Latest Developments

Asia
The Hindu BusinessLine

FSSAI suspends license of Westend Agro Products and Rehaan Healthcare

The Food Safety and Standards Authority of India (FSSAI) has suspended the licence of Westend Agro Products Pvt Ltd after observing serious food safety violations during inspection of its premises. Recently, the food safety regulator has also suspended licence of Rehaan Healthcare after finding serious non-compliances during the inspection of its health supplements and nutraceuticals manufacturing unit. In a social media post, FSSAI said it received a complaint regarding alteration of manufacturing and packing dates, fraudulent re-labelling and sale of misbranded food products at the premises. Inspection revealed Westend Agro Products and Westend Corporation were operating from the same premises. “Several food products were found with altered manufacturing dates, expiry dates, batch numbers and misleading label declarations. Printing machinery, stamps, solvents and other materials allegedly used for altering mandatory food label information was also found during the inspection,” FSSAI noted. Westend Agro Products owns brand Organic Shastra and the food safety regulator said that packaging materials, labels and printed wrappers bearing misleading declarations including “Organic” claims were recovered. “Deliberate forgery and alteration of mandatory labelling information and sale of food with false or misleading labels, pose a direct threat to consumers and public health. The food products are, therefore, prima facie considered unsafe,” it added in its post. Therefore, the state FSSAI licence of Westend Agro Products Pvt Ltd has been suspended with immediate effect. On Friday, the food safety regulator announced that the FSSAI licence of Rehaan Healthcare has been suspended and has been directed to cease all food business activities until all deficiencies are rectified and compliance is verified. The company’s health supplement and nutraceutical unit was manufacturing digestive syrup, multivitamin syrup and other syrup-based food products. “The manufacturing premises were found to be extremely unhygienic and unorganised. Sediments of filth and sludge accumulated under the manufacturing tank, disorganised storage of raw materials and poor housekeeping created a serious risk of cross-contamination,” FSSAI said in a social media post. “As the unit manufacturers health supplements and nutraceuticals, a high-risk category of food consumed by children and other vulnerable groups, the unhygienic conditions and the failure of food safety poses a serious and imminent threat to public health,“ it added. Meanwhile, the FSSAI also said that an adjudication order has been passed against Sopan Restaurant following analysis of a Nova Flavoured Double Toned Milk sample collected from Pantry Car No. 15904 (Chandigarh - Dibrugarh Express). The State Public Health Laboratory, Assam, declared the sample as substandard in its report. “Strict regulatory action has been taken following the testing of a food sample collected from train services in Chandigarh - Dibrugarh Express,” it said in a social media post. A penalty has also been imposed following this incident. 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.

FSSAI suspends license of Westend Agro Products and Rehaan Healthcare
North America
Yahoo Finance

XYLD Versus SPY: The 28% Price Return Gap Nobody Discusses

The Global X S&P 500 Covered Call ETF (NYSEARCA:XYLD) pays income the way a landlord collects rent on someone else’s future gains. XYLD sits on the S&P 500 and sells one-month at-the-money call options against it, then hands the premiums back to shareholders every month. That mechanic has produced a trailing 12-month payout of $4.2378 per share, roughly a 10.3% yield on a $41 share price. The question every XYLD holder should be asking is whether that check stays this size, and the answer is: the distribution is structurally reliable, but the number attached to it is not. XYLD holds the S&P 500 and writes standard covered calls on the index each month. When those options expire worthless (the market stayed flat or fell), the fund keeps 100% of the premium and passes most of it through as a distribution. When the market rallies past the strike, the fund gives up that upside above the cap in exchange for the premium it already collected. Global X charges 0.6% for the wrapper, on top of a fund with $3.1 billion in net assets as of April 2026. The dividend, then, is really an option-premium pass-through. It cannot “get cut” the way a company slashes its payout. It floats month to month with implied volatility. Look at the monthly stream and the pattern is obvious. During the March 2026 volatility spike (VIX peaked near 31), XYLD’s March distribution came in at $0.3905 and May’s followed at $0.4012. Compare that with the sleepy tape of late 2025, when VIX bottomed near 13 and the September 2025 distribution shrank to $0.3016. Higher fear equals fatter premiums equals bigger checks. The current VIX print near 17 sits right around the 12-month median, meaning premiums are middling. That is why the forward annualized estimate of $4.0836 runs modestly below the trailing figure. Full-year totals confirm the swing: $5.0447 in the volatile 2022 tape versus $4.1708 in 2025. Same fund, same strategy, different regime. The income comes at a real price. Over the last year, SPDR S&P 500 ETF Trust (NYSEARCA:SPY) delivered a total price return of 20%. XYLD, with distributions reinvested implicitly, returned 17% on price, and its five-year price gain of 45% trails SPY’s 73%. The covered-call cap ate roughly a third of the upside in a strong bull tape. That is the structural cost of turning capital appreciation into monthly cash. There is also the Treasury alternative. The 10-year is yielding 4.6%, so XYLD’s income premium over risk-free is still real, roughly 5.5 percentage points, but investors are earning it by absorbing full equity drawdowns with only a small volatility cushion. XYLD’s distribution is safe in the sense that will not fail. It is a mechanical pass-through governed by option premiums, and the fund has paid monthly without interruption for years. The risky assumption is expecting a fixed 10% yield to persist. Model your income at the forward estimate of roughly $4.08 per share and treat anything above that as a volatility bonus. If you want equity income with more room to grow the principal, a lower-yielding dividend growth fund like Schwab U.S. Dividend Equity ETF (NYSEARCA:SCHD) hits a different point on the same tradeoff. XYLD makes sense for retirees and income-first investors who need consistent monthly cash and accept muted upside. It works less well as a total-return vehicle in a market that keeps grinding higher.

XYLD Versus SPY: The 28% Price Return Gap Nobody Discusses
Europe
BBC Business

Chinese firm seeks compensation over British Steel nationalisation

Image source, PA MediaByRachel Clun, Business reporter and Meghan Owen, Business correspondentPublished1 hour agoThe former owner of British Steel has said it will pursue the British government for compensation after the loss-making firm was nationalised. The UK took control of the Scunthorpe steelworks a year ago after China's Jingye Group said it planned to close the site because it was not financially viable, and fully nationalised the plant on Thursday. In a statement on Sunday, Jingye said it will seek "full compensation through legal means to the very end" over the UK's move. A government spokesperson said draft compensation regulations due to be released in the autumn will set out a compensation process through which an independent assessor "would determine what, if any, is payable". Jingye bought the Lincolnshire steel plant in 2020, but in March last year the firm launched a consultation on its closure saying the plant was losing £700,000 a day. The government took control of British Steel operations in April 2025, but until this week it remained under Jingye's ownership which limited the government's ability to shape the firm's future. On Thursday the UK government said it was taking the firm into public hands in order to safeguard a "vital national capability", giving the government the power to decide the plant's future. The decision to nationalise British Steel has threatened to strain the relationship between London and Beijing just as Andy Burnham prepares to enter Downing Street as prime minister on Monday. China hit out at the nationalisation of British Steel on Friday, saying it "firmly opposes and is strongly dissatisfied with the British government's decision". China's commerce ministry said the move "seriously infringed" upon Jingye's rights and interests, and "severely undermined the confidence of Chinese companies investing in the UK". The statement added that Beijing would support Chinese firms to protect their rights, but did not detail what that might involve. A UK government spokesperson said on Friday that commercial negotiations with the Chinese steelmaker had failed to reach an agreement "that represented value to the taxpayer".

Chinese firm seeks compensation over British Steel nationalisation
Asia
The Economic Times

10 midcap stocks with massive upside potential up to 70%! Do you own any?

Analyst forecasts are more than just numbers, they provide a forward-looking perspective on market potential. For investors looking for the next breakout opportunities, a fresh analysis of BSE Mid-Cap stocks reveals several compelling prospects.Based on market analysts' consensus estimates, Trendlyne data indicates that several midcap stocks are expected to deliver strong returns over the next 12 months. This projected upside reflects the average anticipated gain during this period, offering a data-driven roadmap for investors exploring high-potential midcap opportunities. We highlight 9 standout midcap stocks with an estimated upside potential ranging between 35% and 70% in the coming year. Patanjali Foods is currently trading at Rs 340. Based on analyst estimates, the stock has a target price of Rs 588, indicating a potential upside of 72.68%. Among the 4 analysts covering the stock, the consensus rating is Strong Buy. Gujarat Energy is currently trading at Rs 265.45. Analysts have set a target price of Rs 427, implying a potential upside of 60.90%. Out of 28 analysts covering the stock, the consensus rating is Buy. AWL Agri Business is currently trading at Rs 188.16. The consensus target price stands at Rs 267, suggesting a potential upside of 42.10%. Among 6 analysts tracking the stock, the consensus rating is Buy. Crompton Greaves is currently trading at Rs 250.15. Analysts have given a target price of Rs 344, reflecting a potential upside of 37.50%. Of the 34 analysts covering the stock, the consensus rating is Strong Buy. Max Financial is currently trading at Rs 1,515.50. Based on analyst estimates, the stock has a target price of Rs 2,065, implying a potential upside of 36.30%. Among 26 analysts covering the stock, the consensus rating is Strong Buy. Indian Railway Catering is currently trading at Rs 495.05. Analysts have set a target price of Rs 674, indicating a potential upside of 36.20%. Out of 9 analysts tracking the stock, the consensus rating is Buy. Vishal Mega Mart is currently trading at Rs 108.04. The consensus target price is Rs 147, suggesting a potential upside of 36.20%. Among 18 analysts covering the stock, the consensus rating is Strong Buy. Go Digit Insurance is currently trading at Rs 256.20. Based on analyst estimates, the stock has a target price of Rs 346, implying a potential upside of 34.90%. Out of 10 analysts covering the stock, the consensus rating is Buy. Sun TV Network is currently trading at Rs 486.90. Analysts have given a target price of Rs 655, indicating a potential upside of 36.30%. Among 11 analysts tracking the stock, the consensus rating is Buy.

10 midcap stocks with massive upside potential up to 70%! Do you own any?
Europe
BBC Business

Is Burnham promising a new dawn for North Sea oil and gas?

Image source, PA MediaByKevin KeaneScotland energy correspondentPublished19 July 2026, 08:58 BSTUpdated 1 hour agoThe final weekend before Andy Burnham enters Downing Street is being dominated by suggestions he'll announce plans for new drilling in the North Sea. On Saturday, the BBC reported the in-coming prime minister would stick to the party's 2024 manifesto pledge to issue no new oil and gas licences but would honour existing ones. That line has been confirmed as the hours count down to the Burnham premiership. Speaking on Sunday with Laura Kuenssberg, Labour's deputy leader Lucy Powell said Burnham would stick to the party's manifesto commitments, but there would be a "change of emphasis" on North Sea oil and gas. "We've been really clear that the way to achieve in the long term energy security and lower bills is by ensuring that we do have our own homegrown, clean, much cheaper energy," she said. "But we've been absolutely clear that North Sea gas and oil is an important part of that transition. "It's an important part of the mix, and I think what Andy's talking about is taking a more pragmatic approach and working with the industry to make sure that it can contribute to that [energy] transition and to the mix that is needed over the long term." Just how all this is squared up will, hopefully, become clear in the coming days and weeks. There is one thing we can be confident about now - the new prime minister won't be confirming approval for the controversial Rosebank and Jackdaw fields on day one in the job. The operators of those fields were given the go-ahead by the previous Conservative government but those decisions are having to be reconsidered because of a successful legal challenge. Environmental groups Greenpeace and Uplift argued that ministers had not considered the full climate impact from burning fossil fuels which the fields would produce. Despite both sites having production facilities in place, a lengthy process is still underway by the Offshore Petroleum Regulator for Environment and Decommissioning (Opred).

Is Burnham promising a new dawn for North Sea oil and gas?
Asia
The Hindu BusinessLine

TCS, Infosys, HCL Tech, Wipro and Tech Mahindra: IT’s a chasm between management and investors

A relentless stock rout reflects an unanimously negative market sentiment on IT services stocks. As another lacklustre earnings season from IT services companies concludes, the contradictions between managements and investors have already been starker. From global industry leader Accenture, which reported results last month, to Infosys, which reported last week, managements remain steadfast in arguing that AI is a tailwind for the industry, judging by their commentary during earnings calls. They have maintained this view for nearly three years. That none of this optimism has translated into the financial numbers is another matter altogether. Meanwhile, a relentless stock rout reflects an unanimously negative market sentiment on IT services stocks. Investors, who initially drank the Kool-Aid after ChatGPT’s launch, are now nursing a hangover, demanding credible proof that AI will actually drive growth for IT services companies. A week prior, Anand Mahindra, Tech Mahindra Chairman, tried to bridge this trust deficit while speaking at the company’s annual general meeting when he said, “The role of IT services will not diminish. It will change. In many ways, it will become more important.” However, the evidence points in the opposite direction. IT services have occupied a relatively smaller share of global technology budgets over the past three years, and forecasts suggest that the trend is unlikely to reverse anytime soon. The USD revenue growth estimate for next two years (FY26-28) for IT majors — TCS, Infosys, HCLTech, Wipro and Tech Mahindra — remains muted at a CAGR of 1.8, 1.9, 2.7, 0.2 and 3.8 per cent, respectively (Bloomberg consensus estimate). Who is right? To answer that, investors should revisit the industry’s previous disruption and the transformation that followed. The successful shift from the legacy-focused business to a digital- and cloud-led one in the previous decade is often cited as a proof to convince the naysayers this time. But a closer analysis of the transition indicates there are two sides to it. The last 15-16 years can broadly be divided into four phases: FY10-15 (Phase 1), when outsourcing accelerated as global corporations cut costs after the global financial crisis; FY15-18 (Phase 2), when the digital and cloud disruption unsettled the industry and growth slowed; FY18-23 (Phase 3), when the transition was largely complete and digital business thrived (Covid notwithstanding); and FY23-26 (Phase 4), when AI has triggered the most disruptive technological shift yet. While success of the industry in adapting to the structural technology shift in the previous decade is commendable, what also stands out is the impact it has had on growth and margins.

TCS, Infosys, HCL Tech, Wipro and Tech Mahindra: IT’s a chasm between management and investors
Asia
The Hindu BusinessLine

What they say on their India plans

With India being the fastest growing large economy, ‘what is your India plan?’ is a common topic in boardrooms of most global corporations. One important source to distil their India plans is from their quarterly earnings calls. This column will present what CXOs of global corporations are saying about India, along with their perspectives and plans during the current earnings season. With the June quarter earnings season in progress, here are some from companies that reported their earnings last week. The injectable drug-packaging company identified India as its second-fastest-growing market, supported by new biosimilar approvals and increasing demand for GLP-1 products. “India is currently our second-largest geographic growth engine after China. Growth is broad-based but led by generic and biosimilar GLP-1 products, where we are participating in several newly-approved Indian programmes and will scale alongside our customers.” The aerospace major opened a helicopter assembly line in India to expand capacity and serve rapidly-growing civil and military demand. “We opened a new assembly line in India as helicopter demand accelerates across both civil and military markets. The facility expands our production capacity and adds India to our global assembly footprint alongside France, Germany, the US and Brazil.” The automotive component supplier is expanding Indian manufacturing for electric powertrains and camera systems, targeting a three-fold increase in local sales by 2028. “We are investing in a new 3-in-1 e-Axle production line for Mahindra and a high-definition surround-view camera line for local OEMs. We expect India sales to reach €700 million by 2028, three times the 2024 level, and remain on track.” The consumer goods major expects India to remain a key growth driver, sustaining double-digit growth even as favourable sales-tax comparisons begin to normalise. “India continues to benefit from the sales-tax change, although this tailwind will begin to lap in Q3 and comparables are becoming tougher. Nevertheless, we still expect double-digit growth and see India as an important growth driver.” The diversified industrial company reported a seventh consecutive quarter of double-digit growth in India, supported by expanded sales coverage and a dedicated local organisation. “India led double-digit growth across Asia, extending its growth streak to seven consecutive quarters. Increased sales coverage and a hybrid organisational model combining global business groups with a dedicated India-based team are driving the performance.” The beverage-can manufacturer plans to invest approximately $250 million in a new Indian plant with two high-speed production lines, supported by long-term customer commitments.

What they say on their India plans
Asia
The Economic Times

Mutual fund NFOs: 5 new funds will open for subscription this week. Check dates and key details

Five new funds will open for subscription this week. Fund houses introduce new schemes to complete their bouquet of existing offerings. Here is a detailed break-up (Source: ACE MF). These five funds will be passive in nature. Of the total, four will be ETFs and one will be a FoF (domestic). Invesco India Nifty Bank ETF and Invesco India BSE Sensex ETF open for subscription on July 28 and close on August 11. The minimum investment amount in both funds will be Rs 5,000. SBI Nifty Midcap 150 Momentum 50 ETF FOF opens for subscription on July 27 and closes on August 5. The minimum investment amount will be Rs 5,000. Edelweiss BSE LargeMid (60:40) Stable Dividend 50 ETF opens for subscription on July 27 and closes on July 29. The minimum investment amount will be Rs 5,000.

Mutual fund NFOs: 5 new funds will open for subscription this week. Check dates and key details
Asia
The Economic Times

Equity mutual funds delivered up to 7% return last week, international funds lead. Check top 5 with over 2% gain

Equity mutual funds delivered up to 7% return in the past week (July 20 to July 24), with international funds leading the performance chart. Here are the top 5 performers with gains of over 2% (Source: ACE MF). Nippon India Taiwan Equity Fund posted the highest return of around 6.56% during the period. Kotak Global Emerging Market Overseas Equity Omni FOF generated a return of 4.26% in the same period. DSP World Mining Overseas Equity Omni FoF reported a return of 3.84% in the same period. PGIM India Emerging Markets Equity FoF delivered a return of 2.89% during the mentioned period. The remaining 607 funds delivered returns ranging between -3.61% and 1.62% in the same period.

Equity mutual funds delivered up to 7% return last week, international funds lead. Check top 5 with over 2% gain