Broker’s Call: LT Foods (Buy)

Broker’s Call: LT Foods (Buy)


Target: ₹518

CMP: ₹393.00

LT Foods (LTF) is a global consumer specialty company with an explicit focus on basmati rice, organic foods and ready-to-eat/cook (RTE/RTC) products. It has a presence in over 80 countries with significant regional exposure in the US, Europe, West Asia, etc.

Revenue grew 24 per cent year on year (normalised growth at 8 per cent excluding US tariff and Golden Star revenue) for Q3FY26, led by broad-based strength across geographies despite the US tariff headwind.

Gross margin improved 70 bps to 34.2 per cent, while EBITDA margin grew only 20 bps to 11.2 per cent.

LTF targets ₹1,000 crore each from the recently set-up manufacturing facility in the UK and the expanded distribution in Saudi Arabia in the next five years.

EBITDA margin is expected to improve as the company scales up its value-added segments. The RTC/RTE segment is projected to grow at about 35 per cent and is likely to achieve break-even at around ₹400 crore in revenue by FY27 (₹200 crore in FY25).

The strong focus on regional and product diversification is expected to support healthy earnings growth and re-rating. The US tariff has been reduced to 18 per cent, which will aid demand; however, a short-term margin impact is expected due to the high-cost inventory in the US. Currently, LTF has only less than 9 per cent exposure to West Asia. We value the stock at 17x on FY28 EPS (three-year average 17x) to arrive at a target price of ₹518 and recommend BUY due to healthy volume outlook.

Published on March 6, 2026



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Reliance fuel tankers reroute to Asia as Iran war tightens supply and boosts margins

Reliance fuel tankers reroute to Asia as Iran war tightens supply and boosts margins


Two fuel tankers loaded at Reliance Industries’ massive refinery complex in Jamnagar have rerouted from Europe to Asia as refiners capitalise on stronger Asian fuel margins during the ongoing Iran conflict. (A file photo)

Two tankers loaded with
fuel from Reliance Industries in India that were headed to
Europe made u-turns and ​are now bound for Asia, according to two
trade sources and shiptracking data, as ‌the refiner capitalises
on firm Asian margins with the Iran ​war squeezing supply.

The Advantage Life, which loaded around 100,000 ⁠metric tons
(745,000 barrels) of diesel at Reliance’s Jamnagar refinery on
February 28, is currently bound for Singapore, according to
Kpler, LSEG data and two trade sources.

The Navig8 ‌Honor, which is carrying around 75,000 tons
(591,000 barrels) of jet fuel and was initially headed to
West-of-Suez markets, also turned ‌around and is heading for
Southeast Asia, according to Kpler shiptracking ‌data ⁠and one of
the two sources.

Reliance did not immediately respond ⁠to a Reuters request
for comment.

Asian buyers are rushing to secure fuel supplies to offset
production losses from expected refinery run cuts as the
near-halt in traffic in the Strait of ​Hormuz constrains oil
supply to the ‌region.

Singapore jet fuel refining margins hit a record on March 5
of $80 a barrel.

Arbitrage margins favour sending jet fuel barrels from India
to Asia rather than Europe now, given the tightening supply in
East-of-Suez markets, ‌according to Vortexa’s head of APAC
analysis Ivan Mathews.

Asia’s jet ​fuel production is expected to drop on “lower
crude flows to Asia, prompting refinery run cuts and weaker fuel
output in the ⁠region,” while “restrictions in Strait of Hormuz
flows will reduce Middle East Gulf exports” and further tighten
availability, he added.

Reliance has this week been offering spot ‌diesel and jet
fuel loading from end-March to a handful of buyers in Asia,
cashing in on the higher premiums and urgent demand, four other
sources with knowledge of the activities said.

Discussions were at premiums of $15 to $17 per barrel,
linked to Middle East prices on a free-on-board basis, two of
the four sources said, compared with small premiums in February.

Indian ‌refiners are buying prompt Russian crude oil cargoes
as the South Asian nation seeks ​to navigate an oil supply
crunch, with the U.S. Treasury Departmentgranting a 30-day
waiver on Thursday allowing India to buy Russian ⁠oil stuck at
sea.

OTHER TANKERS ALSO U-TURN

Two other jet fuel tankers, the Elandra ⁠Tern and the Burri,
also turned towards Asia from their original destination of
Europe, the sources said.

The two vessels had loaded jet ‌fuel from either Duqm port in
Oman or Ruwais in Abu Dhabi before the war in Iran started on
February 28, according to ​Kpler data and two trade sources.

Published on March 6, 2026



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West Asian crisis dampens orthodox tea demand at Kochi auctions

West Asian crisis dampens orthodox tea demand at Kochi auctions


The ongoing crisis in several West Asian countries has begun to impact the tea auction market in Kochi, leading to reduced overseas demand for orthodox leaf varieties.

Auctioneers Forbes, Ewart & Figgis said that unrest in many West Asian nations and shipping restrictions resulted in lower participation from shippers in sale 10.

However, exporters showed improved activity toward CIS countries and neighbouring markets. There were also enquiries from buyers in the US for Fannings grades — commonly used in tea bags — supported by recent tariff reductions.

The orthodox tea segment remained strong, with around 90 per cent of the 1,40,761 kg offered being sold. Prices for whole leaf and broken teas were firm to slightly higher, while other varieties saw irregular demand and some price declines.

Rising freight costs

According to Anil George, Chairman of the Tea Trade Association of Cochin, orthodox teas have continued to perform steadily with positive price trends. However, rising freight costs and shipping risks are putting pressure on global tea trade, particularly affecting re-export routes to the Gulf region.

Meanwhile, tea estates across the Western Ghats received welcome rainfall over the weekend, which is expected to aid production recovery after a decline during January–February compared with previous years.

The CTC leaf market also remained steady, recording 97 per cent sales from the 20,500 kg on offer. In contrast, the CTC dust market weakened, with good liquoring teas falling by ₹5-7 perkg and some withdrawals due to lack of bids, particularly for high-priced popular Kerala brands. Lower medium teas declined by ₹3-4. Out of the total 4,91,312 kg offered in the CTC category, blenders absorbed about 79 per cent of the quantity sold.

Published on March 6, 2026



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इस मामले में अमेरिका से बादशाहत छीन चीन बना दुनिया का नंबर-1, जानें किस पायदान पर खड़ा भारत

इस मामले में अमेरिका से बादशाहत छीन चीन बना दुनिया का नंबर-1, जानें किस पायदान पर खड़ा भारत


World Billionaires List: दुनिया में अरबपतियों की संख्या तेजी से बढ़ रही है और इस मामले में अब चीन ने अमेरिका को पीछे छोड़ दिया है. ताजा रिपोर्ट के मुताबिक वैश्विक स्तर पर कुल 4,020 अरबपति हैं, जिनमें से अकेले चीन में ही 1,110 अरबपति हो चुके हैं. गुरुवार को शंघाई स्थित रिसर्च संस्था Hurun Report की ओर से जारी Hurun Global Rich List में यह जानकारी दी गई है.

रिपोर्ट के अनुसार चीन में पिछले एक साल में 287 नए अरबपति जुड़े हैं, जिससे वह इस सूची में पहले स्थान पर पहुंच गया है. South China Morning Post के मुताबिक, हरुन ग्रुप के चेयरमैन और चीफ रिसर्चर Rupert Hoogewerf ने कहा कि आने वाले समय में आर्थिक शक्ति का फोकस टेक्नोलॉजी और उभरते उद्योगों पर रहेगा. चीन के नए अरबपतियों में ज्यादातर लोग इंडस्ट्रियल प्रोडक्ट्स, सेमीकंडक्टर, हेल्थकेयर और एनर्जी सेक्टर से जुड़े हुए हैं.

अरबपतियों की सूची में चीन नंबर-1

रिपोर्ट में यह भी बताया गया है कि चीन में बने नए अरबपतियों में आर्टिफिशियल इंटेलिजेंस की बड़ी भूमिका रही है. उदाहरण के तौर पर एआई स्टार्टअप MiniMax के Yan Junjie करीब 3.6 अरब डॉलर की संपत्ति के साथ अरबपतियों की सूची में शामिल हुए हैं. वहीं एआई कंपनी Zhipu AI के संस्थापक भी लगभग 1.2 अरब डॉलर की संपत्ति के साथ इस सूची में शामिल हुए हैं.

वैश्विक स्तर पर एआई सेक्टर की वजह से 114 नए अरबपति बने हैं, जिनमें से 46 पहली बार इस सूची में शामिल हुए हैं. अरबपतियों की संख्या के मामले में अमेरिका 1,000 अरबपतियों के साथ दूसरे स्थान पर है, जहां पिछले एक साल में 130 नए अरबपति जुड़े हैं. वहीं भारत 308 अरबपतियों के साथ तीसरे स्थान पर है. इसके बाद 171 अरबपतियों के साथ जर्मनी चौथे स्थान पर है, जिसने ब्रिटेन को पीछे छोड़ दिया है.

अबरपतियों में अव्वल अमेरिकी

हालांकि कुल संपत्ति के मामले में अब भी अमेरिकी टेक दिग्गजों का दबदबा बना हुआ है. Elon Musk करीब 792 अरब डॉलर की संपत्ति के साथ दुनिया के सबसे अमीर व्यक्ति बने हुए हैं. उनके बाद Jeff Bezos लगभग 300 अरब डॉलर की संपत्ति के साथ दूसरे स्थान पर हैं, जबकि Larry Page करीब 281 अरब डॉलर की संपत्ति के साथ तीसरे स्थान पर हैं.

रिपोर्ट के मुताबिक Elon Musk पिछले छह वर्षों में पांचवीं बार दुनिया के सबसे अमीर व्यक्ति बने हैं. उनकी कुल संपत्ति में करीब 89 प्रतिशत की बढ़ोतरी हुई है, जिसकी बड़ी वजह Tesla के शेयरों में आई तेज उछाल को माना जा रहा है, जो दोगुने होकर लगभग 411 डॉलर तक पहुंच गए हैं.

ये भी पढ़ें: ईरान पर बरस रही US-इजरायल की मिसाइल से उछली तेल की कीमतें, ट्रंप ने दिया बड़ा जवाब



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TN’s Thozhi hostels show affordable housing key to women’s entry into workforce: report

TN’s Thozhi hostels show affordable housing key to women’s entry into workforce: report


File picture of Thozhi, a working women’s hostel in Tamil Nadu, at Tambaram
| Photo Credit:
VELANKANNI RAJ B

The availability of affordable, secure, and institutionally legitimate accommodation plays a critical role in enabling educated women to migrate to cities, enter employment, and sustain their careers, according to the latest white paper from the Centre for Finance and Economic Research (CFER) at the Great Lakes Institute of Management. 

The study analysed Tamil Nadu’s Thozhi hostels – a government initiative providing accommodation for working women. 

Its findings reveal that such state-backed hostels for women function as ‘labour-market infrastructure’. 

These hostels, which have been operating at approximately 87 per cent occupancy across Tamil Nadu, house women from at least 12 other states and Union Territories, and enable women to remain in jobs during uncertain early-career phases, build financial independence, defer marriage, and exercise greater control over life decisions. 

The report added that formal security systems such as biometric access, CCTV, women-only premises, combined with government affiliation, generate family confidence and enable women to be confident about migrating and working independently. 

Meanwhile, food quality, infrastructure maintenance, and the absence of job information or financial guidance were flagged as friction points that reduce the hostel’s effectiveness as a transitional support.

The study was released on the occasion of International Women’s Day 2026 in association with the Madras Management Association, at an event here on Friday.  The event also saw a release of a white paper on paid work participation and daily work intensity among young adults aged 20–29 years.

Speaking at the event, Gangapriya Chakraverti, India Site Head and Managing Director, Ford Motor Company, emphasised the need for empowerment to move beyond just education.

“India cannot speak of a demographic dividend if half its young women are unable to participate in paid work. Industry has a responsibility to look beyond hiring and examine the structural constraints: housing, mobility, safety, that determine whether women can even enter the workforce,” she said. 

Vidya Mahambare, Union Bank Chair Professor of Economics and Chairperson, CFER, Great Lakes Institute of Management, added that the way forward would be for other states to adopt the Thozhi hostels model and recognise affordable accommodation for women as part of its economic infrastructure. 

Published on March 6, 2026



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Divyangjan Staff at IDBI Bank seek assurance on service continuity & protection

Divyangjan Staff at IDBI Bank seek assurance on service continuity & protection


The Visually Impaired Bank Employees Welfare Association (VIBEWA) has, on behalf of more than 500 visually impaired and other categories of disabled employees in IDBI Bank, conveyed apprehensions to Finance Minister Nirmala Sitaraman about job and service conditions in the bank post-strategic divestment.

In a letter addressed to the Minister, Himanshu Sahu, General Secretary, and Rajesh Asudani, President, VIBEWA, aired fears over continuity of service; preservation of statutory protections; and safeguarding of reasonable accommodation mechanisms presently available under public sector governance. Sahu is a Senior Manager with Indian Bank in Kolkata and Asudani, an Assistant General Manager, RBI, Nagpur.

National precedent

The manner in which divestment addresses disability safeguards will set a national precedent. Public sector banks have historically been pioneers in inclusive employment. Any perceived dilution of protection during privatisation could create insecurity across the banking sector for thousands of employees with disabilities. 

The Centre has consistently upheld dignity and empowerment of Divyangjan. “We humbly seek your intervention to ensure this commitment remains intact during restructuring process. We request an opportunity for formal dialogue with Department of Financial Services to place detailed submissions,” the letter said.  

Welfare legislation

The Rights of Persons with Disabilities Act, 2016 (RPwD Act) is a welfare legislation enacted to ensure equality, dignity, and non-discrimination in employment. Section 20 of the Act categorically prohibits discrimination and protects employees with disabilities from reduction in rank or arbitrary termination on account of disability. 

“We respectfully submit that divestment or transfer of majority shareholding cannot dilute these statutory obligations,” the letter said. Any Transfer of Undertaking agreement must explicitly incorporate binding clauses protecting continuity of service; preservation of pay and allowances; pensionary and terminal benefits; and existing reasonable accommodation mechanisms, it added.

Absolute job security  

Visually impaired and other disability employees have served the institution with distinction in roles ranging from branch operations to credit, risk management, audit, and IT. Many have acquired professional qualifications such as CAIIB and have demonstrated measurable performance.

“We humbly request that the Government ensure that no retrenchment, forced resignation, or adverse restructuring impacts visually impaired employees. Contractual and probationary PwD employees must be granted protection, considering their vulnerability during ownership transition.”

Protection of wages 

Privatisation often leads to restructuring of pay architecture. The VIBEWA sought assurances that existing pay scales will not be altered to detriment of divyangjan employees.

Special conveyance allowance and disability-related benefits should remain intact. Pension and gratuity structures must be preserved. A formal “No-Loss and No-Reduction Clause” should be incorporated specifically for employees with benchmark disabilities.

Digital ecosystem 

Banking is increasingly technology-driven. Visually impaired employees depend upon accessible digital platforms compatible with screen readers such as JAWS and NVDA. The VIBEWA urged that all future banking software and digital platforms comply with accessibility standards.

Assistive technology support must stay uninterrupted. Accessibility compliance must be made a binding obligation on incoming management.

Transition oversight 

To ensure transparency and fairness, the letter requested that a representative from VIBEWA or a disability rights expert be included in any HR transition or restructuring committee overseeing post-divestment policy changes. This will prevent inadvertent policy shifts that may adversely affect employees with disabilities. 

Published on March 6, 2026



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