Latest Developments

Asia
The Economic Times

Multibaggers: 8 stocks rallied over 20% in each of the last three July-September quarters

It is always useful to keep an eye on interesting market trends. As we step into the July-September quarter, we looked back at history to identify stocks that have consistently delivered strong returns during this period. Our analysis reveals that 15 stocks with a market capitalisation of over Rs 1,500 crore have gained more than 20% in each of the last three July-September quarters. We then examined their performance over the past year, and the results were equally impressive. Eleven of these 15 stocks have surged between 50% and 200%, with eight delivering multibagger returns. The data suggests that seasonal strength, when backed by sustained momentum, can help uncover stocks with the potential to outperform. (Data Source: ACE Equity) The stock has rallied 206% over the past year, rising from Rs 101 to Rs 309.July-September quarter performance: 2023: 20% | 2024: 29% | 2025: 137% The stock has rallied 194% over the past year, rising from Rs 781 to Rs 2,294.July-September quarter performance: 2023: 31% | 2024: 29% | 2025: 53% The stock has rallied 182% over the past year, rising from Rs 15 to Rs 41.July-September quarter performance: 2023: 26% | 2024: 21% | 2025: 47% The stock has rallied 155% over the past year, rising from Rs 1,070 to Rs 2,726.July-September quarter performance: 2023: 106% | 2024: 55% | 2025: 51% The stock has rallied 111% over the past year, rising from Rs 13 to Rs 28.July-September quarter performance: 2023: 28% | 2024: 99% | 2025: 122% The stock has rallied 105% over the past year, rising from Rs 609 to Rs 1,246.July-September quarter performance: 2023: 117% | 2024: 42% | 2025: 21% The stock has rallied 105% over the past year, rising from Rs 409 to Rs 838.July-September quarter performance: 2023: 29% | 2024: 22% | 2025: 21% The stock has rallied 100% over the past year, rising from Rs 21 to Rs 41.July-September quarter performance: 2023: 47% | 2024: 28% | 2025: 119% The stock has rallied 74% over the past year, rising from Rs 1,663 to Rs 2,896.July-September quarter performance: 2023: 21% | 2024: 26% | 2025: 31% The stock has rallied 55% over the past year, rising from Rs 12,006 to Rs 18,630.July-September quarter performance: 2023: 30% | 2024: 66% | 2025: 22%

Multibaggers: 8 stocks rallied over 20% in each of the last three July-September quarters
Europe
BBC Business

Burnham likely to replace Reeves if he becomes PM

Image source, EPAByHarry Farley, Political correspondent and Jennifer McKiernan, Political reporterPublished24 June 2026, 04:35 BSTUpdated 3 hours agoAndy Burnham is expected to replace Rachel Reeves as chancellor and offer her a more junior cabinet position if he becomes prime minister, the BBC understands. A spokesperson for Burnham said no decisions had been made about who he would appoint. The MP for Makerfield is the only candidate to have emerged so far for the Labour leadership, and has met Prime Minister Sir Keir Starmer for talks as he prepares for a likely entry to No 10. Senior Cabinet minister Darren Jones ruled himself out of the running for the leadership on Wednesday, and if there are no other candidates, Burnham could become prime minister by 17 July. The biggest decision Burnham will make as he begins to sketch out a possible cabinet is who will be his chancellor, and most Labour MPs assume Reeves will not continue in that role. As first reported by the Financial Times, external, she is expected to be offered a more junior cabinet position. A close ally of Burnham told the BBC: "Andy really respects Rachel and I'm confident he'll want her in his top team." It is unclear who might replace Reeves as chancellor, with Ed Miliband, Wes Streeting, John Healey and Yvette Cooper among the names mooted. James Purnell, who served as a minister in Gordon Brown's government between 2007 and 2009, is expected to become Burnham's Downing Street chief of staff. Paul Johnson, former director if the Institute for Fiscal Studies, said any chancellor had a number of difficult decisions to take. He said the UK had borrowed more than virtually any other country in the last 25 years at very high rates, but had also failed to grow to pay off the debt. "Simply borrowing more is certainly not an easy thing to do and it's absolutely not a costless thing to do," he told BBC Radio 4's Today programme, adding: "Growth clearly is the number one priority."

Burnham likely to replace Reeves if he becomes PM
Europe
BBC Business

Tech stocks tumble on concerns over AI spending

Financial markets received a sharp wake-up call on Tuesday following a sudden wave of selling in major technology shares, triggering widespread doubt over the sustainability of the AI boom. The tech-focused Nasdaq index fell about 3% by close of trade alongside international chipmakers, reigniting fears that dizzying market valuations have finally run out of momentum after a relentless three-month climb. At the same time, the newly public SpaceX has faced an incredibly choppy session. The aerospace giant's share price plunged below the $150 (£114) mark– its initial floatation price–before staging a modest recovery to close at $156 despite the broader market anxiety. For months, international stock exchanges have climbed on pure optimism. While this enthusiasm repeatedly pushed indices to unprecedented highs, the sustained 90-day rally left stock prices looking incredibly inflated. On Tuesday, that upward drive vanished as market watchers questioned whether actual corporate adoption of AI can truly justify such expensive price tags. The downturn hit semiconductor players such as Nvidia and Intel the hardest, causing a primary index of global chip firms to slide. This turnaround follows a period where the wider tech sector had more than doubled stock prices from cyclical lows in 2022. It suggests that investors may have moved far too quickly to fund the hardware behind the AI shift. The anxious mood quickly spread to other high-profile assets. Elon Musk's newly public aerospace firm was caught in the crossfire. Texas-based SpaceX has endured highly volatile trading session since going public on 12 June, proving just how vulnerable newly listed companies are when general tech sentiment turns sour. The stock dropped past its widely watched $150 opening price early in the day. However, it managed a slight rebound to settle around $156. Some optimistic traders interpreted the quick bounce as a sign of steady underlying interest in the commercial space sector. Conversely, sceptics argue that these massive price swings only expose the highly speculative nature of today's market.

Tech stocks tumble on concerns over AI spending
Asia
The Hindu BusinessLine

Godrej Agrovet rejigs portfolio to improve earnings quality

Godrej Agrovet is entering a new phase of growth with a focus on earnings quality, capital efficiency and sustainable returns rather than revenue expansion alone. Targeting cash‑rich, low‑volatility businesses to boost returns and earnings quality. As Godrej Agrovet enters its next phase of growth, the company is placing greater emphasis on the quality and sustainability of earnings than on revenue expansion alone, reshaping its portfolio to improve returns on capital, reduce earnings volatility and strengthen long-term capital discipline. Over the past two years, Godrej Agrovet has deployed nearly ₹1,750 crore towards acquisitions, subsidiary consolidation and capital expenditure while improving return on capital employed (ROCE) from 16 per cent to 20 per cent. The ₹10,233-crore Godrej Industries Group company is sharpening its portfolio focus, with a greater emphasis on businesses that offer stronger growth visibility, higher value addition and better returns on capital. Investments are being directed towards premium animal nutrition, value-added dairy, branded foods, downstream oil palm. The contract Development and Manufacturing Operations (CDMO) segment is highly relevant for Godrej Agrovet Ltd. (GAVL) as it provides a strategic transition away from cyclical commodity chemicals toward high-margin, stable, and long-term partnerships with global innovators. This segment is primarily executed through its subsidiary, Astec According to company officials familiar with the strategy, the exercise is intended to improve returns on capital, reduce earnings volatility and focus management attention on businesses with stronger long-term growth potential. The transformation comes as Godrej Agrovet reported consolidated revenue of ₹10,233 crore in FY26, crossing the ₹10,000-crore mark for the first time, while profit before tax before exceptional items rose 17.2 per cent to ₹569 crore. The company has guided for double-digit revenue growth and mid-double-digit profit growth in FY27. Unlike earlier phases of expansion that relied largely on adding businesses and capacity, the current phase is being funded primarily through internal cash generation. Company officials said businesses with limited growth potential, structurally weak profitability, or volatile earnings are being evaluated alongside opportunities capable of delivering stronger returns and more durable cash generation. The portfolio review signals a broader change in how Godrej Agrovet intends to create value. Rather than assessing businesses primarily by their contribution to revenue, the company is increasingly prioritising earnings quality, return on capital and cash generation when allocating investment. However industry analysts say, the larger challenge, however, will be execution, whether higher-margin businesses such as value-added dairy, branded foods, premium animal nutrition , downstream oil palm and CDMO can grow quickly enough to contribute a materially larger share of profits while reducing the company’s dependence on more volatile, commodity-linked businesses.

Godrej Agrovet rejigs portfolio to improve earnings quality
North America
CNBC Economy

Three Iranian tankers exit U.S. blockade for first time in months as shipowners eye Hormuz in 'wary disbelief'

At least three Iranian tankers carrying nearly five million barrels of crude oil have exited the U.S. Navy blockade in the Strait of Hormuz in the first such outbound shipment in two months, as shipowners cautiously reposition ahead of a U.S.-Iran deal signing in Geneva on Friday. Two supertankers named Diona and Hero 2 — both owned by the National Iranian Tanker Company and under U.S. sanctions — made it through the U.S. Navy blockade perimeter, carrying a combined total of 3.8 million barrels of Iranian crude oil, according to shipping data provided by Kpler. A third Iran-linked tanker carrying 1 million barrels of Iranian crude exited the blockade line on Wednesday, according to Kpler. "Their apparent departure from the blockade suggests that other Iranian-trading tankers are also preparing to resume trading," said Michelle Wiese Bockmann, senior maritime intelligence analyst at Windward. The U.S. and Iran signed a Memorandum of Understanding on Monday to end the nearly four-month war, with a formal signing ceremony to take place on Friday in Geneva. The pact, whose details have not been disclosed, is expected to reopen the Strait of Hormuz and waive sanctions on Iran's oil sales. Washington would allow Tehran to immediately begin selling oil and fuel once the agreement is signed this week, in exchange for Iran's commitment to curb its nuclear program, the Wall Street Journal reported Tuesday. The Strait of Hormuz, through which about a fifth of the world's oil flowed before the war, has been effectively shut for the duration of the conflict. The U.S. Navy has blockaded Iranian ports, and Iran has targeted vessels linked to nations it deemed adversaries, stranding hundreds of ships and disrupting global energy flows. The prospect of a reopening prompted some shipowners — battered by months of surging freight costs and war-risk insurance premiums — to begin repositioning vessels toward Gulf ports in anticipation of a surge in restocking demand, while most are more cautious and continued to hold back. "The maritime sector is treating the news with something closer to wary disbelief than celebration," said Lloyd's List Intelligence. Insurers are holding firm on high war-risk premiums, demanding "solid evidence" that the waterway will remain safe, Lloyd's analysts said. "While a pause in hostilities will free stranded mariners and boost tanker and bulk markets, the sector sees this as a fragile reprieve rather than a return to normality," the analysts said in a client note on Tuesday. But some very large crude carriers (VLCC) owners are looking to gain a "first-mover advantage," positioning tankers toward the Middle East Gulf, while others plan to hold back, according to Lloyd's. Dozens of VLCCs are sailing from the South China Sea and across the Indian Ocean toward the United Arab Emirates ports, where at least 30 ships were already at anchor, according to maritime intelligence firm Windward on Wednesday.

Three Iranian tankers exit U.S. blockade for first time in months as shipowners eye Hormuz in 'wary disbelief'
North America
CNBC Economy

UK inflation holds steady at 2.8% in May

U.K. inflation held at 2.8% in May, slightly below expectations, official figures showed on Wednesday. Economists polled by Reuters had been expecting the annual inflation rate to rise to 3% in May. Inflation cooled to 2.8% in April, but the drop — attributed to a change to the U.K.'s regulated energy price cap — was expected to be short-lived. The price cap is due to rise by 13% later this summer, when energy costs will hit a 2-year high. The U.K.'s May print fell below the euro zone's 3.2% reading for May, and well below the U.S. May inflation rate of 4.2%. Britain's Office for National Statistics said Wednesday that transport had been the biggest contributor to rising prices in May, partially offset by falling food and non-alcoholic drink prices. Surging prices of air fares, which were up 10.3% month-on-month, as well as motor fuel and sea fares lifted transportation costs for Britons in May, the ONS said. Analysts said the timing of the Easter holiday this year may have contributed to rising fares. Meanwhile, the price of gasoline rose by an average 0.6 pence (0.8 U.S. cents) per liter between April and May. In the same period a year earlier, average gasoline prices fell by 2.1 pence. Average prices rose to their highest since November 2022, when energy prices spiked in the wake of Russia's full-scale invasion of Ukraine. At its most recent meeting, the Bank of England's Monetary Policy Committee voted to keep its key interest rate at 3.75%. Policymakers said at the time that "monetary policy cannot influence energy prices" in reference to the impact of the U.S.-Iran war, which has kept oil and gas prices elevated for months amid the closure of the Strait of Hormuz. Markets are pricing in a 95% chance that the Bank of England holds rates steady at its next meeting on Thursday, LSEG data shows — but traders are expecting the central bank to hike interest rates by the end of this year. Scott Gardner, investment strategist at J.P. Morgan Personal Investing, said in a note on Wednesday morning that the latest data "will provide some hope that any rebound in U.K. inflation could be short-lived." Over the weekend, the U.S. and Iran announced a framework deal to bring their nearly four-month war to an end, with both U.S. President Donald Trump and Iranian officials saying the Strait of Hormuz will be reopened after the agreement is signed in Geneva later this week.

UK inflation holds steady at 2.8% in May
Europe
The Guardian

US AI stock sell-off shakes markets from Wall Street to Asia

Traders work on the floor at the New York Stock Exchange on 22 June 2026. Photograph: Brendan McDermid/ReutersView image in fullscreenTraders work on the floor at the New York Stock Exchange on 22 June 2026. Photograph: Brendan McDermid/ReutersStock marketsUS AI stock sell-off shakes markets from Wall Street to AsiaLosses spread globally as investors questioned soaring valuations and spending on AI infrastructure A tech sell-off shook global markets on Tuesday as attention turned away from developments in the US war with Iran and toward the future of AI companies and chipmakers that have driven stock markets to record highs. The tech-heavy Nasdaq index closed 2.2% lower on Tuesday. The S&P 500 was also down by Tuesday afternoon, dropping 1.43% while the Dow remained steady. All three major US indices have hit record highs this year, riding off a rush of funding to support AI technology and infrastructure. Nasdaq is up 10% for the year, while the Dow jumped 6% so far this year, breaching past 51,000 points, and the S&P 500 is up 7.3%. But some economists have warned that the influx of AI spending is a bubble reminiscent of the dot-com bubble that burst in the early 2000s. Seven tech companies make up 30% of the S&P 500’s value. The heavy reliance on a single industry and a few key companies has some investors wondering if it’s a matter of when, not if, there will be a burst. Those concerns have been heightened by signals from the Federal Reserve last week that it may increase interest rates, and therefore the cost of borrowing, in order to tackle rising inflation. Those looking for signs of stumbling may have found confirmation after a series of developments on Monday. The stock market drop started when Google-parent, Alphabet, had its worst day on the market in over a year. A pair of high-profile AI researchers left the company last week, worrying investors. Alphabet’s share price had dropped 5% by closing Monday. Elon Musk’s SpaceX, which debuted on the market on 12 June to much fanfare, dropped 16% on Monday as the company’s post-initial public offering (IPO) boost continued to ebb. On Monday, the company announced it was looking to raise $20bn in a bond sale, even after the company gained more than $85bn through its IPO, sparking concerns over the massive cost of the company’s projects. After the US stock market closed for the day on Monday, stocks in Asia appeared shaken by the drops around AI and tech companies. South Korea’s benchmark closed 10% down on Tuesday after the country’s largest chipmakers, SK Hynix and Samsung Electronics, both closed over 12% lower. Japan’s Nikkei 225 was down 3.5% at the close of trading. Some markets were able to avoid the sell-off, with London’s FTSE 100 steady at closing Tuesday.

US AI stock sell-off shakes markets from Wall Street to Asia
Europe
The Guardian

Will California’s billionaire tax proposal make it to ballots?

Hi and welcome to TechScape. Nick Robins-Early and Dara Kerr here, filling in for your usual host Blake Montgomery who is out on vacation. We’ll be talking about the fight over a proposed billionaire tax in California, the UK’s social media ban and SpaceX making a big buy in the AI arms race. The California wealth tax showdown comes to a head this week. After gathering more than double the necessary number of signatures to qualify for the November ballot, there’s still uncertainty that the proposal for a one-time tax on billionaires will make it to voters this fall. This comes even after back-room dealing last week that led the proposal’s proponents to drop the tax from 5% of the wealth of any California resident worth more than $1bn down to a levy of 2%. Tech billionaires have been spending big and lobbying state lawmakers to block the measure. Silicon Valley moguls, including former Google executives Sergey Brin and Eric Schmidt, have donated tens of millions of dollars to Super Pacs aimed at defeating the proposal. Crypto titan Chris Larsen launched an attack ad in May called “Reckless”, which warns the tax “will backfire and hurt you”. Other tech billionaires, like Google co-founder Larry Page, Meta co-founder Mark Zuckerberg and Donald Trump’s AI and crypto czar, David Sacks, have already fled California or are making moves to leave. And more have funded efforts to kill the tax, including Palantir co-founder Peter Thiel, Ring founder James Siminoff, DoorDash CEO Tony Xu and Stripe CEO Patrick Collison. Gavin Newsom, the state’s tech-friendly governor, has vowed to quash the proposal. He has said such state-level wealth taxes “drive a race to the bottom” and will chase billionaires out of California and strip the state of revenue. The measure is backed by the Service Employees International Union-United Healthcare Workers West (SEIU-UHW) as a means of funding California’s strained healthcare, food assistance and education programs. Newsom has reportedly been whipping together a coalition to help him negotiate a deal with the union to withdraw the proposal before California’s secretary of state certifies it by a 25 June deadline. He’s yet to respond to SEIU-UHW’s proposal to back a one-off 2% tax. David McCuan, a political science professor at Sonoma State University who studies the California ballot measure process, told the Guardian it was likely the union would continue talks. “From the get-go, SEIU-UHW has designed this measure as a ‘gun-behind-the-door’ to negotiate a better deal,” McCuan said. Rather than “go nuclear in a ballot measure battle that can cost hundreds of millions of dollars, the goal has been to threaten to go to war”. Tech billionaires are spending unprecedented sums in California races. Experts say it’s the tip of the iceberg View image in fullscreenA mobile billboard outside Downing Street in London, displaying a message directed at the prime minister ahead of his decision on a proposed social media ban, on 11 June. Photograph: David Parry/PAThe UK presented its plans last week to ban children under 16 years old from using what the government deems as “high-risk” social media apps – a list that includes TikTok, Instagram, X, YouTube, Snapchat and others – while placing additional restrictions on the use of other tech platforms such as romantic chatbots. While the policy is set to face judicial review, it is one of the most intensive bans of its kind by any democratic government and part of a growing movement to restrict children’s access to social media. Australia enacted a similar ban last year, with Canada introducing a social media bill to parliament earlier this month and European countries considering their own legislation.

Will California’s billionaire tax proposal make it to ballots?
North America
CNBC Finance

NBA to begin naming winning bids for Europe teams in the coming months, deputy commissioner says

The NBA plans to begin naming winning bidders for 12 permanent European teams in the next 60 to 90 days, Deputy Commissioner Mark Tatum said in an exclusive CNBC interview. The 12 new teams will be located in Rome, Milan, London, Manchester, Paris, Lyon, Madrid, Barcelona, Berlin, Munich, Athens and Istanbul. They'll be joined by four rotating clubs available to any FIBA-affiliated team in Europe on an annual basis depending on performance. FIBA is the sport's international governing body in Europe. Bids for teams are due at the end of June, Tatum told CNBC Sport. The league is looking for "great operators" who will invest in new stadiums, said Tatum, who added there are only "two to three world-class" basketball arenas in all of Europe. "We're on a very, very quick timeline here," Tatum said. "We're going to identify the right partners in the right cities, and we're going to take as much time as we need in order to identify those right partners. We're talking not only existing basketball teams in the ecosystem, but we're talking to soccer teams that currently don't have basketball teams that are interested, and we're also talking to individuals and other entities who don't have a basketball team but want to invest in a basketball team." Tatum noted basketball is the second-most popular sport in Europe but gets "less than 1% of the commercial market share there." He estimated Europe has about 300 million basketball fans. The NBA is considering how to intermingle NBA Europe teams with its existing North American teams. In the short term, NBA Europe teams could play teams based in the U.S. and Canada in the preseason, Tatum said. Then, over time, teams across the two leagues could meet up in the Emirates NBA Cup — the midseason tournament that the league debuted in 2023. NBA officials are having "a ton" of conversations with potential media partners for NBA Europe, including "some of the big global streaming partners," Tatum said. The value of the league will be in its global interest, even though it's based in Europe, he said. "There has been an incredible amount of inbound interest on taking those games and distributing them not only throughout Europe but globally," Tatum said. "We have no doubt that it will create some global interest, and therefore media partners are very interested in carrying that content." Tatum also pitched investors on the NBA's Basketball Africa League. While the league has been operating for six seasons, the NBA has only recently begun selling individual teams to investors. The BAL currently contributes $250 million in GDP to the African continent, said Tatum, who estimated that could grow to $5.4 billion by 2034. "Eleven of the top 20 fastest growing economies in the world are in Africa, and Africa is expected to account for more than 40% of the world's youth in the next five years," Tatum said. "So, what I would say to those investors is, 'What a great market opportunity.' Basketball is now turning into a business and creating jobs and economic growth, and now it's the opportunity to get in at the ground level and take advantage of that growth." Get this delivered to your inbox, and more info about our products and services.

NBA to begin naming winning bids for Europe teams in the coming months, deputy commissioner says