Business
Tata Steel shares dip over 2% as UK project may face 6-8 month delay amid electricity access issues
The company is building a 3.2 million-tonne electric arc furnace (EAF) at Port Talbot as part of its decarbonisation strategy. The project, which involves an investment of 1.25 billion pounds, is intended to replace the site’s blast furnace operations of similar capacity that have now been shut down.
Before the latest setback, Tata Steel had been targeting the start of operations by late 2027 or early 2028. However, delays linked to the power connection process have created uncertainty around that timeline, a news report by PTI stated.
Koushik Chatterjee, Executive Director and Chief Financial Officer of Tata Steel, said the company has been working with the Electricity System Operator (ESO) and National Grid on the new electrical infrastructure. However, National Grid has formally informed Tata Steel that its connectivity project is running behind schedule.
According to Chatterjee, National Grid has flagged potential delays compared with the originally planned date for the high-voltage power connection. He said Tata Steel is engaging with all stakeholders, including the UK government, to minimise the impact and establish revised timelines, the report added.
The company said major demolition work at the Port Talbot site has already been completed, while fabrication and delivery of equipment continue to progress. Access to higher-capacity electricity remains a critical requirement for the transition to electric arc furnace-based steelmaking.
The project has secured 500 million pounds of support from the UK government and is expected to cut site-level carbon dioxide emissions by 90%, equivalent to around 5 million tonnes annually. Separately, the Port Talbot project site witnessed a fire incident on June 3. Tata Steel UK said on Thursday that all personnel were safely evacuated and accounted for, with no injuries reported. Chatterjee said Tata Steel is continuing discussions with National Grid and the UK government to address the issue and explore ways to reduce the delay.
“We are working with the UK government, the National Grid and ESO, which is the electricity supplier, to see if we can mitigate it, but somewhere between six months to eight months will certainly be there, maybe higher, after we have built the plant,” he said while responding to a question on potential delays in commissioning the facility.
He added that the company is evaluating options to shorten the delay but acknowledged that some slippage in timelines now appears unavoidable. “We are actively working to see if we can reduce it further, but there will be some imminent delays,” Chatterjee said, without providing additional details.
In May 2024, Tata Steel signed a connection offer agreement with the Electricity System Operator. Under the arrangement, National Grid is responsible for building the electrical infrastructure required to power the 3.2 million-tonne electric arc furnace by the end of 2027.
According to information shared by Tata Steel, the National Energy System Operator (NESO) is a public body that oversees the connection process, including the connection contract with Tata Steel UK, and manages electricity grid operations across the UK.
National Grid Electricity Transmission (NGET), meanwhile, is the private company responsible for constructing, owning and maintaining the connection infrastructure.
Tata Steel Group is among the world’s leading steelmakers, with an annual crude steel production capacity of 35 million tonnes. The company also ranks among the most geographically diversified steel producers globally.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Trading platform IG Markets fails in $5.5m bid against Perth investor
The state’s highest court has dismissed IG Markets’ bid against a Perth stock trader who reaped $5.5 million in 30 minutes on its trading platform.
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Sensex down over 10K points from Dec peak. Should MF investors buy the dip, hold positions, or wait on sidelines?
Market experts believe that investors should see this 10,000 point correction as a buying opportunity rather than a reason to panic.
Vishal Dhawan, Founder & CEO, Plan Ahead Wealth Advisors told ETMutualFunds that investors should view this 10,000-point Sensex correction as a long-term buying opportunity as market drawdowns are natural processes that shake out speculative premiums, resetting valuations to fundamentally healthier levels.
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“Long-term investors can continue their Systematic Investment Plans (SIPs) and hold current positions firmly. Pausing allocations to “wait for clarity” is a psychological trap that historically locks investors out of the sharpest days of a market rebound.”
Dhawan further said that while regular SIPs are key to an investment journey, panic selling must be completely avoided; use this market decline to methodically build an equity baseline designed to reward your patience when economic sentiment inevitably swings back to optimism at some point in the future and it is critical to have a minimum 5-7 year investment horizon whilst investing.
Echoing a similar opinion of considering this as a buying opportunity rather than a reason to panic, Amitabh Lara, Executive Director, Anand Rathi Wealth Limited shared with ETMutualFunds that for long-term investors, this is not the time to stop investing.Amitabh further said that continuing SIPs during a fall can actually work in your favour because the same investment amount buys more units at lower prices and one of the biggest mistakes investors make is stopping SIPs during a correction and returning only after the recovery has already happened.
The benchmark index which touched a peak of 84,391 on December 10, 2025, is now down by nearly 10,148 points to a level of 74,243 as of June 6, 2026.
As the market becomes volatile, investors as well as the fund managers keep cash in hand and wait for the opportunity to deploy it in the market but with a dilemma whether to deploy cash immediately or stagger investments over time.
Amitabh said that if investors have idle cash available then they can go ahead and invest as a lumpsum and funds can be deployed in a staggered manner through tranches, over 6 to 8 weeks. “It also removes the stress of trying to time the exact bottom. If they have SIPs, they can continue it without worrying about the market level and take advantage of rupee cost averaging.”
Dhawan said that for investors sitting on cash, a staggered deployment strategy via a 6-month to 12 month Systematic Transfer Plan (STP) is highly recommended as this approach could hedge your principal against intermediate downside volatility.
He further said that investors should avoid deploying an absolute lumpsum at current levels, as picking the exact market bottom is a statistical myth and tranche-based buying ensures you average out your entry costs across multiple lower price bands smoothly.
“Park your liquid capital in low-duration instruments and systematically route it into equity. This automated execution effectively replaces portfolio anxiety with disciplined benefits. In case you wish to deploy a lumpsum, and not do a STP, an investment in the Balanced Advantage category is suggested.” Dhawan said.
How equity categories performed
ETMutualFunds checked the performance of equity mutual funds since December 10, 2025. Small cap funds have delivered an average return of 6.06% since the date BSE Sensex touched the new peak, followed by mid cap funds which gave an average return of 2.58%.
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In contrast, the counterparts, large cap funds gave a negative average return of 6.26% since December 10, 2025. Multi cap funds gave an average return of 0.06% whereas flexi cap funds fell 2.95% on an average in the said time period.
Out of 10 equity categories, only three gave positive average returns which were small caps, mid caps and multi caps whereas the other categories such as large caps, contra funds, ELSS, flexi, focused, value and large & mid caps gave negative average returns.
Which market-cap segment could lead the recovery?
Dhawan said that large-cap stocks are typically best positioned to lead the initial recovery wave when domestic and foreign institutional flows return and their robust cash flows, operational scale, and institutional backing provide an essential fundamental moat.
He further said that mid-caps may require stock-specific elements to perform, as many names went up significantly during the previous bull cycle; small caps should be approached with high caution and patience, as they remain prone to sharp liquidity outflows during market corrections. “Limit small-cap exposure if you can handle the volatility and have a longer time horizon of 7-10 years for mid and small caps.”
Lara said that small caps appear to have the most room for upside when markets recover. Currently, Nifty Smallcap 250 is trading about 17.4% below its fair value, compared with 9.6% for the Nifty Midcap 150 and around 5-9% for large-cap indices. Hence, small caps have corrected more than large caps and mid caps relative to their earnings potential.
He further said that investors can have a balanced exposure across market caps, with 55% in large caps and the rest in mid and small caps to be a part of the eventual recovery that will follow in the markets.
BSE Sensex: In the last six months, the index was down 13.38% and in the nine months, it was down 8.01%. In the last one year, Sensex was down 8.83% whereas in the last three years and five years it was up 5.74% and 7.33% respectively.
Sector allocation becomes particularly important during market corrections as valuation gaps emerge across industries. The question is whether investors should actively target beaten-down sectors or focus on broader diversification.
In response to this, Lara said investors should avoid investing in single sectors or making sectoral bets as performance in sectors/themes is highly cyclical. For example, in 2024, the pharma & IT sectors were part of the best-performing sectors, however, they both turned into worst-performing sectors in 2025, which suggest that entry and exit at the right time play a crucial role in making investments in the sectorial/thematic funds.
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During such corrections, it would be more beneficial for investors to invest in diversified categories of equity mutual funds to get exposure to all sectors and benefit from their performance, rather than focusing solely on any single sector, Lara further said.
Dhawan said to prioritize accumulating high-quality banking and financial services funds as these segments offer good earnings visibility, corrected price multiples, and fundamentally strong underlying balance sheets.
He further said systematic accumulation of Information Technology (IT) funds could be attributed to these deep valuation resets as they are cash-rich franchises with low debt. However, they do face business model risk. Conversely, stay away from Utilities and capital goods as valuations look well above their long term averages.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in along with your age, risk profile, and Twitter handle.
Business
Nasdaq Rises on AI Resurgence After Tech Selloff. Dow Futures Drop as Israel, Iran Strikes Drive Up Oil Prices.
Blue-chip stocks looked set to fall on Monday as the cease-fire in the Middle East appeared to fray, with the market still reeling from Friday’s brutal artificial intelligence selloff.
Futures tracking the Dow Jones Industrial Average slipped 169 points, or 0.3%. S&P 500 futures climbed 0.3%, while contracts tied to the tech-heavy Nasdaq 100 added 0.7%.
The three blue-chip indexes all plummeted on Friday after the May nonfarm payrolls report topped economists’ expectations, strengthening fears that the Federal Reserve will hike interest rates.
Business
Analysis-Prabowo’s populist policies propel a ’doom-loop’ in Indonesian markets

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Nestle among Nuvama's top consumer picks after Q4 earnings
Nestle is among Nuvama’s top consumer picks following strong Q4 earnings, driven by resilient rural and urban demand. Despite challenges like unseasonal weather impacting seasonal products, the brokerage highlighted Nestle, Asian Paints, Pidilite Industries, Berger Paints, and Marico as key investment opportunities in the sector.
Business
TCS shares slip 2%, down 12% in 4 straight sessions. What’s triggering the decline?
Higher U.S. bond yields and expectations of tighter monetary policy are generally seen as negative for Indian IT stocks. They tend to compress valuations of growth-oriented companies, raise concerns about slower technology spending by U.S. clients, encourage businesses to focus on cost optimization rather than expansionary IT investments, and can trigger foreign investor outflows from emerging markets.
The weakness in TCS also follows a sharp relief rally in IT stocks last week. The sector has remained under pressure through much of 2026 amid growing concerns that rapid advances in artificial intelligence could disrupt the traditional software services business model.
Should you buy TCS shares?
“We recommend avoiding TCS for now as the major trend is bearish,” Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities told ETMarkets. According to Shah, momentum indicators have weakened considerably, with the RSI turning lower after nearing the 60 level, suggesting fading bullish strength. He also pointed out that the stock has slipped below the Bollinger Band midline, an important support level often tracked by technical analysts. With the latest decline, TCS has fallen below several key short- and long-term moving averages, indicating a weakening trend.
Harshal Dasani, Business Head at INVasset PMS, said the stock’s technical setup has shifted from weakness to a test of a potential breakdown. According to him, the 9% decline following a 6.53% rebound in the last week suggests the earlier recovery was merely a dead-cat bounce rather than evidence of fresh buying interest. “When a large-cap stock gives up a relief rally this quickly, the market is not reacting to a single negative headline. It is repricing the entire low-growth IT model,” Dasani said.
On the upside, he sees the Rs 2,400-2,450 range as a significant supply zone, since the recent recovery attempt stalled in that region. Dasani added that until TCS manages to reclaim this band with strong participation, any rallies are likely to face selling pressure.
TCS share price performance
TCS shares have fallen over 32% since the start of the year and about 37% in the last 1 year.
TCS reported a 12% year-on-year rise in consolidated net profit at Rs 13,718 crore for the fourth quarter, while revenue from operations increased 10% YoY to Rs 70,698 crore. The company also announced a final dividend of Rs 31 per share.
During the quarter, TCS secured three large deals, taking the total contract value to $12 billion for the period. On a quarter-on-quarter basis, revenue grew 5.4%, while constant currency growth came in at 1.2%, broadly in line with expectations. Operating margin for the January to March quarter stood at 25.3%, up 10 basis points from the previous quarter.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Rajesh Exports shares hit 5% lower circuit for third session on alleged Rs 15.15 lakh crore fraud
In its findings, Sebi alleged accounting irregularities, diversion of company funds into personal accounts, and a pattern of conduct aimed at misleading investors. The regulator also flagged lapses by the company’s auditors and said both Rajesh Exports and its auditors failed to fully cooperate with the investigation.
In its 109-page interim order dated June 3, Sebi said its investigation and forensic examination revealed prima facie evidence suggesting that nearly 97-99% of the company’s reported revenue may have been inflated. The regulator described the alleged discrepancies as “egregious and unheard of”.
Pending further directions, Sebi has barred Rajesh Mehta from buying, selling or otherwise dealing in securities of Rajesh Exports. The regulator has also directed the company to fully cooperate with investigators and ensure true and fair disclosure of its financial statements and related-party transactions.
“The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health,” Sebi said in its order.
The case stems from a shareholder complaint received in March 2024 that raised concerns over substantial trade receivables reflected in the company’s accounts. Following a preliminary review, Sebi initiated a detailed investigation covering the period from April 2020 to March 2024 and appointed BDO India Services as the forensic auditor.
Besides restricting Rajesh Mehta from dealing in the company’s securities, Sebi has directed Rajesh Exports to furnish all pending information sought by investigators within 30 days. The regulator has also ordered the appointment of a new forensic auditor to conduct a more comprehensive review of the company’s books and transactions.Rajesh Exports has denied the allegations. In a press release issued on Thursday, the company said the revenues reported in its financial statements were accurate and contended that Sebi’s conclusions were based on a misunderstanding between revenue and EBITDA figures at Swiss refiner Valcambi SA, an indirect subsidiary of the company.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Dubai International Airport Open Today as DXB Flight Status Shows Active Operations Across Major Routes
DUBAI, United Arab Emirates — Dubai International Airport is open today and showing active flight operations, according to the latest airport and live-status pages, but there is no immediate public evidence that it is under a full closure or that travelers face a total shutdown. The airport’s official flight-information page remains live, and current airport-condition data list DXB as operating with very low delays.
The Dubai Airports website directs passengers to real-time flight information, travel guidance and service updates, indicating that the hub remains in service for arrivals and departures. That matters because DXB is one of the world’s busiest international airports, and even short interruptions usually appear quickly in airline notices and airport advisories.
At the moment, the clearest answer is that Dubai International Airport is open today. Publicly available status pages do not show a broad closure, and live flight boards continue to track departures and arrivals. The airport’s own site still advises passengers to check flight status directly, which is standard for a large hub that manages frequent schedule changes.
FlightStats shows DXB with a current delay status marked “very low and increasing,” a sign of active but relatively stable operations. Skyscanner’s live-arrivals and departures pages also continue to list Dubai flight status information, another indication that the airport remains operational. None of the current pages reviewed suggests the airport is closed today.
Dubai Airports’ public landing page highlights flight status, travel guidance and passenger services, which are typically maintained when the airport is functioning normally or near normally. The site’s live-flight section is especially useful for same-day travelers because it can reflect gate changes, delays and cancellations faster than general news reports. For that reason, passengers flying through DXB should still confirm their specific airline before leaving for the airport.
The broader picture is that Dubai International Airport remains a fully active global hub, and today’s online status signals routine operations rather than an emergency disruption. While the term “fully opened” can mean different things depending on whether a user is asking about reopening after a closure or just current accessibility, the latest public information supports a simple answer: DXB is open today and serving passengers.
For travelers, that means normal precautions still apply. It is smart to check departure boards, airline apps and airport alerts before traveling, especially during peak periods when changes can happen quickly even at a major international hub. But based on the latest available status pages, there is no indication that Dubai International Airport is closed or partially shut today.
Travel status
Airport-condition data show active conditions at DXB, with weather and delay information updated in real time. The airport’s live tools are designed for passengers who need exact gate and schedule details, which is often more useful than broad summaries when a traveler is trying to catch a flight.
Dubai Airports also provides travel guidance for visitors heading to the city, suggesting that standard passenger movement continues through the airport system. That is consistent with the live-status listings for arrivals and departures. For a journalist or editor writing a same-day update, the safest phrasing is that DXB is open and operational today, not that it is undergoing a reopening.
What the pages show
The airport’s official site includes a dedicated flight-status section, while the main Dubai Airports homepage still emphasizes flight information and travel support. FlightStats likewise lists DXB as an active airport with a current delay status rather than a shutdown status. Taken together, those sources point to a functioning airport serving ongoing traffic.
The absence of any closure notice on the airport’s main public pages is also notable. Airports facing major interruptions usually post prominent advisories about suspensions, delays or rerouting, but no such broad warning appears in the materials reviewed here. That makes the current answer straightforward: Dubai International Airport is open today.
For travelers
Passengers should verify their specific flight before departure, because an open airport does not guarantee every route is running exactly on schedule. Still, the latest public data suggest that DXB continues to operate normally enough for travel to proceed. Travelers connecting through Dubai should expect routine international-airport procedures rather than a closure-related disruption.
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