Drawing; Jackpot Rises to $141 Million for Monday
INDIANAPOLIS — No ticket matched all six numbers to win the Powerball jackpot in the drawing held on Saturday, May 23, 2026, leaving the estimated jackpot at $141 million for the next drawing on Monday, May 25.
The winning numbers were 4, 16, 41, 48 and 66, with a Powerball of 26 and a Power Play of 2x.
A single ticket sold in West Virginia matched five numbers plus the Power Play multiplier to win $2 million, the largest non-jackpot prize of the night.
Drawing Results
The Saturday night drawing had an advertised jackpot of $131 million. With no grand prize winner, the jackpot rolls over for Monday’s drawing. Powerball drawings are held every Monday, Wednesday and Saturday at 10:59 p.m. ET.
Players can purchase tickets in 45 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Tickets cost $2, or $3 with the optional Power Play feature.
Prize Structure
While the jackpot went unclaimed, smaller prizes were awarded across the country. The $2 million prize in West Virginia was the top non-jackpot winner for the drawing.
Powerball offers nine ways to win prizes ranging from $1 to the jackpot amount. The odds of winning the jackpot are approximately 1 in 292 million.
Next Drawing Information
The next Powerball drawing is scheduled for Monday, May 25, 2026, with an estimated jackpot of $141 million. The cash value option would be approximately $64 million, depending on final sales and annuity calculations.
Players are encouraged to check their tickets carefully, as unclaimed prizes can be claimed at authorized retailers or state lottery offices depending on the amount won.
Lottery Operations
Powerball is administered by the Multi-State Lottery Association. Proceeds from ticket sales support education, infrastructure, public programs and other initiatives in participating jurisdictions.
The game is one of two major multi-state lotteries in the United States, alongside Mega Millions. Jackpots frequently reach hundreds of millions of dollars and have exceeded $1 billion on multiple occasions in the game’s history.
Recent Trends
Powerball jackpots have grown steadily in 2026 due to strong ticket sales and rollover patterns. Saturday’s drawing continued the pattern of building excitement for larger prizes in subsequent drawings.
Lottery officials remind players that the odds remain the same regardless of jackpot size. Responsible gaming practices are emphasized, with resources available for those who may need assistance with gambling-related issues.
How to Play
Tickets can be purchased at authorized retailers or through official state lottery websites and apps in participating jurisdictions. Players select five numbers from 1 to 69 and one Powerball number from 1 to 26. The Power Play option multiplies non-jackpot prizes.
Drawings are broadcast live and results are posted on official lottery websites shortly after the drawing. Players have up to one year from the date of the drawing to claim prizes in most jurisdictions.
Economic Impact
Lottery sales contribute significantly to state budgets. In addition to direct funding for designated programs, the games generate jobs and economic activity through retail partners and related services.
Memorial Day weekend often sees increased lottery participation as families and travelers purchase tickets during holiday travel. Saturday’s drawing occurred just before the long holiday weekend.
Safety and Verification
Lottery officials advise players to sign the back of tickets immediately after purchase and store them securely. Winning tickets should be claimed in person at appropriate lottery offices for larger prizes.
Players can verify results through official state lottery websites, the Powerball website or authorized apps. Scams involving fake winning notifications are common, and legitimate winnings are never announced via unsolicited calls or emails.
Business
Retired Detective Suggests Mix of Sophisticated Planning and Street Thugs in Abduction
TUCSON, Ariz. — A retired detective has suggested that the disappearance of Nancy Guthrie may involve a combination of sophisticated planning and street-level execution, drawing on a tactic known as a “wrench attack” in which cybercriminals hire thugs to use violence to obtain passwords and financial access.
Lisa J. Miller, a former law enforcement executive at the Colorado Attorney General’s Office, shared her analysis with Fox News Digital as the investigation into Guthrie’s case entered its 16th week with no suspects named.
Nancy Guthrie, the 84-year-old mother of NBC “Today” show co-anchor Savannah Guthrie, was last seen on Jan. 31, 2026. She was reported missing the following day after vanishing from her home in the Catalina Foothills area near Tucson. Authorities believe she was taken against her will.
The FBI and Pima County Sheriff’s Department are leading the investigation. Hundreds of leads have been received, and rewards totaling more than $1 million have been offered for information leading to her safe return or the arrest of those responsible.
Wrench Attack Explanation
Miller described the “wrench attack” concept as originating from a 2009 web comic about a hacker frustrated with cracking passwords. In the comic, the character suggests using physical force to obtain access.
According to Miller, the tactic has moved from fiction to reality in some cases. Sophisticated criminals identify targets through social media or other means, then hire local operatives to carry out physical violence or threats to extract passwords, account access or other information.
She noted that such attacks have occurred frequently in Europe, sometimes involving the abduction of family members and extreme measures. The “masterminds” typically remain behind computers while directing street-level criminals who perform the hands-on work.
Application to Guthrie Case
Miller said the Guthrie case shows elements of both sophistication and amateur execution. She referred to the masked suspect captured on doorbell camera footage as the “porch guy” or “porch monster,” describing him as appearing amateurish.
She suggested the possibility of multiple people involved, potentially including “street-level thugs” hired for the physical act. However, Miller cautioned that the case does not perfectly match a classic wrench attack because the primary target of financial gain would likely be Savannah Guthrie rather than Nancy herself.
Investigation Status
Pima County Sheriff Chris Nanos has said DNA analysis from blood found on Guthrie’s property is progressing. He told People magazine, “I know we have DNA that is unknown, who the contributor or depositor is, but I think they’re getting closer to finding out who that was.”
The FBI released surveillance footage showing a masked man wearing gloves at Guthrie’s door on the night she is believed to have been taken. No arrests have been made, and no suspects have been publicly identified.
Robbie Mayer, another retired Pima County detective who solved the “Prime Time Rapist” case in 1986, has also commented on the volume of leads. Mayer recalled handling more than 4,000 leads in that earlier investigation and suggested the Guthrie case could involve sifting through 50,000 tips to identify the right information.
Mayer theorized that more than one person was likely involved. He suggested it could be connected to a theft group active in Phoenix two years ago that targeted elderly people with money. He noted, “This case is so unique. Most of the time we try and find patterns. We can’t in this case. These guys came prepared not to leave hair or DNA. Look at how that guy was clothed. They turned off their cell phones.”
Mayer expressed confidence in the ongoing investigation. “This is a very high-caliber investigation, and I think the FBI is gonna crack the case,” he said.
Family and Public Appeals
Savannah Guthrie, along with siblings Camron and Annie, have made public appeals for information and the safe return of their mother. The family has cooperated fully with investigators while navigating the high-profile nature of the case.
Civilian searches have been conducted in the Tucson area. One such search on May 7 led to the discovery of an ancient human bone unrelated to the case.
The disappearance has drawn national attention due to Savannah Guthrie’s prominent role in broadcast journalism. The case has raised awareness about elder safety and home security in the region.
Broader Context
The investigation continues to generate theories among former law enforcement officials. Some experts have suggested the possibility of a planned abduction tied to ransom demands or a burglary that escalated. Others have pointed to the potential involvement of multiple suspects coordinating through encrypted communication.
Authorities have urged the public to report any relevant tips while cautioning against interfering with active investigations. The rugged desert terrain around Tucson has complicated search efforts.
Miller expressed hope that someone with knowledge of the crime would come forward. She said she does not believe the perpetrator or perpetrators are invincible and that a breakthrough could come from inside information.
Business
V2X: The Stock Presents A Buying Opportunity In Defense (NYSE:VVX)
I write about companies I find interesting, with the aim of identifying mispricings and overlooked opportunities. My focus is on understanding the underlying business model and how a company makes money, primarily through close reading of company filings and disclosures. I do not limit myself to a fixed sector at this stage and instead analyze businesses across industries, looking for value wherever it appears.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Business
(PHOTO) Alex Eala Celebrates 21st Birthday with Tennis Friends Including French Open Rival

PARIS — Alex Eala marked her 21st birthday on May 23, 2026, by celebrating with fellow WTA players, including Iva Jovic, her first-round opponent at the French Open.
The Filipino tennis player shared an Instagram post featuring moments from the celebration with her parents, Mike Eala and Rizza Maniego-Eala, and friends Eva Lys, Iva Jovic and Zeynep Sonmez. The post included a caption that read, “21 can you do sum for meeeeeeeeeeee.”
Jovic commented on the post along with Lys and Sonmez. Eala will face Jovic in the first round of the 2026 French Open at Roland Garros.
During a pre-French Open press conference, Eala spoke about the importance of friendships on the tour. She said, “These friendships I have within the tour are very important to me. I don’t know how I would survive the tour without them. They are not just tennis friends; they are friends for truly life. We share many things together all along the year.”
She added, “When we have to play against each other, we know just to separate the professional from the friendship. There is no need to change anything in the relationship.”
Eala’s Career Progress
Eala, ranked in the top 100, has shown steady improvement on the WTA Tour. The 21-year-old has competed in multiple Grand Slams and has gained experience on clay courts leading into the French Open. Her recent performances have included strong showings in European events, building momentum for the major tournament.
The French Open, the only Grand Slam played on clay, begins on May 24 and runs through June 7 at Roland Garros. Eala’s first-round match against Jovic will test her adaptability to the surface and her ability to maintain focus against a friend.
Friendships on the Tour
Eala’s comments highlight a common aspect of professional tennis where players form close bonds despite competing against one another. Many athletes have noted the unique nature of the tour, where travel and shared experiences create lifelong connections.
Jovic, Lys and Sonmez are among the group of young players who have traveled and trained together. Their presence at Eala’s birthday celebration reflects the support network that exists within the WTA locker room.
French Open Preparation
Eala has prepared for the clay-court major with matches on the surface in the lead-up events. The French Open features a 128-player singles draw and is known for its demanding physical and mental requirements. Players must adjust to longer rallies and sliding on the red clay.
The tournament will see top players including defending champion Iga Swiatek and other seeded competitors. Eala’s first-round matchup adds a personal element to the event as she faces a friend and fellow competitor.
Background on Eala
The Filipino player has risen through the rankings with consistent performances. She has represented her country in Fed Cup competition and has gained attention for her powerful baseline game and mental toughness. Turning 21 marks a new chapter as she continues to establish herself among the sport’s rising stars.
Her family has been supportive throughout her career. Mike Eala and Rizza Maniego-Eala have been present at key tournaments, providing encouragement during her development.
Tournament Expectations
The 2026 French Open features a strong field with multiple storylines. Eala’s participation adds to the international diversity of the draw. Organizers expect large crowds at Roland Garros as fans gather for the two-week event.
Broadcast coverage will be available globally, with matches streamed and televised on major networks. The clay surface favors players with strong defensive skills and endurance, qualities Eala has worked to develop.
Broader WTA Context
The WTA Tour has seen increased competition among young players. Eala’s generation is challenging established stars while building their own legacies. Friendships formed on the tour often provide emotional support during the demanding travel schedule.
The French Open serves as a key Grand Slam where careers can be defined. Eala’s first-round match against Jovic will be one of many personal stories unfolding during the tournament.
Fan and Media Interest
Eala’s birthday post generated attention on social media. Fans and fellow players congratulated her while noting the upcoming matchup with Jovic. The moment highlights the human side of professional tennis, where personal celebrations intersect with competitive demands.
The French Open continues to attract global audiences with its rich history and prestige. Eala’s participation adds to the narrative of emerging talents on the sport’s biggest stages.
Business
Earnings call transcript: Ferretti Q1 2026 shows mixed results amid revenue decline

Earnings call transcript: Ferretti Q1 2026 shows mixed results amid revenue decline
Business
JSW Cement shares fall 2% after jumping 14% in two days. Should you buy, sell or hold?
The shares of the cement-maker dropped to Rs 135.76 apiece despite the overall bullish market sentiment on Monday morning. The stock has gained over 10% in one week and 13% year-to-date.
JSW Cement Q4 Results
JSW Cement on Thursday reported a net profit of Rs 362 crore for the fourth quarter of the financial year 2026, marking a whopping 2,162% year-on-year (YoY) surge from just Rs 16 crore net profit reported for the corresponding quarter of the previous financial year. The strong profit surge was mainly due to the lower base of last year, which occurred due to a non-cash, exceptional expense.The company’s consolidated revenue grew 11% YoY to Rs 1,895 crore during the quarter under review, up from Rs 1,709 crore in the same period last year. Along with the Q4 results, the company announced a dividend of Rs 0.5 per equity share with a face value of Rs 10 each for the financial year, which ended on March 31, 2026, subject to shareholders’ approval.
Motilal Oswal on JSW Cement
Motilal Oswal Financial Services maintained its ‘Neutral’ call on the shares of JSW Cement with a target price of Rs 135 apiece. This implies a downside potential of more than 2% from the stock’s previous closing price of Rs 137.99 apiece on NSE.
The domestic brokerage said that the firm’s Q4 results were above its estimates, led by higher-than-estimated realisation and operating EBITDA, which increased 46% YoY.”Management noted that demand was soft in April 2026 due to external factors. However, it is normalising gradually in May 2026 and could become stable going forward. JSW Cement has achieved over 50% of its targeted cost savings so far, and expects to reach 75% by FY27 and fully materialise by FY28, led by an increase in green power share, logistics efficiencies, and premiumisation. It has approved a 2.5mtpa additional grinding capacity at Nagaur (Rs 4.3 billion capex, targeted by January 2028), taking total capacity to 6 mtpa, due to delays in Punjab clearances and the need to optimise clinker utilisation,” it said.
Motilal raised its EBITDA estimates by 3-4% for FY27-28, and profit estimates by 32% for FY27 and 27% for FY28, primarily due to a lower tax rate following the company’s shift to the new tax regime.
JSW Cement reported strong earnings in Q4 FY26, led by strong volume-led growth and better operating performance. However, the near-term outlook remains measured, as soft demand in April and high costs may weigh on margins. JSW Cement’s strategy remains structurally compelling, with a differentiated low clinker ratio, higher GGBS mix, and sharp cost-saving measures (Rs 100/t, annual cost savings over FY27-28). Entry in the north opens a long-term growth runway; however, execution and pricing traction remain key monitorables,” it further said.
JM Financial on JSW Cement
JM Financial maintained its ‘Buy’ rating on the shares of JSW Cement, with a target price of Rs 155 per share. This implies an upside potential of more than 12% from the stock’s previous closing price.
The domestic brokerage said that the company reported strong quarterly earnings for the January-March period. “Management reiterated cement volume growth guidance of mid-to-high teens (excluding the north plant) for FY27, with GGBS expected to outperform industry growth, supporting volume-led expansion. Additionally, the board has further announced a 2.5mtpa grinding unit in Nagaur, Rajasthan, at a capex of Rs 4.3 billion (~$18/t), slated for commissioning by January 2028. Factoring in Q4FY26, we reiterate FY27E–28E EBITDA estimates and maintain BUY with an unchanged target of Rs 155 based on 14x March 2028E EV/EBITDA,” it added.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Titagarh, Jupiter Wagons shares rally up to 10% amid reports of Rs 40,000 crore order from Indian Railways
Jupiter Wagons shares soared 10% to their day’s high of Rs 304 on the BSE, while Titagarh Rail Systems rose 9% to Rs 827.50. Texmaco Rail rose over 6% to Rs 115 apiece.
According to a Mint report citing two sources, the proposed tender is expected to be slightly larger than the previous major wagon procurement exercise undertaken in 2022. The report said Indian Railways may procure around 35,000-40,000 wagons annually, with the first set of orders likely to be issued during the second quarter of the current financial year between July and September.
“The industry is completing orders under the previous Indian Railways wagon tender and fresh orders with longer visibility will allow the domestic wagon industry to function at capacity and maintain operations of their production lines,” Sudipta Mukherjee told Mint.
Mukherjee added that nearly one-third, or around 11,000 wagons, of the annual wagon procurement under the previous Railways tender was supplied by Kolkata-based Texmaco, which currently has the capacity to manufacture more than 15,000 wagons annually.
The report further said Indian Railways is currently holding discussions with manufacturers to assess their production capabilities before floating the tender, which is expected to be issued in phases.
Last month, Jefferies initiated coverage on Titagarh Rail Systems with a ‘Buy’ rating and a target price of Rs 810, a level the stock has already crossed. In the same report, the brokerage initiated coverage on Jupiter Wagons with an ‘Underperform’ rating and a target price of Rs 200, implying a potential downside of 28% from Rs 277.On Titagarh Rail, Jefferies said the company is likely to emerge as a major beneficiary of the shift towards passenger and metro coach manufacturing. “We believe Titagarh will be a key beneficiary of rising passenger and metro coach demand,” the brokerage said, while projecting a 35% revenue CAGR and a 43% EPS CAGR over FY26-30. The growth is expected to be driven by a 14-fold increase in passenger rail systems revenue along with margin improvement as the company moves higher up the technology value chain.
The brokerage noted that Titagarh’s passenger rail systems order book stands at Rs 108 billion, equivalent to 42 times FY25 passenger rail systems sales, providing strong revenue visibility. It expects the share of passenger business revenue to rise from 7% in FY25 to 63% by FY28.
In contrast, Jefferies expects growth at Jupiter Wagons to moderate as the business remains heavily dependent on the lower-growth freight wagon segment. The brokerage estimates a 23% EPS CAGR for Jupiter Wagons over FY26-30, significantly lower than Titagarh’s projected 43%, with wagons expected to continue contributing more than 60% of overall sales even by FY28. It also said the company’s new wheel manufacturing facility is likely to make a meaningful contribution only after FY28.
“With valuations at 40x FY27E PE, similar to Titagarh, we find Jupiter too expensive for the growth differential,” Jefferies said, assigning an ‘Underperform’ rating and a Rs 200 target price. The brokerage values Jupiter’s core business at 20 times March 2028 EPS and the wheel plant at 3.5 times book value.
Overall, Jefferies believes India’s railway capital expenditure cycle remains firmly intact but said investors should prefer Titagarh Rail Systems due to its stronger earnings outlook, improving return ratios and higher exposure to structurally faster-growing passenger and metro rail segments.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
(VIDEO) MJF Regains AEW World Title at Double or Nothing 2026 as Knight Attacks Darby Allin
NEW YORK — MJF defeated Darby Allin to regain the AEW World Championship in the main event of Double or Nothing on May 24, 2026, at the Prudential Center in New Jersey. The pay-per-view event was broadcast live on HBO Max.
MJF became a three-time AEW World Champion with the victory. After the match, TNT Champion Kevin Knight attacked Allin while he was strapped to a stretcher, performing a UFO Splash and flipping the stretcher over.
The sold-out crowd reacted strongly throughout the night as AEW presented its annual Double or Nothing event. The card featured multiple title changes and tournament matches.
Main Event Recap
MJF and Darby Allin headlined the show in a match that lasted more than 20 minutes. Allin entered as champion after winning the title earlier in the year. MJF used his signature style to secure the pinfall victory. Following the match, Knight entered the ring and assaulted Allin as medical personnel attended to him.
Tag Team Title Change
Christian Cage and Adam Copeland defeated FTR to win the AEW World Tag Team Championship. The victory marked a significant moment for the veteran duo, who have teamed together in recent months. FTR had held the titles prior to the event.
Singles Match Highlights
Konosuke Takeshita defeated Kazuchika Okada in a highly anticipated singles match. The bout received strong reactions from the live audience. After the match, Kyle Fletcher returned and attacked Takeshita, escalating their ongoing rivalry.
Jon Moxley retained the AEW Continental Championship against Kyle O’Reilly. Moxley used his technical and striking abilities to secure the submission victory.
Owen Hart Foundation Tournament
In quarterfinal action of the Owen Hart Foundation Men’s Tournament, Will Ospreay defeated Samoa Joe. Swerve Strickland defeated ROH World Champion Bandido in another quarterfinal match.
On the women’s side, ROH Women’s World Champion Athena defeated Mina Shirakawa to advance to the semifinals.
Event Production and Attendance
Double or Nothing 2026 was produced as a live pay-per-view from the Prudential Center. The event featured elaborate entrances, pyrotechnics and the standard AEW production elements. The sold-out crowd was described as energetic throughout the card.
The card included multiple high-stakes matches and storyline developments. AEW has positioned Double or Nothing as one of its premier annual events alongside All In and All Out.
Background on Key Competitors
MJF has held the AEW World Championship on multiple occasions. His victory in the main event returns him to the top of the promotion. Darby Allin is known for his high-risk style and has held several titles in AEW.
Christian Cage and Adam Copeland, known collectively as parts of long-standing tag teams in their careers, captured their first AEW World Tag Team Championship together. FTR, consisting of Dax Harwood and Cash Wheeler, are recognized for their traditional tag team wrestling approach.
Konosuke Takeshita has emerged as a top singles competitor in AEW. Kazuchika Okada, a former IWGP Heavyweight Champion, has competed in AEW since 2024. Kyle Fletcher’s return added an immediate post-match development.
Jon Moxley, a former AEW World Champion, retained the Continental Championship. The Owen Hart Foundation Tournament honors the late Owen Hart and features rising and established talent.
Broader AEW Context
AEW has continued its schedule of major pay-per-view events in 2026. Double or Nothing traditionally serves as a platform for significant storyline progression and title changes. The event drew international attention with its mix of established stars and emerging talent.
The promotion has expanded its roster and programming since its founding in 2019. AEW events are available on pay-per-view and through streaming platforms, including HBO Max for this edition.
Tournament and Title Implications
The Owen Hart Foundation Tournament continues with semifinal matches scheduled in upcoming weeks. Winners will advance toward a final that typically takes place at a later pay-per-view event.
The AEW World Tag Team Championship change shifts momentum in the division. Christian Cage and Adam Copeland’s victory positions them as top contenders for future defenses.
MJF’s return to the world title picture sets up potential future matches against top challengers. His post-match celebration and the subsequent attack by Kevin Knight created immediate storyline developments.
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