Business
Market watch: India’s equity valuations dip below long-term averages; but stay elevated versus peers – The Times of India
India’s equity valuations are trading marginally below their historical averages but continue to remain expensive compared with regional peers, raising concerns amid slowing earnings growth.The benchmark Nifty currently trades at a price-to-earnings (PE) ratio of 21.97 times, lower than its five- and 10-year averages of 24.4 and 24.8, respectively. In contrast, Hong Kong’s Hang Seng is at 11.7, South Korea’s Kospi below 13, and South Africa at around 12.7, according to an ET report.Valuations in India have traditionally traded at a premium to peers, supported by strong growth prospects. However, with corporate earnings momentum weakening, foreign investors are paring exposure and holding back fresh allocations.
“Valuations have begun mattering now because nominal GDP growth has slipped into single digits compared to around 12-13%,” said Ritesh Jain, founder of Pinetree Macro, a global macro asset allocation fund. “Corporate profitability is a function of nominal GDP. So, for an overseas fund manager looking at various markets, a country with slowing nominal growth and rich valuations is far less appealing despite its inherent strengths.”India is now the second-most expensive major market after the US, with some global fund managers increasingly shifting allocations to cheaper Chinese, European, and Japanese equities.Fund managers also noted that index composition plays a key role in valuation levels. “The composition of Indian indices must be taken into account while looking at valuations,” said Nilesh Shah, managing director, Kotak Mutual Fund. “If the Sensex and Nifty are full of expensive consumer names and there are fewer commodity players, it’s bound to push up valuation levels. If we were to remove some of the consumer names, our valuations are around averages on a historical basis.”
Virgin Media O2 recorded its highest-ever broadband traffic spike as millions across the UK tuned in to watch Arsenal‘s Uefa Champions League semi-final victory over Atletico Madrid.
Peak downstream traffic on the network surged by 17 per cent compared to an average Tuesday evening, marking an unprecedented event in Virgin Media’s broadband history.
This figure was 4.2 per cent higher than the previous record, established during Liverpool’s Champions League match against Real Madrid last November.
Jeanie York, chief technology officer at Virgin Media O2, commented on the phenomenon: “Live sport is one of the biggest drivers of broadband traffic in the UK and last night’s Champions League semi-final set a record on our network.
“As more people stream the biggest sporting moments from home, reliable, high-capacity connectivity has never been more important.”
Bukayo Saka delivered the decisive goal at the Emirates Stadium on Tuesday night as Arsenal secured a 2-1 aggregate triumph over Atletico Madrid to reach the Champions League final in Budapest on May 30 – their first on Europe’s grandest stage for 20 years.
And although Arsenal have received an official allocation of just 16,824 tickets from UEFA for the final at the 67,000-capacity Puskas Arena, Declan Rice wants the Hungarian capital to be a sea of red for the fixture against either Bayern Munich or Paris St Germain.
He said: “Bring it on, bring it on, I’ll be ready. I want every Arsenal fan out there, 200,000 of you, come out. Let’s try and do it because we’re going to need all the support, all the energy and let’s make it special.”
Mikel Arteta, meanwhile, hailed his “incredible” players for “making history” after securing the win.
Arteta said: “It was an incredible night. We made history again together and I cannot be happier and prouder for everybody that’s involved in this football club.
“The supporters were with us for every ball. They made it special and unique, and I have never felt it like that in this stadium.
“We knew how much it meant to everybody, we put everything on the line, the boys did an incredible job and after 20 years, and the second time in our history, we are back in the Champions League final.”
Business
Airlines spent 56.4% more on jet fuel in month after Iran war started, U.S. government says
A technician prepares to refuel a Delta Airlines aircraft at the Austin-Bergrstrom International Airport on April 10, 2026 in Austin, Texas.
Brandon Bell | Getty Images
U.S. airlines spent 56.4% more on jet fuel in March, the month after the U.S.-Israel strikes on Iran began, than they did in February, U.S. government data released Wednesday shows.
U.S. carriers spent $5.06 billion on fuel in March, up from $3.23 billion in February. It was 30% more than what they paid in March 2025, according to the Department of Transportation.
Airlines have lowered or scrapped their 2026 forecasts altogether because of the spike in fuel, their biggest expense after labor. Some carriers have scaled back growth plans to cut costs and avoid having too much expensive capacity in the markets.
The spike in jet fuel was even sharper and topped $4 a gallon in some markets in April as the war continued and the Strait of Hormuz was effectively closed.
Spirit Airlines collapsed over the weekend, and the carrier said the surge in jet fuel costs foiled its plans to emerge from bankruptcy midyear.
Other major carriers told Wall Street as they reported earnings last month that they expect customers to cover the higher jet fuel costs by early 2027, if not the end of this year.
So far, booking trends show consumers are still traveling, In March, travel agency ticket sales rose 12% from a year ago to $10.4 billion, with the number of domestic trips up 5% and international up 1%, according to the Airlines Reporting Corp.
Up to 150 high street stores previously part of the WH Smith business face closure, with hundreds of jobs understood to be at risk.
TGJones attributed the significant restructuring to the “direct result of government policy and recent geopolitical events”.
The firm stated that the planned closures are a necessary measure after 12 months of “highly challenging trading conditions”.
These outlets were rebranded as TGJones following Modella Capital’s acquisition of 480 WH Smith stores last year.
In a statement provided to the Press Association on Wednesday, a spokesperson for the business emphasised that the decision to restructure “had not been taken lightly”.
In a statement provided to the Press Association on Wednesday, a spokesperson for the business said the decision to restructure the company “had not been taken lightly”.
The statement said: “While we continue to believe in the strength of the core business, TGJones has experienced highly challenging trading conditions over the past year, along with many other brick-and-mortar retailers.
“Weak consumer spending and cost-of-living pressures, combined with rising operating costs as a direct result of government policy and recent geopolitical events, have meant that the company as a whole has remained loss-making.
“The forced name change from WH Smith has also negatively impacted consumer awareness, despite the fact that the proposition has improved.”
The statement continued: “The survival of this iconic 234-year-old business is our imperative. No decisions have yet been taken on how this will impact roles, but we will aim to preserve as many jobs as possible.
“Any potential store closures or role reductions will be subject to appropriate consultation, and we are committed to engaging openly and constructively with colleagues and their representatives.
“We want to be clear, however, that the plan may result in the closure of some stores and the loss of some roles.
“We recognise the impact this uncertainty will have on colleagues, their families and the communities we serve.”
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