Stocks

Canada said it has chosen Germany’s Thyssenkrupp Marine Systems as the preferred contractor to build around 12 submarines, passing over a bid from South Korea’s Hanwha Ocean and its partner HD Hyundai Heavy Industries. Hanwha Ocean shares fell more than 23% on the news. HD Hyundai Heavy Industries briefly slid 10% in early trade, while South Korea’s Kospi was down around 6% midmorning, weighed in part by post-earnings profit taking in Samsung Electronics.

Kuaishou Technology shares slid more than 6% in Tuesday morning trading after Tencent Holdings disclosed it had sold 273 million Class B shares. Tencent’s stake fell to 9.37% from 15.68%, meaning it is no longer a substantial shareholder, according to a Kuaishou filing to the Hong Kong stock exchange on Monday. Based on Kuaishou’s Monday close of HK$46, the sale is expected to raise about HK$12.56 billion (US$1.6 billion). Kuaishou said the transaction would not have any material adverse effect on operations, and noted it has repurchased HK$8.35 billion of shares, or 52% of its HK$16 billion buyback plan.

Bajaj Auto launched a Rs 5,633 crore share buyback on July 1, offering Rs 12,000 per share for 46.94 lakh shares, or 1.68% of its paid-up equity, at about a 20% premium to the previous close. The record date for eligibility was June 24, and the buyback closes today. The company has said promoters will not participate and that the buyback is expected to lift earnings per share and return on equity.

A2 Milk (ASX: A2M) rose 3.63% to A$7.99, taking its one-month gain to 54%. The company said supply-chain issues affecting its China label infant milk formula business have now been mostly resolved, with channel inventory back to target levels. It also flagged preliminary FY26 results, including revenue of about NZ$1.97 billion (up more than 12% on FY25), an EBITDA margin at the top end of its 14% to 14.5% guidance range, and cash conversion of around 70% versus prior guidance of 50%.

Samsung Electronics reported a 19-fold surge in quarterly profit that beat expectations, but its shares still fell more than 5% in a single session. The drop added to selling pressure across Asian tech stocks, pushing South Korea’s KOSPI down 4% while Japan’s Nikkei 225 edged lower. Investors cited concerns over overly rapid AI chip capacity expansion, intensifying competition and stretched valuations. In contrast, U.S. semiconductor stocks rose, lifting both the S&P 500 and the Nasdaq to higher closes.

Samsung reported quarterly operating profit surging 19-fold to $58 billion, beating analyst expectations. The report said demand from generative AI and agentic AI systems has accelerated memory consumption, helping drive sharp price increases in DRAM and NAND flash. It added that the earnings strength supports the durability of the trend and is seen as a direct positive for Samsung shares and the Memory ETF that tracks DRAM and NAND prices.

The Supreme Court of New South Wales has approved Qube Holdings’ (ASX: QUB) scheme of arrangement with Rubik Australia, removing the final regulatory hurdle for the takeover. The court orders are due to be lodged with ASIC on 8 July 2026, after which the scheme will take legal effect. Once effective, all QUB shares will be compulsorily acquired by Rubik Australia at the agreed price, and Qube shares are set to be suspended on the ASX after the close of trading that day before the company is delisted. Shareholders do not need to take any action and will receive the cash consideration.

Samsung Electronics said its 2024 second-quarter operating profit is expected to reach 89.4 trillion won, up 19 times from a year earlier and above market expectations. The company also projected revenue rising 129% to 171 trillion won. Higher AI-related investment pushed up prices for high-bandwidth memory as well as conventional DRAM and NAND, with Citi Research putting the quarter-on-quarter gains at 44% and 53%. Samsung’s guidance boosted its shares and memory-focused ETFs.

Swedish private equity firm EQT is preparing to take its India-focused data and AI services company Straive public in an IPO aimed at raising $400 million, with an expected valuation of about $2.5 billion. EQT is expected to sell a 15%–20% stake in the offering. A draft prospectus is slated to be filed with India’s Securities and Exchange Board of India (SEBI) in September.

RattanIndia Power posted an audited standalone net profit of ₹46.59 crore for FY26, down from ₹215.97 crore in FY25, while revenue from operations slipped to ₹2,991.36 crore from ₹3,283.83 crore. Cash and cash equivalents fell to ₹10.18 crore at March 31, 2026, from ₹177.77 crore a year earlier. Even as the Amravati plant recorded a PLF of 82.10% for the year, the earnings decline alongside ₹2,728.39 crore of noncurrent borrowings, an interim arbitration award of ₹115 crores and pending regulatory claims has heightened concerns around financial health and refinancing capacity, according to the company’s audited filings.