Shares of food delivery major Swiggy fell. 5% to an intraday low of Rs 266 on the BSE on Monday after the Food Safety and Standards Authority of India (FSSAI) issued nine notices to its quick commerce arm, Swiggy Instamart, over multiple consumer complaints alleging violations of the Food Safety and Standards Act, 2006.

With Monday’s decline, Swiggy shares have dropped over 4% over the last two trading sessions.

The notices, issued on Saturday, require Swiggy Instamart to submit a detailed explanation and a compliance report. The regulator said failure to comply could result in appropriate legal action.

FSSAI has sought documentary evidence explaining the alleged non-compliances and the circumstances surrounding the reported incidents. It has also directed the company to furnish details of its quality assurance systems, food safety monitoring processes, inventory management, stock rotation, hygiene standards, storage and handling practices and the internal controls implemented to ensure compliance with food safety regulations.

Also read: Swiggy, Eternal shares jump up to 20% in one month. Should you buy or avoid?

What did FSSAI say in the order?
According to the notices, Swiggy Instamart received multiple consumer complaints alleging the supply of expired, spoiled, rotten, contaminated or otherwise unsafe food products.The regulator said ‘NOICE Eggs’ were marketed under a brand name not covered by the product categories approved under the existing FSSAI licence. It noted that the company had previously been instructed not to market the product unless it was covered under a valid licence and to seek a modification to its licence, if required.

FSSAI also alleged that ‘Healthify 100% Whey Protein (1 kg)’ and ‘NOICE Homestyle Madras Mixture with Peanuts’ were supplied after their expiry dates. It further observed that ‘Akshayakalpa Organic Egg’ was expired, rotten and contaminated, rendering it unfit for human consumption.

Read more: ETtech Explainer: Has Swiggy become Indian-owned after a drop in foreign ownership?

The regulator further stated that an infant food formulation was found to be in a severely deteriorated and unsafe condition, with signs of contamination and improper storage and handling. According to the notice, the same product was allegedly supplied again to the consumer after the defective item had been returned.

The notices also alleged that the company failed to provide a satisfactory response, grievance redressal or corrective action despite the complaints being forwarded or escalated. In one instance, the notice stated that Swiggy Instamart offered a refund without addressing the food safety concerns raised by the customer.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Australia’s share market has started the week flat as renewed fighting in the Persian Gulf boosts oil prices and weighs on mining stocks.

The S&P/ASX200 rose 2.5 points on Monday, up 0.003 per cent to 8,808.5, as the broader All Ordinaries slipped 0.7 points, or 0.01 per cent, to 9,003.

“On the ASX200 the volatility is just seeping out of that market, and I think probably for good reason,” IG market analyst Tony Sycamore told AAP.

“We’ve got the US earnings season coming up, we’ve got the Australian earnings season coming up in August, and there’s still a fair bit of uncertainty around what’s going on in the Middle East and whether the Reserve Bank have finished hiking rates.”

Miners were under renewed selling pressure after a brief reprieve on Friday as investors continued rotating into resurgent financial stocks, which have gained more than six per cent since mid-June.

Gold producers were heavy, with the precious metal slipping to $US4,054 ($A5,851) an ounce during the session, dragging the sub-index 1.9 per cent lower.

The mega miners were mixed, with Fortescue gaining 1.6 per cent, Rio losing 0.3 per cent and BHP trading slightly better than flat after calling in the industrial umpire to help avert strike action at Port Hedland.

Battery minerals and rare earths producers also sold off.

The energy segment advanced 0.7 per cent as Brent crude hovered above $US79 a barrel, with no end in sight to renewed hostilities between the US and Iran.

Iran escalated its attacks on US bases in the Middle East during the session and says it has again halted traffic in the Strait of Hormuz.

Shares in refinery operator Ampol surged more than four per cent after it secured a $400 million subordinated notes debt facility backed by KKR.

Retail stocks were mixed ahead of Westpac and NAB’s respective consumer and business surveys due on Tuesday, with discretionaries up 0.9 per cent while staples fell by the same degree.

IT stocks were the worst-performing sector, down 2.5 per cent with a big slump in Xero after its CEO Sukhinder Singh Cassidy unloaded almost $2.2 million in stock to manage her tax obligations.

In company news, oOh!Media swung four per cent higher after it revealed three suitors were considering takeover offers for the outdoor advertising company.

The Australian dollar is buying 69.29 US cents, down from 69.50 US cents on Friday at 5pm, as safe haven buyers retreat to the greenback.

Looking ahead, some big global names will deliver mid-year earnings this week including JPMorgan Chase, Bank of America, Netflix, Taiwan Semiconductor and Johnson & Johnson.

The local earnings season kicks off on July 29 with Rio Tinto’s half-year results.

ON THE ASX:

* The S&P/ASX200 rose 2.5 points, or 0.03 per cent, to 8,808.5

* The broader All Ordinaries lost 0.7 points, or 0.01 per cent, to 9,003

One Australian dollar trades for:

* 69.29 US cents, from 69.50 US cents at 5pm AEST on Friday

* 112.41 Japanese yen, from 112.29 Japanese yen

* 60.76 euro cents, from 60.74 euro cents

* 51.78 British pence, from 51.76 pence

* 120.28 NZ cents, from 120.39 NZ cents

LeBron James remains one of the NBA’s few unresolved free agents nearly two weeks into the offseason, and while no formal decision has been announced, mounting reporting and public commentary point to a handful of franchises as the clear front-runners to land the four-time MVP for the coming 2026-27 season and beyond. Here is a look at the three teams most frequently cited as favorites in James’ ongoing free agency.

1. Cleveland Cavaliers

League sources describe a growing “vibe” pointing toward a Cleveland return, according to ESPN’s Brian Windhorst, making the Cavaliers the most consistently mentioned landing spot in recent days. James began his career in Cleveland and later returned for a celebrated second stint that included the franchise’s 2016 championship, and his recent activity away from the court has fueled speculation of a third chapter. James was seen gathering with members of that 2016 title-winning roster this summer and has spent additional time in his hometown of Akron, Ohio.

The Cavaliers enter the conversation with strong on-court momentum, coming off their best season without James in more than 30 years, and recently locked up guard Donovan Mitchell on a four-year maximum extension, giving James a proven All-Star to pair with immediately if he returns. Unlike several other suitors, it remains unclear whether Cleveland has followed the same recruiting approach used by rival teams. According to ESPN’s Dave McMenamin, it is not confirmed whether the Cavaliers have sent Rich Paul, James’ longtime agent, the kind of personal voice memos other franchises have used to make their pitch, though James’ own historical ties to the organization may make that kind of formal courtship less necessary than it would be for an unfamiliar franchise.

2. Golden State Warriors

The Warriors remain squarely in the mix given James’ close friendship with Stephen Curry, dating back to their partnership on the U.S. Olympic team in 2024. Speaking to reporters at the American Century Championship celebrity golf tournament, Curry acknowledged the appeal of the pairing directly. “The pitch is: Do you want to play good basketball and be around people that know how to play the game?” Curry said. “Hopefully raise our floor and our competitiveness this year. There’s good golf in the Bay. We’re an organization that’s been there. He knows that.”

However, Golden State’s path to actually landing James appears more complicated than Cleveland’s. According to ESPN’s Shams Charania, the Warriors are not viewed as a top contender for James unless they can first complete a separate trade to acquire Anthony Davis, James’ former Lakers teammate. That pursuit is itself complicated by forward Jimmy Butler, whose contract would likely need to be included in any Davis package; the Warriors have publicly told Butler he will not be dealt, and Butler is separately expected to be sidelined into at least the winter as he continues recovering from January ACL surgery. Golden State forward Draymond Green also opted out of a $27.6 million contract option earlier this month, a move widely interpreted as an effort to help the team create additional financial flexibility, potentially in service of a broader roster overhaul that could include James.

3. Philadelphia 76ers

Philadelphia has emerged as a serious contender in part because of the personal effort the organization has put into recruiting James directly. Bob Myers, president of Harris Blitzer Sports & Entertainment, which owns the 76ers, appeared directly on Rich Paul’s “Game Over” podcast, a move interpreted around the league as a signal of how seriously the franchise values landing James. Paul has also referenced Philadelphia specifically during multiple podcast appearances discussing James’ potential landing spots, listing the 76ers alongside teams including Miami, Minnesota, Denver, Golden State and Cleveland on a whiteboard breakdown of James’ options.

Philadelphia’s appeal centers partly on roster fit, with a core built around Joel Embiid and Tyrese Maxey that could theoretically be reshaped around James’ continued playmaking and scoring at this stage of his career. The 76ers were also linked to a potential three-team framework earlier in the offseason involving the Boston Celtics and Houston Rockets that would have moved players including Jaylen Brown, though that specific deal ultimately did not include a path for James and Brown has since joined Philadelphia through a separate trade with Boston, altering the roster picture Myers and the 76ers front office would be working with going forward.

Beyond those three, other franchises continue to circulate in the broader conversation, including the Denver Nuggets and Minnesota Timberwolves, both of which Windhorst reported believe they have a legitimate case to land James despite the Cleveland speculation. The Miami Heat have also been mentioned throughout the process, though James’ own history with the organization, dating back to his original 2010 move there, has generated comparatively less public buzz this time around than his potential returns to Cleveland or a first-time move to Philadelphia or Golden State.

Notably absent from serious consideration is the New York Knicks, which Paul has said would have been a genuine option for James had the team not just won the 2026 NBA title, effectively taking New York off the board given the roster stability that comes with a championship-winning group. “The last thing you want to do is mess up something like that,” Paul said of the Knicks’ situation on “Game Over.” “The Knicks has a good thing going. If the Knicks hadn’t of won, there would be no board. He’d be going to the Knicks.”

As of this week, James’ free agency has already stretched well beyond the timeline of his previous major decisions, including his 2010 move to Miami and his 2014 return to Cleveland, both of which were announced by July 11 of their respective years. Some analysts have speculated James may be deliberately timing any eventual announcement around the World Cup, which remains in its semifinal stage this month, to avoid having his news overshadowed by soccer’s biggest global stars.

With no confirmed timeline for a final decision, the coming days are expected to bring continued reporting on where James ultimately lands, with Cleveland, Golden State and Philadelphia remaining the three franchises most consistently cited across league sources as the strongest contenders to secure the four-time champion for the 2026-27 season and whatever remains of his storied career beyond it.

Jan Edvin Pedersen

And welcome to the presentation of KONGSBERG’s second quarter results. This presentation is done as a webcast only, and you will be able to send in questions through the chat function.

Please note that this presentation contains forward-looking statements that, by their nature, involve known and unknown risks, uncertainties and other important factors that could cause the actual results to differ.

Today’s presentation will be delivered to you by our CEO, Eirik Lie; and our CFO, Martin Wien Fjell.

With that, I will hand it over to our CEO, Eirik.

Eirik Lie
Executive VP of Kongsberg and President of Kongsberg Defense & Aerospace

Thank you, Jan Edvin. Good morning, everyone, and welcome to this second quarter results presentation. The second quarter of 2026 was characterized by high activity levels across the company, both in new orders and in our production facilities. We continued to sign significant new contracts, and we made key deliveries to our customers.

Last week, I was in Ankara for the NATO Summit and Industry Meeting. The messages from NATO were clear. Europe must continue to invest in its own defense capabilities and seek joint procurement with other countries.

The need for high industrial production is increasing and urgent. And the Ukraine war continues to show the importance for air defense, missiles and anti-drone capabilities. There is also a critical need for missiles that can be produced in high volumes as well as protection against tactical ballistic missiles.

In Ankara, NATO countries announced more than USD 50 billion in new

The charity said figures from the Baby Bank Alliance showed baby banks in the UK supported more than 400,000 children in 2025.

In the same year, Faces BabyBank handed out 36,400 items of children’s clothing, 54,080 nappies, 536 tubs of formula milk, 298 newborn starter packs and 3,768 books and toys.

It has also given cots, Moses baskets, prams, highchairs, bedding, baby baths and other essentials.

It said it relies on donations and always needs good quality goods or financial donations to purchase essential items when stock is unavailable.

The charity said more parents in work were “still unable to afford essential items because wages are not keeping pace with household costs”.

Shares of Cupid Limited witnessed mild profit booking in Monday’s trading session, and slipped around 1.5% to Rs 209. However, the recent weakness appears minor compared with the stock’s strong rally over the past few months. The stock has gained significant investor attention after delivering multibagger returns, surging nearly 131% in just three months due to strong business momentum and positive corporate developments.

In a recent regulatory filing, Cupid Limited announced a major milestone as its equity shares have been reclassified from BSE Group ‘B’ to BSE Group ‘A’ following the Bombay Stock Exchange’s periodic review of listed companies.

The upgrade reflects the company’s growing presence in the listed market and highlights its continued focus on corporate governance standards, regulatory compliance, and disciplined business execution. Inclusion in the BSE Group ‘A’ category is considered a significant achievement as it places the company among a more actively tracked segment of listed companies.

Strong Q1 FY27 Business Momentum, Revenue Guidance Raised

Cupid recently reported one of the strongest quarterly performances in its history. In its Q1 FY27 business update, the company indicated that it is on track to achieve quarterly revenue exceeding Rs 150 crore, marking a strong beginning to the financial year.

The company attributed the momentum to strong execution, improved market visibility, and expanding opportunities across domestic and international markets. With rising confidence in its growth trajectory, Cupid’s management has increased its FY27 revenue guidance by at least 10%.
The company now expects FY27 revenue to cross Rs 660 crore, compared with its earlier guidance of Rs 600 crore. The revised outlook reflects optimism around its diversified business model, expanding global opportunities, and increasing scale across healthcare, personal care, and wellness segments.
Stock Performance

Cupid shares have witnessed a sharp upward movement in recent months, gaining nearly 131% over the last three months. The company currently commands a market capitalisation of around Rs 28,540 crore.

Despite Monday’s decline, the stock continues to trade close to its 52-week high of Rs 226, indicating sustained investor interest.

From a valuation standpoint, Cupid shares are trading at premium levels, with the stock currently commanding a Price-to-Earnings (P/E) ratio of 260.91, Price-to-Sales (P/S) ratio of 31.26, and Price-to-Book (P/B) ratio of 62.69, indicating that investors are assigning a high valuation multiple to the company’s future growth prospects.

Technical Indicators Signal Strong Momentum, But Caution Remains

On the technical front, Cupid’s 14-day Relative Strength Index (RSI) stands at around 71. An RSI above 70 generally indicates an overbought zone, suggesting the possibility of short-term consolidation or a pullback after the sharp rally. However, the broader trend remains positive, with the stock trading above 7 out of 8 key Simple Moving Averages (SMAs), indicating continued bullish momentum.

While Cupid’s strong earnings outlook, improved guidance, and recent exchange upgrade have supported investor sentiment, the elevated valuations and overbought technical indicators suggest investors may closely track future earnings execution and price movements.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of IT stocks, including heavyweights Tata Consultancy Services (TCS), HCL Technologies, Infosys, and others, surged up to 7% on Monday, pushing the Nifty IT index around 4% higher despite the overall bearish sentiment on Dalal Street.

Nifty IT surged over 1,000 points to 29,038, as seen at 12.30 pm. Notably, this is the highest level seen by the sectoral index in more than a month. It has now surged around 6% in just two consecutive sessions of gains.

TCS share price

TCS shares were the top gainers on the Nifty IT index, rallying more than 6% after India’s largest IT company announced a multi-million, multi-year deal with ABB to transform global network operations with artificial intelligence.

The IT bellwether today announced that it has signed a multi-million, multi-year deal with ABB to scale its role from managing infrastructure and applications to delivering end-to-end global network operations, through an integrated network-as-a-service model.

As part of the deal, the company will help ABB improve user experience, enhance operational efficiency, strengthen security and compliance, scale service delivery, and prepare for next-generation digital operations. ABB’s Future Network Model programme, an enterprise-wide initiative to transform its global network into a standardized, centrally managed digital infrastructure, is at the centre of this partnership. As a strategic programme partner, TCS will design, integrate, and run ABB’s global network ecosystem as a secure, modern, and AI-driven service.
Also read: Should you buy, sell or hold TCS shares?HCL Tech share price

HCL Technologies shares followed, jumping nearly 6% to trade at Rs 1,231.40 apiece on NSE. The company is all set to announce its results for the April-June quarter of the financial year 2027 later today.

While the company is expected to report sequential weakness in revenue, its margins are likely to remain resilient, supported by favourable currency movements and cost efficiencies. HCL Tech is expected to report an 18% year-on-year rise in net profit, based in the average estimates of five brokerages.

LTM share price

LTM shares surged more than 4% to trade at Rs 4,215 apiece. This comes after India’s sixth-largest IT services company reported a 17% year-on-year (YoY) rise in consolidated net profit for the April-June quarter of FY27, while brokerages issued mixed views on the stock.

The company posted a consolidated net profit of Rs 1,466 crore for the first quarter, up from Rs 1,254 crore a year earlier. Revenue from operations rose 18% YoY to Rs 11,608 crore, compared with Rs 9,841 crore in the corresponding quarter last year.

Other IT stocks

Tech Mahindra and Infosys shares jumped around 4% each, while those of Mphasis were up over 3%. Wipro, Persistent Systems, OFSS and Coforge shares gained more than 2% each.

Geojit Investments’ Chief Market Strategist Anand James recently told ETMarkets that technical indicators, derivatives data and improving momentum suggest the risk-reward is gradually shifting in favour of bulls for IT stocks.

Also read: HCL Tech Q1 preview | Revenue may dip QoQ; net profit could rise on currency depreciation

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The Lib Dem leader says it could potentially deepen rural deprivation

The Liberal Democrats ‘ leader has launched a stinging attack on plans by the Prime Minister-in-waiting to establish a ‘Number 10 North’ office in Manchester. Speaking during a visit to Torbay, Sir Ed Davey warned that Andy Burnham’s plans for a secondary branch of the Prime Minister’s Office – intended to serve as the “nerve centre of a rewired Britain” – risked leaving rural communities behind.

Sir Ed argued that Mr Burnham’s approach would see vast swathes of the UK, including the South West, the North East, Wales and Scotland, left out in the cold.

“Avanti Andy needs to realise Britain doesn’t start at Euston and terminate at Manchester Piccadilly,” he said, in a pointed reference to the rail line connecting London with the North West.

“Shifting the physical location of the Prime Minister’s office does nothing to fix the inequalities facing many coastal and rural areas, and instead may create a new bubble of power that actually pushes the government even further away from communities like those in the South West.”

Sir Ed joined Torbay’s Liberal Democrat MP Steve Darling at Goodrington Sands to discuss the implications of Andy Burnham’s anticipated rise to Prime Minister, expected to take place as early as next week (July 17).

The pair enjoyed ice cream and a paddle in the sea before turning their attention to the Burnham proposals.

“Shifting an outpost of Downing Street to Manchester isn’t true devolution,” Sir Ed declared. “For people in Torbay and across the South West, it simply shunts power even further down the line.

“From the Devon coast to Swansea’s streets and Shetland’s shores, people are utterly fed up with being overlooked.”

He warned that deprived communities in areas such as Torbay risked being sidelined as the government’s attention shifted northwards, despite some parts of the bay ranking among the most deprived in the entire UK.

“I think there’s a huge danger that those pockets of poverty you see in places not only in Torbay, but also in many, many places around the country are overlooked.

“If power goes up to mayoral candidates who are covering a much bigger area, they don’t really understand local communities.

“That’s why we’ve always been advocating empowering local communities who do know their areas, do know where the problems are, and do know where the poverty is.”

Mr Darling echoed his party leader’s concerns regarding the potential pitfalls of relocating the second ‘Number 10’ office to Manchester.

“I really encourage the idea of getting government from Whitehall into the regions, but moving it to Manchester is bonkers,” he said. “It is actually moving it by train two hours further away from Torbay.

“We need our region to be taken seriously. We’ve got issues in respect of connections to the rest of the country. It is not just a North-South divide, it is equally a South East-South West divide as well.”