Business
FTSE fails to sparkle in tame pre-holiday trade
The FTSE 100 drifted lower on Wednesday in lacklustre trading ahead of the Christmas break, although a chunky disposal by BP brought some life to proceedings.
The FTSE 100 index closed down 18.54 points, 0.2%, at 9,870.68. The FTSE 250 ended down 35.05 points, 0.2%, at 22,314.50, while the AIM All-Share closed up 1.42 points, 0.2%, at 759.39.
BP closed down 0.4% after announcing the sale of a 65% stake in its lubricants business Castrol to private equity firm Stonepeak Partners.
The London-based oil major said it will receive proceeds of around six billion dollars (£4.4 billion) from the sale, which puts an enterprise value on Castrol of around 10.1 billion dollars (£7.48 billion).
In February this year, BP announced a strategic review of Castrol as part of plans to raise 20 billion dollars (£14.8 billion) in disposals by the end of 2027.
“The transaction represents a significant milestone in BP’s commitment to accelerate its strategy, including simplifying the portfolio, strengthening the balance sheet, and focusing the downstream on its leading integrated businesses,” the FTSE 100 listing said.
Citi equity analyst Alastair Syme said comments from BP that deal proceeds will be directed “towards de-leverage (as opposed to shareholder returns)” reinforces “our view that the current share buyback programme will be cancelled ahead of the arrival of the new CEO in 2026.”
Woodside Energy boss Meg O’Neill joins BP on April 1 2026 after last week’s exit of chief executive Murray Auchincloss.
But RBC Capital Markets questioned the rationale of selling this “highly cash generative, low volatility and low capital intensity asset, as ultimately this is detrimental to the long-term dividend sustainability and earnings quality of the business.”
In European equities on Wednesday, the CAC 40 in Paris closed up 0.1%.
Stocks in New York are expected to open slightly lower on Wednesday after strong gains so far this week.
The Dow Jones Industrial Average is called 0.1% lower, while modest falls are seen for the S&P 500 and Nasdaq Composite when Wednesday’s abridged trading day begins.
The yield on the US 10-year Treasury was quoted at 4.16%, trimmed from 4.18%. The yield on the US 30-year Treasury was quoted at 4.82%, narrowed from 4.84%.
Weekly initial jobless claims data in the US provides the last major data point ahead of the Christmas break.
The jobs market has become a key focus for the US Federal Reserve as it weighs monetary policy options heading into 2026.
On Tuesday, the Conference Board’s measure of consumer confidence fell to 89.1 in December from an upwardly revised 92.9 in November with concerns over job security a prominent concern.
The pound was quoted at 1.3510 dollars at the time of the London equities close on Wednesday, up from 1.3481 dollars on Tuesday.
The euro stood at 1.1790 dollars, higher against 1.1777 dollars. Against the yen, the dollar was trading lower at 155.92 yen compared to 156.37 yen.
Back in London, weak pharmaceuticals stocks held the blue index back with index heavyweights GSK and AstraZeneca both down 0.5%.
Elsewhere, retailers were in the picture with attention focused on performance in the key holiday trading period.
Data from BDO’s High Street sales tracker showed UK retail sales returned to modest growth in the week before Christmas, driven by a sharp rebound in online spending, although in-store sales and footfall remained under pressure.
Total like-for-like sales rose 1.0% in the week ended December 21, reversing two consecutive weeks of decline.
However, the increase came against 2.6% growth in the same week last year, highlighting fragility in consumer demand.
Meanwhile, figures from Barclays showed UK consumer spending increased 0.8% year-on-year in the four weeks ending December 12.
“Pubs, restaurants and fast food strengthen, while other tracked categories broadly weaken,” the Barclays report said.
On the FTSE 100, Next was down 0.3%, as was Marks & Spencer, while JD Sports Fashion rose 0.2%.
Barclays and NatWest are through to the second round of bidding for wealth management group Evelyn Partners, Sky News reported.
Sky said the two high street banks were among the bidders notified last week that they were through to the second round of the Evelyn auction.
Royal Bank of Canada also is said to be in the frame to buy Evelyn, Sky said, while a number of private equity firms also have tabled offers for the business, which could be worth £2.5 billion, it said.
Shares in Barclays closed up 0.1% while NatWest eased 0.3%.
Crimson Tide slumped 17% after reporting a “significant customer”, which it did not name but described as a “major retailer”, has exercised a break clause in its contract.
The contract, which began a year ago, represents 12% of Crimson Tide’s annual recurring revenue.
But Crimson Tide said the contract loss will enable the company to redeploy resources towards higher-margin opportunities.
Faring better, PipeHawk shares soared 44% as it agreed to sell its loss-making Utsi Electronics subsidiary to Hong Kong-based Leidi Global Supply for £1.0 million in cash.
Brent oil was quoted at 62.58 dollars a barrel at the time of the London equities close on Wednesday, up from 62.09 dollars late on Tuesday.
Gold traded at USD4,492.58 an ounce, up from 4,462.05 dollars on Tuesday. The yellow metal had earlier hit a fresh record of 4,525 dollars an ounce.
Bullion has broken multiple records this year, driven partly by looser US monetary policy, robust safe-haven demand and strong central bank buying.
The biggest risers on the FTSE 100 were Schroders, up 7.2 pence at 407.5p, Pershing Square Holdings, up 52.0p at 4,870.0p, Persimmon, up 13.50p at 1,334.25p, Melrose, up 5.2p at 585.4p and Entain, up 5.4p at 750.9p.
The biggest fallers on the FTSE 100 were Games Workshop, down 280.0p at 18,875.0p, Fresnillo, down 32.0p at 3,206.0p, Rolls Royce, down 10.5p at 1,149.5p, Admiral, down 26.0p at 3,154.0p and Burberry, down 9.0p at 1,250.0p.
Next week’s global economic calendar has minutes from the December Federal Open Market Committee meeting, a raft of manufacturing PMI prints and house price data in the UK and US.
There are no significant events scheduled in next week’s UK corporate calendar.
– Contributed by Alliance News
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RBI releases draft to revise Kisan Credit Card Scheme, standardizing crop cycles, extending loan tenure to six years, and aligning credit limits with cultivation costs.
From Crop Cycles To Loan Tenure: 4 Key Changes In RBI’s KCC Proposal
Kisan Credit Card Scheme: The Reserve Bank of India (RBI) has released draft directions to revise the Kisan Credit Card (KCC) Scheme, aiming to expand coverage, streamline operations, and align credit norms with evolving agricultural needs.
Standardized Crop Cycles And Extended Loan Tenure
As outlined in the draft, crop seasons have been standardized to introduce uniformity in loan sanctioning and repayment schedules. Short-duration crops will now be treated under a 12-month cycle, while long-duration crops will follow an 18-month cycle.
Example:
A farmer growing paddy or wheat (harvested in a few months) will follow a 12-month loan cycle.
A farmer growing sugarcane (which takes 12–18 months) will get an 18-month cycle.
To better align loan tenure with these crop cycles, especially for longer-duration crops, the overall tenure of the KCC facility has been extended to six years. The move is expected to provide farmers with greater flexibility in repayment and reduce rollover pressures.
Example:
If a farmer growing sugarcane faces a bad monsoon in Year 2, he doesn’t have to rush repayment immediately. The 6-year window gives more breathing space and reduces pressure to take fresh loans to repay old ones.
The draft directions apply to Commercial Banks, Small Finance Banks, Regional Rural Banks, and Rural Co-operative Banks, indicating a system-wide implementation once finalized.
Drawing Limits Linked To Cost Of Cultivation
The RBI has proposed aligning drawing limits under the KCC scheme with the scale of finance for each crop season . This adjustment aims to ensure that farmers receive credit in line with the actual cost of cultivation, addressing concerns around under-financing.
Example:
If growing cotton in a district costs Rs 60,000 per acre (as per agriculture department data), banks will align KCC limits accordingly — instead of giving a lower, outdated amount like Rs 40,000.
In addition, the draft expands eligible components under the KCC framework. Expenses related to technological interventions—such as soil testing, real-time weather forecasts, and certification for organic or good agricultural practices—have been included within the existing 20% additional component earmarked for repairs and maintenance of farm assets .
Example:
If a farmer wants to:
- Test soil before sowing
- Subscribe to real-time weather alerts
- Get organic farming certification
These costs can now be covered under KCC instead of paying from pocket.
What Is Kisan Credit Card Scheme?
The Kisan Credit Card scheme aims at providing adequate and timely credit support from the banking system under a single window with flexible and simplified procedures to the farmers for their cultivation and other needs.
The KCC scheme was introduced in 1998 for the issue of Kisan Credit Cards to farmers on the basis of their holdings for uniform adoption by the banks so that farmers may use them to readily purchase agriculture inputs such as seeds, fertilizers, pesticides etc. and draw cash for their production needs.
KCC covers post-harvest expenses, produce marketing loan, consumption requirements of farmer households, working capital for maintenance of farm assets and activities allied to agriculture, investment credit requirement for agriculture and allied activities.
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February 14, 2026, 12:49 IST
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Business
Four ports under construction in Andhra Pradesh, Centre tells Lok Sabha – The Times of India
The Centre is pushing port-led infrastructure expansion in Andhra Pradesh, with four ports currently under construction, even as it steps up nationwide port modernisation and efficiency measures.As per information shared on Friday in Parliament, the ports under construction in Andhra Pradesh are Mulapeta Port (formerly Bhavanapadu Port) in Srikakulam district, Machilipatnam Port in Krishna district, Ramayapatnam Port in SPSR Nellore district, and Kakinada SEZ Port in Kakinada district.The government said it is undertaking measures such as mechanisation of berths and terminals, digitalisation and logistics integration, new berth construction, capital dredging for larger vessels, and connectivity upgrades across road, rail and waterways.It has also rolled out initiatives including elimination of manual forms, direct port delivery and entry, container scanners, e-delivery of documents and payments, RFID-based gate automation and Maritime Single Window platform SagarSetu 2.0 to cut vessel turnaround time.Two new ports — Vadhavan Port in Maharashtra and Galathea Bay Port in Andaman and Nicobar Islands — have been notified as major ports. At present, 12 major ports operate under the central government, while 68 other-than-major ports are under state governments.Under the Sagarmala scheme, financial assistance is provided across five pillars including port modernisation, connectivity, port-led industrialisation, coastal community development and inland water transport.The government has also launched HaritSagar green port guidelines, the Green Tug Transition Programme (GTTP), and the Cruise Bharat Mission to promote sustainability and cruise tourism.The information was given by Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal in a written reply to the Lok Sabha.At present, 12 major ports operate under the administrative control of the central government, while 68 operational other-than-major ports are under state governments.The government said it has launched multiple national programmes for port development, expansion and upgradation. Under the Sagarmala scheme, financial assistance is provided under five pillars — port modernisation, port connectivity, port-led industrialisation, coastal community development, and coastal shipping and inland water transport.Green and sustainability-linked initiatives have also been introduced. The government has launched HaritSagar green port guidelines to promote environment-friendly port ecosystems and initiated the Green Tug Transition Programme (GTTP) to shift harbour tugs towards greener fuel alternatives.Further, the Cruise Bharat Mission has been launched to prioritise cruise tourism development across the country.
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Anthropic’s AI tools have triggered a sharp decline in Indian IT stocks like TCS, Infosys, Wipro, eroding Rs 3,11,873 crore in market value.
Anthropic’s valuation surpassed combined value of total IT firms in India
The entire Information Technology (IT) industry in India is battering with the existential threat, which comes on the heels of rising generative AI, posing doubts over the viability of their business model.
Stocks of the IT industries, including Tata Consultancy Services (TCS), Infosys, Wipro, etc., hit brutally over the past week. This was triggered with the launch of new AI tools by Anthropic’s Claude for Cowork, which is like an office teammate helping the user to do tasks such as file sorting, reading legal drafts, etc.
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Anthropic’s Valuation vs Nifty IT Index
Anthropic’s phenomenal valuation rise has surpassed the combined value of India’s top IT firms. Standing at a valuation of $380 billion, the US-based AI company has eclipsed India’s Nifty IT index, whose market cap was at $296.4 billion by the time of writing this report.
Investors are accelerating their exit from technology stocks as concerns intensify that advanced artificial intelligence tools could disrupt core segments of the global software and IT services industry.
This week alone, TCS, Infosys and HCL Technologies dragged 9-11 per cent.
The sharp correction has wiped out substantial investor wealth. Based on intraday lows, the combined market capitalisation of the top five domestic IT companies has eroded by nearly Rs 3,11,873 crore this week.
TCS emerged as the biggest laggard, losing Rs 1,28,800 crore in market value, with its market capitalisation slipping to Rs 9,35,253 crore. The fall also pushed it to the fifth-most valued listed company from the fourth position.
Infosys has seen its market capitalisation shrink by Rs 91,431 crore following a 15 per cent decline this week. HCL Technologies has lost Rs 53,647 crore in market value over the past five trading sessions. Wipro and Tech Mahindra have also recorded declines, with their market capitalisations falling by Rs 22,762 crore and Rs 15,233 crore, respectively, during the same period.
| Company Name | Mcap ($Billion) |
| Tata Consultancy Services | 107.4 |
| Infosys | 61.2 |
| HCL Technologies | 43.6 |
| Wipro | 24.8 |
| Tech Mahindra | 16.6 |
| LTIMindtree | 16.7 |
| Persistent Systems | 9.5 |
| Oracle Financial Services Soft | 6.4 |
| Coforge | 5 |
| Mphasis | 5.2 |
| Total | 296.4 |
Source: Bloomberg
Anthropic’s Recent Funding Round
Anthropic has recently raised $30 billion in Series G funding led by GIC and Coatue, valuing Anthropic at $380 billion post-money, as announced by the company in the press release.
The investment will fuel the frontier research, product development, and infrastructure expansions that have made Anthropic the market leader in enterprise AI and coding.
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February 14, 2026, 09:15 IST
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