South Indian Bank shares fell nearly 9% to an intraday low of Rs 43.27 on Wednesday, snapping a four-session winning streak as investors booked profits after the stock’s recent rally.

The stock had gained about 30% over the past three months, driven by optimism over leadership clarity and improving sentiment toward the banking sector.

Meanwhile, the bank said the Reserve Bank of India (RBI) has approved the appointment of Mahesh Muralidhar Pai as its Managing Director & Chief Executive Officer for a three-year term, effective October 1, 2026.

In a regulatory filing, the bank said the RBI, through its letter dated July 7, 2026, conveyed its approval for Pai’s appointment. The proposal will be placed before the bank’s Board of Directors at its meeting scheduled for July 16, 2026. The appointment will subsequently be subject to shareholders’ approval in accordance with the provisions of the Companies Act, 2013, and the SEBI Listing Regulations.

Share Price Trend and Technical Indicators

South Indian Bank’s stock has delivered a strong performance in recent months, gaining around 30% over the past three months. Following Wednesday’s decline, the bank commands a market capitalisation of Rs 12,478 crore. The stock’s 52-week high stands at Rs 49.90.

On the technical front, the stock’s 14-day Relative Strength Index (RSI) is 66.2, indicating positive momentum while remaining below the overbought threshold of 70. Generally, an RSI reading below 30 is considered oversold, while a reading above 70 signals overbought conditions.
However, the trend remains mixed as the stock is trading below four of its eight key Simple Moving Averages (SMAs), reflecting some near-term technical weakness.
In terms of shareholding, Foreign Institutional Investors (FIIs) increased their stake in the bank to 24.21% in the March 2026 quarter, up from 20.94% in the previous quarter. Meanwhile, Mutual Funds trimmed their holdings marginally to 11.29% from 11.90% during the same period.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Shares of Chinese autonomous-driving software developer Momenta Global made a muted debut on the Hong Kong Stock Exchange on Wednesday, reflecting cautious investor sentiment despite the company’s successful HK$5.89 billion ($751 million) initial public offering, according to Reuters.

The stock opened at HK$301, slightly above its IPO price of HK$295.60. It climbed to an intraday high of HK$314.80 before easing to trade around HK$299, indicating that early gains were short-lived as investors assessed valuations in the technology sector.

IPO debut tests appetite for Chinese AI firms
According to Reuters, Momenta’s market debut is being closely watched as a gauge of investor demand for Chinese artificial intelligence and advanced technology companies. The listing also comes at a time when Hong Kong is facing a record wave of lock-up expirations following a strong first half for new share offerings.Market participants noted that investors have become more selective after a busy IPO period, with valuations in AI and technology stocks drawing closer scrutiny.

Strong cornerstone backing supports listing
Momenta attracted a high-profile group of cornerstone investors ahead of the offering, underscoring international interest in China’s AI sector.
Existing investor Mercedes-Benz participated alongside global asset managers including BlackRock, GIC, Fidelity International, Oaktree Capital Management, Franklin Templeton and ChinaAMC. Chinese investment firm Boyu Capital also backed the offering, according to the company’s prospectus.Reuters reported that analysts viewed the strong lineup of cornerstone investors and the pricing of the IPO at the top end of the marketed range as evidence of continued global interest in China’s AI industry, even as broader market sentiment remains measured.

Mixed performance for Hong Kong’s new listings
Momenta’s listing coincided with several other IPO debuts in Hong Kong, which delivered mixed performances.

Visual AI company Reconova fell sharply at the open, while mining autonomous-driving technology firm Eacon posted modest gains. Trench-cover manufacturer Baogai opened flat, whereas silicon carbide chipmaker BasicSemi recorded stronger early gains.

The varied performance highlighted investors’ increasingly selective approach toward newly listed companies, particularly within the technology sector.

Company focuses on autonomous driving technology
Founded in 2016 by former Microsoft researcher Cao Xudong, Momenta develops advanced driver-assistance software for automobile manufacturers. Its technology enables vehicles to perform functions such as steering, braking, lane changes and parking, while still requiring drivers to remain attentive and ready to assume control.

According to the company’s prospectus, vehicles equipped with Momenta’s software exceeded 680,000 by the end of 2025. Its customer and partner roster includes Toyota, Mercedes-Benz, SAIC Motor, General Motors, BYD and Audi.

IPO proceeds earmarked for expansion
Reuters reported that Momenta plans to allocate around 60% of the IPO proceeds toward research and development to strengthen its autonomous-driving technology.

Another 20% will be invested in robotaxi services, while 10% will support its mass-produced vehicle business. The remaining 10% has been earmarked for worki

ng capital and general corporate purposes.

The allocation underscores the company’s strategy of expanding both its core driver-assistance business and its presence in the emerging autonomous mobility market.

Small firms were meant to be the biggest winners from Britain’s shift to paperless trade. Three years on, government-commissioned research has found them “untouched” by the reforms, while large companies and shipping carriers quietly pocket the savings.

The Electronic Trade Documents Act 2023 made the UK the first G7 country to give digital trade documents full legal status, promising smaller exporters lower courier fees, less administration and better access to trade finance.

The scale of the potential prize is hard to overstate. The World Trade Organisation estimates that a typical cross-border transaction requires the exchange of 36 documents and 240 copies of the paperwork. The government suggested the reforms could generate £1.4 billion in net benefits for importers and exporters over ten years, with bilateral trade with a country such as the US rising by 6.8 per cent for non-agricultural goods.

Yet evidence gathered by Ipsos for the Department for Business and Trade, drawn from 23 interviews with traders and industry experts in March, tells a different story. Awareness of the reforms among small business owners is “low”, and most simply follow whatever their courier asks for rather than driving change themselves.

The researchers concluded that widespread adoption of electronic trade documentation would only happen “once Customs authorities, carriers, and ports stopped issuing physical paper.” The common view among experts was that “voluntary adoption by small businesses would not scale, and that progress depended on co-ordinated action by the government and large supply chain actors.”

The big players are not waiting. Use of electronic bills of lading, the legally binding document that acts as receipt, contract and proof of ownership in one, has doubled since 2023, but largely thanks to major commodity traders and shipping lines. Nine of the biggest carriers, representing 75 per cent of global capacity, have committed to 100 per cent digital adoption by 2030.

For the SME owner, the practical catch is worse than the awareness gap. Even where digital documents are legally accepted, Customs, health authorities, banks and couriers “still require paper originals for some steps”, so early adopters end up running costly hybrid paper and digital processes. Overseas banks and trading partners may reject UK digital documents simply because they lack the software to verify them.

Nor did Whitehall’s sales pitch land. Government messaging about “improved access to trade finance” did not resonate with owners, who were far more interested in direct savings on courier fees and less red tape, a familiar refrain from firms already frustrated by post-Brexit border checks and paperwork.

The findings have prompted the British Chambers of Commerce, which has repeatedly warned that small exporters are being left behind while larger firms surge ahead, to call for paper documentation to be phased out and for closer co-ordination with the UK’s leading trading partners.

William Bain, head of trade policy at the BCC, said: “This research paints a clear picture: that governments, globally, must work together better to advance digital trade.

“It is a travesty that far too few SMEs are taking advantage of the time and cost savings that a shift to using online documentation can bring.

“This is not just about authorities passing laws to digitise documents, it also needs them to get behind the drive to increase take up. This should include a timeline for phasing out paper-based documentation.

“More resources also need to be invested in implementation by the government. Our chamber network is ready to work in partnership with them to raise awareness and fully embed digitisation into our trade culture.”

With Britain nursing a £74 billion slump in goods exports since Brexit, the stakes for getting smaller firms trading efficiently are considerable.

A government spokesperson said: “Making trade paperless saves businesses a lot of time and money, which is why the UK was the first G7 country to give electronic documents full legal status.

“We want more business across the country to benefit from these changes, and are working hard to address remaining barriers so we can make digital trade simpler, faster and more efficient.”

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The shares of condom-maker Cupid jumped another 2% on Wednesday, extending gains for the fourth consecutive session and rising 19% this month so far after the company released its provisional business update for the April-June quarter of FY27.

Cupid shares hit a fresh 52-week high of Rs 226 apiece on NSE on Wednesday morning. The stock has surged more than 60% in one month, and is up more than 114% in 2026 so far. In the longer term, the shares of the company have skyrocketed 940% in one year, and a whopping 9,155% in just three years.

The company manufactures and supplies male and female condoms, water-based lubricant jelly and IVD kits. It operates a manufacturing facility in Sinnar near Nashik, about 200 km from Mumbai. It says it is the first company in the world to receive prequalification from the World Health Organization and United Nations Population Fund for the supply of both male and female condoms.

Cupid Q1 business update

Cupid at the end of June said it is on track to report revenue exceeding Rs 150 crore in the first quarter of FY27, which it described as one of the strongest quarterly performances in its history. Aided by the strong start to the financial year and improved visibility across international and domestic markets, the company has also raised its FY27 revenue guidance.

The company now expects FY27 revenue to stand at more than Rs 660 crore, up from its earlier guidance of Rs 600 crore, implying an upward revision of at least 10%. Cupid said the revised outlook is backed by its diversified business model, an expanding global opportunity pipeline and increasing operating scale across multiple business verticals.

Also Read | Cupid raises FY27 guidance, expects Q1 revenue to top Rs 150 crore

Cupid also continues to make steady progress in its In Vitro Diagnostics (IVD) business. While management’s near-term growth estimates for this segment remain conservative, it believes the business has the potential to become a meaningful contributor over the coming years, supported by regulatory approvals, new product launches, and continued commercialisation efforts, the company said.

What Cupid’s management said

“Our strong start to FY27 reflects the transformation Cupid has undergone over the past few years. We have built a diversified business with multiple growth engines that are now beginning to scale together. We are seeing strong momentum across our international B2B business, supported by expanding opportunities in private markets, institutional procurement, and government tenders across the world. Our strategic relationship with PFSCM has commenced on a very encouraging note and further strengthens our long-term position in global healthcare procurement,” said Cupid Chairman and Managing Director Aditya Kumar Halwasiya.
He added that in the past twelve months, Cupid has significantly strengthened its male condom and female condom businesses through enhanced manufacturing capabilities, customer acquisition, and wider market reach. “At the same time, our lubricants portfolio continues to gain traction across both institutional and consumer segments. On the consumer side, we remain focused on building Cupid into a trusted mainstream personal care and wellness brand. We see significant long-term opportunities across modern trade, organised retail, and pharmacy channels as we continue to expand our presence across Bharat,” he further said.Also Read | Skyrocketing rally makes Cupid the costliest stock in its category

What lies ahead?

The Cupid chart is a textbook late-stage momentum extension with the stock touching a fresh 52-week high today, said Harshal Dasani, Business Head at INVasset PMS. Extreme momentum stocks that print vertical price action of this magnitude typically enter a corrective or consolidation phase before the next durable leg begins, the analyst cautioned.

“The RSI at 83.79 is the immediate flag. This is deep into overbought territory, well beyond the level at which the classic 70-line divergence signal starts firing, and while overbought can stay overbought in strong trends, the risk-reward at this print is skewed unfavourably for chasing. The supporting indicators are constructive, with MACD and ADX both confirming continued buying strength, and the long-consolidation breakout that took the stock to this zone is a structurally valid move, so the trend itself remains intact. The technical framework calls for waiting either on a cooling of the RSI back toward the 60 to 65 zone through a sideways consolidation, or a shallow pullback to the Rs 190 to Rs 200 support band before the setup becomes favourable again, rather than entering at the 52-week high print,” he said.

A close below Rs 190 would signal that the vertical phase has ended and a deeper base needs to build before continuation, while above Rs 230 with volume, the trend extends further but the price paid at that entry gets progressively more punishing on any subsequent correction, according to Dasani.

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

The buildings in Station Square have been fenced off since May

The demolition of deteriorating buildings in Paignton town centre is set to get under way in earnest next week. Preparatory works on the buildings in Station Square, which comprise a pub, shops and a takeaway, are due to start this Friday. The demolition itself will begin on Tuesday, July 14.

The square has been cordoned off since May, when masonry began falling from the building’s façade. The main road running through the town centre has also been closed to traffic.

Torbay Council said it was acting in the interests of public safety by securing the site and shutting the road.

Contractor Gilpin Demolition, which previously carried out emergency safety works at the site, has been appointed to oversee the full demolition.

From Friday, its team will be on site to establish a compound and bring in specialist equipment.

As part of the site set-up, the safety fencing line will be extended, but pedestrians will still be able to walk alongside the railway station’s boundary fencing.

The demolition itself will be carefully controlled. Working hours will be Monday to Friday, between 8am and 6pm, with any noisier activities restricted to between 9am and 5pm.

To minimise dust, a water mist suppression system will be used across the working area throughout the demolition.

Subject to progress on site and weather conditions, the demolition is expected to take approximately six weeks, after which the road will reopen.

The building is owned by locally-based firm Solanki Holdings, however concerns regarding the state of the property prompted the council to invoke emergency powers to ensure public safety.

The council says it hopes the owners will put forward future redevelopment proposals that are fitting for the site and in keeping with the area’s conservation status.

Deputy leader Chris Lewis (Con, Preston) said: “Public safety remains our absolute priority, and these demolition works are an important step in addressing a building that has presented significant concerns. We appreciate the patience and understanding shown by residents, businesses and visitors.

“We are committed to ensuring that disruption is kept to a minimum, with pedestrian access maintained and local businesses remaining open as usual.

“Paignton town centre is very much open for business, and I would encourage everyone to continue visiting, shopping locally and supporting the many fantastic businesses that contribute to the town’s vibrancy.”