Urban Centric has a new £24.25m funding facility with Handelsbanken

A developer behind a co-living scheme in the centre of Cardiff has secured a new £24.25m funding deal.

The Fitz & Knox project, the first co-living development in Wales, provides 208 rented studio apartments alongside communal facilities including a cinema room, gym, games room, co-working spaces and a rooftop terrace.

Completed earlier this year, the scheme is now fully occupied.

Cardiff-based Urban Centric, through special purpose vehicle Fitz & Knox Ltd, has refinanced a funding facility with Handelsbanken. The previous facility, provided by Shawbrook, supported the completion of the scheme. The deal marks Handelsbanken’s first funding transaction in the growing co-living market.

Lloyds is also an equity investor in the scheme through its Housing Growth Partnership arm, following a £7.9m investment.

The 100,000 sq ft building on Fitzalan Place was previously occupied by financial services firm Legal & General, which vacated the building after moving to its new Welsh headquarters at the Interchange scheme in 2023.

Chris Price, branch manager at Handelsbanken Cardiff, said: “At Handelsbanken we are committed to helping our customers achieve their ambitions. Our relationship ethos, combined with our expertise in the property space, makes us well placed to support innovative and sophisticated developments like this.

“We are very proud to be supporting Fitz & Knox as it delivers a unique proposition for professionals in Cardiff – the first of its kind in Wales. We are also delighted that its sustainable values are closely aligned with our own, and that we can help the team continue to achieve them.”

Andrew Woods, managing director of Urban Centric, said: “The Handelsbanken team have really taken the time to understand what we are trying to achieve here in Cardiff and have become a key strategic partner in helping us deliver this ambitious development.

“Fitz & Knox is a real milestone for the development of the co-living model in Wales, as well as a significant contribution to environmentally responsible property. Handelsbanken’s support has been central to helping us make this happen.”

Hugh James, through real estate finance partner David Marshall and senior associate David Penwarden, acted for Handelsbanken on the refinancing. Claudia Le Gros and Charlotte McPhail of Knights acted for Fitz & Knox Ltd.

Mr Marshall said: “We are delighted to have acted for Handelsbanken on the £24.25m refinance of the newly completed Fitz & Knox co-living scheme in central Cardiff.

“This project is Wales’ first co-living development scheme and has been a huge success – it’s not often you see accommodation on this scale fully occupied within 13 weeks of completion.

“It was a pleasure supporting Handelsbanken on such a landmark project, which highlights the bank’s appetite to facilitate new development projects in South Wales, as well as its commitment to supporting local developers.”

Activities such as metal detecting, camping, fishing, and cycling attract communities that actively seek products and information tailored to the way they enjoy their hobbies.

Unlike broad consumer markets, niche hobbies allow entrepreneurs to serve a clearly defined audience. A business does not necessarily need millions of customers when it can build trust with a smaller group of highly engaged enthusiasts who return regularly and recommend useful products to others.

Understanding the community is key to turning an interest into a viable business. From selling specialised equipment to creating educational content or organising experiences, several approaches can help entrepreneurs find opportunities within these markets.

Serving the Specialized Equipment Market

Specialised equipment is one of the most straightforward opportunities within a niche hobby. Enthusiasts often want products suited to particular conditions or experience levels, creating room for retailers that can provide knowledgeable recommendations rather than simply listing products.

Metal detecting is a good example. Businesses can cater to beginners looking for their first detector while also serving experienced hobbyists searching for more advanced technology. Retailers such as Serious Detecting offer dedicated selections of Garrett detectors, allowing customers to compare equipment designed for different detecting needs.

Successful niche retailers can differentiate themselves by providing useful guidance alongside their products. Customers may value help choosing equipment just as much as the equipment itself, particularly when the hobby involves a significant initial investment.

Turning Expertise Into Services

Not every opportunity requires selling physical products. Entrepreneurs with genuine experience in a hobby can turn their knowledge into services that help other enthusiasts get more from their time outdoors.

Potential service models include:

• Guided outdoor experiences
• Equipment consultations
• Skills workshops
• Equipment rental
• Private instruction

A guided experience can be particularly appealing to newcomers who want to try an activity without immediately purchasing everything they need. Experienced hobbyists can also build businesses around helping customers improve their skills or explore new locations.

Building Communities Around Shared Interests

Niche hobbies naturally create communities, both online and in person. Entrepreneurs can build businesses by becoming a useful hub for those communities rather than focusing exclusively on individual transactions.

A cycling business, for example, might combine equipment sales with group rides and maintenance workshops. A fishing-focused company could offer local trips, educational content, and community events that keep customers engaged beyond the initial purchase.

Community involvement can also create valuable word-of-mouth marketing. When customers genuinely trust a business and feel connected to its community, they are more likely to return and recommend it to fellow enthusiasts.

Finding Underserved Needs

The strongest opportunities often come from noticing what an existing market does not provide. Entrepreneurs should pay attention to recurring questions, complaints, and requests within hobby communities because those conversations can reveal problems worth solving.

An opportunity might involve a specialised accessory, a more convenient service, better educational resources, or experiences designed for a particular audience. Businesses that solve a specific problem can establish a clearer identity than those trying to appeal to every outdoor enthusiast.

Turning Passion Into a Sustainable Business

Personal enthusiasm can provide valuable insight, but passion alone does not guarantee a successful business. Entrepreneurs still need to understand pricing, customer acquisition, operating costs, competition, and whether enough people are willing to pay for the proposed product or service.

Starting small can make it easier to test an idea before committing significant resources. A focused product range, local service, online community, or limited event series can reveal whether an audience exists and what customers value most.

Ultimately, niche outdoor businesses succeed by combining genuine knowledge with a clear understanding of their customers. Entrepreneurs who listen to passionate communities, identify underserved needs, and consistently provide useful products or experiences can turn specialised hobbies into opportunities for sustainable small-business growth.

Shares of BSE tumbled more than 3% on Friday after rival stock exchange NSE announced the price band and key dates for its mega initial public offering (IPO), paving the way for its much-awaited market debut.

BSE shares dropped to Rs 3,193 apiece on Friday morning. Notably, NSE has reduced its offer size to 12.64 crore shares, according to the red herring prospectus (RHP) filed on Thursday.

NSE IPO size

The National Stock Exchange (NSE) now aims to raise Rs 22,662 crore through its mega IPO, missing the mark of becoming India’s largest IPO so far by overtaking Hyundai Motor India’s 2024 mega issue, which was valued at around Rs 27,870 crore. The stock exchange’s IPO will remain open for public bidding from September 17 to September 21, while the anchor book is scheduled to open on September 16.

NSE shares are expected to debut on its older peer BSE on September 24.

Also read | NSE IPO GMP at 12% as stock exchange announces price band, key dates. 10 things to know

The company has fixed the price band for the IPO, which entirely comprises an offer for sale (OFS) of 12.64 crore shares by existing shareholders, at Rs 1,700-1,785 apiece. At the upper end of the price band, NSE IPO will be valued at Rs 22,561.57 crore, making it the second-largest IPO in Indian history, after Hyundai India’s market debut in 2024.
At this price, NSE will likely have a market capitalisation of around Rs 4.41 lakh crore. Since there is no fresh issue component in the mega IPO, none of the IPO proceeds will be received by the stock exchange as all will be directed towards the selling shareholders.

CAS impact

After trading in the red for much of the day, Sensex’s indicative price briefly jumped nearly 1,000 points to 75,708 during the closing auction session on its weekly expiry, while the Nifty 50 surged 330 points to 23,762 on Thursday. Most of the gains evaporated by the final close, with the Sensex ending 138 points higher at 74,903 and the Nifty gaining 46 points to settle at 23,478.

Sebi chief Tuhin Kanta Pandey on Thursday said the closing auction session (CAS) is “here to stay”, while acknowledging that liquidity could remain a concern in the initial stages of its implementation.

Also read | CAS wild swing: Sensex soars 1,000 points on expiry day but ends only 138 points higher

What lies ahead for BSE share price?

Bernstein recently initiated coverage on BSE shares with an ‘Underperform’ rating and a target price of Rs 2,820 apiece, implying around 15% downside potential from the stock’s previous closing price of Rs 3,306 apiece.

The international brokerage said the retail participation wave, led by equity derivatives, is showing signs of moderation, and BSE’s market share gains are likely to peak out in FY27, after which growth is expected to normalise. It added that exchanges have delivered handsome returns as the wave of retail participation has boosted earnings and valuations. However, given the speculative nature of this growth, Bernstein believes investors need to look beyond top-down factors and focus on a framework based on near-term volume trends, which will drive earnings revisions and valuations.

BSE shares have fallen around 6% in a week and 11% in a month, but overall gained 22% in 2026 so far. In the longer term, the shares of the stock exchange delivered strong returns of 48% over one year, 602% over three years and 2,274% in five years.

This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.

Shares of One 97 Communications, the parent company of fintech major Paytm, rallied as much as 4% to Rs 1,804 after international brokerage Bernstein named the stock its top pick, citing robust merchant lending growth, operating leverage and the potential introduction of MDR on UPI as key drivers of earnings growth.

With a target price of Rs 2,200, the brokerage forecasts an upside potential of up to 26% from current market levels. Bernstein expects Paytm’s EPS to reach Rs 78 by FY29. Even after excluding any potential impact from MDR on UPI, its FY29E EPS estimate stands at Rs 54, still above the Rs 46 consensus estimate.

Why are Bernstein analysts bullish on Paytm shares?

1.) Merchant loans are a key driver: Bernstein expects Paytm’s financial services revenue to grow at around 27% CAGR between FY26E and FY30E, driven primarily by its merchant loan distribution business. The brokerage expects merchant loans to remain the key contributor, accounting for around 75% of financial services revenue.

Bernstein sees Paytm having a clear competitive advantage and a long runway for growth, even if the company only achieves modest increases in loan penetration among its merchant base.

2.) Strong operating leverage: Analysts expect meaningful operating leverage from Paytm’s existing businesses, with indirect expenses projected to grow only around 8% as key cost drivers peak. Technology costs are expected to remain stable, while slower device additions should keep sales and merchant acquisition costs under control.

Any incremental spending is likely to be directed towards new initiatives that can generate additional revenue.
3.) MDR to boost profitability – Bernstein expects MDR on UPI to provide a meaningful boost to Paytm’s profitability. The brokerage points out that payment activity is highly concentrated, with around 4% of transactions accounting for 70% of transaction value, while the top 5% of merchants contribute the bulk of payment value.Given this concentration, Bernstein remains positive on the potential earnings upside for Paytm, regardless of how the eventual MDR framework is structured.

Bernstein lists downside risks for Paytm stock

MDR on UPI is not introduced: The estimates assume the introduction of MDR on UPI transactions, which accounts for 30% of our EBITDA forecasts. Consequently, any decision by the government or regulator to retain the zero-MDR framework, whether due to merchant resistance, policy considerations, or concerns around digital payment adoption, would represent a material downside risk to earnings estimates.

While Paytm’s core payments, merchant subscriptions and lending businesses would remain intact, the absence of MDR would eliminate a significant earnings driver that’s baked into the base case, it said.

Slowdown in device additions: The forecasts assume device additions will gradually moderate from the current >20% growth rate. A sharper-than-expected slowdown in merchant acquisition could weigh on subscription revenue, merchant loans and payment monetisation, given the central role of Paytm’s device network in driving growth across its ecosystem.

Paytm shares have had a stellar 2026 despite overall weakness, as the stock has rallied over 70% in the last six months.

Disclaimer: The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.

Brokerage disclaimers here

Hunters & Frankau, which has imported Cuban cigars into the UK for more than 230 years, says it would have to cut its portfolio by 75 per cent if it is required to supply cigars in plain packaging under the Tobacco and Vapes Act. Importers want hand-rolled cigars exempted, and a government consultation on the packaging rules closes on 2 October.

The Act received Royal Assent in April, with provisions taking effect between now and 2029. Its central measure, a ban on selling tobacco to anyone born on or after 1 January 2009, follows a plan announced by Rishi Sunak in 2023.

The government has refused to exempt handmade cigars from plain packaging in the legislation. Baroness Merron, a health minister, told the House of Lords: “It is absolutely not this government’s intention for any future packaging requirements to put any small businesses, including specialist tobacconists, out of business.”

“Seventy per cent of the cigar market in the UK is Cuban,” said Jemma Freeman, chairman of Hunters & Frankau, which supports hundreds of small businesses across the UK and Gibraltar.

She said: “If Hunters & Frankau are in a position where we have to provide plain packaging, we believe we will have to reduce our portfolio by 75 per cent. If that happens, the specialist tobacconists can’t survive, the numbers don’t work.”

Each box of Cuban cigars already carries a government-issued sticker, added in Havana under strict security conditions, bearing a hologram, bar code and date stamp that establish its value and provenance.

Freeman said top-tier suppliers such as Habanos would take a dim view of plans to wrap cigars individually and in plain paper, asking: “If they are taken out of their packaging, which is part and parcel of their presentation and their intrinsic value, and if the importing nation cannot maintain the integrity of the unit, why would they send it to the market?”

Exporting countries raise concerns

Ambassadors to the UK from Cuba, the Dominican Republic and Honduras wrote to Sir Keir Starmer in October 2025 setting out how the legislation would damage their export economies, and the Department of Health and Social Care responded with the case for the changes.

The ambassadors are understood to have written back in February, questioning the lack of “product-specific analysis that treats handmade cigars as a distinct category separate from mass-market tobacco products” and emphasising that “handmade cigars account for significantly less than 1 per cent of UK tobacco consumption”.

Andrew Griffith, the shadow chancellor, said the government was “ignoring all the evidence, trampling over respected WTO [World Trade Organisation] rules and failing to respond to the ambassadors of cigar exporting countries”.

Eddie Sahakian, who is taking over Davidoff of London from his father, Edward, sees the legislation as the end game for the shop.

ASH says cigars should not be exempt

Helen Duffy, a representative of Action on Smoking and Health (ASH), said on LBC that young people have started smoking with cigarillos and that cigars therefore cannot have an exemption.

According to IRI, a market research agency, only 2.5 million of the 400 million cigars sold in the UK in 2024 are estimated to have been hand-rolled, with the rest machine-made cigarillos such as King Edwards.

Hazel Cheeseman, chief executive of ASH, said that “regardless of how they are made, or where they are from, cigars are tobacco products and are harmful to health”.

She added: “The government is right to consider communicating that fact through standardised packaging. When the government exempted cigars from previous legislation, the tobacco industry exploited the loophole to market cigarillos to younger consumers and consumption increased. Cigar shops have already adapted to standard pack laws in Canada, New Zealand and Ireland so there is no reason why the same cannot happen in the UK.”

Importers say none of those countries consumes large volumes of cigars, and argue that giving wealthy people another reason not to spend money in London would be self-sabotage.

The government’s consultation on tobacco and vape packaging proposes extending standardised packaging and picture warnings to all cigars and cigarillos. Individually wrapped cigars do not currently need picture warnings, the consultation states. It closes at 11:59pm on 2 October.

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Peter Simon, the founder of Monsoon and Accessorize, is selling a significant portion of his personal art collection at Christie’s in London, in three sales in October that could fetch up to £126.7m.

Monsoon: The Peter Simon Collection comprises nearly 200 pieces and includes works by Francis Bacon, Piet Mondrian, Joan Miró, Andy Warhol, Pablo Picasso and Hurvin Anderson. The collection is estimated to be worth between £86.5m and £126.7m.

It will be the highest-value collection from a single owner offered at Christie’s in London. The auction house said the collection “stands as one of Britain’s foremost modern and contemporary art collections”.

The sale includes two paintings from distinct stages of Bacon’s career. Figure in Movement, from 1978, is expected to sell for between £14m and £18m.

Study for a Figure, which is estimated to have been painted around 1945, is expected to sell for between £4m and £6m.

The collection will be presented in a special exhibition taking over the galleries at Christie’s London from 26 September until 1 October.

The auction will take place online from 1 to 20 October, with the evening sale on 14 October and the day sale on 15 October.

Simon said his early work at Monsoon, choosing prints for its clothing, had helped him to judge colour and composition in paintings.

“In the early days at Monsoon I would sit with fashion and textile designers sifting portfolio after portfolio to select works on paper which we would convert on to fabric for clothing collections,” he said.

“A critical part of the DNA of Monsoon is the colours and the prints. In retrospect, I realise this work happily honed an ability to recognise good composition with colour balance, having developed an eye for a good print, I find it helpful to zero in on the best combination of colour and composition in a picture.”

Simon added that it would give him “great pleasure to now offer part of my collection to others, freeing my mind and my walls to start in a new direction”.

Simon founded his clothing business by selling woollen coats from a market stall in Portobello Road in west London in the 1970s.

Monsoon Accessorize floated on the London Stock Exchange in 1998. Simon took the company private in a £755m deal in 2007.

Outside fashion, Simon has also invested in British homeware brand Loaf, which was founded by Charlie Marshall.

Christie’s is owned by Artémis, the holding company of François Pinault, the French billionaire behind luxury group Kering.

In 2022, the auction house’s sale of the collection of Paul Allen, the late Microsoft co-founder, fetched $1.5bn in New York, becoming the biggest art auction ever held. That collection comprised more than 150 works.

In December 2025, Christie’s said it expected global sales to rise by about 6 per cent to $6.2bn that year, as both it and Sotheby’s reported a recovery in the global art market. Bonnie Brennan, its chief executive, said at the time that “the energy has returned to the salesroom, online and across the market”.

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Shares of wire manufacturer KEI Industries declined as much as 4% to their day’s low of Rs 4,446 on the BSE on Friday after international brokerage firm Jefferies slashed the target price by 11% to Rs 6,150 from Rs 6,920, an upside of 31%. The brokerage, however, retains a Buy call on the stock.

“Ultratech’s launch has raised investor concerns on KEI’s future profitability. We believe current market price factors in approx. 300 bps loss in market share for KEI over FY26-30E in its retail segment and no offset from power or exports,” the brokerage said in a note.

Jefferies has factored in a 50 bps compression in KEI Industries’ margins over FY26-30E, while noting that the company’s retail segment remains the key area of risk from UltraTech Cement’s entry into wires and low-tension cables. Retail contributes 54% of KEI’s revenue and is primarily driven by housing.

KEI has steadily increased its retail share through branding and dealer expansion since 2017-18, with its retail market share rising from 7% in FY17 to 21% in FY26. Over the same period, the industry’s unorganised share declined from 35-40% to around 25%.

Jefferies expects KEI’s expansion into Europe and the US over the past 2-3 years to start yielding results. It also expects domestic power transmission capex to rise 2.6x in FY26E-30E versus FY21-25.

The brokerage’s price target assumes KEI’s retail market share remains at 22% over FY27E-30E, while EBITDA margin rises by 50 bps to 11.5%. However, even if KEI loses some market share, Jefferies believes the company is well placed to offset the impact through domestic power transmission cable sales and exports.
KEI Industries is trading at 36x P/E on September 2027E earnings, in line with its five-year average. Jefferies’ target price cut values the company at 40x P/E on September 2028E earnings, compared with 45x earlier, as it factors in some multiple compression following a more aggressive-than-expected launch by UltraTech.The revised valuation remains at a premium to the five-year average P/E of 36x, supported by improving visibility on exports and power transmission. Jefferies expects KEI’s EPS to grow at a 20% CAGR over FY26-29E. The key downside risk, according to the brokerage, is sharp pricing competition in cables.

Also read: SBI’s 80 paise masterstroke: How NSE IPO could deliver Rs 2,850 crore jackpot and 2,23,025% return

However, KEI Industries’ management said the company can defend its retail market share, supported by its established brand and loyal dealer network, while its prices remain competitive at 3-4% lower than other players. Management maintained its FY27E guidance of 25% revenue growth and 11-12% EBITDA margin, which implies 3-13% upside potential to the brokerage’s FY27E EPS estimates.

Within Power T&D, Extra High Voltage (EHV) cables remain highly profitable, with only two domestic players, KEI and Universal Cables, currently present in the segment.

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