The Newcastle-based housebuilder has seen lower demand in recent weeks after a brighter spring period

Housebuilder Bellway has warned of an uncertain future for the housing market as global issues hit confidence among potential buyers.

The Newcastle-based firm has issued a trading update for the period from February to May in which it said previous guidance on profitability remained. It said spring trading had improved on the picture seen last autumn.

But it highlighted a slowing of customer demand in recent weeks which has been matched by its own caution in land buying. Reservations have fallen on the levels seen during the same period last year.

Bellway added that it was seeing increasing costs from some suppliers as fuel prices and other inflationary pressures weighed on companies. It said that it was “actively managing cost pressures through a combination of disciplined procurement, the introduction of new standard house types, and close control of site production and overheads.”

Chief executive Jason Honeyman said: “Bellway continues to perform robustly in an increasingly challenging market, with customer demand having moderated in recent weeks, after a positive start to the spring selling season. Notwithstanding this, and supported by our forward order book, we are on track to deliver FY26 underlying operating profit within the previously guided range of £320m – £330m.

“The outlook beyond the current financial year remains uncertain, reflecting ongoing geopolitical tensions in the Middle East and a less predictable domestic political environment. Against this backdrop our clear focus on self-help and drive for capital efficiency provides resilience while supporting our strategy to increase cash generation and shareholder returns.”

Bellway said its private reservation rate had decreased by 6.2% to an average of 151 per week while its forward order book had also fallen slightly, to 5,345 homes. Bellway said its land investment “remained disciplined and highly selective” and it was looking to add plots in areas of higher customer demand.

But despite pressures in its market, Bellway is continuing with a £150m share buyback programme launched last year and has increased its interim dividend.

The update said: “We are reiterating our guidance for FY26 volume output of between 9,300 and 9,500 homes, and we remain on track to deliver FY26 underlying operating profit within the previously guided range of £320m – £330m.

“Our industry continues to face challenging headwinds, increasing the risk of a more prolonged period of softer customer demand alongside renewed inflationary pressure on build costs. In response, we are maintaining a sharp focus on the monetisation of our well-invested land bank and work-in-progress position through FY26 and beyond to support improvements in asset turn and cash generation.”

Shares of InterGlobe Aviation, the parent of IndiGo, rose 2% to an intraday high of Rs 4,454 on the BSE on Tuesday after several domestic and global brokerages reiterated their positive outlook on the airline. The bullish stance followed the company’s analyst meet, where management highlighted strong long-term industry growth prospects despite ongoing geopolitical uncertainties in the Middle East.

IndiGo expects strong growth tailwinds for the aviation industry over the next decade, with air passenger traffic projected to more than double between FY26 and FY35. The airline believes growth will be driven by a rising number of first-time international travellers, increasing inbound tourism into India and the development of airport infrastructure, with around 50 new airports expected to be added over the next five years.

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To capitalise on this opportunity, the company has outlined an ambitious FY30 vision. IndiGo aims to increase its available seat kilometres (ASK) to 300 billion by FY30, up from 172.4 billion in FY26, implying a 15% CAGR. It also plans to raise passenger traffic to 200 million from 123 million over the same period, reflecting a CAGR of 13%.

What are analysts saying?

Goldman Sachs maintained its Buy rating on InterGlobe Aviation with a target price of Rs 5,300 (21% upside). The brokerage expects FY27 capacity growth to remain in single digits amid fuel price volatility but believes yields will stay resilient despite cost and inflation pressures. It highlighted the airline’s focus on international expansion, targeting a 40% international capacity mix by FY30, supported by an order book of around 900 aircraft. Goldman Sachs also expects yield growth to outpace inflation over the medium term, while cautioning that near-term uncertainty around oil prices and demand could lead to volatility in both earnings and the stock.
Morgan Stanley reiterated its Overweight rating on InterGlobe Aviation with a target price of Rs 5,844 (34% upside), describing IndiGo as one of the world’s best-run airlines with highly competitive non-fuel costs. The brokerage expects FY27 revenue growth to be driven primarily by fares, while capacity growth is likely to remain in single digits. It also highlighted the company’s disciplined premiumisation strategy, which bridges the gap between low-cost and full-service carriers. International operations are expected to account for 40% of the network by FY30, up from 32% in FY26. For Q1 FY27, Morgan Stanley expects passenger revenue growth per seat in the mid-teens on a year-on-year basis.

Also read: Wipro’s Rs 15,000-crore buyback opens June 11; entitlement ratio and key details announced
Motilal Oswal maintained a Buy rating on InterGlobe Aviation with a target price of Rs 5,600, an upside of 28% from current market levels. “Despite persistent near-term headwinds owing to airspace disruptions in the Middle East, high fuel costs and INR depreciation, we remain confident about INDIGO’s growth strategy, anchored by India’s strong domestic demand base and the company’s steadily expanding international network,” the brokerage said. Elara Capital retained its Buy rating on InterGlobe Aviation and assigned a target price of Rs 6,020 (38% upside). The brokerage expects FY27 growth to be led by stronger airfares, while volumes are likely to improve as aircraft deliveries normalise.

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

The festival is returning after a hiatus and will be held at Neston Park Estate near Corsham

Road closures have been announced ahead of a major music festival set to take place in Wiltshire this July. Following a break in 2025, Womad has moved from Charlton Park near Malmesbury to a new location at Neston Park Estate, near Corsham.

The World of Music, Arts and Dance festival will run from July 23 to 26, with headliners including London-based soul artist Greentea Peng, Malian singer Oumou Sangaré, Jamaican reggae icon Barrington Levy and Swedish indie‐folk musician José González.

Around 40,000 festivalgoers are expected to attend.

Wiltshire Council has now outlined its approach to managing traffic in the vicinity of the festival site.

In contrast to Charlton Park, the festival’s location between 2007 and 2024, Neston Park’s road network is more limited.

Highways specialists have published their traffic management plan, which will operate between Monday, July 20 and Monday, July 27.

To handle the surge in traffic, they have devised a three-point strategy:

• The speed limit on the A365 between Five Ways and Atworth Lane will be lowered to 30mph.
• Wadswick Lane will be shut from the A365 to the junction with Lower Wadswick.
• And a phased one-way system will be implemented on Ashworth Lane from the A365 to Chapel Lane.

The number of vehicles expected at Neston Park throughout the festival period remains unclear.

Festival organisers are urging music enthusiasts to take a train to Bath, and are developing a shuttle bus service between the station and the venue.

“Unfortunately, it does not appear possible to fully satisfy the demand for fuel at the current moment,” the Kremlin-appointed regional head, Sergei Aksyonov, admitted on 5 June. Hundreds of buses, he said, would not be leaving depots due to shortages.

BOSTON — Shares of Tango Therapeutics Inc. skyrocketed more than 50% on Monday after the clinical-stage biotechnology company reported highly encouraging early results from a Phase 1/2 trial combining its investigational drug vopimetostat with a partner’s therapy in patients with advanced pancreatic cancer.

Tango’s stock closed at $30.93, up $10.71 or 52.97% from Friday’s close of $20.22, hitting an all-time high during the session. The surge came after the company announced initial data showing a 92% objective response rate in a small cohort of patients with MTAP-deleted, RAS-mutant metastatic pancreatic ductal adenocarcinoma treated with vopimetostat plus Revolution Medicines’ daraxonrasib.

The dramatic move reflects investor enthusiasm for potential breakthroughs in treating one of the most lethal forms of cancer. Pancreatic cancer has long frustrated drug developers due to its aggressive nature and limited treatment options, with standard chemotherapy offering modest benefits and significant toxicity.

Tango, based in Boston, focuses on precision oncology using synthetic lethality to target genetic vulnerabilities in cancer cells. Vopimetostat is an MTA-cooperative PRMT5 inhibitor designed to work selectively in tumors with MTAP deletions, which occur in about 40% of pancreatic cancers.

According to data released Monday with a cutoff of May 28, 2026, 12 patients with previously treated PDAC in the vopimetostat plus daraxonrasib arm were response-evaluable. Eleven achieved an objective response, for a 92% ORR, with nine of those confirmed. The disease control rate reached 100%, and the six-month progression-free survival rate was 90%, with median PFS not yet reached.

Results were similarly strong in a small group of non-small cell lung cancer patients, with a 100% ORR among three evaluable patients.

The combination was generally well tolerated. Most treatment-related adverse events were Grade 1 or 2, including rash, stomatitis/mucositis and diarrhea. No discontinuations due to adverse events occurred, though some dose reductions and dose-limiting toxicities were noted at higher levels.

Tango also reported data from vopimetostat combined with Revolution Medicines’ zoldonrasib in PDAC patients, showing a 52% ORR, 74% six-month PFS rate and 96% disease control rate among 27 evaluable patients.

Malte Peters, MD, Tango’s chief executive officer, highlighted the findings in a statement. “In the first reported data from the clinical combinations of our PRMT5 inhibitor vopimetostat and RAS(ON) inhibitors, we saw extremely encouraging early results, with 92% of patients with PDAC in the vopimetostat plus daraxonrasib arm achieving an objective response,” he said.

Peters added that the durability signals and tolerability support advancing the combination. “Given these data, we intend to prioritize advancement of the vopimetostat plus daraxonrasib combination into Phase 3 development in first-line, MTAP-deleted pancreatic cancer.”

Brian Wolpin, MD, of Dana-Farber Cancer Institute, commented on the potential impact. “These early combination data demonstrated the potential to meaningfully reshape how we treat this disease with a precision-guided, chemotherapy-free approach.”

Pancreatic cancer kills roughly 50,000 Americans annually and has a five-year survival rate below 15%. The disease is often diagnosed late, and options remain limited despite recent advances in targeted therapies for specific mutations.

The trial involved heavily pretreated patients, many with liver metastases and receiving the regimen as third-line therapy. Analysts and investors viewed the results as “unprecedented” for this setting, prompting upgrades from firms like Wolfe Research.

Later in the day, Tango announced a proposed $500 million public offering of common stock to strengthen its balance sheet. The company said proceeds would support pipeline advancement, including the planned Phase 3 trial. Underwriters include J.P. Morgan, Leerink Partners, Cantor and Stifel.

As of the end of the first quarter of 2026, Tango reported a strong cash position of approximately $380 million, which it expected to fund operations into 2028. The new offering would further extend its runway.

Tango’s pipeline centers on MTAP-deleted cancers. Beyond the combinations, the company plans to report additional vopimetostat data in lung cancer and initial results for TNG456 in glioblastoma later in 2026.

The broader biotechnology sector has seen renewed interest in oncology innovation, particularly in KRAS and related pathways long considered “undruggable.” Revolution Medicines’ RAS(ON) inhibitors target mutations present in over 90% of pancreatic cancers.

Wall Street reacted positively. Tango’s market capitalization approached $4.5 billion by Monday’s close. The stock had already risen substantially year-to-date before the announcement, reflecting earlier momentum in its precision medicine approach.

Experts caution that early-phase data in small cohorts require confirmation in larger randomized trials. Pancreatic cancer trials have historically faced high failure rates, but the depth of responses and durability signals here stand out.

Tango said it aims to finalize Phase 3 design in the second half of 2026 and present full data at a scientific conference later this year. The company is also exploring additional combinations.

For patients and families affected by pancreatic cancer, Monday’s news offered a rare note of optimism. While far from a cure, the potential for a targeted, better-tolerated regimen could represent meaningful progress if later trials succeed.

The developments underscore the accelerating pace of innovation in oncology, where genetic insights and combination strategies are opening new avenues against historically intractable diseases. Tango’s rapid stock reaction illustrates how clinical data can swiftly reshape valuations in the biotech space.

Analysts will closely watch regulatory feedback and the details of the Phase 3 plan. Success in front-line pancreatic cancer could position vopimetostat as a cornerstone therapy in this high-unmet-need indication.

Tango Therapeutics continues to execute on its strategy of leveraging synthetic lethality for precision cancer medicines. Monday’s results mark a significant milestone, though the path to approval remains ahead.

Bengaluru-based real estate developer Brigade Enterprises has fixed June 17 (Wednesday) as the record date for its bonus issue in the ratio of 1:3, which has now received shareholder approval.

In an exchange filing released on Monday, Brigade Enterprises announced that its shareholders approved the issue of bonus shares through postal ballot by way of e-voting on June 7. Only those shareholders who own shares of the real estate company in their demat accounts as on the record date will be eligible to receive the bonus shares.

Earlier in May, Brigade Enterprises announced its first bonus issue in around seven years, coinciding with the release of its Q4 results. It had said that its board has approved the plan to issue one bonus share with a face value of Rs 10 each for every three shares held in the company as on the record date.

The company approved the plan to increase its share capital from Rs 250 crore, divided into 25 crore shares, to Rs 400 crore, divided into 40 crore shares.

Also read: Brigade Enterprises set to reward 1.5 lakh retail shareholders, check details

A bonus issue consists of free shares distributed by a company from its reserves and is often seen as a sign of strong financial health and growth prospects. While the issue of bonus shares increases the total number of outstanding shares, it does not change the company’s market capitalisation. However, it can improve liquidity and affordability, allowing more investors to add shares of the company to their portfolio.

Brigade Enterprises share price

Brigade Enterprises shares gained nearly 1% on Tuesday morning to trade at Rs 647.50 apiece on NSE. The shares have fallen nearly 15% in one month and are down around 28% in 2026 so far.
In the longer term, the shares of the company gained 18% in three years and 140% in five years. The company currently has a market capitalisation of more than Rs 15,862 crore.At the end of the financial year 2026, promoters and promoter group held 41% stake in the company, while the remaining 59% stake was held by the public and institutions. Out of this, nearly 1.5 lakh retail investors held around 4% stake in the company, according to NSE’s data on the company’s shareholding pattern as on March 31, 2026.

Brigade Enterprises Q4 Results

Brigade Enterprises in May reported a consolidated net profit of Rs 190 crore for the fourth quarter of the financial year 2025-26, compared to Rs 249 crore a year ago. Its revenue meanwhile declined to Rs 1,523 crore from Rs 1,532 crore a year earlier.

Along with the Q4 results and bonus issue, Brigade Enterprises also announced a final dividend of Rs 2 per equity share for the financial year 2026.

Also read: Infosys dividend alert! Last date to buy IT giant’s shares to secure Rs 25/sh payout

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