Business
Primark owner profit dips as UK sales fall amid inflation squeeze
Primark saw sales drop in the UK as people spent less at the budget retailer, its owner Associated British Foods (ABF) said.
In the year to September it saw a 3.1% fall in like-for-like sales compared with the year prior, which it said reflected weak consumer confidence.
The company said it expected the “subdued” retail market to impact Primark sales into 2026.
ABF said that it was exploring splitting off the fast-fashion retailer from its food business, where it owns brands like Twinings, Ovaltine and Ryvita.
The entire business saw profits fall by 13% to £1.4bn for the year.
Chief executive George Weston said though he was “confident” for 2026, it depended on the “consumer environment” which was was “particularly unpredictable at the moment”.
British shoppers have been tightening their belts amid rising prices on the UK high street, and turning to even cheaper competitors such as Shein and Temu.
Inflation, the rate at which prices rise, has held stubbornly at 3.8% for the year to September. Although inflation is down from highs seen in 2022-2023, it remains above the Bank of England’s target of 2%.
The Associated British Foods boss said in a call after the financial results that there was a “working assumption” in ABF that a separation of Primark “is where we would like to get to”, although no decision had been made.
Dan Coatsworth from AJ Bell said it was not clear what triggered a rethink by the board, which had previously pushed back against the idea of a break-up, but did say Primark could command a much higher share price as a standalone company separate from its food business, which AB Foods said was “less well-understood” by the market.
Mr Coatsworth said over the years many people have expressed a desire to only invest in Primark, rather than have its rapid growth “diluted” by non-retail interests.
He added that “the wheels are being greased for a corporate break-up”, especially as such demergers are “all the rage” at present, with Unilever, Kraft Heinz and Warner Bros Discovery among those currently in the process.
“The idea of ‘slimming to greatness’ is based on the principle that big companies might benefit from having a tighter focus rather than spinning three or four plates at the same time,” he added.
Laura Lambie from Rathbones added that ABF was a “disparate mixture of businesses with no real strategic rationale behind it”.
Primark, which has 475 stores in 18 countries, had reached the size where it requires extra focus to capitalise on its growth prospects, particularly overseas said analysts, with one saying Primark was the “jewel” in ABF’s crown.
But Primark’s challenges in the UK could worsen as Chancellor Rachel Reeves is widely expected to raise taxes in the Budget later this month.
That would come on top of cost rises seen since the last Budget, including more expensive staffing costs as a result of the rise in minimum wage.
People are feeling insecure about their jobs as businesses cut back on hiring, said Laura Lambie from Federated Hermes, and that was part of what was fuelling a “difficult environment” for retailers as profit margins shrunk.
The news comes as a series of casualties on the UK high street continue as the costs of maintaining bricks-and-mortar stores becomes too high amidst rising online competition and pressure on consumer spending.
Recent retail names that have had to close stores or enter administration include Bodycare, Claire’s, and Pizza Hut which said it will be slashing the number of restaurants it operates.
Business
Tech oversight: Sebi to form working group on exchange technology; aim to strengthen market resilience – The Times of India
Markets regulator Sebi is planning to constitute a working group to identify the next technological frontier for stock exchanges, Sebi chairman Tuhin Kanta Pandey said on Saturday, underlining the regulator’s focus on strengthening market infrastructure amid rapid technological change, PTI reported.The proposed group will examine how exchange technology should evolve over the next five to 10 years, benchmark global best practices and suggest new approaches to enhance market systems. “We are going to constitute a working group on how it is going to be our next technological frontier in our stock exchanges,” Pandey told reporters on the sidelines of the 11th International Convention of the Commodity & Capital Participants Association of India (CPAI).Pandey explained that the technological frontier refers to the use of cutting-edge tools to improve market oversight, operational efficiency and investor protection. He stressed that technological robustness remains critical for the regulator, adding that Sebi takes every exchange-related glitch seriously.While acknowledging that disruptions can occur in a fast-evolving technology environment, he said there is a need for stronger safeguards. To address technical flaws, exchanges are required to carry out detailed root-cause analyses and submit comprehensive standard operating procedures (SOPs) along with corrective measures to the regulator.Responding to a query on the recent outage at the Multi Commodity Exchange (MCX), Pandey said Sebi follows a clearly defined process whenever a technical issue occurs at an exchange. This includes imposing strict penalties if the disruption crosses specified thresholds.He added that the regulator is also examining such incidents from a systemic perspective. “By identifying commonalities in these glitches, we aim to understand how we can better secure and strengthen our market technology,” Pandey said.
Business
Stocks Of Indian Company, With Just 2 Workers, Shot Up 55,000% Over Something That It NEVER Manufactured!
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RRP Semiconductor Ltd.’s spectacular stock rally is making headlines, but the company isn’t what its name suggests.
There is an ongoing probe on the shocking share surge. (Representative Image)
The stock market can be full of surprises, but few stories are as bizarre as this one. An Indian company, RRP Semiconductor Ltd., has seen its stock soar by a mind-blowing 55,000% in just 20 months, all this while reportedly having just two employees. What makes the story even stranger is that, despite its name, the company does not manufacture semiconductors at all.
The sheer absurdity of such a small company seeing this kind of surge makes it one of the most surreal episodes in recent Indian stock market history.
Trading Restricted By Stock Exchanges
Trading in RRP Semiconductor Ltd. has now been restricted by stock exchanges. On the BSE, the stock’s page displays the notice, “Trading Restricted – on account of Surveillance Measure.” RRP Semiconductor has been placed under Stage 1 of the Long-term Additional Surveillance Framework and Stage 0 of the GSM framework, reported CNBC-TV18.
A 55,000% Rally That Defies Fundamentals
The over 55,000% in the 20 months till December 17 is by far the biggest gain worldwide among companies with a market value above $1 billion, reported Bloomberg. This is despite the company posting negative revenue in its latest financial results.
The jaw-dropping stock market story is also doing the rounds on Instagram. According to a reel, “Rs 10,000 invested in it would have grown to Rs 55 lakhs during this window.”
Name Change Sparks Frenzy
Until 2024, RRP was a little-known real estate firm called GV Trading and Agencies. Things changed when Rajendra Chodankar, the founder of RRP, struck a deal to take over GD Trading and Agencies by repaying a Rs 8 crore loan owed to its founders. Chodankar renamed the company RRP Semiconductor. That single word, semiconductor, proved to be a powerful magnet for retail investors.
As the reel explains, “The moment the word ‘semiconductor’ entered this company’s name, retail investors went crazy.”
The timing was perfect. Global chipmakers like NVIDIA were soaring, AI was dominating headlines and India had no listed pure-play semiconductor manufacturing companies. For many investors, this stock seemed like a rare entry point into a hot global theme.
Hype, Rumours, Star Power
Fuel was added by unverified claims swirling on social media, including false rumours of cricket great Sachin Tendulkar being associated with the company and talk of 100 acres of land being allotted.
The real driver of the dizzying rally lay elsewhere. According to September shareholding data, Chodankar and a few of his close associates hold over 90% of the shares, leaving very little free float in the market.
Myths Busted
The reel also busts the biggest myths outright. “The talks of Sachin Tendulkar, 100 acres of land, all of that is completely fake.”
The episode has become a cautionary tale for investors caught in the fear of missing out. The narrator says. “NVIDIA is up, AI is everywhere and India has no semiconductor stocks. But this is a classic example of that desperation being exploited.”
SEBI Launches Investigation
The Securities and Exchange Board of India (SEBI) has launched a probe into the company. The market regulator is examining the sharp rise in RRP’s shares for possible wrongdoing.
Delhi, India, India
December 20, 2025, 14:50 IST
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New Delhi: Many bank customers are unsure whether bank branches are open or closed today, Saturday, December 20, 2025, leaving them confused about whether to step out for important work or postpone their visit. With different banking schedules on weekends and varying services available on Saturdays, people are keen to know if branches are operating today or if it’s better to wait until a regular weekday.
Bank Holiday Status Today: Are Branches Open on December 20, 2025?
Banks are open today, as December 20, 2025 falls on the third Saturday of the month. In India, bank branches remain closed on the second and fourth Saturdays, while they operate normally on the first, third, and fifth Saturdays. Since today is the third Saturday, customers can visit physical bank branches for their regular banking needs.
Banking Services Available Even on Holidays
Even if banks are closed on a holiday, you don’t have to worry about urgent transactions. Online banking and mobile banking apps continue to work, even on national holidays, unless the bank informs customers in advance about maintenance or technical issues. For cash withdrawals and payments, you can rely on ATMs, internet banking, fintech apps, and UPI services, which remain available round the clock.
December 2025 Bank Holidays: State-Wise List to Keep in Mind
Here’s a quick look at bank holidays falling in different states during December 2025, so you can plan your branch visits accordingly:
December 20, 2025 (Saturday): Banks remain closed in Sikkim on account of the Losoong and Namsoong festival.
December 22, 2025 (Monday): Banks are again closed in Sikkim to mark the Losoong and Namsoong festival.
December 24, 2025 (Wednesday): Banks will be shut in Mizoram, Nagaland and Meghalaya due to Christmas Eve.
December 25, 2025 (Thursday): Banks across India remain closed to celebrate Christmas.
December 26, 2025 (Friday): Banks are closed in Mizoram, Nagaland and Meghalaya as part of Christmas celebrations.
December 27, 2025 (Saturday): Banks remain closed in Nagaland on account of Christmas.
December 30, 2025 (Tuesday): Banks are closed in Meghalaya to observe the death anniversary of U Kiang Nangbah.
December 31, 2025 (Wednesday): Banks are shut in Mizoram and Manipur for New Year’s Eve and Imoinu Iratpa festival.
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