Equity benchmark indices Sensex and Nifty declined in early trade on Monday (January 5, 2026), dragged by blue-chip IT stocks. The 30-share BSE Sensex dropped 125.96 points to 85,636.05 during early trade. The 50-share NSE Nifty dipped 30.95 points to 26,297.60. From the 30-Sensex firms, HCL Tech, Infosys, Tech Mahindra, HDFC Bank, Tata Consultancy Services, and NTPC were among the biggest laggards. However, Bharat Electronics, Tata Steel, Axis Bank, and Reliance Industries were among the gainers. Foreign ...

ab 22 December 2025 Global Research China Economic Comment China Weekly: Weak Dec growth, fiscal under- spending YTD, subdued Nov data High frequency: Subdued home sales, softer port, weaker auto sales in Dec 30-city property sales stayed in a deep YoY contraction of -30% in the first 20 days of December (vs. -33% YoY in November) on a high base from policy stimulus last year, with the weakness extended across all tier cities. Port cargo throughput growth edged down to 2% YoY in the first 14 days from 3% Yo ...

As filed with the U.S. Securities and Exchange Commission on December 19, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Legato Merger Corp. IV (Exact name of registrant as specified in its charter) Cayman Islands 6770 98-1880768 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Legato Merger Corp. IV 777 Third Avenue, 37 ...

The order, dated December 16 sanctions the Scheme of Arrangement subject to compliance with stipulated directions.According to the company’s official announcement, the NCLT approval paves the way for the demerger of Vedanta into four independent, pure-play listed companies, in addition to the currently listed Vedanta, thereby creating a total of five separate listed entities.The execution of this transformational demerger is now underway, subject to obtaining further regulatory and stakeholder approvals.Th ...

Group 1: Bharti Enterprises - Bharti Enterprises is one of India's foremost first-generation corporations with interests in telecom, space communications, digital solutions, real estate, and hospitality [3] - Sunil Bharti Mittal, the Founder and Chairman, has received the Padma Bhushan, one of India's highest civilian honors [4] - Mittal is involved in global trade and investment initiatives and has served on various councils and forums, including the Prime Minister of India's Council on Trade and Industry [5][37] Group 2: Tata Trusts - Noel Tata serves as Chairman of Tata Trusts and has been associated with the Tata group for over 40 years [8] - Tata International Limited, under Noel Tata's leadership, grew from a turnover of USD 500 million to over USD 3 billion [9] - Tata Group companies include Trent Limited, Tata International Limited, Voltas Limited, and Tata Steel [8][9] Group 3: HCLTech - HCLTech is a leading global technology company with a market capitalization of $55 billion [14] - Roshni Nadar Malhotra, the Chairperson, has received France's highest civilian award and has been featured in Forbes' 'The World's 100 Most Powerful Women' list [15] Group 4: JSW Group - JSW Group, led by Sajjan Jindal, is a $12 billion infrastructure conglomerate and India's largest steel producer [19][20] - JSW Steel has overtaken Tata Steel, and the group also includes JSW Energy and JSW Cement [20] Group 5: Hindustan Unilever - Hindustan Unilever Limited, led by CEO Priya Nair, reaches nine out of ten households in India [23] - Priya Nair previously oversaw a €13 billion business in Beauty & Wellbeing at Unilever [24] Group 6: Kotak Mahindra Bank - Kotak Mahindra Bank, founded by Uday Kotak, has become one of India's leading diversified financial services conglomerates [26][27] - Uday Kotak stepped down as Managing Director & CEO in September 2023 but continues to influence the banking sector [26][28] Group 7: Legal and Political Influence - Abhishek Manu Singhvi is a distinguished jurist and senior advocate, serving as a Member of Parliament [30][31] Group 8: Groww - Lalit Keshre is the CEO of Groww, overseeing product and customer experience [33] Group 9: Narayana Health - Dr. Devi Prasad Shetty is the Founder and Chairman of Narayana Health, known for making affordable healthcare a reality in India [35][38]

Market Performance - The Sensex increased by 56.76 points to 84,957.47, while the Nifty rose by 23.20 points to 25,982.70, indicating modest gains in the market despite foreign institutional investor selling and caution ahead of futures and options expiry [1] - The market breadth on the BSE showed 1,621 stocks advancing against 1,531 declining, with 159 unchanged, and a total of 3,311 stocks traded [4] Top Gainers and Losers - Bharat Electronics led the Nifty gainers with a rise of 1.71% to ₹410.70, followed by Dr Reddy's Laboratories at 1.58% to ₹1,245.60, and State Bank of India at 1.34% to ₹983.65 [2] - On the downside, Adani Enterprises fell 2.18% to ₹2,346.90, making it the worst performer, while Infosys declined 1.16% to ₹1,530.10 [3] Broader Indices - Broader indices outperformed benchmarks, with Nifty Midcap 100 rising 0.20% to 60,184.40 and Nifty Smallcap 100 gaining 0.11% to 17,715.05 [5] Foreign and Domestic Investment - Foreign institutional investors withdrew ₹18,013 crore from Indian equities in November, including ₹4,171 crore on Monday, while domestic institutional investors purchased ₹4,512 crore [6] - The Nifty's struggle to maintain above the 26,000 mark indicates an ongoing consolidation phase, with key support levels at 25,850–25,800 [6]

Market Overview - Benchmark indices Sensex and Nifty experienced declines in early trade, with Sensex dropping 285.28 points to 85,347.40 and Nifty falling 82.6 points to 26,109.55, following a two-day rally impacted by weak global market trends [1] - Asian markets also showed negative performance, with South Korea's Kospi down over 3 percent and Japan's Nikkei 225 index dropping more than 2 percent [2] Market Performance - The Nasdaq Composite fell by 2.15 percent, reflecting a 4.4 percent drop from its intra-day peak, indicating increased market volatility [3] - Foreign institutional investors (FIIs) purchased equities worth ₹283.65 crore, while domestic institutional investors (DIIs) bought stocks worth ₹824.46 crore on Thursday [3] Oil Prices - Brent crude oil benchmark decreased by 1.26 percent to $62.58 per barrel [4] Recent Trends - On the previous trading day, the Sensex had increased by 446.21 points, or 0.52 percent, closing at 85,632.68, while Nifty closed at 26,192.15 after gaining 139.50 points, or 0.54 percent [4]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Economic Activity** and provides insights into various sectors including **real estate**, **automotive**, and **energy** markets, as well as **macroeconomic policies**. Key Insights and Arguments 1. Consumption and Mobility - **Property Transactions**: The daily property transaction volume in the primary market across 30 cities is significantly below last year's levels [3][8] - **Traffic Congestion**: Traffic congestion remains slightly below last year's levels, indicating a potential slowdown in mobility [9] - **Consumer Confidence**: Consumer confidence showed a slight increase in September, suggesting a potential rebound in consumer sentiment [13] 2. Production and Investment - **Steel Demand**: Demand for flat steel has declined and is roughly in line with levels from a year ago, while long steel demand has decreased and is below last year's levels [21][26] - **Auto Sales**: Total auto sales volume edged up in October, remaining slightly above the 2024 level, indicating resilience in the automotive sector [24] - **Local Government Bonds**: RMB 4.1 trillion of local government special bonds have been issued out of a total quota of RMB 4.4 trillion for 2025, representing 94.3% of the annual quota [31][33] - **Coal Consumption**: Daily coal consumption in coastal provinces is below last year's levels, reflecting a potential decrease in energy demand [35] 3. Other Macro Activity - **Port Activity**: Official port container throughput increased over the past two weeks and remains above year-ago levels, indicating a positive trend in trade activity [37] 4. Markets and Policy - **Interbank Repo Rates**: Interbank repo rates have edged lower in recent weeks, suggesting easing liquidity conditions [43] - **Freight Volume**: Freight volume of departing ships at 20 major ports has declined and is below last year's levels, indicating potential challenges in logistics [45] - **Currency Movements**: The Chinese Yuan (CNY) has appreciated against both the CFETS basket and the USD, reflecting strengthening currency dynamics [48] - **Policy Announcements**: Several macro policy announcements have been made since August, including measures to promote private investment and the suspension of retaliatory tariffs on US agricultural products [50] Additional Important Information - **New Energy Vehicles (NEVs)**: Sales volume for NEVs decreased in October but remained above the 2024 level, indicating ongoing interest in electric vehicles despite short-term fluctuations [17] - **Rental Yield**: Rental yield in large cities has gradually improved, while the yield on 30-year Chinese government bonds has also ticked up, suggesting a potential shift in investment preferences [20] This summary encapsulates the critical insights from the conference call, highlighting trends in consumption, production, and macroeconomic policies that could impact investment decisions in the Chinese market.

Core Insights - Steel Dynamics, Inc. has appointed Matt Bell as the head of its metals recycling platform, effective immediately, succeeding Miguel Alvarez [1][2] - Matt Bell has been with the company since 2016 and has held various leadership roles, contributing to the growth and efficiency of the metals recycling teams [2][3] - The company operates a circular manufacturing model, focusing on lower-carbon-emission products and is one of the largest domestic steel producers and metal recyclers in North America [4] Company Overview - Steel Dynamics, Inc. is a leading industrial metals solutions company with facilities across the United States and Mexico [4] - The company is committed to producing high-quality, value-added metal products while maintaining integrity and safety in operations [4] - Steel Dynamics is investing in aluminum operations to diversify its product offerings, particularly targeting the sustainable beverage can industry and automotive sectors [4] Leadership Transition - Matt Bell will serve as Vice President of Metals Recycling and President of OmniSource, overseeing the metals recycling platform [3] - His previous role involved developing ferrous purchasing and sales growth strategies, optimizing scrap supply for steel operations [3] - The leadership transition is part of the company's ongoing succession planning, ensuring continuity in leadership and operational excellence [2]

Core Insights - Cleveland-Cliffs Inc. is strategically shifting towards automotive-grade steel to strengthen its position in the automotive industry, supported by new contracts with original equipment manufacturers (OEMs) [1][6] - The company reported an earnings per share (EPS) of -$0.45, which was better than the estimated EPS of -$0.48, but faced a revenue shortfall of approximately $4.73 billion, slightly below the estimated $4.79 billion [2][6] - Cleveland-Cliffs is reducing capital expenditures to improve margins and revenue quality, with expectations of a cyclical recovery in steel prices and the conclusion of the ArcelorMittal slab supply contract providing potential upside [3][6] - The company is entering the rare earths mining sector, which has been positively received by the market, indicating a significant pivot in its business strategy and potential for growth and diversification [4][6] Financial Metrics - Cleveland-Cliffs has a price-to-earnings (P/E) ratio of -4.74, indicating negative earnings, and a price-to-sales ratio of 0.42, suggesting the stock is valued at 42 cents for every dollar of sales [5] - The debt-to-equity ratio stands at 1.28, indicating more debt than equity, while a current ratio of 2.04 reflects strong liquidity to cover short-term liabilities [5]