Core Viewpoint - Brokerages are optimistic about Vedanta's stock, with Nuvama Institutional Equities raising the target price to Rs 806 from Rs 686, indicating an 18% upside potential from current levels [1][3]. Company Developments - The NCLT approved the demerger of Vedanta into five listed entities, with the base metals business remaining in Vedanta Ltd and four other entities being Vedanta Aluminium, Talwandi Sabo Power, Vedanta Steel and Iron, and Malco Energy [1][8]. - Vedanta is nearing the completion of regulatory approvals for its demerger, which is expected to enhance the company's investment thesis through strong commodity upcycle, cost optimization, and volume growth [2][8]. Financial Projections - Nuvama has revised FY27E/28E EBITDA estimates upward by 17% and 8% respectively, projecting a 20% CAGR in EBITDA over FY25–28E, reaching Rs 724 billion [3][9]. - Average price assumptions for FY27E and FY28E have been increased to $3,000 and $2,750 per tonne for aluminium, $3,000 and $2,900 per tonne for zinc, and $60 per ounce for silver [6][9]. - The INR–USD exchange rate assumption for FY27E and FY28E has been adjusted to 89 from 87.5 [6][9]. Market Performance - Shares of Vedanta were trading at Rs 696, reflecting a 2.6% increase from the previous close, with a peak of Rs 699, marking a 52-week high [8][9]. - Kotak Institutional Equities has set a target price of Rs 780 per share, highlighting that approximately 85% of Vedanta's FY2027E EBITDA will be driven by aluminium (50%), zinc (20%), and silver (15%) [7][9].

Core Viewpoint - Unilever PLC has implemented a reverse stock split as part of its strategy to streamline operations and enhance shareholder value, coinciding with a significant increase in its share price following the demerger of its ice cream division [1][5]. Group 1: Reverse Stock Split - The reverse stock split occurred on December 9, 2025, exchanging 9 shares for every 8 shares previously held [1][5]. - This move is aimed at improving operational efficiency and increasing shareholder value [1][5]. Group 2: Share Price Movement - Following the reverse stock split, Unilever's share price rose nearly 13% in early trading [2][5]. - The current stock price is $64.49, reflecting an increase of 16.62% with a change of $9.19 [4][5]. - Over the past year, the stock has fluctuated between a high of $65.66 and a low of $54.32 [4]. Group 3: Share Structure Post-Consolidation - Post-consolidation, Unilever has over 2.2 billion ordinary shares in issue, with approximately 2.18 billion carrying voting rights [3][5]. - Some investors' shareholdings did not convert neatly under the new ratio, and Unilever plans to pool these fractional shares and sell them in the market, returning the net cash proceeds to shareholders [3].

Core Points - The signing of a Pledge Agreement and a Letter of Consent and Release with Enodia is part of the demerger process of VOO, which involves the acquisition of VOO SA by Orange Belgium SA/NV [1][3] - The Pledge Agreement will secure amounts owed by VOO to Enodia under a Service Agreement, with a maximum amount of EUR 250,000,000 [2][6] - The Demerger is contingent upon the termination and replacement of the existing Mandate with the Pledge Agreement [5] Group 1: Pledge Agreement and Service Agreement - VOO has authorized Enodia to create a first-rank pledge over its business as security for amounts owed under the Service Agreement [2] - The Pledge Agreement will cover trade receivables and bank accounts of the Company for the benefit of Enodia [3][4] - The Pledge Agreement will last for the same duration as the Service Agreement and may be readjusted every five years based on the diminishing amount owed [6] Group 2: Corporate Governance and Compliance - Enodia is considered a "related party" to the Company, necessitating compliance with Article 7:97 of the Belgian Code of Companies and Associations [7] - An ad hoc committee of independent directors was established to assess the signing of the Pledge Agreement and the Letter of Consent and Release [9] - The board of directors approved the signing based on the committee's conclusion that the transaction is not unfair to the Company [10] Group 3: Financial Overview of Orange Belgium - As of June 30, 2025, Orange Belgium reported revenues of EUR 962.7 million, with 3.5 million mobile customers and over 1 million fixed broadband customers [12] - Orange Belgium operates both fixed and mobile networks, providing a range of connectivity services and convergent offerings [12] - The Company is a subsidiary of the Orange Group, which serves 300 million customers worldwide [13]

Group 1 - Magnum CEO Peter ter Kulve emphasized that the company is not considering selling Ben & Jerry's and is focused on reclaiming market share and growing sales as it prepares for its spin-off from Unilever [1][3] - Unilever's ice cream business, which includes brands like Magnum, Ben & Jerry's, Wall's, and Cornetto, is expected to hold over 20% of the approximately $88 billion global ice cream market, competing with rivals such as Nestle-backed Froneri [1] - The separation from Unilever has allowed Magnum to invest in supply chains, sales, and distribution, leading to a significant increase in market share last year [2] Group 2 - Unilever's CEO Fernando Fernandez is implementing changes to streamline management and enhance margins, with the company retaining less than 20% of the ice cream business post-listing [4] - The demerger will provide every Unilever shareholder with a relative stake in Magnum, which is expected to mitigate market volatility typically associated with an IPO [5] - Magnum's CFO Abhijit Bhattacharya stated that the split is beneficial for both Unilever and Magnum, allowing Unilever to focus its portfolio while giving Magnum the opportunity to improve margins [4][5]