Core Insights - TruAlt Bioenergy Ltd reported an 8% decline in profit after tax (PAT) for the quarter ended December 2025, amounting to ₹69.19 crore compared to ₹75.19 crore in the same period last year [1] - The company's income for the quarter increased by 70% to ₹730.86 crore from ₹430.54 crore year-on-year [1] - For the nine months ended December 2025, net profit decreased by 9% to ₹3.03 crore from ₹3.33 crore in the corresponding period last year, while income rose by 13% to ₹1,189 crore from ₹1,047 crore [2] Financial Performance - Profit before tax for the quarter was up 3.8% at ₹89.68 crore compared to ₹86.39 crore in the same period last year [1] - The overall utilization of ethanol plants stood at approximately 60% on a gross-quarter basis, with utilization on operating days exceeding 95% [5] Operational Developments - The company completed a key phase of operating consolidation in the ethanol segment, with full commissioning of planned capital expenditure for grain-based integration [5] - Unit 5 received its Consent to Operate on December 17, 2025, allowing all ethanol plants to become fully operational [5] - The company is now positioned for near year-round operations, enhancing operational predictability and earnings visibility [4][3] Strategic Initiatives - The CBG segment showed strong performance, with plans for disciplined expansion including 24 greenfield CBG units over the next two to three years through joint ventures with Sumitomo Corporation and GAIL [6] - TruAlt is advancing a technology licensing agreement with Honeywell UOP for a 100 million litres per annum Sustainable Aviation Fuel plant in Andhra Pradesh [6] - The company is also nearing approvals for ₹150 crore viability gap funding under the PM JI-VAN scheme [6]

Group 1 - Laughing Water Capital reported a fourth-quarter return of approximately 6.8%, with full-year returns at around 3.9% net of fees and expenses, outperforming the SP500TR and R2000 indexes in the previous year [1] - The cumulative returns since inception for Laughing Water Capital are about 400%, compared to approximately 332% for the SP500TR and 175% for the R2000 [1] - The portfolio is positioned to deliver strong long-term results despite recent underperformance in the current year [1] Group 2 - Lifecore Biomedical, Inc. (NASDAQ:LFCR) is highlighted as a key stock, with a market capitalization of $303.477 million and a one-month return of 0.75%, while its shares gained 25% over the last 52 weeks [2] - Lifecore Biomedical appreciated approximately 10% over the year, with a focus on increasing capacity utilization, which is crucial for earnings power improvement [3] - The company expects to fill its capacity with projected new business of approximately $11 million in the mid-term and $34 million in the long-term, representing about 11% of total capacity [3]

Economic Growth - Q3 GDP growth was reported at +4.3%, significantly exceeding the +3.2% expected by analysts, marking the strongest growth in two years and an increase from Q2's +3.8% [2] - Core GDP for Q3 reached +2.9%, 30 basis points above expectations and the highest since Q1's +3.3% [3] Consumer and Business Sentiment - December Consumer Confidence is expected to improve to 91.7 from 88.7 in the previous month, indicating a positive outlook among consumers [6] Durable Goods Orders - Durable Goods Orders for October fell to -2.2%, below the consensus estimate of -1.1%, marking the fourth negative print of 2025 [4] - Excluding volatile Transportation costs, Durable Goods Orders showed a slight increase of +0.2% in October, the weakest performance since April [5] Market Implications - The strong GDP growth suggests a lower likelihood of interest rate cuts by the Federal Reserve, particularly at the upcoming January FOMC meeting, where the chance of a cut was previously at +24% [5]

Group 1 - Industrial production for November increased by 0.2%, exceeding expectations of a 0.1% rise, marking the best performance since June of this year [1] - Capacity utilization reached 76.0%, the highest level since July of this year, indicating improvement in manufacturing despite not operating at full capacity [2] - Interest rates have been rising following stronger-than-expected GDP growth and price index data, with the 10-year Treasury yield up by 2 basis points and the 2-year yield up by 3 basis points [2] Group 2 - The dollar is approaching a critical level, with a potential close under 98.14, which would be the lowest in two and a half months, indicating a possible weakening trend [3]

Industrial Production & Capacity Utilization - Industrial production increased by 02% in November, surpassing expectations of 01%, marking the best performance since June [1] - Capacity utilization reached 760% in November, exceeding the expected 759%, achieving the highest level since July [2] - These figures indicate an improvement in industrial activity, despite manufacturing not operating at full capacity [2] Interest Rates & Treasury Market - Interest rates have been rising following a higher-than-expected price index on GDP and stronger GDP growth [2] - The 10-year Treasury yield is up by two basis points to 419% [2] - The 2-year Treasury yield is up by three basis points to 454% [2] - There is a slight flattening bias observed in the Treasury complex [3] Currency Market - If the US dollar closes below 9814, it will be the lowest close in two and a half months [3]

Company Performance - United Airlines reported Q2 earnings, missing both revenue and earnings estimates, with earnings of $2.97 per share compared to the expected $3.86 and the previous year's $4.14 [3] - Revenues for United Airlines were $15.2 billion, falling short of the anticipated $15.36 billion [3] - Despite the earnings miss, United Airlines saw increases in cabin revenues (+5.6%) and cargo revenues (+3.8%), along with an 8.7% growth in its loyalty program [4] Market Overview - The Dow closed up +231 points (+0.53%), the S&P 500 increased by +19 points (+0.32%), and the Nasdaq rose by +52 points (+0.25%) [2] - The small-cap Russell 2000 gained +21 points (+0.99%) during the session [2] - Bond yields showed mixed movements, with the 10-year yield rising to +4.45% and the 2-year yield decreasing to +3.89% [2] Economic Indicators - Industrial Production for June matched the previous month's revised figure, showing a +0.7% increase for the seventh consecutive month, with manufacturing up +0.8% and mining up +1.6% [5] - Capacity Utilization was reported at 77.6%, exceeding the expected 77.4% and the previous month's revised 77.5% [6]

Industrial Production - Industrial production increased by 03% in June, surpassing expectations of 01% [1] - Previous industrial production figure was revised from -021% to unchanged [1] - June's industrial production number is the second best of the year, only surpassed by February's 14% increase [1] Capacity Utilization - Capacity utilization rate is 776%, exceeding expectations and following an upward revision to 774% [2] - 775% would represent the highest utilization rate since April, indicating stabilization [2] - The data suggests a stabilization in utilization rates and firming industrial production numbers, which is a positive indicator for manufacturing [2] Interest Rates - Interest rates are hovering around 445% to 446% on a tenure, a decrease of a couple of basis points after yesterday's close [3] - Yesterday's close represented a one and a half month high yield close [3]

Core Insights - Bank of America Securities analyst Ken Hoexter reiterated a Buy rating on FedEx Corporation, lowering the price forecast from $272 to $270 [1] - FedEx is making steady progress on structural cost initiatives, including Network 2.0, DRIVE, and Tri-Color, despite facing headwinds in international B2B volumes in F4Q25 [1] Financial Performance - Estimated EPS for 4Q25, FY25, and FY26 has been lowered by 9%, 3%, and 1% respectively, now projecting $5.55, $17.70, and $20.75, down from previous expectations of $6.10, $18.25, and $20.90 [4] - The price target now sits near the low end of the 12.5x–18.5x range due to macroeconomic pressures [5] Market Dynamics - Following a 90-day U.S.-China tariff reprieve, FedEx estimates the de minimis tariff on Chinese retailers has decreased to approximately 50% from 168%, although reporting complexity has increased [3] - FedEx has partnered with Amazon to handle select large and heavy parcels, providing a cost advantage over UPS, which is expected to be financially beneficial for FedEx [3][4] Volume Trends - March volumes were stable, but April saw a decline, and May experienced sharp Trans-Pacific declines as customers relied on existing inventories and awaited tariff relief [2]