Copper’s record-breaking rally has found fresh fuel, with prices surging to an all-time high of $14,533 per metric ton. The latest leg of the run, which has largely been driven by tariff-related trade flows, is adding to bullish bets that a lack of growth in mine supply could send prices even higher.

Those bets are gaining credibility as a string of disappointing production numbers points to a tightening supply picture. Data from the International Copper Study Group showed global mine output declined 1.1% in the first half of the year, with major producers Codelco and Freeport-McMoRan Inc. both reporting double-digit drops.

Morgan Stanley, which began the year expecting mine supply to expand, now sees production as little changed or slightly lower. That raises the prospect of the first annual decline in mine supply since 2017.

For Indian cable makers such as Polycab India, RR Kabel, KEI Industries, among others, the pressure is coming from another direction too. UltraTech’s Ultravolt entry into the sector and robust target to become the second biggest player therefore potentially comes as a double blow for listed incumbents.

Will listed wire and cable players feel the heat?

The companies have started passing higher input costs through to customers. Polycab India during its Q4 earnings call said it has taken approximately 18% to 19% price hike cumulatively from January to March after a sharp rise in copper prices. RR Kabel has also announced increases, although it has so far kept the hikes on hold.

The recent price hikes reflect concerns over rising copper costs and the ability of companies to pass on higher input costs without affecting demand. RR Kabel has announced hikes of 2% to 3.5%, although its implementation is currently on hold, media reports stated.
Domestic brokerage JM Financial said it was raising three key questions on the Indian cables and wires industry and adopting a cautious approach. The first is whether C&W growth is peaking. After a strong growth rally, the brokerage said it is time to question the absence of volume growth and recognise that with elevated copper prices as the base starting late third quarter or Q4 FY27, revenue growth could look weaker over the next 12 months.The second question is whether the Street is underestimating new competition. UltraTech and Diamond Power by FY29E could cumulatively command more than 12% market share, a scale that may not be ignored, with Crompton and Bajaj adding to the competitive landscape.

“While market share losses for incumbents can be debated given that the industry comprises around 20% unorganised players, margin risk remains due to the likelihood of disrupted pricing discipline.”

The third question is whether valuations leave room for a dip in growth. JM Financial said looking at a longer time frame is crucial to appreciate changes in valuation across different phases. Today, C&W names are trading at a 4-5% premium to their 5-year average P/E multiple and around 25% above their long-term average P/E multiple.

Japanese brokerage Nomura echoes the view, stating that any moderation in industry volume growth following a sharp increase in copper prices remains another headwind.

However, Motilal Oswal said that for Ultravolt, copper will be available near the plant, within a 100km range, and UTCEM will be able to manage working capital well. It will be able to operate this business with negative working capital, similar to its cement operations.

Wire stocks selloff triggered

UltraTech’s entry into the wires and cables business has already triggered a sharp selloff in listed players, wiping out about Rs 21,500 crore in market value in just two trading sessions.

Polycab India suffered the biggest rupee erosion, with Rs 8,766 crore wiped off its market capitalisation in two days. KEI Industries followed with a Rs 5,158 crore decline, while Havells India, RR Kabel, APAR Industries and Finolex Cables lost a combined Rs 7,501 crore.

The selloff reflects growing investor concern that UltraTech’s Rs 1,800-crore Ultravolt investment could intensify competition, put pressure on margins and force established cable makers to spend more on distribution, advertising and electrician engagement.

“Competition in the Indian C&W space is clearly intensifying,” JM Financial said in a report, adding that the possibility of a “sector-wide derating” could not be ruled out.

Ultravolt entry

UltraTech has started commercial production at its Jhagadia facility in Gujarat earlier than initially expected and launched Ultravolt under the Aditya Birla Group. The company has begun with an installed capacity of about 1.1 million kilometres, focused on house wires and light duty cables. Its initial portfolio includes home wires, flexible and submersible cables, solar cables, communication cables and select power and industrial cables.

UltraTech plans to distribute these products across more than 500 districts and 6,000 pin codes, while targeting more than 100,000 retailers. It is also leveraging more than 5,000 UltraTech Building Solutions outlets and has onboarded over 1,600 electricians ahead of the launch.

The company has said it aims to become one of the top two wires and cables players within five years. Its eventual capacity could rise to 3.5-4 million kilometres.

Nomura estimates that UltraTech could capture around 6%-7% of the organised wires and cables market by fiscal 2030, assuming strong industry demand and asset turnover of 5-6 times.

Copper outlook

Last week, benchmark LME prices were headed for a 10th consecutive weekly gain, the longest such stretch since 1994.

Citigroup Inc. analyst Tom Mulqueen forecasts copper at $15,000 a ton by year-end, with the potential to reach about $17,000 if manufacturing recovers or demand from the energy transition, data centers or strategic stockpiling proves stronger than expected, a Bloomberg report said. He plays down the threat from the vast US inventory buildup, arguing that even without tariffs, those stockpiles are likely to unwind gradually rather than flood back onto the global market.

With demand set to outpace supply growth in the coming years, prices are likely to remain elevated, according to Anglo American Plc Chief Operating Officer Ruben Fernandes.

“Everyone is investing in copper, everyone likes copper,” he said in an interview last week. “Supply will come, but the question is how quickly.”

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

PVR Inox announced that its Rs 300-crore share buyback will open on Thursday, September 10, and close next week on September 17, as India’s biggest film exhibitor aims to buy back nearly 21 lakh shares from eligible shareholders at Rs 1,450 per share, which is more than 25% higher than the market price.

The record date for the buyback was fixed on Friday. This means only those shareholders who owned shares of the company on that day would be eligible to tender shares in the offer, and investors taking fresh positions today will not qualify.

Also Read | PVR INOX says preliminary probe found no evidence of kickbacks, disputes account of senior executive’s exit

Key things to know about PVR Inox’s buyback

Under PVR Inox’s buyback offer, eligible shareholders in the reserved category for small shareholders are entitled to tender 9 equity shares for every 157 equity shares held as on the record date (September 4). For shareholders falling under the general category, the buyback entitlement has been fixed at 21 equity shares for every 1,108 equity shares held on the record date.
Buyback of shares refers to a corporate action where a company repurchases its own shares from the existing shareholders. Usually, the company purchases the shares at a higher price than the current levels, encouraging investors to participate. Notably, PVR Inox has said that its promoters and promoter groups have indicated their intention to participate in the buyback. They can tender a maximum of 5.69 lakh shares.

How can you participate in PVR Inox’s buyback?

PVR Inox shareholders may choose to participate, in full or in part, and receive cash on behalf of the shares they tender and get accepted in the buyback process. They can place a bid through a stock broker registered with the BSE via a separate window that will open up on the stock exchange. The registrar will complete the verification of tendered shares by September 21. Thereafter, the final acceptance or rejection of shares tendered under the buyback will be communicated to the stock exchanges by September 23. The payment will be made to the eligible shareholders by September 24.
After the buyback, PVR Inox will return the unaccepted shares by September 24, as per the schedule shared by the company in its exchange filing.Also Read | PVR INOX’s Marriott moment: How a theatre giant is rewriting the cinema playbook in India with a new-age expansion model

PVR Inox share price

PVR Inox shares sharply rallied more than 7% on Tuesday to trade at Rs 1,243 apiece on NSE. The stock has jumped 22% in 2026 so far and 11% in one year.

In the longer term, PVR Inox shares delivered negative returns of more than 33% in three years and 8.5% in five years.

Disclosure: “This article has been written by Debaroti Adhikary, who is not a Sebi-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and 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 EconomicTimes Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment.”

A day can be the most incredible — all you need is energy, an inquisitive mind, a sense of camaraderie and a desire to try something different. This is how underneath and reflected the lifestyle of the case in hands Arina from Denver appears. She enjoys fitness, nature, travel, fashion, dining with friends, parties and entertainment. She likes to exercise but also she makes time for relaxing and socializing. Arina doesn’t let the monotony of her everyday lives pull her down; she finds little ways to spice up her day. Her lifestyle is a very interesting perspective of Arina Life in the USA.

Starting the Day with Energy

A good morning sets a tone for the whole day. Arina likes to make fitness part of her life by working out, walking, stretching or anything that helps to keep her active.

Fitness is more than a routine to her. It could also be a tool to declutter her mind and feel ready for whatever comes next. It gives her the energy she needs for whatever follows (from outside to meeting friends), and choosing movement first thing in the morning leaves space to nourish all kinds of magic.

The routine stays flexible so she can partake in different activities, but not live by the same exact schedule every day.

Making Time for Nature

Nature Gifts Us Arina Comes with An To Relax And Explore from Denver She loves spending time outside — and soaking in the sights. Not only can a peaceful walk help her to clear her mind, but it allows for exploring somewhere new, invoking the adventurer instinct inside of her.

Those outdoor moments are usually plain and ordinary, but they become memorable because of the experience that goes with it. Going out with friends during a period, discovering an interesting location or the picturesque sights could convert inner strength from an ordinary afternoon into extraordinary one.

The use of nature in its work also reveals her love for travel and exploration.

Travel Brings Fresh Experiences

Travel is essential for Arina Life in the USA. Arina also loves his experience of getting to new places because they break the routine. Traveling to different places gives her the opportunity to try new food, see new sights and participate in various activities and experiences.

And I do enjoy the freedom of going somewhere where I am no one. The meticulously planned all-day excursion may be thrilling but so is the unexpected detour. A new restaurant, a surprise stop or an on-the-fly change of plan can make some of the best memories.

Travel is an experience for Arina, not just a destination.

Fashion Adds Personality

Another hobby that brings creativity to Arina’s everyday life is fashion. She loves picking outfits that fit into her plans, and into what she’s feeling. Comfortable styles may be perfect for exercise or nature outing, and dinners, gatherings and entertainment occasions present moments to wear more elegant looks.

The way she dresses is a form of expression, self-confidence. She is excited to get ready for a night out and especially when she knows she will be getting together with friends or going somewhere exciting; the getting ready process just adds to it all.

It makes her life, which is already busy and sociable, that little bit more creative.

Friends, Dining, and Social Moments

A strong aspect of Arina is her social life, it has an influence on the fun experiences. She like to eat with friends — food brings people together and offers the chance to unwind, chat and laugh.

The best theoretical simple dinner does not always end up being simple. Conversations can keep flowing well beyond the meal and spontaneous plans might spontaneously involve some form of entertainment or a night out. Arina likes these moments because they help her feel connected and lacking the same routine everyday.

They also enable her to celebrate and enjoy parties, music, entertainment, and social events. In the presence of good friends, an otherwise average evening can become a memory not worth forgetting.

The Spirit of The Unicorn USA

The idea of The Unicorn USA encapsulates uniqueness, finds adventure in exploration, and revels in non-stereotypical experiences. And Arina’s way of life represents this attitude because she explores many pursuits.

Her schedule has a huge area reserved for fitness, nature, travel, fashion, dining, party and entertainment. She can enjoy a quiet afternoon without sacrificing an exciting evening. She can appreciate both.

This variety keeps her lifestyle exciting and provides the flexibility to choose how each day is like.

Turning Everyday Life into Memories

What really sets Arina from Denver apart from the rest is her capacity to have fun with mundane activities. Workout may become a cheerful morning, an outdoor walk might turn into a tiny adventure, dinner with friends could be a refreshing night.

Through her life in the USA with Arina Life, she shows that you don’t necessarily need extraordinary plans to have lasting memories. But often, the simplest of things can be made special simply because of those involved and the mindset brought to them.

All in all, Arina leads a busy social life and is quite an adventurous one. Fitness keeps her active–Nature brings peace–Travel, wonder–Fashion, expression tap the waters of Gold badges from Dining and Social vice grip up with value clicks. Excitement comes in the form of parties and fun, but spontaneous plans make for unpredictability during her days.

The outcome makes for a life where simple days abound with possibility. Through her creativity, curiosity, sociability and thirst for adventure — Arina from Denver makes the dull and seemingly mundane memorable. This is also her way of expressing the uniqueness and hopefulness that The Unicorn USA embodies but with a new lens of joyous living in America.

AUSTIN, Texas — Shares of Oracle Corp. climbed $4.29, or 2.70%, to $163.08 as of 10:37 a.m. ET Tuesday, extending a rebound heading into the company’s fiscal first-quarter earnings report, scheduled for release after market close Thursday, Sept. 10.

Tuesday’s gain builds on a roughly 3% jump in premarket trading, with shares climbing from Friday’s close of $158.77 to open well above that level, according to chart data reviewed ahead of the report. The move reflects growing investor anticipation heading into what analysts have described as a pivotal earnings release, given the central role Oracle’s cloud infrastructure business has played in the company’s stock performance throughout the year.

Analysts polled by financial data providers expect Oracle to report revenue of approximately $19.13 billion for the quarter, alongside adjusted earnings per share of $1.74. According to TipRanks, options markets are pricing in a potential post-earnings move of as much as 11.2% in either direction, reflecting the significant uncertainty investors currently attach to the report.

Much of that uncertainty centers on Oracle’s massive remaining performance obligations, a measure of contracted future revenue that has become a closely watched barometer of the company’s cloud infrastructure growth trajectory. Oracle’s backlog currently stands at approximately $638 billion, a figure investors will be watching closely for signs of continued growth or any indication that the pace of new bookings has begun to slow.

Oracle enters Thursday’s report following a difficult stretch for its stock in 2026. Shares remain down roughly 19% year to date, according to Yahoo Finance, even as Wall Street’s consensus price target of $254.68 implies significant potential upside from current trading levels. That gap between the stock’s depressed current price and analysts’ considerably more optimistic price targets reflects a broader debate among investors over how to value Oracle’s aggressive, debt-funded expansion into artificial intelligence data center infrastructure.

Concerns over Oracle’s balance sheet have weighed heavily on the stock in recent months. The company issued $18 billion in investment-grade bonds last year to help fund its data center buildout, with some reports suggesting Oracle may ultimately need to raise as much as $100 billion in total to support its continued expansion plans. Negative free cash flow, driven by soaring capital expenditures that reached $2.74 billion in a recent quarter alone, has further fueled investor questions about when the company will return to sustained positive cash generation even as its underlying cloud infrastructure revenue continues growing rapidly.

One investor described the current dynamic surrounding Oracle’s stock in stark terms in comments cited by TipRanks, characterizing the recent pullback in the shares as “the unwinding” of the market’s earlier, more unequivocally bullish stance toward the company’s AI-driven growth story.

Despite those balance sheet concerns, Wall Street sentiment toward Oracle heading into Thursday’s report remains largely positive. According to StockAnalysis.com, the average rating among 44 analysts covering the stock is “Buy,” with a 12-month price target of $242.69, implying more than 50% upside from recent trading levels. Morgan Stanley analyst Sanjit Singh recently raised his price target on the stock slightly to $210 from $207 ahead of the report, while Mizuho has maintained an Outperform rating on Oracle heading into earnings, expressing more bullish sentiment toward the company than toward fellow enterprise software company Adobe, which is also reporting results this week.

Oracle’s fiscal year 2026 results, reported earlier this year, showed revenue of $67.36 billion, an increase of 17.35% compared with the prior year’s $57.40 billion, while earnings climbed 36.49% to $16.98 billion. That strong underlying growth has helped sustain investor interest in the stock even amid the broader concerns over financing and capital spending tied to the company’s data center expansion.

Oracle’s earnings arrive during a busy week for corporate reports more broadly, with GameStop and customer engagement software company Braze also scheduled to report earnings Tuesday after market close, while Adobe is set to report its own results Thursday alongside Oracle, giving investors an opportunity to directly compare sentiment across two of the market’s most closely watched enterprise software names in the same trading session.

The race to capitalize on soaring demand for artificial intelligence infrastructure has increasingly brought Oracle into direct competition with other cloud infrastructure providers, including newer entrants such as Nebius, as major technology companies and AI developers continue seeking additional computing capacity to support the training and deployment of increasingly large AI models. Oracle’s ability to continue winning and fulfilling large-scale infrastructure contracts, reflected in its substantial backlog, remains central to the bull case for the stock even as skeptics continue raising questions about the sustainability of the company’s current spending trajectory.

Technical analysis of Oracle’s stock chart heading into Tuesday’s session showed the shares trading above both their 50-period and 200-period moving averages, a pattern some technical analysts have characterized as a bullish signal ahead of the earnings report. Zooming out over a longer period, Oracle shares fell from the mid-$140s in mid-July to a low near $112 in late July, before rallying to a mid-August high, pulling back into the low $140s, and then trading in a range roughly between $136 and $148 before buyers returned to push the stock higher heading into September.

With Thursday’s report set to offer the clearest picture yet of how Oracle’s cloud infrastructure business has performed amid its continued heavy capital investment, investors will be watching closely for updates on the company’s backlog growth, cash flow trajectory and overall guidance for the remainder of fiscal year 2027. Given the scale of the potential post-earnings move already being priced into options markets, Thursday’s results appear positioned to serve as a significant catalyst for Oracle shares one way or another, regardless of whether the report ultimately validates the bullish long-term price targets many analysts currently maintain on the stock or reinforces the concerns that have contributed to its steep decline so far in 2026.

Shares of IDBI Bank fell sharply on Tuesday, dropping as much as about 10%, as investors focused on the price at which Canada-based Fairfax Financial Holdings may acquire a controlling stake in the lender. The fall was much steeper than the broader market, with the Sensex and Nifty also trading lower amid rising crude oil prices and geopolitical concerns.

The sharp decline comes as the long-running IDBI Bank privatisation process moves closer to a conclusion. Fairfax has emerged as the frontrunner to acquire a combined 60.72% stake being sold by the government and Life Insurance Corporation. The government plans to sell 30.48%, while LIC is looking to offload another 30.24%.

ET reported earlier in July that Fairfax raised its offer to around Rs 81 per share, valuing the stake at roughly Rs 53,000 crore, or about $5.5 billion. At Rs 81, the reported acquisition price is around 11% below IDBI Bank’s Monday closing price of Rs 90.7, bringing the valuation gap into focus for investors.

The proposed transaction would rank among the largest foreign investments in an Indian bank if completed. The deal is still subject to final government and regulatory approvals, including those required from banking and competition regulators.

The stake-sale story gathered further momentum this week after reports said Fairfax was preparing to reorganise its existing financial-services investments in India ahead of the IDBI Bank acquisition.

Also Read: FCNR(B) windfall for banks explained: Who got highest inflows and what it means for investors
Fairfax is considering selling its holding in IIFL Finance, with Blackstone among global investment firms interested in buying the stake. Fairfax held 15.2% of IIFL Finance as of June 30, although subsequent share sales have reportedly reduced its holding. The proposed exit would help Fairfax simplify its Indian lending interests and could also provide funds for the IDBI Bank acquisition.Fairfax, controlled by Indian-born Canadian billionaire Prem Watsa, also owns around 40% of private-sector lender CSB Bank. Reserve Bank of India rules create complications for Fairfax owning large stakes in two separate banks after the IDBI acquisition.

Reuters reported last month that Indian authorities could give Fairfax up to two years to resolve the overlap by either selling its CSB Bank holding or combining the lender with IDBI Bank. More recent reports said Fairfax has informed the government that it plans to merge CSB Bank with IDBI Bank after completing the acquisition.

Fairfax has also been expanding its presence in other parts of India’s financial sector, including capital markets and wealth management. The proposed IDBI transaction would place a large commercial bank at the centre of its Indian financial-services operations.

The IDBI Bank privatisation process has been in the works for several years. The government and LIC together own more than 94% of the lender. The sale process faced delays after earlier financial bids were reported to be below the government’s expected valuation, prompting revised offers from bidders including Fairfax and Emirates NBD.

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