Sebi offers a way over FPI tax rule hurdle
Corporate India is expected to witness moderation in its revenue growth to mid-to-high single digit in Q1FY27 against a 13.2% YoY growth in Q4FY26) and a contraction in its operating profit margin by 100-150 bps on a YoY basis., rating firm ICRA said on Thursday. As a result of the earnings pressure, credit metrics are expected to soften, with an estimated interest coverage ratio of 4.8-5.0 times in Q1 FY27, against 5.8 times recorded in Q4 FY26, despite stable cost of funds and leverage, it said The ongoing geopolitical tension in West Asia is likely to act as a key overhang, given its significant implications on global trade flows, logistics costs and demand sentiments in key export markets. Further, the conflict results in a second-order impact on travel and tourism-linked businesses like aviation and hotels targeting foreign tourists, LPG-dependent industries like ceramic tiles, quick service restaurants, among others.
Nykaa, which is operated by FSN E-Commerce, announced that it is targeting a growth of more than $5 billion by FY30. The growth is expected to scale up its beauty and retail business, enabling sustained margin expansions and a Return of Capital employed of over 40%. Nykaa, in its filing, said that by financial year 2030 the company aims to nearly double or triple its revenue growth, which would translate into 4-5X EBITDA growth (low to mid-teens) EBITDA margins. The company also outlined its AI roadmap. Following the announcement, the company’s stock hit a fresh 52-week high of Rs 303.75 on stock exchanges in Thursday’s trade.
Reliance Industries Chairman and Managing Director Mukesh Dhirubhai Ambani used the company's AGM 2026 to make a strong case for greater self-reliance in energy and technology, outline Reliance's artificial intelligence ambitions, confirm a key milestone in Jio's journey towards a public listing and congratulate Prime Minister Narendra Modi on becoming India's longest-serving elected prime minister. Ambani described PM Modi's tenure as a "stupendous feat" and also congratulated him on completing 25 uninterrupted years in public office on October 7, 2026. Calling for a renewed push towards Atmanirbharta amid rising global uncertainty, Ambani said the most important lesson for India from recent geopolitical conflicts is the need to accelerate efforts towards self-reliance. He urged the country to pursue energy and Al self-sufficiency as national missions, while positioning Reliance Intelligence as the group's next growth engine.
Reliance Industries Limited spent Rs 1,44,271 crore ($15.2 billion) on capex in FY26. RIL's consolidated revenues stood at Rs 11,75,919 crore ($124.0 billion), up 9.8% year-on-year, for this period. Announcing the numbers at the company's 49th Annual General Meeting, RIL Chairman and MD Mukesh Ambani told shareholders that "Reliance posted a record high revenue, a record high EBITDA and a record high net profit in FY 26 despite global challenges." RIL's EBITDA rose to Rs 2,07,911 crore ($21.9 billion) in FY26, meeting a company commitment to double EBITDA every five years. In FY21, RIL had recorded EBITDA of Rs 97,580 crores. The company's net profit for FY26 stood at Rs 95,754 crore ($10.1 billion), up 17.8% over last year.
Telecommunications company HFCL has bagged an order worth Rs 2,666 crore from PSU– Rail Vikas Nigam. The contract which pertains to the supply of telecom equipment expands its partnership with RVNL. Earlier, the PSU had awarded contracts worth Rs 2,167 crore to the company for BharatNet Phase-III projects in Uttar Pradesh. HFCL-RVNL: Order details Under the scope of work, HFCL will supply telecom equipment and related accessories to RVNL. This also includes the installation and commissioning of these accessories. Additionally, the tech firm will create an optical fiber cable telecom network for RVNL.
Solar equipment company Waaree Renewable Technologies has bagged a commercial order worth Rs 1,044 crore for the enhancement of a project under its existing EPC contract which entails the works of a solar power plant. Waaree Renewable Technologies: Project details The Waaree Group subsidiary has been awarded this project from ‘one of India’s leading Renewable Energy companies’, the company said in its exchange filing. It added that the scope of commercial order aggregates to Rs 1,044.69 crore, inclusive of taxes. This has been enhanced by Rs 30.91 crore. Under the scope of project Waaree Renewables will carry out the execution of engineering, procurement and construction (EPC) work pertaining to the solar power plant, which has a capacity of 080 MWp/700 MWac. The timeline of order execution is yet to be mutually agreed upon by both the companies, Waaree Renewables noted. “The aggregate order size remains same as per the 1st disclosure submitted on February 20, 2024 i.e. 980 MWp / 700 MWac,” it added in its filing.
State Bank of India (SBI) is positioned to secure one of the most lucrative windfalls in recent years, as the National Stock Exchange (NSE)’s much-awaited mega Rs 30,000 crore IPO will monetise decades of patient capital with an astronomical 256,775% profit for the country’s largest lender. The proposed Rs 30,000 crore issue, which is structured entirely as an offer for sale (OFS) of up to 148.9 million shares representing nearly 6% of NSE's paid-up capital, is poised to become the largest-ever IPO in India. It eclipses the Rs 27,000 crore record held by Hyundai Motor India's 2024 listing, though Reliance Industries Ltd.'s Jio is also planning an IPO that could be larger but has yet to file papers. Because regulations prohibit a stock exchange from self-listing, the NSE will be listed on rival BSE.
Tata Motors Passenger Vehicles is targeting an 18-20% market share and a double-digit Ebitda margin by FY30, while planning to invest Rs 33,000-35,000 crore across its passenger vehicle and electric vehicle operations over the next five years, according to the company’s FY26 annual report. The investment will support new product development, capacity expansion, electrification and the broader EV ecosystem as the automaker looks to strengthen its position in the country’s fast-growing SUV and electric vehicle segments. SUVs, CNG, EVs to drive growth The company, which emerged as the second-largest car manufacturer in the second half of FY26 based on Vahan registrations, expects industry growth to continue to be driven by SUVs, compressed natural gas (CNG) vehicles and EVs. Chairman N Chandrasekaran said the company was entering FY27 with a robust pipeline of launches and a multi-powertrain strategy spanning petrol, diesel, CNG and electric vehicles.
Adani Ports & Special Economic Zone (APSEZ) on Tuesday said it has expanded its partnership with the US-based Kaleris to drive next-generation capabilities across its ports and logistics network. The partnership is part of its broader 2030 objectives involving an outlay of $850 million towards decarbonisation, technology upgrades and an ambitious one billion tonne of cargo handling capability per annum, APSEZ said. The multi-year agreement will see Kaleris deploy its foundational terminal operating system and AI-augmented advanced container handling and optimisation solutions across 15 APSEZ container terminals spanning nine domestic and international ports, it said.
Inox Wind Ltd has signed a memorandum of understanding (MoU) to supply 1,500 MW of wind turbines to Inox Clean Energy, in a deal valued at around ₹8,000 crore, significantly boosting the company’s order pipeline and strengthening visibility for future growth. The agreement will take Inox Wind’s order book from 3.1 GW to over 4.5 GW, providing multi-year execution visibility for one of India’s largest wind turbine manufacturers. “The deal value is around ₹8,000 crore,” a senior company official said, requesting anonymity. Under the MoU, Inox Wind will supply its advanced 3.3 MW and 4X MW wind turbines for renewable energy projects being developed by Inox Clean Energy across India.
Jaguar Land Rover (JLR) is pinning its FY27 growth ambitions on a new product cycle led by the much-awaited Range Rover Electric and the first model from its reimagined Jaguar line-up. In Its FY26 annual report, Chief Executive Officer P B Balaji outlined a strategy centred on product innovation, electrification and stronger brand positioning, while continuing to build around the company’s four core vehicle brands, Range Rover, Defender, Discovery and Jaguar. “2026 is set to be an exciting year for JLR as we develop our next-generation vehicles, including the launch of the Range Rover Electric and the unveiling of the first new Jaguar,” Balaji said.
An Indian pollution regulator has alleged wastewater discharged from a Tata components factory for Apple's iPhone has contaminated the groundwater for nearby farms and warned of a forced shutdown unless Tata gives a satisfactory explanation. India's Tata Electronics is central to Apple's push to diversify iPhone production beyond China and is the second-biggest supplier to Apple in South Asia after Taiwan's Foxconn. The Tata plant under investigation is in Hosur in southern Tamil Nadu state and makes back panels and other components for iPhones. Farmland owners near the plant had complained for months to the Tamil Nadu Pollution Control Board that wastewater from the factory was contaminating their land and open wells.
Avaada Group is on track to add 10.5 GW of renewable energy capacity over the next two years, taking its total installed generation capability to 17.7 GW, a top company official said on Tuesday. Talking to PTI on the sidelines of the Avaada Bharat Uday Yatra event, Avaada Energy CEO Kishor Nair stated that the group currently has a renewable energy portfolio surpassing 17.7 GWp, including over 7.2 GWp of operational capacity and approximately 10.5 GWp under construction. He said the company is on track to achieve 17.7 GW of renewable energy capacity in the next two years, as power purchase agreements (PPAs) have already been signed for under-construction projects.
ICICI Prudential Mutual Fund and SBI Mutual Fund led the cash deployment, reducing their cash holdings by Rs 4,679 crore and Rs 3,407 crore, respectively. Quant Mutual Fund, Nippon India Mutual Fund and Axis Mutual Fund also deployed significant amounts, with cash reductions of Rs 1,609 crore, Rs 1,436 crore and Rs 1,036 crore, respectively. The trend, however, was not uniform across the industry. While 24 fund houses deployed cash during the month, an equal number of asset management companies (AMCs) increased their cash levels. However, the rise in cash holdings was significantly lower than the deployment.
Vedanta chairman Anil Agarwal on Monday said each of the group’s five demerged businesses has the potential to become a $100 billion company, as he outlined ambitious growth plans across steel, nuclear power, oil and gas, aluminium and critical minerals following the conglomerate’s restructuring into sector-focused entities. “Every (demerged) company has the potential to become a $100 billion company,” Agarwal said while addressing the media at the listing ceremony of the newly created entities. The four companies — Vedanta Aluminium Metal, Vedanta Power, Vedanta Oil and Gas, and Vedanta Iron and Steel — were listed on the National Stock Exchange and Bombay Stock Exchange on June 15. Agarwal also outlined a major expansion push into nuclear power, saying the group has signed an agreement in the sector and is targeting an initial capacity of 20,000 MW, with a long-term ambition of reaching 50,000 MW.
B2B manufacturing platform Zetwerk posted an estimated 24% revenue growth to Rs 15,900 crore in FY26, up from Rs 12,800 crore a year earlier, according to a CRISIL rating note dated June 3. The recovery was driven by the company’s exit from unprofitable businesses and a scaled-down civil infrastructure vertical, the agency noted. The Bengaluru-based firm, which spans energy, precision manufacturing, capital goods, and trading, carries an order book exceeding Rs 12,000 crore, executable over the next 12–18 months, it added. CRISIL pegged Zetwerk’s adjusted net worth at Rs 4,500–4,900 crore as of March 31, 2026, with debt at Rs 2,700–2,800 crore. The rating agency did not disclose profit after tax but noted the net worth estimate factored in expected losses for the year. Zetwerk had reported a net loss of Rs 371 crore in FY25, narrowing from Rs 918 crore in FY24.
Adani Enterprises and US based Jabil on Monday said they will form an alliance to set up an AI and data center infrastructure manufacturing platform in the country. The platform plans to deploy multi-GW of high-density AI Rack manufacturing capacity in the country . “This will serve the critical infrastructure needs of global hyperscalers, co-location facilities, and enterprise data centers through the advanced manufacturing and integration of next-generation liquid-cooled AI racks, servers, storage, and networking systems utilizing state-of-the-art SMT (Surface Mount Technology) and complex box-build processes,” a release the duo said.
Suzlon, a renewable energy company, has launched India’s tallest and most powerful wind turbine, the 5 MW S175, with the commissioning of a wind project in Vijayanagar, Karnataka. Until now, the Indian market has primarily featured turbines in the 1-2 MW range, but it is beginning to shift toward more powerful options. Girish Tanti, Executive Vice Chairman of Suzlon Group, stated, “The S175 is engineered specifically for Indian wind conditions, grid realities, and operating environments. Its greatest breakthrough lies not only in significantly increasing energy generation but also in its ability to make previously unviable wind sites viable, thus expanding the potential market for wind energy.” He further explained that India could grow from a 350 GW market to a 1.1 Terawatt (TW) capacity, marking a threefold increase in the addressable market. Advanced technologies and innovations have made sites that were previously unviable now operational.
Corporate profits are becoming an increasingly crucial driver of India’s economy. Yet it isn’t a chest-thumping accomplishment in policymaking. If anything, it’s the opposite because those surpluses aren’t being plowed back into new physical assets. The aggregate net income of listed Indian firms is approaching a record 6% of gross domestic product. Even so, their capital expenditure has remained flat, hovering at 3.6% to 3.7% of gross domestic product.
Global asset managers have been adding Chinese government bonds to their portfolios since the Iran war broke out, drawn not by yield but by their near-zero correlation with Western markets. Amid a global rout in sovereign debt since March that has sent benchmark yields soaring between 35 and 60 basis points (bps) in the U.S., Britain, Europe and Japan, yields on equivalent CGBs have declined 8 bps. The striking outperformance has caught the attention of real money investors - from sovereign funds and central banks to insurers - prompting a re-assessment of portfolio construction even as it pushed Chinese yields to the lowest outside Switzerland. Chinese debt is attracting investors with a "preservation mandate," offering regional portfolios a low-volatility counterbalance to riskier, higher-yielding assets, said Wei Li, head of multi-asset investments at BNP Paribas Securities.
Six months after signalling a strategic reset and a sharper focus on profitability, Tata Starbucks is preparing to accelerate growth again. The 50:50 JV between Tata Consumer Products and Starbucks Corporation is now looking at a long-term opportunity of as many as 8,000 stores in India, a significant escalation from its earlier target of 1,000 outlets by 2028. The shift follows discussions between the two partners, according to an update provided by Tata Consumer chairman N Chandrasekaran at the firm’s 63rd annual general meeting last week. Chandrasekaran, also the chairman of Tata Sons, said that Starbucks was a “very high-potential business” that had significant growth prospects in India. ‘We have had discussions with our partner, and we think eventually the company can have 8,000 stores in India. We are continuing to add 50 to 100 stores a year,” he said.
In the 1970s, a 20-year-old boy stood in the middle of Bombay’s bustling wholesale markets. Around him, shopkeepers scooped coconut oil out of large metal tins and poured it into customers’ steel containers. There were no labels, no sealed packs and no recognisable brands, only a commodity changing hands in the same way it had for generations. Most people would have walked past the scene without a second thought. Harsh Mariwala did not. If consumers trusted packaged food, soap and medicines, why should something as widely used as coconut oil remain an unbranded product sold from bulk containers? That moment of curiosity would eventually lead Harsh Mariwala to build Marico India into one of the most successful consumer goods companies. Long before it became a Rs 13,611-crore business with operations across 25 countries and a market capitalisation exceeding Rs 1 lakh crore, it began with a visionary’s big bet with a blue bottle.
LIC CEO and MD R Doraiswamy has said that despite rising competition in the life insurance sector, the Corporation will stay focused on strengthening its leadership position while contributing to the national development as it heads toward its platinum jubilee. Insurance behemoth LIC alone commands close to 60 per cent market share in the life insurance segment and manages assets of over Rs 57 lakh crore. It has real estate properties valued at around Rs 60,000 crore. The story of Life Insurance Corporation of India (LIC), which completed its 70th year of existence, is inseparable from the story of India.
Adani Green Energy (AGEL) plans to commission a 14 gigawatt-hour battery energy storage system (BESS) at Khavda, Gujarat, by end of this fiscal year, seeking to reduce wastage of clean energy in a country that's still in the process of building the necessary storage infra. The country's largest renewable energy company has already commissioned a cumulative 3.37 GWh BESS at the site, and plans to scale this up to 50 GWh over the next five years. The site is also home to 30 GW of renewable energy capacity. "This is the world's largest at Khavda where we will have 30GW of renewable energy at a single location and 14 GWh of battery storage," said Rajat Seksaria, CEO, Battery Energy Storage and Green Hydrogen, Adani Group. The project gains urgency as India wasted 300 GWh of clean power in the first quarter of 2026 due to lack of storage infrastructure.
Amazon is stepping up its India bet with fresh investments across ecommerce, quick commerce, artificial intelligence and exports, with the company describing the current period as its most aggressive phase of expansion in the country so far. The renewed push comes after Amazon announced plans to invest $35 billion in India by 2030, adding to the $40 billion it has already invested in the country. "If you look at our investments, we are one of the largest investments in India...USD 35 billion over the next five years, USD 80 billion of exports enablement, continuing to invest in Amazon Now and speed with 100 cities and 1,000 micro fulfillment centres, so we are in the most aggressive phase of expansion in India yet, we are here to play a long-term and win in India," Amazon India country manager Samir Kumar told PTI. The comments come at a time when competition in India's online retail and quick commerce segments is intensifying, with companies racing to expand delivery networks and strengthen product offerings.
Vedanta Chairman Anil Agarwal said the group's aluminium business can double capacity to 6 million tonnes in about three to three-and-a-half years and has a longer-term vision to reach 10 million tonnes in around five years, as Vedanta completed the listing of its demerged businesses on Indian exchanges. ☐ In an exclusive interview with CNBC-TV18, Agarwal said Vedanta Aluminium is fully integrated and among the lowest-cost producers globally. "Price will go up, price will go down. I am lowest cost producer in the world. Fully ☐ integrated. I have started producing 3 million tonne, going to be 6 million tonne. And vision is to go for 10 million tonne," Agarwal told CNBC-TV18. Asked when the business could reach 6 million tonnes and 10 million tonnes, Agarwal said the first milestone could come in "three, three-and-a-half years" and the larger target in "five years". He said aluminium demand remained high, though prices would continue to move in cycles.
Tata Sons' board met on Friday to approve the company's financial results for the year ended March 31, 2026, recommending a dividend to equity shareholders, even as it kept chairman N Chandrasekaran's reappointment off the agenda for a second consecutive time. "The board stuck to the agenda and there was no discussion on controversial matters," said a person familiar with the proceedings.
Air India is looking to defer aircraft deliveries, cut flights and postpone expansion plans after majority owner Tata Group instructed the carrier to focus on reducing its record losses, according to people familiar with the matter. The change in strategy is an abrupt pivot from an ambitious growth plan. It reflects the loss of confidence in an airline that suffered a fatal crash a year ago and has since incurred an annual loss equivalent to about $3 billion (about Rs 28,500 crore).
Tata AIG General Insurance reported a net profit of Rs 1,008 crore for FY26 despite facing the largest claim in Indian aviation history last year. The company's books were protected due to its conservative policy of reinsuring the bulk of large risks. The General Insurance Corporation had estimated claims of over $400 million last year from the Air India Ahmedabad crash. Since then, reinsurers have settled some claims. Tata AIG, which was the lead insurer, had a 45% share of the risk. "We fully provided for it in that same quarter itself. Net of reinsurance, our exposure was less than Rs 50 crore," said Amit Ganorkar, MD & CEO, Tata AIG General.
To cut mounting losses in the backdrop of several headwinds, the Tata Group-run Air India is looking to defer aircraft deliveries, cut flights and postpone expansion plans. According to a Bloomberg report citing sources, Air India is in discussions with aircraft manufacturers - Airbus SE and Boeing Co - to slow down deliveries of as many as 500 planes previously ordered. This, as per the report, would enable Air India to push back the large payments due to plane makers upon delivery. The carrier is also reevaluating plans to fly to new domestic and international destinations, pruning some routes and postponing launches at some airports, such as the new Noida International Airport (NIA), the people familiar with the matter said.
Tata Power expects the rapid expansion of artificial intelligence (AI), data centres and rising need for cooling these to drive a sharp increase in electricity demand in India over the coming years. “Due to the rapid growth of data centres, advanced economies saw a resurgence in electricity demand growth for the first time in nearly a decade,” said Tata Group chairman N. Chandrasekaran in Tata Power’s FY26 Integrated Annual Report.
L&T Technology Services has entered a strategic partnership with Databricks to co-develop artificial intelligence solutions for asset-intensive industries, the company announced via a filing with the exchanges. What is the LTTS-Databricks partnership about? The collaboration sits within LTTS’ Sustainability segment, which covers Process Engineering, Discrete Manufacturing and Industrial Products. The immediate client targets are companies in energy, petrochemicals and industrials, the filing noted.
Tata Consultancy Services on Friday launched India's first Oracle AI Data Platform Lab and Centre of Excellence (CoE) here to help enterprises accelerate adoption of artificial intelligence and data-driven transformation. The facility at Delta Park Lords in Kolkata has been set up in collaboration with Oracle and will support customers in addressing challenges such as fragmented data systems, slow analytics cycles, limited AI scalability and operational inefficiencies, the IT major said. Driving AI-Powered Data Transformation TCS said the lab will leverage Oracle AI Data Platform, which combines Oracle Cloud Infrastructure, Oracle Autonomous AI Database and OCI Enterprise AI, to help organisations make enterprise data AI-ready and deploy AI-powered applications and automation at scale. The IT services major also plans to establish similar Oracle AI Data Platform Labs and Centres of Excellence in four more Indian cities over the next three years, a statement said.
The big news at this hour – TCS and Anthropic have launched Global Premier Partnership to drive Enterprise AI scaling. The IT sector major, Tata Consultancy Services (TCS), is partnering Anthropic, the artificial intelligence company behind Claude, to help enterprises scale AI adoption across industries. TCS in its regulatory filing said, “TCS will setup a dedicated Business Unit focused on delivering strong customer value propositions, joint industry solutions and deep AI expertise on the Claude family of models through early access to Claude models.”
US-based IT services firm Cognizant expects an AI-driven system that analyses employee and customer interactions to generate as much as $1 billion in incremental business pipeline by the end of this year, after already creating about $200 million in opportunities. Speaking at the company’s AI forum last week, CEO Ravi Kumar S said the initiative, built around what Cognizant calls “context engineering”, mines emails, meetings, chats, contracts and other enterprise data to uncover potential sales opportunities that would otherwise remain scattered across the organisation.
Electric vehicle company Omega Seiki Mobility (OSM) has partnered with Honda Power Pack Energy India, a subsidiary of Honda Motor Co., to develop swappable battery technology. Honda Power plans to establish 250 battery swapping stations in Bengaluru, 150 in Delhi, and 100 in Mumbai, aiming to create the largest battery swapping network in these cities. OSM’s cargo electric three-wheelers, the Rage+, will now use the Honda e:Swap battery ecosystem. Uday Narang, founder of OSM, said they were not just into the production of electric vehicles but also wanted to make electric mobility more practical, profitable, and convenient for those who rely on these vehicles for their livelihoods.
Meta Platforms has expanded its renewable energy partnership with Clean Max Enviro Energy Solutions Ltd beyond 900 MW, backing 837 MW of new solar and wind capacity across Rajasthan and Karnataka in one of the largest clean energy procurement deals by a global technology company in India. The announcement comes amid rapidly rising electricity demand from digital infrastructure and artificial intelligence applications, with technology firms emerging as major drivers of renewable energy investments globally.
Hindustan Zinc has signed a Memorandum of Understanding (MoU) with Sulfozyme Agro India under its flagship Zinc Industrial Park initiative at Khankhala in Rajasthan’s Bhilwara district. The partnership aims to strengthen India’s downstream zinc sector through sustainable metal recovery, resource efficiency, and innovation-led industrial development.
Mukesh Ambani-led Reliance Industries announced a partnership with Meta Platforms for an AI-enabled data centre in Jamnagar, Gujarat. This marks Meta’s first built-to-suit data centre project in India. Under the agreement, Reliance Industries will build the 168 MW data centre and is expected to be completed within two years. The project also includes an option to expand capacity in the future. Meta will lease capacity from the facility to support its global infrastructure, including its growing artificial intelligence (AI) computing requirements. Partnership puts India at forefront of global AI race: Mukesh Ambani Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said, “Building India’s first built-to-suit data centre for a global technology leader of Meta’s scale demonstrates India’s readiness to be at the forefront of the global AI revolution.”
Tata Consultancy Services (TCS), India’s largest IT services company, has indicated that it will no longer hire employees at the scale it once did as artificial intelligence increasingly takes over portions of work traditionally handled by humans. Speaking at the company’s 31st annual general meeting, TCS chairman N. Chandrasekaran said the rise of AI agents is fundamentally changing how the IT industry will operate in the coming years. “The company will not be hiring the kind of numbers that you used to hire,” Chandrasekaran said, signalling a structural shift in workforce planning at the IT giant.
Grasim Industries, the Aditya Birla Group flagship, has announced a second phase of investment in lyocell manufacturing at its Harihar facility in Karnataka, committing Rs 3,094 crore to add 110,000 tonnes per annum of new capacity. The announcement signals the company’s intent to become one of the largest producers of the sustainable fibre globally, and pushes its overall cellulosic staple fibre capacity past the one million tonne mark by the end of the decade. What is being built The Phase II expansion will come up as two production lines of 55,000 TPA each at Harihar. The first line is targeted for commissioning in 2028, with the second following in 2030. This is in addition to Phase I, a 55,000 TPA lyocell plant already under construction at the same site, which is expected to go on stream by mid-2027.
Vodafone Idea has secured a major legal victory. Bombay High Court quashed demand notices issued by the Department of Telecommunications (DoT) seeking one-time spectrum charges (OTSC) worth Rs 2,113 crore. Vodafone Idea in its regulatory filing said that the court has directed the DoT to return the bank guarantees submitted by the company against the disputed demand. The Bombay High Court on Monday quashed the Centre’s 2012 decision to impose a one-time spectrum charge for spectrum held above 6.2 MHz from 2008 onwards, questioning its source of power to make such a call.
Tata Consumer Products crossed the ₹20,000 crore revenue milestone in FY26, the company said at its 63rd Annual General Meeting, reporting consolidated revenue of ₹20,290 crore, a 15% increase over the previous year. Net profit rose 20% to ₹1,547 crore, supported by operating leverage, while EBITDA grew 12% to ₹2,815 crore, as reported by ET Now. The company said growth was broad-based across India operations, international businesses, and non-branded segments. Tata Consumer, which has evolved from a tea and coffee business into a diversified multi-category FMCG player, said its growth was driven by both organic and inorganic initiatives.
Jio BlackRock Asset Management plans to launch its first exchange-traded funds in India by August, seeking to replicate BlackRock's global success in passive investing in a market where ETFs are still nascent. The joint venture between Mukesh Ambani's Jio Financial Services and the world's largest asset manager has amassed about 180 billion rupees ($1.9 billion) in assets under management in roughly a year since its launch by building a base in cash, debt-index and active equity funds. It plans to start with equity-focused ETF strategies. BlackRock oversees about $5.1 trillion in ETF assets globally, more than a third of its total assets under management, underscoring the importance of the product line to its franchise. Jio BlackRock currently ranks as India's 29th-largest asset manager. "ETFs are a long-term play. While it is a predominantly institutional heavy market (in India), retail are starting to get more involved in ETFs. And we can see from global trends how well ETFs have been adopted as a choice for investing," Sid Swaminathan, managing director and chief executive officer of Jio BlackRock Asset Management, told Reuters.
Wanting to do something for the community is nothing new at Larsen & Toubro (L&T). Santosh Kumar Singh, its Chief Sustainability Officer, says the company’s first community health centre was set up in 1967. The number has grown to over ten today. “In the 1990s, the first Construction Skill Training Institute was established. Again, it was in the direction of improving the availability of skilled manpower and making more youth employable in the construction sector,” is how he describes it. It has been recognised as the Most Sustainable Company in Infrastructure in the category of Sectoral Excellence in Manufacturing in this year’s BT India’s Most Sustainable Companies. When there are multiple business verticals, the concept of sustainability evolves and matures over time. Steps taken at a certain point in time tend to produce a much larger impact later. Sustainability reporting started at L&T in 2008, but it was not till a decade later that it moved to integrated reporting. “That’s when financial performance started connecting with the impact on the environment and society,” says Singh. One important moment was in 2021 when the company set a target for both carbon neutrality and water neutrality. “In many cases, what we did was purely voluntary.”
Adani Ports and Special Economic Zone (APSEZ) has secured a 10-year marine services contract tied to Argentina’s first liquefied natural gas export project, the company said on Monday, extending its international marine operations to South America for the first time. The contract was awarded to The Adani Harbour International FZCO, a step-down subsidiary of APSEZ, in consortium with Argentina-based Meridian Group. It follows a global competitive tender by Southern Energy S.A. (SESA), the project developer.
Public sector company RailTel has bagged a Rs 41.3 crore work order from Uttar Pradesh Police Recruitment and Promotion Board. In an exchange filing, the company said that it has received the order to provide security-related ancillary services during the recruitment examination. This is the second major order the company has received in a month. Earlier, RailTel had received a Rs 31 crore work order from Newspace India for the supply, installation, commissioning, operation & maintenance of the upgradation of the IT Infrastructure.
Rajiv Bajaj will step down as a non-executive director of Bajaj Finserv after deciding not to seek re-election at the company's annual general meeting scheduled for July 31, 2026, according to a filing on the exchanges by the financial services company on Tuesday. Bajaj informed the company that increasing responsibilities at Bajaj Auto, including oversight of newly established businesses and the group's recent acquisition of KTM, have prompted him to reduce his external commitments.
Bengaluru-headquartered green energy major Emmvee Group, a pioneer in solar energy having launched the country’s first solar water heaters way back in 1992 under Solarizer label that became the largest solar water heater not only in India but also in Europe, now a leading manufacturer of solar modules and cells, is on a massive expansion spree investing `5,500 crore in a greenfield gigafactory at Devanahalli in Bengaluru. In an interview with TNIE’s Benn Kochuveedan, group founder chairman DV Manjunatha Donthi, tells the new plant, spread across 100 acres is 5x bigger than the present facility, will make it the largest integrated player. Edited Excerpts: How has the supply-chain disruptions following the Iran war hit you? How much of the raw materials are imported?
The three Airbus A320s, being inducted on a damp lease basis, are scheduled to join the airline’s fleet in July. The move comes as SpiceJet seeks to stabilise operations after a sharp decline in fleet strength that has seen it fall behind younger rival Akasa Air as reported by FE last month. The airline said the additional aircraft will enhance operational flexibility and support network requirements during the peak travel season across domestic and international routes. The fleet augmentation comes at a critical juncture for SpiceJet. Once among India’s largest low-cost carriers, the airline operating just 21 aircraft as of May 2026, down from 33 in December and well below Akasa Air’s fleet of 38 aircraft.
Meta description: Vedanta Resources is set to refinance $5.2 billion of dollar debt to lower borrowing costs after rating upgrades, Bloomberg reported. Billionaire Anil Agarwal's Vedanta Resources Ltd. is set to refinance $5.2 billion of US dollar bonds and loans, according to people familiar with the matter, as it seeks to lower borrowing costs by replacing expensive debt after securing credit-rating upgrades.
HCLTech will launch an AI Innovation Zone in collaboration with Google Cloud at Santa Clara, California. The AI Innovation Zone will enable global enterprises to scale artificial intelligence(AI) applications across agentic, kinetic and physical AI. The company said in its regulatory filing that the centre will provide a dedicated environment for businesses to design, build and deploy AI-powered workflows. It will also support robotics-led innovation and help enterprises develop industry-specific AI solutions that deliver measurable business outcomes. Focus on scaling enterprise AI The AI Innovation Zone is powered by Gemini Enterprise, Google’s AI platform. The initiative builds on the expanded partnership between HCLTech and Google Cloud announced in March this year.
Tata Consultancy Services (TCS) has signed a multiyear, multimillion Euro transformation and managed services agreement with Canada Life, to support the modernisation of Canada Life’s IT infrastructure services across its European businesses, the IT major said in a statement on Monday. The programme aims to improve operational resilience, increase automation and enhance user experience while helping Canada Life accelerate its broader technology strategy by leveraging TCS’ AI & digital capabilities. The engagement will also support the insurer in scaling technology services more effectively and responding more quickly to changing business needs. “Working with TCS marks the next stage of our journey to modernise the technology foundations that underpin our business. TCS brings deep technical expertise, strong transformation capabilities and a collaborative approach that aligns well with our strategy,” Caroline Dibbs, Chief Information & Transformation Officer, Europe, Canada Life Group said.
Adani Power‘s plans to more than double generation capacity by FY32, improve power purchase agreement coverage and strengthen cash-flow generation. This has reinforced Jefferies‘ positive view on the stock following a management interaction. The brokerage maintained its ‘Buy’ rating and target price of Rs 255, implying an upside of about 11% from the previous closing price. Jefferies said 56% of the company’s planned 23.7 gigawatts of upcoming capacity is already tied up under long-term power purchase agreements, while management aims to secure agreements for the balance capacity as well. Adani Power: Jefferies expects steady growth The brokerage expects Adani Power Ltd. to deliver a 23% earnings before interest, tax, depreciation and amortisation compound annual growth rate between FY26 -FY30 and turn free cash flow positive by FY30.
Reliance Infrastructure has entered the artificial intelligence space by launching three AI-focused subsidiaries- Reliance AI World Private, Reliance AI Apex Private, and Reliance AI One Private. In a regulatory filing, the company said it has started incorporating AI and related technology-driven activities into its business framework as part of its expansion into new-age technologies. “Reliance Infrastructure, as a step to participate in the rapidly evolving field of Artificial Intelligence (“AI”) and allied new-age technologies, has through its subsidiaries, undertaken certain enabling steps to incorporate AI and related technology-driven activities within its business framework,” the company said in its regulatory filing.
VinFast parent Vingroup’s electric mobility arm Green SM on Thursday entered the Indian market with the launch of its electric ride-hailing service, Green SM Limo, in Delhi NCR, marking its first expansion into South Asia. The company has begun operations with a fleet of around 1,000 electric vehicles and plans to scale up to 10,000 vehicles across Delhi NCR in the coming months, intensifying competition in the country’s ride-hailing market. Scaling the Grid Speaking at the launch event, Haryana Industries and Commerce Minister Rao Narbir Singh said the company had shared its expansion plans with the state government.
VinFast parent Vingroup’s electric mobility arm Green SM on Thursday entered the Indian market with the launch of its electric ride-hailing service, Green SM Limo, in Delhi NCR, marking its first expansion into South Asia. The company has begun operations with a fleet of around 1,000 electric vehicles and plans to scale up to 10,000 vehicles across Delhi NCR in the coming months, intensifying competition in the country’s ride-hailing market. Scaling the Grid Speaking at the launch event, Haryana Industries and Commerce Minister Rao Narbir Singh said the company had shared its expansion plans with the state government.
Tata Sons, the holding company of $150-billion Tata Group, infused an additional Rs 5,166 crore into loss-making telecom subsidiary Tata Teleservices during FY26, thus increasing its stake in the unlisted company to 94.3% and helping the company pay government dues. The capital infusion highlights the continued support being extended by the Tata Group’s holding company to some of its loss-making businesses. Along with Air India and Tata Digital, Tata Teleservices is to be discussed at the Tata Sons board meeting scheduled for June 12. The Tata Sons board is also slated to consider the group’s annual accounts and dividend payout to its shareholders, say group sources.
Rajesh Exports, which came under scrutiny after the Indian markets regulator alleged inflated financial disclosures, has refuted the claims. The revenues declared are correct and there is no over-statement of the same, the company said in an exchange filing on Thursday. “There seems to be some type of communication gap and confusion between SEBI (Securities and Exchange Board of India) and the company,” it added. The matter pertains to Sebi’s ex-parte interim order issued on Wednesday to further investigate the Bengaluru-based company and its Chairman Rajesh Mehta for allegedly misrepresenting ₹15 lakh crore of revenues over 5 years till FY25.
India’s IT services company, Tata Consultancy Services (TCS), has announced a strategic partnership with Finland-based premium tyre maker Nokian Tyres to expand the use of artificial intelligence (AI) across its IT operations. Under the agreement, TCS will help Nokian Tyres adopt AI-driven solutions in application management, development, and onsite support services. The move aims to improve efficiency, scalability, and resilience across the company’s IT infrastructure.
Share price of Bharat Heavy Electricals (BHEL) rose more than 2% as the company announced it has bagged an order worth Rs 21,000 crore for the development of a thermal power plant in Uttar Pradesh. BHEL: Order key details BHEL has been awarded this order by Meja Urja Nigam Private (MUNPL), which is a joint venture company between NTPC and Uttar Pradesh Rajya Vidyut Utpadan Nigam (URRVUNL). The order is domestic in nature and has a value of over Rs 21,000 crore (exclusive of GST).
Australia's AirTrunk said on Friday it would invest $30 billion in India within the next four years to build out 5 gigawatts of new data centre capacity in the South Asian nation. Sydney-headquartered AirTrunk, backed by Blackstone and Canadian Pension Plan Investment Board (CPPIB) entered the Indian market in April with its purchase of Lumina CloudInfra.
The Securities and Exchange Board of Inda (SEBI) has ordered an investigation into Rajesh Exports and its Executive Chairman Rajesh Mehta for allegedly misrepresenting financial statements aggregating ₹15 lakh crore. This represents 99.8% of the company’s total consolidated revenue during FY21-FY25. The regulator also restrained Mehta from trading the company’s securities in any form until further orders. A series of violations were found, as per Sebi’s interim order, including non-disclosure of material consolidated financial information, non-availability of financial statements of subsidiaries and step-down subsidiaries, non-availability of information at consolidated levels, misrepresentation of financial statements in annual reports, false claim of investment in gold mine in Africa, and non-cooperation by the company and its chairman, as per Sebi’s interim order. Regulator says company hampered SEBI’s probe The regulator alleged that the company hampered its probe by not providing the required financial information and “furnishing varying and inconsistent submission” at different stages of investigation.
Five years after reporting losses of nearly Rs 4,000 crore and undertaking large-scale layoffs during the pandemic, Oyo is showing signs that a sweeping overhaul of its business model is paying off. Prism, Oyo’s parent company, reported a consolidated revenue of Rs 6,253 crore in FY25, up 16% year-on-year, while profit after tax stood at Rs 245 crore, up 6.5% from the previous year. Earnings before interest, taxes, depreciation and amortisation (Ebitda) rose to Rs 1,083 crore, marking the company’s twelfth consecutive Ebitda-positive quarter, according to its annual report. In the first quarter of FY26, Oyo said provisional profit after tax crossed Rs 200 crore, more than double the Rs 87 crore reported a year earlier, while revenue rose 47% to Rs 2,019 crore. The turnaround follows a fundamental shift away from the growth-at-all-costs strategy that defined Oyo’s early years.
Wind turbine manufacturer Suzlon Energy launched the Suzlon 2.0 initiative, transforming the company from a wind energy equipment and solutions provider into a full-stack renewable energy company. This new direction includes offering wind, solar, and battery energy storage solutions (BESS) as a comprehensive package, along with energy management services. Suzlon has set ambitious growth targets for the fiscal year 2031, aiming to increase its annual renewable energy sales fourfold to 10 GW, expand its order book to 15 GW, and grow its Assets Under Management (AUM) to 70 GW. The company is also re-entering the global market, targeting 3 GW in export orders by FY31, supported by its next-generation high-capacity 5 MW and 6.3 MW wind turbines.
Maruti Suzuki on Thursday launched what it described as India's first flex-fuel passenger car, positioning the technology as a key pillar in the country's efforts to reduce crude oil imports, lower carbon emissions and strengthen energy security. Speaking at the launch event, Managing Director and CEO Hisashi Takeuchi said the introduction of the flex-fuel Wagon R marked more than the debut of a new vehicle and represented "a new chapter in India's energy journey." The company unveiled the vehicle in the presence of Union Road Transport and Highways Minister Nitin Gadkari and Petroleum and Natural Gas Minister Hardeep Singh Puri, both of whom have championed the use of alternative fuels and domestic energy sources. Highlighting India's dependence on imported crude oil, Takeuchi said the country needed energy solutions that were "cleaner, affordable, scalable, and based on India's own strengths."
Indian beverage startup Archian Foods, best-known for its flagship Lahori Zeera drink, is targeting revenue of Rs 1,150-1,200 crore in FY27 after closing FY26 with sales of Rs 775 crore, co-founder and CEO Saurabh Munjal said in an interaction with FE. The company is stepping up investments in manufacturing and distribution to capitalise on the rising demand for Indian-flavoured drinks. In three years, the Mohali, Punjab-headquartered firm hopes to achieve a turnover of Rs 2,000 crore for which it has put a blueprint in place, Munjal says. For one, the company is eyeing a bottling push nationwide, with plans to expand its contract manufacturers from five now to about 25-30 in the next few years, he says.
Godrej Industries Group on Tuesday announced the launch of its wealth management arm, Godrej Wealth, through its subsidiary Godrej Investments. The newly-launched company is targeting assets under management of Rs 1 lakh crore over the next five years by focusing on the affluent and the high-net-worth segments and expanding in 35 locations. Godrej Wealth will operate alongside Godrej Capital, the group’s lending business, together forming the financial services arm of the Godrej Industries Group. Kunal Karnani has been appointed the chief executive officer of the wealth management arm.
Critical minerals and battery recycling company Lohum is set to operationalise its newly acquired lithium mines in Zimbabwe in a month or two, targeting production of 30,000 tonne of lithium carbonate equivalent per year, even as the ongoing West Asia crisis has pushed procurement costs up by as much as 50%. The company has set a revenue target of Rs 10,000 crore by 2029, backed by planned capital expenditure of Rs 2,500-3,000 crore, Rajat Verma, founder and CEO, tells Saurav Anand in an interview. Excerpts. Lohum has traditionally been known as a recycler. Is the company now formally diversifying into the mining sector, and what does that strategic shift look like on the ground?
Realty firm Anant Raj Ltd has signed a Memorandum of Understanding (MoU) with the Haryana government to invest Rs 20,000 crore in developing large-scale data centre infrastructure across the state. The agreement was formalised during the launch of the ‘Make in Haryana Policy’ and other sector-specific initiatives organised by the Department of Industries & Commerce, Government of Haryana. Investment to strengthen Haryana’s digital infrastructure The proposed investment is aimed at expanding data storage capacity, cloud computing services and digital connectivity infrastructure in Haryana, amid growing demand from businesses and technology firms. According to the company, the planned investment is in addition to its existing and ongoing data centre expansion projects in the state.
The footprint of Indian businesses in the UK expanded sharply this year, with the number of Indian-owned companies rising nearly 60% from a year earlier and combined revenues surpassing £105 billion, according to the latest India Meets Britain Tracker published by Grant Thornton UK. The 2026 edition of the report found that 1,912 Indian-owned businesses are now operating in the UK, up from 1,197 in the previous year, with their combined turnover reaching £105.77 billion compared with £72.14 billion in 2025. Published by Grant Thornton UK in collaboration with the Confederation of Indian Industry (CII) and India Global Forum (IGF), the India Meets Britain Tracker tracks the fastest-growing Indian-owned businesses in the UK and examines trends in investment employment and sector growth.
The Tata Sons management sought approval for an equity infusion of approximately Rs 7,000 crore into the group's digital consumer businesses at the May 26 board meeting. The digital consumer business include platforms such as BigBasket, Tata Cliq and other consumer-facing digital ventures housed under Tata Digital, according to people familiar with the matter. However Tata Trusts Chairman Noel Tata is said to nave questioned both the scale of funding sought and the assumptions underpinning the business plan, Deople directly aware of the matter told Moneycontrol. The proposal was accompanied by projections indicating that the businesses are likely to continue reporting losses over the next three financial years as the group continues investing aggressively in building scale, customer acquisition and market share, people familiar with the matter said. These losses could amount to Rs 9,000 crore over the next three fiscal years, the people said.
Mid-tier IT services firm Happiest Minds Technologies on Friday reported a 51.7% growth in consolidated net profit to Rs 61.17 crore for the fourth quarter of FY26, up from Rs 40.3 crore in the previous quarter. The Bengaluru-based company’s AI-focused programme, announced in the last quarter, generated significant growth in deal momentum, while also expanding its operating margins. The company’s revenue from operations also increased 2.8% sequentially to Rs 604.08 crore from Rs 588 crore in the third-quarter of FY26. Meanwhile, on a yearly basis, the firm’s consolidated net profit jumped 79.9% during the quarter, rising from Rs 34 crore in the same quarter last year. On the other hand, the firm’s total revenue grew 10.9% from Rs 544.57 crore posted a year ago. Operating margins increased 5.3% q-o-q to Rs 106.21 crore from Rs 85 crore in the previous quarter.
Asian Paints‘ fourth-quarter (Q4FY26) profit and revenue numbers beat estimates amid demand momentum seen during the period. An exceptional item of Rs 183 crore in the year-ago quarter also contributed to the sharp rise seen this year in bottomline. The company’s net profit for the March quarter grew 69.3% year-on-year to Rs 1,172 crore. A year ago, net profit stood at Rs 692 crore. Bloomberg consensus estimates had pegged Q4 net profit at Rs 1,043 crore.
InterGlobe Aviation (IndiGo) posted a consolidated net loss of ₹2,536.9 crore for the March quarter, compared with a profit of ₹3,067.5 crore a year earlier, as foreign exchange losses, elevated costs, and exceptional charges weighed heavily on earnings. The result was sharply below Bloomberg analyst estimates of a profit of ₹1,871 crore. Revenue rose 1.3% year-on-year (Y0Y) to ₹22,438.4 crore from ₹22,151.9 crore in the same period last year, indicating modest top-line growth despite a challenging operating environment. However, profitability was significantly impacted by rising costs and currency volatility.
Reliance Industries Limited is targeting the start of commercial-scale production at its battery giga-factory around July, while simultaneously increasing its planned annual manufacturing capacity to 40 gigawatt hours (GWh) of lithium iron phosphate (LFP)-based batteries from the earlier 30 GWh target, according to the company’s latest annual report. In its FY26 annual report, RIL said its Battery Energy Storage System (BESS) giga-factory has entered an “advanced commissioning” stage. “With civil construction complete and equipment installation underway, production will ramp through the second half of 2026, focused on LFP chemistry for utility-scale BESS and mobility,” the company said.
Defence PSU BEML posted a year-on-year (YoY) decline in its consolidated net profit to Rs 179.82 crore in Q4FY26 from Rs 287.55 crore reported in Q4FY25. The company’s revenue from operations rose 8.57% to its highest-ever quarterly revenue of Rs 1,794.17 crore, compared with Rs 1,652.53 crore reported in Q4FY25. BEML said it has recorded the highest ever closing order book position of 15,896 crores as on March 31.
China's SAIC Motor will sell a further 10% stake in its Indian carmaking venture, JSW MG Motor, two sources with direct knowledge of the matter told Reuters, in a deal that will make local partner JSW the biggest shareholder of the unit. The decision follows SAIC's struggles to bring in equity and expand its operations due to New Delhi's investment curbs, even after it trimmed its 100% ownership of the company and brought on board domestic partners, including billionaire Sajjan Jindal's JSW Group.
Vedanta Group on Friday said that it has received its highest domestic credit rating in over a decade after rating agency ICRA upgraded the long-term ratings of its key group entities to AA+. Securities with an AA+ rating are considered to have a high degree of safety regarding timely servicing of financial obligations. Such securties carry very low credit risk.
