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India’s “shoestring” research and development budgets leave it dependent on strategic rival China for the technology it needs to boost manufacturing, said steel billionaire Sajjan Jindal as he prepares to launch an electric vehicle brand.

The 65-year-old chair of JSW Group, which owns India’s largest steelmaker, said his company was in talks with several Chinese manufacturers, including BYD and Geely, to bring technology to India in preparation for an EV launch by June next year.

“The technology rests in China. Even Europe is taking the technology from China,” Jindal told the Financial Times. “China has taken a huge leap versus the European auto companies, so we don’t have any option.”

Indian Prime Minister Narendra Modi has sought to boost domestic manufacturing, with a focus on EVs, smartphones and semiconductors. His government has offered corporate tax incentives and consumer subsidies.

The risks of India’s reliance on China were made stark in 2020, when the nuclear-armed neighbours reignited a decades-long dispute along their Himalayan border and Beijing “started to clamp down on sharing technology with India”, said Jindal.

New Delhi in turn increased scrutiny of Chinese investments, denied most visas and blocked partnerships with manufacturers, including BYD.

While ties have begun to improve and Modi made his first visit to China since 2019 in August, New Delhi remains sceptical of Chinese technology and investment. It also wants to gain some of the business stemming from western companies trying to diversify their supply chains away from China.

However, Indian companies, including JSW, are not investing enough in R&D because they are focused on building up their capacity, said Jindal. India spends just 0.66 per cent of its GDP on R&D, compared with China’s 2.4 per cent and 3.5 per cent for the US.

“The government is trying to encourage the domestic industry, but it’s also shoestring budgets,” he said.

JSW, which has interests in ports, cement, energy and defence, entered the EV sector in 2023, producing MG Motor-branded cars as part of a joint venture with Chinese state-owned SAIC Motor.

The Chinese company is now looking to reduce its stake, said Jindal. The joint venture needs “more cash to be injected” but SAIC is “reluctant”, he said, adding that JSW would infuse more capital.

“I told the [SAIC] chairman . . . we want to own a 100 per cent stake in a new venture where we will do a lot of innovation ourselves,” he said, but SAIC wants “everything to be developed in China and then to be produced in India”.

SAIC did not respond to a request for comment.

Batteries — a core component of EVs — are one of the biggest hurdles. India mostly imports cells from China, Japan and South Korea, and domestic production is forecast to meet just 13 per cent of the country’s EV battery cell demand by 2030, according to S&P Global Mobility.

“Eventually our goal is to manufacture, design and develop the technology in India,” said Jindal, but until then they would have to use Chinese technology.

China on Wednesday said it had filed a complaint with the World Trade Organization over India’s EV and battery subsidies, arguing that they “give Indian industry an unfair competitive advantage and harm Chinese interests”.

JSW Groups made $23bn in revenue in the fiscal year to March 2025, of which steel accounted for $19bn. The EV joint venture, which is privately held, last reported revenue of less than $1bn in the fiscal year to March 2024.

JSW Steel on Friday reported a Rs16.2bn ($185mn) net profit in the quarter to September, jumping almost fourfold from the same period a year earlier.

Jindal expressed optimism that ties with China would continue to improve, especially after President Donald Trump’s 50 per cent tariffs on India showed the risks of a trade relationship with the US.

“Either bullets will talk or business will talk,” he said of India-China relations. “Both cannot talk simultaneously.”

Additional reporting by Gloria Li in Hong Kong

Companies have put their stablecoin ambitions on hold after receiving instructions from Chinese regulators, including the People’s Bank of China and Cyberspace Administration of China, not to move ahead with the plans, the FT reported, citing people familiar with the matter.

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Under the new regime, any person who issues stablecoins in Hong Kong – or issues stablecoins backed by Hong Kong dollars, whether within or outside the city – must obtain a licence from the Hong Kong Monetary Authority.

PBOC officials advised against participating in the initial rollout of stablecoins over concerns about allowing tech groups and brokerages to issue any type of currency, the FT report said.

Reuters could not immediately verify the report. Ant Group, JD.com, PBOC, CAC and HKMA did not respond to requests for comment.

Stablecoins, a type of cryptocurrency designed to maintain a constant value, usually pegged to a fiat currency such as the U.S. dollar, are commonly used by crypto traders to move funds between tokens.

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• In a recent announcement, EROAD downgraded its fiscal 2026 revenue guidance, reported up to NZ$150 million in North American asset impairments, and outlined a renewed focus on Australia and New Zealand alongside scaled-back North American activities.

• This shift comes as challenges in North America, including a key customer loss and slower enterprise sales, prompt the company to reallocate resources toward emerging opportunities in its core markets.

• With the company’s refocus on electronic road user charging in Australia and New Zealand, we’ll examine how this shapes EROAD’s investment narrative.

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To be comfortable holding EROAD shares right now, you’d need conviction in its ability to execute a fresh regional pivot following major shortfalls in North America. The company’s reset, moving growth focus and resources to Australia and New Zealand’s road user charging opportunities, marks a fundamental shift in its investment story. While previous catalysts centered on U.S. expansion and telematics innovation, the market’s sharp reaction to asset impairments and guidance cuts suggests near-term growth drivers will depend on how quickly EROAD can win or retain clients and secure contracts linked to new charging regimes in its home markets. The immediate risk is execution: reestablishing momentum in Australia and New Zealand is not guaranteed, and the heavy NZ$150 million impairment underscores uncertainty over any future North American contributions. The recent share price drop signals these risks are now firmly front and center for investors. On the flip side, the road to recovery in core markets comes with its own hurdles investors need to keep front of mind.

Despite retreating, EROAD’s shares might still be trading 43% above their fair value. Discover the potential downside here.

Seven members of the Simply Wall St Community estimate EROAD’s fair value anywhere from NZ$1.20 to NZ$4.96 per share. This wide range reflects big differences in expectations around EROAD’s growth rebound in Australia and New Zealand after its US setback. Comparing such varied outlooks with the company’s new strategic focus, it pays to see how your own view lines up.

Explore 7 other fair value estimates on EROAD – why the stock might be worth over 2x more than the current price!

Disagree with this assessment? Create your own narrative in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your EROAD research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

• Our free EROAD research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate EROAD’s overall financial health at a glance.

These stocks are moving-our analysis flagged them today. Act fast before the price catches up:

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include ERD.nzse.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

• The considerable ownership by private companies in Master Tec Group Berhad indicates that they collectively have a greater say in management and business strategy

• MTPC Sdn Bhd owns 55% of the company

• Insiders own 30% of Master Tec Group Berhad

Trump has pledged to “unleash” American oil and gas and these 15 US stocks have developments that are poised to benefit.

Every investor in Master Tec Group Berhad (KLSE:MTEC) should be aware of the most powerful shareholder groups. And the group that holds the biggest piece of the pie are private companies with 55% ownership. Put another way, the group faces the maximum upside potential (or downside risk).

Individual insiders, on the other hand, account for 30% of the company’s stockholders. Institutions often own shares in more established companies, while it’s not unusual to see insiders own a fair bit of smaller companies.

Let’s delve deeper into each type of owner of Master Tec Group Berhad, beginning with the chart below.

See our latest analysis for Master Tec Group Berhad

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

Less than 5% of Master Tec Group Berhad is held by institutional investors. This suggests that some funds have the company in their sights, but many have not yet bought shares in it. If the company is growing earnings, that may indicate that it is just beginning to catch the attention of these deep-pocketed investors. We sometimes see a rising share price when a few big institutions want to buy a certain stock at the same time. The history of earnings and revenue, which you can see below, could be helpful in considering if more institutional investors will want the stock. Of course, there are plenty of other factors to consider, too.

We note that hedge funds don’t have a meaningful investment in Master Tec Group Berhad. Looking at our data, we can see that the largest shareholder is MTPC Sdn Bhd with 55% of shares outstanding. With such a huge stake in the ownership, we infer that they have significant control of the future of the company. In comparison, the second and third largest shareholders hold about 19% and 3.6% of the stock. Kim San Lau, who is the second-largest shareholder, also happens to hold the title of Senior Key Executive.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock’s expected performance. As far as we can tell there isn’t analyst coverage of the company, so it is probably flying under the radar.

Story continues

Celestica (TSX:CLS) shares have moved recently, catching the attention of investors interested in tech services and manufacturing. The company’s strong performance this year prompts a closer look at what is driving returns.

See our latest analysis for Celestica.

Celestica’s impressive surge has fueled fresh optimism among tech investors. While the 1-year share price return stands at a remarkable 189.8%, the 1-year total shareholder return is even higher at 387.5%. Momentum is clearly building, thanks to robust growth and an improving outlook.

If you’re looking to uncover more opportunities in the technology and AI space, the Simply Wall St Tech & AI Growth screener is an excellent next step: See the full list for free.

With shares posting such rapid gains, the key question is whether Celestica remains undervalued today or if the market has already priced in all of its future growth. This leaves investors pondering if there is still a buying opportunity.

Celestica’s widely followed narrative suggests a fair value that sits just above the last close price, hinting the stock may still hold some upside even after rapid gains. With the company’s outlook now shaped by bullish projections and improved profitability, attention is turning to major catalysts that could drive further revaluation.

Accelerated demand for advanced networking and AI infrastructure by hyperscaler customers is driving rapid growth in Celestica’s CCS segment, with multiple new 800G and upcoming 1.6T program ramps. This is supporting robust revenue expansion and greater operating leverage over the next 12 to 24 months.

Read the complete narrative.

Want to know which financial levers are fueling this premium? The key story centers on aggressive profit projections and a rare profit multiple normally reserved for industry leaders. Are these bold future assumptions enough to support such an optimistic valuation? Uncover the figures and see what drives this surprising fair value call.

Result: Fair Value of $402.69 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, market concentration among top customers and heavy reliance on sustained AI investment could quickly challenge Celestica’s bullish growth assumptions.

Find out about the key risks to this Celestica narrative.

While the fair value estimate hints at Celestica being undervalued, comparing its price-to-earnings ratio presents a different perspective. The company is trading at 59.3x earnings, almost double the industry average of 30.7x and well above the fair ratio of 53.3x. When a stock trades significantly above its peers and what is considered fair, there is a real risk the price could revert or stall if growth expectations slip. Is this future premium fully justified?

See what the numbers say about this price — find out in our valuation breakdown.

If you think there’s another angle to the Celestica story or want to dig into the details yourself, you can shape your own view in just a few minutes by using the following resource: Do it your way

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Celestica.

Smart investors never settle for just one opportunity. Make the most of your next move and uncover high-potential stocks using these powerful tools today.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include CLS.TO.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Open Text (NasdaqGS:OTEX) stock has caught some attention in recent weeks, thanks in part to a steady uptick of 6% over the past month. Investors seem interested in the company’s consistent revenue and growing net income.

See our latest analysis for Open Text.

Momentum is clearly building for Open Text, with the stock posting a 6.35% share price return over the past month and an impressive 37.14% gain in the last 90 days. When you step back, the one-year total shareholder return of 18.94% and a standout 53.44% total return over three years show that investors who have stuck with the company have seen strong long-term rewards.

If steady progress like this has you scanning the horizon, now is the perfect moment to broaden your search and discover fast growing stocks with high insider ownership

The question now is whether Open Text’s recent run suggests there is more value left on the table, or if markets have already priced in the company’s future growth potential. Is there a new buying opportunity emerging?

With the recent close at $39.03 and a consensus fair value of $37.66, the most widely tracked narrative suggests Open Text’s market price now closely matches analysts’ calculated fundamentals. This balance indicates the market may have already caught up to the company’s projected growth story.

“Expanded integration of AI and automation capabilities (e.g., Titanium X and MyAviator platforms) directly into OpenText’s cloud suite is leading to higher per-customer spend and driving pipeline conversion rates. These developments are expected to fuel both top-line revenue acceleration and incremental margin improvement.”

Read the complete narrative.

Craving the full blueprint behind this pricing? Behind the scenes, ambitious growth targets, aggressive AI and cloud overhaul, and bold margin forecasts set the tone. Want to know which key financial levers support this price and where the tensions truly lie? Dive in to see the numbers driving the narrative’s fair value verdict.

Result: Fair Value of $37.66 (ABOUT RIGHT)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, execution risks from leadership transitions and challenges in revitalizing slower-growth business areas could temper Open Text’s momentum if these issues are not carefully managed.

Find out about the key risks to this Open Text narrative.

While multiples suggest Open Text is fairly valued, our SWS DCF model paints a different picture. According to this approach, the stock trades at a hefty 41% discount to its estimated fair value, which is an intriguing disconnect that could signal a hidden opportunity. Could the market be missing something?

Look into how the SWS DCF model arrives at its fair value.

If you have a different perspective, or want to dive deeper into the data and craft your own story, it only takes a few minutes to build your own view. Do it your way.

A great starting point for your Open Text research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.

Give yourself the edge by tapping into new markets and trends. Don’t let tomorrow’s big winners pass you by when smarter opportunities are within reach.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include OTEX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Open Text (NasdaqGS:OTEX) stock has caught some attention in recent weeks, thanks in part to a steady uptick of 6% over the past month. Investors seem interested in the company’s consistent revenue and growing net income.

See our latest analysis for Open Text.

Momentum is clearly building for Open Text, with the stock posting a 6.35% share price return over the past month and an impressive 37.14% gain in the last 90 days. When you step back, the one-year total shareholder return of 18.94% and a standout 53.44% total return over three years show that investors who have stuck with the company have seen strong long-term rewards.

If steady progress like this has you scanning the horizon, now is the perfect moment to broaden your search and discover fast growing stocks with high insider ownership

The question now is whether Open Text’s recent run suggests there is more value left on the table, or if markets have already priced in the company’s future growth potential. Is there a new buying opportunity emerging?

With the recent close at $39.03 and a consensus fair value of $37.66, the most widely tracked narrative suggests Open Text’s market price now closely matches analysts’ calculated fundamentals. This balance indicates the market may have already caught up to the company’s projected growth story.

“Expanded integration of AI and automation capabilities (e.g., Titanium X and MyAviator platforms) directly into OpenText’s cloud suite is leading to higher per-customer spend and driving pipeline conversion rates. These developments are expected to fuel both top-line revenue acceleration and incremental margin improvement.”

Read the complete narrative.

Craving the full blueprint behind this pricing? Behind the scenes, ambitious growth targets, aggressive AI and cloud overhaul, and bold margin forecasts set the tone. Want to know which key financial levers support this price and where the tensions truly lie? Dive in to see the numbers driving the narrative’s fair value verdict.

Result: Fair Value of $37.66 (ABOUT RIGHT)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, execution risks from leadership transitions and challenges in revitalizing slower-growth business areas could temper Open Text’s momentum if these issues are not carefully managed.

Find out about the key risks to this Open Text narrative.

While multiples suggest Open Text is fairly valued, our SWS DCF model paints a different picture. According to this approach, the stock trades at a hefty 41% discount to its estimated fair value, which is an intriguing disconnect that could signal a hidden opportunity. Could the market be missing something?

Look into how the SWS DCF model arrives at its fair value.

If you have a different perspective, or want to dive deeper into the data and craft your own story, it only takes a few minutes to build your own view. Do it your way.

A great starting point for your Open Text research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.

Give yourself the edge by tapping into new markets and trends. Don’t let tomorrow’s big winners pass you by when smarter opportunities are within reach.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include OTEX.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

A multicenter Phase II clinical trial led by researchers at The University of Texas MD Anderson Cancer Center demonstrated significant tumor shrinkage and disease control in patients with advanced pheochromocytoma and paraganglioma (PPGL), two rare and potentially life-threatening neuroendocrine tumors.

The results of this study, led by Camilo Jimenez, M.D., professor of Endocrine Neoplasia and Hormonal Disorders, were published today in the New England Journal of Medicine and presented concurrently at the 2025 European Society for Medical Oncology (ESMO) Congress (Abstract 1705O).

What was the primary finding of the trial?

The trial demonstrated that the HIF-2α inhibitor belzutifan showed meaningful antitumor activity with a 26% objective response rate, a significant achievement particularly for rare and difficult-to-treat cancers. These effects lasted an average of more than 20 months, indicating a sustained clinical benefit for those who responded to treatment.

It’s notable that nearly one-third of patients (32%) who were taking blood pressure medication were able to reduce their dosage by half for at least six months. This is an important finding, as PPGL tumors often produce excess hormones that raise blood pressure. These results suggest that belzutifan may have also helped manage symptoms related to hormone-secreting tumors.

The primary significance of this study is demonstrating that HIF-2α inhibition with belzutifan can achieve meaningful clinical benefit in patients with advanced, progressive PPGL. In a population with no remaining standard-of-care options, we observed durable disease control and a manageable safety profile, supporting the rationale for HIF-2α as a therapeutic target in this rare tumor type.”

Camilo Jimenez, M.D., Professor of Endocrine Neoplasia and Hormonal Disorders

Why is the LITESPARK-015 trial important?

Pheochromocytoma and paraganglioma (PPGL) are difficult-to-treat cancers that affect roughly 2,000 people annually in the U.S. One of the main drivers of tumor growth in PPGL is the HIF-2α protein. In healthy cells this protein adjusts to changes in oxygen levels, but genetic mutations or changes in cell metabolism can cause HIF-2α to become abnormally active, triggering signals that help the tumor grow and spread.

HIF-2α inhibitors, such as belzutifan, have been successful in shrinking tumors and slowing disease progression in other cancers driven by HIF-2α overactivity, such as kidney cancer and von Hippel-Lindau (VHL) disease. Building on this knowledge, researchers evaluated the effectiveness of these inhibitors in patients with advanced PPGL.

On the LITESPARK-015 Phase II trial, 72 patients with locally advanced, metastatic, unresectable PPGL who had exhausted all other standard-of-care treatment, were treated with belzutifan.

Is belzutifan approved to treat PPGL?

In May 2025, the Food and Drug Administration (FDA) approved belzutifan for the treatment of adult and pediatric patients ages 12 years and older with advanced, unresectable, or metastatic PPGL who do not require immediate surgery. Belzutifan is the first oral and only approved therapy for this disease, making it a new standard of care for this patient population. 

“The approval of belzutifan offers new hope. As an oral treatment, it has been shown to shrink tumors, reduce symptoms, and improve quality of life with low toxicity. It represents a meaningful step forward in care for people living with these rare cancers,” Jimenez said.

Timeline

2025 – FDA approves belzutifan for treatment of adult and pediatric patients 12 years and older with PPGL

2023 – FDA approves belzutifan for advanced renal cell carcinoma (RCC) after treatment with a PD‑1/PD‑L1 inhibitor and a VEGF tyrosine kinase inhibitor (VEGF‑TKI)

2021 – FDA approves belzutifan for adults with von Hippel‑Lindau (VHL) disease who require treatment for associated tumors (RCC, central nervous system hemangioblastomas, or pancreatic neuroendocrine tumors), when surgery is not immediately necessary