The winning streak for Milky Mist Dairy Food continued on D-Street on Wednesday. On its second day of trading, the dairy major’s stock hit another 10% upper circuit, taking its cumulative gains to 42.5% from its IPO price.

Milky Mist shares opened at Rs 190 on the BSE, compared with the previous close of Rs 181.45. Strong buying interest quickly pushed the stock to its daily upper price band and 52-week high of Rs 199.55, marking an intraday gain of 9.98%. The stock recorded a volume-weighted average price of Rs 196.48 and touched a low of Rs 189.85.

With Wednesday’s rally, the stock has now gained 42.5% from its IPO price of Rs 140. On its trading debut on Tuesday, August 18, the stock listed at Rs 165 on the NSE, delivering a listing premium of 17.86%.

The sustained momentum comes after Milky Mist’s blockbuster Rs 1,553 crore public issue. The IPO, which was open from August 11 to August 13, was subscribed 56.12 times overall. It comprised a fresh issue of 10.20 crore equity shares worth Rs 1,428 crore and an offer for sale of 89 lakh shares worth Rs 125 crore. The issue was priced in the range of Rs 133 to Rs 140 per share.

Also Read: BSE shares bounce 2% after 5-session losing streak. Here’s why Jefferies, Nuvama advise caution

Should you buy, sell or hold Milky Mist shares?

According to Sunny Agrawal, Head of Fundamental Research at SBI Securities, the robust post-listing performance is well supported by Milky Mist’s solid foothold in value-added dairy products. The company holds a 19% market share in the private branded paneer market, a 12% share in cheese across South India, a 5% cheese market share pan-India, and a 13% share in the yoghurt category.
“The company also enjoys industry-leading EBITDA margins and return ratios. The company will repay debt of Rs 497 crore through IPO proceeds, thereby reducing interest outgo going forward. Moreover, an increase in penetration in the non-South market is likely to be one of the growth levers. We expect Milky Mist to trade at a significant premium to its peers,” Agrawal said.Echoing optimism on the operational strength, Shivani Nyati, Head of Wealth at Swastika Investmart Ltd, pointed out that the company’s 33.6% revenue CAGR, expanding margins and nearly 32% return on equity (RoE) support its premium positioning. She noted that Temasek-backed Jongsong Investments invested Rs 482 crore in the pre-IPO round at Rs 139.76 per share for a roughly 5.2% stake, adding confidence to the valuation.

However, Nyati cautioned that at around 85 times FY26 earnings, valuations remain notably higher than the dairy sector average P/E of 52.5 times. While the stock’s long-term business case is strong, she cautioned against chasing the rally at current levels. She advised existing investors to hold with a stop-loss at Rs 150 and look to accumulate more shares on meaningful dips.

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

SEOUL — South Korea’s benchmark KOSPI index plunged 398.66 points, or 5.80%, to close at 6,471.17 on Wednesday, its second consecutive day of sharp declines, as a global selloff in semiconductor stocks combined with surging bond yields and renewed Middle East tensions to rattle investors across Asian markets.

The Korea Exchange activated a sell-side sidecar, a mechanism that temporarily suspends program sell orders, at 9:06 a.m. local time after the index tumbled as much as 5.6% within the first minutes of trading. The KOSPI opened at 6,528.77, down 4.96% from the previous session, before losses widened further as the morning progressed, briefly touching 6,430.93 points, a decline of 6.39%, before settling into a range around the 6,400 to 6,500 level for the remainder of the session.

South Korea’s chipmakers bore the brunt of the selling. According to Trading Economics, Samsung Electronics and SK Hynix plunged 7.54% and 9.93%, respectively, tracking steep losses in U.S. semiconductor stocks overnight. Other major names also fell sharply: SK Square dropped 11.54%, Hyundai Motor fell 5.17%, Kia Corporation slid 3.21%, KB Financial Group declined 1.72% and HD Hyundai Heavy Industries dropped 3.06%. By sector, only construction, up 1.84%, and pharmaceuticals, essentially flat with a 0.01% gain, avoided the broad selloff, while utilities and electronics sank 7.68%, manufacturing fell 6.36%, insurance dropped 5.89%, finance declined 4.81%, securities fell 4.6% and distribution dropped 4.45%, according to figures reported by the Asia Business Daily.

Trading volume data underscored a split between retail and institutional sentiment. Foreign investors were net sellers of roughly 3.4883 trillion won, while institutional investors sold a net 1.3244 trillion won. Individual investors, by contrast, were significant net buyers, purchasing a net 4.6368 trillion won worth of shares, suggesting many retail traders viewed the sharp decline as a potential buying opportunity even as larger institutional and foreign players continued pulling back.

The selloff extended across the region. Japan’s Nikkei 225 fell 3.16% to close at 65,326.42 points, marking its own second consecutive day of losses and hitting its lowest closing level in nearly two weeks, according to TradingKey. The regional downturn was driven primarily by a broader global technology selloff, with surging U.S. Treasury yields, which reached multi-year highs, prompting investors to reassess high valuations across the technology sector. Adding to the pressure, escalating tensions in the Middle East pushed crude oil prices higher, stoking inflation concerns and raising fears that central banks might have less room to cut interest rates than markets had previously anticipated.

U.S. President Donald Trump added to the uncertainty Tuesday by stating that the United States was not currently in talks with Iran, a comment that further undercut hopes for a resolution to stalled diplomatic efforts and raised fears of continued disruption to Middle East oil supplies, according to Trading Economics.

Wednesday’s plunge came after an already volatile session Tuesday, during which the KOSPI had briefly surged more than 3% in early trading to reclaim the 7,200 level, before institutional selling dragged the index back down to close at 6,869.83 points, a decline of 1.55% for the day despite the earlier intraday gains. That roller-coaster pattern has become increasingly common for the index throughout 2026, reflecting a market that has repeatedly swung between sharp rallies and equally sharp reversals over the course of the year.

The chip sector’s troubles were not confined to South Korea. According to TradingKey, U.S. memory chipmaker Micron Technology saw its shares plunge more than 7% overnight, with some technical analysts warning of potential further downside risk of as much as 20%, while Japanese flash memory maker Kioxia fell over 10% and Western Digital also posted steep losses, reflecting a broad-based retreat across the global memory chip industry that had otherwise been one of the strongest-performing corners of the market for much of the year.

Despite Wednesday’s sharp losses, the KOSPI remains up substantially over the past year. According to Trading Economics, the index remains 106.74% higher than it was a year ago, even after declining 0.69% over the trailing month, underscoring both the scale of the index’s extraordinary rally throughout 2026 and the severity of the volatility that has periodically interrupted that broader upward trajectory.

Wednesday’s decline adds to a growing tally of significant single-session swings the KOSPI has experienced this year. According to earlier reporting from the Seoul Economic Daily, the index has triggered 18 sell sidecars and seven circuit breakers so far in 2026, a pace of volatility that market analysts have repeatedly linked to concerns over the sustainability of capital spending tied to the broader artificial intelligence boom, alongside heavy concentration risk given that Samsung Electronics and SK Hynix together account for roughly half of the KOSPI’s total market capitalization.

Adding a note of longer-term significance amid the day’s turmoil, reports emerged that SK Hynix had reached a key turning point in its 2026 wage negotiations, which had previously been deadlocked over the formula used to allocate a record employee bonus, according to TradingKey. Separately, the Financial Times reported that Nvidia’s H200 artificial intelligence chips had been approved to enter the mainland Chinese market in small batches, a development that could carry longer-term implications for the broader AI chip supply chain even as markets focused primarily on the day’s steep losses.

With global bond yields continuing to climb and Middle East tensions showing no clear sign of resolution, investors are likely to remain focused in the coming days on whether Wednesday’s sharp selloff represents a short-term correction within an otherwise strong yearlong rally, or the beginning of a more sustained reassessment of the elevated valuations that have characterized semiconductor and technology stocks across both South Korea and global markets throughout much of 2026.

It will be open from morning to late evening

Café‑bar group Loungers is opening a new restaurant near Bristol, creating around 30 local jobs. Picaro Lounge at The Mall at Cribbs Causeway is based in the former Pizza Hut in the shopping centre’s food court.

The branch, which opens its doors on Wednesday (August 19), has been transformed by the Loungers design team with patterned wallpapers, murals, colourful tiling, wooden floors, oversized vintage sofas and upholstered lounge chairs, and an eclectic mix of artwork.

The eatery will be open from morning through to late evening offering an all‑day menu.

Ollie Carlton, general manager of Picaro Lounge, said: “We’re so excited to finally welcome the community and shoppers into Picaro Lounge. The support and enthusiasm have been incredible, and we can’t wait to open our doors and become a place where everyone comes together to enjoy great food, great drinks and a brilliant atmosphere.”

The menu includes brunch options, tapas, toasties, salads, burgers, tacos, noodles and fried chicken, with vegan and gluten‑free choices available.

Katie Searle, Director, asset management, at Sovereign Centros from CBRE, asset managers for Cribbs, said: “The opening of Picaro Lounge is a huge milestone in the transformation of the dining offering at Cribbs as we continue to evolve our line-up to suit the needs of our visitors.

“Loungers have become one of UK hospitality’s most recent success stories and it is great to see them return to their roots in Bristol with this amazing new offering. Since announcing that Picaro Lounge was coming to Cribbs we have seen a real buzz from our visitors, so we look forward to seeing this location thrive over the coming years.”

The news comes just a month after the Bristol-founded casual dining chain announced plans for its first international branch. The company’s latest site in Essen, Germany, will operate under a new brand name – Southville in a nod to the group’s very first Lounge on North Street in Bristol.

Loungers was founded in 2002 by friends friends Alex Reilley, David Reid, and Jake Bishop, and now operates three brands – Lounge, Cosy Club and Brightside – across the UK. The group owns 277 Lounges, 36 Cosy Clubs and four Brightside outlets.

Ace investor Vijay Kedia’s firm Kedia Securities bought 20 lakh shares of digital expense management and SaaS solutions firm Zaggle Prepaid Ocean Services worth Rs 33 crore via a bulk deal, sending the stock up 17% on Wednesday.

Kedia Securities bought 20 lakh shares of the company at an average price of Rs 164.72 apiece via a bulk deal on Tuesday, implying less than a 1% discount from the day’s closing price of Rs 165.88 apiece, according to data on NSE.

Kedia’s entry into the stock came after it crashed sharply. After hitting a 52-week high of Rs 418 apiece in August last year, the stock more than halved in less than a year to hit a fresh 52-week low of Rs 154 apiece yesterday.

Zaggle Prepaid Ocean Services financials

Earlier this week, the stock crashed 20% to hit the lower circuit after a weak earnings print, with net profit dropping more than 32% year-on-year to Rs 17.53 crore for the April-June quarter of FY27, from Rs 26.11 crore in the same period last year.
Zaggle Prepaid Ocean Services’ adjusted EBITDA margin declined to 8.2% in Q1 FY27 from 10.1% in the same quarter of FY26. The company attributed the decline to expenses related to the Dice acquisition, including transaction costs, one-time vendor payments and relocation expenses for more than 100 professionals. Revenue from Dice contracts was not captured in Q1 FY27 and will start reflecting from Q2 FY27 onwards.

Commenting on the Q1 performance, Raj P Narayanam, Founder and Executive Chairman of Zaggle Prepaid Ocean Services, said, “Q1 FY27 marks an important inflection point for Zaggle as we move from a decade of profitable growth into a phase of transformation through consolidation.”
He added that the company’s focus is now firmly on optimising core operations, scaling AI across its platforms and integrating its recent acquisitions, while calibrating its capitalisation and instilling greater cash flow discipline to position the company for higher-margin growth in the years ahead.Also read | Zaggle Prepaid Ocean Services crashes 20%, hits lower circuit after Q1 PAT declines 33% YoY

Zaggle Prepaid Ocean Services share price

Vijay Kedia’s stake acquisition boosted investor sentiment in the stock, which sharply rallied over 17% to trade at Rs 194.70 apiece on Wednesday morning. The stock later pared some gains to trade around 10% higher at Rs 182.66 apiece.

Despite today’s sharp gains, Zaggle Prepaid Ocean Services shares remain over 9% down in a week, 14% down in a month and 27% down in 2026 so far. Overall, the stock has fallen more than 55% in one year.

The company currently has a market capitalisation of nearly Rs 2,461 crore. Its P/E ratio stands at 17.13.

Also read |Vijay Kedia sells 4 lakh shares of this microcap facade maker in Q1, stock down 35% in 6 months. Do you own?

(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 L&T Technology Services (LTTS) surged as much as 3.3% during Wednesday’s trading session, touching an intraday high of Rs 3,625.20, after the engineering services company announced a five-year international deal worth more than $75 million.

The stock gained momentum after the company said it had secured the engagement from a leading global technology enterprise. The client’s identity was not disclosed due to contractual confidentiality provisions.

Under the agreement, LTTS will deploy its Engineering Intelligence (EI) capabilities across the customer’s end-to-end product development and engineering lifecycle. The mandate is aimed at accelerating the development of next-generation solutions for the technology company’s global portfolio.

The engagement will cover a wide range of services, including product engineering, software development, testing and validation, sustenance engineering, platform operations and digital engineering.

A key component of the deal is the creation of a dedicated Engineering Center for technology and digital functions, leveraging LTTS’ full suite of Engineering Intelligence solutions.

The contract, awarded by an international entity, will be executed over five years, with the total contract value exceeding $75 million.
LTTS also clarified that its promoters, promoter group and group companies have no interest in the client awarding the contract, and that the agreement does not fall under related-party transactions.The sizeable, multi-year deal marks a positive development for LTTS, highlighting its growing presence in next-generation engineering, digital transformation and technology-led product development.

Technical outlook: Mixed but improving

From a technical perspective, LTTS’ 14-day RSI stands at 51.2, indicating that the stock is currently in neutral territory. Typically, an RSI below 30 indicates oversold conditions, while a reading above 70 signals an overbought zone.

The stock is currently trading above six of its eight key Simple Moving Averages (SMAs). However, it remains below its 10-day and 200-day SMAs, suggesting that while short-term momentum has improved, the longer-term trend still needs confirmation.

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

City economists have broadly indicated that inflation is forecast to peak later this year

Inflation has surged following the reset of the energy price cap, according to official figures, marking what is likely to be the start of a prolonged period of rising price growth.

The Office for National Statistics (ONS) placed the consumer price index inflation reading at 2.9 per cent for the 12 months to July. The previous inflation reading stood at 2.6 per cent.

Services inflation, a closely monitored measure by Bank of England policymakers as it offers signals on wage pressures, eased to 3.4 per cent, while core inflation, which excludes food and energy, came in at 2.6 per cent.

“Upward pressures included furniture prices falling by less than usual for this time of year, and also a smaller fall for clothing prices due to reduced discounting,” Mike Hardie, deputy director for prices at the ONS, said.

“The prices of raw materials and goods leaving factories slowed again, driven by a drop of crude oil and refined petroleum respectively.”, as reported by City AM.

Chancellor John Healey has declared “Britain’s economy is resilient” despite the Iran war impacting “prices here at home”.

He threw his weight behind government cost of living measures designed to ease the burden on households.

“We have cut VAT on electricity bills and capped bus fares at £2 – to give breathing space to those feeling the strain,” Healey said. “There is more to do to restore hope and build a stronger economy where prosperity is shared more fairly across Britain.”

Shadow chancellor Sir Mel Stride said: “Price rises are accelerating once again under Labour. When the Conservatives left office inflation was bang on the two per cent target, now it has been above that level for 22 months in a row.

“This will be a worry for families across the country. Labour’s tax rises and business bashing have driven the cost of living higher and higher, yet Andy Burnham refuses to rule out yet more tax hikes at the Budget.”

Scott Gardner, investment strategist at J.P. Morgan Personal Investing, said July data showed the impact of the Iran war was feeding into household bills.

“Businesses are also facing higher input prices which are being passed on to buyers and could rise heading into the colder months later this year,” Gardner said. “Falls in services inflation and shop prices are helping to offset some of these pressures for now but the jury is out on whether this will last.”

The steeper increase in prices in the year to July threatens to undermine Andy Burnham’s cost of living agenda.

City economists have broadly indicated that inflation is forecast to peak later this year or in early 2027 at a minimum of around three per cent. The delay will materialise as the effects of volatile energy prices gradually filter through to British households.

The previous government under Sir Keir Starmer maintained that diplomacy with President Trump and leaders across the Middle East was the “best economic policy” to get bills down for households.

Prior to departing Number 10, Starmer called upon his successor to take a more active role in international relations. Burnham has faced mounting criticism for neglecting diplomatic responsibilities, choosing instead to concentrate on matters at home.

On Tuesday, UK borrowing costs as measured by 10-year gilt yields reached a near-two decade peak as traders’ concerns about interest rate increases intensified.

The UK government issued medium-term bonds with a yield of 5.155 per cent, marking the highest interest rate on such debt since 2007.

The Bank of England has recently cautioned that it may be forced to lift interest rates should disruption to oil and gas trade flows across the Gulf region persist as a consequence of tensions between the US and Iran.

Traders remain divided over whether the Bank might opt to raise rates amid inflation concerns at its next decision in September.

Felix Feather, economist at Aberdeen, noted that markets remained “largely undisturbed” by the elevated inflation rate and continued to anticipate “modest tightening” in monetary policy.

“Given evidence of a slowdown in underlying domestically generated inflation, as opposed to more internationally driven goods such as energy commodities, and soft labour market conditions, we see the Bank on hold for the rest of the year,” Feather said.

Elevated borrowing costs could place government plans to alleviate the cost of living under additional strain, restricting the room for tax reductions or increased expenditure that might ease the financial burden on households and businesses.

Operator

Good day, and thank you for standing by. Welcome to Service Stream Full Year ’26 Results. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to your speakers today, Leigh MacKender and Linda Kow. Please go ahead.

Leigh MacKender
CEO, MD & Director

Good morning, ladies and gentlemen, and welcome to Service Stream’s results presentation for financial year ’26. As per the introduction, my name is Leigh MacKender, Managing Director of Service Stream, and I’m joined today by our Chief Financial Officer, Linda Kow.

In terms of the agenda, I’ll start by covering some of the group’s highlights and provide an update on Service Stream’s operational and financial performance. I’ll then pass to Linda who will talk through the group’s financial performance and capital management strategy in greater detail. We’ll then provide an update with regards to trading conditions, group outlook for FY ’27. And finally, we’ll open up the call for questions.

I personally wish to begin by acknowledging the traditional custodians of the land in which we meet today, and I pay our respects to the elders past, present and emerging.

Okay. Turning to Slide 3. Service Stream’s journey over the last 10 years has been one centered around growth and diversification, ideally looking to leverage the

Trainline, Virgin Atlantic and RED Driving School are being investigated by the consumer watchdog over concerns they are not showing full prices upfront to customers.

The Competition and Markets Authority (CMA) is examining whether the three companies engaged in so-called ‘drip pricing’, which is an illegal practice where mandatory fees are not included in the headline price shown to customers.

If the CMA concludes that the firms have broken the law, it can fine them or order them to compensate customers.

Trainline and Virgin Atlantic said they were committed to transparency for customers and would engage fully with the CMA.

In the case of Trainline, the CMA said it observed fees of up to £2.79 being added on to headline train fares, and up to £1.50 for coach bookings.

“Both are costs that can add up for frequent travellers,” the CMA said.

Trainline has been accused of drip pricing before. In 2023, the Office of Rail and Road said it and six other third-party train ticket sellers were not being upfront about fees.

Virgin Atlantic is being investigated to see whether mandatory resort fees and local taxes were included in the upfront prices shown to customers buying package holidays. The CMA said these fees vary but can go up to hundreds of pounds, significantly increasing the cost of a holiday.

And the watchdog is looking into whether RED Driving School included mandatory booking fees and digital fees in the upfront price shown to people buying driving lessons. The CMA said the fees could be more than £7 per lesson.

Earlier this year, the CMA ordered two other driving schools to give refunds to more than 80,000 customers after they did not disclose the total price for lessons upfront during the online booking process.

Emma Cochrane, the CMA’s executive director for consumer protection, said: “The first price customers see should be the price they pay.

“At a time when many households are watching every pound they spend, it is important that people are not surprised by extra fees when booking train and coach tickets, holidays or driving lessons.”

A spokesperson for Virgin Atlantic Holidays said it takes its responsibility to customers “incredibly seriously”, adding: “we always want to ensure they can make an informed decision when booking a holiday with us.

“Mandatory fees are indicated at multiple stages throughout the booking journey. We are reviewing the points raised by the CMA carefully and will cooperate fully with its investigation.”

A Trainline spokesperson said the company was “committed to offering customers a transparent booking experience with clear pricing and genuine value.

“We’ve proactively engaged with the CMA over several months and we are taking proactive steps to enhance how certain fees are presented to our customers.”

RED Driving School has been contacted for comment.

Since last year, the CMA has had the power to rule that consumer laws have been broken without having to take businesses to court.

Consumer rights group Which? said the CMA should not hesitate to use these powers, “especially after each firm has already received a warning advisory letter”.

Sue Davies, head of consumer rights policy at Which?, said: “Following comments made by the Prime Minister last week that unfair pricing practices have no place in our economy, this move sends a clear message to other businesses to follow the rules.

“At a time when household budgets are under strain, consumers must have confidence that businesses aren’t there to rip them off and that the regulator is willing to step in to protect their rights.”

Shares of infrastructure development company HG Infra Engineering jumped over 8% to Rs 551.95 on the BSE on Wednesday, after the company received a letter of intent from REC Power Development and Consultancy Ltd, which is a wholly owned subsidiary of REC Ltd.

In a regulatory filing on the BSE released on Tuesday, the company informed that it has received the letter of intent for the construction of 220/132/33 kV AIS Substation in Ranipur (Mau), and for 220/132/33kV AIS Substation in Chunar (Mirzapur), with their associated lines through a tariff-based competitive bidding process in the state of Uttar Pradesh.

The company had announced in May that it had been declared as a qualified bidder by the REC Power Development and Consultancy Ltd to build, own, operate and transfer the above-mentioned substations, and had secured the order with transmission charges worth Rs 45 crore per year for a period of 18 months.

HG Infra Engineering Q1 results

The company had reported a 77.5% year-on-year decline in its Q1 profit after tax to Rs 28.3 crore, from Rs 125.5 crore in the corresponding quarter of the previous year. Revenue from operations in the June quarter slipped 46.9% to Rs 907.2 crore, from Rs 1,709.2 crore in the same quarter last year.
The company’s EBITDA for this quarter stood at Rs 77 crore, down 67.3% from Rs 235.7 crore in the June quarter of FY26.

HG Infra Engineering Share Price

Shares of HG Infra Engineering have delivered over 2% gains in the last three months. However, the shares of the company have declined over 9% in the year so far. In the long term, HG Infra Engineering shares have delivered over 18% returns in the last three years, and 35% in the last five years.

This article was written by

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