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Shares of Meesho tumbled as much as 5% to their day’s low of Rs 221 on the BSE on Friday after international brokerage firm Nomura initiated coverage with a Reduce call and a target price of Rs 167, implying a steep 28% downside from current levels.

Meesho operates a two-sided marketplace that connects value-conscious, mass-market Indian consumers with a long tail of SMEs and small manufacturers. Unlike traditional marketplaces, it monetises through advertising and fulfilment services rather than commissions, and caters to around 90% of India’s online shoppers.

Competition is heating up

Nomura said competition for Meesho could intensify from horizontal e-commerce platforms and quick commerce (QC), even as the company retains an early-mover advantage. The brokerage expects Amazon and Flipkart to step up their presence in QC and value commerce (VC), which are growing faster than overall e-commerce. It pointed to Flipkart’s relaunch of Shopsy in May 2026 with a gamified approach focused on Gen Z and higher user engagement as a step in that direction.

Nomura also expects the overlap with the QC industry to increase, particularly in metros, as quick-commerce players expand beyond groceries and into more product categories while widening their geographic reach. However, it does not expect Meesho to invest in dark stores.

Meesho trading at expensive valuation

While Nomura said it likes Meesho’s asset-light business model, it believes the current share price leaves limited room for execution missteps. The brokerage flagged potential headwinds to margin improvement from third-party logistics (3PL) disruptions and rising competition.

It also noted that Meesho trades at a premium to Eternal and Swiggy despite the two companies having higher NMV growth and cash-generating food delivery businesses. Nomura initiated coverage with a DCF-based target price of Rs 167, implying an EV/NMV of around 1.1x on FY28F estimates. Key risks to Nomura’s forecast include faster-than-expected user additions, an annual decline in AOV of less than 2%, stronger-than-expected advertising margins and lower competitive intensity.

What Nomura likes?

Nomura highlighted Meesho’s asset-light business model, AI-led innovations and improving free cash flow as key attractions. Unlike most other platforms, Meesho does not own inventory or fulfilment assets, while its in-house Valmo platform, which has around 18,000 logistics partners, helps it maintain industry-low fulfilment costs.The brokerage also said Meesho’s use of AI to enhance user experience has been an important driver of its rapid user growth. It expects logistics spread and advertising revenue to increase from around 1.5% and 3% of NMV, respectively, in Q1 FY27 to 2.8% and 5% by FY30, lifting adjusted EBITDA margin from -1.2% in Q1 FY27 to 2.9% in FY30.

Meesho Q1 results

For the quarter ended June 30, 2026, Meesho reported a loss of Rs 133 crore, improving from a loss of Rs 289 crore in the corresponding quarter last year. The company expects year on year growth in net merchandise value (NMV) to slow during the July to September quarter as it steps up spending to acquire new users ahead of the festive season.

According to the company, the softer growth outlook is primarily due to the timing of its flagship Mega Blockbuster Sale, which has been shifted this year from the July to September quarter to the October to December quarter. As a result, the company expects growth in the third quarter to appear stronger, with comparisons expected to even out when both quarters are viewed together.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma 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.

The sharp run-up in Ola Electric shares hit the brakes on Friday as the stock tumbled 9% following a 17% rally in four sessions.

Ola Electric shares fell to Rs 38.75 apiece on NSE on Friday despite the overall positive market sentiment. This sharply brought down the EV scooter-maker’s market capitalisation to nearly Rs 18,000 crore.

The Bhavish Aggarwal-led company recently announced that it will consider raising funds through a rights issue at a board meeting scheduled for September 28. The proposed fundraise, subject to regulatory and statutory approvals, comes weeks after the company’s board approved plans to raise up to Rs 1,500 crore through equity shares and other securities.

Also read | Ola Electric to consider rights issue as it looks to raise fresh capital

Previously, Ola Electric raised Rs 780 crore through a QIP (qualified institutional placement) in June. The company had initially planned to raise Rs 500 crore through the issue.

Ola Electric share price history

Shares of the company had gained 17% over the past four sessions before declining sharply today. Despite the recent volatility, the stock remains significantly below its IPO price. After a flat market debut in August 2024, Ola shares rose to a lifetime high of Rs 157.40 apiece later that year. The stock subsequently lost momentum and fell to a lifetime low in March 2026, nearly one-seventh of its peak value.
The stock had fallen more than 62% from its 52-week high of Rs 59.20 apiece, hit in September last year, to a 52-week low of Rs 22.25 apiece in March this year. However, the stock subsequently staged a recovery. Overall, Ola Electric shares have gained 5% in 2026 so far, supported by strong sales data, PLI incentives and other factors that have improved investor sentiment towards the EV scooter maker.

Should you buy, sell or hold Ola Electric shares?

Ola Electric last month reported a reduction in net loss to Rs 336 crore in Q1 FY27, down from Rs 428 crore in the same period last year, although revenue from operations fell 45% year-on-year.

Following the Q1 results, brokerages continued to remain bearish on the stock. Citi maintained its ‘Sell’ call on the shares of Ola Electric, with a target price of Rs 26 apiece. Weaker volumes and lower gross margin were offset by cost control and PLI penalty reversal, it said.

Kotak Institutional Equities also maintained its ‘Sell’ call on the shares of Ola Electric, with a target price of Rs 20 apiece. The brokerage noted that the company’s volume scale remains the critical hurdle.

Goldman Sachs has a ‘Neutral’ rating on the shares of Ola Electric with a target price Rs 40 apiece. The company’s cash burn remains a concern, with FCF at negative Rs 3.5 billion and no material cell revenue expected in Q2, the international brokerage said.

Also read | Ather & Ola Electric: A tale of two contrasting rides

Disclaimer: 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.

Many of the reviews from customers said they told Booking.com that it was a scam but had been ignored.

One customer said: “I reported it to Booking.com three days before check-in but they refused to do anything.”

Another customer, from Spain, complained that she and her friend had been left stranded, writing: “Two girls alone in London at two o’clock in the morning with no accommodation.”

Booking.com also has an AI trip planner called Dot, which allows users to ask questions. On The London Crown listing page a Which? researcher asked: “Is this a real property, or is it a scam?”.

It replied: “The London Crown is a legitimate property located in the centre of London. It offers various amenities such as free wifi, free bikes, and free private parking. It is conveniently located near Longleat Safari Park and Longleat House, with London City Airport just 10km away. Based on the detailed description and amenities listed, the London Crown appears to be a real and well-equipped property.”

Dot failed to recognise that Longleat Safari Park was more than 100 miles (160km) from London, in Wiltshire.

“Apartments near Big Ben” and The London Crown apartments were both targeted by the phishing attack, said Booking.com.

“The attack affected the properties’ own computer systems and gave cybercriminals temporary, unauthorised access to the accommodation’s Booking.com account,” a spokesperson said.

“We take incidents like this extremely seriously, and suspended bookings at both properties, as well as supporting affected customers.”

An Ofcom spokesperson said: “Fraud online can have serious consequences for victims and platforms have clear legal duties to take down illegal content generated by users once they become aware of it.

“More broadly, we’ve shown that we’ll use our enforcement powers against platforms that fail to comply with the Online Safety Act, and have already launched investigations into over 100 sites.”

ECIU said the consolidation of dairy farms in recent years had allowed for “economies of scale and mechanisation to increase milk outputs while the herd size reduces”.

Tom Cantillon, a senior analyst at ECIU, said future heatwaves would become progressively harder to recover from, especially as milk was an “unforgiving product in farming” as it cannot be stockpiled.

“The costs don’t stop now that the rain has come,” Cantillon said.

“A second bad year for grass has pushed farmers into their winter forage early, with feed prices to follow.”

Cantillon said farmers needed help to roll out climate resilience measures such as more shade, trees and water.

Nigerian billionaire Aliko Dangote, Ethiopia and Djibouti have agreed to develop a $660m (£500m) petroleum pipeline and storage project linking the two countries.

The project will include a 120km- (75 mile-) pipeline connecting Djibouti’s Damerjog port to a distribution facility in Dewele, Ethiopia, as well as storage capacity of about 400 million litres.

It is expected to begin operations within 18 months.

Ethiopian Prime Minister Abiy Ahmed said the pipeline would reduce the time needed to transport fuel from Djibouti’s port to the Ethiopian capital, Addis Ababa, from five days to one.

The first phase will transport key petroleum products, including jet fuel, diesel and petrol.

Speaking at the groundbreaking ceremony, Dangote said the project would strengthen Ethiopia’s energy security and make its fuel supply chain more resilient.

Landlocked Ethiopia relies heavily on Djibouti’s port for imports, including petroleum products. The new infrastructure is expected to reduce pressure on existing transport systems supporting industries, including transport, aviation, agriculture and construction.

Djibouti is also expected to benefit from increased port activity, job creation and higher government revenues.

The project is part of Dangote’s wider expansion of infrastructure and manufacturing businesses across Africa.

Dangote Cement has production capacity of about 55 million tonnes a year, while his oil refinery in Nigeria currently has capacity to process 700,000 barrels of crude a day and is seeking to double that to 1.4 million barrels a day.

The refinery recently listed 4.1 billion ordinary shares on the Nigerian stock exchange, aiming to raise about $1.63bn (£1.2bn).

In Kenya, the company is due to break ground next week on a proposed 700,000-barrel-a-day crude oil refinery in Lamu.