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India Inc's revenue is likely to have grown by up to 6 per cent in the September quarter, a report said on Thursday. However, the operating profit margins compressed by up to 0.60 per cent during the July-September period as compared to a year ago, the report by an arm of domestic rating agency Crisil said. "Corporate revenue is expected to have grown a modest 5-6 per cent on-year in the July-September quarter, following underwhelming performance of the power, coal, information technology (IT) services and steel sectors," it said. The agency, which analysed performance of 600 companies, said companies in the sectors posting slower growth account for a third of the overall revenue. It added that sequentially, the revenue growth during July-September period will be one percentage point higher than the preceding June quarter. From a profitability perspective, it said companies struggled to fully pass on incremental costs in the automobile, pharmaceuticals and aluminium sectors, and the operating profit margin likely fell 0.50-1 per cent in Q2. Continuing geopolitical uncertainties weighed on the IT services sector, with project deferrals likely limiting revenue growth to 1 per cent, while in the steel sector revenue is expected to have grown a moderate 4 per cent on-year despite having a volume growth of 9 per cent due to decline in steel prices. The power sector's revenue likely grew a mere 1 per cent, affected by a surge in hydro-generation because of monsoon being 108 per cent of the long-period average and a 10 per cent rise in renewable energy generation, which led to reduced demand for coal generation. As a result, the coal sector's revenue growth was likely flat, it said. "The rationalisation of goods and services tax rates created anticipation of new stock with lower prices, causing a temporary disruption in segments such as passenger vehicles and fast-moving consumer goods (FMCG). As a result, retailers and distributors delayed FMCG purchases, while high inventory levels and sluggish retail sales affected demand for passenger vehicles in Q2," Crisil Intelligence's director Pushan Sharma said. Sharma said the rural economy got a boost from a copious monsoon and farmer sentiment also improved after the government announcement of higher minimum support prices for kharif crops, which drove up sales of tractors and two-wheelers. Revenue of tractor makers likely surged 36 per cent driven by a 31 per cent increase in volume, while two-wheeler revenue is expected to have grown 9 per cent led by a 6 per cent increase in volume, Sharma added. The cement sector likely rebounded with 8 per cent revenue growth following a 6-7 per cent on-year increase in volume over a low base and pre-festival demand, it said, adding the pharmaceutical sector is expected to have grown 8 per cent on export demand and stable domestic market conditions. Telecom services revenue likely grew 7 per cent in Q2 because of higher realisations on account of costlier subscription plans, even as subscriber growth was flat, it said. Elaborating on its profitability compression expectations, the agency said the automobile sector's margins are expected to have contracted 1.50-2 per cent on-year owing to the continual rise in aluminium prices, which grew by 11 per cent. Margins for the aluminium sector likely moderated 1-1.5 per cent on lower export realisations on account of lower regional premiums. In the pharmaceutical sector, margins are expected to have contracted 1.5-2 per cent owing to pricing pressure on existing products, which faced higher competition in export markets compared with newly launched products.Cement, steel and telecom services sectors are likely to have expanded profit margins during the quarter, the report said.

Gold is soaring like it’s 1979, and stocks are rallying like it’s 1999, and investors are left wondering how two historically opposing assets can climb together. Ruchir Sharma, in a column for the Times of India, pointed to a single culprit: a global flood of liquidity that is lifting both ships simultaneously, fueling record flows into gold ETFs while keeping equity markets in a relentless upward orbit.According to Sharma, trillions of dollars of stimulus unleashed during and after the pandemic are still circulating, driving momentum trades across multiple asset classes. “Govts and central banks rolled out trillions of dollars in stimulus during and after the pandemic. Much of that money is still sloshing around the system and continues to drive the momentum trade across many assets, including stocks and gold,” he wrote.U.S. households have increased exposure to equities and other risk assets in recent years, emboldened by a near-assured state safety net. “Investors have been conditioned to expect a state rescue at the slightest hint of trouble… By sharply lowering the risk premium, state support effectively opens the liquidity floodgates,” Sharma noted.Hyper-financialisation also amplifies this effect. The proliferation of trading apps and largely commission-free investment vehicles has made it easier than ever for individuals to pour money into markets, driving asset prices across the board.A historic pairingThe result is a rare alignment: gold and stocks rising together. Historically, the correlation between these two assets has been near zero. In the 1970s, gold surged while equities languished, while in the 1990s dotcom boom, gold fell as stocks soared. Now, both are buoyed by the same underlying driver: excess liquidity.Sharma highlighted another dimension, that gold’s bull run became particularly strong in 2022 when U.S. sanctions on Russia pushed foreign central banks to buy gold as a safe alternative. Today, however, gold ETFs are driving much of the demand, with ETF share of gold demand rising ninefold this year to nearly 20%.“The centre of the buying action has moved from central banks to gold ETFs… The third quarter saw the highest quarterly ETF flows into gold, ever,” he wrote.Market reality checksDespite these macro drivers, gold has come under pressure this week. On Thursday, gold and silver corrected sharply from recent highs, with gold falling nearly 10% from $4,381 per ounce and silver from $54.5 per ounce. Analysts attribute the pullback to profit booking, seasonal factors, and easing geopolitical tensions.Tejas Shigrekhar, Chief Technical Research Analyst at Angel One, said: “Gold witnessed a sharp decline of 385 points (8.00%) from its recent peak, marking a potential trend reversal after reaching historically overbought levels.”Shigrekhar added that technical indicators now reflect a bearish shift, with spot prices trading near $4,000 and seasonal demand expected to soften post-festive season.Rahul Kalantri, VP Commodities at Mehta Equities, noted that the correction reflected a rotation toward risk assets amid optimism over U.S.–India trade developments. “Gold and silver prices stabilized around $4,050 and $48 per ounce after a sharp correction… The pullback reflected a shift toward risk assets… weakening gold’s safe-haven demand,” he said.Support and resistance levels for gold suggest a more balanced outlook, with domestic gold at Rs 128,270 on the MCX, support at Rs 121,000–115,000, and resistance around Rs 130,200–134,500.Equities mirror liquidityMeanwhile, Indian equities continue to climb. The Nifty 50 was just 0.7% below its all-time high on Thursday, while the Sensex touched 85,272.40, about 0.8% shy of its record. Optimism stems from an earnings revival, foreign inflows, strong festive-season demand, recent tax cuts, and policy support expected to drive corporate profits higher in the second half of FY26.Sharma warned that the party may not last indefinitely, cautioning that if consumer price inflation accelerates and the Fed is forced to tighten, gold’s role as a hedge could backfire, sending both AI-driven stocks and gold tumbling together.For now, however, liquidity remains the ace in the global markets’ hand—driving an unusual, high-stakes duet between gold and equities.Also read | Diwali ain't over yet! Sensex hits 52-week high, Nifty tops 26K; 5 factors pushing D-St near all-time peak(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)

The United Kingdom has raised immigration fees for in-country expedited services, effective October 21, 2025, continuing a trend of significant increases over the past two years. Expedited processing of sponsorship management requests made by worker, temporary worker, or student sponsors now costs GBP 350, up 75% from the previous GBP 200. Meanwhile, priority service for sponsor licence applications has increased to GBP 750, a 50% rise from GBP 500.Rising costs across visa services The fee changes come amid broader increases affecting Certificates of Sponsorship, skilled worker and visit visa applications, and the upfront immigration health surcharge. The updated fees apply specifically to in-country expedited processing and priority applications, leaving standard processing fees unchanged.Implications for employers and educational institutions No immediate exemptions have been announced, and the changes affect both corporate sponsors and educational institutions handling visa requests. According to Fragomen recent fee hikes reflect an ongoing effort by UK authorities to streamline immigration processes while funding faster adjudication of applications.The fee increase is part of the UK’s larger effort to maintain competitiveness in attracting skilled international workers while balancing administrative costs. With continued changes in visa policies, companies and educational institutions may need to reassess their immigration and workforce strategies to manage higher costs and processing timelinesHowever, beginning 2026, UK universities will align tuition fees for students with inflation, contingent upon meeting stringent quality standards. This policy aims to stabilise university finances while ensuring value for money for students. Institutions that maintain high standards in teaching, student outcomes, and support services will be eligible for annual fee increases linked to inflation. Additionally, maintenance loans will be adjusted annually, with increased support for low-income households. Education Secretary Bridget Phillipson emphasised that underperforming universities could face regulatory or financial penalties, reinforcing the government's commitment to quality education