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The Hindu BusinessLine

India’s chemicals industry targets up to $81 billion in exports by 2030: NITI Aayog

India’s chemicals industry could significantly expand exports and domestic production by 2030, with speciality chemicals, petrochemicals and inorganic chemicals identified as key growth areas. India’s chemicals industry could target exports of up to USD 81 billion by 2030 as the country seeks to expand domestic production, reduce import dependence and become a net-zero importer, according to a NITI Aayog report. The report said the chemicals industry could target USD 45 billion in speciality chemical exports, USD 5-10 billion in inorganic chemical exports and USD 26 billion in petrochemical exports by 2030. The combined export target of USD 76-81 billion is part of a broader strategy to increase India’s participation in the global chemicals value chain and strengthen its position as a major chemicals producer and exporter. To meet the targets, the industry would need to achieve 10-11 per cent consumption Compound Annual Growth Rate (CAGR) over the next five fiscal years and 14 per cent production CAGR, the report said. India’s chemicals market consumption is projected to reach USD 290-310 billion by fiscal 2030, accounting for around 5-6 per cent of global chemical consumption, according to the report. The report said India needs to significantly expand domestic production capabilities to cater to rising demand and reduce reliance on imports. It estimated that India’s chemical production would need to double to USD 220-280 billion by fiscal 2030, from around USD 110 billion in fiscal 2023. The industry could also generate 700,000 to one million new jobs by the end of the decade, it said. The report identified dyes and pigments, paints and coatings, agrochemicals, and flavours and fragrances as key areas that could drive growth in speciality chemical exports. India’s speciality chemical exports have already gained traction across major markets, with the US accounting for 17 per cent and Brazil 16 per cent of exports in 2024. However, India’s presence in major global import markets was only around 8 per cent, indicating scope for further export expansion, it said. The report noted that India’s chemicals industry benefits from growing domestic demand, supportive government policies and strong manufacturing capabilities, but faces challenges including infrastructure gaps, regulatory hurdles and the need for technological advancement. It recommended targeted investments, policy interventions and an innovation-driven ecosystem to help India move up the chemicals value chain and achieve its 2030 ambitions.

India’s chemicals industry targets up to $81 billion in exports by 2030: NITI Aayog
North America
CNBC Finance

McDonald's names company veteran Skye Anderson as its U.S. president as growth in its largest market slows

McDonald's announced that company veteran Skye Anderson will lead its U.S. business, effective Tuesday, as the company tries to win over cost-conscious diners in its largest market. "I look forward to working closely with her and the U.S. leadership team to help accelerate performance and unlock the significant opportunity in front of us, and I have tremendous confidence that she is the ideal leader for this next phase of our U.S. business," McDonald's CEO Chris Kempczinski said in a statement. Earlier this year, Anderson was named chief operating officer for McDonald's USA. Prior to that, she led the company's Global Business Services segment, which was created with the aim of making its corporate operations more efficient and using the restaurant giant's scale. She also spent four years in charge of McDonald's U.S. West Zone; in that role, she increased average restaurant unit cash flow by $100,000 and drove same-store sales growth of more than 30%, according to the company. "I've had the opportunity to work closely with Skye throughout much of her career, and I've repeatedly turned to her to lead some of our most important businesses and transformation efforts because she's a proven change agent who can act with urgency to mobilize our System," Kempczinski said. Anderson succeeds Joe Erlinger, who has held the role for more than six years. Erlinger will stay on as an advisor through early 2027. McDonald's also reported its second-quarter results on Tuesday. The company's earnings topped Wall Street's estimates, but its revenue fell short of analysts' expectations. U.S. same-store sales grew just 0.8%, and traffic to its domestic restaurants fell during the quarter. Broadly, McDonald's has outperformed U.S. rivals by leaning into value meals and buzzy promotions to attract diners. But a successful marketing move — like its tie-in meal with the "Minecraft" movie during the year-ago period — means that the burger chain has to keep surpassing its own wins to grow same-store sales. In early June, the company unveiled a new growth strategy as it aims to become diners' first option. The plan includes menu innovation that elevates taste and quality, listening to how consumers interact with brands and a new restaurant design. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

McDonald's names company veteran Skye Anderson as its U.S. president as growth in its largest market slows
North America
CNBC Finance

Merck hikes revenue outlook as new drug sales grow, but cuts profit guidance due to deal charges

Merck on Tuesday beat second-quarter estimates and hiked its revenue outlook, as a slate of new products showed strong growth. But the pharmaceutical giant cut its profit guidance due to a charge tied to its acquisition of biotech company Terns Pharmaceuticals. Merck now anticipates its 2026 revenue will come in between $66.3 billion and $67.3 billion, up from a previous guidance of $65.8 billion and $67 billion. The company also expects adjusted earnings to be between $2.66 and $2.76 per share, which now includes a one-time charge of $5.7 billion, or $2.31 per share, related to the Terns deal. It also includes a $9 billion, or $3.62 per share, charge related to Merck's acquisition of Cidara Therapeutics in January. That adjusted profit outlook is down from a previous range of $5.04 to $5.16 per share. Merck has been on a buying spree as it races to offset generic competition for a few drugs, including Type 2 diabetes medications Januvia and Janumet later this year, and blockbuster immunotherapy Keytruda in 2028. The company is also betting on a newer drugs to replenish potential losses in revenue, including the first PCSK9 pill designed to lower bad cholesterol, which was approved in July. The company posted a net loss of $1.34 billion, or 54 cents per share, for the quarter. That compares with net income of $4.43 billion, or $1.76 per share, for the year-earlier period. Excluding acquisition and restructuring costs, Merck posted a loss of 13 cents per share for the second quarter. Merck raked in $16.61 billion in revenue for the quarter, up 5% from the same period a year earlier. Keytruda generated $8.37 billion in sales for the second quarter, up 5% from the same period a year ago. Analysts were expecting revenue of $8.27 billion, according to StreetAccount estimates. The reported second-quarter total includes $463 million from the new, more convenient injectable version of Keytruda. That form is key to Merck's efforts to offset likely declines in revenue after the original intravenous version of the drug goes off patent. Winrevair, which is used to treat a rare, deadly lung condition, generated $588 million in sales for the quarter, up 75% from the same period a year earlier. Analysts were expecting sales of $565 million.

Merck hikes revenue outlook as new drug sales grow, but cuts profit guidance due to deal charges
Asia
The Economic Times

Madhusudan Kela’s portfolio: 7 stocks rally up to 135% in CY26

Investors closely track the portfolios of prominent players on Dalal Street. In line with this interest, ETMarkets examined the investment holdings of renowned investor Madhusudan Kela. According to the latest data for the June 2026 quarter, Kela publicly disclosed holdings in about 19 stocks, with their total estimated value standing at around Rs 2,665 crore as of August 14. The analysis includes only companies where his stake exceeds 1% and may not capture his entire investment portfolio.A closer look shows that 7 stocks in Kela’s portfolio delivered gains ranging from 10% to 135% so far in calendar year 2026. Meanwhile, 5 stocks turned laggards, declining between 15% and 30% during the same period. (Data Source: ACE Equity, Trendlyne). CY26 has been a strong run for Rashi Peripherals, with the stock surging 133%, from Rs 358 to Rs 834. Investor Madhusudan Kela held a 1.76% stake as of June 2026, worth around Rs 97 crore. SG Finserve has delivered a solid 61% gain so far in CY26, climbing from Rs 409 to Rs 660. Madhusudan Kela’s 1.44% holding, as of June 2026, is currently valued at approximately Rs 63 crore. Indiabulls has more than kept pace in CY26, with its stock rising 57%, from Rs 17 to Rs 27. Madhusudan Kela owned a 2.21% stake as of June 2026, valued at nearly Rs 139 crore. Kopran has posted a steady 27% rise in CY26, with the stock advancing from Rs 150 to Rs 190. Madhusudan Kela’s 1.72% stake was worth around Rs 16 crore as of June 2026. Sangam (India) has gained 21% in CY26, moving from Rs 495 to Rs 600. Madhusudan Kela held a sizeable 4.86% stake as of June 2026, with the holding valued at approximately Rs 146 crore. Subam Papers has delivered an 18% gain so far in CY26, rising from Rs 186 to Rs 220. Madhusudan Kela held a 7.02% stake as of June 2026, worth about Rs 42 crore. Windsor Machines has edged 12% higher in CY26, with the stock moving from Rs 269 to Rs 302. Madhusudan Kela’s 6.40% stake was valued at approximately Rs 197 crore as of June 2026. Bombay Dyeing has faced pressure in CY26, with the stock declining 14%, from Rs 133 to Rs 114. Madhusudan Kela held a 1.52% stake as of June 2026, currently worth around Rs 36 crore. Emkay Global Financial Services has slipped 16% in CY26, falling from Rs 285 to Rs 239. Madhusudan Kela’s 1.06% holding was valued at approximately Rs 7 crore as of June 2026. IRIS RegTech Solutions has seen a 21% decline in CY26, with the stock dropping from Rs 304 to Rs 241. Madhusudan Kela held a 5.21% stake as of June 2026, worth around Rs 26 crore. Unicommerce eSolutions has lost 28% so far in CY26, with its stock falling from Rs 120 to Rs 86. Madhusudan Kela’s 1.48% stake was valued at approximately Rs 14 crore as of June 2026.

Madhusudan Kela’s portfolio: 7 stocks rally up to 135% in CY26
North America
CNBC Finance

Lucid begins 'operational reset' as CEO says EV maker will delay midsize vehicle

Lucid Group missed Wall Street's second-quarter expectations as the electric vehicle manufacturer conducts an "operational reset" amid leadership changes and cost-cutting efforts. Those plans include beginning non-prototype robotaxi production early next year and delaying its upcoming midsize vehicle that was expected at the end of this year until "most likely" the second half of 2027, Lucid CEO Silvio Napoli told CNBC on Tuesday. "We're not going to make the mistake of the past where products, great cars, were in fact tainted by launching before things were ready," he said. "I think it's going to be '27. ... Most likely the second half of '27." The company did not release updated 2026 guidance. Napoli, who started leading the automaker in June, previously suspended production expectations amid a reevaluation of Lucid's business operations. He told CNBC the company is "not ready" to give such guidance as Lucid resets investor expectations and has a new, incoming leadership team. Lucid also reduced production at its U.S. plant in Arizona from two shifts to one in June. "I want it to be anchored in solid data, and most of all, I want a guidance that I'm confident Lucid will be able to deliver on and possibly even do better than that. This takes time," he said. "I wanted to make sure that we align the reality with consensus, which is today based on outdated business model." Napoli did say the company's second-half production is expected to be lower than Wall Street's consensus and the first half of the year, while deliveries are expected to be higher than the first half of the year. The company also released broad details of an "operational reset" or "transformation program" that includes identifying $1.4 billion in cash flow improvement opportunities this year. They include approximately $600 million to $800 million in vehicle inventory, $500 million in capital expenditures, and $200 million in operating expenses, the company said. In addition to the cost-cutting, Lucid said the plan will broadly focus on three key areas: "cash and cost," "customer and quality" and "culture and team." More specifically, the company said its efforts will focus on its robotaxi program with Uber and Nuro; a factory that's under construction in Saudi Arabia; and its upcoming midsize vehicle. Lucid called the robotaxi initiative a "top priority." Napoli said the company's robotaxi plans continue, including the production of prototype vehicles based on the company's Lucid Gravity SUV instead of its midsize vehicle. He said the company expects to deliver about 100 of the preproduction vehicles by the end of the year to its partners, with actual vehicle production in the beginning of next year.

Lucid begins 'operational reset' as CEO says EV maker will delay midsize vehicle
Europe
The Guardian

US stock market hits record highs as AI profits pile and oil prices ease

A screen displays stock market index data as traders work on the floor at the New York Stock Exchange in New York City on Tuesday. Photograph: Jeenah Moon/ReutersView image in fullscreenA screen displays stock market index data as traders work on the floor at the New York Stock Exchange in New York City on Tuesday. Photograph: Jeenah Moon/ReutersStock marketsUS stock market hits record highs as AI profits pile and oil prices easeS&P 500 shot up 1.8% and the main measure of Wall Street’s health topped its prior all-time high set a few months ago The US stock market rallied to records on Tuesday as profits kept piling up for companies and as oil prices eased. The S&P 500 shot up 1.8%, and the main measure of Wall Street’s health topped its prior all-time high set a couple months ago. The Dow Jones industrial average added 907 points, or 1.7%, to its own record set the day before, while the Nasdaq composite jumped 2.6%. Palantir Technologies helped lead the way and surged 29.5% after its CEO, Alex Karp, said its overall revenue leaped 93% in what he called an “otherworldly” quarter. Besides reporting a stronger profit for the spring than analysts expected, the AI company also raised its revenue forecast for the full year of 2026. Caterpillar climbed 5.6% after the heavy-equipment maker likewise reported stronger profit and revenue than analysts expected. It was the first time Caterpillar made more than $20bn in sales and revenue in a quarter, and its CEO, Joe Creed, said it was seeing strong order rates and a growing backlog across its main businesses. Caterpillar is also benefiting from the AI boom through increased orders for turbines used to power datacenters, among other things. They are the latest companies to deliver even better profits for the latest quarter than investors expected, after strong results from Amazon, Microsoft and others. Coming into this week, companies in the S&P 500 index were on track to deliver growth of nearly 50% in earnings per share for the spring from a year earlier, according to FactSet. That would be the biggest such jump since 2021, when the economy was roaring back to life after cratering in the Covid-19 pandemic. With corporate profits up so much, when stock prices are still roughly where they were two months ago, stocks don’t look as expensive as they did before, according to Phil Segner, a co-portfolio manager at the Leuthold Group. Brent crude, the international standard, sank 5.3% to $79.36 per barrel as hope once again took over from fear in the oil market. It had swung sharply between $72 and $102 through July on uncertainty about when the war with Iran would allow oil tankers to freely exit the Gulf again to deliver crude around the world. The yield on the 10-year treasury fell to 4.62% from 4.70% Monday and from 4.75% at the end of last week. That’s a notable move for the bond market, though it remains well above its 3.97% level from before the war with Iran. Higher yields make it more expensive for all kinds of Americans to borrow money, from homebuyers looking for a mortgage to big companies looking to build AI datacenters. Stocks of computer chip companies also strengthened on Wall Street, where gains of 2.6% for Nvidia, 6.6% for Broadcom and 7.6% for Micron Technology were some of the strongest forces lifting the S&P 500.

US stock market hits record highs as AI profits pile and oil prices ease
Europe
BBC Business

Surprise fall in US jobs last month as slow summer continues

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished7 August 2026The US economy is creating fewer jobs than expected with the employment market performing weaker during the summer than previously thought, official figures show. There was a surprise shedding of 23,000 jobs last month, with declines driven by cuts in local government education and retail roles, despite analysts predicting growth. The Bureau of Labor Statistics also revised down the number of jobs added in May and June by 103,000, signalling a slow summer of job creation. Analysts said the latest figures could reduce pressure on the US central bank, the Federal Reserve, to raise interest rates next month, despite high inflation. Nancy Vanden Houten, lead economist at Oxford Economics, said expectations of interest rates being raised had been "scaled back", since the decision last month. US stock markets opened higher on Friday following the release of the latest jobs figures on the prospect that the weaker data might prevent any rate hikes. Analysts had expected an uptick in the number of jobs being added to the economy last month of 80,000, as opposed to a loss of 23,000. As well as falls in local government education there were also declines in retail roles, including in wholesale stores, hypermarkets, gas stations and general mechanise shops. Despite fewer jobs being created, the Bureau of Labor Statistics said the unemployment rate actually dipped to 4.1% from 4.2%, as the number of people in work or looking for work declined slightly. Average hourly earnings rose by 3.2% in the year to July, compared with the 3.5% economists expected, with average hourly earnings for all employees on private non-farm payrolls at $37.62. Payrolls do have a tendency to be softer in July, but chief investment officer of Premier Miton Neil Birrell said the US jobs market was weaker "by some distance". "Labour force participation is back at levels not seen since the days of Covid, meaning jobs just aren't being created," he said.

Surprise fall in US jobs last month as slow summer continues
Asia
The Hindu BusinessLine

Welspun Living shares gain 3% after strong Q1, brokerages retain buy

Welspun Living’s EBITDA margin improved to 12.5 per cent, up 140 basis points y-o-y and 170 basis points sequentially. Welspun Living shares closed with nearly 3 per cent gains after hitting a fresh 52-week high after the company reported strong Q1 results. The stock closed 2.65 per cent positive at ₹164.06 on the NSEafter hitting a 52-week high of ₹178 compared to the previous closing level of ₹159.83. During the quarter under review, the consolidated total income grew 23.5 per cent y-o-y to ₹2,828 crore, while EBITDA stood at ₹354 crore, with the margin improving for the third consecutive quarter. Welspun Living’s EBITDA margin improved to 12.5 per cent, up 140 basis points y-o-y and 170 basis points sequentially. Motilal Oswal expects Welspun’s core home textiles business to improve and grow at a 15 per cent CAGR over FY26-28, driving a better margin mix. Within home textiles, Bath is expected to grow in the high-teens, followed by high-single-digit growth in Bed and Rugs & Carpet. The brokerage expects the emerging business to grow at 17 per cent over the next couple of years. It expects revenue, EBITDA and PAT CAGR of 15 per cent, 44 per cent and 101 per cent, respectively, over FY26-28, led mainly by growth in the emerging business, followed by the home textile portfolio. Motilal Oswal raised its earnings estimates, citing better visibility, and reiterated its buy rating with a target price of ₹215. Key risks include customer and geographical concentrations, and commodity price movements. JM Financial said capacity utilisation across segments is expected to remain above 80 per cent in FY27, aiding operating leverage. It said the US Pillow business remains on track to double revenue to around US$60 million, with Ohio above 80 per cent utilised and Nevada fully operational since Jun’26. JM Financial expects UK business growth to remain in double digits, aided by the India-UK FTA and strong customer relationships. Flooring margin is expected to sustain above 10 per cent as the company increases its focus on soft flooring through partnerships. The brokerage said near-term gross margin could remain range-bound amid elevated raw-material costs, while Q2FY27 would see some impact from the Vapi floods, with management expecting Q3/Q4FY27 to remain unaffected. JM Financial maintained its buy rating with ₹205 as TP. Axis Securities maintained its buy rating and said Welspun Living remains confident of sustaining its operating momentum in FY27, targeting double-digit revenue growth and low-teens EBITDA margins, with a medium-term ambition of 15 per cent-plus margins.

Welspun Living shares gain 3% after strong Q1, brokerages retain buy
Asia
The Hindu BusinessLine

Over 68,000 students trained in semiconductor chip design under C2S programme

More than 68,000 students have been trained in semiconductor chip design and 254 chip designs have been successfully taped out under the government’s Chips to Start-ups (C2S) Programme as per the Ministry of Electronics and Information Technology. The programme is aimed at building an industry-ready talent pool and strengthening chip design capabilities in the country as India expands its domestic semiconductor ecosystem. In a release issued on Friday, the Ministry said, “More than 68,000 students have been trained under the programme so far.” The C2S Programme aims to generate 85,000 industry-ready professionals at B.Tech, M.Tech and PhD levels specialising in semiconductor chip design. The Ministry said the programme was initiated for “capacity-building across the country and to address the issue of workforce talent gap and chip design infrastructure in the semiconductor design area.” Apart from training students, participating academic institutions have successfully taped out 254 chip designs. Tape-out refers to the stage when a completed chip design is sent to a semiconductor foundry for manufacturing. “Participating institutions have successfully taped out 254 chip designs, comprising 175 designs at the 180 nm technology node at SCL, Mohali, and 79 designs at overseas semiconductor foundries,” the Ministry said. The government has also provided 332 academic institutions across the country with access to advanced Electronic Design Automation (EDA) tools used for designing and developing semiconductor chips. These include tools from companies such as Synopsys, Cadence, Siemens EDA, Ansys, Keysight, Silvaco and AMD-Xilinx, among others. The Ministry also highlighted semiconductor research projects being supported at academic institutions in Andhra Pradesh, including work on a secure RISC-V processor for cryptographic applications at IIT Tirupati and a hardware accelerator for high-performance computing and cyber-physical systems at IIITDM Kurnool. Other projects include an energy-efficient neuromorphic processor for edge Internet of Things applications at NIT Andhra Pradesh and a memory-efficient co-processing unit for edge artificial intelligence applications at Shri Vishnu Engineering College for Women, Bhimavaram. “The projects are currently at various stages of design and development,” the Ministry said, adding that depending on their scope and maturity, they are expected to progress towards prototype validation, including tape-out at semiconductor foundries wherever applicable. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Over 68,000 students trained in semiconductor chip design under C2S programme