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Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge

Paramount Skydance has agreed to delay its proposed acquisition of Warner Bros. Discovery to as late as June 2027 — a multi-month delay that will ultimately raise the deal price — as the tie-up faces a legal challenge. Last week, a group of state attorneys general led by California's Rob Bonta sued to block the deal over antitrust concerns. On Monday, a judge reviewing the case issued a temporary restraining order, delivering a near-term delay. Paramount had repeatedly said it intended to complete the transaction by the end of September. The agreement announced Friday says Paramount won't complete its acquisition until the court rules on the states' claims or until June 1, 2027, whichever comes first. "The result is exactly what we have sought from the outset: a direct path to a trial based on the evidence. This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached," the company said. "Plaintiffs' market definitions bear no relationship to the realities of today's marketplace and cannot withstand scrutiny. We look forward to proving our case at trial." Under the terms of its agreement, Paramount will owe Warner Bros. Discovery shareholders a "ticking fee" the longer the deal is delayed, starting Sept. 30. The fee, an additional 25 cents per share, per quarter until closing, could amount to roughly $650 million in cash value every quarter. A delay as long as June 2027 could add roughly $1.7 billion to the deal price. Should the deal fall apart entirely, Paramount would owe WBD a $7 billion breakup fee. Paramount and WBD agreed to combine in February after the David Ellison-led company outbid Netflix. The $110 billion deal would bring together two major Hollywood studios, two popular streaming services and a host of TV networks. In June, the antitrust division of the U.S. Department of Justice cleared the proposed merger. Earlier this week, European antitrust regulators likewise granted their approval for the deal. But U.S. state officials have raised concerns that the tie-up would reduce competition and result in job losses in the film industry. "Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse," Bonta said in a statement Friday. "Today's agreement is great news for audiences, movie theaters, and the many people who write, build, and create the art, news, and entertainment so many of us enjoy. We are eager to continue to make our case in court and celebrate another tremendous win in our effort to ensure this unlawful merger never sees the light of day." Get this delivered to your inbox, and more info about our products and services.

Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge
Asia
The Hindu BusinessLine

Q1 Results Today Live: BEL, Coal India, Tata Power, Canara Bank, Indus Towers, Coforge, HUDCO, Godfrey Phillips to announce Q1 results, Tata Consumer, Hindustan Zinc, IDFC First Bank & KFin shares gain, Shriram Finance, Zen Tech, Shakti Pumps decline

Two investors are working together with analyzing the stock data graphs in the paper and viewing the data on the laptop screen. | Photo Credit: wutwhanfoto Sensex gained 584.05 pts or 0.77% to 76,643.82 at 9.16 am after positive opening at 76,608.98 from the previous close of 76,059.77; and Nifty 50 was up 154.75 pts or 0.65% to 23,922.20. Ramco Systems shares hit the 10% lower circuit at ₹710.95 today, marking the biggest single-day fall since July 2022. Revenue grew modestly by 7.5% YoY to ₹173 crore, the slowest in recent quarters. EBITDA fell 11.7% YoY with margins shrinking to 14.4% (lowest in six quarters) due to a 23% rise in other expenses and lower other income. Despite a healthy unexecuted order book of $152.3 million and progress on AI initiatives, the weak quarterly performance triggered heavy selling. The stock is still up 25% YTD in 2026. 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.

Q1 Results Today Live: BEL, Coal India, Tata Power, Canara Bank, Indus Towers, Coforge, HUDCO, Godfrey Phillips to announce Q1 results, Tata Consumer, Hindustan Zinc, IDFC First Bank & KFin shares gain, Shriram Finance, Zen Tech, Shakti Pumps decline
Asia
The Hindu BusinessLine

Should investors subscribe to Lohia Corp’s IPO?

The IPO of capital goods player Lohia Corp is open for subscription until July 27 (Monday). It is entirely an offer for sale of shares worth about ₹1,100 crore. Promoters (20.4 per cent) and a few public shareholders (4.1 per cent) are set to offload stake totalling to 24.5 per cent. Promoters’ stake is expected to reduce to 75.2 per cent after the public issue, from the current 95.6 per cent. At the ceiling of the price band, the company is valued at a market cap of almost ₹4,500 crore or 22x trailing earnings. Given the company’s better growth and financial metrics among its capital goods peers (as identified in the RHP; doesn’t have a directly comparable peer in the listed space), the valuation does appear cheap. Peers include the likes of LMW (129x P/E), Jyoti CNC (54x) and Rajoo Engineers (20x) trading in a P/E range of 20-120x. However, in the light of risk factors detailed here and given the bearing that challenging geopolitics has on markets currently, we recommend investors to give this IPO a pass for now. Lohia Corp is a supplier of machines, operating within the broader technical textiles market. Technical textiles are engineered fabrics and have wide applications in packing materials, seatbelts, conveyor belts, tarpaulins, zippers, umbrella cloth, PPE kits, fire suits, bulletproof vests and others. The size of the technical textiles market is estimated at around $250 billion. Within this, the woven Raffia market accounts for about 30 per cent, estimated at about $74 billion. Raffia is a plastic resin-based fabric made from Polypropylene (PP) or High-Density Polyethylene (HDPE) used in the production of woven sacks (used in cement, fertiliser, food grain packaging) and FIBCs (flexible intermediate bulk containers). The material is known for its lightweight, durable and recyclable properties. By application, the global woven Raffia market is concentrated 84 per cent in packaging and the rest in non-packaging purposes such as tarpaulins, ropes, twines, roof underlayment and pond liners. By end-use industry, cement tops at 36 per cent, followed by food, agri produce, chemicals & fertilisers, and infrastructure at 26 per cent, 21 per cent, 7 per cent and 5 per cent, respectively. Lohia Corp is in the business of supplying machinery to the companies that operate in the above businesses. It is the second largest player globally in the woven Raffia machines market valued at about $1 billion, with a market share of 15 per cent. It is the market leader in India with a 41 per cent share. The company manufactures a wide range of machines right from those that extrude Raffia tapes from PP/ HDPE pellets, all the way to looms, print (printing logos, etc.) and recycle plastic waste back to pellets. In FY26, Lohia Corp derived 58 per cent of revenue from India and the rest from overseas markets. On an average (over FY24-26), revenue is equally split between domestic and overseas. Over FY24-26, Lohia Corp’s revenue and net profit have grown at CAGRs of 21 per cent and 159 per cent, respectively. Gross margin has been in a narrow 43-44 per cent range, but EBITDA margin has gone up from 9 per cent in FY24 to 19.5 per cent in FY26, evidently due to operating leverage. Similarly, PAT margin has expanded from 2.5 per cent to 11.7 per cent. Per the RHP, net debt to equity is 0.2x. However, on including the liquid mutual funds into cash, the company becomes net debt-free. It has generated positive free cash flows in all three fiscals presented. Overall capacity utilisation is at about 50 per cent. Fixed assets turnover ratio has increased from 2.9x to 4.4x and RoCE from 10.5 per cent to 40.9 per cent between FY24 and FY26. Order-book stands at ₹1,359 crore, as of FY26, at about 80 per cent of FY26 revenue. One, Lohia Corp is a leader in a market, which is not particularly large. The woven Raffia machines market valued at $1.06 billion, as of 2025, is projected to grow to $1.37 billion by 2030, barely compounding at 5.3 per cent (per the RHP). Two, the woven Raffia market is highly cyclical, mimicking the pace of broader economic activity. Almost 95 per cent of the market is concentrated in industries such as cement, agriculture, fertilisers and infrastructure which are vulnerable to economic slowdowns. Prospects for Lohia Corp will largely depend on capex cycles in the end-use industries and the long-expected useful life of the machines it supplies also do not help generate replacement demand. As said above, though the woven Raffia machinery market is forecast to reach $1.37 billion by 2030, it will still be at the same level as it was at the end of 2021 — $1.38 billion. Adjusting for inflation, the market would have barely grown in a decade, by 2030.

Should investors subscribe to Lohia Corp’s IPO?
Asia
The Hindu BusinessLine

Indo-MIM IPO: Should investors subscribe?

Indo-MIM manufactures precision engineering components using metal injection molding (MIM) technology. The company supplies components to automotive, defence, medical, consumer and aerospace industries. The IPO will be open till July 27. It comprises a fresh issue of ₹500 crore and OFS of ₹3,312 crore at the upper end of the price band; at this price, the company is valued at around ₹24,000 crore (44.6 times FY26 earnings). The company has reported a revenue of ₹4,193 crore in FY26 and a PAT of ₹533 crore with a strong growth of 21 per cent/37 per cent CAGR in FY24-26 owing to the expanding scope of MIM-molded parts in end-user industries. It is likely to sustain good growth in the medium term as well. But with premium valuations factoring in the high growth and macroeconomic uncertainty at elevated levels, we recommend investors skip the IPO and wait for a better entry point post listing. MIM is the process used to produce metal components which are high on complexity and volume required. This is in comparison to forging or stamping (high volume, low complexity), or machining (low volume, high complexity), or casting which is midway on complexity. The MIM process involves using thermoplastic binder and metal powders as feedstock. The feedstock is heated under high pressure and injected into a component mold. The binder is removed in a controlled manner, and the component further undergoes sintering for further processing. The MIM process scores over other methods on account of high geometric complexity, high volumes and low wastage. But it is limited to small components (less than 100 gram), which is a limiting factor. As per the RHP, the company has a global market share of 6.8 per cent in CY25 and is a market leader in MIM technology. It served 1,100 customers across the reported segments in FY26, of which around 90 per cent are repeat customers. In FY26, 77 per cent of revenues are from exports. The company has 15 plants, of which six are in India, six are in the US, two are in the UK and one in Mexico. As stated, with revenue CAGR of 21 per cent in the last two years, Indo-MIM should be able to sustain the strong growth as it is driven by new customer and existing customer expansion. The company generates nearly 10 per cent of revenues every year from new customers. As per the company, the new customers’ revenue contribution grows as the portfolio expands and through the years. The company reported supplying 6,400 components in FY26, which is twice the supply in FY21-22, as per the company. Indo-MIM’s ability to convert a higher number of components to MIM platform from others (forging, machining or casting) is gaining traction and will be the primary driver for the company. It also offers casting, machining and 3D-printing. These are services to complement the MIM platform. The 3D-printing platform is gaining traction, as this allows the company to reduce the pre-validation time (usually three-six months for a new component) to just a week. The company has acquired the 3D-printing infrastructure, which also involves de-binding and sintering, common to MIM platform and relies on company expertise. Consumer products account for 11 per cent of FY26 revenues, and with Indo-MIM exploring relationships with Chinese electronics companies, it could be a strong driver for the company to access the industry. Indo-MIM reported strong EBITDA margins of 25 per cent in FY26, which declined 140 bps from the previous two-year average (FY24-25). This was owing to product mix changes and raw material cost inflation. The company has a capacity utilisation of 30-40 per cent across its 15 plants. As it improves the volume of operations, the scope for margin expansion also improves, driven by the operating leverage. The other lever for margin improvement is backward integration. The company manufactures steel powder that it uses along with the binder in the MIM process. It will also be manufacturing iron powder, which is also a raw material for binders. This should increase the use of raw materials developed in-house from 40 per cent to 60-70 per cent and support margins. Indo-MIM has a net-debt to EBITDA of 0.6 times in March 2026 or net debt of ₹620 crore. From the fresh proceeds of ₹500 crore, the company plans to repay ₹400 crore of debt, which will lower the interest cost, post-IPO. Indo-MIM has also completed the three minor acquisitions (acquisition price of $10-15 million) in the last three years to expand the customer profile (aerospace, medical devices and 3D-printing).

Indo-MIM IPO: Should investors subscribe?
Europe
The Guardian

Corporate America may be using AI to cut jobs, but small businesses are using it to keep them | Gene Marks

Rather than replacing workers, AI is being used by small businesses to help their employees work better. Photograph: Aitor Diago/Getty ImagesView image in fullscreenRather than replacing workers, AI is being used by small businesses to help their employees work better. Photograph: Aitor Diago/Getty ImagesReworkedUS small businessCorporate America may be using AI to cut jobs, but small businesses are using it to keep themGene MarksReports of wide-scale replacement of workers by AI are overblown. Small businesses use it to help workers About this contentSun 26 Jul 2026 08.00 EDTLast modified on Mon 27 Jul 2026 09.51 EDTShareI recently met the owner of a company that sells windows and doors. He told me he invested about $10,000 in an AI application that is used by his salespeople in his showroom. The application listens to the conversations between the salesperson and the prospective customer and then automatically creates a quote for the salesperson to review and send. “It allows my salespeople to talk to more customers and spend less time doing paperwork,” he said. “And it cuts down on errors.” Another businessperson I know connected Claude to a folder containing the specifications, manuals, instruction guides, technical sheets and other documentation for the equipment her company sells. She says that her customer-support team can now ask Claude questions on any issue and get quick answers. Her next step is to roll out the platform to her customers. There are many more projects like these under way. Last year, most small businesses were using AI to get answers to questions, review contracts, create policies and rewrite emails. Now they’re starting to move into real-life applications that are showing true return on investment. The AI story on Main Street seems so far to not be mass layoffs. It is exhausted owners using technology to help scarce employees do more work, make fewer mistakes and serve more customers. Since mid-2021, the Department of Labor has reported an overall 9% increase – not decrease – of people employed. If you don’t believe the government, then read the numbers from HR and payroll processors such as ADP, Gusto and Paychex, who all report continued job gains among their customers – especially their smaller customers – during the same period of time. Gusto says that small businesses are expected to hire about 974,000 recent grads ages 20 to 24 in the 2026 season, up from 962,000 in 2025. There are almost 7.6m job openings this month, an increase from pre-Covid levels and most predominantly at small businesses. And recent surveys from numerous outlets have found that most small businesses – who employ half of the country’s workers – are not only optimistic about their growth but plan to hire more people in the coming months. AI is not replacing people. And, despite media reports and the warnings from pundits, academics and experts, it’s not going to, at least for small companies. Why? For starters, there just aren’t enough people to do the work that needs to be done. The US workforce is expected to significantly decline over the next decade, thanks to an ageing population and a slowdown in birthrates. Immigrant workers who perform much of our services are in short supply. Robot technology – even if a smaller company could afford them – is years away from installing dishwashers, fixing HVAC systems, laying pipes and putting up drywall. The construction industry is desperate for workers. Business owners now view AI as something that can help their workers do their jobs better while they’re easing into retirement. People also adapt. It’s insulting when those experts say that millions will be unemployed, as if humans will just retreat into their darkened living rooms, collect some form of universal income check and watch Netflix all day. Humans aren’t like that. When the tax code was first released in 1913, there were only a few dozen pages. Today it’s grown to tens of thousands. Twenty years ago, jobs like “social media manager”, “mobile app developer”, “executive coach”, “SEO specialist” and even “cannabis compliance manager” didn’t even exist. With all the automation and technology around us, how many times do you hear that someone is “slammed” or “hasn’t taken a vacation in years”? People want purpose and want to feel needed. They want to be busy. I believe humans will find plenty of other productive things to do with our time. Maybe the recent surge in entrepreneurship is indicative of that. Also, it’s going to take a while to trust AI. My clients don’t. They don’t believe big tech’s promises that their data is protected and private when we regularly read of breaches and models trained on private information. They wonder if, by using AI platforms, their pricing, costs and other proprietary information are being exposed for others to see. They’ve been burned by bugs, errors, shutdowns and disruptions before caused by unreliable technology, and they’re not stupid when today’s big tech companies cover up their tracks by saying these are just “hallucinations”. Please. There’s a long way to go before business owners in particular are going to let some bot process their invoices, collect receivables, interact with irate customers or be responsible for shipping products without human oversight.

Corporate America may be using AI to cut jobs, but small businesses are using it to keep them | Gene Marks
Europe
BBC Business

Water supply issue affects Gatwick Airport

Both terminals at Gatwick Airport are being affected by a water supply issue, with toilets reported to be out of order and restaurants closed. In a statement on X, the airport in West Sussex apologised for the disruption, external and said a problem in the Horley area was affecting supplies and was under investigation. Bottled water is being made available to passengers and staff and contingency measures have also been put in place, it said. SES Water, which covers parts of Kent, Surrey and south London, as well as the airport, said it was working to restore normal service. A spokesperson for the water company said: "Due to a number of complications caused by a power outage at our Bough Beech Water Treatment Works, some customers are experiencing low water pressure or a temporary loss of supply. "We are working to overcome those complications and return the treatment works to supply as quickly as we can." She confirmed Gatwick Airport was affected, adding: "We are working with them while our teams work to restore normal service as quickly as possible." Follow BBC Sussex on Facebook, external, X, external, and Instagram, external and listen to BBC Radio Sussex on Sounds. Send your story ideas to southeasttoday@bbc.co.uk, external or WhatsApp us on 08081 002250.

Water supply issue affects Gatwick Airport
Europe
The Guardian

Oil prices near $100 a barrel after US attacks Iran and Houthis hit tankers in Red Sea – as it happened

Higher oil prices because of the resumption of US attacks on Iran and the spread of the conflict to the Red Sea are forcing up the cost to drivers at petrol pumps, according to the latest UK figures. The average price of petrol in the UK has risen to 155.57p per litre, up from 150.59p on 6 July, according to the RAC, a motoring services company. Diesel is up to 172.14p, after having fallen as low as 164p when it appeared that the US and Iran might be reaching a truce. Renewed US strikes on Iran for 12 days in a row, and new attacks on Saudi oil tankers by Yemen’s Houthis, have put paid to any hopes of peace in the near term. Brent crude prices rose by $4.50 as high as $98.88 on Thursday – leaving them just shy of the $100 mark not seen for nearly two months. Fuel prices are shooting up like a rocket on the back of oil being above $90 for the last days. The average price of diesel has gone up almost 8p, or 5%, to 172.14p a litre in the last fortnight, while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase. All the cuts of the last few months are sadly being reversed, with the price of unleaded now heading back up towards 160p and diesel to a shocking 180p. If petrol was to climb to 160p, it would surpass its Iran war high of 159.53p, seen on 28 May. Unless the renewed conflict is brought to an abrupt end soon, it’s looking like UK drivers are going to suffer some stinging summertime pump prices. Petrol prices are up by 17% compared with before the US-Israeli attacks on Iran, according to the RAC. Photograph: RACIn other business news from today: Thanks for following today, and please do join us tomorrow for more live coverage of business, economics and financial markets. JJ

Oil prices near $100 a barrel after US attacks Iran and Houthis hit tankers in Red Sea – as it happened
Asia
The Hindu BusinessLine

Russian supply disruption poses fresh risk to India’s August crude imports; Red Sea remains the second key variable

India’s crude oil imports in August face a fresh risk from Russia, with uncertainty mounting over crude loadings from the Black Sea port of Novorossiysk following Ukrainian attacks on key export infrastructure. The volume of imports during the month will also depend on the safe passage of Saudi Arabian barrels through the Bab el-Mandeb (BeM) strait. While refiners and traders do not expect an outright supply disruption, they warn that slower deliveries, higher freight costs and shrinking discounts on Russian crude could inflate India’s oil import bill, particularly at a time when the rupee remains weak against the US dollar. Russia has emerged as India’s largest crude supplier over the past three years, accounting for as much as 50 per cent of the country’s imports as refiners increasingly relied on discounted Urals crude after Western sanctions. Any disruption to these supplies therefore carries outsized implications for Indian refiners, many of whom have reconfigured their sourcing around Russian barrels. “As we speak, there are two developing scenarios important to track. First, crude oil (Urals grade) loadings from Novorossiysk port considering attacks by Ukraine on the Sheskharis terminal. Besides, traders are not offering discounts for September loadings. So, barrels will be there, but there will be a price,” said a trade source. According to Kpler, the key uncertainty is whether Russia can sustain export volumes amid continued Ukrainian attacks on its upstream and downstream infrastructure. Russia’s crude exports in July have already declined by around 400,000 barrels per day month-on-month. Sheskharis, Russia’s largest crude export terminal, accounts for nearly 20 per cent of the country’s seaborne crude shipments. The concern for India is less about physical availability than pricing. If Russian exporters trim discounts or shipments, Indian refiners will either have to pay more for Russian crude or replace some of those barrels with costlier cargoes from other suppliers, pushing up procurement costs and the country’s import bill. The second variable is the continuing threat by Houthi rebels to Saudi Arabian crude exports transiting the Bab el-Mandeb strait. “The threat has already impacted supply from there. Although the Saudis are using Egypt’s Sidi Kerir terminal on the Mediterranean coast, it also increases costs,” the same source said. According to Equirus Securities, tankers can avoid the Bab el-Mandeb by taking alternative routes through the Suez Canal and the Mediterranean, but doing so could add nearly a month to voyage times. Longer journeys keep vessels tied up for extended periods, reduce tanker availability and significantly raise freight and insurance costs. Freight and insurance charges, which averaged $4-5 per barrel before the conflict, have now climbed to $13-15 per barrel. An official with a domestic refiner said the expectation is that both Russian and Saudi barrels will continue to be available, but logistics are becoming increasingly “tricky”. “Saudi Arabia usually supplies crude through VLCCs, but bypassing the traditional Red Sea route and exporting via Sidi Kerir adds to both voyage time and transportation costs,” the official said. The geopolitical tensions have already begun influencing global oil prices. According to S&P Global Commodity Insights, mounting concerns over disruptions to Red Sea shipping helped push Brent crude futures above $100 per barrel on July 23.

Russian supply disruption poses fresh risk to India’s August crude imports; Red Sea remains the second key variable
Europe
BBC Business

Primark's new 'supermarket tactic' to woo customers in online price war

It is something I keep hearing shoppers say when I ask them whether they shop at the fast-fashion giant. "It's definitely got more expensive," says 19-year-old student Eshal Malik as she browses the jewellery at Primark with a friend. But that might be about to change. Primark said on Monday that it was lowering prices on hundreds of clothing items, including jeans, jumpers and socks. "It's the kind of headline you'd expect from M&S or Next," says retail analyst Natalie Berg, explaining that price cuts like this from such a low-cost retailer are surprising. "You don't want to join a race to the bottom," she says. "But when Shein is selling dresses for £3, you've got to respond, right?" Primark, which has more than 190 UK stores, has been experiencing a drop in like-for-like sales, a key measure in the retail industry. Increases to the price of fabric, minimum wages, shipping and energy costs and a focus on higher standards overall has contributed to the rising price of clothes for the likes of Primark in recent years. The announcement of price cuts comes ahead of parent company Associated British Foods' plan to spin off the business onto the London stock market next year. The level of competition among fashion retailers has "evolved dramatically" over the past few years, and Chinese online marketplaces Shein and Temu are now competing for Primark's customers, says Berg. But there is also competition from other online retailers like TikTok Shop and Vinted, she says. By slashing prices on some core items, Primark is likely hoping to woo shoppers with low-cost staples, in the same way that supermarkets attract customers with cheap milk and bananas, Berg says. When Tasneem Jafar wants to buy new clothes, the first place she looks is Primark.

Primark's new 'supermarket tactic' to woo customers in online price war