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The combination would create the world’s largest elevator maker and marks one of Europe's biggest takeovers in recent years. View More
A TK Elevator (TKE) elevator on display at the Microsoft Corp. booth at the Hannover Messe 2026 trade fair in Hannover, Germany, on Monday, April 20, 2026.Bloomberg | Bloomberg | Getty Images Finland's Kone has agreed to buy German rival TK Elevator in a deal valued at 29.4 billion euros ($34.4 billion), marking one of Europe's biggest takeover agreements in recent years.The cash and share agreement, which had been rumored in recent days, would create the world's largest elevator maker, overtaking rivals such as U.S.-based Otis and Switzerland's Schindler. Kone said the deal would result in estimated synergies of 700 million euros on an annual run-rate basis."For over a century, both KONE and TKE have successfully developed their businesses, in tandem with an urbanizing world. By uniting, we are laying the foundation for an even more innovative company, well positioned for long-term success," Kone CEO Philippe Delorme said in a statement.Kone shareholders holding just over 40% of all outstanding shares and approximately 74.3% of total votes have agreed to support the deal, the company said. TK Elevator CEO Uday Yadav said the two companies share a "deep respect" as he welcomed the announcement. "Together we will bring the very best of both companies to our customers, our people, and the cities we serve. The best of our story lies ahead," Yadav said. Shares of German steel company Thyssenkrupp rose 8% on the news, paring gains having climbed as much as 14%. TK Elevator became an independent company after separating from Thyssenkrupp in 2020. Private equity firms Advent and Cinven bought TK Elevator for around 17 billion euros at the time.The proposed merger is expected to face industry scrutiny, with Schindler telling Reuters late last month that it was prepared to challenge any such deal before antitrust authorities. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Vedanta anticipates a $50-$100 per tonne increase in aluminium production costs by H1FY27 due to the US-Israel and Iran conflict. Despite this geopolitical pressure, the company projects a rise in aluminium output to 2.6–2.7 million tonnes and alumina production to 4–4.1 million tonnes in FY27. View More
Vedanta Ltd. has flagged a fresh cost pressure for FY27, warning that the ongoing war between the US, Israel and Iran could add $50–100 per tonne to the aluminium cost of production in H1FY27, even as it guides for annual aluminium CoP at $1,650–1,700 per tonne. Prices of base metals spiked during the quarter ending March 31 due to supply disruption linked to the ongoing war in the Middle East. Vedanta's aluminium business is the biggest in India and contributes to nearly 40% of the company's revenue. The company expects aluminium output to rise to 2.6–2.7 million tonnes in FY27 from 2.46 million tonnes in FY26, while alumina production is projected at 4–4.1 million tonnes, signalling growth despite geopolitical cost headwinds. The metals-to-oil conglomerate reported a 92.3% jump in quarterly profit , helped by strong base metal prices that boosted margins. Vendanta's revenue from the aluminium segment rose 17.4% year-over-year, while from the zinc and lead India segment advanced 21.4%. Copper segment revenue jumped 53.9% from a year earlier, boosting total revenue up 29.5% to Rs 515.24 billion. Live Events Earlier this month, Vendanta approved its demerger into four separate listed companies, effective May 1, where it would spin off businesses like steel and ferrous metals, oil and gas , aluminium, and power, while its base metals unit will remain with the parent. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Shares of Coke have risen just 6% over the last year, hurt by concerns about the broader economy. View More
In this articleKOFollow your favorite stocksCREATE FREE ACCOUNT Bottles of Coca-Cola for sale at a store in LaBelle, Florida, Feb. 8, 2026.Zak Bennett | Bloomberg | Getty Images Coca-Cola on Tuesday reported quarterly earnings and revenue that topped analysts' expectations, fueled by higher demand for its beverages.For the full year, Coke is now projecting comparable earnings per share growth of 8% to 9%, up from its prior forecast of 7% to 8%, thanks to lower effective tax rates. And despite uncertainty over the U.S.-Iran war and its ramifications for the broader economy, the company reiterated its previous outlook of organic revenue growth of 4% to 5%."During the quarter, the external environment differed greatly across our markets," CEO Henrique Braun said on the company's conference call. "While many consumers remained resilient, others are under pressure due to persistent inflation, greater macroeconomic uncertainty and volatilities driven by the conflict in the Middle East."Shares of the company rose 5% in morning trading.Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: 86 cents adjusted vs. 81 cents expectedRevenue: $12.47 billion adjusted vs. $12.24 billion expectedCoke reported first-quarter net income attributable to shareholders of $3.92 billion, or 91 cents per share, up from $3.33 billion, or 77 cents per share, a year earlier.Excluding impairment charges and other items, the beverage giant earned 86 cents per share.The company's adjusted net sales climbed 12% to $12.47 billion. Coke's organic revenue, which strips out acquisitions, divestitures and currency, rose 10% in the quarter.The company's unit case volume increased 3% globally. The metric excludes pricing to reflect demand more accurately.In the past few quarters, Coke executives have reported weaker demand from lower-income consumers. However, premium brands like Fairlife and Smartwater have stayed strong in the current K-shaped economy, boosted by high-income shoppers who aren't feeling the same pinch as low-income consumers. Coke has also been trying to offer more affordable options for budget-conscious shoppers, Braun said on Tuesday's call.All of Coke's operating segments reported volume growth for the quarter, including its home market. The company's volume in North America increased 4%. Across the portfolio, Coke's water, sports, coffee and tea segment reported the strongest global growth. The division saw volume rise 5%, fueled by stronger demand for its tea and bottled water. The sparkling soft drinks division reported that volume increased 2%, fueled by a 13% jump for Coca-Cola Zero Sugar.The laggard of the portfolio this quarter was Coke's juice, value-added dairy and plant-based beverage segment, which reported a volume decline of 1%. Growth in Fairlife and Santa Clara, a Mexican dairy brand, was not enough to offset the sale of the company's finished product operations in Nigeria last year.Looking ahead to the rest of the year, Coke executives expressed confidence that they would be able to weather the uncertainty caused by the war between the U.S. and Iran. "Notwithstanding volatility in certain commodities, like tea and coffee, we believe the overall impact on our cost basket is manageable at this time," CFO John Murphy said, adding that the outlook may change as the geopolitical situation progresses.The company has less exposure to higher aluminum and plastic prices than its bottling partners. However, sales in the Middle East did weaken in March after the conflict began, executives said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Steel company shares hit new highs as brokerage optimism increased due to improving global dynamics and strong earnings potential. Jefferies and Goldman Sachs project growth for Indian steel firms. View More
Italy, Vietnam, Belgium, the UAE, and Spain were ?the biggest buyers of Indian ?finished steel View More
India has become a net exporter of finished steel for the first time in the fiscal year ending March 31. The nation shipped 6.6 million metric tons, a significant 35.9% increase from the previous year, while imports fell by 31.7%. Crude steel production also saw a substantial rise. View More
By Neha Arora NEW DELHI, - India turned a net exporter of finished steel in the financial year that ended on March 31, provisional government data reviewed by Reuters showed on Tuesday. Here are some key details: The world's second-biggest crude steel producer shipped 6.6 million metric tons of finished steel in 2025/26, up 35.9% from a year ago, the data showed. Italy, Vietnam, Belgium, the UAE, and Spain were the biggest buyers of Indian finished steel. New Delhi imported 6.5 million tons of finished steel during the fiscal year 2025/26, down 31.7% from a year earlier. South Korea, China, Japan, Vietnam, and Russia were the biggest exporters of finished steel to India. Crude steel production in the year reached 169.2 million tons, up 11.2% on year. Finished steel consumption was at 164.2 million tons, up 8%, the data showed. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Orissa High Court quashes demand notices raised against the company over alleged shortfalls in chromite ore dispatch from its Sukinda mine in Odisha View More
A supply chain bottleneck in aluminum cans has triggered a nationwide Diet Coke shortage, allowing Indian D2C startups to capture market share through PET-bottle availability. These local brands are leveraging the disruption to drive consumer trials of zero-sugar alternatives. View More
Sun Pharmaceutical Industries Ltd will acquire US-based Organon & Co for ?11.75 billion, marking India’s largest overseas pharmaceutical acquisition. This deal underscores the increasing ambition of Indian firms in the global market View More
America's largest automakers are set to report first-quarter earnings results this week. View More
In this articleSTLAFSTLAGMFollow your favorite stocksCREATE FREE ACCOUNT Traders work on the floor at the New York Stock Exchange in New York City, March 27, 2025.Brendan McDermid | Reuters DETROIT â As America's largest automakers prepare to report first-quarter earnings results this week amid rising oil and commodity costs due to the Iran war, they find themselves traversing different terrains.General Motors is on the smoothest track, and Wall Street analysts are expecting it to continue on its current path. Ford Motor is on a bumpy road as it detours from CEO Jim Farley's turnaround plan. And Stellantis is off-roading, going through some tough terrain, but it has its Jeep and Hemi V8-powered Ram brands to keep it moving.Their individual circumstances are being exacerbated by current market conditions, as the auto industry faces massive losses from all-electric vehicles, slowing consumer demand for new vehicles, and rising prices from supply chain issues and the Iran war. Wall Street's first-quarter expectations are a testament to their current terrains: GM is anticipated to outperform its crosstown rivals with adjusted earnings per share, or EPS, of $2.61 during the first three months of the year, followed by 19 cents for Ford, according to average estimates compiled by LSEG. Estimates from LSEG for Stellantis did not meet CNBC standards for comparison for the quarter, but the average forecast for the year is 73 euro cents (85 U.S. cents)."GM has a strong multiyear track record of the three things I think are asked of any successful auto company: steady, slightly growing market share; solid margins ... and that solid margin performance translating to strong free cash flow, which ultimately funds a strong shareholder return," said James Picariello, BNP Paribas Equity Research senior analyst and head of U.S. auto research. "GM really has, and continues to, check all those boxes." Stock Chart IconStock chart iconGM, Ford and Stellantis stocks in 2026. GM is rated overweight with a $94.71 target price, according to average ratings compiled from analysts by financial data provider FactSet. That compares with Ford and Stellantis at hold ratings with $13.67 and $9.09 price targets, respectively. While many analysts have said they're optimistic about upsides for the "Detroit Three" companies, including potential rebates from tariffs and pricing resiliency, others are more bearish, largely due to the Iran war driving up raw material, freight and energy costs."[Automakers] ultimately pay the bills, and therefore we see downside risk to guides," Wells Fargo analyst Colin Langan said in a March 31 investor note. "We forecast all the D3 miss Q1 consensus EBIT," Langan said, referring to earnings before interest and taxes.GM is set to report its first-quarter results Tuesday, followed by Ford on Wednesday and Stellantis on Thursday. GM While the country's largest automaker has been steady, investors continue to watch its move away from EVs, tariff impacts and pending updates to its crucial full-size pickups.Picariello and other analysts expect GM will maintain, if not slightly raise, its 2026 guidance. CFO Paul Jacobson has described 2026 as the "most stable start to a year that we've seen in the last five years," and GM has had a history of conservative forecasting. General Motors Executive Vice President and Chief Financial Officer Paul Jacobson addresses investors at the GM Tech Center in Warren, Michigan, Oct. 6, 2021.Courtesy GM "As a team, what we've really done over the last several years, and I think has been a great story of our resilience, is just focus on overcoming obstacles. It's a team that is focused on achieving our objectives, and we're doing it with more discipline and really looking forward to more of that in 2026," Jacobson said in mid-February.GM's 2026 earnings guidance is better than its expectations and results from last year. It includes net income attributable to stockholders of between $10.3 billion and $11.7 billion; EBIT of $13 billion to $15 billion; and EPS of between $11 and $13 for the year.GM's first quarter could be boosted by potential tariff rebates, resilient pricing, growth in entry-level vehicles and pullback in all-electric vehicles, according to Wall Street analysts.The automaker, which is still analyzing its electric portfolio, has so far announced $7.6 billion in write-downs related to EVs. Ford Ford, meanwhile, hasn't been quite as steady as its crosstown rival.The company announced a leadership change and business restructuring last week and is dealing with supply chain disruptions and cost increases for aluminum, a key material for its F-Series pickup trucks. Ford said it lost 100,000 units of F-Series production last year due to fires at a New York aluminum plant of supplier Novelis. Ford has said the supplier isn't expected to be operational again until between May and September. Ford has plans to recapture at least half of those units this year, but that may be harder to do than expected. Based on Ford's reported production numbers, the company would need to achieve near-record output for the remainder of the year, according to Picariello."It's a level that Ford has only done in a single month in the last two and a half years," he said. "I'm not raising alarm bells on Ford. I have a neutral rating, but that's a major, major watch item bucket to this earnings bridge for this year." Ford vehicles at a production center in Dearborn, Michigan, on the day of a visit by President Donald Trump, Jan. 13, 2026.Evelyn Hockstein | Reuters There are also concerns about aluminum prices, as Ford has sourced that material from other suppliers at a higher cost during the first half of the year. Amid the Iran war, aluminum spot prices also increased by 13% quarter over quarter, Deutsche Bank noted. "Ford highlighted stability in aluminum supply costs for 2H26 as a positive factor. However, following Ford's 2026 guidance, the Middle East crisis has significantly impacted aluminum and steel prices," Deutsche Bank analyst Edison Yu said in an April 17 note to investors. Ford's 2026 guidance includes adjusted EBIT of between $8 billion and $10 billion, up from $6.8 billion last year; adjusted free cash flow of between $5 billion and $6 billion, up from $3.5 billion in 2025; and capital expenditures of $9.5 billion to $10.5 billion, up from $8.8 billion. Stellantis Stellantis' global vehicle shipments during the first quarter increased 12% compared with a year earlier, as the automaker executes a sales recovery plan under CEO Antonio Filosa. Shipments were up in every region, including a 4% increase in the U.S., which has been a focus for the company to regain market share following years of declines under Filosa's predecessor Carlos Tavares.Jeep accounted for 47% of the company's U.S. sales during the first quarter, followed by Ram Trucks at 37%, combining for roughly 84% of Stellantis' U.S. volumes to begin the year. Stellantis CEO Antonio Filosa speaks during an event in Turin, Italy, Nov. 25, 2025.Daniele Mascolo | Reuters "2026 is our year of execution. What we have committed to deliver is progressive performance improvements on all our business [key performance indicators]," Filosa said during the company's fourth-quarter results call. "2025 was a year of reset, with results that reflect the considerable cost of needed changes."The automaker, which formed in 2021, reported its first-ever annual loss of 22.3 billion euros ($26 billion) in 2025 after booking substantial write-downs amid a major strategic shift away from EVs that included 25.4 billion euros in write-downs.While investors will be watching Stellantis' first-quarter results for signs of traction in the company's turnaround plan, they are anxiously awaiting the company's capital markets event next month where Filosa has said he will lay out the company's future plans.Stellantis' 2026 forecast includes a mid-single-digit percentage increase in net revenue and a low-single-digit adjusted operating margin."The bar is set particularly low in all metrics, and we see opportunities but also risks into 2026 as the sequential product improvement is not translating into clear share gains yet, potentially impacting price, margin and [free cash flow] pressure," Morgan Stanley analyst Javier Martinez de Olcoz Cerdan said in a Feb. 3 investor note downgrading the stock.â CNBC's Michael Bloom contributed to this report. 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