Bradford-based supermarket group launches redundancy consultation affecting head office roles as it plans to increase use of AI across operations.

Approximately 200 positions are under threat at Morrisons as part of a new restructuring programme at the supermarket chain’s head office. The Bradford-based retailer informed employees on Monday afternoon that it was initiating a consultation regarding redundancies, while also announcing plans to increase its deployment of AI throughout its operations.

The reductions will affect roles at its Hilmore House headquarters, impacting fewer than 10% of positions at the location. Last year, the business launched a long-term initiative to transform its central business operations.

Morrisons said it will focus on its core activities, streamline processes and structures, and automate a number of manual tasks as part of this. The firm will also “capitalise on the potential of data and AI to improve performance”, the retailer added.

It follows around a month after it announced up to 100 office personnel were at risk as part of proposals to merge two divisions which source products for its convenience stores and supermarkets.

Last month, Morrisons reported further sales growth as it continues to pursue a turnaround under chief executive Rami Baitieh. The retailer said it was “tough for customers right now”, and pledged to further investment in pricing to support shoppers.

A Morrisons spokesman said: “As we evolve and adapt, we are proposing to make some changes to a number of areas within our central structure. This will involve making some tough but necessary decisions which will impact on colleagues in our head office, where we are proposing to place a number of roles at risk of redundancy.

“We understand this will be difficult news for these colleagues and will be offering them our full support, including helping them to find alternative roles elsewhere in the business wherever we can.

“A consultation process with colleagues has now commenced.”

SYDNEY — Australian Idol 2026 delivered solid audiences and boosted streaming numbers for the Seven Network throughout its run from February to mid-April, helping the broadcaster maintain its position as the leading free-to-air network, yet the show’s precise production costs, advertising revenue and overall profit have not been publicly disclosed by executives.

The 11th season of the revived singing competition, which crowned Kesha Oayda as the first female winner in nearly two decades on Tuesday night, achieved strong viewership peaks during key episodes. “Aussie Music Week” in late March produced the season’s highest numbers, with one Sunday night episode reaching a national audience of 938,000 and a total reach of 1.79 million viewers. Monday episodes regularly pulled around 900,000-922,000 viewers, while the season launch on February 2 drew a national reach of 1.819 million and an average audience of 904,000. The grand finale episodes are expected to rank among the strongest of the year.

Streaming on 7plus showed particularly impressive growth. Several episodes recorded year-on-year increases of 65% to 96% on the platform, with the launch episode setting a new record at 151,000 viewers — up 81% from the previous year. This digital performance adds significant value in an era where broadcasters increasingly rely on BVOD (broadcast video on demand) metrics to attract advertisers targeting younger demographics.

Industry analysts estimate that a high-rating reality format like Australian Idol generates substantial advertising income through spot ads, sponsorships, product placement and viewer voting mechanisms. However, Seven West Media has not released specific revenue or profit figures for the 2026 season. Reality singing competitions of this scale typically involve multi-million-dollar production budgets covering venue hire, travel for contestants and judges, coaching, staging, music licensing, post-production and marketing. Insiders have described such shows as “spectacular but not cheap,” noting heavy costs for talent, large crews and rights clearances that can strain budgets when competing with other reality programs like The Voice.

Despite the lack of official financials, the show contributed meaningfully to Seven’s overall dominance in 2026. Weekly audience reports consistently ranked Australian Idol among the network’s top entertainment programs, often reaching national audiences of 1.5 million to 1.99 million when including total TV metrics. The program helped Seven secure the #1 position in total TV share on multiple weeks, supporting broader network performance in news, drama and sport.

The 2026 season featured enhanced focus on artist development, with partnerships including Hive Sound Studios for recording, Sony Music Publishing for songwriting camps and The Annex for branding and social media support. While these initiatives add to production expenses, they also create long-term value through potential music releases, such as “The Idol Collection” digital album featuring performances by the top contestants. Such tie-ins can generate ancillary revenue streams, though their immediate financial impact on the show itself remains limited compared to core advertising.

Viewer voting, a traditional revenue driver for Idol formats through premium SMS and app charges, likely contributed additional income this season. Exact figures for voting revenue are not public, but past iterations of similar shows have earned significant sums from fan engagement during live episodes.

The strong 7plus numbers are particularly encouraging for Seven. The platform’s commercial BVOD share reached 38-40% in recent weeks, with Idol episodes driving double-digit or even triple-digit growth year-on-year. This shift toward streaming helps offset some linear TV challenges and appeals to advertisers seeking measurable digital engagement. However, industry sources note that while ratings remain healthy, singing competitions face pressure from shifting audience habits and competition for production budgets within the network.

Exact production costs for Australian Idol 2026 are closely guarded. Comparable reality formats in Australia have been reported to cost several million dollars per season when factoring in all elements. Advertising rates depend on audience demographics, with 25-54 and 16-39 age groups commanding premium pricing — areas where Idol performed competitively during key episodes.

The season’s success came amid speculation about the future of singing shows on Seven. Some reports suggested both Australian Idol and The Voice face scrutiny over costs versus returns, yet the 2026 edition demonstrated resilience with consistent top-five or top-ten rankings in its timeslot and strong regional appeal. The grand finale, featuring emotional performances and a historic female winner, is expected to deliver one of the highest audiences of the year.

For Seven West Media, Australian Idol forms part of a broader entertainment slate that includes established hits like Home and Away and The 1% Club. The show’s ability to deliver family-friendly content with broad national reach supports the network’s advertising sales across linear and digital platforms. While a precise dollar figure on profit remains unavailable, the combination of solid linear audiences and surging 7plus viewership positions the season as a commercial positive.

Broader context shows Australian television facing ongoing disruption from streaming services and changing consumption patterns. Reality formats like Idol continue to draw communal viewing and social media buzz that traditional scripted content sometimes lacks. The emphasis on post-show artist support in 2026 — including studio time and publishing opportunities for winner Kesha Oayda and the top three — may enhance the show’s reputation as a genuine talent platform, potentially increasing its long-term brand value even if immediate profits are modest.

As the season concludes, attention turns to whether the strong 2026 performance secures Australian Idol’s future on Seven or prompts further evaluation of its cost-effectiveness. Network executives have not commented publicly on 2027 plans, but the season’s ratings resilience and digital growth provide encouraging data points.

For now, Australian Idol 2026 can be viewed as a ratings success that bolstered Seven’s entertainment offering and delivered measurable value through traditional broadcast and modern streaming metrics. While the exact amount the show itself made stays behind closed doors, its contribution to the network’s weekly dominance and 7plus momentum underscores its ongoing role in Australian television.

Fans and industry watchers will monitor whether the historic win by Kesha Oayda and the top three’s post-show opportunities translate into sustained cultural impact and future seasons. In the competitive world of reality TV, strong audiences remain the ultimate currency — and on that measure, Australian Idol 2026 delivered.

Jefferies has downgraded Indus Towers to “underperform” and slashed its price target to Rs 375, citing emerging risks around tower contract renewals and sustained pressure from elevated capital expenditure, which could weigh on earnings growth and shareholder payouts.

The brokerage flagged that a significant portion of Indus Towers sites — around 10% — that were deployed in 2016–17 are up for renewal over the second half of calendar year 2026 and early 2027. This cluster of renewals comes at a time when industry wide tower additions are moderating, potentially intensifying competition among tower companies to retain tenants.

According to the broker, this dynamic may force Indus Towers to either offer discounts to retain clients such as Bharti Airtel and Vodafone Idea or risk losing tenancies to competitors. Even a limited discount to one operator could cascade across the entire tenant base, impacting revenues more broadly.

Jefferies has built in a conservative scenario where about 25% of such sites may not be renewed, leading to a 2-2.5% cut in revenue and EBITDA estimates for FY27 and FY28. Profit estimates have been reduced by up to 6%, reflecting both the renewal uncertainty and higher depreciation costs stemming from increased capital spending.

Capex remains a key overhang. Despite a nearly 30% decline in tower additions during the first nine months of FY26, overall capital expenditure rose sharply, driven by a surge in maintenance spending and continued investments in energy infrastructure such as solar solutions and lithium-ion batteries. Maintenance capex alone has nearly doubled year-on-year, indicating an ageing tower portfolio that will require sustained upkeep.

“Overall capex is expected to remain elevated in the range of Rs 72,000–80,000 crore annually over FY26-FY29, limiting free cash flow generation. This, in turn, is expected to cap dividend payouts, with Jefferies estimating free cash flow at only Rs 15-19 per share over FY27–FY29,” it said.
Growth outlook also appears modest. The brokerage expects Indus Towers to deliver just 4% revenue CAGR and 3% earnings growth over FY26-FY29, with EBITDA margins likely to remain largely range-bound. The limited growth visibility, combined with renewal-related risks, could restrict any meaningful re-rating in the stock.Valuation has also been adjusted downward. Jefferies has cut its target multiple to 6.5x EV/EBITDA, aligning it closer to long-term averages, and sees a downside of around 14% from current levels.

While there are potential upside triggers, such as stronger-than-expected capex from Vodafone Idea or better renewal outcomes, the near-term risk-reward remains skewed to the downside, according to the brokerage.

Anand Rathi Share and Stock Brokers reported a sharp surge in profitability for the March quarter despite a broader market crash, with consolidated net profit rising 126% year-on-year to Rs 41.5 crore, driven by strong traction in non-broking businesses and higher margin expansion. Revenue from operations for the quarter stood at Rs 256 crore, up 28% from a year earlier, according to the company’s earnings release.

Operating performance remained robust during the quarter, with EBITDA increasing 51% YoY to Rs 110 crore. EBITDA margin expanded to 43.2% compared to 36.5% in the corresponding period last year.

For the full financial year FY26, the brokerage firm reported revenue of Rs 932 crore, marking a 10% increase over the previous year. EBITDA for the year rose 22% to Rs 380 crore, while net profit climbed 25% to Rs 129 crore. Margins also improved on an annual basis, with EBITDA margin at 40.7% and PAT margin at 13.8%.

The company’s performance was supported by strong growth in its non-core segments. Interest income from margin trading facility (MTF) grew over 50% YoY in Q4, while distribution income rose 34%. Other income from operations also saw healthy growth, indicating diversification beyond traditional broking revenues.

Despite a decline in broking revenues during the year, which fell 7% amid volatile market conditions and subdued investor sentiment, the company managed to offset the impact through expansion in high-margin verticals. This shift in revenue mix played a key role in boosting overall profitability.

Operational metrics also reflected steady growth. Assets under management rose 21% YoY to Rs 7,788 crore, while the MTF book expanded 61% to Rs 1,102 crore, highlighting increased client participation and deeper engagement with financing products. However, active client count saw a marginal decline of 3.9% YoY to 212,841.
The company’s board has proposed a dividend of Rs 5 per share for FY26.Management indicated that FY26 was marked by geopolitical uncertainties, global trade shifts and foreign institutional outflows, which weighed on broking activity. However, the firm remains focused on strengthening client relationships and leveraging its diversified business model to navigate market volatility.

Looking ahead, Anand Rathi expects continued momentum in its non-broking businesses, supported by rising demand for margin funding and distribution services. The company also highlighted its expanding footprint across more than 300 cities as a key driver for long-term growth.

Gold and silver prices surged sharply in India on Tuesday, tracking global cues and currency movements, even as domestic equity markets remained shut for Ambedkar Jayanti and trading on the Multi Commodity Exchange (MCX) was limited to the evening session.

Gold prices rose about 1% to Rs 1.53 lakh per 10 grams, while silver saw a sharper rally, jumping nearly Rs 10,000 or around 4% to Rs 2.5 lakh per kg,.

The gains in domestic bullion mirrored international trends, where gold advanced more than 1% as the US dollar weakened and hopes of a possible resumption in US-Iran talks provided additional support. A softer dollar typically boosts demand for gold by making it cheaper for holders of other currencies.

In global markets, spot gold was up 1.1% at $4,791 per ounce, while US gold futures rose 1% to $4,815. The movement came as reports suggested that negotiating teams from the US and Iran may resume talks later this week, easing some inflation concerns linked to geopolitical tensions.

Investors remain highly sensitive to developments around the conflict. Bob Haberkorn, senior market strategist at RJO Futures, said the direction of gold prices would hinge on progress in negotiations, adding that positive developments could push metals higher in the near term.

Back home, analysts pointed to continued volatility in the bullion market. Jateen Trivedi, VP Research Analyst for commodities and currency at LKP Securities, said geopolitical uncertainty continues to dominate sentiment.
“Volatility remains high as geopolitical uncertainty continues to dominate sentiment. In the near term, gold is expected to trade within a range of Rs 1,48,500–Rs 1,52,500,” he said.Despite Tuesday’s gains, technical indicators suggest that gold may face resistance near current levels. Ponmudi R, CEO of Enrich Money, said a sustained move above Rs 1,54,000 would be required to revive bullish momentum toward Rs 1,55,000.

“On the downside, a break below Rs 1,51,000 may extend weakness toward Rs 1,50,000 and further to Rs 1,48,000,” he said, adding that the broader bias remains cautious as momentum lacks conviction.

Silver, which tends to be more volatile than gold, also showed signs of technical weakness despite the sharp rally. According to Ponmudi, resistance is seen at Rs 2,40,000, and any recovery toward this level could face selling pressure. “A decisive break below Rs 2,37,000 could accelerate selling toward the Rs 2,35,000–Rs 2,33,000 range,” he noted.

The absence of daytime trading on MCX due to the holiday also meant thinner participation, potentially amplifying price moves during the evening session.

Operator

Welcome to Bank7 Corp. First Quarter 2026 Earnings Call. Before we get started, I’d like to highlight the legal information and disclaimer on Page 25 of the investor presentation.

For those who do not have access to the presentation, management is going to discuss certain topics that contain forward-looking information, which is based on management’s beliefs as well as assumptions made by and information currently available to management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to be correct.

Such statements are subject to certain risks, uncertainties and assumptions, including, among other things, the direct and indirect effect of economic conditions on interest rates, credit quality, loan demand, liquidity and monetary and supervisory policies of banking regulators. Should one or more of these risks materialize or should underlying assumptions prove incorrect, actual results may vary materially from those expected. Also, please note that this conference call contains references to non-GAAP financial measures. You can find reconciliations of these non-GAAP financial measures to GAAP financial measures in an 8-K that was filed this morning by the company.

Representing the company on today’s call, we have Brad Haines, Chairman; Tom Travis, President and CEO; J.T. Phillips, Chief Operating Officer; Jason Estes, Chief Credit Officer; Kelly Harris, Chief Financial Officer; and Paul Timmons, Director of Accounting.

With that, I’ll turn the