First H-1B visa cap under Trump’s new rules reached: What it means for Applicants
USCIS has received enough applications to fill the H-1B visa quota for fiscal year 2027, marking the first year under a new wage-based selection system prioritising higher salaries.
The US Citizenship and Immigration Services (USCIS) has announced that it has received enough applications to fill the H-1B visa quota for the 2027 financial year. The H-1B visa is one of the most popular work visas in the United States, especially among technology companies that hire skilled foreign workers. USCIS announced on Friday that it has received enough applications to meet both the 65,000 regular H-1B visa cap and the 20,000 additional visas reserved for applicants with advanced degrees from US institutions, also known as the master’s cap. This means all 85,000 H-1B visas available under the annual limit set by Congress have now been filled. In its statement, the agency said, “US Citizenship and Immigration Services has received enough petitions to reach the congressionally mandated 65,000 H-1B visa regular cap and the 20,000 H-1B visa US advanced degree exemption, known as the master’s cap, for fiscal year 2027.” ALSO READ India has raised concerns with the United States over new visa rules that could affect thousands of Indian students and exchange visitors However, applications that are exempt from the cap will continue to be accepted and processed under the existing rules. First H-1B season under Trump’s new wage-based system This year’s selection process is different from previous years because it is the first full H-1B cycle under new rules introduced by the Trump administration. For years, H-1B visas were given through a random lottery, where every eligible applicant had an equal chance of being selected. That system has now been replaced with a wage-based process that gives an advantage to workers offered higher salaries. Instead of giving everyone one entry in the lottery, the new system gives multiple chances based on the salary level offered by the employer under the US Department of Labor‘s four-level wage system. Workers offered the highest wages under Level 4 receive four entries. Those under Level 3 receive three entries; Level 2 workers receive two entries, while Level 1, which covers entry-level jobs, receives just one entry. In simple terms, the higher the salary, the better the chances of being selected. USCIS finalised the rule on December 23, 2025, and it came into effect in time for the FY2027 registration season. The agency said the move was meant to give priority to highly skilled and better-paid professionals. A USCIS spokesperson defended the change, saying the earlier lottery system had been “exploited and abused by US employers who were primarily seeking to import foreign workers at lower wages than they would pay American workers.” ALSO READ India responds to US 100% tariff bill after 60 senators back move targeting Russian oil purchases $100,000 fee makes overseas hiring more expensive The wage-based selection system was introduced alongside another major policy change. In September 2025, President Donald Trump signed a presidential proclamation introducing a $100,000 fee on new H-1B petitions filed for workers who are outside the United States. The one-time fee applies to petitions filed after September 21, 2025, unless the Secretary of Homeland Security grants a national interest waiver. The fee does not apply to existing H-1B visa holders or to petitions submitted before that deadline. Current H-1B workers are also allowed to continue travelling without being affected by the new charge. While announcing the policy, Trump said the goal was to encourage companies to hire “great workers,” adding that the fee would make employers pay for talent that is worth keeping. Small businesses likely to feel the biggest impact The new rules are expected to affect smaller employers more than large companies. According to the government’s own regulatory analysis, around 5,193 small businesses, nearly 30% of the 17,069 small employers that use the H-1B programme, could lose out because their Level 1 wage petitions may no longer be selected or could become too expensive under the new system. Technology companies, which have long relied on the H-1B programme to hire skilled workers from around the world, are also expected to change the way they recruit. According to data from Pew Research, about six out of every ten H-1B visas issued since 2012 have gone to computer-related jobs. Some companies are reportedly looking at shifting jobs to lower-cost cities where they may be able to meet higher wage levels more easily. Regulators have said they are aware of this possibility and have kept the authority to act if employers try to misuse the system. What happens after the cap is reached? The filing window for FY2027 H-1B petitions ran from April 1 to June 30, 2026. Since USCIS has already received enough petitions in the first selection round to meet the annual limit, it is not expected to hold a second lottery this year, similar to what happened during the FY2026 cycle. Applicants who were selected in this year’s process will be able to begin working in the United States from October 1, 2026, when the new financial year officially starts.
Messi vs Mbappe: FIFA World Cup Golden Boot isn’t just about goals, it’s a multi-million-dollar sponsorship race
The FIFA World Cup 2026 Golden Boot is no longer just a race for football's top scorer. As Lionel Messi, Kylian Mbappe, Harry Kane and Jude Bellingham battle for the award, the competition has evolved into a multi-million-dollar sponsorship contest, with global brands such as Adidas, Nike and Skechers closely watching every goal.
The race for the FIFA World Cup 2026 Golden Boot is no longer just about goals. With Lionel Messi, Kylian Mbappe, Harry Kane and Jude Bellingham still in contention heading into the closing stages of the tournament, the award has quietly evolved into one of football’s biggest commercial battlegrounds, pitting some of the world’s largest sportswear brands against each other on the game’s biggest stage. According to a recent analysis by Forbes, the battle for the tournament’s top scorer has become as valuable for global sponsors as it is for the players themselves, with Adidas, Nike and Skechers all having a vested interest in who eventually walks away with the iconic trophy. ALSO READ Lionel Messi reacts to famous baby Lamine Yamal photo ahead of FIFA World Cup final A Golden Boot race with commercial consequences The Golden Boot has traditionally recognised the FIFA World Cup’s leading goalscorer. However, it has also become a live marketing contest. Lionel Messi and France forward Kylian Mbappe currently lead the standings with eight goals each. England captain Harry Kane and teammate Jude Bellingham remain mathematically alive on six goals, while Norway striker Erling Haaland finished his tournament with seven. According to Forbes, never before has the Golden Boot race featured such a direct clash between competing sportswear giants. Messi remains one of Adidas’ most valuable ambassadors under a lifetime agreement. Mbappe continues to wear Nike boots, although it is being learnt that his current contract only runs until the end of July after Nike agreed a short extension to avoid a mid-tournament switch. Kane, meanwhile, has become the face of Skechers Football after signing a lifetime partnership with the American company in 2023. Bellingham happens to be an Adidas athlete while the Golden Boot itself will have the Adidas logo. Why the Golden Boot matters beyond football Winning the Golden Boot does not come with prize money. FIFA awards the trophy, but there is no direct financial bonus attached to it. Its value lies elsewhere. A standout World Cup often becomes the strongest bargaining chip in future endorsement negotiations. Soon after the World Cup, Mbappe is expected to negotiate a new long-term boot deal immediately after the tournament, making every goal scored during the World Cup commercially significant. Kane’s partnership with Skechers is also viewed as pivotal. Having built its football division around the England captain, another Golden Boot would significantly strengthen the company’s position in the global football boot market. For Messi, another individual honour would further reinforce an already unmatched commercial legacy with Adidas. Meanwhile, for Bellingham, cementing himself as the undisputed face of the Adidas Predator line promises to bridge the gap between performance dominance and next-generation cultural appeal. The expanded World Cup has changed the race The numbers themselves tell another story. The 2026 edition is the first World Cup to feature 48 teams and 104 matches, compared to 64 matches under the previous format. The additional knockout round has fundamentally altered the mathematics of the Golden Boot. Teams reaching the final now play eight matches instead of seven, creating an extra opportunity for elite forwards to add to their tally. Messi and Mbappe’s eight-goal haul would have comfortably won several previous editions of the tournament. Harry Kane claimed the Golden Boot with six goals in Russia 2018, while James Rodriguez topped the charts with six in Brazil 2014. The expanded format has also increased the number of fixtures against lower-ranked nations, creating more opportunities for high-scoring performances during the group stage. ALSO READ France ‘doesn’t want to play’ World Cup third-place playoff, says Didier Deschamps ahead of England clash Who leads the race now? With only the final weekend remaining, the Golden Boot race remains finely poised. Player Goals Assists Lionel Messi 8 4 Kylian Mbappe 8 3 Harry Kane 6 1 Jude Bellingham 6 1 Erling Haaland* 7 0 *Norway have been eliminated. Under FIFA regulations, goals remain the primary criterion, followed by assists and then fewer minutes played if players finish level. Messi currently holds the advantage over Mbappe thanks to his four assists. More than an individual trophy The Golden Boot has often elevated players into a different commercial bracket. It is pertinent to note how James Rodríguez’s profile surged after winning the award in 2014 before joining Real Madrid, while Kane’s 2018 triumph helped cement his position among football’s biggest commercial stars. This year’s race carries even greater significance. Messi is attempting to add one of the few major honours missing from his extraordinary career. Mbappe is chasing consecutive Golden Boots while preparing for one of football’s biggest sponsorship negotiations. Kane is trying to validate Skechers’ growing ambitions in elite football. By the time the FIFA World Cup 2026 concludes, one player will leave with the Golden Boot. Behind him, one global sportswear brand may also emerge as the tournament’s biggest commercial winner.
Yes Bank Q1FY27 results: Net profit climbs 34%; NII rises 17.5%
Yes Bank reported a 34% rise in standalone net profit to Rs 1,071 crore for Q1 FY27, driven by a 17.5% increase in net interest income, improved asset quality, and rating upgrades.
Yes Bank reported a standalone net profit of Rs 1,071 crore for the April-June quarter of FY27. This is a 34% rise from Rs 801.07 crore in the same quarter last year. The bank’s net interest income rose 17.5% year-on-year to Rs 2,786 crore, up from Rs 2,371 crore. Net interest income is the difference between interest earned and interest paid by the bank. Asset quality improved on an annual basis but weakened compared to the previous quarter. Net NPA also fell year-on-year but rose sequentially to Rs 677 crore. The net NPA ratio stood at 0.2%. Provisions increased 39% year-on-year to Rs 394 crore for the quarter ended June 30, 2026. This was higher than the provisioning seen in the same period last year. The bank’s debt-equity ratio stood at 0.66%, compared to 0.69% a year earlier. ALSO READ ICICI Bank Q1FY27 results: Net profit up 16%, net NPAs stable Retail slippages fell to their lowest in 10 quarters at Rs 843 crore or 2.7% of advances, against Rs 888 crore or 2.8% of advances, in Q4 FY26. Net credit costs for the quarter stood at 0.3% of average assets, unchanged from 0.3% in Q1 FY26. “We delivered higher core earnings even as gains from Security Receipts and treasury fell sharply – clear evidence that the underlying franchise is strengthening,” Vinay M Tonse, Managing Director and CEO at Yes Bank, said. “Margins held steady at 2.7%, cost-to-income improved further, and asset quality strengthened as slippage eased. We also earned meaningful external validation this quarter — rating upgrades from Moody’s, CARE and ICRA, and our inaugural international rating from S&P Global,” Tonse added.
Supreme Court says Railway’s ‘second class passenger’ tag inappropriate, flags overcrowding in trains
The Supreme Court urges Indian Railways to stop calling travelers “second class passengers,” focusing on coach terminology and highlighting overcrowding risks, safety concerns, and compensation rulings.
The Supreme Court has urged Indian Railways to stop using the term “second class passengers” in its manuals — observing that the moniker should describe the train compartment and not the passenger travelling within it. The apex court also addressed persistent overcrowding and pointed to multiple mishaps in which people fell from the train. According to a LiveLaw report, a Bench of Justice Sanjay Karol and Justice Nongmeikapam Kotiswar Singh stated that the terminology should be reconsidered in view of India’s history of class divisions and its constitutional values. The court made this statement while awarding Rs 8 lakh compensation to the widow of a man who died after falling from a running train in 2015. Why did the court object to ‘second class passenger’? The Bench acknowledged that the term was being used in the context of an amount paid by the passenger for his journey. However, it stated that attaching a class label to a passenger was inappropriate. “We may suggest that the class connotation be attached to the coach and not to the passenger,” the Bench mentioned, as quoted by Live Law. It also described the existing terminology as “offensive to the spirit of the Constitution of India.” ALSO READ Can Election Commission decide citizenship? What the Supreme Court’s latest West Bengal ruling means In simple terms, the court stated that “second class” could continue to describe a coach or travel facility, but a person using it should not be called a “second class passenger.” The observation was a suggestion to reconsider railway terminology, not an immediate instruction changing the existing travel categories. Court raises risks posed by overcrowded trains The Supreme Court also appealed to Indian Railways to take effective measures to prevent overcrowding. The bench also observed that passengers falling from crowded trains and losing their lives was “not a rare occurrence.” It referred to the June 2025 Mumbai suburban train accident, in which four commuters lost their lives after falling from overcrowded local trains. The Bench also mentioned the New Delhi railway station stampede during the Maha Kumbh rush and other accidents across India. ALSO READ Homemakers’ unpaid work counts, says SC; quantifies contribution at Rs 30,000/month The Indian Railway Commercial Manual already requires railway officials to distribute passengers among coaches, alert stations ahead about the overcrowded trains and arrange additional coaches when required. “The forethought is clearly visible, but the execution leaves much to be desired,” the court mentioned, as reported by LiveLaw. More staff needed, but passengers also responsible The Bench said imposing the existing crowd-control measures would require considerably more manpower. It is also suggested that the Railways consider employing more young people, providing them with stable livelihoods while boosting passenger safety. However, it clarified that responsibility does not rest solely with the railways. “It would be entirely unfair to cast sole responsibility upon the Railways. The passengers themselves have an equal responsibility,” the court said. A missing ticket cannot defeat a genuine compensation claim The Railway Claims Tribunal and the Madhya Pradesh High Court had rejected the widow’s claim because her husband’s ticket was not found. She maintained that it was inside his travel bag, which went missing after the accident. The Supreme Court ruled that the missing ticket alone could not invalidate a genuine claim. It also stated her affidavit mentioning her husband had a valid ticket met the initial requirement under the Railways Act’s “no-fault liability” framework. The Railways must pay Rs 8 lakh within four week; failing to do so, the amount will carry 8% interest from the date the claim was registered.
Viksit Bharat Shiksha Adhishthan Bill meeting called off as govt weighs political trade-offs
This comes a day after the Joint Committee of Parliament deferred the adoption of a report on the 130th Constitution Amendment Bill seeking removal of ministers arrested for serious offences for 30 consecutive days.
A meeting of the Joint Parliamentary Committee examining the Viksit Bharat Shiksha Adhishthan Bill, 2025, scheduled for Monday, has been called off, The Indian Express reported on Saturday, citing sources familiar with the matter. The development comes a day after the Joint Committee examining the 130th Constitution Amendment Bill deferred the adoption of its report on a proposal to remove ministers arrested in serious criminal cases if they remain in custody for 30 consecutive days. The development is reportedly being viewed against the backdrop of the Centre’s efforts to secure the support of regional and smaller parties for the proposed rollout of the women’s reservation law and the Delimitation Bill, according to the report. ALSO READ Supreme Court says Railway’s ‘second class passenger’ tag inappropriate, flags overcrowding in trains Focus shifts to delimitation legislation The Joint Committee on the 130th Constitution Amendment Bill had already completed voting on its first two recommendations when the process was halted during discussions on the third. Earlier, committee chairperson and BJP MP Aparajita Sarangi told reporters that the panel had unanimously felt that further consultations with stakeholders were necessary. The delay is also being seen as a possible attempt by the government to avoid pushing two politically contentious constitutional amendments through Parliament during the same session. A BJP MP cited in the report said the delay could be linked to differences within the committee, but added that the government’s immediate priority was the Delimitation Bill, for which support from the Opposition and regional parties would be important. The Delimitation Bill would also require a two-thirds majority in Parliament, making support from parties outside the ruling coalition crucial. What is the Viksit Bharat Shiksha Adhishthan Bill? The Viksit Bharat Shiksha Adhishthan Bill, 2025 seeks to overhaul India’s higher education regulatory structure. The proposed legislation would dissolve three existing bodies — the University Grants Commission (UGC), the All India Council for Technical Education (AICTE) and the National Council for Teacher Education (NCTE) — and replace them with a unified regulatory framework. The Bill faced criticism from Opposition parties, several universities and even some NDA-ruled states over provisions that critics say could lead to excessive centralisation of higher education governance. ALSO READ Vikram-1 reaches orbit: Skyroot’s ‘Mission Aagaman’ boosts India’s $44 billion space push JPC recommends safeguards against centralization A draft report circulated among committee members reportedly recommends several changes to protect institutional autonomy and strengthen consultation with states. The panel has also sought safeguards against provisions that would give the Centre extensive powers to override policy decisions, supersede regulatory bodies and exercise greater control over funding. One of the most contentious provisions is Clause 47, which allows the Centre to supersede the proposed Commission or any of its councils with the approval of the President. The committee has recommended that such supersession should be permitted only under extraordinary circumstances, for a limited period, and as a measure of last resort. Concerns over Centre’s power to dissolve regulator The provision has been described as a “critical vulnerability” by the NDA-ruled Andhra Pradesh government, several universities, Opposition parties, and other stakeholders. Critics have argued that the clause could give the Centre sweeping authority to dissolve or take over the higher education regulator without sufficient institutional safeguards. The Joint Committee’s recommendations seek to address these concerns by limiting the circumstances under which the Centre could exercise such powers.
HDFC Bank Q1FY27 profit rises 5%; NII grows 7%
HDFC Bank Q1FY27 net profit rose to Rs 19,060 crore, with NII up 7% and asset quality slightly weaker; read more.
HDFC Bank reported a 4.98% year-on-year (YoY) increase in its net profit at Rs 19,059.72 crore in Q1FY27, as compared to Rs 18155.21 crore reported in Q1FY26. On a seuential basis, HDFC Bank’s Q1FY27 net profit came flat from Rs 19,221.05 crore reported in Q4FY26. The bank’s total balance sheet size stood at Rs 43,97,500 crore as of June 30, 2026, compared with Rs 39,54,100 crore as of June 30, 2025. HDFC Bank Q1FY27: Key highlights The bank’s net interest income (NII) came at Rs 33,534 crore for the quarter, up 6.7% YoY and 1% sequentially. Net interest margin was at 3.26% on total assets, and 3.40% based on interest earning assets. Total income stood at Rs 92,184.38 crore, up % from Rs 99,200.03 crore reported a year ago. ALSO READ HDFC Bank to HDFC AMC: Motilal Oswal reveals top bets in HDFC Group with up to 35% upside HDFC Bank Q1FY27: Average deposits and advances grow over 13% HDFC Bank’s deposits and advances registered double-digit year-on-year growth. The bank’s average deposits rose 13.3% year-on-year to increase by Rs 3.54 lakh crore during the quarter. Average gross advances also increased 13.4% year-on-year, rising by Rs 3.50 lakh crore. The bank’s average assets under management (AUM) rose 10.8% year-on-year, increasing by Rs 2.96 lakh crore. ALSO READ HDB Financial Q1FY27 profit up 38%, net interest margin edges higher at 8.35% The bank’s operating profit stood at Rs 28,168 crore, rising 1% quarter-on-quarter (QoQ). Provisions increased 17% sequentially to Rs 3,059 crore. The bank’s average deposits rose 13.3% year-on-year to increase by Rs 3.54 lakh crore during the quarter. On the asset quality front, the gross non-performing asset (GNPA) ratio edged up by 2 basis points (bps) in Q1FY27 to 1.17% from 1.15% in the previous quarter, while the net non-performing asset (NNPA) ratio rose by 3 basis points to 0.41% from 0.38%. About HDFC Bank HDFC Bank is one of India’s leading private sector banks and was among the first to receive approval from the Reserve Bank of India (RBI) to establish a private bank in 1994. Following its merger with Housing Development Finance Corporation (HDFC ) in 2023, HDFC Bank has become a comprehensive financial services institution offering retail, wholesale and commercial banking, home loans, treasury services, and wealth management. The bank has domestic and international presence, supported by a network of branches, ATMs, and digital banking platforms.
ICICI Bank Q1FY27 results: Net profit up 16%, NII climbs 12.7% while asset quality remains stable
ICICI Bank Q1FY27 net profit rises 16% YoY to Rs 14,804.50 crore, with net NPAs stable. Read the update.
ICICI Bank has declared its Q1FY27 numbers. The net profit has increased 16% YoY to Rs 14,804.50 crore from Rs 12,768.21 in the same period last year. The Bank’s net interest income grew nearly 12.7% to Rs 24,384 crore from Rs 21,635 crore in Q1FY26. Net interest margin was 4.36% in Q1FY27 compared to 4.32% in Q4FY26 and 4.34% in Q1FY26 ICICI Bank has also reported net NPA of Rs 5,908.27 crore compared to net NPA of Rs 5,971.09 crore. The bank’s total loan portfolio grew by 19.6% year-on-year in Q1 to Rs 16,31,260 crore ($172.3billion) as of June 30, 2026. ALSO READ HDFC Bank Q1FY27 profit rises 5%; NII grows 7% ICICI Bank Q1 asset quality, capital adequacy In terms of asset quality, the net NPA ratio was 0.35% in Q1FY27 Vs 0.41% in Q1FY26. Recoveries and upgrades of NPAs, excluding write-offs and sale, were at Rs 2,845 crore this quarter compared to Rs 3,211 crore in Q1FY26. The Bank has written-off gross NPAs amounting to Rs 1,673 crore in Q1FY27. The Bank’s total capital adequacy ratio was at 16.84% compared to the minimum regulatory requirements of 11.70%. ICICI Bank Q1FY27 credit growth ICICI Bank’s total advances increased by 19.6% year-on-year and 5.0% sequentially to Rs 16,31,260 crore ($ 172.3 billion) in Q1. The retail loan portfolio grew by 12% YoY and comprised 49.2% of the total loan portfolio as of June 30, 2026. The business banking portfolio grew by 28.2% YoY and the rural portfolio grew by 35.4% YoY in Q1FY27. The bank’s domestic corporate portfolio grew by 18.5% YoY in Q1 and the domestic advances grew by 18.8% compared to the same quarter last fiscal. ICICI Bank share price The ICICI Bank share price has seen significant price action in the last 6 months. It closed Friday’s trade up nearly 2% and the stock has delivered 7% return in last 3 months. ALSO READ HDFC Bank, ICICI Bank Q1 preview: Will strong credit demand offset margin contraction? About ICICI Bank ICICI Bank is the country’s second-largest private bank, and it is a Mumbai-headquartered bank. The bank was established in 1994 and offers a comprehensive suite of retail and corporate banking facilities.
Vikram-1 reaches orbit: Skyroot’s ‘Mission Aagaman’ boosts India’s $44 billion space push
Vikram-1 launch also comes against the backdrop of India’s push to grow its share of the global space economy to $44 billion by 2033, up from about $8 billion now, as the government looks to private companies to compete in the global small-satellite market dominated by players in the US, Europe and China.
Skyroot Aerospace’s Vikram-1 Test Flight-1 successfully reached orbit on July 18, marking the maiden flight of India’s first privately developed orbital-class rocket and a major milestone for the country’s space industry. The mission, named ‘Mission Aagaman‘, launched from the Satish Dhawan Space Centre in Sriharikota, a barrier island off the coast of Andhra Pradesh. The 24-metre carbon-composite rocket completed its planned sequence of flight stages and injected its payloads into a nearly 450-km orbit. ORBIT ACHIEVED. 🚀 Vikram-1 Test Flight-1 has reached orbit. India's first privately developed orbital rocket has completed its final burn and injected its payloads into a ~450 km orbit, making India the third country in the world with private orbital launch capability.… — Skyroot Aerospace (@SkyrootA) July 18, 2026 The rocket’s three solid-fuel stages performed as planned, beginning with Kalam-1200, which carried Vikram-1 through the densest part of the atmosphere before separating cleanly. The payload fairing then separated, exposing the payloads to space. Next, Kalam-250 completed its burn and separated, followed by the ignition of Kalam-100, the smallest and highest-flying solid stage in the vehicle. The solid-propulsion phase ended with Stage 3 separation, allowing the Orbital Adjustment Module to complete the final push to orbit using its 3D-printed liquid engine. Skyroot said Vikram-1 is designed to deploy payloads of up to 350 kg into a 450-km low Earth orbit and combines three solid-fuel stages with a liquid orbital adjustment module that can start, stop and restart in space. The maiden flight carried multiple payloads, including the lab-grown Diamond Lotus from Bengaluru-based Cosmos Diamonds, as well as a handwritten postcard from Prime Minister Narendra Modi bearing the words “Vande Mataram.” Vikram-1 underscores India’s push towards $44 billion space economy by 2033 Standing about 22 metres tall, Vikram-1 is designed to carry payloads of up to 350 kg into low-Earth orbit using three solid-fuel stages and a liquid-fuel orbital adjustment module powered by a 3D-printed engine, technologies the company says are being flown for the first time in India. The launch also comes against the backdrop of India’s push to grow its share of the global space economy to $44 billion by 2033, up from about $8 billion now, as the government looks to private companies to compete in the global small-satellite market dominated by players in the US, Europe and China. Founded in 2018, Hyderabad-based Skyroot Aerospace had already made history with its Vikram-S suborbital mission in 2022, and now aims to move from test flights to regular commercial launches. ALSO READ PM Modi explains why he sent Vande Mataram note to space aboard Skyroot’s Vikram-1 PM Modi, other leaders hail success of Vikram-1 Prime Minister Narendra Modi congratulated Skyroot Aerospace after the successful launch, telling company CEO Pawan Kumar Chandana and co-founder Naga Bharath Daka over the phone that the mission showed India’s ability to build space systems with indigenous talent and effort. Chandana responded that the rocket was “completely designed and made in India,” and added that the Prime Minister’s postcard had successfully reached orbit. “Vande Mataram is in orbit,” he said. Spoke to the team of Skyroot Aerospace and congratulated them on the successful launch of Vikram-1. This is a defining moment in India’s space journey. The growing participation of our private sector is opening new frontiers and accelerating innovation. This achievement will… pic.twitter.com/epWjOY8yKa — Narendra Modi (@narendramodi) July 18, 2026 External Affairs Minister S Jaishankar called the launch “truly historic,” saying India’s space ambitions had soared to new heights and describing the mission as proof of what can happen when youthful innovation and entrepreneurial drive are backed by bold reforms. Union Minister of State for Science and Technology Jitendra Singh said the success reaffirmed India’s rise as a global space player, noting that the country’s space economy could grow substantially in the coming years. He added, “Today’s successful launch is a reiteration of India’s entry as a global player in the highly competitive arena of space economy.” #WATCH | Delhi: Union Minister of Science and Technology Jitendra Singh celebrate as India’s first privately developed orbital rocket, Vikram-1, has successfully reached orbit after completing its final burn and injecting payloads into a 450 km orbit. The milestone makes India… pic.twitter.com/5ns7Sr5FqP — ANI (@ANI) July 18, 2026 Skyroot’s 24-metre Vikram-1 combines lightweight carbon-composite construction Vikram-1 is a 24-metre, multi-stage rocket built with an all-carbon-composite structure and powered by three solid-fuel stages plus a liquid orbital adjustment module. Skyroot said the vehicle is designed to place payloads of up to 350 kg into a 450-km low Earth orbit with a 60-degree inclination, while also testing technologies such as 3D-printed engines, modular stage separation, and lightweight manufacturing. For Skyroot Aerospace, the launch capped years of development and testing, marking a breakthrough moment for India’s private space ecosystem. The company has positioned Vikram-1 as a launch vehicle for rapid and on-demand small satellite services, with the mission serving as a demonstration of both technical capability and commercial ambition. ALSO READ Skyroot Vikram-1 Launch LIVE: ‘Hello space, we have arrived!’ Vikram-1’s Test Flight-1 completes it’s mission An employee at Sriharikota described the emotional intensity of the launch, saying, “Our hearts were pounding like anything… The delay took our hearts… We are so happy… Everyone put their heart and soul into this project…” The reaction captured the sense of anticipation around a mission that not only delivered a successful orbital insertion, but also signaled a new chapter for private Indian spaceflight.
How Steven Spielberg built a $7 billion net worth without chasing paychecks
Steven Spielberg made his way on to the Forbes' billionaires list again in 2026 with a $7.1 billion fortune, built on backend film deals, Universal theme park royalties and DreamWorks. From his disciplined 6:30 am set arrivals to his private Pacific Palisades compound, here's a closer look at the habits and choices behind his empire.
Steven Spielberg has spent five decades building worlds on screen, and in the process, he has amassed largest fortunes in entertainment history. The filmmaker topped Forbes’ 2026 World’s Billionaires list for a second consecutive year, with his net worth pegged at $7.1 billion, as per the publication. At 79, Spielberg remains the highest-grossing film director of all time, with his films having collectively earned more than $10 billion at the global box office, according to Forbes. From Jaws to Jurassic Park to Schindler’s List, Spielberg’s filmography reads like a history of modern Hollywood itself. But behind the iconic movies is a business mind that has quietly accumulated extraordinary wealth through shrewd deal-making, real estate and a lifestyle built on discipline as much as indulgence. How Spielberg built his fortune Much of Spielberg’s wealth traces back to an unconventional negotiating strategy. Rather than taking large upfront directing fees, he has long opted for backend profit participation, a percentage cut of a film’s earnings, as per Parade. That approach reportedly earned him over $250 million from Jurassic Park alone, according to the publication. <img fetchpriority="high" decoding="async" height="349" width="620" src="https://images.financialexpressdigital.com/2026/07/6.jpg?w=620" alt="" class="wp-image-4295544" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=300,169 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=400,225 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=768,432 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=620,349 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=310,174 310w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/6.jpg?resize=650,366 650w" sizes="(max-width: 620px) 100vw, 620px" /> Spielberg skipped the big paycheck for backend profit shares instead, earning over $250 million from Jurassic Park alone. (Image: Reuters) His income streams extend well beyond the director’s chair. Spielberg has a long-running revenue-sharing deal with Universal Studios tied to theme park rides based on his films, a deal reported to bring in $30-50 million annually back in 2015, per The Street. His production company Amblin Partners has also signed content deals with Netflix and Apple, adding steady income outside theatrical releases, reports suggest. He co-founded DreamWorks Studios in 1994 alongside Jeffrey Katzenberg and David Geffen, a venture that further diversified his earnings. A real estate portfolio built for privacy, not show Unlike many billionaires who chase flashy trophy properties, Spielberg’s real estate choices reportedly reflect a preference for privacy and family space over spectacle, according to Robb Report. His primary residence, a Mediterranean-style compound in Pacific Palisades, Los Angeles, has been his base since 1985. Once owned by Hollywood legends including Cary Grant and producer David O. Selznick, the roughly 10,000-square-foot mansion was expanded to nearly 20,000 square feet under architect Harry Newman, and reportedly includes a hobbit-inspired screening room and a 14,000-gallon aquarium in the primary bathroom, as per Robb Report. Of the renovation, Spielberg once told Architectural Digest, “The only difference between redoing the house and making a film is that I paid for it.” The couple’s holdings also include an East Hampton estate known as Quelle Barn, designed by architect Charles Gwathmey, and a roughly 6,000-square-foot prewar co-op overlooking Central Park in Manhattan, which reportedly became the couple’s primary New York base amid debate over a proposed California wealth tax, as per Robb Report. Over the years, Spielberg has also owned beachfront property in Malibu and commissioned a 282-foot superyacht named Seven Seas, after his wife and seven children. Discipline, early call times and a director’s mindset For all the wealth, colleagues describe Spielberg’s set habits as strikingly disciplined. He is known for arriving on set early, often around 6:30 am, before the rest of the crew, according to Project Casting. Actor Tom Cruise reportedly matched that same early start during their collaborations, allowing the pair to map out each day’s shoot in advance, as per the publication. <img decoding="async" height="349" width="620" src="https://images.financialexpressdigital.com/2026/07/5.jpg?w=620" alt="" class="wp-image-4295545" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=300,169 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=400,225 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=768,432 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=620,349 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=310,174 310w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/5.jpg?resize=650,366 650w" sizes="(max-width: 620px) 100vw, 620px" /> The director is well known for his all consuming routine while shooting a movie. (Image: Reuters) Spielberg has also spoken candidly about how filmmaking consumes his ordinary routines. In an interview with Interview Magazine, he once said, “All of my regular routine habits go out the window. I don’t get enough sleep at night, and basically I become moody and introspective.” He has described losing weight and becoming immersed to the point of selflessness during production, reports suggest. Despite the intensity, Spielberg has often spoken about intuition guiding his career choices. In past interviews and documentaries, he has said, “Sometimes a dream almost whispers… it never shouts. Very hard to hear. So you have to, every day of your lives, be ready to hear what whispers in your ear.” Awards and milestones Spielberg’s 2026 also brought a rare career milestone: his first Grammy win, which made him one of a small group of individuals to achieve EGOT status, having previously won an Emmy, Oscar, and Tony, as per E! News. Of the honour, tied to his work with composer John Williams, Spielberg said the recognition was “deeply meaningful” as it validated Williams’ decades-long influence on culture and music, according to the outlet. <img decoding="async" height="349" width="620" src="https://images.financialexpressdigital.com/2026/07/4.jpg?w=620" alt="" class="wp-image-4295550" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=300,169 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=400,225 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=768,432 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=620,349 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=310,174 310w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/4.jpg?resize=650,366 650w" sizes="(max-width: 620px) 100vw, 620px" /> Steven Spielberg is one of the few individuals to have achieved the coveted EGOT status At an age when many of his peers have slowed down, Spielberg continues to direct, produce and negotiate deals that keep his fortune growing. His 2026 slate includes the alien thriller Disclosure Day, which has reportedly been overperforming at the box office, as per Forbes. Between backend deals, theme park royalties and a real estate portfolio built over four decades, Spielberg’s $7 billion fortune stands as proof that in Hollywood, staying power pays.
Axis Bank Q1FY27 Results: Net Profit Jumps 23%, NII up 8% but margins under pressure
The Net Interest Margin for the country’s third largest private bank came in at 3.46%, the lowest in the last one year.
Axis Bank reported 23% jump in its Q1FY27 net profit at Rs 7,113.92 crore from Rs 5,806 crore in Q1FY26. The profitability surge is driven by positive operating jaws and stable asset quality. The Net Interest Income rose 8% year-on-year to Rs 14,646 crore from Rs 13,560 crore in the same quarter last fiscal. The Net Interest Margin for the country’s third largest private bank came in at 3.46%, the lowest in the last one year. In fact, this is the lowest NIM for Axis Bank in nearly 19 quarters despite loan growth being the best in 10 quarters. The company reported modest growth in its core operating profit as pressure on other income and a rise in interest expenses prevailed. Axis Bank Q1 Highlights Provisions and contingencies fell 43.7% YoY to Rs 2,222.54 crore in the quarter — leading to a sharp rise in net profit. The figure stood at Rs 3,947.66 crore in Q1FY26. Core net interest income grew 8% to Rs 14,646 crore on the back of a 19% jump in advances. Advances growth was led by a 38% growth in corporate loans, while retail loans grow by just 8% during the April-June period. ALSO READ Kotak Mahindra Bank Q1 profit jumps 26%, NIM slips, asset quality improves Axis Bank asset quality in Q1FY27 Axis Bank reported stable net NPA of 0.39% in Q1. This has seen a steady decline from 0.45% from the Q1 of last quarter. Fresh slippages saw some uptick sequentially at Rs 5,566 crore from Rs 4,675 crore. The Q1 net NPA came in at Rs 5,193 crore from Rs 4,790 crore in Q4FY26. Axis Bank Management on Q1 performance India’s third-largest private lender by market capitalisation had taken a one-time charge on a part of its ​loan book ​in the year-ago quarter due ⁠to what it termed an “industry benchmarking” exercise on its credit overdraft facilities. Indian ‌banks have seen a pick-up in loan growth since April, with demand for personal credit and loans against gold rising. Small businesses have also stepped up borrowings, in part backed by government default guarantees made available against the backdrop of disruptions caused by ⁠the Iran war. ALSO READ RIL Q1FY27 Results: Revenue tops Rs 3 lakh crore, retail hits 396 million users – 5 key highlights MD and CEO Amitabh Chaudhry elaborated that, “As customer expectations evolve and technology continues to reshape financial services, our focus remains on building a franchise that combines trust, innovation and resilience at scale. This quarter, we continued to invest across these priorities – strengthening digital security, deploying AI to simplify customer journeys, expanding growth platforms and supporting ecosystems that drive economic progress. With these investments we hope to create enduring value for our customers, stakeholders and the communities we serve.”
Kotak Mahindra Bank Q1 profit jumps 26%, NIM slips, asset quality improves
Kotak Mahindra Bank Q1FY27: 9% growth in net interest income, while deposits and advances rose in double digits- Know all details.
Kotak Mahindra Bank posted net profit at Rs 4,122.96 crore in Q1FY27, up 25.64% year-on-year (YoY), from Rs 3,281.68 crore reported in Q1FY26. The bank’s consolidated net profit came at Rs 5,480.46 crore in Q1FY27, increasing 22.55% year-on-year (YoY), from Rs 4,472.18 crore reported in Q1FY26. Kotak Mahindra Bank’s asset quality also improved in the reporting quarter, with gross non-performing asset (NPA) ratio at 1.18% as on June 30, 2026, from 1.48% as on June 30, 2025. Till previous quarter (Q4FY26) the bank’s NPA was 1.20% as on March 31, 2026. Kotak Mahindra Bank Q1FY27: Key highlights Kotak Mahindra Bank’s core net interest income increased by 9% YoY to Rs 7,928 crore in the reporting quarter, from Rs 7,259 crore in the first quarter of the financial year 2025-26. However, the bank’s net interest margin has reduced to 4.53% in the June quarter, from 4.65% in the year-ago period and 4.67% in the quarter-ago period. In the reporting quarter, the bank’s fee and services income increased by 11% to Rs 2,500 crore, from Rs 2,249 crore a year ago. ALSO READ Kotak Mahindra Bank: Record date set for FY26 final dividend; Q1 results on July 18 On a sequential basis, it was down 10%. Total deposits of the bank grew by 14% YoY to Rs 5.59 lakh crore in Q1FY27, from Rs 4.92 lakh crore in Q1FY26, according to the investor presentation. ALSO READ Q1FY27 earnings this week: RIL, HDFC Bank, Wipro, Tech Mahindra among 143 companies to announce results Kotak Mahindra Bank’s current account deposit increased by 15% YoY to Rs 78,107 crore. The bank has seen a 15% YoY jump in its advances to 5.28 lakh crore in the June quarter, from Rs 4.59 lakh crore in the same period a year ago. About Kotak Mahindra Bank Kotak Mahindra Bank, part of Kotak Mahindra Group, is one of India’s leading private sector banks, offering a wide range of financial services across personal and corporate banking, treasury, investment banking, stock broking, asset management, life insurance and wealth management. The Kotak Mahindra Group also has a presence in asset management, securities, vehicle financing, alternate assets and life insurance, making it one of the country’s diversified financial services groups.
The Odyssey box office collection day 1: Christopher Nolan’s epic scores a record-breaking opening
Christopher Nolan's The Odyssey opened to blockbuster numbers worldwide on July 17, collecting Rs 17.40 crore in India and $17.6 million in US previews alone. The Matt Damon and Tom Holland starrer is on track for a massive opening weekend, surpassing Nolan's own Oppenheimer across multiple markets.
Christopher Nolan’s The Odyssey set sail at the global box office on July 17, 2026, delivering one of the strongest debuts of the year. The Universal Pictures epic, an adaptation of Homer’s ancient Greek poem, starring Matt Damon, Tom Holland, Anne Hathaway, Zendaya, and Charlize Theron, opened to blockbuster numbers both in North America and overseas, cementing its status as the most anticipated release of the summer. Domestic day 1 numbers break records According to Variety, The Odyssey collected $17.6 million from Thursday preview screenings across 3,900 North American theatres, the best preview haul of the year, surpassing the $17.5 million that Toy Story 5 had earned earlier in 2026. As per the Hollywood Reporter, the film was targeting a $50 million Friday that would push it toward a $117 million three-day opening weekend. Deadline reported that this performance made the film the biggest opening for Matt Damon as a lead actor, ahead of 2007’s The Bourne Ultimatum, and marked the best live-action debut of the year domestically, edging past Lionsgate’s Michael. It is also worth noting that the previews figure comfortably outpaced Nolan’s own Oppenheimer, which had opened to $10.5 million in previews back in 2023. ALSO READ Inside Matt Damon’s $34 million real estate portfolio India collections surpass Oppenheimer’s opening Of this total, the English version alone contributed Rs 13.75 crore with a 77 percent occupancy rate, while the Hindi, Tamil, and Telugu dubbed versions added Rs 1.90 crore, Rs 60 lakh, and Rs 1.10 crore respectively, according to the same report. Reports also indicate that the film’s India numbers benefited from premium IMAX ticket pricing, with average IMAX show tickets going for around Rs 750. Nolan shot the film entirely on 70mm IMAX cameras, becoming the first filmmaker to do so, and has repeatedly emphasised that it is meant to be experienced on the biggest screens possible. ALSO READ Michael crosses $1 billion worldwide, becomes highest-grossing biopic in box office history Global markets add to a near $40 million total The film’s India performance was equally strong. As per Sacnilk, The Odyssey collected around Rs 17.40 crore in India on day one, making it Nolan’s best opener in the country and surpassing the day one numbers of Oppenheimer. Apart from North America and India, The Odyssey also dominated several international markets on opening day. As per Deadline, the film’s global running cume stood at close to $40 million after day one, with strong Thursday numbers reported from France, Australia, Italy, Mexico, Germany, and Brazil. In Italy, the film reportedly captured an 88 percent share of the total box office on its opening day, while in Mexico it recorded Nolan’s biggest-ever Thursday gross in the market. Trade estimates suggest a global opening weekend bow of over 200 million dollars, with the film carrying a reported $250 million production budget and an additional $125 million in marketing spends. Industry experts note that this would represent Nolan’s biggest launch since 2012’s The Dark Knight Rises, which opened to $160.8 million dollars. With critical reception also running high, including a 96 percent audience score on Rotten Tomatoes, The Odyssey looks set to be one of the defining box office stories of 2026’s summer season.
Lionel Messi reacts to famous baby Lamine Yamal photo ahead of FIFA World Cup final
Lionel Messi has called the viral 2007 photograph with baby Lamine Yamal "just insane" as the two prepare to face each other in the FIFA World Cup 2026 final, bringing one of football's most remarkable stories full circle.
Nearly two decades ago, Lionel Messi was helping an infant into a plastic bath for a charity calendar shoot. On Sunday, the same child will stand across from him on football’s biggest stage. The image of a 20-year-old Messi bathing a baby Lamine Yamal has resurfaced ahead of the FIFA World Cup 2026 final between Argentina and Spain, transforming an obscure charity photograph into one of the sport’s most remarkable full-circle moments. A photograph that became football history The picture was taken in 2007 by Barcelona-based photographer Joan Monfort during a charity calendar project organised by Catalan newspaper Diario Sport in partnership with UNICEF, according to The Associated Press. Messi, then an emerging Barcelona star, was paired with local families through a community raffle, and one of those families happened to include a baby named Lamine Yamal. At the time, Monfort saw it as another assignment. “I have never been a believer or thought that anything was destined to occur, but I am beginning to have my doubts. This is beyond all reasonable explanations,” Monfort told AP ahead of the final. Almost 19 years later, the same baby has grown into Spain’s brightest young footballer and will now face Messi for the biggest prize in international football. Messi still cannot believe it Messi himself admitted the coincidence feels surreal. “That picture with Lamine, now we are facing in a final after a photo was taken of when he was a baby,” Messi said while speaking to seven-time Super Bowl champion Tom Brady at Fanatics Fest on Friday. “It’s just insane.” The Argentina captain also spoke warmly about Yamal’s rapid rise, having watched the teenager emerge at Barcelona, the club where Messi spent more than two decades. “Lamine is truly amazing,” Messi said. “I’ve followed him a lot because he plays for a club I love so much. He has a chance to achieve something historic — we’re going to try to make sure that doesn’t happen this time.” History awaits both players The final carries historic implications for both generations. Messi is one victory away from becoming the first men’s captain to retain the FIFA World Cup since Brazil’s 1962 triumph, while adding another defining chapter to arguably the greatest international career in football. Yamal, meanwhile, has already become one of the breakout stars of the tournament. Victory would make the teenager one of the youngest players ever to start and win a World Cup final. One final, one extraordinary story Football has produced countless passing-of-the-torch moments, but few have arrived with a photograph already telling the story. Nearly two decades after one unknowingly helped the other into a bath, Lionel Messi and Lamine Yamal will now walk out together for the FIFA World Cup final, not as strangers from a charity calendar, but as the two faces of football’s past and future, separated by a generation and united by one extraordinary image.
Don’t have ZEE5? Here’s every way to watch the FIFA World Cup 2026 third-place playoff live in India
France and England meet in the FIFA World Cup 2026 third-place playoff on Sunday, July 19 (IST). If you don't have a ZEE5 subscription, you can still catch the bronze-medal clash live.
The FIFA World Cup 2026 may be down to its final two matches but there’s still one medal left to be decided before Argentina and Spain battle for the title. France and England will face off in the third-place playoff at the Hard Rock Stadium in Miami Gardens, Florida, with both sides aiming to finish their campaigns on a winning note after semi-final defeats. Kick-off is scheduled for 02:30 AM IST on Sunday, July 19. If you haven’t subscribed to ZEE5, there are still several ways to watch the bronze-medal match live in India. How to watch France vs England on TV The easiest free option remains DD Sports, which will telecast the FIFA World Cup 2026 third-place playoff under the Government of India’s mandatory sports broadcasting sharing guidelines. The channel is available free-to-air through DD Free Dish. Fans can also watch the match live on the Unite8 Sports Network, the official television broadcaster of the FIFA World Cup 2026 in India. ALSO READ Could Argentina players be suspended before World Cup final? FIFA investigates Falklands banner controversy Watch live on mobile without ZEE5 Football fans can also stream the live television broadcast through the JioTV app. Jio users with JioFiber and AirFiber connections can access the match via JioTV+, where Unite8 Sports channels are available on supported set-top boxes. Want HD streaming? ZEE5 remains the official platform For viewers looking for Full HD streaming, multiple commentary options and additional digital features, ZEE5 remains the official streaming platform for the FIFA World Cup 2026 in India. Fans can subscribe to the dedicated FIFA World Cup package or choose the platform’s broader premium plans, depending on the available offers. ALSO READ FIFA World Cup 2026 final set to become most expensive sporting event ever as ticket prices soar Which option should you choose? If you are looking for a free viewing option, DD Sports via DD Free Dish remains the simplest choice. If you prefer watching on your phone or smart TV without paying for ZEE5, JioTV offers another convenient alternative for eligible users. Meanwhile, viewers wanting the premium streaming experience can tune in through ZEE5. With only the World Cup final remaining after Saturday’s bronze-medal clash, France and England have one final opportunity to sign off from the tournament with a victory and Indian fans have multiple ways to watch every minute live.
4 Small Cap Mutual Funds Outperformed in H1 2026: See the Winners
Find out which 4 small cap mutual funds delivered the highest returns in H1 2026
The first half of 2026 was tumultuous one for the Indian equity market as the world witnessed a highly uncertain environment amid the US Iran war, the impact of AI on jobs and IT sector growth, US tariff threat, etc. This resulted in rising crude prices, a weak rupee, and FII selloff. But despite a highly uncertain environment small cap mutual funds dominated the returns chart. It was the top performing category of H1 2026, followed by mid cap funds and multi cap funds. Large cap funds on the other hand faced the brunt of heavy selling of bluechips by FIIs. As a result, most schemes in the large cap fund category delivered negative returns. The small cap segment benefitted from investors lapping up stocks after last year’s underperformance which had resulted in better relative valuation for several companies. In this editorial, we look at the top performing small cap funds of H1 2026, selected based on year-to-date returns. #1 Bank of India Small Cap Fund Bank of India Small Cap Fund delivered absolute returns of 21.9% compared to the benchmark Nifty Smallcap 250 – TRI’s 6.9% returns and the category average of 10.4%. The fund was launched in December 2018. ALSO READ 3 Indian Stocks Where Promoters Increased Their Holdings The fund invested 80.9% of its assets in small caps, 13.1% in mid caps, and just 1.5% in large caps. Its top stocks are Wockhardt, Sky Gold and Diamonds, Acutaas Chemicals, Lloyds Metals & Energy, and Quality Power Electrical Equipments. It carried a moderately high portfolio turnover ratio of 75-95% in the last few months. #2 TRUSTMF Small Cap Fund TRUSTMF Small Cap Fund delivered absolute returns of 20.3% compared to the benchmark Nifty Smallcap 250 – TRI’s 6.9% returns and the category average of 10.4%. The fund was launched in November 2024. The fund invested 67.8% of its assets in small caps, 22.3% in mid caps, and just 1.8% in large caps. Its top stocks are Navin Fluorine International, Multi Commodity Exchange of India, Acutaas Chemicals, Cemindia Projects, and Sai Life Sciences. ALSO READ 3 EV Mutual Funds to Watch: Tap into India’s Electric Mobility Revolution It carried a high portfolio turnover ratio of around 190% in the last one year. #3 JM Small Cap Fund JM Small Cap Fund delivered absolute returns of 17.5% compared to the benchmark Nifty Smallcap 250 – TRI’s 6.9% returns and the category average of 10.4%. The fund was launched in June 2024. The fund invested a major 91.9% of its assets in small caps with just 7% in mid caps and no exposure in large caps. Its top stocks are Garware Hi-Tech Films, Acutaas Chemicals, Godfrey Philips India, TD Power Systems, Shaily Engineering Plastics. ALSO READ 4 Companies to Track as Copper Megatrend Unfolds in India It carried a moderate to high turnover ratio of 60-110% in the last one year. #4 Union Small Cap Fund Union Small Cap Fund delivered absolute returns of 17% compared to the benchmark Nifty Smallcap 250 – TRI’s 6.9% returns and the category average of 10.4%. The fund was launched in June 2014. The fund invested 73.7% of its assets in small caps, 24.1% in mid-caps, and no exposure in large caps. Its top stocks are GE Vernova T&D India, Acutaas Chemicals, Navin Fluorine International, Karur Vysya Bank, and Multi Commodity Exchange of India. It carried a moderate turnover ratio of 45-80% in the last one year. Conclusion While the top-performing small cap mutual fund delivered an impressive return of 21.9% in the first half of 2026, the bottom-performing fund generated -0.6%. The wide dispersion in performance highlights why fund selection is especially critical in the small cap space. ALSO READ 5 IT Stocks with High Overseas Revenue Exposure The returns in the small cap space can be highly volatile and liquidity too can become a challenge during market downturns. So, rather than getting swayed by small cap funds that have delivered one-off stellar gains, investors should aim to focus on well-diversified funds with proven track record of delivering consistently sound risk-adjusted returns. Prefer schemes that prioritise risk management by picking quality stocks rather than those that chase market trends. Such an approach can help you navigate the inherent volatility and downside risk of the small-cap segment while staying aligned with their long-term wealth creation goals. #Table Note: Data as of 01 July 2026 Returns are year-to-date (absolute %) calculated using the Direct Plan-Growth option. Past performance is not an indicator of future returns. The securities quoted are for illustration only and are not recommendations. Happy investing. Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here… The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? 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PM Modi explains why he sent Vande Mataram note to space aboard Skyroot’s Vikram-1 – Watch
Vikram-1 reached orbit after completing its final burn and injecting payloads into a 450 km orbit on Saturday afternoon. The milestone also makes India the third country in the world to achieve private orbital launch capability.
Prime Minister Narendra Modi sent a handwritten note into space on Saturday as Vikram-1 reached a low Earth orbit. The launch from Sriharikota in Andhra Pradesh also marked the first time that an Indian private company has attempted to place satellites into orbit using its own launch vehicle.PM Modi had dubbed the event a “historic new frontier for India’s space journey” ahead of the launch. “In a way, I see your mission as a ‘Vande Mataram’ mission—to take the glory of Mother India to new heights, to harness the benefits of new-age technology, and to inspire the younger generation to pursue technology,” Modi told the Skyroot Aerospace team during a congratulatory phone call. ALSO READ Skyroot Vikram-1 Launch LIVE: ‘Hello space, we have arrived!’ Vikram-1’s Test Flight-1 completes it’s mission A separate post on X called the Vikram-1 launch a “defining moment in India’s space journey”. Modi noted that the growing participation of the Indian private sector was “opening new frontiers and accelerating innovation”. His post on X also exuded confidence that this achievement “would encourage countless youngsters to dream bigger and innovate fearlessly”. Sriharikota, Andhra Pradesh: On the launch of Vikram-1 by Skyroot Aerospace, Prime Minister Narendra Modi says, "…In a way, I see your mission as a 'Vande Mataram' mission—to take the glory of Mother India to new heights, to harness the benefits of new-age technology, and to… pic.twitter.com/4ZCXGgmOqX — IANS (@ians_india) July 18, 2026 ‘Vande Mataram is in orbit’ Modi also hailed the successful launch of Vikram-1 in a phone call to the jubilant Skyroot team. He conveyed his “grand greetings” and urged their “Mission Aagaman (arrival)” to proceed further. The Prime Minister noted that the mission “proves we can be Atmanirbhar” after being informed that the rocket had been designed and made complete in the country. “Your card has successfully reached orbit. Vande Mataram is in orbit,” Skyroot Aerospace CEO Pawan Kumar Chandana told the PM. ALSO READ Vikram-1 reaches orbit: Skyroot’s ‘Mission Aagaman’ boosts India’s $44 billion space push Vikram-1 reached orbit after completing its final burn and injecting payloads into a 450 km orbit on Saturday afternoon. The milestone also makes India the third country in the world to achieve private orbital launch capability. “This mission highlights the talent, determination and entrepreneurial spirit of our youth. It also shows how our space-sector reforms are unlocking new opportunities for innovation and enterprise. My best wishes to the entire Skyroot Aerospace team for a successful launch. May Vikram-1 soar high, create history and inspire a generation of innovators,” the PM had shared via X ahead of the launch. Micro-art, handwritten postcard from PM Modi and gold rocket on board The 24-metre rocket was designed to deploy payloads weighing up to 350 kg into a 450-km Low Earth Orbit with a 60-degree inclination. The primary payloads — technology demonstrators from Grahaa Space, Cosmoserve, DCubed, and Skyroot’s SCOPE — were deployed soon after its ascent. It also carried a lab-grown ‘Diamond Lotus’ developed by Bengaluru-based Cosmos Diamonds as well as multiple pieces of memorabilia and a handwritten postcard from Prime Minister Narendra Modi bearing the words “Vande Mataram”. The missive travelled to space alongside handwritten messages from the Skyroot team, investors, policymakers, and well-wishers across the globe — making Mission Aagaman a celebration carried by many hands and shared by millions. The seven-storey-tall Vikram-1 rocket also successfully deployed a micro-art payload, an 18-karat gold rocket and postcards from engineers, scientists, and Indian astronauts. The miniature micro-art payload, carrying micro-sculptures of the doyen of India’s space programeme — Vikram Sarabhai, scientist Sir CV Raman and former President APJ Abdul Kalam — has been created “as a tribute to three visionaries who shaped India’s scientific and space journey”. The engineering data collected during this test flight will be analysed to validate guidance and navigation systems, and to guide future refinements for commercial satellite missions, Skyroot Aerospace said.
France ‘doesn’t want to play’ World Cup third-place playoff, says Didier Deschamps ahead of England clash
France coach Didier Deschamps says neither France nor England wanted to play the FIFA World Cup 2026 third-place playoff after their semi-final exits, but insists both teams have a duty to compete. The match will also mark Deschamps' final game in charge of France.
France coach Didier Deschamps has admitted that neither his side nor England wanted to be involved in the FIFA World Cup 2026 third-place playoff, describing the fixture as one both teams would rather avoid after missing out on the final. France face England in Miami on Saturday with the bronze medal at stake after both nations suffered semi-final defeats. France were beaten 2-0 by Spain, while England’s hopes of ending their 60-year wait for a World Cup final appearance were dashed by a 2-1 loss to defending champions Argentina. ‘England doesn’t want to play, neither do we’ Speaking at his pre-match press conference, Deschamps acknowledged the emotional challenge of motivating players for a match that comes immediately after the disappointment of missing the final. “I have a duty for this game. It is not a friendly. It is a third-place playoff,” Deschamps said, according to Reuters. “The players, staff, and I have the duty to reach this last objective. It is less important than the final. England does not want to play this game, and neither do we. But here we are.” Despite his comments, the France manager insisted his side would approach the match professionally, stressing that representing the national team comes with responsibilities regardless of the occasion. ALSO READ Jude Bellingham shuts down Messi fued talks-‘Privilage to face Leo’ Deschamps prepares for final match in charge Saturday’s encounter will also mark the end of Deschamps’ tenure as France coach after more than a decade in charge. The 57-year-old guided France to the FIFA World Cup 2018 title in Russia, reached another World Cup final in Qatar four years later and has now overseen a third-place finish or better at three consecutive tournaments. Deschamps said his attention remains on ensuring France leave the tournament with a medal before bringing the curtain down on his international coaching career. “We have to set our eyes on that goal to be third and make this final goal a reality,” he said. “We have this duty when wearing this jersey. In my head, I know that it is my last match. I don’t want anybody to cry. The end is near, but life goes on.” Konate: ‘None of us wanted to play’ France defender Ibrahima Konaté echoed his manager’s sentiments, admitting the squad were still processing the disappointment of their semi-final exit. However, he said the players were determined to send Deschamps off with a victory. “None of us wanted to play for this third place, but we have no choice,” Konaté said, according to Reuters. “We want to pay back our coach. He did so much for the France team. We must be grateful to him for that, and we need to do everything we can to win this game… to get this chocolate medal, this bronze medal.” ALSO READ WATCH: Louis Vuitton unveils priceless bespoke trophy trunk for 2026 FIFA World Cup Final Final chance before attention turns to the final Although the third-place playoff often struggles to generate the same attention as the World Cup final, France and England will both be aiming to finish their campaigns on a winning note before Argentina face Spain in Sunday’s title decider. For France, victory would also provide a fitting farewell to one of the most successful managers in the country’s football history, while England will hope to end another near-miss at a major tournament with a podium finish.
Onam 2026: Southern Railway announces special trains between Mysuru, Kannur and Bengaluru; check schedule
Special train services between Karnataka and Kerala are available during Onam from August 29 to September 6, 2026.
Passengers planning to travel between Karnataka and Kerala during Onam will have additional train options, with special services slated for the Mysuru-Kannur and Kannur-Bengaluru Cantonment routes. Southern Railway shared the schedule on X and advised passengers to reserve their tickets early. The trains have been modified by South Western Railway to handle increased passenger demand during the festival. “Extra services have been introduced to meet the festive travel demand. Check the schedule, reserve your tickets early with Indian Railways and enjoy a smooth journey,” Southern Railway stated. The 10-day harvest festival, which also marks the official New Year for Malayalis, is celebrated primarily in the southern state of Kerala. This year, Onam will begin on August 16 and run till August 26. The special trains will run from the end of August, with Southern Railway sharing the timetable via social media. ALSO READ Shravani Mela 2026: Eastern Railway to run 56 special train trips between Ranchi-Bhagalpur; check full schedule Mysuru-Kannur special train dates and timings Train No.06229 Mysuru-Kannur Express will run on August 29, 2026, Saturday. It will depart from Mysuru at 11:55 pm and reach Kannur at 5:50 pm the following day. ALSO READ Western Railway cancels Mumbai–Gorakhpur Special Train on July 18 – All you need to know Kannur-Bengaluru special train dates and timings Train No. 06230 Kannur-Bengaluru Cantonment Express Special will operate on August 30, 2026, Sunday. The train will leave from Kannur at 7:45 pm and will arrive at Bengaluru Cantonment at 10 am the following day. Full station-wise schedule Station Train 06229 Mysuru-Kannur Train 06230 Kannur-Bengaluru Cantt Mysuru Departs at 11.55 pm — Mandya 12.45 am/12.47 am — KSR Bengaluru 2 am/2.10 am — Bengaluru Cantonment 2.31 am/2.33 am Arrives at 10 am Krishnarajapuram 3.11 am/3.13 am 9.09 am/9.12 am Bangarapet 4.11 am/4.13 am 8.10 am/8.12 am Salem 6.27 am/6.30 am 4.02 am/4.05 am Erode 7.30 am/7.40 am 3.05 am/3.10 am Tiruppur 8.20 am/8.25 am 2 am/2.05 am Podanur 10.18 am/10.20 am 1.20 am/1.22 am Palakkad 11.30 am/11.33 am 12.07 am/12.10 am Shoranur 1 pm/1.10 pm 11 pm/11.10 pm Tirur 1.58 pm/2 pm 9.48 pm/9.50 pm Kozhikode 2.47 pm/2.50 pm 9.03 pm/9.05 pm Vadakara 4.28 pm/4.30 pm 8.30 pm/8.32 pm Thalassery 4.48 pm/4.50 pm 8.08 pm/8.10 pm Kannur Arrives at 5.50 pm Departs at 7.45 pm The timings divided by a slash shows the scheduled arrival and departure times at the respective station. Booking details passengers should know Advance reservations for the special trains opened at 8 am on July 18, 2026, from the Southern Railway end. Passengers planning to travel during Onam should book early because of the expected festive demand. They are also advised to verify the latest train timings, platforms information and running status through the NTES app or the official Indian Railways enquiry website before leaving for the station.
OCI Card Rules for Overseas Citizens Updated: Visa requirements revised, registration certificate no longer needed
If you are an Overseas Citizen of India applying for an OCI card from within India, be aware that the application requirements have been revised.
If you are an Overseas Citizen of India and applying for an Overseas Citizen of India (OCI) card from within India, there is an important update you need to be aware of. The requirements for OCI applications submitted in India have been revised. The new OCI card rules have an important change: one document that was previously mandatory is no longer required. What Has Changed? The key change affects the document requirements for all OCI applications submitted in India. A copy of any long-duration visa (other than an E-3 visa) with a minimum of 3 months’ validity as on the date of application is now required. The good news: a copy of the Registration Certificate or Residency Permit (RC/RP) is no longer required. This document was previously mandatory but has now been removed from the checklist. Mandatory Documents to Keep Ready Before you begin your application, ensure you have the following documents in order: A valid passport with a minimum of 6 months validity as on the date of application submission; a valid visa with a minimum of 3 months validity as on the date of application; two proofs of Indian origin; and an address proof. The date of application will be considered as the date on which the application is physically submitted at the concerned FRRO office and not the date of online submission. How to Apply — Step by Step The application process is straightforward and begins online: Step 1: Visit the government website of OCIservices and register on the portal. Step 2: Log in, select “Online Registration,” and apply under the applicable category. Step 3: Fill in the required details and upload your photograph, signature, and required documents. Step 4: Submit the application and use the generated reference number to seek an appointment at the concerned FRRO office. Step 5: Visit the FRRO on the appointment date with the original documents for verification. Step 6: After verification, a payment link will be generated. Once payment is made, the application will be officially acknowledged. Step 7: After the application is processed and granted, the e-OCI Card can be downloaded directly from the portal. ALSO READ 11 OCI Card Rule Changes: What every overseas Citizen of India needs to know in 2026 e-OCI Card One important thing to note: no physical OCI booklet will be issued. The e-OCI Card is the only format available. For the benefit of more than 50 lakh OCI holders, India launched the e-OCI Card in New Delhi on June 30. Earlier, the Fast Track Immigration – Trusted Traveller Programme (FTI-TTP) launched by the Government of India had completely changed the immigration clearance process for the OCI cardholders. Existing cardholders can also obtain their e-OCI Card digitally in most cases without needing a fresh application or physical verification. Under the new arrangement, individuals no longer need to re-issue the OCI booklet when receiving a new passport after turning 20. The cardholder’s registration number will also become unique after this age. ALSO READ NPS For NRI: Can non-resident Indians invest in National Pension System? How to Download Your e-OCI Card Existing OCI cardholders can download their e-OCI Card through the OCI Services Portal by logging in with their registered credentials. The process is straightforward. Here is how it works: Step 1: Log in to the OCI Services Portal using your registered User ID and Password. Step 2: Select the e-OCI tab available on the dashboard. Step 3: Your OCI details will be displayed. Click ‘Generate e-OCI Card’ to generate the card. Step 4: Once generated, download and save the e-OCI Card for future reference. Step 5: The downloaded e-OCI Card may be presented in digital form at Immigration Check Posts and to airlines whenever required. A few things to keep in mind You only need to log in using the email address linked to your OCI record and submit a request to generate the card. If you no longer have access to your registered email address, you can update it through the Email ID Updation facility under OCI Miscellaneous Services on the OCI Portal. The Overseas Citizenship of India (OCI) Scheme allows registration for Persons of Indian Origin (PIOs) who were Indian citizens or eligible for citizenship on January 26, 1950. It is important to note that OCI does not equate to dual citizenship and does not grant political rights, specifically excluding those under Article 16 of the Indian Constitution. Disclaimer: This article is for general informational purposes only and does not constitute legal or immigration advice. OCI card application requirements, document checklists, and visa validity conditions cited are based on official government notifications available at the time of writing and are subject to change without notice. Applicants are strongly advised to verify the latest requirements on the official OCI Services Portal and consult the concerned FRRO office or a qualified immigration professional before submitting their application.
Elon Musk’s SpaceX in talks with Pentagon for multi-billion dollar AI computing deal: Report
Elon Musk's SpaceX is in talks with the US Department of Defence to provide multi-billion dollar data centre capacity for AI models, aiming to boost their AI infrastructure and military computing power. The deal would expand SpaceX’s role in AI cloud services and government contracts.
Elon Musk’s SpaceX is in talks with the US Department of Defence to provide data centre capacity worth billions of dollars for running artificial intelligence (AI) models, according to a Wall Street Journal report published on Friday. The report, which cited people familiar with the discussions, said the deal would give the Pentagon access to large-scale computing power needed for advanced AI work. However, the talks are still underway, and no final agreement has been signed. The discussions could still fall through. ALSO READ Vikram-1 Launch LIVE: India’s first privately built orbital rocket to lift off shortly SpaceX wants to compete in the AI cloud market If the deal goes through, it would boost SpaceX’s relationship with the Pentagon. The company already works closely with the US military by providing rocket launch services, satellite-based communications and missile-tracking support. This new agreement would add AI computing infrastructure to that partnership. The report also mentioned how SpaceX is looking beyond government contracts. According to the Wall Street Journal, employees at the company have discussed plans to compete more directly with AI cloud providers, also known as “neocloud” companies, such as CoreWeave. The idea is to sell computing power to AI customers at lower prices, making SpaceX a stronger player in the fast-growing AI infrastructure market. On the other hand, like many large organisations, the US Department of Defence is trying to secure more cloud computing capacity as it expands the use of artificial intelligence. The additional computing power would support intelligence agencies and help develop AI applications for military use. ALSO READ India responds to US 100% tariff bill after 60 senators back move targeting Russian oil purchases Last year, Amazon announced that it would invest up to $50 billion through its Amazon Web Services (AWS) cloud business to expand AI and supercomputing capacity for US government customers. SpaceX has already signed major AI computing deals This would not be the first major cloud computing agreement for SpaceX. In June, Google signed a multi-year, $30 billion agreement with SpaceX to lease large-scale AI computing infrastructure. Under the deal, Google will pay around $920 million every month from October 2026 through mid-2029 for access to 110,000 Nvidia GPUs and other AI hardware. The partnership is expected to strengthen Google’s AI capabilities while supporting SpaceX’s growing data centre business. Earlier, in May, AI company Anthropic announced that it would use the full computing power of SpaceX’s Colossus 1 facility in Memphis. The deal added 300 megawatts of new computing capacity for Anthropic’s AI work.
Could Argentina players be suspended before World Cup final? FIFA investigates Falklands banner controversy
Could Argentina players be suspended before the FIFA World Cup 2026 final? FIFA is reviewing the controversial Falklands banner displayed after the semi-final win over England. Here's what FIFA has said, the rules involved, previous cases and whether Lionel Scaloni's side could face sanctions before taking on Spain.
Argentina’s celebrations after reaching the FIFA World Cup 2026 final have come under scrutiny after several players were seen holding a politically charged banner following their 2-1 semi-final victory over England, prompting questions over whether FIFA could take disciplinary action before Sunday’s title clash against Spain. The controversy erupted moments after Lionel Scaloni’s side secured their place in a second consecutive World Cup final in Atlanta. Television footage showed a group of Argentina players holding a banner that read “Las Malvinas son Argentinas” (“The Falkland Islands are Argentine”), a slogan linked to the long-running sovereignty dispute between Argentina and the United Kingdom. With FIFA now reviewing the incident, attention has shifted from Argentina’s victory to whether any of the players involved could face sanctions, including a possible suspension. ALSO READ Will Rohit Sharma continue to represent India? BCCI secretary Devajit Saikia issues statement amid retirement speculation What happened after Argentina beat England? Following the final whistle, several Argentina players joined supporters during the on-pitch celebrations. Among them were reportedly defenders Lisandro Martinez and Cristian Romero, along with midfielder Giovani Lo Celso, who were seen posing behind the banner. When asked by reporters about the banner the Argentine team held up reading “Las Malvinas son Argentinas” after their semi-final match against England, midfielder Leandro Paredes responded: “Yes, and it will always and forever be Argentine”. The slogan refers to Argentina’s claim over the Falkland Islands, known domestically as the Malvinas. The dispute led to the 1982 Falklands War, a 74-day conflict between Argentina and the United Kingdom in which 255 British servicemen and 649 Argentine military personnel were killed. Although political messaging has occasionally surfaced in football celebrations, the incident has attracted significant attention because it occurred during an official FIFA competition and just days before the World Cup final. FIFA confirms disciplinary review FIFA has confirmed that its independent disciplinary committee is assessing the incident. “As is standard procedure, FIFA’s independent disciplinary committee is currently assessing the match reports and considering the relevant circumstances before deciding on potential further steps based on the FIFA Disciplinary Code,” the governing body said in a statement. The review centres on Article 34.3 of the FIFA World Cup Match Protocol, which prohibits players and team officials from displaying political, religious or personal messages before, during or after matches. FIFA’s Disciplinary Code also allows sanctions where football events are used to stage political demonstrations. Could Argentina players miss the World Cup final? At this stage, there is no indication that any Argentina player has been suspended. British politicians have nevertheless urged FIFA to impose sporting sanctions. Liberal Democrat leader Ed Davey called on FIFA to suspend every player involved in displaying the banner. In a letter to FIFA president Gianni Infantino, he referenced UEFA’s decision to suspend Spain internationals Álvaro Morata and Rodri for one match after they chanted “Gibraltar is Spanish” during Euro 2024 celebrations. UK cabinet minister Peter Kyle also criticised the incident, telling the BBC that politics should have no place in football and calling for a thorough FIFA investigation. Despite those demands, reports from Spanish broadcaster COPE and Argentine newspaper Clarín suggest sporting suspensions before the final are considered unlikely. Both outlets reported that any punishment, if imposed, is more likely to take the form of warnings or financial penalties against either the players involved or the Argentine Football Association (AFA). Neither report has been officially confirmed by FIFA. What do previous FIFA cases suggest? Football has seen several similar disciplinary cases involving political messages, though punishments have varied. At the 2018 FIFA World Cup, Switzerland internationals Granit Xhaka and Xherdan Shaqiri were fined after making political gestures during a match against Serbia but were not suspended. UEFA imposed one-match bans on Spain captain Álvaro Morata and midfielder Rodri following Euro 2024 celebrations involving chants about Gibraltar. South Korea’s Park Jong-woo also received a suspension after displaying a political banner during the London Olympics. Argentina have previously faced FIFA sanctions over Falklands-related political messaging. Following a 2014 friendly, the Argentine federation received a financial penalty after players displayed a banner supporting Argentina’s claim over the islands. Those precedents suggest FIFA has often opted for fines or warnings rather than immediate sporting sanctions, particularly where incidents occurred after matches. ALSO READ WATCH: Louis Vuitton unveils priceless bespoke trophy trunk for 2026 FIFA World Cup Final Uncertainty remains before Spain final For now, Argentina continue preparations for Sunday’s World Cup final against Spain without any confirmed disciplinary action affecting player availability. FIFA has not indicated when its disciplinary committee is expected to reach a decision. Multiple reports suggest the process could extend until after the tournament concludes, although the governing body has not publicly confirmed any timeline. Unless FIFA announces otherwise before kick-off, Argentina are expected to have their full squad available as they attempt to defend the FIFA World Cup title.
FIFA World Cup 2026 final set to become most expensive sporting event ever as ticket prices soar
FIFA World Cup 2026 final ticket prices have reached record highs, with Argentina vs Spain on course to become the most expensive sporting event ever. Here's how resale prices have surpassed the Super Bowl and why Lionel Messi's final World Cup could be driving unprecedented global demand.
The FIFA World Cup 2026 final between Argentina and Spain is on course to become the most expensive sporting event ever, with resale ticket prices surpassing previous records set by the Super Bowl and NBA Finals. According to a report by The New York Times, the average resale price for Sunday’s final at New York New Jersey Stadium (MetLife Stadium) has climbed to unprecedented levels, fuelled by Lionel Messi‘s bid for a second successive World Cup title, global demand and the tournament’s record-breaking attendance. Resale prices eclipse Super Bowl record Data cited by The New York Times from ticket marketplace SeatGeek shows the average resale ticket for the World Cup final has reached $12,751, comfortably overtaking the previous record of $10,540 set by the 2024 Super Bowl between the Kansas City Chiefs and San Francisco 49ers. The report added that even the cheapest available tickets on major resale platforms were selling for around $7,600 two days before kick-off, while premium Category 1 seats were listed for well over $11,000. Industry figures told The New York Times that no sporting event of comparable scale has previously sustained such high average resale values. Demand driven by Messi, global audience and bigger stadium Unlike the NFL’s Super Bowl, whose audience is primarily concentrated in North America, the World Cup attracts buyers from across the globe. The New York Times reported that nearly 20 per cent of ticket purchases on StubHub for the final have come from international buyers, compared to just 4.5 per cent for the 2024 Super Bowl. The presence of Lionel Messi in what could be his final World Cup appearance has further intensified demand, although ticket prices had already been climbing long before Argentina secured their place in the final. The venue itself also plays a role. New York New Jersey Stadium will host more than 80,000 spectators, making it significantly larger than recent Super Bowl venues while still commanding record-breaking resale values. FIFA’s pricing strategy pays off When FIFA initially released final tickets, prices drew criticism from supporters. Premium seats were initially priced above $6,700, while Category 1 tickets eventually rose to nearly $11,000 before resale markets pushed values even higher. FIFA defended its pricing model throughout the tournament, arguing that demand for football’s biggest event justified higher prices, particularly in the United States where dynamic pricing and ticket resale are more common. The market appears to have validated that approach. Most World Cup matches have sold above face value on resale platforms, while the final has become the hottest ticket of the tournament. Attendance records continue to tumble Beyond ticket prices, the 2026 tournament has already established itself as the biggest FIFA World Cup in history. FIFA has confirmed record attendances throughout the expanded 48-team competition, with stadiums averaging more than 99 per cent capacity across the United States, Canada and Mexico. Sunday’s final between Argentina and Spain is also expected to be another sell-out. The match is projected to attract a global television audience of more than one billion viewers, further underlining the tournament’s commercial scale. With football’s two most successful teams of the tournament meeting for the title and Lionel Messi potentially making his final World Cup appearance, the match has become not only the sport’s biggest spectacle but also its most expensive ticket ever.
India flags concerns as US formalises new visa rules set to affect F-1 students, exchange visitors
India has raised concerns with the US over new visa rules capping F-1, J-1, and I visa stays at four years, affecting thousands of Indian students and exchange visitors in the United States.
India has raised concerns with the United States over new visa rules that could affect thousands of Indian students and exchange visitors. This comes after the US Department of Homeland Security finalised a rule that places a four-year cap on stays for F-1 student visa holders, as well as J-1 exchange visitors and I visa holders for foreign journalists. Under the new rule, most students and exchange visitors will be allowed to stay only for the length of their approved course or programme, but for no more than four years at a time. Foreign journalists travelling on I visas will also receive fixed-term stays. ALSO READ India responds to US 100% tariff bill after 60 senators back move targeting Russian oil purchases The rule is set to take effect on September 15, even though it will still undergo congressional scrutiny. Introduced as part of President Donald Trump’s broader immigration crackdown, the changes have created uncertainty for many students and professionals around the world, leaving many to question whether the American dream is becoming harder to achieve. Speaking at a weekly media briefing on Friday, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said India is in touch with the US government and will continue to raise cases where genuine students or travellers face difficulties because of the new rules. India takes up the issue with the US “We’ve seen some reports regarding the visa rules. Visa rules and visa functions and immigration matters are sovereign functions of any state,” Jaiswal said at a media briefing. He added, “But having said that, let me tell you that as and when there are issues of difficulties, which are brought to our attention, in regard to genuine travellers [and] students, among others, who seek support from the US, we take up those issues with the US side so as to minimise the difficulties that our people face.” India has the largest number of international students studying in the United States. According to the Open Doors 2025 report, 363,019 Indian students were enrolled at American colleges and universities during the 2024-25 academic year. That was a 10% increase from the previous year and made India the biggest source of international students in the US for the second year in a row, ahead of China. Jaiswal had earlier said that around 330,000 Indian students were studying in the US during the 2023-24 academic year. Apart from students, the US also hosts around 500,000 J-1 exchange visitors and about 37,000 foreign journalists on I visas. Experts believe students from India, China and South Korea are likely to be among those most affected by the new rules because these countries send large numbers of students to the US every year. ALSO READ US caps F-1 students visa – 5 key changes to come into effect from sep 15 F-1 visa update – What has changed? The new rule was published by the US Department of Homeland Security (DHS) on July 16 and will come into effect on September 15, 2026. For many years, international students on F-1 visas and exchange visitors on J-1 visas were allowed to stay in the US under a system called “duration of status.” This meant they could remain in the country as long as they continued their studies or exchange programme and followed all visa rules. There was no fixed end date on their immigration documents. That system is now ending. Under the new rule, most students and exchange visitors will be allowed to stay only for the length of their approved course or programme, but for no more than four years at a time. However, the new rule does not mean students must leave the US after four years in every case. Those who need more time to complete their studies can apply to the Department of Homeland Security for an extension. They can also leave the US and apply to return with a fresh period of authorised stay. However, there is one major change. Earlier, universities had the authority to extend a student’s stay. Under the new system, that decision will now be made by US federal immigration officials, adding another layer of government approval. Graduation rules become stricter The new regulation also shortens the time students get after completing their studies. Earlier, F-1 students had 60 days after graduation to leave the US, transfer to another school or change their visa status. Under the new rule, that period has been reduced to 30 days. The regulation will also make it harder for students to switch academic programmes or transfer between institutions. The Trump administration says these changes are meant to prevent misuse of student visas and allow closer monitoring of people staying in the US on student and exchange visas. India has raised similar concerns before This is not the first time India has stepped in over changes to US student visa rules. In 2020, during the Covid-19 pandemic, the US government briefly announced that international students would have to leave the country if their universities shifted completely to online classes. The decision faced strong criticism and was later withdrawn. At that time, India also raised the issue with the US government. The Indian Embassy in Washington had warned that the sudden change would “cause uncertainties and difficulties” for students. More recently, in mid-2025, India urged the US to consider Indian student visa applications “on merit” after the Trump administration temporarily paused student visa interviews and expanded social media checks for applicants. The issue was discussed around the time Foreign Secretary Vikram Misri visited Washington for talks on technology cooperation. As the new rules are set to take effect on September 15, students already studying in the US, as well as those planning to travel for the upcoming academic session, are being advised to closely follow updates, especially on extension applications, programme transfers and the shorter 30-day period after graduation.
Do FIFA World Cup stars get paid for winning Player of the Match? The answer may surprise you
Do FIFA World Cup players receive prize money for winning the Player of the Match award? Here's how Lionel Messi, Lamine Yamal and other stars actually profit from standout performances at football's biggest tournament.
Every FIFA World Cup match ends the same way: the standout player poses with the Player of the Match trophy, cameras flash and social media erupts with praise. When Lionel Messi picked up the award after inspiring Argentina’s 2-1 semi-final win over England, his fifth in the tournament and 11th in FIFA World Cup history, many fans assumed the trophy came with a hefty cash prize. It doesn’t. No prize money for Player of the Match Despite its prestige, FIFA does not pay players any direct cash for winning the Player of the Match award. The same applies to the tournament’s biggest individual honours, including the Golden Ball, awarded to the World Cup’s best player or the Golden Boot given to the tournament’s leading scorer. Instead, FIFA’s record $871 million prize fund for the 2026 World Cup is paid entirely to national football associations based on how far their teams progress. Individual awards are purely honorary. ALSO READ WATCH: Louis Vuitton unveils priceless bespoke trophy trunk for 2026 FIFA World Cup Final So why is the award such a big deal? The value lies less in the trophy itself and more in what it represents. The 2026 award is officially branded as the “Superior Player of the Match”, backed by tournament sponsor Michelob ULTRA. Winners are decided through a global fan vote conducted on FIFA’s digital platforms during each match, turning the trophy into one of the tournament’s biggest commercial showcases. Every presentation generates millions of television impressions and social media interactions, making the award a powerful marketing asset for both FIFA and its sponsors. Where the real money comes from While FIFA pays nothing directly, standout performances can still prove financially rewarding. Many national teams negotiate performance-based bonus structures before major tournaments. Although these usually reward collective success rather than individual awards, players who consistently influence matches often benefit when prize money is distributed by their federation. The bigger financial impact, however, often comes away from the pitch. For elite players, Player of the Match performances significantly boost commercial value. Endorsement deals with brands such as Adidas, Nike and Puma frequently include performance-related incentives, while the global exposure generated by a World Cup can strengthen sponsorship negotiations and future contracts. In other words, the trophy itself may not carry a cheque, but the performances that earn it can be worth millions. Spain teenager Lamine Yamal, for instance, is now regarded as the world’s most valuable footballer by the CIES Football Observatory, while Kylian Mbappe enters the closing stages of the tournament with his long-term Nike contract nearing expiry, giving his World Cup performances added commercial significance. Even for established stars such as Lionel Messi, standout displays continue to reinforce the value of long-term partnerships with global brands. Messi has a lifetime sponsorship deal with Adidas reportedly worth approximately $1 billion in total. ALSO READ Messi vs Yamal: The master, the heir and the World Cup final that bridges two generations Why the award still matters Winning FIFA’s Player of the Match award will not increase a player’s bank balance overnight. Instead, it serves as something arguably more valuable, a globally recognised stamp of excellence that can enhance a player’s commercial appeal, strengthen endorsement portfolios and elevate their market value long after the final whistle.
Skyroot Vikram-1 Launch LIVE: ‘Hello space, we have arrived!’ Vikram-1’s Test Flight-1 completes it’s mission
Skyroot Vikram 1 Launch Live | India's First Private Space Rocket: Vikram-1 is a 24-metre, multi-stage rocket built with an all-carbon-composite structure and powered by three solid-fuel stages.
Vikram-1 launch LIVE: Hyderabad-based Skyroot Aerospace created history on July 18 with the maiden test flight of Vikram-1. India’s first privately developed orbital-class rocket took off from the Satish Dhawan Space Centre in Andhra Pradesh’s Sriharikota at 12:05 pm. The mission, named ‘Aagaman‘, marks the first time an Indian private company is attempting to send satellites to orbit using its own launch vehicle, independent of a government-developed rocket programme. Aagaman mission’s objectives, significance for India Vikram-1 is a 24-metre, multi-stage rocket built with an all-carbon-composite structure and powered by three solid-fuel stages plus a liquid orbital adjustment module. Skyroot said the vehicle is designed to place payloads of up to 350 kg into a 450-km low Earth orbit with a 60-degree inclination, while also testing technologies such as 3D-printed engines, modular stage separation, and lightweight manufacturing. Skyroot Aerospace Co-founder and Chief Operating Officer Naga Bharath Daka added that it was a three-stage orbital-class rocket equipped with an orbital adjustment module capable of deploying multiple satellites into orbit. The company was founded eight years ago to “build affordable, reliable rockets” in India and provide “on-demand launch access solutions for satellite operators around the world”. Daka also noted that the Vikram-1 vehicle incorporates several technologies being used for the first time in India. “It is a three-stage rocket with a small orbital adjustment module on the top. It has three stages of solid propulsion and one orbital adjustment module that can put multiple satellites in orbit around the Earth. It is one of the first all-carbon fibre rockets in India and is extremely efficient and light,” he explained. The mission is a major milestone for India’s private space sector and for Skyroot’s goal of offering affordable, reliable launch services to global satellite operators. Among the payloads is a lab-grown “Diamond Lotus” from Bengaluru-based Cosmos Diamonds, and if the flight succeeds, it could boost India’s commercial small-satellite launch market and pave the way for more private orbital missions. The viewers watched the Vikram-1 launch live on Skyroot Aerospace’s official YouTube channel, as the company lifted-off from Sriharikota’s Satish Dhawan Space Centre.
Rahul Gandhi slams govt’s ‘Asatya & Hinsa’ over Wagchuk hospitalisation; Dipke attacked – Top developments
Delhi High Court had already directed that Wangchuk’s health be clinically monitored every day and that medical intervention be provided if needed, stressing that “the life of every citizen is precious.”
Sonam Wangchuk, climate activist and education reformer, was taken to the Safdarjung Hospital by Delhi Police on Saturday morning after 20 days of hunger strike at Jantar Mantar, with officials citing his deteriorating condition and a heavy police deployment seen at the protest site. Leader of Opposition Rahul Gandhi slammed Sonam Wangchuk’s removal from Jantar Mantar. Gandhi took to X and posted, “The core tenets of the Modi government are Asatya and Hinsa. The removal of Sonam Wangchuk ji from Jantar Mantar while he was on a non-violent hunger strike is wrong. Paper leaks, the rising cost of education, and student suicides are critical issues for India’s future. No amount of force can deter India’s students, and those of us who love and believe in them, from raising these issues.” #WATCH | DCP New Delhi, Sachin Sharma says, "In compliance with the Honorable High Court's order, and based on health conditions and medical advice, Mr Sonam Wangchuk has been moved from here to an appropriate government hospital for much-needed medical intervention and is… https://t.co/uWMVZOykIH pic.twitter.com/RZbVUvtZZb — ANI (@ANI) July 18, 2026 Meanwhile, Cockroach Janata Party founder Abhijit Dipke announced that he was beginning an indefinite hunger strike after activist Sonam Wangchuk was shifted to Safdarjung Hospital by the Delhi Police. I am starting an indefinite hunger strike beginning right now. — Abhijeet Dipke (@abhijeet_dipke) July 18, 2026 Delhi Police urges protestors to vacate Jantar Mantar Delhi Police said, “As per orders of High Court and on expert medical advise due to the deteriorating health condition of Sonam Wangchuk, he has been shifted to the hospital for essential medical care. We request the protestors at Jantar Mantar to peacefully vacate the place at the earliest.” DCP New Delhi, Sachin Sharma added, “In compliance with the Delhi High Court’s order, and based on health conditions and medical advice, Sonam Wangchuk has been moved from here to an appropriate government hospital for much-needed medical intervention and is currently under medical supervision.” As per orders of Hon’ble High Court and on expert medical advise due to the deteriorating health condition of Sh. Sonam Wangchuk, he has been shifted to the hospital for essential medical care. While complying with the orders of Hon’ble High Court the protestors tried to create… — DCP New Delhi (@DCPNewDelhi) July 18, 2026 “No medicine should be administered to Sonam without consent from me and my doctor,” said Wangchuk’s wife Gitanjali J Angmo. Delhi | Activist Sonam Wangchuk has been taken to Safdarjung Hospital. He has been admitted to the emergency. He is conscious, and his vitals are stable: Sources https://t.co/ZEubJGVr0g pic.twitter.com/ViQ4pE49TZ — ANI (@ANI) July 18, 2026 Sonam Wangchuk requires ‘observation’: Safdarjung Hospital In an official statement, Safdarjung Hospital informed media and said, “Sonam Wangchuk has been admitted at Safdarjung hospital for required health care. He is weak due to prolonged fasting and dehydration. Although he is currently stable, he requires continuous observation, monitoring and treatment to restore his body parameters.” Wangchuk’s hunger strike enters critical stage Sonam Wangchuk had been on an indefinite hunger strike since June 28 as part of the Cockroach Janta Party (CJP)-led protest demanding the resignation of Union Education Minister Dharmendra Pradhan over alleged exam irregularities, including the NEET paper leak controversy. Doctors had warned a day earlier that his condition had entered a critical stage, with his weight reported at 56.55 kg after a further 350-gram loss in 24 hours, and his blood pressure, sugar and pulse readings closely monitored. ALSO READ ‘Your anger is not indiscipline’: Tharoor says students’ demands will echo in Parliament Political leaders extend support to Sonam Wangchuk The protest has drawn backing from several opposition leaders, including Arvind Kejriwal, Akhilesh Yadav, Supriya Sule, Mamata Banerjee, Pawan Khera and Aaditya Thackeray, many of whom visited Jantar Mantar to express solidarity and urge the Centre to engage in talks. UBT Sena Leader, Aaditya Thackeray criticised the Centre over Wangchuk’s hunger strike, calling it the “most insensitive government” and alleging that the government had failed to respond to the activist’s demands despite his prolonged fast. AIMIM national spokesperson Waris Pathan also appealed to the Centre to hold talks with Wangchuk and consider his demands, while urging students and parents to support the activist. Wangchuk himself had vowed to “remain alive” for the planned July 20 ‘Chalo Sansad’ march to Parliament, saying public participation was essential to force accountability over student-related issues. The Delhi High Court had already directed that Wangchuk’s health be clinically monitored every day and that medical intervention be provided if needed, stressing that “the life of every citizen is precious.” The agitation, which began on June 20 and saw Wangchuk join on June 28, is also demanding a judicial probe into alleged examination scams, reforms in the exam system and compensation for families of students who allegedly died by suicide. Parliament march: July 20 mobilisation and demands With the Monsoon Session opening and Parliament reconvening on July 20, Wangchuk and the Cockroach Janta Party (CJP) have scheduled a high‑visibility “Chalo Sansad” march to press their core demands: the resignation of Education Minister Pradhan over alleged nationwide examination irregularities (including the NEET paper‑leak controversy), a judicial probe into alleged exam scams, systemic reforms in the examination framework, and compensation for families of students who allegedly died by suicide linked to exam pressures. Organisers say the timing is deliberate — aiming to confront lawmakers on the first day of the session to maximise political pressure and media attention — and Wangchuk repeatedly urged mass public participation, calling turnout the movement’s primary strength. Opposition leaders and civil society figures have publicly backed the call, and security preparations around central Delhi have been stepped up as authorities balance the protesters’ right to demonstrate with ensuring order and access to Parliament. The march is being presented by CJP as a peaceful, symbolic reclaiming of democratic accountability: a demand that the executive and the education ministry answer for the lives and futures of students nationwide rather than allow the controversy to fade from public view. ALSO READ ‘Govt ought to make all efforts to save life’: Delhi HC directs daily medical intervention to monitor Sonam Wangchuk’s health Over the last week, the agitation has also drawn support from actor Prakash Raj; former Delhi chief minister Atishi; TMC MPs Mahua Moitra, Sagarika Ghose and Dola Sen; CPI(M) MP Amra Ram; veteran CPI(M) leader Subhashini Ali; former Kerala ministers K K Shailaja, Thomas Isaac, KN Balagopal and P Rajeev; Tripura Leader of Opposition Jitendra Chaudhury; Samajwadi Party MPs Pushpendra Saroj and Priya Saroj; Shiv Sena (UBT) MP Arvind Sawant; NCP MLA Rohit Pawar; Bhim Army chief and MP Chandrashekhar Azad; Bharatiya Kisan Union leader Gurnam Singh Charuni; actors Swara Bhaskar and Kunal Kamra; and former Gujarat chief minister Shankersinh Vaghela. A group of eminent citizens, including writer Arundhati Roy, actors Naseeruddin Shah and Ratna Pathak Shah, economist Jayati Ghosh and several academics, have also backed the protesters’ demands while appealing to Wangchuk to end his fast.
AI is churning out billionaires like never before, and GenZ is leading the pie
A new wave of Gen Z AI billionaires is reshaping wealth and job markets, with young founders like Aman Sanger and Alexandr Wang rapidly rising to billionaire status fueled by AI innovation and major tech deals.
A game of snakes and ladders is taking shape on the artificial intelligence front. On one hand, AI automation is ripping job titles and taking away jobs. On the other hand, the same advanced technology’s takeover has triggered a staggering net worth boom, turning young names associated with it into billionaires and millionaires. An analysis affirmed earlier this year that there are more Gen Z billionaires than ever before, with a record 35 people scoring the ten-digit fortune before hitting the age 30 milestone on Forbes’ latest World’s Billionaires list. On top of that, an all-time high of 12 of them are self-made. Another report published by Bank of America researchers predicted that Gen Z is likely to be “among the most disruptive generations to economics, markets and social systems.” It is also estimated that those born between 1997 and 2012 are projected to be the richest by about 2035, as they are poised to amass about $36 trillion in roughly the next five years and more than $74 trillion by approximately 2040. Common misconceptions continue to paint those born between 1997 and 2012, aka Generation Z, as lazy, disloyal to jobs and whatnot. However, these new AI billionaires, including Indian-origin Aman Sanger, the 25-year-old behind the AI startup recently acquired by Elon Musk’s SpaceX in a $60 billion deal, beg to differ. ALSO READ ‘Tired of my immigration status’: Laid-off Meta techie leaves US for India 4 MIT graduates who caught Elon Musk’s eye Sanger and Cursor’s story alone is a testament to how AI has accelerated many entrepreneurs’ rise to billionaire status, as opposed to leading tech moguls who got there after a years-long wait. The AI coding startup Cursor was founded by four MIT students – Michael Truell, Sualeh Asif, Aman Sanger and Arvid Lunnemark – in 2022. The Gen Z quartet entered billionaire ranks in late 2025 when their company was valued at $27 billion in a funding round. The four young billionaire cofounders’ net worths doubled recently, thanks to SpaceX’s $60 billion acquisition of the Cursor parent company, Anysphere, on the heels of the space giant’s blockbuster IPO on June 12. Even as a billionaire, Elon Musk enjoyed being the richest person on the planet. Excited to train some very strong models! https://t.co/hsoqfiDzBg — Aman Sanger (@amanrsanger) June 16, 2026 His company’s record-breaking Nasdaq debut has now turned him into the first and only trillionaire in the world. But even then, Musk’s own rise to billionaire ranks wasn’t as fast as most Gen Z AI billionaires today. In a post-SpaceX IPO world, the $610 billion acquisition of Cursor parent Anysphere has helped four MIT students rejoice at a massive fortune boost by raising their net worth to about $2.7 billion each. Their flagship product, Cursor, which is now a widely used tool for building AI coding agents, has been adopted by many Fortune 500 companies and millions of developers. Franco Granda, a senior analyst at PitchBook, a firm tracking private companies, said, “That kind of entrenched user base is something money usually can’t buy quickly,” adding that its AI-backed platform for editing code is one of the fastest-growing software products, according to The San Francisco Standard. Different paths of Scale AI’s co-founders, but still the youngest self-made billionaires At 28, Alexandr Wang went viral in 2025, earning the title of Mark Zuckerberg-led “Meta’s highest-paid employee” and chief AI officer. As part of a $14.3 billion deal, the social media giant secured a 49% stake in the company Wang founded, Scale AI, and brought him on to lead a new Superintelligence Lab. While his Meta journey came later, his entry into the billionaire ranks made headlines in 2021 when the valuation of the company he co-founded with Lucy Guo in 2016 hit $7.3 billion. And that’s how the then-24-year-old MIT dropout went on to become the world’s youngest self-made billionaire until October 2025, when Polymarket founder Shayne Coplan overtook him. The man who once left MIT to eventually launch Scale, only to leave the company that was once the “antithesis of AI” to become Meta’s chief AI officer a few years later, is now worth $3.2 billion and continues to break the stereotypical Gen Z mould. ALSO READ Richest AI founder isn’t Sam Altman or Dario Amodei — It’s this Chinese Billionaire William Hockey, the billionaire founder of fintech Plaid and one of Scale’s board members, once said, Wang “didn’t get to where he is because he’s a boy genius—MIT pumps out a lot of teenage dropouts. He has an absolutely insane work ethic like nobody I’ve ever met.” <blockquote class="instagram-media" data-instgrm-captioned data-instgrm-permalink="https://www.instagram.com/reel/Da0pCKOOd1f/?utm_source=ig_embed&utm_campaign=loading" data-instgrm-version="14" style=" background:#FFF; border:0; border-radius:3px; box-shadow:0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width:540px; min-width:326px; padding:0; width:99.375%; width:-webkit-calc(100% - 2px); width:calc(100% - 2px);"> <g stroke="none" stroke-width="1" fill="none" fill-rule="evenodd"><g transform="translate(-511.000000, -20.000000)" fill="#000000"><g><path d="M556.869,30.41 C554.814,30.41 553.148,32.076 553.148,34.131 C553.148,36.186 554.814,37.852 556.869,37.852 C558.924,37.852 560.59,36.186 560.59,34.131 C560.59,32.076 558.924,30.41 556.869,30.41 M541,60.657 C535.114,60.657 530.342,55.887 530.342,50 C530.342,44.114 535.114,39.342 541,39.342 C546.887,39.342 551.658,44.114 551.658,50 C551.658,55.887 546.887,60.657 541,60.657 M541,33.886 C532.1,33.886 524.886,41.1 524.886,50 C524.886,58.899 532.1,66.113 541,66.113 C549.9,66.113 557.115,58.899 557.115,50 C557.115,41.1 549.9,33.886 541,33.886 M565.378,62.101 C565.244,65.022 564.756,66.606 564.346,67.663 C563.803,69.06 563.154,70.057 562.106,71.106 C561.058,72.155 560.06,72.803 558.662,73.347 C557.607,73.757 556.021,74.244 553.102,74.378 C549.944,74.521 548.997,74.552 541,74.552 C533.003,74.552 532.056,74.521 528.898,74.378 C525.979,74.244 524.393,73.757 523.338,73.347 C521.94,72.803 520.942,72.155 519.894,71.106 C518.846,70.057 518.197,69.06 517.654,67.663 C517.244,66.606 516.755,65.022 516.623,62.101 C516.479,58.943 516.448,57.996 516.448,50 C516.448,42.003 516.479,41.056 516.623,37.899 C516.755,34.978 517.244,33.391 517.654,32.338 C518.197,30.938 518.846,29.942 519.894,28.894 C520.942,27.846 521.94,27.196 523.338,26.654 C524.393,26.244 525.979,25.756 528.898,25.623 C532.057,25.479 533.004,25.448 541,25.448 C548.997,25.448 549.943,25.479 553.102,25.623 C556.021,25.756 557.607,26.244 558.662,26.654 C560.06,27.196 561.058,27.846 562.106,28.894 C563.154,29.942 563.803,30.938 564.346,32.338 C564.756,33.391 565.244,34.978 565.378,37.899 C565.522,41.056 565.552,42.003 565.552,50 C565.552,57.996 565.522,58.943 565.378,62.101 M570.82,37.631 C570.674,34.438 570.167,32.258 569.425,30.349 C568.659,28.377 567.633,26.702 565.965,25.035 C564.297,23.368 562.623,22.342 560.652,21.575 C558.743,20.834 556.562,20.326 553.369,20.18 C550.169,20.033 549.148,20 541,20 C532.853,20 531.831,20.033 528.631,20.18 C525.438,20.326 523.257,20.834 521.349,21.575 C519.376,22.342 517.703,23.368 516.035,25.035 C514.368,26.702 513.342,28.377 512.574,30.349 C511.834,32.258 511.326,34.438 511.181,37.631 C511.035,40.831 511,41.851 511,50 C511,58.147 511.035,59.17 511.181,62.369 C511.326,65.562 511.834,67.743 512.574,69.651 C513.342,71.625 514.368,73.296 516.035,74.965 C517.703,76.634 519.376,77.658 521.349,78.425 C523.257,79.167 525.438,79.673 528.631,79.82 C531.831,79.965 532.853,80.001 541,80.001 C549.148,80.001 550.169,79.965 553.369,79.82 C556.562,79.673 558.743,79.167 560.652,78.425 C562.623,77.658 564.297,76.634 565.965,74.965 C567.633,73.296 568.659,71.625 569.425,69.651 C570.167,67.743 570.674,65.562 570.82,62.369 C570.966,59.17 571,58.147 571,50 C571,41.851 570.966,40.831 570.82,37.631"></path></g></g></g> View this post on Instagram A post shared by FOUNDED CEO (@foundedceo) Although a bit old to fit into the Generation Z bracket, Wang’s co-founding partner at Scale, Lucy Guo, ran a journey parallel to his. Despite the many similarities, including both being raised by their respective Chinese immigrant parents in the US and dropping out of a top university (Carnegie Mellon University), their co-founding relationship ended before either side turned 25. Their “estranged” status on the professional front goes to show how two people who started a business together may end up carving different paths altogether and still create an over billion-dollar fortune. While Wang’s over $3 billion net worth today reflects how he stayed and continued to build Scale AI for a few years before joining Meta, Guo’s $1.5 fortune shows that the AI era doesn’t necessarily demand continued participation. Currently worth $1.5 billion, she replaced Taylor Swift and ranked as the world’s youngest self-made woman billionaire from April 2025 to December 2025, nearly a decade after she and Wang launched the data labelling giant Scale AI in 2016. Having built Scale AI from a Y Combinator startup into a multi-billion-dollar enterprise, Wang and Guo’s paths diverged in different directions, with numerous reports identifying them as “estranged” business partners. Despite being removed from Scale AI in 2018 over reported clashes with her cofounder and years of zero involvement, Guo continues to collect most of her fortune thanks to her shares in Scale AI, a company she no longer works for, which she retained, and that skyrocketed due to the AI boom. Guo has since co-founded venture capital firm Backend Capital and is the current CEO of Passes, a company that positions itself as the mainstream rival of OnlyFans, offering monetisation tools for content creators. New batch of Gen Z AI billionaires who beat even Mark Zuckerberg Forbes rang another bell in October 2025, welcoming newly minted youngest self-made billionaires: three 22-year-old founders of Mercor, a recruiting startup helping Silicon Valley’s biggest AI labs to train their models. The trio was just a group of school friends participating together on a debate team until Brendan Foody and two Indian-Americans, Adarsh Hiremath and Surya Midha, founded their San Francisco startup in 2023. At 22, they’re even younger than Meta CEO Mark Zuckerberg was when he reached billionaire fame at 23. Bootstrapping their business from their dorm rooms at Harvard and Georgetown, the young entrepreneurs carved the path for a 7-figure annual recurring revenue and a talent pool of users spanning 25 countries. It was ultimately a $350 million funding round led by Felicis Ventures last year that valued the company at a staggering $10 billion, and turned CEO Brendan Foody, CTO Adarsh Hiremath and board chairman Surya Midha into new AI billionaires. Each possesses a roughly 22% stake in the company, according to Forbes. Ironically, the new crop of billionaires created by the AI boom appears to be connected one way or another. The Mercor trio replaced Shayne Coplan as the world’s youngest self-made billionaires, just as the Polymarket CEO had supplanted Scale AI’s Alexandr Wang from the same post. The unicorn rivals haven’t just been tussling with each other on the billionaires list; they’ve also been entangled in a legal race, with Meta-backed Scale suing Mercor for allegedly stealing trade secrets. ALSO READ AI to become more powerful in 10 years? Ex-Google CEO, LinkedIn co-founder issue warning about job threat Europe’s youngest self-made AI billionaire behind coding for non-coders Within just two years of launching Lovable to help non-coders build software with AI, Swedish founder Fabian Hedin’s Stockholm AI “vibe coding” startup reached $400 million in annual recurring revenue. Hedin, who is also Lovable’s CTO, made his debut on the Forbes Billionaires list with an estimated net worth of $1.6 billion in May 2026. At just 26, the Swedish entrepreneur, alongside co-founder and Lovable CEO Anton Osika (35), owned 24% of a company which, after being launched in November 2024, achieved $100 million in subscription revenue (on an annualised basis) in just 8 months, making it the fastest-growing software startup in history. In March, their platform even went free for a day, thus creating or updating more than 500,000 projects. In December 2025, Hedin and Osika’s Lovable raised $330 million in a round led by CapitalG and Menlo Ventures, pushing the firm’s valuation to $6.6 billion. Even after emerging as one of Europe’s youngest self-made billionaires behind a multi-billion-dollar startup, wealth appears to be last on the 20-something entrepreneur’s priorities. Hedin has joined his co-founder, Anton, in making a charitable pledge to donate 50% of his earnings from an eventual exit to causes focused on AI safety, according to Forbes. While he may be all about Lovable right now, the young technologist jumped into entrepreneurship even earlier in high school, launching his first company, a property-technology startup developing digital tools for managing real estate. His journey had already mapped out an experienced cycle of experimentation by the time he hit his early 20s and laid the foundation for Lovable. Even if these youthful AI rivals are embroiled in controversial sagas, their growth in the tech world goes to show that there is more to professional highs than a linear path to success. As torchbearers of the AI era, the fresh batch of billionaires named above proves that work dynamics are evolving and professional development doesn’t simply constitute climbing a straight corporate ladder. From college dropouts to unconventional business launching pads and side quests, these AI pioneers have embraced it all and then laid the base for their present-day professional empires worth billions of dollars. Even that has rarely been the end of their career’s rise.
Is India’s Chabahar terminal in Iran safe? MEA responds after US shares destroyed tower images
India confirms Shahid Beheshti terminal at Iran's Chabahar Port remains undamaged after US airstrike destroyed nearby surveillance tower. The port is vital for India's access to Central Asia and INSTC trade route.
India has confirmed that the Shahid Beheshti terminal at Iran’s Chabahar Port, which is developed and operated by India, was not damaged after the United States carried out an airstrike on a surveillance tower at the neighbouring Shahid Kalantari port earlier this week. The confirmation came from the Ministry of External Affairs (MEA) on Friday after the United States carried out strikes on Chabahar as part of its ongoing military campaign against Iran. For India, Chabahar gives direct access to Afghanistan and Central Asia without passing through Pakistan. It is also a key part of the International North-South Transport Corridor (INSTC), a trade route connecting India with Russia and Europe. Because of its strategic importance, India has continued to support the project despite growing political and economic challenges. ALSO READ LIVE: Brent surges to $88 as 2 tankers explode in mined Hormuz; Iran warns US attacks could trigger ‘full-scale’ retaliation On July 16, U.S. forces successfully destroyed the Chah Bahar Shahid Kalantari Port surveillance tower, part of a maritime surveillance network along Iran’s Gulf of Oman coastline used for decades by the Islamic Revolutionary Guard Corps (IRGC) to track and target commercial… pic.twitter.com/CgBNvgOFf9 — U.S. Central Command (@CENTCOM) July 17, 2026 MEA responds to report of destruction Speaking at a media briefing in New Delhi on Friday, MEA spokesperson Randhir Jaiswal said India had seen reports of the strike but confirmed that the Indian-operated terminal was safe. “The Shahid Beheshti Terminal at Chabahar has not suffered any damage, and discussions on the project continue with stakeholders.” When asked whether the US strike had affected India’s work at the port, Jaiswal pointed to another issue that has already been affecting the project. “A waiver granted by the American side lapsed some time ago, and India has since been in discussion with relevant stakeholders on how to move the issue forward.” The Shahid Beheshti terminal is operated by India Ports Global Limited (IPGL), a wholly owned subsidiary of India Ports Global Chabahar Free Zone (IPGCFZ). The company runs the terminal under a renewable 10-year agreement signed with Iran’s Ports and Maritime Organisation. US confirms Chabahar port attack The US Central Command (CENTCOM) said its forces destroyed the surveillance tower at Shahid Kalantari Port on July 16. Shahid Kalantari is the second terminal at Chabahar Port and is separate from the Shahid Beheshti terminal, which is developed and operated by India. According to CENTCOM, the tower had been used for years by Iran’s Islamic Revolutionary Guard Corps (IRGC) to monitor commercial ships passing through the Strait of Hormuz. The US said the strike was meant to weaken the IRGC’s ability to plan attacks on shipping, protect freedom of navigation, and support its ongoing naval blockade of Iran. US Secretary of War Pete Hegseth later shared a picture of the collapsed tower on social media. https://t.co/jZlSVRePRC pic.twitter.com/Nj5o0oiphH — Pete Hegseth (@PeteHegseth) July 17, 2026 In its statement, CENTCOM said: “On July 16, U.S. forces successfully destroyed the Chah Bahar Shahid Kalantari Port surveillance tower, part of a maritime surveillance network along Iran’s Gulf of Oman coastline used for decades by the Islamic Revolutionary Guard Corps (IRGC) to track and target commercial vessels transiting the Strait of Hormuz.” It added: “The destruction of the tower directly degrades IRGC’s ability to coordinate attacks on innocent civilian crew members. Furthermore, the strike protects freedom of navigation in regional waters for all vessels, except for ships attempting to violate the ongoing U.S. naval blockade against Iran.” Iran’s state news agency IRNA also confirmed that the surveillance tower had been destroyed. However, it said the port’s berths, cargo-handling equipment and other key facilities were not damaged. Port officials have started safety inspections and damage assessments so that normal operations can resume. Iranian state broadcaster Press TV reported that overnight US strikes in the provinces of Hormozgan, Bushehr, Sistan and Baluchestan, Khuzestan and Lorestan killed at least 38 people and injured more than 400, citing Iran’s Health Ministry. It also said six bridges in Khamir County were damaged, affecting transport links near Bandar Abbas. ALSO READ India responds to US 100% tariff bill after 60 senators back move targeting Russian oil purchases Sanctions remain a major challenge The US had given India a sanctions waiver in 2018, allowing it to continue developing and operating the port despite American sanctions on Iran. However, that exemption ended in late September 2025 after the Trump administration restored its “maximum pressure” policy against Tehran. At that time, Jaiswal had said India was “examining the implications” of the US decision for its role at Chabahar. Iran’s Foreign Minister Abbas Araghchi, who was in New Delhi for the BRICS foreign ministers’ meeting, admitted that work at Chabahar has slowed because of US sanctions. Even so, he said he hopes India will remain involved, calling the port “one of the symbols of India-Iran cooperation.” Jaiswal also repeated India’s long-held position that civilian infrastructure should not be targeted during armed conflicts. The strike on the surveillance tower is the latest development in the Iran war that began on February 28, 2026, when the United States and Israel launched joint airstrikes on Iran, killing Supreme Leader Ali Khamenei. The conflict has continued for months, with both sides carrying out repeated attacks. Strikes intensified again in early July after Iran attacked commercial oil tankers in the Strait of Hormuz. CENTCOM said it responded by striking more than 80 targets inside Iran. Trump has said that an earlier memorandum of understanding with Tehran is now effectively over, though he has not said how long the military campaign will continue.
Will Rohit Sharma continue to represent India? BCCI secretary Devajit Saikia issues statement amid retirement speculation
BCCI secretary Devajit Saikia has dismissed speculation surrounding Rohit Sharma's ODI retirement, confirming the India captain will continue to represent the country and that the third ODI against England at Lord's will not be his final international appearance.
Will Rohit Sharma continue to represent India in ODI cricket? The question gathered momentum after reports suggested the veteran opener was no longer guaranteed an automatic place in India’s one-day side beyond the ongoing England series. However, BCCI secretary Devajit Saikia has now moved to quell the speculation, saying that no decision has been taken on Rohit’s future and insisting Sunday’s third ODI against England at Lord’s will not be his final appearance for India. Saikia’s statement comes after reports suggested Rohit was no longer guaranteed an automatic place in India’s ODI XI, with selectors expected to assess every player as preparations begin for the 2027 ODI World Cup. ‘Lord’s ODI won’t be his last match’ “There are lot of speculations going on in media about Rohit Sharma’s future. I want to firmly assert that there has been no such discussion that Rohit will be playing his last match at Lord’s on Sunday,” Saikia said, according to PTI. ALSO READ Messi vs Yamal: The master, the heir and the World Cup final that bridges two generations The BCCI secretary also made it clear that Rohit remains firmly in India’s ODI plans. “Rohit is a regular member of the Indian ODI team and he will continue to represent the country as long as he is in the scheme of things. In other words, Lord’s ODI won’t be his last match,” Saikia added. Selectors expected to review ODI squad The clarification follows reports that India’s selectors intend to review every position in the ODI side ahead of the 2027 World Cup rather than guaranteeing places based on past performances. While Rohit’s experience continues to make him a key figure in the squad, his place, like every other player, is expected to be judged on form and fitness as India enter the next phase of their ODI transition. ALSO READ Why did ticket prices for the England vs France third-place playoff plunge to less than $700? 300-match milestone in sight Rohit, who stepped away from T20Is after captaining India to the 2024 T20 World Cup title, is also closing in on a major personal milestone. The 39-year-old is just 13 ODI appearances away from becoming only the eighth player in men’s ODI history to feature in 300 matches for his country. The ongoing India-England series currently stands levelled at 1-1. The final match of the ODI series will be played at the Lord’s Stadium on July 19.
Can England beat France? AI predicts winner of FIFA World Cup 2026 third-place playoff
France and England meet in the FIFA World Cup 2026 third-place playoff with a bronze medal on the line. We asked ChatGPT, Google Gemini and Claude to predict the result, and all three AI models reached the same verdict ahead of the clash.
The FIFA World Cup 2026 may have found its finalists in Argentina and Spain, but there is still one match left before the curtain comes down. France and England will meet in the third-place playoff on Saturday, with both teams looking to finish their campaigns with a bronze medal after semi-final heartbreak. Ahead of the contest, we asked three artificial intelligence models ChatGPT, Google Gemini and Claude to predict the outcome. Interestingly, all three reached the same conclusion, although each arrived there for slightly different reasons. ChatGPT predicts: France 2-1 England ChatGPT believes France enter the match as slight favourites and predicts a 2-1 victory for Didier Deschamps’ side. According to the model, France’s superior attacking depth gives them the edge. “France have greater attacking depth, with players like Kylian Mbappe, Ousmane Dembele and Michael Olise capable of deciding matches even if Didier Deschamps rotates his squad.” ALSO READ France vs England, FIFA World Cup 2026 third-place playoff: When and where to watch live streaming in India? ChatGPT also highlighted the emotional backdrop surrounding Deschamps’ final match in charge of France, suggesting the players may be motivated to end his 14-year tenure on a winning note. At the same time, it cautioned against writing England off, noting that Harry Kane, Jude Bellingham and Anthony Gordon possess enough quality to punish defensive mistakes. It also pointed out that third-place playoffs are traditionally difficult to predict because squad rotation often changes the complexion of the game. <img loading="lazy" decoding="async" height="413" width="567" src="https://images.financialexpressdigital.com/2026/07/GPT-response.jpg?w=567" alt="" class="wp-image-4295309" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/GPT-response.jpg 773w, https://www.financialexpress.com/wp-content/uploads/2026/07/GPT-response.jpg?resize=275,200 275w, https://www.financialexpress.com/wp-content/uploads/2026/07/GPT-response.jpg?resize=367,267 367w, https://www.financialexpress.com/wp-content/uploads/2026/07/GPT-response.jpg?resize=768,559 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/GPT-response.jpg?resize=567,413 567w, https://www.financialexpress.com/wp-content/uploads/2026/07/GPT-response.jpg?resize=650,473 650w" sizes="auto, (max-width: 567px) 100vw, 567px" /> Screenshot of ChatGPT’s response Google Gemini predicts: France 2-1 England Google Gemini reached an almost identical verdict, also backing France to win 2-1. The model echoed ChatGPT’s assessment that France have looked the more complete side throughout the tournament despite their semi-final defeat to Spain. It also cited Deschamps’ farewell as an important motivational factor. Gemini additionally identified the Golden Boot race as a subplot that could influence the contest. <img loading="lazy" decoding="async" height="413" width="468" src="https://images.financialexpressdigital.com/2026/07/Gemini-response.jpg?w=468" alt="" class="wp-image-4295315" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/Gemini-response.jpg 550w, https://www.financialexpress.com/wp-content/uploads/2026/07/Gemini-response.jpg?resize=227,200 227w, https://www.financialexpress.com/wp-content/uploads/2026/07/Gemini-response.jpg?resize=303,267 303w, https://www.financialexpress.com/wp-content/uploads/2026/07/Gemini-response.jpg?resize=468,413 468w, https://www.financialexpress.com/wp-content/uploads/2026/07/Gemini-response.jpg?resize=42,38 42w" sizes="auto, (max-width: 468px) 100vw, 468px" /> Screenshot of Gemini’s response With Kylian Mbappe still chasing Lionel Messi in the scoring charts, Gemini believes France’s attack could remain fully committed despite the absence of the World Cup trophy. ALSO READ WATCH: Louis Vuitton unveils priceless bespoke trophy trunk for 2026 FIFA World Cup Final Like ChatGPT, Gemini also stressed that third-place matches often become unpredictable because managers rotate their squads and intensity levels rarely match those seen in the knockout rounds. Claude predicts: France 2-1 England Anthropic’s Claude also sided with France, making it a clean sweep across all three AI models. Rather than focusing solely on squad depth, Claude pointed towards recent tournament form and historical context. “France were arguably the tournament’s most complete side until Spain shut them out in the semi-final.” Claude also argued that Mbappe’s pursuit of the Golden Boot and Deschamps’ final game in charge provide France with tangible incentives beyond simply winning a bronze medal. <img loading="lazy" decoding="async" width="507" height="339" src="https://images.financialexpressdigital.com/2026/07/cLAUDE-RESPONSE.jpg" alt="" class="wp-image-4295311" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/cLAUDE-RESPONSE.jpg 507w, https://www.financialexpress.com/wp-content/uploads/2026/07/cLAUDE-RESPONSE.jpg?resize=300,200 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/cLAUDE-RESPONSE.jpg?resize=400,267 400w" sizes="auto, (max-width: 507px) 100vw, 507px" /> Screenshot of Claude’s response However, it acknowledged England’s strengths, particularly Harry Kane and Jude Bellingham, both of whom remain in contention for the tournament’s top scorer award. Claude also referenced England manager Thomas Tuchel’s own admission that neither side truly wanted to be playing a third-place playoff rather than the final. A rare AI consensus Artificial intelligence models rarely produce identical sporting predictions but all three have independently backed France to beat England 2-1. That said, the third-place playoff has historically been one of football’s least predictable fixtures. Managers often rotate heavily, players are managing fatigue after a month-long tournament, and motivation can fluctuate significantly after missing out on the final. Whether the AI consensus proves accurate will only become clear once France and England meet in Miami, with pride, a bronze medal and perhaps the Golden Boot all still on the line. Disclaimer: This prediction is generated using AI-based analysis of team balance, historical trends and recent performances. It is not a guarantee of the match outcome and is meant purely for informational and analytical purposes.
The rocket builders: Pawan Kumar Chandana and Naga Bharath Daka
With Vikram-1 on the launch pad, Skyroot founders are testing India's private space business case.
When Skyroot Aerospace’s Vikram-1 lifts off from Sriharikota, all eyes will naturally be on the rocket. But the more significant test may be for the two former Isro scientists who chose to build it. For founders Pawan Kumar Chandana and Naga Bharath Daka, the mission — named Aagaman (arrival) — represents the moment when years of engineering, fundraising and policy advocacy converge into a single question: can an Indian private company build a sustainable launch business? Their journey has mirrored the evolution of India’s private space sector, from an idea viewed with scepticism to one attracting billion-dollar valuations and global investors. Vikram-1 now has the task of validating that promise. Unlike many of India’s celebrated startup founders, Chandana and Daka did not emerge from the consumer internet boom or enterprise software industry. They came from India’s space programme. Both spent years at Isro working on launch vehicle technologies before deciding in 2018 to start Skyroot in Hyderabad. At the time, the country’s space ecosystem remained overwhelmingly state-led and private participation was largely confined to supplying components and engineering services. The government decision to open the sector through reforms in 2020 was still some distance away. Engineers steering Skyroot’s growth The two founders are engineers from the Indian Institute of Technology, Kharagpur, who have remained closely involved with the company’s technology even as it expanded into a venture-backed startup. Chandana, as CEO and CTO, has largely become the company’s public face, engaging with investors, customers and policymakers. Daka has focused more on operations and execution, overseeing the complex task of translating engineering designs into manufacturable launch systems. The division reflects the reality of building rocket companies, where technological capability and manufacturing discipline are as important as raising capital. ALSO READ Skyroot’s Vikram-1 to carry PM Modi’s handwritten ‘Vande Mataram’ postcard on maiden orbital mission That distinction has become increasingly relevant as India’s startup ecosystem begins to broaden beyond software-led businesses. Consumer internet companies could launch products, acquire users and refine their offerings within months. Space ventures operate on a different timeline. Years of research, testing, manufacturing and regulatory approvals precede commercial revenues. Success depends less on rapid customer acquisition than on reliability, precision and repeatability. Investors, in turn, are backing engineering capability rather than user growth, accepting longer development cycles in anticipation of durable competitive advantages. Skyroot’s own trajectory reflects that shift. Its successful Vikram-S mission in 2022 established its technical credentials by becoming the first private Indian rocket to reach space. Since then, it has steadily expanded its manufacturing capabilities, developed the Vikram launch vehicle family and attracted global investors. Earlier this year, it became India’s first space-tech unicorn after raising $60 million. The funding underscored growing investor confidence in deep-tech businesses at a time when capital has become more selective across the startup ecosystem. Yet valuations alone cannot build a launch business. Unlike software firms, where scale can often be achieved before profitability, commercial space ventures are judged by their ability to execute repeatedly. Launch reliability, customer confidence and the ability to deploy satellites on schedule determine whether a rocket company can build a sustainable business. That is why Vikram-1 carries significance beyond being another technology demonstration. It represents Skyroot’s first bid to enter the orbital launch market. ALSO READ Skyroot’s Vikram-1 ready for maiden launch on July 18 — What makes India’s first private orbital rocket special? Space startups face the execution test The founders also arrive at a time when India’s policy priorities are increasingly aligned with their ambitions. The creation of IN-SPACe, greater access to Isro infrastructure and a more enabling regulatory framework have encouraged private participation in launch vehicles, satellite manufacturing and downstream space applications. A broader ecosystem of startups has emerged across propulsion, satellite imaging and space-based communications. But the next phase of growth will depend less on policy announcements and more on whether companies can execute complex missions and build commercially viable businesses. That is where Chandana and Daka’s story becomes larger than Skyroot itself. They represent a new generation of Indian founders emerging from laboratories, research institutions and advanced engineering disciplines rather than digital platforms. Their businesses demand greater patience from investors and longer timelines for returns, but they also operate in sectors with strategic and economic significance. Regardless of whether Vikram-1 succeeds or encounters setbacks, Skyroot’s founders have already helped change perceptions about what Indian startups can aspire to build. Their next challenge is considerably harder. Building India’s first space-tech unicorn was an important milestone. Building a globally competitive launch company will require repeated execution over many years. Chandana and Daka are not simply testing a rocket, they are testing whether India’s private space sector is ready to move from technological promise to commercial reality. It is a fitting test for a founder (Chandana) who once scored just 51 out of 100 in school mathematics. The boy from Visakhapatnam who struggled with numbers now works the equations that could carry India’s private sector into orbit — an arrival, in every sense.
HDFC Bank, ICICI Bank Q1 preview: Will strong credit demand offset margin contraction?
HDFC Bank and ICICI Bank Q1FY27 results are in focus. Here's what JM Financial, Motilal Oswal, BNP Paribas and Emkay expect from the banking sector.
The earnings season is gathering pace. While several companies have already announced their June-quarter (Q1FY27) numbers, the spotlight is now shifting to one of the market’s most closely watched sectors -banking. Why are bank earnings so important? Because banks sit at the centre of the economy. With HDFC Bank, ICICI Bank and several other lenders set to report their Q1FY27 earnings, leading brokerage houses including JM Financial, Motilal Oswal, BNP Paribas and Emkay have shared their outlook on the sector. Here’s a look at what brokerages are saying ahead of the banking sector’s Q1FY27 report card. Banking sector outlook: What are brokerages expecting? According to the brokerage report by JM Financial, banks are expected to report a healthy June quarter, with around 14% year-on-year growth in Profit After Tax (PAT) despite continued pressure on Net Interest Margins (NIMs). JM Financial in its report added, “We expect banks to report a healthy quarter with ~14% YoY PAT growth in Q1FY27, supported by healthy business growth and stable asset quality, although earnings will continue to face pressure from NIM compression.” As per the brokerage house report, loan growth across 28 banks stood at around 16.4% year-on-year, while deposits grew about 12.3%, indicating that credit demand continues to outpace deposit mobilisation. JM Financial added that treasury income could improve because of softer bond yields, while operating expenses are expected to remain under control as banks benefit from better operating leverage. Meanwhile, Emkay expects several private sector lenders to post healthy profitability during the quarter. According to the brokerage report, Axis Bank, HDFC Bank, IndusInd Bank and IDFC First Bank are likely to report healthy earnings. Among public sector banks, Canara Bank and Indian Bank are expected to outperform, while State Bank of India could report a relatively moderate quarter. HDFC Bank Q1FY27 Preview: Brokerages continue to favour country’s largest private lender Among all the banks under coverage, HDFC Bank continues to attract the strongest conviction from brokerages. JM Financial: Healthy earnings despite margin pressure JM Financial in its report noted that HDFC Bank is expected to deliver healthy business growth during the June quarter even though margins may witness some pressure. The brokerage expects the bank’s Net Interest Margin to decline by around two to three basis points sequentially, largely because of funding costs and the shift towards lower-yield loan segments. However, stable asset quality and healthy credit growth are expected to support earnings. JM Financial continues to remain constructive on banks with strong liability franchises and execution capabilities, with HDFC Bank remaining among its preferred large private lenders. Motilal Oswal: Deposit franchise and asset quality remain key strengths Motilal Oswal also remains positive on HDFC Bank. The brokerage house in its report, added that the bank has continued to see a healthy loan growth across corporate, Small and Medium Enterprise (SME) and retail segments. Meanwhile, deposit mobilisation remains strong through branch expansion and a strong liability franchise. “We expect a ~14% CAGR in deposits over FY26-28,” added the brokerage house report The brokerage believes margins should improve gradually as expensive borrowings continue to decline. “We estimate HDFC Bank to deliver a loan CAGR of 14.1% over FY26-28, alongside an earnings CAGR of 14.2%,” added the brokerage house report. Motilal Oswal also expects improving operating leverage, supported by higher employee productivity, digital investments and greater use of Artificial Intelligence (AI). BNP Paribas: HDFC Bank remains the top banking pick BNP Paribas has retained HDFC Bank as its preferred banking stock. “HDFC Bank is our top pick within our banking coverage,” the report noted. BNP Paribas further noted that the bank’s current valuation still does not fully reflect its long-term earnings potential. BNP Paribas expects Return on Assets (ROA) to improve to around 1.8% by FY27, while Return on Equity (ROE) is expected to move closer to pre-merger levels by FY28. The brokerage believes stronger Current Account Savings Account (CASA) growth remains one of the biggest catalysts for further earnings upgrades. ICICI Bank Q1FY27 Preview: Strong operating performance expected to continue ICICI Bank is another large private lender that continues to receive positive commentary from brokerages ahead of its June-quarter earnings. Motilal Oswal: Growth momentum remains intact According to the Motilal Oswal report, ICICI Bank continues to deliver broad-based loan growth across retail, SME and business banking segments. “ICICI Bank continues to deliver consistent operating performance, aided by broad-based loan growth, robust asset quality and industry-leading profitability,” added the report Motilal Oswal expects the lender to continue benefiting from healthy deposit growth, improving asset quality and one of the strongest profitability profiles among private sector banks. BNP Paribas: Funding advantage supports earnings BNP Paribas also remains constructive on ICICI Bank. According to the brokerage report, “ICICI Bank’s balance sheet remains protected by heavy excess provisioning and healthy capitalisation.” The brokerage believes the lender’s continued investments in technology and digital banking, along with its healthy funding profile, should help sustain profitability even if industry-wide margin pressure persists. Other banks to watch this earnings season While HDFC Bank and ICICI Bank remain the preferred large private banking names, brokerages have also highlighted several other lenders ahead of the June-quarter earnings season. According to JM Financial, Axis Bank, State Bank of India, Ujjivan Small Finance Bank, DCB Bank and City Union Bank remain its preferred picks because of their healthy liability franchises and business momentum. Emkay expects Axis Bank, IndusInd Bank and IDFC First Bank to report healthy profitability among private lenders, while Canara Bank and Indian Bank are expected to outperform within the public sector banking space. What investors need to watch While margin pressure is expected to remain one of the biggest themes this quarter, brokerages continue to believe that India’s leading private banks are well positioned because of healthy loan growth, stable asset quality and improving deposit mobilisation. Among them, HDFC Bank continues to emerge as the strongest brokerage favourite, with both Motilal Oswal and BNP Paribas maintaining a positive long-term view. ICICI Bank also remains firmly on analysts’ radar because of its consistent earnings profile and strong balance sheet. Disclaimer: The stock-specific forecasts, ratings, and market projections compiled in this report represent the independent opinions of the respective brokerage houses and do not constitute an offer, solicitation, or investment advice by this publication. Equity investments are subject to market risks, and past brokerage performance or consensus targets do not guarantee future returns. Readers are strongly advised to conduct their own due diligence and consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.
France vs England, FIFA World Cup 2026 third-place playoff: When and where to watch live streaming in India?
France vs England FIFA World Cup 2026 third-place playoff: Check the match date, kick-off time, live streaming details, TV channels and where to watch the FIFA World Cup 2026 third-place playoff live in India as Kylian Mbappe's France face Harry Kane-led England in Miami with a bronze medal at stake.
Following their defeats in the semi-finals, France and England will square off in the FIFA World Cup 2026 third-place playoff. The competition offers one last chance to end the tournament on a high note with a spot on the podium, even though neither team will fight for the prized trophy. France vs England: All you need to know Category Details Match France vs England – FIFA World Cup 2026 Third-place Playoff Date (India) Sunday, July 19, 2026 Kick-off Time (IST) 2:30 AM IST Venue Miami Stadium (Hard Rock Stadium), Miami Gardens, Florida, USA Live Streaming (India) ZEE5 (FIFA World Cup Pack required) Live TV Broadcast (India) DD Sports (Free-to-Air on DD Free Dish), Unite8 Sports, Unite8 Sports HD Where to watch France vs England live in India Football fans in India can catch the FIFA World Cup 2026 third-place playoff live across television and digital streaming platforms. Live TV broadcast The third-place playoff will be available free-to-air on DD Sports through DD Free Dish. The match will also be broadcast on Unite8 Sports across cable and DTH platforms. Live streaming The match will be streamed live on ZEE5, the official digital broadcaster of the FIFA World Cup 2026 in India. Fans will need the platform’s dedicated FIFA World Cup subscription pack to access the live coverage. FIFA World Cup 2026 third-place playoff between France and England: What’s at stake? Both teams will be motivated to finish their campaigns with a victory even if the World Cup crown is no longer in jeopardy. After losing to Spain in the semi-finals, France will be looking to recover and finish on the podium once more on the global scene. In the meantime, England will try to bounce back from their close defeat to Argentina. The Three Lions will now aim to finish the competition with a bronze medal after coming within one win of making it to their first World Cup final since 1966. Both managers are anticipated to present competitive lineups because pride is at stake, but the game may also provide players who haven’t played as much throughout the tournament a chance. Fans may anticipate an exciting match between two of the most successful footballing nations in Europe, regardless of the team selections. After the third-place playoff, focus will turn to the FIFA World Cup 2026 final, where Spain will meet Argentina, the reigning champions, in the tournament’s main event. But before that, France and England have one last opportunity to conclude their World Cup campaigns with victories.
India responds to US 100% tariff bill after 60 senators back move targeting Russian oil purchases
India is monitoring a proposed US law that could impose up to 100% tariffs on major buyers of Russian oil, impacting India's energy imports amid ongoing US-Russia sanctions developments.
India is keeping a close watch on a proposed US law that could impose tariffs of up to 100% on countries buying large amounts of Russian oil, the Ministry of External Affairs (MEA) said on Friday. Speaking at the weekly media briefing, MEA spokesperson Randhir Jaiswal said the government is aware of the proposed legislation and is monitoring developments. “We are closely following these developments, and we are aware of the proposed legislation,” Jaiswal said. The MEA’s remarks came after a bipartisan group of more than 60 US Senators introduced a revised sanctions bill targeting Russia and the biggest buyers of its energy. ALSO READ US tariff threat: 60 Senators move to penalise India with 100% duties over Russian crude imports The proposed law, titled the “Senator Lindsey O. Graham Sanctioning Russia Act of 2026,” was introduced after the death of Senator Lindsey Graham. It is aimed at putting more pressure on countries that continue to buy Russian oil and gas, which the US says helps fund Russia’s war in Ukraine. Unlike an earlier version of the bill that proposed a blanket 500% tariff, the revised legislation narrows its focus. The maximum tariff was reduced from 500% to 100%. India says oil purchases are based on energy needs Jaiswal said India’s oil imports are guided by its energy security needs and not by any one country. He stressed that India buys crude oil from several suppliers across the world as part of its broader sourcing strategy. “As far as buying oil, we buy oil from various countries in the world. It is based on our approach towards energy sourcing,” he added. As the world’s third-largest consumer of energy, India imports nearly 85% of the crude oil it uses. To meet this demand, India sources crude from a wide range of countries. Its traditional suppliers include Iraq, Saudi Arabia and the UAE, but it has also expanded imports from non-OPEC producers in Africa and Latin America, including recently resuming purchases from Venezuela. Russian oil has become an important part of this strategy. India has sharply increased its purchases of Russian crude, with Russian oil now making up more than half of the country’s total crude imports. Imports recently climbed to a record 2.6 million barrels per day (mbpd) amid West Asia ongoing conflict. What is the new US bill? Under the latest proposal, the US could impose tariffs of up to 100% on the world’s top five buyers of Russian crude oil and natural gas. Countries importing less than 15% of Russia’s natural gas exports may be exempt if they are taking significant steps to reduce those imports. The bill also gives the US government the power to impose tariffs of up to 100% on the top five countries that help Russia bypass oil sanctions. The original version of the legislation was first introduced by Senators Lindsey Graham and Richard Blumenthal in April 2025. It sought to weaken Russian President Vladimir Putin‘s ability to finance the war by imposing sanctions on Russia’s political leadership, financial institutions and energy sector. The proposal also requires the US Trade Representative to review the list of the top five buyers every 180 days, meaning countries could be added or removed if global buying patterns change. The bill does not ban every type of trade with Russia. It allows the US to continue importing Russian uranium used in American nuclear power plants and medical isotopes, while also permitting cooperation with Russia in the nuclear and space sectors. Besides tariffs, the legislation proposes sanctions on Russia’s political leadership, financial institutions, energy companies, wealthy businessmen accused of supporting the Kremlin, and individuals or organisations helping Russia evade sanctions. Russian President Vladimir Putin is also specifically named under the proposed sanctions. Why is India in the spotlight? Since the Ukraine war began, India has become the second-largest buyer of Russian crude oil after China. Russia has been selling crude at discounted prices, allowing India to lower its import costs and help keep domestic fuel prices under control. According to recent trade data, India’s imports of Russian crude rose by around 34% in June 2026 compared with the previous month. This is also not the first time Washington has taken action over India’s Russian oil purchases. In August 2025, the US imposed a 25% secondary tariff on Indian goods, saying the move was linked to India’s continued imports of Russian crude. India has consistently defended its position, saying it has not violated any international sanctions and that buying discounted Russian oil is essential for the country’s energy security while helping protect consumers from higher fuel prices. The legislation currently has the support of more than 60 senators, including 39 Republicans and 22 Democrats, enough to clear the Senate’s filibuster threshold. MEA on reports of strikes near Chabahar port Jaiswal also responded to reports that the US had carried out military strikes near Iran’s Chabahar port. He said India had seen those reports but confirmed that the Chabahar terminal itself was not damaged. Jaiswal also noted that the US waiver related to Chabahar had expired some time ago and that India has since been discussing the matter with relevant stakeholders. ALSO READ US strikes devastate Chabahar port: India’s Rs 800 crore strategic investment remains in limbo “If you have been following the issue, there was a waiver which was given by America; that waiver got over some time back. Post that, we have been in discussion with relevant stakeholders as to how to take this particular issue forward. On the question of it being attacked, yes, we have seen some reports in that regard, but we can also tell you that the terminal itself did not face any damage,” he said. Seven Indian ships currently in the Persian Gulf Replying to a question on maritime traffic in the region, Jaiswal said shipping between India and the Persian Gulf continues as usual. He said there are currently seven Indian-flagged ships operating in the Persian Gulf. “There is regular traffic between India and the Persian Gulf region; we have seven Indian ships which are there in the Persian Gulf, Indian flagships which are there in the Persian Gulf,” he said.
Jio Platforms posted a 2.16% sequential net profit decline in Q1 FY27 due to 5G costs, while revenue and EBITDA rose. Higher depreciation and finance cost related to 5G rollout behind fall.
Jio Platforms (JPL) on Friday posted a 2.16% sequential decline in its net profit — its first ever — during the June 2026 quarter due to higher depreciation and finance cost related to 5G rollout. JPL’s consolidated net profit in the first quarter of FY27 fell to Rs 7,764 crore from Rs 7,935 crore in the January-March period. In the first quarter of the previous fiscal, it stood at Rs 7,110 crore, the company said. Revenue from operations rose 2.39% to Rs 39,713 crore from Rs 38,259 crore in the preceding quarter, driven by continued gains in subscriber market share, organic average revenue per user (Arpu) growth and scale-up of digital services. Strong revenue growth lifts JPL’s Ebitda margin JPL’s Ebitda rose 4.01% on quarter at Rs 20,865 crore from Rs 20,060 crore on account of strong revenue growth. Ebitda margin at 53.3% was up 90 basis points (bps) sequentially, and up 150 bps year-on-year (y-o-y). “Jio’s performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth of 15% y-o-y. During the quarter, Jio Platforms filed its DRHP with Sebi, a significant step towards its public listing. The upcoming IPO will be an important milestone in Jio’s journey and will give investors an opportunity to participate in India’s digital growth story,” said Mukesh Ambani, chairman and managing director, Reliance Industries, the parent company. ALSO READ Reliance Industries profit falls 22%; beats estimates Reliance Jio Infocomm (RJIL), the telecom arm of RIL which commands the lion’s share of JPL’s financials, saw PAT decline 2.05% quarter-on-quarter to Rs 7,167 crore from Rs 7,317 crore. This is the first time the telecom arm has reported a decline in PAT. Net profit was impacted significantly by growth in network operating expenses, licence & spectrum fees, finance costs, and depreciation & amortisation. From Q1, the interest on 5G capex start flowing into the profit and loss statement, the management said, resulting in higher finance cost. In its DRHP, Jio Platforms said that of the money raised from the public offering, Rs 27,500 crore will used to pre-pay debt at RJIL. RJIL’s revenue for the quarter grew 2.49% sequentially to Rs 34,212 crore (Q4: Rs 33,381 crore), and earnings before interest, taxation, depreciation and amortisation (Ebitda) was 4.36% higher at Rs 19,590 crore (Q4: Rs 18,771 crore). Ebitda margin came in at 57.3% – up 110 basis points from 56.2% in the March quarter. ALSO READ Jio Platforms IPO DRHP: 5 key balance sheet realities behind one of India’s biggest ever public offerings “Jio has established itself as a deep tech company and demonstrated the velocity of innovation across multiple advanced technologies. This is underlined by our strong patent portfolio which has been recognised globally. As we embark on our next phase of journey to be a publicly listed company in India, we will continue to maintain our deep tech focus and democratise access to digital connectivity and digital services in India and globally,” Akash Ambani, managing director, Jio Platforms, said. Jio added 8.9 million users in the June quarter taking its total subscriber base to 533.3 million. Monthly churn was marginally lower quarter-on-quarter at 1.6% (Q4: 1.7%). Arpu, a crucial performance indicator for the telcos, improved to Rs 215.6 from Rs 214 in the previous quarter. The growth was driven by better subscriber mix and positive seasonality partly impacted by promotional schemes for fixed broadband customers. Jio’s 5G subscriber base at the end of the quarter was 285 million, rising 17 million from 268 million in Q4. The per capita data usage rose to 43.7 GB per mont 5G traffic crosses 50%; JioAirFiber reaches 14 million homes The company added that the share of 5G traffic now accounts more than 50% of total wireless traffic on Jio network. The firm added that 5G traffic is now one and a half times the 4G traffic passing on the network. JioAirFiber userbase was 14 million homes, adding 1.1 million connections over the previous quarter. The total connected premises with fixed broadband on its network reached 28.6 million in the June quarter (Q4: 27 million). The per capita data usage rose to 43.7 GB per month as compared to 42.3 GB per month in the previous quarter likely because of an uptick in 5G userbase, and FWA base expansion. The total wireless data consumption rose to 69.4 billion GB as compared to 66 billion GB in Q4FY26 while total voice consumption decline sequentially at 1.52 trillion minutes, as compared to 1.54 trillion minutes in the previous quarter.
Top 10 stocks rated ‘Buy’ this week: Brokerages project 17% to 45% returns
Aptus Value Housing Finance India Limited
Brokerages see 17%-45% upside in 10 Buy-rated stocks, from ICICI Bank to Tata Power and Airtel. Check the full list before investing.
The domestic equity markets ended the week on a higher note despite crude oil prices jumping over $80 a barrel. The Nifty 50 closed the week 1.28% higher, while the BSE Sensex ended the week 1.12% higher. Several top research houses, including Morgan Stanley, Nomura, Antique, Ambit Capital, Nuvama Institutional Equities, JM Financial, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors. ALSO READ HDFC Bank to HDFC AMC: Motilal Oswal reveals top bets in HDFC Group with up to 35% upside Antique on HDFC Life Insurance Antique retained its ‘Buy’ rating on HDFC Life Insurance with an unchanged target price of Rs 740, saying the insurer delivered an in-line June-quarter performance, indicating an upside of around 30%. The brokerage highlighted 9% year-on-year growth in HDFC Life Insurance’s both annualised premium equivalent (APE) and value of new business (VNB), supported by strong traction in credit life and group insurance, while individual business growth remained moderate due to continued softness in the HDFC Bank distribution channel. Nuvama on Siemens Energy Nuvama Institutional Equities initiated coverage on Siemens Energy India with a ‘Buy’ rating and a target price of Rs 4,200, implying an upside of 20% from the current market price. The brokerage said that the company’s growth is at a discount, while the HVDC (High-Voltage Direct Current) remains unpriced. Siemens Energy is a primary player positioned to benefit from India’s projected Rs 7.93 lakh crore transmission investment cycle through FY36. This structural growth is driven by the country’s shift toward a “coal-plus-renewables” model and the need to integrate 900GW of non-fossil capacity. ALSO READ Siemens Energy India: Nuvama initiates coverage with ‘Buy’ as capacity quadruples Motilal Oswal on Saatvik Green Energy Motilal Oswal initiated coverage on Saatvik Green Energy with a ‘Buy’ rating. The brokerage sees an upside of more than 26% on the stock, with a target price of Rs 565 and calls it “David among solar manufacturing Goliaths.” Saatvik Green Energy is significantly scaling its operations, moving from a module manufacturing capacity of 4.8GW at the end of FY26 to a planned 8.8GW by FY27. Furthermore, the company is backwards integrating into solar cell (6GW) and ingot-wafer (6GW) manufacturing, which strengthens its competitive position as a vertically integrated player. Ambit Capital in NTPC Ambit Capital has a ‘Buy’ rating on NTPC with a target price of Rs 410 per share, implying about 18% potential upside. The brokerage’s positive view comes with a warning on the need for fresh project wins. Ambit assigns Rs 312 per share to NTPC’s thermal power business, with the remaining value coming from renewable energy, nuclear power, pumped storage projects, coal mining, flue gas desulphurisation and other businesses. Motilal Oswal on Tata Power Motilal Oswal has a ‘Buy’ rating on Tata Power with a target price of Rs 488, implying an upside potential of nearly 29% from the current market price. One of the biggest takeaways from Tata Power’s recent Annual General Meeting (AGM) was its planned entry into the nuclear power business. As per the brokerage report, Tata Power is working with the Nuclear Power Corporation of India Limited (NPCIL) to develop its first 440-megawatt Bharat Small Reactor project. Motilal Oswal noted, “Nuclear project with NPCIL: A new long-term growth avenue.” Nomura on Nuvoco Vistas Nomura has maintained its ‘Buy’ rating for Nuvoco Vistas with a target price of Rs 400, implying an upside of around 17% from its current market price. According to the brokerage house, the key factors driving the upside potential include stronger pricing, better cost management and a steady capacity expansion plan. It said, “We increase our FY27 EBITDA estimate by 5% to Rs 2,000 crore.” The brokerage has kept its estimates for the next two financial years unchanged and continues to expect earnings to remain ahead of broader market expectations for Nuvoco Vistas. Morgan Stanley on Aptus Value Housing Finance Morgan Stanley has a Buy rating on Aptus Value Housing Finance and raised its target price to Rs 405 from Rs 395, a 3% increase. The revised target implies 42% upside. ALSO READ Morgan Stanley names HDFC, ICICI Bank among top picks; sees 42% upside for select financial stocks Aptus Housing Finance is Morgan Stanley’s preferred affordable housing finance stock. The brokerage said the company’s earnings performance remains strong even as the valuation multiples implied by its target price are 20-30% below their five-year averages. The target price values Aptus at 2.9 times FY28 estimated book value and 15 times estimated earnings. JM Financial on Bharti Airtel JM Financial maintained its ‘Buy’ rating on Bharti Airtel, with a 12-month price target of Rs 2,450, implying an upside of 29% from the current market price. The brokerage said that the company’s ARPU growth story remains intact on the back of multiple levers, which is a long runway. A core part of Bharti Airtel’s growth involves upgrading its customer base. The brokerage noted that the company has a significant opportunity to upgrade almost 90 million subscribers to postpaid and more than 200 million feature phone users to smartphones. This strategy is expected to be a healthy driver of ARPU growth. Antique on ICICI Prudential Life Insurance Antique reiterated its ‘Buy’ rating on ICICI Prudential Life Insurance with a target price of Rs 730, indicating an upside of 45%. The brokerage believes the company’s focus on profitable growth positions it well to benefit from improving demand across the life insurance industry and therefore retained its positive recommendation. The brokerage said ICICI Prudential Life Insurance delivered a strong start to FY27, supported by healthy premium growth and continued expansion in margins. It expects product mix improvements and disciplined execution to support sustainable earnings growth over the medium term. Morgan Stanley on ICICI Bank Morgan Stanley has a Buy rating on ICICI Bank and a target price of Rs 1,705, implying 23% upside potential. ICICI Bank sits at the top of Morgan Stanley’s order of preference. The brokerage expects the ICICI Bank’s loan growth to accelerate to 17% year-on-year in the first quarter of FY27 from about 15.8% in the March quarter. It expects the net interest margin to compress by 4 basis points sequentially, making the margin trajectory and management’s outlook important for investors. ALSO READ Nomura flashes ‘Buy’ call On Nuvoco Vistas, sees 17% upside for this cement stock Conclusion The recommendations point toward strong business fundamentals, quarterly performance, sector-specific growth drivers, and a change in business model. As the broader market sentiments are turning, leading brokerages identified opportunities across sectors such as banking, life insurance, cement, telecom, power, and others. Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.
Dixon: From Rs 62,500 crore scheme to Vivo JV approval — Key triggers driving the upside
Dixon rides India’s Rs 62,500 crore phone scheme and Vivo JV, but rich valuations and competition temper upside—track execution before buying.
Electronic Manufacturing Services (EMS) stocks are in the news after the government announced the Rs 62,500 crore Mobile Phone Manufacturing Scheme (MPMS), outlining incentive support on eligible sales for the manufacturing of mobile phones in India. One stock that’s particularly in focus after the news is Dixon Technologies. Is it poised for further upside, or is it time to book a profit? The Dixon share price has shot up over 7% in the last 1 week and delivered 27% gains in the last 3 months. It is up 19% so far in 2026, but if you track the stock’s movement on a 1-year trajectory, it has declined 10% in the last 12 months. While some experts believe that the current Govt Scheme hugely benefits Dixon Technologies, alleviating concerns on margin erosion and customers’ retention, others are worried about the impact of greater competition in the space. ALSO READ JM Financial upgrades Dixon Tech: How Vivo deal & premium pricing fuel 17% upside potential for EMS giant Dixon: What’s driving the share price now? Two weeks ago, customs duty exemption was the big trigger, but the current govt scheme is seen as a key catalyst for the stock, along with the much-awaited Govt nod for the JV with Vivo Mobile India. The Indian government granted approval to Dixon Tech’s long-pending joint venture with the Chinese phone maker Vivo, the single biggest factor for the stock since its disappointing Q4 FY26 results in May. Dixon-Vivo JV: The changing dynamics The JV will be in a 51:49 ratio between Dixon Technologies (majority stake) and Vivo under PN3 norms. The JV will act as a major contract manufacturer, producing smartphones and other electronic devices for Vivo and potentially other brands. Before moving ahead, PN3 refers to Press Note 3 (2020), which is a regulatory guideline issued by the Indian government requiring prior government approval for foreign direct investments (FDI) from countries that share a land border with India (including China). Why this JV matters more than the headline suggests? Vivo sells 35 to 37 million smartphones in India every year. Under the new JV, Dixon Tech will manufacture smartphones for Vivo. The international brokerage house Nomura estimated that the JV could potentially ramp up volumes to 60 million handsets over the next few years, as 70% share in Vivo will top up 33 million units already sold by Dixon Tech in FY26. “The JV will likely provide significant scale benefit and medium-term volume visibility in mobiles for Dixon Tech (potential to capture 35-38% industry share), and scope of margin improvement from backward integration,” said Nomura. ALSO READ Dixon Tech: 5 reasons why Motilal Oswal sees 30% rally potential despite 100% surge in memory costs In the company’s Q4 earnings call in May, CEO Atul Lall told investors that Dixon Tech was deeply engaged with the government. “We feel that we are very close to it. And that’s where the status is. I reiterate that we feel that we are very, very close to it. Two months on, that claim has government paperwork behind it.” Also, even prior to the JV approval, Dixon Tech enjoyed the dominant position in the Indian smartphone manufacturing set-up, with a 45-50% share of industry capacity and manufacturing presence across major smartphone brands. Plus, the JV approval reflects sustained policy support for electronics manufacturing in India by the government, even in complicated cases, said Emkay Global in a research note. HSBC Securities remarked that it is better-than-expected government support: The number that still doesn’t add up cleanly Dixon Tech’s Production Linked Incentive (PLI) incentives of around Rs 350 crore in FY26 are expiring this financial year, with nothing confirmed to replace them. That’s a likely story. It is also, as of today, entirely unproven. Dixon Tech is one of India’s largest contract manufacturers and a primary beneficiary of the Indian government’s PLI schemes for electronics. As Dixon Tech has historically functioned primarily as an EMS assembler, it relies heavily on importing high-value internal parts, mainly from China and Taiwan. ALSO READ Dixon Tech vs Kaynes Tech: 5 key metrics changing the entire Indian electronics manufacturing story in FY27 However, in PLI 2.0, the government is pressing on the domestic value addition. The scheme outlined Rs 62,500 crore for mobile phones, which replaces the previous Large Scale Electronics Manufacturing programme. Nonetheless, rising mobile exports and a specialty-EMS acquisition are supposed to drive a “strong acceleration” in the second half. The trade now hinges on one signature At roughly 62 times trailing earnings for a business running below 5% EBITDA margins, Dixon Tech was never going to be a “cheap” story. But here’s the catch: smartphone assembly is a high-revenue, low-margin business. Nomura said that the large scale provides scope for backward integration, which can drive margin improvement. Dixon Tech is already ramping up camera and display modules, which expand value addition. “Hence, we expect margins to expand from 3.3% in FY27 to 4.2% in FY28, and benefits should start getting visible from H2 FY27,” the brokerage said Dixon Tech may report a large jump in consolidated revenue once the JV starts production, but Vivo owns 49% of the venture. As a result, only half of that profit actually belongs to the electronics assembler. Additionally, production is also expected to start only in FY27, so the first year will likely bring a partial contribution at best. The fuller impact is expected to be shown in FY28. ALSO READ Dixon Technologies: Investec lists 5 structural growth engines fuelling 23% upside potential “We think that the worst is behind us, and we see a good growth trajectory ahead,” said HSBC. Will the new mobile phone scheme be a key driver for Dixon? Jefferies said the earlier production-linked incentive scheme successfully established India as a global mobile phone manufacturing base but achieved lower-than-expected localisation of high-value components. These approvals reflect the government’s increasing focus on developing domestic component manufacturing alongside handset assembly, as India looks to deepen local value addition across the electronics supply chain. According to them, this scheme will be aimed at scaling domestic mobile production with value addition, and improving the supply chain and global competitiveness. But they anticipate higher competition now as compared to 2021. They have a Hold rating for Dixon Tech. HSBC raised its rating on the stock to Buy from Hold and increased mobile phone margin estimates by 30 basis points for FY27-FY29. “With better visibility on earnings and margins, we also raise our two-year forward PE multiple by 20% from 40x to 48x,” said HSBC. This led the brokerage to raise the 12-month price target to Rs 16,000 from Rs 12,000 earlier. Nomura too maintained its ‘Buy’ rating on Dixon as the company is ramping up exports with its key customers, has two JVs (camera modules and display modules) to increase domestic value addition (DVA) to 25-30%. Its planned joint ventures with regard to the enclosures and batteries segment are expected to further boost prospects. They see Dixon’s margin expanding to 4.2% in FY28 from 3.3% in FY27. ALSO READ Dixon, Kaynes, Syrma SGS: Jefferies names winners and losers of new Rs 62,500 crore mobile scheme Conclusion Though the JV with Vivo and the latest mobile phone scheme by the Govt are seen as definitive growth drivers for Dixon Tech, the street is divided on the potential upside for the stock. While Nomura and HSBC Securities rate it Buy, Jefferies flags concerns about increased competition. Most experts agree that Dixon Tech could be one of the key potential beneficiaries of this announcement, depending on execution.
Reliance Industries profit falls 22%; beats estimates
Reliance Industries reported a 22.4% decline in Q1 net profit to Rs 20,946 crore, beating revenue and profit estimates with strong refining margins despite supply disruptions and cost pressures.
Reliance Industries (RIL) on Friday reported a 22.4% year-on-year decline in June quarter consolidated net profit attributable to owners at Rs 20,946 crore, as the corresponding quarter last year included a one-time gain from the sale of its stake in Asian Paints. Excluding the impact of the high base, the oil-to-retail conglomerate delivered an operating performance ahead of market expectations, with revenue, operating profit and net profit all beating Bloomberg estimates, aided by strong refining margins despite supply disruptions caused by the West Asia conflict. Revenue from operations rose 25.4% year-on-year to Rs 3,11,850 crore, above Bloomberg’s estimate of Rs 2,98,716 crore. Earnings before interest, tax, depreciation and amortisation (Ebitda) increased 10.7% to Rs 47,517 crore against the estimate of Rs 46,660 crore, while profit attributable to owners also exceeded the Bloomberg estimate of Rs 19,987 crore. Ebitda margin, however, contracted to 15.2% from 17.3% a year ago as costs rose faster than revenue. The company’s statutory results show that other income in the year-ago quarter included Rs 8,924 crore from the sale of listed investments, which had lifted reported earnings. ALSO READ RIL Q1FY27 Results: Revenue growth exceeds Rs 3 lakh crore; Mukesh Ambani says new energy, Jio IPO in focus Adjusted for the one-time gain from the Asian Paints stake sale in the base quarter, RIL’s recurring profit rose 6.1% year-on-year. O2C business leads growth despite pressure on margins The oil-to-chemicals (O2C) business was the biggest contributor to the quarter’s performance. Segment revenue rose 30.4% to Rs 2,01,803 crore, while Ebitda increased 17.2% to Rs 17,010 crore as record transportation fuel cracks and improved downstream petrochemical margins more than offset lower production because of a planned refinery turnaround. The company said higher crude premiums, freight and insurance costs, under-recoveries on domestic fuel retailing and the reintroduction of the special additional excise duty on diesel, petrol and aviation turbine fuel weighed on margins. Even so, diversified crude sourcing and product placement in deficit markets helped cushion the impact. The upstream oil and gas business posted a mixed performance. Revenue rose 3.2% to Rs 6,298 crore, supported by higher realisation on KG-D6 oil and condensate, increased coal-bed methane production and favourable currency movement. Ebitda, however, slipped 0.5% to Rs 4,973 crore as lower KG-D6 gas production and weaker gas price realisations offset the gains. ALSO READ Jio Platforms IPO DRHP: 5 key balance sheet realities behind one of India’s biggest ever public offerings Jio growth offsets retail pressure Consumer businesses continued to provide stability. Jio Platforms reported 12% revenue growth, with Arpu improving to Rs 215.6 and Ebitda rising 15.1%. Reliance Retail‘s revenue increased 7.4% to Rs 90,408 crore, although Ebitda declined marginally as investments in digital commerce weighed on margins. Chairman and Managing Director Mukesh Ambani said the company had made a steady start to FY27, with all businesses delivering strong operating performance despite geopolitical tensions and volatile commodity markets. He said the O2C business benefited from record middle distillate cracks and improved petrochemical margins despite supply chain disruptions, adding that the company remained on track for phased commissioning of its new energy projects and the planned listing of Jio. During the quarter, Reliance incurred capital expenditure of Rs 38,682 crore, largely towards O2C, new energy and consumer businesses. Net debt declined to Rs 1.23 lakh crore from Rs 1.25 lakh crore at the end of March, while the net debt-to-Ebitda ratio improved to 0.57, reflecting continued balance sheet strength.
The invisible defence race: 3 stocks tapping into the US $55 billion global anti-drone industry
Everyone is talking about drones. Far fewer are asking what happens once they take to the skies. The answer is quietly reshaping defence priorities and could lead investors towards an overlooked corner of India's defence ecosystem.
Drones have transformed warfare. The next defence race may be about stopping them. In 3 Unlikely Winners of India’s ₹5.2 lakh-crore Drone Opportunity, we said that India’s drone boom could create winners far beyond drone manufacturers. Firms supplying electronics, embedded systems, and aerospace manufacturing gained as drone implementation rose. But every tech cycle has a second phase. The first is about creating the technology. The second is about guarding against it. Modern wars have brought that second phase much sooner than expected. A ₹50,000 drone can destroy military equipment worth several crores. That simple equation has brought a new challenge for armies globally. Air defence systems devised to stop aircraft and missiles are often too costly to use against low-cost drones flying in large numbers. ALSO READ 4 Companies to Track as Copper Megatrend Unfolds in India As armies improve their Counter-UAS capacities, the bigger break may lie not in making more drones but in building the engineering tech that can spot, rank, and destroy them. Every attacking tech generates a defensive industry History shows that every breakthrough in warfare eventually creates another industry. Aircraft made radar indispensable. Guided missiles led to missile-defence systems. Cyberattacks gave rise to cybersecurity. Drones are now driving demand for counter-drone technologies. Unlike drone manufacturing, however, this ecosystem remains largely hidden. Most listed companies do not report anti-drone revenue separately because these capabilities sit within broader defence electronics businesses. According to Fortune Business Insights, the global Counter-Unmanned Aerial Systems (C-UAS) market may grow from US$14.4 billion in 2026 to over US$55 billion by 2034, suggesting the scale of this evolving opportunity. Counter UAS Market <img loading="lazy" decoding="async" width="819" height="384" src="https://images.financialexpressdigital.com/2026/07/image_369c39.png" alt="" class="wp-image-4295109" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_369c39.png 819w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_369c39.png?resize=300,141 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_369c39.png?resize=400,188 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_369c39.png?resize=768,360 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_369c39.png?resize=620,291 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_369c39.png?resize=650,305 650w" sizes="auto, (max-width: 819px) 100vw, 819px" /> Source: Fortune Business Insights These capacities may likely become crucial as drone usage rises. We’ve zeroed in on three listed companies that deal in different parts of this ecosystem: Astra Microwave, Paras Defence, and Zen Technologies. The last is perhaps the closest India has to a pure-play counter-drone company. Battle One: Finding the Threat, Astra Microwave Every anti-drone structure begins with a simple question: Is there danger in the sky? Answering that question demands far more than a standard radar. Air-defence systems depend on several technologies to detect, recognize, and destroy low-flying airborne dangers. And Astra neatly fits into the need. The company has quietly bettered its proficiency in RF, microwave, and defence electronics, positioning it as a key supplier to India’s advancing air-defence ecosystem. The numbers show a business quietly moving up the value chain Astra’s transformation has been gradual rather than spectacular, which is perhaps why it has largely stayed under the market’s radar. Revenue has grown to ₹1,163 crore in FY26 from ₹909 crore in FY24. The profitability has expanded even faster at 59.5% YoY from ₹121 crore in FY24 to ₹193 crore in FY26. The growth was driven by the shift to higher-value defence electronics and improved execution through long-cycle programmes. Astra Microwave Performance Q4 & FY26 <img loading="lazy" decoding="async" width="1157" height="654" src="https://images.financialexpressdigital.com/2026/07/image_d97764.png" alt="" class="wp-image-4295110" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png 1157w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=300,170 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=400,226 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=768,434 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=620,350 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=310,174 310w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_d97764.png?resize=650,367 650w" sizes="auto, (max-width: 1157px) 100vw, 1157px" /> Source: Investor Presentation June 2026 The progress is noticeable in its operating metrics. The operating margin expanded from the low teens to around the 29% in FY26, while return on capital employed was ~20%, suggesting better operational leverage and stronger returns on capital translating to shareholder gains, with Astra Microwave’s stock rising 68% over the past three years. Astra Microwave 3-Year Share Price Trend <img loading="lazy" decoding="async" width="1724" height="590" src="https://images.financialexpressdigital.com/2026/07/image_7036a6.png" alt="" class="wp-image-4295111" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png 1724w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=300,103 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=400,137 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=768,263 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=620,212 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=1536,526 1536w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=1200,411 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_7036a6.png?resize=650,222 650w" sizes="auto, (max-width: 1724px) 100vw, 1724px" /> Source: Screener.in Equally important is the order book. At the end of FY26, Astra’s order book of ₹2,141 crores offered a strong revenue view in a business where defence orders usually run for several years. The company has relationships with the Defense Research and Development Organisation, Indian Space Research, Bharat Electronics, Hindustan Aeronautics, and Bharat Dynamics. In defence electronics, qualifying as a supplier is tough, but once included in tactical programmes, suppliers often benefit from long product cycles and high switching costs. That creates a competitive advantage, not directly obvious in quarterly earnings. Beyond radar: Astra’s growing role in defence electronics Astra Microwave is often seen as a radar company, but its role extends much further. The company supplies RF and microwave systems, electronic warfare components, and specialised defence electronics that back modern reconnaissance and air-defence platforms. That diversification counts because anti-drone warfare is no longer about detecting an object in the sky. It demands multiple electronic systems to sense, process, and react to threats in real time. As armed forces spend more on spectrum authority and electronic warfare, Astra’s expertise places it above a conventional radar supplier. Valuation Astra Microwave is trading at a P/E of 83x, higher than the sector median of 62x as of 17th July 2026. Investors are obviously pricing in constant growth in radar, RF, and electronic warfare instead of valuing the company just on current earnings. What Investors Should Watch With much of the optimism already reflected in the valuation, investors must see if the business maintains its premium. Keeping an eye on the execution of the ₹2,141 crore order book, the latest orders in radar, RF, and electronic warfare programmes. Check if the operating margin is still above 25%, and if exports to friendly nations grow. Key Risks A premium valuation leaves little room for disappointment. Gaps in defence procurement, relaxed order execution, or margin compression could affect earnings and lead to a correction in valuation. The stock’s next leg of returns may likely depend more on earnings expansion than on multiple expansion. Battle Two: Identifying the Threat, Paras Defence Discovering a dangerous object is just the first step. The next question is verifying whether it is a friend, foe, or harmless resident drone. That is becoming gradually harder as unmanned aircraft grow smaller, quicker, and more independent. Counter-UAS systems, today, hang on sophisticated optics, imagery, and investigation tech that can recognize and track dangers before there is any action. Paras Defence has progressed from a niche defence optics company into a broader defence technology player, with devoted Counter-UAS solutions that place it at the heart of this swiftly growing segment. From defence optics to anti-drone systems Paras Defence created its standing in defence optics, imaging, and reconnaissance systems. Over the years, it has forayed into wider defence electronics, including devoted Counter-UAS solutions through Paras Anti-Drone Technologies. Its portfolio now has drone RF and microwave customer developments, advanced phased arrays, next-gen software-defined radio, complex sensors, jammer guns, and unified anti-drone systems. That places the company at a key stage of the counter-drone chain: helping armed forces identify, track, and guard against unmanned aircraft before they become a threat. The numbers show a steadily evolving defence business The financial performance reflects a company benefiting from rising defence indigenisation and a growing portfolio of high-value technologies. Revenue has increased from ₹254 crore in FY24 to over ₹477 crore in FY26, growing at a CAGR of 29% over the past three years. The net profit grew at a CAGR of 34% over the last three years from ₹30 crore in FY24 to ₹87 crore in FY26. Paras Defence Performance FY26 <img loading="lazy" decoding="async" width="1160" height="663" src="https://images.financialexpressdigital.com/2026/07/image_ee8453.png" alt="" class="wp-image-4295112" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png 1160w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=300,171 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=400,229 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=768,439 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=620,354 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_ee8453.png?resize=650,372 650w" sizes="auto, (max-width: 1160px) 100vw, 1160px" /> The ROCE was 16.9%, driven by better capital efficiency and execution. The market seems to have rewarded this progress. The stock gained over 53% over the past three years. Paras Defence 3-Year Share Price Trend <img loading="lazy" decoding="async" width="1750" height="606" src="https://images.financialexpressdigital.com/2026/07/image_b4a38f.png" alt="" class="wp-image-4295113" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png 1750w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=300,104 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=400,139 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=768,266 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=620,215 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=1536,532 1536w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=1200,416 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b4a38f.png?resize=650,225 650w" sizes="auto, (max-width: 1750px) 100vw, 1750px" /> Source: Screener.in The company has a diversified order book of ₹986 crore. As India’s defence procurement slowly moves to local suppliers, Paras Defence may gain from long-term demand across multiple strategic programmes. Valuation Paras Defence has 110x P/E, which is higher than the sectoral median of 62x, suggesting the valuation has discounted a big part of the projected growth. What Investors Should Watch To sustain this premium, the company must show that its new divisions are growing with its core operations. Investors should monitor growth in anti-drone systems, expansion of the order book and execution, export opportunities, and planned tech partnerships. Key Risks At over 100x earnings, hopes are high. Any stoppage in order inflows, delays in commercialising new tech, or ineffective execution may lead to a sharp market reaction. Investors should therefore focus as much on execution as on growth. Battle Three: Neutralising the Threat, Zen Technologies Finding and tracking an aggressive drone serves little purpose if it cannot be deactivated. Modern anti-drone warfare today depends on signal jamming and combined counter-UAS systems that can defuse threats quickly and efficiently. As armies pivot from depending on costly missile interceptors, such tech is becoming a critical layer of new air defence. Best known for its defence training simulators, Zen Technologies has progressively extended into Counter-UAS and electronic warfare solutions, placing itself at the final stage of the counter-drone chain. The numbers tell a much bigger story. Zen’s financial performance echoes the fundamental shift underway in defence training and counter-drone technologies. Revenue rose from ₹440 crore in FY24 to over ₹689 crore in FY26, while the net profit excluding exceptional items increased to ₹217 crore in FY26 from ₹126 crore in FY24. The profit rose dramatically as the operating leverage improved and a significant share of revenue came from proprietary defence solutions. Zen Technologies Consolidated Performance FY26 <img loading="lazy" decoding="async" width="1462" height="823" src="https://images.financialexpressdigital.com/2026/07/image_fcf033.png" alt="" class="wp-image-4295114" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png 1462w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=300,169 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=400,225 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=768,432 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=620,349 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=310,174 310w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=1200,676 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_fcf033.png?resize=650,366 650w" sizes="auto, (max-width: 1462px) 100vw, 1462px" /> Source: Investor Presentation May 2026 The quality of growth is equally impressive. The operating margins for FY26 was 48.4%, perhaps among the highest in the sector, driven by the company’s strong execution. Investors have taken notice, with Zen Technologies’ stock growing at a CAGR of 44% over the past three years. Zen Technologies 3-Year Share Price Trend <img loading="lazy" decoding="async" width="1729" height="593" src="https://images.financialexpressdigital.com/2026/07/image_2be5b6.png" alt="" class="wp-image-4295115" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png 1729w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=300,103 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=400,137 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=768,263 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=620,213 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=1536,527 1536w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=1200,412 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_2be5b6.png?resize=650,223 650w" sizes="auto, (max-width: 1729px) 100vw, 1729px" /> Source: Screener.in The company’s order book of ₹1,336 crore in FY26 offers a glimpse into its growth trajectory. Beyond simulation: A broader defence technology company Zen Technologies has expanded into anti-drone and electronic warfare systems, indicating the changing needs of modern battlegrounds. Rather than concentrating only on training soldiers, Zen is building technologies designed to interrupt and defuse hostile drones, making it one of the few listed companies with a direct presence in this emerging segment. With mounting investments in simulation, anti-drone systems, and electronic warfare, Zen has changed from a training solutions provider to a defence tech business. Valuation Zen Technologies trades at 83x P/E, lower than the sector median of 62x, but well above most conventional defence manufacturers. Investors are pricing the company not just for its simulation business, but also for the promise of its anti-drone and electronic warfare portfolio. What Investors Should Watch The investment theory now centers on Zen’s capacity to grow into a broader defence technology company. Investors must look for growth in anti-drone and munition orders, product adoption, export growth, global partnerships, order implementation, repeat contracts, and capital efficiency. Key Risks Zen’s valuation supposes that recent growth will stay over the long term. Any slowdown in defence spending, gaps in new product adoption, or lower order inflows could alter earnings expectations. Allowing the premium valuation, the stock may still be vulnerable to execution risks. The market may still be asking the wrong question This story is not truly about three companies. It is about where value travels when technology changes. Investors often begin by focusing on the most visible product. In earlier tech cycles, the investors focused on automobiles before component makers appeared as large gainers. The smartphone era emphasized phone brands, but semiconductor companies created massive long-term value. The drone industry may follow a similar path. Every drone inducted into service creates demand for technologies that can find, catalogue, and defuse it. That is quietly giving rise to an ecosystem that extends far beyond drone manufacturers. Most listed companies do not distinctly disclose revenue from anti-drone or electronic warfare systems, making the opportunity easy to miss. ALSO READ India’s EV market could grow 5X by FY31. These 2 auto leaders already have a head start As defence budgets increasingly prioritise resilience alongside capability, companies building radar systems, electro-optics, and electronic warfare solutions could become just as important as those building drones themselves. The next phase of returns for Astra Microwave, Paras Defence, and Zen Technologies, however, will depend on execution, converting tech capabilities into repeated earnings growth. For investors, that may mean the next defence opportunity may belong to those building the invisible shield that stops them. Want to keep an eye on these businesses? Add them to your watchlist. Disclaimer: Note: We have relied on data from the May 2026 investor presentation, www.Screener.in, throughout this article. Only in cases where the data was not available have we used an alternate, but widely used and accepted source of information. The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. Archana Chettiar is a writer with over a decade of experience in storytelling and, in particular, investor education. In a previous assignment at Equentis Wealth Advisory, she led innovation and communication initiatives. Here, she focused her writing on stocks and other investment avenues that could empower her readers to make potentially better investment decisions. Disclosure: The writer and her dependents do not hold the stocks discussed in this article. The website managers, their employees (s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities, or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources, and only after consulting such independent advisors as may be necessary.
24.7% ROCE, 29% profit growth: One global shift could power this smallcap’s next phase
After years of being viewed as a steady synthetic leather manufacturer, this company is gradually becoming a more export-led automotive supplier. Higher exports, improving profitability and a debt-free balance sheet provide a strong foundation for growth. The key monitorable is whether export momentum continues, but the business appears to be entering a different phase.
Investors often put companies into neat little boxes. Once a label sticks, it can take years for the market to notice that the business has changed. Mayur Uniquoters is one such company. Long seen as a manufacturer of synthetic leather, it is increasingly becoming a play on exports, particularly global automobile Original Equipment Manufacturers (OEMs). The latest numbers suggest that this shift is no longer just a story. It is beginning to show up in the financials. Mayur Uniquoters 1-Year Share Price Chart <img loading="lazy" decoding="async" width="2476" height="946" src="https://images.financialexpressdigital.com/2026/07/image_496dea.png" alt="" class="wp-image-4295090" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png 2476w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=300,115 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=400,153 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=768,293 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=620,237 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=1536,587 1536w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=2048,782 2048w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=1200,458 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_496dea.png?resize=650,248 650w" sizes="auto, (max-width: 2476px) 100vw, 2476px" /> Source: Screener.in For years, the company built its reputation on consistency rather than excitement. It generated healthy cash flows, maintained a strong balance sheet and delivered respectable returns, but revenue growth rarely gave investors a reason to believe the business was entering a different league. However, now, that appears to be changing. Exports are becoming a larger part of the revenue mix. Profitability is also improving and fresh investments are being planned to support the next phase of growth. The obvious question is whether this is simply a strong year or the beginning of a longer-term transformation. ALSO READ 3 Indian Stocks Where Promoters Increased Their Holdings The business is the same. The customer mix is changing. Mayur Uniquoters manufactures Polyvinyl Chloride (PVC) synthetic leather and Polyurethane (PU) products. These are used across automobiles, footwear, furnishings and fashion accessories. Automobiles contribute around 65% of revenue, with the balance coming from footwear, furnishings and other industrial applications. On the surface, very little has changed. The company continues to manufacture synthetic leather, just as it has done for decades. The difference lies in who is buying these products. Over the last few years, Mayur has steadily increased its presence among global automobile OEMs. These customers typically demand higher quality standards, but they also offer better pricing and longer business relationships. As their contribution increases, the economics of the business begin to improve. That trend is now visible in the numbers. For Financial Year 2026 (FY26), consolidated revenue increased 10% to Rs 967 crore from Rs 880 crore in the previous year. Operating profit grew 23%, while net profit rose 29%. Operating Profit Margin improved to 24.3% from 21.7%, indicating that profits are growing much faster than revenue. The March quarter was even stronger. Standalone revenue increased 22% year on year and profit after tax increased 73%. According to management, the improvement came from a better product mix, higher exports, stronger productivity and tighter cost control rather than any extraordinary gain. Why exports matter more than revenue growth Revenue growth, by itself, tells only part of the story. A company can increase sales simply by selling more products, but that does not necessarily make it significantly more profitable. What matters is the kind of products being sold and the customers buying them. That is where Mayur’s export strategy becomes important. Automobiles account for around 65% of Mayur’s revenue, while exports contribute about 42.5%. As overseas automotive programmes become a larger part of this mix, the company’s earnings profile is beginning to change. Export products generate higher realizations than many domestic businesses, particularly those supplied to global automotive customers. As exports become a larger share of sales, profitability improves even if overall revenue growth remains moderate. FY26 offers a good example of this. Overall value growth stood at 15%. Exports grew around 35%, while domestic revenue increased only about 4%. Sales volumes rose by roughly 5% to around 31 million metres, indicating that much of the earnings improvement came from selling better products rather than simply selling larger quantities. Management also highlighted that business from existing export customers continues to expand. Volumes supplied to Ford have started increasing after additional vehicle platforms were added, and recently secured export programmes are expected to contribute over the next two to three years. While automotive exports remain the primary growth driver, management also sees another opportunity. It believes the India-EU Free Trade Agreement could improve the competitiveness of its non-automotive products, such as furnishings, marine applications and other industrial uses. Unlike automotive OEM contracts, where customer qualification matters more than tariffs, these businesses could benefit more directly from lower import duties over time. Why profitability is improving A manufacturing company can improve profitability in two ways. It can become more efficient or it can sell products that earn better margins. Mayur appears to be benefiting from both. The biggest driver is exports. Management said export orders, especially from global automobile Original Equipment Manufacturers (OEMs), generate better realisations than much of its domestic business. As exports account for a larger share of revenue, the company’s earnings naturally improve even if overall revenue growth remains moderate. That partly explains why operating profit has grown much faster than sales over the past year. The March quarter also benefited from stronger factory utilisation. When order books remain healthy, manufacturing becomes more efficient because fixed costs are spread over higher production. Management said productivity improved during the quarter, while freight, maintenance and other operating costs remained under control, giving Operating Profit Margin an additional lift. There were other tailwinds as well. A favourable foreign exchange supported profitability during the year. At the same time, management dismissed suggestions that the sharp improvement was driven by inventory gains, explaining that the company largely manufactures against confirmed customer orders and values inventory conservatively. Price increases have also started flowing through, although the automotive business typically takes one to two months to approve revised pricing. The more important takeaway is management’s guidance for the future. It believes margin can remain in the 25% to 30% range if exports continue to grow as expected. That guidance is deliberately broad because raw material prices remain linked to petroleum and global conditions can change quickly. Even so, it indicates that management does not see the March quarter as an isolated spike in profitability. The company is not chasing growth at any cost One encouraging aspect of Mayur’s strategy is that management is not trying to accelerate growth by making aggressive promises. For FY27, it continues to guide for domestic revenue growth of 8% to 10% and export growth of 15% to 20% on a value basis. The company expects this growth to come not only from new customers but also from deeper relationships with existing automobile manufacturers and additional vehicle platforms. The automotive business remains the biggest opportunity, but management also sees scope for growth in other sectors. These includes marine applications, furnishings and other export markets where Indian manufacturers are becoming increasingly competitive. The PU business, however, continues to lag. Although Mayur has secured vendor approvals from some large customers and remains in discussions with several global brands, commercial volumes are yet to build meaningfully. The business generated revenue of about Rs 27 crore during FY26, making it a relatively small contributor to overall earnings. Growth is easier when the balance sheet is strong Manufacturing businesses often need substantial capital before they can grow. That usually means taking on debt. But Mayur is in a much more comfortable position. The company has decided to install a new coating line at its existing manufacturing facility after identifying additional space, instead of setting up a new plant in South India. This significantly reduces capital expenditure while still increasing production capacity. Management expects domestic capital expenditure of around Rs 50 crore, and believes the new line can support additional annual revenue of roughly Rs 120 crore to Rs 150 crore once fully utilised. Financial Strength FY26 Debt/Equity 0.01x ROCE 24.7% ROE 18.4% Domestic Capex (FY27) Rs 50 crore Potential Overseas Capex Rs 300 crore Source: Screener The company is also evaluating an overseas manufacturing facility with an estimated investment of around Rs 300 crore. While Mexico remains one of the options, management said the final location has not yet been decided. One of Mayur’s biggest advantages is that growth does not depend on borrowing heavily. The company remains virtually debt free. That financial discipline has also translated into healthy shareholder returns. Return on Capital Employed (ROCE) stands at 24.7%, while Return on Equity (ROE) is 18.4%. These are healthy return ratios for a manufacturing business that has achieved them without relying on meaningful financial leverage. Valuation now reflects higher expectations The market has begun recognising that Mayur’s earnings profile is changing. At the current share price of around Rs 822, the company trades at around 18.6 times earnings. This is close to its median PE of 19.2 times. These valuations suggest investors are increasingly treating Mayur as a specialised export-oriented manufacturer instead of a steady domestic supplier. That also means expectations have moved higher, leaving less room for disappointment if growth slows. ALSO READ Tech Mahindra’s surprise quarter is giving IT investors hope again Risks The biggest risk is that exports fail to maintain their current momentum. A slowdown in global automobile demand, delays in customer programmes or prolonged weakness in overseas markets could affect both revenue growth and profitability. Raw material costs remain another variable because key inputs are linked to crude oil prices. While management expects higher costs to be passed on over time, there is usually a lag before revised prices are accepted by customers. The proposed overseas manufacturing facility also remains at the evaluation stage, making its timing and eventual benefits uncertain. The market often takes time to recognise when a company’s economics begin to change. Mayur Uniquoters appears to be going through such a phase. It is still the same synthetic leather manufacturer that investors have known for years, but the business is gradually becoming more export-oriented, more profitable and better positioned for long-term growth. Whether that transition continues will depend largely on its ability to keep winning global automotive business, but the latest numbers suggest that the shift is already underway. Disclaimer: Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. Manvi Aggarwal has been tracking the stock markets for nearly two decades. She spent about eight years as a financial analyst at a value-style fund, managing money for international investors. That’s where she honed her expertise in deep-dive research, looking beyond the obvious to spot value where others didn’t. Now, she brings that same sharp eye to uncovering overlooked and misunderstood investment opportunities in Indian equities. As a columnist for LiveMint and Equitymaster, she breaks down complex financial trends into actionable insights for investors. Disclosure: The writer and her dependents do not hold the stocks discussed in this article. The website managers, its employee(s) and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
Tata Steel vs JSW Steel: Which stock offers deeper value post-q1 volume records?
JSW Steel’s consolidated steel volumes in the June 2026 quarter were the best ever for the first quarter of a financial year, coupled with a 4.0% y-o-y rise in steel volumes in the quarter. The company will add incremental steel volumes in the September 2026 helped by the ramp up in its steel volumes. Steel stocks can be added to the watchlist for 2026.
Steel stocks are one of the few that have held their ground despite the broad market sell-off in the current calendar year, and in fact, they are also trading close to their 52-week highs. For instance, leading players like JSW Steel, which declared its results during Friday trading hours, ended 1.4% higher at Rs 1,238.4 on Friday, and hovering not too far from its 52-week high of Rs 1,327.4 reached on 27 May, 2026. Also, closest rival, Tata Steel was broadly flat at Rs 185.9 on Friday, and the stock reached a 52-week high of Rs 224.4 on 15 May, 2026. ALSO READ The 3 power EPC giants holding Rs 1.18 lakh crore in unexecuted orders Investors are bullish on steel sector, given continued strong demand from user industries like autos and construction / infrastructure sector. Of equal importance, steel prices are higher in the June 2026 quarter y-o-y, at a time when China, the largest steel producing nation has curtailed production during the current financial year. The above trends are clearly visible in the results of JSW Steel that were declared during market hours on Friday. Inside JSW Steel’s Q1FY27 Volume Drivers JSW Steel has highlighted its consolidated steel sales volumes grew 4% y-o-y to 6.25 million tonnes in the June 2026 quarter. The company has highlighted that they were the best ever for the first quarter of a financial year. Of equal importance, institutional sales were up 5% y-o-y to 3.7 million tonnes in the quarter under review, and along with sales to auto, renewable and appliances sectors were also the best ever for a June quarter. It does appear that the Middle East crisis has not shown any visible impact on demand from user industries in the June 2026 quarter. JSW Steel on a consolidated basis has operations in India, USA and Italy, with sales in the local market remaining key – steel sales in the Indian market were 6.02 million tonnes in the June 2026 quarter, a rise of 4% y-o-y. JSW Steel has a combined crude steel capacity of 37.9 million tonnes including 4.5 million tonnes through the JSW JFE Steel JV at the end of the June 2026 quarter. Margins Expand 220 Bps on Tighter Cost Efficiencies JSW steel benefited from a combination of higher steel prices y-o-y in the June 2026 quarter along with a 4% y-o-y growth in its consolidated steel sales volumes. The company’s realisations on a consolidated basis grew nearly 5.9% y-o-y to Rs 75,782 per tonne in Q1FY27, and along with higher steel sales, its consolidated revenue from operations grew 9.8% y-o-y to Rs 47,364 crore in the quarter under review. The steel sector has been one of the key beneficiaries of the GST cuts the government had implemented in late September 2025. And while GST rates were not reduced for the steel sector, the sector has benefited from a reduction in GST rates for key user industries like autos, amongst other sectors. A tight check on costs helped JSW Steel’s consolidated operating profit margin rise 220 basis points y-o-y to 19.8% in the June 2026 quarter. Also, JSW Steel’s consolidated net profit rose 112.6% y-o-y to Rs 4,696 crore in the June 2026 quarter. Operational Contrast: How Q1FY27 Defeated Q1FY26 Tailwinds For a perspective on the difficult operating environment in the steel sector, we examined the June 2025 quarter of JSW Steel – its consolidated revenue from operations were broadly flat y-o-y basis at Rs 43,147 crore in Q1FY26, while its steel sales volumes were up 9% y-o-y to 6.69 million tonnes. Realisations on a consolidated basis had declined nearly 9% y-o-y to Rs 64,494 per tonne in the June 2025 quarter. However, a 43.6% y-o-y decline in mining premium and royalties to Rs 1,860 crore in the June 2025 quarter enabled the company to grow its consolidated net profit by 154.7% y-o-y to Rs 2,209 crore in the quarter under review. Tata Steel Outlines Robust Domestic Delivery Metrics Tata Steel’s key Indian operations reported a strong 8.8% y-o-y growth in steel delivery volumes to 5.17 million tonnes in the June 2026 quarter. Strong local volumes helped offset the difficult operating environment in its European operations, and it resulted in Tata Steel’s total delivery volumes reach 7.38 million tonnes in the June 2026 quarter, a rise of 2.6% y-o-y. Tata Steel ended FY26 with a capacity of 36 million tonnes across its Indian and global operations. Tata Steel will declare its June 2026 quarter results on 30 July. Growth outlook for JSW Steel JSW Steel has highlighted the expansion of its facilities at Vijayanagar, Karnataka, from 3 million tonnes to 4.5 tonnes was completed and the blast furnace was lit up in June 2026. Also, the blast furnace has since ramped up to more than 80% within a few weeks and it will add incremental volumes from Q2 FY27 for JSW Steel. Investors will also be keeping a close on demand from user industries and steel prices, going forward. Capital Efficiency: Benchmarking RoE Across the Sector JSW Steel has a Return on Equity (RoE) of 10.2% while for Tata Steel it is 11.7% and for SAIL it is 6.4%. Return on Equity – efficiency pays Company RoE (in %) JSW Steel 10.2% Tata Steel 11.7% SAIL 6.4% Source – Screener.in Valuations – does it still make sense to buy steel stocks Steel stocks have managed to stay strong despite the broad sell- off in the broader stock markets in the current calendar year. It’s no surprise leading steel stocks are trading not too far from their 52-week high. Valuations of JSW Steel versus peers Company Consolidated P/E JSW Steel 25.2 Tata Steel 20.5 SAIL 17.6 Source – Screener.in JSW Steel trades at a consolidated P/E of 25.2, and over the past 5 years, it has traded between 6.5 times and 73.6 times. Meanwhile, Tata Steel trades at a consolidated P/E of 20.5 times, and over the past 5 years, it has traded between 3.1 times and 183.2 times. ALSO READ Tech Mahindra’s surprise quarter is giving IT investors hope again And SAIL trades at a P/E of 17.6 times, and over the past 5 years, it has traded between 2.2 times and 29.4 times. The steel sector is expected to show strong growth over the next few quarters, and readers could add stocks from this sector to their watchlist for 2026. Disclaimer: Amriteshwar Mathur is a financial journalist with over 20 years of experience. The writer and his family have no shareholding in any of the stocks mentioned in the article. Disclaimer: The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such
3.5% dividend yield, 3X dividend growth in 5 years: Can this PSU keep raising payouts?
From record profits to a 3x rise in dividends since FY22, the numbers look strong. But can the payout remain sustainable over the long term?
Welcome to the latest edition of Dividend Hunter. Over the past few weeks, we have analyzed companies where strong cash flows could translate into consistent dividends going forward. In our previous edition, we covered a prominent logistics provider with 9 consecutive years of free cash flow and a 5.6% dividend yield. Our focus today is on a prominent banking institution in India with a rich 118-year legacy. The bank manages more than 8,648 domestic branches and 80 overseas offices across 15 countries. With a global business asset of ₹30.8 lakh crore, the bank is one of India’s leading financial institutions. The stock we focus on in this edition of Dividend Hunter is Bank of Baroda (BOB), a leading public-sector bank. The bank’s growth outlook is supported by India’s robust macroeconomic fundamentals. According to Nomura, system wide bank credit surged 17.7% year-on-year as of 30 June 2026, marking the highest level in two years. Credit growth is expected to hover around 14.5-15.5% in FY27, according to CareEdge Ratings. This is good news for banks like Bank of Baroda. The bank is undergoing digital transformation through platforms such as the BOB World application, thereby improving operational efficiency and customer connectivity. This aims to improve deposit mobilization and increase demand for the bank’s lending services. Regarding dividends, Bank of Baroda has consistently paid them. Asset Quality Clean-up: How Record Earnings Resumed the Dividend Engine In fact, the bank has consistently increased its dividend payout since FY22, the first year after FY17. The bank didn’t pay any dividends between FY18 and FY22 due to balance sheet stress. BOB resumed dividends in FY22 at ₹2.85 per share and has paid almost 3 times higher dividends (₹8.5) in FY26. Now, BOB is in a very strong position—asset quality is at its best in a decade, credit costs are low, and profits are rising, leading to increased free cash flow. This is happening at a time when credit growth is expected to remain strong. In FY26 alone, it reported a net profit of ₹20,070 crore and cash and cash equivalents of ₹1,60,823.1 crore. But now the question is, can BOB sustain its dividend payments over the long term? This article attempts to answer that question by analysing the bank’s earnings, asset quality, and balance sheet strength. ALSO READ India’s Rs 1.3 lakh crore semiconductor push has 3 winners—None makes chips Geographic Reach: Balancing High-Yield Rural Networks with Global Cross-Border Hubs To understand Bank of Baroda’s scale and how it serves the public, it helps to look at how its physical branches, digital networks, and customer base are set up. The bank has organized its locations and services to reach people across different regions, income levels, and business needs. The bank operates a large physical network within India. As of 31 March 2026, it has 8,648 domestic branches. This reflects a steady expansion, as the bank added 229 new branches during the year to improve its coverage in key locations. The bank also has 9,538 ATMs and 2,059 cash recycling machines for daily cash transactions. The bank has expanded its branch network to ensure people in smaller towns and villages have access to banking services. The domestic branch network is divided as follows: Rural: 2,986 branches (making up 34.5% of the network). Semi-Urban: 2,260 branches (26.1%). Metro: 1,866 branches (21.6%). Urban: 1,536 branches (17.8%). This distribution shows a clear focus on less populated areas. Together, the 5,246 branches in rural and semi-urban regions are specifically used to support agricultural lending and other priority-sector financial needs. To manage different types of customers effectively, the bank has dedicated specific branches to handle particular services. Outside of India, the bank maintains an overseas presence to support cross-border trade and serve non-resident Indians. It operates 80 overseas offices located across 15 different countries. This international network includes 35 direct foreign branches and offices, as well as 45 branches operated by its 7 overseas subsidiaries. Balance Sheet Expansion: Global Volumes Cross the ₹30 Lakh Crore Mark Over the last 5 years, the company’s consolidated net profit grew at 73% CAGR, reaching ₹20,070 crore in FY26. This net profit is necessary for dividend payments, as PSU banks must transfer at least 25% of their profits to statutory reserves before declaring dividends. Also, dividends can only be paid out of the current financial year’s net profit. In FY26, BOB recorded a strong financial performance. The bank’s total global business surpassed the ₹30 lakh crore mark, reaching ₹30.8 lakh crore, up 13.9% year-on-year. Global gross advances expanded by 16.2% to ₹14.3 lakh crore, driven by a 14.5% growth in the domestic loan book and a 24.4% surge in international advances. The growth was broad-based, with retail loans growing by 17.9% and agriculture (20.7%). Further, the retail segment also saw strong traction; gold loans surged by 98.0%, auto loans grew by 20.6%, and home loans rose by 14.6%. The bank’s market cap is ₹1,27,550 crore, as of 16 July 2026. BOB Share Price <img loading="lazy" decoding="async" width="1724" height="971" src="https://images.financialexpressdigital.com/2026/07/image_f6b9d5.png" alt="" class="wp-image-4295080" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png 1724w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=300,169 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=400,225 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=768,433 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=620,349 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=1536,865 1536w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=310,174 310w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=1200,676 1200w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_f6b9d5.png?resize=650,366 650w" sizes="auto, (max-width: 1724px) 100vw, 1724px" /> Core Profitability Metrics: Analyzing NII Margins Against Pristine NPA Levels On the liabilities front, deposit mobilization grew strongly. Total global deposits increased by 12.0% year-on-year to ₹16.5 lakh crore. Of this, domestic deposits grew by 12.8% to ₹14.0 lakh crore. The bank maintained a favorable, low-cost deposit base, achieving a domestic CASA ratio of 38.90%. Turning to profitability, BOB Net Interest Income (NII) grew by a modest 2.5% year-on-year to ₹47,682 crore in FY26. The domestic Net Interest Margin (NIM) stood at 3.0%. Operating profit remained robust at ₹32,259 crore. The Return on Assets (ROA) stood at around 1.06%, and the Return on Equity (ROE) at 15.4%. This implies that the bank generates enough surplus cash to service dividend outgoes. Asset quality also improved, reaching what management described as “pristine” levels. The Gross Non-Performing Asset (GNPA) ratio dropped by 37 bps to a multi-year low of 1.89%, while the NNPA plummeted by 13 bps to a mere 0.45%. Its provision coverage ratio also stood at 93.9%, providing coverage for any future asset quality stress. ALSO READ The 3 power EPC giants holding Rs 1.18 lakh crore in unexecuted orders Looking ahead to FY27, management has outlined optimistic yet prudent guidance. The bank targets a loan growth of 12% to 14% and a deposit growth of 10% to 12%. NIM is expected to remain between 2.75% and 2.95%, while credit costs are projected to remain below 0.60%. Cash Flow Sustainability: Analyzing the ₹33,426 Crore Operational Runway As dividends are paid out of actual liquid cash, the cash flow statement is the best measure of the bank’s ability to fund these distributions. The primary source of funds for dividend payments is cash generated by the bank’s core operations. According to the consolidated cash flow statement, the bank generated a net cash inflow from its operating activities of ₹33,426.1 crore during FY26. This indicates that the bank’s business activities generate consistent, reliable cash flow. In the same period, the actual cash outflow for dividends, which is recorded under financing activities, amounted to ₹4,318.1 crore. A direct comparison of these figures shows that the net cash generated internally from operations (₹33,426.1 crore) is adequate to cover the dividend obligations (₹4,318.1 crore). The bank has also recommended a final dividend of ₹8.5 per share for FY26, which will result in a total proposed dividend outgo of ₹4,395.7 crore. To ensure it can comfortably meet these payouts, the bank maintains a healthy buffer of liquid funds. The company added ₹28,345.4 crore of cash and cash equivalents in FY26, taking the total to ₹1,60,823.1 crore. This is what the bank uses to make the actual cash payouts to its shareholders. Having a large and growing pool of cash and cash equivalents means the bank has sufficient funds to pay the proposed dividends without needing to sell off its long-term assets or borrow additional capital. Additionally, the bank’s average Liquidity Coverage Ratio is approximately 127%. This indicates that the bank holds sufficient liquid assets to manage its short-term cash outflows. This fund can easily fund both the dividend payout and business expansion. Regarding its dividend per share, the company has recommended ₹8.5 per share for FY26. At the current share price of ₹245, the dividend yield is 3.5%. Prior to FY26, the company paid ₹8.35 per share for FY25, up from ₹7.6 in FY24, ₹5.5 in FY23 and ₹2.85 in FY22. The company currently pays only a final dividend once a financial year. <img loading="lazy" decoding="async" width="1024" height="559" src="https://images.financialexpressdigital.com/2026/07/image_b5ad28.png" alt="" class="wp-image-4295081" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png 1024w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=300,164 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=400,218 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=768,419 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=620,338 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=81,45 81w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=100,56 100w, https://www.financialexpress.com/wp-content/uploads/2026/07/image_b5ad28.png?resize=650,355 650w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /> Source: Financial Express Regulatory Limits and Risks: Navigating the RBI Ceiling on Public Sector Banking Yields Dividend payouts have ranged between 20% and 22% during FY22-26. This aligns with the government of India directives stating that PSU banks must pay a minimum of 20% of their paid-up capital or net profit, whichever is higher, as dividends. As such, a 20% payout serves as the base for its dividend distributions. Further, there is also an upper ceiling. On the upper end, the bank is strictly regulated by RBI guidelines, which state that the dividend payout ratio shall not exceed 40% of the net profit. For 40% payout, the bank must maintain a Capital-to-Risk Weighted Assets Ratio (CRAR) of 11% or more for three consecutive years and have zero NNPA. However, if NNPA is greater than zero but less than 3%, the maximum allowed payout drops to 35%. With a CRAR over 15.8% and an NNPA under 3%, BOB falls into the category that allows a dividend payout of up to 35%. If a bank’s CRAR and NPA metrics are weak, the allowed dividend payout limit could even drop to 25%, 15%, 10%, or even zero. However, these are legal boundaries. Ultimately, the board of directors aims to keep the payout at least at the required 20% floor. This also means that as profitability grows, the dividend payout will increase further, as seen post FY22. On the risk side, a rise in NPA could lead to higher credit costs, ultimately weighing on the bank’s net profit and, in turn, the dividend payout. Relative Valuations: Tracking the Multiple Compression Against Sector Peers Valuation-wise, BOB trades at a Price-to-Book (P/B) multiple of 0.8x, in line with its 10-year historical median (0.8x) but at a discount to sector median (1.0x), and larger peers such as State Bank of India (1.6x) and Union Bank (0.9x). The Dividend Hunter Verdict In short, Bank of Baroda is well-positioned to sustain its regular dividend payments. The bank’s core lending and deposit activities generate steady, reliable cash flow, resulting in an operating profit of ₹32,259 crore and a record net profit of ₹20,070 crore for FY26. This cash in books could allow the bank to easily cover its yearly dividend while continuing to service its existing deposits and borrowings. As long as its core operations remain stable, the bank’s liquidity (LCR of 127%), capital reserves (CRAR of 15.8%), and NNPA (0.45%) ensure that its dividend policy remains highly sustainable. Further, the government’s mandate for public sector banks to pay dividends suggests that BOB could continue to reward shareholders, provided asset quality remains stable, and the bank continues to report healthy profits. Dividend hunters should add this stock to their watchlist. Disclaimer: Note: Throughout this article, we have relied on data from http://www.Screener.in and the company’s investor presentation and conference call. Only in cases where the data were unavailable have we used an alternative, widely accepted source of information. The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educational purposes only. About the Author: Madhvendra has been deeply immersed in the equity markets for over seven years, combining his passion for investing with his expertise in financial writing. With a knack for simplifying complex concepts, he enjoys sharing his honest perspectives on startups, listed Indian companies, and macroeconomic trends. A dedicated reader and storyteller, Madhvendra thrives on uncovering insights that inspire his audience to deepen their understanding of the financial world. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, their employees (s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities, or other related investments of issuers and/or companies discussed therein. The articles’ content and data interpretation are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources, and only after consulting such independent advisors as may be necessary.
In this edition of Live to 100, we explore how the first half of life relies on saying "yes" to open doors. However, aging shifts our perspective on time. True freedom isn’t about constant busyness; it’s about the power to edit, creating space for a more meaningful "yes" by saying "no."
For much of our lives, saying “yes” is a good strategy. Yes to the new assignment. Yes to the promotion. Yes to relocating. Yes to another responsibility. Yes to helping a friend. Yes to joining one more committee. Many of those “yeses” shape our lives in wonderful ways. They build careers. Expand opportunities. Introduce us to people we might never have met. ALSO READ The Importance of Being Needed Open doors that would otherwise have remained closed. In the first half of life, saying yes often creates possibility. But somewhere around our late fifties or early sixties, the equation begins to change. Time starts feeling different. Not because there is suddenly too little of it. But because we become more aware of how precious it is. Every commitment now competes with something else. A morning walk. Time with a grandchild. Lunch with an old friend. Reading a book. Learning a new skill. Simply enjoying an unhurried afternoon. ALSO READ The Fear of Running Out (And What It Really Means) The question quietly shifts from, “Can I fit this into my schedule?” to, “Is this how I want to spend my life?” That is a profoundly different question. Yet many of us continue saying yes out of habit. Out of politeness. Out of obligation. Or because saying no feels uncomfortable. There is a subtle irony here. Many people spend decades working towards freedom. Financial freedom. Professional freedom. Freedom from constant deadlines. Then, when that freedom finally arrives, they voluntarily fill it with obligations once again. Almost as though empty space makes us uneasy. Perhaps because we have spent so many years equating busyness with importance. But there is another way to think about it. Every “no” creates space for a more meaningful “yes.” No to another meeting. Yes to better health. No to another social obligation. Yes to deeper friendships. No to doing things out of habit. Yes to doing them with intention. This isn’t about becoming selfish. Quite the opposite. It is about becoming more thoughtful. Because every commitment deserves to earn its place in this stage of life. Not everything that is good is right for you. Not every opportunity needs to be accepted. Not every invitation needs to become an obligation. Perhaps wisdom reveals itself less in the things we choose to add… …and more in the things we gently let go. The second half of life offers something earlier decades rarely did. The freedom to edit. To simplify. To become more deliberate about where our time, energy and attention belong. Maybe that is why saying no becomes such an important life skill. Not because we care less. But because we have finally learnt what deserves our deepest care. A question to reflect on: What is one commitment you continue to carry—not because it brings you joy or meaning, but simply because you’ve never stopped to question it? In the debut edition of Live to 100, we explored the crucial shifts every 50-plus individual needs for greater peace of mind. In the second part of the series, we turned our focus to ‘inner fitness’, and how it could be a game changer. In the third edition, we found how the ‘quiet middle’ can unravel a new, more intentional chapter of life. In the fourth installment, we decoded why money after 50 is no longer about accumulation but peace.The fifth edition talked about the quiet loneliness that emerges around 50, while the sixth was about dealing with money anxiety after 60. The seventh piece in the series explained why traditional time management becomes a trap after 50, while the eighth revealed the golden rule for retirement. The ninth article of the series focused on why financial conversations between couples need a reboot after 50, and the tenth piece explored the quiet identity shift that happens after 50. In the eleventh installment, we looked at the psychological shift that happens when the professional and familial demands on us slow down, and why finding a renewed sense of being useful and needed becomes the ultimate key to fulfillment in the second half of life. Sanjay Mehta is a digital entrepreneur, investor, board advisor, and public speaker. He is the founder of Ananta Quest and co-founded Social Wavelength, which became one of India’s leading social media agencies and was later acquired by WPP to become Mirum India.
Brokerages split over Q1 show of Wipro & TechM
India's top IT services players showcased highly polarized first-quarter performances. While Tech Mahindra outpaced Street expectations with its fourth straight quarter of margin expansion, Wipro struggled with compressed profits and legacy AI deflation.
Brokerages were divided on the mixed results from Wipro and Tech Mahindra for the April-June quarter, with nearly half of them remaining bearish about the former due to its weak performance and a deferred recovery while favouring the latter based on better-than-expected earnings. Legacy Disruption While India’s fourth-largest IT services provider Wipro’s revenue of Rs 24,479 crore met estimates despite falling by 1.2% sequentially, most other metrics were on a decline. Its net profit fell by 4.3% sequentially, missing estimates, as did operating margins owing to pressure from wage hikes, acquisitions and AI investments. Positive growth was limited to a handful of verticals including technology & communications and the consumer segment. Analysts said that large deals signed by the IT firm were mostly in the legacy realm which has been facing AI-led deflation as productivity gains are passed down to clients, indicating that the company was still lagging behind peers at booking newer AI-centric deals. Additionally, the management said that some deals had slipped to the second-quarter and will be closed eventually. The company improved its guidance for the second quarter to between (-)1.5% to 0.5%, but hardly projected above flat revenue growth. ALSO READ FIIs sell 1.46% RIL stake, Q1 holding lowest in a decade On the other hand, Tech Mahindra announced healthy sequential rise in net profit and revenue by 8.2% and 4.2%, respectively, carried by a strong deal momentum. Although total revenue missed estimates, the firm surpassed estimates for margin performance with Ebit margin expanding by 60 basis points to 14.4% from 13.8% in the last quarter. This makes the current quarter the fourth consecutive one of margin expansion. Segments like manufacturing showed sustained flow of revenue with other verticals like communications and BFSI expected to anchor a quick turnaround in the next quarter. Consequently, CEO Mohit Joshi said the company is confident about reaching 15% margins in FY27. Brokerages particularly highlighted the company’s margin beat where Ebit rose by 6.9% sequentially to Rs 2,743 crore, ahead of estimates of Rs 2,682 crore, setting it especially in contrast with Wipro’s. Brokerage Breakdown Nomura said that while Wipro’s Q1 revenue was in line with their estimates, weaker margins and sparse growth across verticals had led to the company offering a lower guidance than expected. “Second-quarter FY27 guidance was marginally below of our estimate,” the note said, adding that they had expected Wipro to guide for (-)1% to +1% growth on a quarterly basis. Despite this, the brokerage held on to its buy rating. ALSO READ RBL Bank Q1 profit rises 27% on higher NII, better asset quality For Tech Mahindra, the brokerage retained the neutral rating but chose to raise its target to Rs 1,600, implying an upside of around 5.9%. Analysts were optimistic that the Pune-headquartered firm was on course to meet its FY27 goals, having exceeded estimates on most counts. The brokerage also shared that the company is expected to grow at a faster rate than rival large-cap IT firms in FY27-28, thereby pushing its valuation multiple to 18 times FY28 earnings from 16 times. HSBC retained its earlier buy rating for Tech Mahindra, calling the management’s outlook encouraging. The brokerage also said that it is expected to continue improving its margins in the near future. On the flip side, Jefferies stuck to its underperform rating for the company. Despite posting strong deal wins and robust growth in revenue and margins, the brokerage stated that it believed Tech Mahindra stock was already appropriately valued. The brokerage, however, hiked the price target for the company to Rs 1,260 from Rs 1,225. Jefferies also assigned an underperform rating for Wipro but with a much lower price target of Rs 150 on the Bengaluru-based IT services firm. Owing to an underwhelming guidance for the second quarter, the brokerage reduced its previous FY27-29 estimates for revenue and profit by 2-5%. The brokerage also added that Wipro is expected to deliver only about 5% earnings per share CAGR over FY27-29. Citi also kept its sell rating for Wipro stock, cutting target price further to Rs 150 from Rs 160, flagging underwhelming performance across all major geographies and business verticals
FIIs sell 1.46% RIL stake, Q1 holding lowest in a decade
Reliance Industries Limited (RIL) saw a massive structural shift in its Q1 FY27 shareholding pattern.
Foreign institutional investors (FIIs) sold 1.46% stake in Reliance Industries (RIL) worth Rs 26,000 crore in the first quarter of FY27, bringing down their quarterly holding to 17.20% — the lowest in nearly a decade. During the same period, RIL promoters bought shares worth Rs 9,500 crore raising their stake by 0.48% — the biggest quarterly increase since September 2019, when they had increased their holdings by 2.76%. Changing Guard The promoter shareholding went up from 50% in the March 2026 quarter to 50.48% in the June quarter. Domestic institutional investors (DIIs) increased their stake from 20.55% to 21.19% during the same period. The stake held by retail investors went up from 6.96% to 7.16%. ALSO READ RBL Bank Q1 profit rises 27% on higher NII, better asset quality RIL shares declined 3.75% to Rs 1,293.85 during the quarter. On Friday, the stock price went up 2.59% to close at Rs 1,326.50 on the BSE. According to the company’s latest shareholding pattern filed with the exchanges, FIIs sold 193.3 million shares at an average price of Rs 1,343 in the first quarter of FY27, while promoters bought 70 million shares. Granular Ownership Reliance Industries Chairman Mukesh Ambani, Nita Ambani, Isha Ambani, Akash Ambani and Anant Ambani, each hold a 0.12% stake in the company. Kokilaben Dhirubhai Ambani owns a 0.24% stake. The bulk of the promoter holding is through promoter group entities. Srichakra Commercials is the largest shareholder with an 11.12% stake, followed by Devarshi Commercials , Karuna Commercials and Tattvam Enterprises, each holding 8.20%, according to the exchange filing. ALSO READ Tata Technologies guides for doube-digit growth, margin expansion in FY27 Among institutional investors, domestic mutual funds owned 10.11% of the company while insurance companies held 9.20%, including LIC with a 6.88% stake. Foreign portfolio investors collectively held 17.06%, according to the filing.
Terrified residents evacuate buildings as massive 7.3 earthquake shakes Mexico | WATCH
The earthquake was strongly felt in Tapachula, the main city near Mexico's southern border. Residents and workers evacuated buildings as the intensity of the shaking increased.
A powerful earthquake struck off the Pacific coast of southern Mexico on Friday, sending strong tremors across parts of Mexico and neighbouring Guatemala and prompting residents to evacuate buildings in several areas. The US Geological Survey (USGS) recorded the earthquake at magnitude 7.3, with the epicentre located around 48 kilometres southwest of Aquiles Serdan, near the coast of Chiapas, at a depth of approximately 15 kilometres, according to The Associated Press. The earthquake was preceded by a smaller tremor whose epicentre was located farther out in the Pacific Ocean. Tremors felt across southern Mexico and Guatemala The earthquake was strongly felt in Tapachula, the main city near Mexico’s southern border. Residents and workers evacuated buildings as the intensity of the shaking increased. 🚨 GUATEMALA CITY EVACUATIONS UNDERWAY Buildings are being evacuated across Guatemala City following a powerful earthquake that shook the region.#BreakingNews #Earthquake #Mexico #Tsunami #TsunamiWarning #Seismic #NaturalDisaster #PacificOcean https://t.co/xCjt8x80s5 pic.twitter.com/39AB06QI2e — Rosa News Official (@Mirha1206) July 17, 2026 “We were upstairs on the second floor when it started shaking; we thought it would pass, but then it got stronger, so we all went downstairs and evacuated in an orderly manner to the front courtyard,” Alejandra Mendoza, an administrative employee at a public hospital in Tapachula, told the Associated Press. In Guatemala City, the prolonged tremors frightened residents, with many people rushing out of buildings and gathering in the streets during the morning rush hour. The earthquake was also felt in Mexico City, where buildings in some areas creaked and shook. However, the city’s earthquake alert system did not activate. The Mexican government said the alert was not triggered because “the energy radiated by the earthquake during the first few seconds did not exceed the activation thresholds.” Sismo preliminar 7.4 frente a las costas de #Chiapas, #México. Grabado desde #Villahermosa, #Tabasco hoy viernes 17 de Julio de 2026 pic.twitter.com/P6iXEq6JPA — 🇲🇽 Brecha Sísmica de Tehuantepec (8.0 – 8.7 Mw). (@TehuantepecGAP) July 17, 2026 ALSO READ What is WAICO? Inside China’s new 29-nation alliance to counter US AI dominance Tsunami risk monitored along Mexico-Guatemala coast Officials continued to monitor coastal areas for a possible tsunami threat following the earthquake. In Suchiate, a town along the river separating Mexico and Guatemala, officials were monitoring coastal areas for potential tsunami-related risks, according to Mayor Elmer Vazquez Gallardo. The powerful quake also triggered alerts from tsunami monitoring authorities, while emergency teams in both countries began assessing possible damage to buildings, roads, public utilities and other infrastructure. Authorities urged residents to remain alert and follow official safety advisories, particularly amid the possibility of aftershocks. No immediate reports of widespread destruction While the earthquake caused panic and forced evacuations, preliminary reports did not immediately indicate widespread destruction or a large number of casualties. Officials continued to assess the impact across affected areas as emergency response teams were deployed. It is reportedly said that the earthquake struck in the Pacific Ring of Fire, one of the world’s most seismically active regions, where tectonic activity frequently causes powerful earthquakes. ALSO READ Why US Small Business Administration’s SpaceX investment raises questions Quake follows devastating earthquakes in Venezuela The earthquake comes weeks after Venezuela was struck by two powerful earthquakes that caused widespread destruction and left thousands dead. On June 24, earthquakes measuring 7.2 and 7.5 struck within a minute of each other, devastating parts of the coastal state of La Guaira, north of Caracas. According to figures cited by National Assembly chief Jorge Rodriguez, the disaster killed 4,829 people and injured more than 16,700. At least 20,857 people were left homeless, with many forced to seek shelter in temporary camps. Relief agencies and local authorities have continued to deal with shortages of clean water, sanitation facilities and other essential services as recovery efforts remain underway.
Parliament to take up FCRA, MSME reforms
The upcoming Monsoon Session of Parliament will feature a targeted legislative agenda centered on tightening foreign funding rules for NGOs via the FCRA Amendment Bill, 2026.
The Parliament’s Monsoon Session, beginning July 20, will have a relatively light legislative agenda, with the government seeking approval for key pending bills, including the Foreign Contribution (Regulation) Amendment Bill, 2026, to tighten rules governing foreign funding of non-government organisations (NGOs). The Income-Tax (Amendment) Bill, 2026, will replace an ordinance granting tax concessions on foreign investment in government debt securities. The government has listed five new bills for the session, which concludes on August 13. These include the Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026, aimed at aligning the MSME Development Act, 2006, with the sector’s evolving needs. The Foreign Contribution (Regulation) Amendment Bill, 2026, seeks to strengthen the framework governing how Indian entities, individuals and NGOs receive, utilise and create assets from foreign contributions. A key provision of the Bill is the creation of a designated authority to take charge of foreign contributions and assets if an organisation’s FCRA registration is cancelled, surrendered or lapses. In such cases, assets created using foreign funds may be taken over, managed or disposed of by the authority in accordance with prescribed rules, replacing the current system that lacks a structured mechanism for handling such situations. The Income-Tax (Amendment) Bill, 2026, will replace the ordinance promulgated on June 5 to provide tax relief to foreign portfolio investors (FPIs). The measure grants a retrospective exemption, effective April 1, 2026, from taxes on capital gains and interest income earned from investments in government securities. Earlier, FPIs were subject to a 30% tax on short-term capital gains, a 12.5% tax on long-term capital gains and a 20% tax on interest income—levies that had remained a key deterrent even after India’s inclusion in major global bond indices. The Micro, Small and Medium Enterprises Development (Amendment) Bill, 2026, seeks to improve the ease of doing business through trust-based regulation, strengthen the mechanism for addressing delayed payments to MSMEs, enable enforcement of arbitral awards in favour of micro and small enterprises, and provide states with greater flexibility in determining the composition of Micro and Small Enterprises Facilitation Councils (MSEFCs), allowing more such councils to be constituted. Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
RBL Bank Q1 profit rises 27% on higher NII, better asset quality
Bank expects NIMs to improve, mobilises $150 million through FCNR(B) deposits after RBI's regulatory relaxation.
RBL Bank’s net profit for the quarter ended June was up 27% on year to Rs 253.7 crore, due to growth in the net interest income and improvement in asset quality. The net interest income for the bank was up 12% on year to Rs 1,654.45 crore for the Apr-Jun quarter. However, it declined marginally on a sequential basis. Net interest margin (NIM) for the reporting quarter stood at 4.13% as against 4.41% a quarter ago. Other income declined by 10% on year to Rs 959.43 crore, mainly due to reduction in the large treasury income. “NIMs will go up and will be in the 4.80-4.90%,” R Subramaniakumar, managing director and CEO of the bank said in the post earnings media call. ALSO READ ‘Gold loans to be a focus area in FY27’: Jairam Sridharan, MD & CEO, Piramal Finance Looking ahead, RBL Bank said it will focus on building a scalable, resilient and profitable franchise by strengthening its liability franchise and gradually narrowing the gap in cost of deposits with larger peers. The bank plans to accelerate growth in savings accounts, tap non-resident deposit flows through Emirates NBD’s international network, deepen relationships with large corporates and leverage trade corridors where the partner has a presence. Loan Mix Realignment The advances grew 23% on year to Rs 1.16 lakh crore as on June 30. Within which, wholesale advances grew by 38% on year to Rs 52,027 crore and retail advances grew 13% to Rs 64,196 crore. Unsecured retail advances grew by 8% on year to Rs 27,635 crore. On the asset side, it aims to drive faster growth in secured retail products, including housing, gold and business loans, while improving profitability through better pricing, operating leverage and product optimisation across its existing customer base. On the loan growth guidance, the bank’s management said that they will continue to grow in the range of 20-25%. Deposits for the bank grew 11% on year to 1.25 lakh crore as on June 30. The growth in current account and savings account (CASA) deposits was flat on a year-on-year basis and stood at Rs 36,468 crore. CASA ratio for the bank stood at 29.2%. The credit-deposit ratio stood 93.1% as on June 30. Following the Reserve Bank of India’s relaxation of FCNR(B) deposit norms, RBL Bank has mobilised $150 million through FCNR(B) deposits so far. ALSO READ FCNR(B) inflows short of expectations: Barclays Asset Quality Dynamics In terms of asset quality, the gross non-performing asset (NPA) ratio stood at 1.30% as on June 30 as against 1.45% a quarter ago. Net NPA ratio stood at 4.13% as against 4.41% a quarter ago. Fresh slippages during the reporting quarter inched up to Rs 940 crore from 925 crore a quarter ago, due to rise in slippages in the credit card and personal loans. Provisions and contingencies inched up to Rs 599.3 crore in the reporting quarter as compared to Rs 442.32 crore as reported a year ago. However, on a sequential basis, it declined by nearly 12%. Provision coverage ratio stood at 72%. Credit cost for the reporting quarter stood at 54 basis points, lower than 65 bps a quarter ago. On Friday, the shares of RBL Bank closed 1.5% higher at Rs 368.10 on BSE. The financial results were announced post market hours.
SEBI allows standing instructions for SWP and STP for mutual fund units held in demat form
The Securities and Exchange Board of India (SEBI) has issued a circular extending standing instructions for Systematic Withdrawal Plans (SWPs) and Systematic Transfer Plans (STPs) to demat mutual fund units.
In its latest circular, the Securities and exchange board of India (Sebi) extended the facility of creating standing instructions with the registrar and transfer agent (RTA) or the fund house for STP and SWP transactions. ALSO READ Apple unseats Nvidia from the top spot to become the world’s most valuable company This will allow the investors holding their mutual fund units in demat form to create standing instructions for periodic redemption of specified number of mutual fund units or amount through Systematic Withdrawal Plan (SWP) or transfer of investments from one mutual fund scheme to another scheme of the same fund house by redemption from one scheme and subscription to the other scheme through Systematic Transfer Plan (STP). Until now, the facility of creating standing instructions was only available for mutual fund units held in physical form by the investors. The regulator specified that the facility will be implemented in two phases. ALSO READ Caliber Mining IPO subscribed 1.21x on Day 1; retail, NII portions fully booked The first phase will make the facility available for unit-based SWPs and STPs where standing instructions are based on withdrawal or transfer of a specified number of mutual fund units. The second phase will extend the facility to amount-based SWPs and STPs where standing instructions are based on withdrawal or transfer of a specified amount. The regulator specified that these provisions will come into effect immediately.
Chip and mobile schemes target higher value addition, but incentives alone cannot build competitiveness
The Cabinet’s approval of Semicon 2.0 and the new Mobile Phone Manufacturing Scheme (MPMS) is more than the announcement of another Rs 1.9 lakh-crore incentive package. It marks a decisive shift in the manufacturing strategy. For much of the past decade, the government’s objective was to persuade global electronics companies to make in India. That effort has delivered measurable results. India is today the world’s second-largest mobile phone manufacturer by volume, 99.2% of the phones sold domestically are produced locally, mobile phones have emerged as the country’s largest export category, and electronics production and exports have grown seven-fold and eleven-fold, respectively, since 2014-15. The first phase of the semiconductor mission has also succeeded in attracting a dozen projects across fabrication and packaging. Yet these achievements came with an important caveat. India became a preferred location for assembly, but not necessarily for technology ownership or value creation. The new schemes acknowledge that distinction. Their objective is no longer merely to expand production but to capture a larger share of the economic value embedded in electronics manufacturing. ALSO READ Data is ‘crude’, digital refineries create value That change in emphasis is evident in both schemes. The first semiconductor mission was primarily about attracting fabrication plants and packaging facilities. Semicon 2.0 broadens the canvas to include chip design, semiconductor equipment, materials, research, talent development, and intellectual property (IP). Equally significant is the decision to open the Design Linked Incentive scheme to large companies alongside startups, recognising that building globally competitive chip design capabilities requires participation across the industry. The ambition to move from the current 28 nanometre technology to 7 nm and eventually 2 nm chips underscores the government’s intent to climb the technology ladder rather than remain confined to mature nodes. The same thinking is visible in the mobile manufacturing scheme. The focus is no longer simply on producing more handsets but on encouraging domestic sourcing of components, supporting Indian design and R&D, and almost doubling value addition from the current 23-24% to 44-45%. Assembly creates jobs and exports, but it is components, materials, machinery, design, and IP that generate the highest economic returns. Much of the value in electronics still accrues outside India because semiconductor equipment, specialty chemicals, wafers, and several critical components continue to be imported. Raising domestic value addition will therefore require far more than generous incentives. It will demand globally competitive suppliers, reliable infrastructure, skilled engineers, sustained research spending, and close coordination between the Centre, states, and industry. It will also require policy stability over a much longer horizon than a five-year incentive cycle. ALSO READ India needs a compliance stack The two schemes therefore deserve to be judged not by the size of their outlay but by whether they help Indian companies move from assembling products designed elsewhere to creating technologies that the world buys. The government’s willingness to shift its focus from output to value addition, from factories to ecosystems, and from manufacturing to innovation is a welcome recognition that the next phase of industrialisation demands different policy tools. But incentives can only catalyse change; they cannot substitute for competitiveness. The real test of Semicon 2.0 and MPMS will come a decade from now, when the question is no longer whether India makes more phones or packages more chips, but whether it owns more IP, supplies more critical components, and commands a larger share of the global electronics value chain. That, rather than another production milestone, will determine whether India has truly moved beyond assembly.
Data is ‘crude’, digital refineries create value
As AI commoditises data and algorithms, institutional capability to refine information will determine enduring economic advantage
Economic history has consistently rewarded those who transformed resources more effectively than those who merely possessed them. Every industrial age has reaffirmed the same principle: resources create opportunity, but transformation creates enduring value. For more than a decade, corporate strategy has been influenced by the proposition that “data is the new oil”. Businesses celebrate the scale of their information assets, while investors and executives increasingly equate ownership of information with competitive advantage. Data has become an essential economic resource. Yet it risks encouraging a misunderstanding of where value is ultimately created. The more useful analogy is therefore not between data and petroleum, but between the digital and petroleum value chains. Crude oil acquires economic significance through refinement. Data follows an analogous journey. Its greatest value emerges through the institutional capability that systematically transforms raw information into intelligence worthy of commercial, regulatory, and societal trust. ALSO READ India needs a compliance stack The first phase of the digital economy rewarded accumulation. Data was scarce, computing expensive, and analytical capability limited. Every customer interaction, financial transaction, supply chain event, and digital footprint represented another potentially valuable resource. That economic logic is changing. Smartphones, payment systems, industrial sensors, satellites, and connected devices now generate information continuously. Computing power has become progressively accessible. AI models are proliferating rapidly, while many algorithmic capabilities that once differentiated leading technology companies are steadily becoming available across markets. As industries mature, scarcity migrates. That has profound consequences for corporate strategy. An enterprise may possess extraordinary volumes of information while lacking consistent definitions, coherent architecture, or sufficient confidence in the decisions emerging from its systems. Scale alone offers limited assurance of quality. Indeed, decades of acquisitions, incompatible platforms, changing regulations, and evolving operating models have often left organisations with information estates. AI is steadily reducing the cost of information refinement. It is not reducing the value of institutional judgement. As the economics of processing improves, the economics of governance becomes correspondingly more important. It is increasingly capable of classifying documents, reconciling records, enriching data sets, identifying anomalies, and continuously improving information quality at a scale unimaginable only a few years ago. ALSO READ The ghosts of the past have changed As algorithms become progressively commoditised, competitive advantage migrates towards the environment within which those algorithms operate. AI can automate key aspects of refinement. It cannot determine which information should be regarded as authoritative, set up governance standards, reconcile competing legal obligations, or assume accountability for decisions carrying commercial, regulatory, or fiduciary consequences. Petroleum refineries derive their economic significance from engineering discipline, operating standards, process integrity, and continuous quality assurance. Digital refineries demand comparable institutional attributes. Information must be governed throughout its lifecycle so that provenance remains traceable, definitions remain consistent, systems remain interoperable, and outputs remain reliable for consequential decisions. The economics of refinement deserves greater prominence in boardroom deliberations. Cleaning information is expensive. Integrating fragmented systems requires sustained investment. Establishing common taxonomies across business units consumes management attention. Maintaining high-quality data sets for machine learning demands continuous effort because the underlying information itself never remains static. These expenditures often appear less visible than investments in AI applications, although they contribute more directly to the quality of decision-making, operational resilience, and long-term productivity. Boards have traditionally regarded information quality as an operational concern residing within technology functions — this could be unsustainable. Capital allocation, regulatory compliance, operational resilience, cybersecurity, customer trust, and strategic decision-making are shaped by the quality of information entering organisational systems. As AI assumes a larger role in consequential decisions, information integrity becomes inseparable from fiduciary oversight. The same reasoning extends to public policy. Data protection legislation has concentrated, understandably, on collection, consent, storage, and transfer. Emerging AI regulatory ideas are focusing on model behaviour, transparency, bias, and accountability. The intervening stage receives comparatively less attention — the institutional processes through which information is combined, interpreted, enriched, and transformed before intelligent systems act upon it. The long-term effectiveness of digital regulation may increasingly depend on recognising that governance of the refinery is as important as governance of the oilfield/finished product. Investors may also need to reconsider where enduring competitive advantage will reside. Markets have historically attached significant premiums to ownership during the early stages of technological revolutions before recognising that durable returns accrue to capabilities. The digital economy appears to be approaching a comparable inflection point. Companies capable of repeatedly transforming fragmented, incomplete, and continuously changing information into trusted intelligence occupy a fundamentally different economic position. Their competitive advantage rests not upon ownership alone but upon institutional capability that competitors cannot easily replicate. Trust, in this context, is the economic outcome of consistently producing intelligence that customers, regulators, investors, and boards are prepared to rely upon. Disclaimer: The views expressed are the author’s own and do not reflect the official policy or position of Financial Express.
An AI compliance stack won't dilute tax enforcement, it will make routine obligations intelligible
By Soumya Kanti Ghosh & Shashidharan Sharma, Ghosh is Member, Economic Advisory Council to the PM, Member, 16th Finance Commission, and Group Chief Economic Advisor, SBI; Sharma is Economist, SBI There is a deeper reason why compliance laws in India often feel suspicious. The state cannot perfectly observe private information — whether a declaration is accurate or strategic, whether a mistake is honest, or whether a firm is a lemon pretending to be a peach. When information is scarce, the law ideally becomes risk-averse. It asks for repeated forms and multiple permissions, as it cannot easily separate the trustworthy from the risky. Subsequently, adherence to compliance laws in India continues to remain shrouded in haze. Compare these with the enormous progress India has made in digital tax administration in the last decade. Returns, payments, challans, tax deducted at source (TDS) information, goods and services tax (GST) filings, refunds, and notices now move through digital systems that are anonymous and faceless. However, in a similar vein, tax compliance is still experienced as a calendar of forms, reconciliations, thresholds, circulars, extensions, and anxieties. The World Bank’s last Doing Business profile for India, a historical benchmark, recorded 11 tax payments taking 252 hours a year. Singapore records five payments taking 64 hours. ALSO READ The ghosts of the past have changed India can clearly solve this problem with an artificial intelligence (AI) compliance stack/copilot. As an example, an AI compliance stack would not dilute tax enforcement. It would make routine obligations intelligible. A founder could ask — do I need to deduct TDS on this payment? When is my next GST return due? What records must be kept? Has my turnover crossed a registration threshold? Is there an updated return or correction route available? What evidence is needed if a notice arrives? The system would not give private legal advice, but it would instead provide authenticated public guidance, with citations and in a language that a normal business owner can understand. The economic case is straightforward. The ministry of corporate affairs (MCA) reports more than 31 lakh registered companies and over 20 lakh active companies. If even 50 hours a year were saved for each active company, India would release more than 10 crore business hours. Those hours could go into product development, customer service, worker training, export preparation, or research. Compliance reform is therefore not a favour to businesses. It is a productivity reform; and for start-ups and micro, small, and medium enterprises, it may be the difference between disciplined growth and procedural exhaustion. Other countries have already built parts of this idea. The European Union’s Single Digital Gateway regulation advances the once-only principle, under which citizens and businesses should not repeatedly provide evidence already held by public authorities. Estonia’s X-tee data exchange layer and Bürokratt virtual-assistant programme show how digital identity, data exchange, and conversational government can be connected. The UK’s Making Tax Digital programme moves specified tax obligations towards digital records and compatible software. Canada’s BizPaL helps firms identify permits and licences required by participating governments. None of these systems is a complete model for India, but together they show the direction of travel — less repetition, more data reuse, clearer guidance, and software-assisted compliance. ALSO READ Made in India aircraft India need not imitate any one country. It can build a fuller model because it already has significant important foundations. The MCA has a large corporate data platform. The National Single Window System (NSWS) brings together central and state approvals. Parivesh (Pro-Active and Responsive facilitation by Interactive, Virtuous, and Environmental Single Window Hub) functions as a single-window system for environment, forest, wildlife, and coastal regulation clearances. The Jan Vishwas Act, 2023, has accepted the principle that many technical offences should be decriminalised and rationalised in the interest of trust-based governance. These are not minor steps. They show that the state is already moving from paper to platform administration. But the missing layer is interpretation and integration. The reform should ideally begin with a Common Business Compliance Account. If a company has already provided its registered office, directors, beneficial owners, Personal Account Number, GST identification number, employee count, bank details, factory location, and environmental category to one public authority, another should not demand the same information again unless there is a material change or a risk-based reason. The system should generate a live compliance calendar across the MCA, GST, income tax, Employees’ Provident Fund Organisation, Employees’ State Insurance Corporation, labour, environment, NSWS, Parivesh, and state systems. It should auto-populate repeat fields, flag inconsistencies, and give firms a plain-language cure path for first-time non-material defaults. The safeguards should be built in from the start. The AI system should be publicly governed, based only on authoritative legal material, updated through a controlled publication workflow, and independently audited. It should not make adverse decisions by itself. It should be a compliance guide, not a surveillance shortcut. Data minimisation, purpose limitation, role-based access, audit trails, privacy protection, and appeal rights must be part of the design. There should also be a limited safe harbour — if a business acts in good faith on current, source-cited official guidance, the first response to a technical default should be correction, not prosecution. The next phase of compliance reform should therefore be practical and measurable. We must create an authenticated machine-readable corpus of central and state compliance law and connect it to a Common Business Compliance Account. We should then build a source-citing AI interface in English and Indian languages. Finally, we must publish a dashboard showing the filings eliminated, fields auto-populated, time saved by businesses, and serious cases taken up by regulators. India’s next reform wave should treat compliance not as paperwork, but as economic infrastructure. Disclaimer: The views expressed are the author’s own and do not reflect the official policy or position of Financial Express.
Tata Technologies guides for doube-digit growth, margin expansion in FY27
Tata Technologies posted an 11.4% sequential decline in net profit to ₹180.8 crore for Q1, impacted by a high base from a prior one-time provision reversal.
Tata Technologies reported an 11.4% sequential drop in net profit to Rs 180.8 crore for the June quarter. Excluding the one-time reversal of a provision under the new labour code in Q4FY26, the first-quarter profit growth was 11.3%. The company’s EBITDA margin for the quarter rose by 10 basis points to 16.1%. The operating EBITDA was up 6.1% to Rs 267.4 crore while revenue rose by 5.9% quarter-on-quarter to Rs 1,664.6 crore. Tata Technologies has guided for strong organic double-digit growth in FY27, with greater acceleration in the second half of the year and margin expansion. FY27 is going to be a breakout year for Tata Technologies, said Warren Harris, CEO and Managing Director of Tata Technologies. ALSO READ Iron ore key addition in revised core sector index The ongoing investments in AI, disciplined focus on operational efficiency, and continued portfolio diversification have positioned them to deliver strong double-digit organic revenue growth in FY27, Harris said at the investor call on Friday. The company’s growth during the quarter was driven by business mix, deal momentum, and ramp-up of large strategic wins, including a full vehicle development programme from a Japanese automotive OEM, margin expansion and AI-led efficiency, he said. The demand growth was not just in engineering but in embedded software, digital transformation and software-defined vehicles, Harris said. Strategic Wins The joint venture with BMW was growing, and the team had grown to 2,000 engineers and had contributed Rs 17 crore to profit (including deferred profit of Rs 8.3 crore). The company will start executing the five-year $ 100 million Tenneco deal in Q2 and ramp up this fiscal. As Tata Technologies was a fuel-agnostic technology solutions provider, the company had benefited from the tapering of EV investments by customers and their shift to a more balanced approach to the fuel mix. Harris said this was one of the key drivers of their improved performance. ALSO READ RIL Q1FY27 Results: Revenue tops Rs 3 lakh crore, retail hits 396 million users – 5 key highlights Around 78% of the company’s revenues came from the services segment. The share of services from the auto segment was 81%, while the non-auto segment revenues were at 19%. The services segment revenue increased by 6.3% q-o-q to Rs 1,296.9 crore. It translated to $136.6 million in dollar terms, a 4.3% increase. The aerospace business was growing faster than the automotive business, Harris said. Apart from strengthening their relationship with Airbus, their flagship account in the aerospace sector, they were also working with propulsion companies in North America and were not dependent on one customer, the MD said. Talent Rebalancing Tata Technologies’ headcount was reduced by 67 to 12,579, with attrition at 16%. A wage hike is expected in Q2, and the company said it would be able to absorb these hikes and continue to maintain margin growth. The company has retained its margin guidance of 18% for FY27.
AMFI streamlines the transfer of mutual fund units in the event of unitholder’s death
The moves are aimed to ensure smooth transmission of MF units to the nominees.
The Association of Mutual Funds in India (AMFI) today announced modifications to its procedure to claim units/proceeds upon death of a unit holder. The trade body specified that in the case of a mismatch in the recorded address of the deceased unit holder, fund houses will have to rely on the latest available address details, provided they are supported by relevant documents. Further, for cases pertaining to name and signature, the AMCs to adopt a similar framework as the one followed by the registrar and transfer agents (RTAs). ALSO READ Parametric Insurance: Handy payouts when rains wash out a hard day’s work Navigating Discrepancies The RTA framework divides the mismatches in name and signature into minor and major mismatches. For minor mismatches in name between two documents presented by the security holder like initials not being spelt out fully or initials put after or prior to surname, the demat request is processed if the signature in the demat request matches with the signature card with the RTA after the security holder or claimant provides a self-attested copy of an identity proof like Aadhaar, valid passport, driving licence etc. For a major mismatch in name, the security holder is allowed to change his/her name following submission of a marriage certificate or valid passport, in case of name mismatch due to marriage or publication of name change in the official gazette for other cases. Resolving Signature Disputes For a minor mismatch in signature, the framework allows the security holder a timeline of 15 days to raise an objection following intimation through speed post, email and SMS. In the absence of an objection, the service request is processed. In the event of a major mismatch or updation/non-availability of the signature, allowing the security holder to register or update the signature by either submitting a cancelled cheque with the security holder’s name or a self-attested copy of the bank passbook/bank statement. Alternately, the security holder can also visit the RTA office in person to sign before the authorized personnel along with PAN card and an additional identity proof. The move is aimed at simplifying the mutual fund transmission process and specifically eliminate operational friction to ensure that the nominees of deceased investors can claim units/ proceeds smoothly. ​These updates come in the wake of recent market reports highlighting the administrative hurdles faced by grieving families during the claim process, particularly concerning minor documentation discrepancies. ALSO READ A toolkit to choose the right pension fund in NPS AMFI communicated the updated SOP guidelines to all member AMCs and specified that they will take effect immediately. AMFI also proposed training initiatives through AMCs to ensure consistent application of the revised procedures and alignment with regulatory guidelines. Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Gujarat tops Niti Aayog’s Investment Friendliness Index
Gujarat has secured the first rank in NITI Aayog's newly unveiled Investment Friendliness Index (IFI) with a score of 56.6, followed closely by Maharashtra and Tamil Nadu.
Gujarat topped the Investment Friendliness Index (IFI) unveiled by government think tank NITI Aayog on Friday, reflecting its strong investment ecosystem and recognising the pivotal role of states in fostering a conducive business climate. Gujarat secured the highest score of 56.6 out of 100, driven by efficient port operations, a competitive power sector ensuring reliable electricity supply, and an overall favourable business environment. Maharashtra followed with 53.7, backed by strong private equity and venture capital inflows, the highest number of Atal Tinkering Labs (ATLs), and robust economic indicators. Tamil Nadu ranked third with a score of 53.3, benefiting from efficient port infrastructure, a near-100% memorandum of understanding (MoU) conversion rate and strong export performance. It was followed by Goa (53.1) and Odisha (52.4). Among the large states, Bihar ranked last with a score of 41.2, with NITI Aayog noting significant scope for improvement in its business climate and financial health. The index assesses all 28 states and eight Union Territories across eight parameters—Infrastructure, Business Climate, Resources, Government Policy, Regulatory Ease, Institutional Environment, Financial Health and Environmental Resilience—to benchmark the investment ecosystem across the country. In the Hilly and North-Eastern States category, Uttarakhand emerged as the top performer, followed by Assam and Himachal Pradesh. Among City States and Union Territories, Goa ranked first, ahead of Delhi and Chandigarh. According to NITI Aayog, India will need significantly higher investment rates to achieve its Viksit Bharat @2047 vision, with private investment expected to play a central role in driving industrialisation, innovation, job creation and long-term economic growth. While reforms by the Centre provide the broader policy and macroeconomic framework, the quality of the business environment at the state level ultimately shapes investment decisions. Factors such as industrial land availability, physical and digital infrastructure, regulatory efficiency, institutional capacity and policy predictability are key determinants of investment attractiveness. Beyond ranking states, the IFI is intended to serve as a reform tool by identifying strengths and gaps, promoting best practices, encouraging peer learning and fostering healthy competition among states. NITI Aayog said the index aims to support continuous improvements in the investment climate and strengthen India’s position as a preferred global investment destination.
Who is Shreya Kaushik? 18-year-old wins Rs 3 crore Lincoln Scholarship, only Indian selected this year
Shreya Kaushik from Bihar becomes the only Indian to win the Rs 3 crore Lincoln Scholarship, securing fully funded undergraduate studies at Centre College, US.
For 18-year-old Shreya Kaushik, the journey from a small town in Bihar to one of the world’s most prestigious undergraduate scholarship programmes is about much more than studying abroad. It is the story of a student who turned opportunities, mentorship and determination into a life-changing achievement. As the only Indian selected this year, Shreya’s success adds another inspiring chapter to India’s presence in global education. Originally from Siwan in Bihar, Shreya has been selected for the Lincoln Scholarship, becoming the only Indian among this year’s 10 global scholars. The scholarship, valued at nearly Rs 3 crore, will fully fund her four-year undergraduate education at Centre College in Kentucky, United States. A scholarship that opens doors Named after Abraham Lincoln, the 16th President of the United States, the Lincoln Scholarship is one of the most competitive undergraduate scholarships in the world. Every year, just 10 students from across the globe are chosen for the programme. The scholarship is awarded to students who have shown outstanding academic performance, leadership qualities and a strong commitment to creating a positive impact in society. ALSO READ Who is Apoorv Shankar? Indian bags $5.5M seed to build AI-native hardware interface Beyond paying tuition fees, the scholarship covers the complete cost of studying at Centre College. This includes accommodation, meals, books, study materials, health insurance, travel expenses and other approved educational and personal costs, allowing students to focus entirely on their education. Shreya’s education Although Shreya was born in Siwan, she completed her schooling at Sarvodaya Kanya Vidyalaya in Aya Nagar, New Delhi. At the age of 13, she joined Dexterity Global, an organisation that provides leadership training and educational opportunities to students from different backgrounds. Over the years, she participated in several national and international competitions, leadership programmes and learning initiatives. These experiences helped build a strong academic and leadership profile that eventually earned her a place among this year’s Lincoln Scholars. ALSO READ How much will Anthropic’s new investor relations director earn? AI firm posts high-paying job ahead of IPO She also said she hopes to use the education and experiences she gains to contribute meaningfully to society in the future. The Lincoln Scholars Program congratulated Shreya on her selection and confirmed that the scholarship will fully support her undergraduate studies throughout the four-year programme at Centre College. Reacting to her selection, Shreya said receiving a scholarship named after Abraham Lincoln was a deeply meaningful honour. She credited the mentorship and guidance she received over the years for encouraging her to dream beyond her circumstances and pursue opportunities on a global stage.
Renewed US-Iran fighting could keep $20-a-barrel oil premium
August 16 MoU deadline becomes key trigger; sustained fighting could hold Strait traffic near 2 million bpd
Renewed and sustained fighting between the US and Iran could keep a geopolitical risk premium of $15-20 a barrel embedded in crude prices, after Brent surged above $85 from $72 at the start of the month amid maritime attacks and Washington’s renewed naval blockade of Iranian ports. Rystad Energy has raised the probability of sustained fighting to 20%, while the combined likelihood of no substantive agreement has climbed to 55%. A prolonged stalemate now carries a 35% probability, against 40% for a narrow agreement and just 5% for a full resolution. ALSO READ Iron ore key addition in revised core sector index The August 16 expiry of the 60-day memorandum of understanding negotiation window has become the critical near-term date for oil markets, with the Strait of Hormuz again facing severe disruption. Hard Elements Left Unresolved “The narrow deal is still our base case, but it has become a considerably less comfortable one,” said Jorge León, senior vice-president and head of geopolitical analysis at Rystad Energy. Washington wants lower oil prices and a diplomatic outcome ahead of the November midterm elections, while Tehran has an economic package involving access to frozen assets and export waivers that it does not want to abandon permanently, León said. “The problem is that the MoU has not moved the needle on its hardest elements: nuclear limits and who controls commercial passage through Hormuz,” he said. “After Aug. 16, the question becomes whether the shipping market can adapt to a continuing threat rather than whether diplomacy can resolve one.” Under the renewed-fighting scenario, negotiations collapse, direct military activity broadens and the threat to Gulf energy infrastructure increases. Iran restricts commercial passage, while the US maintains maximum sanctions enforcement and a full blockade of Iranian ports. Strait traffic would remain close to 2 million barrels per day before August 16, Iranian oil exports would be limited to around 300,000 bpd, and bypass flows would fall to about 3.5 million bpd. Dark-fleet movements and selective passage could lift traffic towards 3.5 million bpd by November. Rystad said recent events showed how quickly a fragile diplomatic framework could unravel through miscalculation or attacks on commercial shipping. ALSO READ India added 1.6 GW thermal by May 31; 22% of FY27 target met Mapping the Fallout A stalemate would sustain a lower but still significant $10-15-a-barrel premium. Under this scenario, negotiations remain open without a meaningful agreement, while calibrated military pressure and periodic incidents continue. Shipowners, insurers, governments and traders would gradually adapt through bilateral assurances, selective US enforcement and timed convoys. Strait traffic could rise from 2.5 million bpd in August to around 8 million bpd by November, while nearly 7 million bpd moves through bypass routes. A narrow agreement would retain a $5-10 premium, with traffic recovering to about 10 million bpd by mid-August and 14 million bpd by October. A full resolution would reduce the premium to $0-2 a barrel.
Maharashtra bus fare hike: How much more will you pay for MSRTC travel from July 18?
The fare revision has been attributed to the increase in diesel prices amid geopolitical tensions in the Gulf region and the ongoing conflict in West Asia.
Bus travel in Maharashtra is set to become more expensive, with the State Transport Authority approving a 13.56% increase in fares of Maharashtra State Road Transport Corporation (MSRTC) services. Quoting officials familiar with the development, news agency PTI reported that the revised fares will come into effect from midnight between July 17 and July 18. This development comes amid rising diesel prices, higher employee-related expenses and an increase in the cost of spare parts, tyres and vehicle maintenance. The corporation said the revision was necessary to protect its financial sustainability and ensure the continuation of safe and uninterrupted bus services. Existing 10% seasonal hike on ordinary buses to be withdrawn As part of the revision, the existing 10% seasonal fare increase on ordinary MSRTC buses will be withdrawn. The corporation had extended the seasonal fare hike until the end of July on July 15. However, with the new fare structure coming into effect from July 18, the seasonal increase will no longer be applicable. “The State Transport Authority has approved the Maharashtra State Road Transport Corporation’s (MSRTC) proposal to increase bus fares by 13.56%,” PTI reported Maharashtra Transport Minister Pratap Sarnaik as saying. ALSO READ Skyroot’s Vikram-1 to carry PM Modi’s handwritten ‘Vande Mataram’ postcard on maiden orbital mission Diesel prices, West Asia tensions cited as key factors The fare revision has been attributed to the increase in diesel prices amid geopolitical tensions in the Gulf region and the ongoing conflict in West Asia. The state government also cited higher allowances for MSRTC employees and increased expenditure on spare parts, tyres and vehicle maintenance as factors behind the decision. Sarnaik reportedly said the increase had become necessary in view of the rising operating costs faced by the corporation. He added that the fare revision had been structured to keep the additional financial burden on passengers to a minimum. “This decision is important to enable the corporation to continue providing safe, quality and uninterrupted services to the people of the state, while also strengthening MSRTC’s financial position,” Sarnaik said. MSRTC operates over 14,000 buses According to PTI, MSRTC is among India’s largest public bus transport corporations, with a fleet of more than 14,000 buses. More than 55 lakh passengers use its services every day, making the corporation a crucial part of Maharashtra’s public transport network, particularly for passengers travelling between rural and urban areas. The corporation said rising operational expenses had placed significant pressure on its finances and made the fare revision necessary to maintain its services. ALSO READ Can Election Commission decide citizenship? What the Supreme Court’s latest West Bengal ruling means MSRTC says hike needed to sustain services According to MSRTC, the revised fares will help strengthen its financial position while allowing it to continue providing safe, reliable and uninterrupted services to millions of passengers. The corporation reportedly said the additional revenue would also support the maintenance of essential passenger amenities, safety standards and service quality. It further said that the fare increase is aimed at ensuring that ST services remain financially viable amid rising fuel and operational costs.
Govt’s flagship Ayushman Bharat scheme has slashed out-of-pocket expenses to 49%: Anupriya Patel
Union Minister Anupriya Patel announced major milestones in India's journey toward universal health coverage at the FE Healthcare Summit 2026.
Union minister of state for health and family welfare Anupriya Patel on Friday said the central government’s efforts to translate universal health coverage into reality are delivering results with the rapid expansion of healthcare initiatives. ALSO READ Regulatory easing to open the generic drug floodgates At the FE Healthcare Summit & Awards 2026, Patel said that the Centre’s flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) has provided institutional care to over 120 million beneficiaries backed by government spending of Rs 1.82 lakh crore. The scheme now covers around 1,961 procedures in the health benefit package, and has helped reduce out-of-pocket health expenditure from 64% to 49%. Digital Frontiers Patel said India’s digital health ecosystem has also expanded rapidly, with over 950 million ABHA (Ayushman Bharat Health Account) accounts created and more than 1 billion health records linked digitally. She added that over 10 lakh doctors have registered on the Ayushman Bharat Digital Mission platform, while 1.24 lakh Ayushman Arogya Mandirs are conducting one of the world’s largest screening programmes for diabetes, hypertension and common cancers. ALSO READ Patent expiries of $300-billion by 2030 offer India a chance to move beyond generics: NITI Aayog From Theory to Reality Patel said universal health coverage had remained “on paper” for years, but the Modi government is working to convert it into reality. She also said that the central government has adopted an integrated approach combining healthcare, pharmaceuticals, digital technologies, research and innovation to build an ecosystem capable of addressing both India’s healthcare needs and emerging global health challenges.
Who is Apoorv Shankar? Indian bags $5.5M seed to build AI-native hardware interface
Meet the Indian entrepreneur behind Aina, the AI hardware startup that raised $5.5 million to reinvent human-computer interaction.
Aina, a Bengaluru– and San Francisco-based startup, has raised $5.5 million in seed funding to build a new kind of hardware interface designed for the age of artificial intelligence. The round was led by Redstart Labs and 360 ONE Asset, with participation from global investors and prominent Indian founders. The company is also opening a waitlist for its private pilot, as it prepares to bring its flagship interface developed in stealth to market. Apoorv Shankar’s design-led journey Apoorv Shankar, a hardware-focused product builder is the founder and CEO of Aina, with a strong background in human-computer interaction. An alumnus of the Indian Institute of Science, Bengaluru, where he pursued a Master’s in Design, and with additional exposure to marketing at the Indian Institute of Management Bangalore, Shankar’s career has consistently sat at the intersection of design, hardware, and human behaviour. He began with a degree in Instrumentation and Control Engineering from JSS Academy of Technical Education before moving into product design. ALSO READ NRI Techie who secretly made 400 of his employees millionaires overnight Shankar first gained traction with Lazy Co., a hardware startup he co-founded with a clear philosophy, make everyday digital interactions faster and easier by embracing “laziness” as a design principle. The company built experimental products including an AI-powered smart ring that allowed users to control smartphone functions like booking cabs or managing music without touching their screens. Lazy Co. was eventually acquired by Ultrahuman, where Shankar went on to serve as Vice President of Hardware, contributing to the development of advanced wearable devices such as sleep-tracking rings. Experimenting with interfaces beyond screens and keyboards Through his work, Shankar has consistently questioned the limitations of existing interfaces. His earlier project, Handkey, created during the Covid-19 pandemic, showcased his ability to identify real-world problems and rapidly build solutions, it became an award-winning product featured internationally. With Aina, that same curiosity has scaled into ambition, rethinking how humans interact with software altogether. ALSO READ ‘Don’t anxiously liquidate’: Experts advise Dubai’s Indian diaspora to deal with life during volatile times His journey at Aina Since its incorporation in May 2025, Aina has operated as a human-computer interaction lab under the name “Project Mirage.” The company showcased early prototypes at CES 2026 and later introduced Dune, a context-aware keypad for Mac that adapts its functions based on the active application. Hundreds of these devices have already been shipped to early users, helping the team refine its approach. Now, Aina is building a broader, general-purpose interface that aims to go beyond keyboards and touchscreens entirely. With fresh funding and a growing team across Bengaluru and San Francisco, Aina is positioning itself at the frontier of hardware for AI-native interactions. Though, details of its flagship product remain under wraps, the company’s vision is to create an interface that understands intent, reduces friction, and allows users to act instantly without dealing with layers of apps or menus. If successful, Shankar’s latest venture could change how people interact with technology in an AI-driven world.
Iron ore key addition in revised core sector index
Index with FY23 as base year to be launched on Monday
The government will release a revised Index of Core Industries (ICI) on Monday by adding iron ore to the gauge and increasing the number of industries tracked to nine from eight. The revised ICI series will have 2022–23 as the base year, updated from 2011-12 in the current series. Currently, the ICI measures the production performance of core industries—coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity. In view of iron ore’s extensive use in industrial production and its significant contribution to industrial development, iron ore has been included as a core industry in the revised ICI series, the Department for Promotion of Industry and Internal Trade said. ALSO READ RIL Q1FY27 Results: Revenue tops Rs 3 lakh crore, retail hits 396 million users – 5 key highlights Growth in industrial activity, as measured by the ICI, has been moderating in recent years. As per the FY12 ICI series, growth in the output of eight core industries was at a five-year low of 2.7% in FY26. In May, the eight core industries grew at a 7-month low pace of 0.5%. The OEA on Monday will release the revised ICI series for June and back series data from April 2023. This marks the first revision of the ICI since 2017, when the base year was updated from FY05. It also follows similar exercises for most macro-economic data in India in 2026. The statistics ministry earlier this year revised the CPI, GDP, and Index of Industrial Production (IIP) series, while the DPIIT introduced a revised WPI and new Producer Price Indices in June. The combined weight of these nine core industries is 32.88% of IIP, up from 40.27% in the previous series. Electricity has the highest weightage in the new nine core industries index at 30.93%, up sharply from 19.85% in the FY12 series. Refinery products, coal, natural gas, crude oil, and cement saw a sharp reduction in their weightages in the new index. ALSO READ Gujarat farmers to take Adani transmission line protest statewide In the old ICI, Refinery Products had the largest weight of 28.04%, which has come down to 22.57% in the new series. To ensure consistency with the IIP, the revised ICI series uses gross production data for compiling the Steel Index, replacing the net production data used in the old ICI series. In the Coal sector, only Raw Coal has been retained in the revised ICI series. Coal Middlings and Washed Coal have been excluded to eliminate double counting, as both are derived from Raw Coal.
How much will Anthropic’s new investor relations director earn? AI firm posts high-paying job ahead of IPO
Anthropic is hiring an investor relations director ahead of its expected IPO. Here's what the role involves, why it matters, and how much it pays.
A salary of up to $600,000 a year is turning heads at Anthropic, but the high-paying job is about much more than compensation. As the artificial intelligence company prepares for what could be one of the biggest IPOs in the sector, it is looking for someone who can convince Wall Street that its fast-growing business and massive valuation deserve investors’ confidence. As reported by Business Insider, the company has posted an opening for a Director, Investor Relations, offering a base salary between $425,000 and $600,000. The role comes as Anthropic reportedly readies itself for a public listing that could happen as early as this fall. A key role before the public debut According to the job listing, the new hire will help shape Anthropic’s “investment narrative” and become one of the main links between the company and major investors, as per Business Insider. The person will explain the company’s products, monitor developments across the AI industry, meet institutional investors, and help them understand how Anthropic’s business decisions could affect its financial performance and stock. ALSO READ How TCS is taking on OpenAI and Anthropic in enterprise development space The position will also work closely with the company’s recently appointed head of investor relations, Kenneth Dorell, who joined Anthropic in June after leading investor relations at Meta. He reports to Chief Financial Officer Krishna Rao. Anthropic’s previous head of strategic finance and investor relations, Vu Bui, left the company earlier this year. IPO expected after explosive growth The hiring comes as Anthropic is widely expected to pursue a blockbuster IPO. The AI startup has grown rapidly over the past year, driven largely by enterprise demand for products such as Claude Code. In May, the company said its annualised revenue had crossed $4.7 billion, reflecting the growing adoption of its AI tools by businesses. Anthropic has also continued to launch advanced AI models, strengthening its position as one of OpenAI’s biggest rivals. ALSO READ What is Ode with Anthropic? The $1.5 bn bet on AI implementation involving Blackstone, Hellman & Friedman Its private valuation reportedly reached $96.5 billion earlier this year, making it one of the world’s most valuable privately held AI companies. Explaining an unusual business to investors Going public may not be straightforward for Anthropic. Unlike traditional technology companies, AI labs spend enormous amounts on computing power, research and talent while operating in a rapidly evolving regulatory environment. Anthropic also has a unique corporate structure. It is a public benefit corporation, which means it is legally required to balance returns for shareholders with its mission of developing advanced AI responsibly for the long-term benefit of society. That makes investor communication especially important. The company’s job listing even says preferred candidates should have an interest in AI safety and be able to explain a research-focused company to financial markets. Anthropic’s investor relations team will also be watching how investors respond to other high-profile AI-related public listings. Recent market performance has shown that excitement around AI does not always translate into sustained gains after a company goes public. While demand for AI stocks remains strong, investors are also closely examining profitability, spending and long-term business models.
What is WAICO? Inside China’s new 29-nation alliance to counter US AI dominance
China launches the World Artificial Intelligence Cooperation Organization (WAICO) to boost global AI collaboration, challenge US dominance, and offer developing countries new AI development, governance, and training opportunities.
China has moved its artificial intelligence contest with the United States beyond laboratories, semiconductor factories and technology companies. It is now building an international institution around its competing vision for how AI should be developed, governed and distributed. President Xi Jinping on Friday formally backed the World Artificial Intelligence Cooperation Organization, or WAICO, at China’s flagship AI conference in Shanghai. The organisation, headquartered in the Chinese financial city, has been established by 29 countries as what Beijing describes as the first intergovernmental body dedicated to AI cooperation. As per analysts interviewed by Reuters, the larger message was difficult to miss. China wants to position itself not merely as a producer of competitive AI systems, but as a rule-maker offering developing economies an alternative to a technology order still dominated by American chips, cloud platforms and proprietary models. China turns AI access into diplomacy Xi pledged 5,000 AI training and seminar opportunities for developing countries over the next five years. China will also establish application cooperation centres with countries including India, Russia that are a part of multilateral organisations like BRICS, ASEAN, SCO (Shanghai Cooperation Organisation) and the African Union. ALSO READ Cabinet clears Rs 1.9 lakh crore push for chips & mobiles, new schemes target deeper localisation As per the formal statement put by the Chinese embassy in Azerbaijan, these commitments turn AI cooperation into a development proposition covering skills, public services and technology deployment rather than limiting it to diplomatic statements on responsible use. Decoding this move, analysts interviewed by Reuters explained that global AI power rests on four layers: access to computing chips, the ability to train models, access to the latest finished models, and influence over the standards governing their use. At present, the United States remains dominant across a good proportion of the stack. Experts interviewed by Reuters believe that with this move China is aiming to accelerate its influence in the sector by offering lower-cost and open-weight models while building an institutional coalition around access and capacity-building. WAICO also emerges as a counterweight to Pax Silica, the US-led initiative focused on trusted supply chains spanning critical minerals, semiconductors, AI infrastructure and advanced systems. India joined Pax Silica in February as part of a wider technology and supply-chain partnership with Washington. Chips remain the hard currency of AI China’s argument that national security is being stretched to restrict technological access is primarily directed at Washington’s semiconductor controls. Ever since the public debut of OpenAI’s ChatGPT in 2022, the US has progressively restricted China’s access to advanced processors and the equipment required to manufacture them. ALSO READ Semicon 2.0: Centre to co-invest with VCs in chip startups, equity model replaces grants This pattern became particularly pronounced in 2024 when the US brought additional controls on multiple categories of semiconductor-manufacturing and chip-design equipment critical for building large language models. These measures do not simply slow the import of a particular Nvidia processor. They target the complete production chain making it harder for Chinese companies to either purchase cutting-edge computing power. Not just for China: Frontier models and export controls 2026 recently saw a big jump to that logic when export controls were no longer limited to physical chips but had also moved on to AI services delivered through the cloud. On June 12, the US government applied export controls to Anthropic’s latest Claude Fable 5 and Claude Mythos 5 models. Anthropic said it was required to restrict access for foreign nationals, including those located inside the US. As the company could not immediately verify users’ nationality, it temporarily suspended access more broadly. The controls were lifted on June 30 and Fable 5 was restored for global users. Mythos 5, a less-restricted system designed for advanced defensive cybersecurity work, continued to be available only to approved organisations. The episode marked an important shift. Export controls are no longer limited to machines that can be stopped at a port. Governments can also restrict access to frontier AI models and technology. As per analysts interviewed by Reuters, the episode also sparked a fear among certain categories of business of optimising flows around certain AI models that may not even be available in the near future. Openness, but on Beijing’s terms It becomes important to note here that China’s vision is not just that of a borderless AI ecosystem. Xi simultaneously called for stronger laws, monitoring systems, emergency mechanisms and safeguards to ensure that AI remains “secure and controllable”. The conference statement supported traceable data, guardrails for frontier models, defined boundaries for AI agents and new international trade rules for AI supply chains. Beijing is consequently offering an alternative model of technology governance with wider access and cooperation across countries and not an absence of regulation. Speaking about the importance of such an initiative, Chinese president Xi said the world should “jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others”. While American companies such as OpenAI and Anthropic still dominate the global AI ecosystem, China is making inroads with its own set of models, such as DeepSeek. At the same conference, Chinese start-up Moonshot AI unveiled a new model, Kimi K3, which it described as the world’s largest open-source model. The company acknowledged that Kimi K3 trails Fable 5 and OpenAI’s GPT 5.6 Sol in overall performance but claimed that it consistently outperformed other tested models, such as Claude Opus 4.8 and GPT 5.5, demonstrating that Chinese AI models are rapidly catching up with their Western counterparts despite export controls. In yet another sign of China’s rapid advancement, AFP noted that the country has filed more generative AI patents than any other nation. Between 2024 and 2025, China recorded more than 43,000 such filings.
Flipped promises or late E10 trains? Why India and a former Japanese minister are at odds
India rejects former Japanese minister's blame over bullet train project delays, calling it a personal opinion. The India-Japan high-speed rail collaboration continues with a 2027 operational goal.
New Delhi pushed back hard on Friday after a former Japanese minister blamed India for delays in the countries’ bullet train project. India called it “an individual opinion” at “considerable variance with facts”. The comments came from Hideki Makihara, Japan’s former Justice Minister and a member of the ruling Liberal Democratic Party, who had personally worked on the Shinkansen project. His criticism was pointed. He accused Indian negotiators of being reckless and repeatedly breaking their promises. “They just don’t keep promises, no matter what,” he wrote, adding, “Even if they make a promise, they flip it right away.” Makihara singled out the Indian minister in charge, calling him “awful” and said self-interest had driven India’s approach throughout the negotiations. “For the honour of all the Japanese folks who poured their hearts into this, I have to say it: I feel 100% that the reason this hasn’t moved forward is entirely on the Indian side,” he wrote. ALSO READ Skyroot’s Vikram-1 to carry PM Modi’s handwritten ‘Vande Mataram’ postcard on maiden orbital mission MEA responds India’s Ministry of External Affairs responded within hours. Spokesperson Randhir Jaiswal addressed the remarks directly at a press briefing, describing them as a personal opinion rather than fact. “This is an individual opinion and is at considerable variance with facts,” Jaiswal said, adding that talks between the two countries were progressing well. The timing gives the exchange added weight. Railway Minister Ashwini Vaishnaw recently confirmed that India’s first bullet train service will begin operations on August 15, 2027, with the rollout happening in phases starting with the Surat-Bilimora stretch. Bullet train centerpiece of India-Japan cooperation Later, the MEA followed up with a written statement laying out where the project actually stands. Japan will supply the E10 series train, though that won’t happen until the early 2030s since the train is still under development. Construction on the ground, by contrast, has moved rapidly. ALSO READ How the Yamuna changed over 225 years: River narrowed 68%, flow fell 89% “The first section will be opened in 2027. Therefore, both sides agreed to start the operations with the Indian high-speed train,” the statement read. The ministry said that both countries remain aligned on the shared goal of getting the corridor running as soon as possible. The Mumbai-Ahmedabad High Speed Rail project has long been billed as a centerpiece of India-Japan cooperation. Friday’s spat is a reminder that even flagship partnerships are not immune to friction.
RIL Q1FY27 Results: Revenue tops Rs 3 lakh crore, retail hits 396 million users – 5 key highlights
Reliance Industries Q1FY27 results: Revenue rose 24.5% to Rs 3.40 lakh crore as Jio, Retail and O2C grew; see five key highlights from the results.
Reliance Industries started FY27 on a strong note supported by strong performance in its telecom, retail and oil-to-chemicals (O2C) businesses. All the three verticals delivered double-digit growth. Consumer businesses, led by Jio and Retail, contributed more than half of Reliance’s consolidated EBITDA during the quarter. Commenting on the performance, Reliance Industries Chairman and Managing Director Mukesh Ambani said the company has made a steady start to FY27 despite geopolitical tensions and volatile commodity markets. The Mukesh Ambani-led conglomerate reported a 24.5% year-on-year (YoY) rise in consolidated revenue to Rs 3.40 lakh crore in the June quarter. EBITDA rose 10.1% YoY to a record Rs 54,067 crore. Here are 5 key highlights from Reliance Industries’ Q1FY27 performance 1. Jio Platforms Q1 profit rises 9.2% Jio Platforms reported a 9.2%increase in profit after tax to Rs 7,764 crore. The growth was driven by sustained gains in subscriber market share, ARPU and sale of digital services. ALSO READ RIL Q1FY27 Results LIVE: Revenue growth exceeds Rs 3 lakh crore; Mukesh Ambani says new energy, Jio IPO in focus Jio Platforms (JPL), the digital and telecom arm of Reliance Industries, posted revenue at Rs from operations at Rs 39,173 crore, increasing by 11.8% year-on-year (YoY). “The Digital Services business continued its growth momentum during the quarter. Jio’s performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth of 15% YoY,” Reliance Industries Chairman and Managing Director, Mukesh Ambani said in a statement. During the quarter, Jio Platforms filed its DRHP with Sebi, which is a significant step towards its public listing, he added. “The upcoming IPO will be an important milestone in Jio’s journey and will give investors an opportunity to participate in India’s digital growth story,” Ambani said. ALSO READ Jio Platforms IPO DRHP: 5 key balance sheet realities behind one of India’s biggest ever public offerings Jio’s average revenue per user (ARPU) increased by 3.3% to Rs 215.6 from Rs 208.8 a year ago on a better subscriber mix and positive seasonality, partly impacted by promotional schemes for fixed broadband customers. Its customer base increased by 7.1% YoY to 53.3 crore from 49.8 crore in the June 2026 quarter. 2. Reliance Retail crosses 396 million customers; Digital grocery orders jump 116% Reliance Retail reported gross revenue of Rs 90,408 crore, up 7.4% YoY. Excluding the impact of the consumer brands business restructuring, revenue grew 11.6% YoY. The retailer’s registered customer base increased to 396 million, while quarterly transactions jumped 46% YoY to 568 million. Reliance Retail now operates 20,169 stores across more than 7,000 towns. Grocery orders through digital platforms surged 116% YoY during the quarter. ALSO READ Highlights: Mukesh Ambani outlines RIL’s growth drivers- Jio IPO, AI and New Energy key focus areas However, EBITDA declined 1.1% YoY to Rs 6,309 crore, while profit after tax fell 14.1% YoY to Rs 2,805 crore due to continued investments in digital commerce and hyperlocal delivery. The company said these investments are expected to support long-term growth, with a target to double operating EBITDA over the next three years. 3. O2C business clocks strong growth supported by higher refining margins Reliance’s oil-to-chemicals (O2C) business reported a strong quarter, supported by higher refining and petrochemical margins. Revenue increased 30.4% YoY to Rs 2.02 lakh crore, while EBITDA rose 17.2% YoY to Rs 17,010 crore, the highest in four years. The company benefited from stronger fuel cracks, improved downstream margins and the cost advantage of ethane cracking. It also diversified crude sourcing from Russia and Latin America and redirected exports to higher-margin international markets. However, profitability was partly impacted by domestic fuel retail under-recoveries, windfall tax-related costs and planned refinery maintenance. 4. Oil and gas business remains steady Reliance’s oil and gas segment reported revenue of Rs 6,298 crore, up 3.2% YoY. EBITDA remained largely stable at Rs 4,973 crore despite lower KG-D6 gas production and prices. Higher crude oil prices and improved coal-bed methane (CBM) production helped offset the decline in gas volumes. 5. Reliance Industries spends Rs 38,682 crore on future growth Capital expenditure for the quarter stood at Rs 38,682 crore, with the company citing continued investment in O2C expansion and new energy projects, alongside its consumer business infrastructure. Net debt stood at Rs 1,22,914 crore, with net debt-to-EBITDA at a conservative 0.57 times. Conclusion Reliance Industries said it continues to accelerate work on its new energy business. The company plans to begin installation work at its Kutch renewable energy project after the monsoon. It aims to scale up installation to 55 MWp of solar capacity and 150 MWh of batteries every day by next year. “I remain confident in the underlying strength of our businesses and in the talent and commitment of our people. The start to FY27 gives me reason to be optimistic about the year ahead as we move forward with phased commissioning of new energy projects and unlock value through the Jio IPO,” he added.
Reliance Retail Q1 net declines 14%, revenue up 8%
The business witnessed 8.5% y-o-y growth in unique customers, while total transactions recorded stood at 568 million, up 46% y-o-y in the said quarter, reflecting growing customer engagement, the company said.
Reliance Retail, the country’s largest organised retailer, on Friday reported a 14.1% year-on-year (y-o-y) decline in net profit to Rs 2,805 crore amid higher depreciation and investment in its quick commerce business. However, revenue growth in Q1 held up supported by a broad-based performance across consumption baskets, the company said in a post-results earnings call on Friday. Gross revenue for the quarter stood at Rs 90,408 crore, up 7.4% y-o-y including the fast-moving consumer goods (FMCG) business. When adjusted for the demerged FMCG business, Q1 gross revenue grew 11.6% versus last year, the company said. Net revenue grew 8.2% to Rs 79,745 crore, driven by double-digit growth across grocery, electronics, and the fashion and lifestyle segments. ALSO READ MTR bets on protein breakfast range; eyes quick-commerce growth Rising Infrastructure Costs Earnings before interest, tax, depreciation and amortisation (Ebitda) declined 1.8% y-o-y to Rs 5,935 crore in the June quarter. Ebitda margins slipped 80 basis points to 7.4% in Q1 versus 8.2% reported a year ago, impacted mainly by investments in hyper-local commerce, Dinesh Taluja, CFO, Reliance Retail said during the earnings call. Reliance Retail’s tax expenses in the June quarter declined 7.3% versus last year, touching Rs 930 crore. Last year, tax expenses stood at Rs 1,003 crore during the same period. Depreciation, however, surged 17.5% y-o-y to Rs 1,780 crore in Q1 amid increased investment in digital and retail infrastructure. Mukesh Ambani, chairman and managing director, Reliance Industries, said, “Reliance Retail delivered resilient growth this quarter. Our omni-channel presence continues to serve millions of Indian consumers and I am confident that it is well placed to benefit from India’s long-term consumption growth.” The FMCG business under Reliance Consumer grew 2.1 times versus last year in Q1, touching Rs 8,600 crore, led by brands such as Campa (beverages) and Independence (staples). Daily essentials led by Independence delivered sales of Rs 3,200 crore in Q1. Beverages led by Campa delivered sales of Rs 2,900 crore in the June quarter, Ketan Mody, chief operating officer of Reliance Consumer, said during the post-earnings investor call. The company also achieved over 50% of FY26 sales in Q1, with double-digit market share in key markets, he added. Mody also said that the FMCG business continued to scale up distribution, reaching over 5,000 distributors and over three million retail outlets in the quarter under review. External channels contributed over 80% of total sales in Q1 as the company expanded distribution. Reliance Consumer has also taken its international presence to over 40 markets. It has scaled up manufacturing capabilities to service demand, Mody added. ALSO READ Bharat Tex generates $ 2.8 billion business enquiries, investments Hyper-Local Expansions Reliance Retail, meanwhile, continued to focus on new store openings, adding 252 new outlets in the June quarter, taking the total store count to 20,169 with a total area of 78.4 million sq. ft. JioMart, which is driving digital commerce, serviced 5,500 pin codes in Q1, with over 2,500 digital and fashion & lifestyle stores connected to two-hour delivery. Reliance Retail’s registered customer base stood at 396 million, a growth of 10.6% y-o-y in Q1. Grocery digital commerce continued to scale up, with average daily orders up 116% in the June quarter versus last year. The business witnessed 8.5% y-o-y growth in unique customers, while total transactions recorded stood at 568 million, up 46% y-o-y in the said quarter, reflecting growing customer engagement, the company said. The digital channel share contributed 13.4% of grocery B2C revenue, up 160 basis points versus last year. In Q1, JioMart’s active seller base grew 26% y-o-y, strengthening marketplace depth and breadth, Taluja added. Isha Ambani, executive director, Reliance Retail Ventures, the holding company of Reliance Retail, said the company’s continued investment in digital commerce undescored the power of online platforms. “Our expanding customer base, widest store network and omni-channel capabilities position us well to continue fulfilling every need,” she said.
MTR bets on protein breakfast range; eyes quick-commerce growth
The new portfolio includes protein variants of rava idli, dosa and upma under the dry batter mix range, alongside protein-infused poha, khatta meetha poha and upma in its three-minute breakfast portfolio.
MTR Foods has expanded its breakfast portfolio with a new protein-enriched range as it looks to tap India’s growing demand for healthier convenience foods, particularly among younger urban consumers shopping through quick commerce platforms. The company has launched six products across two of its flagship breakfast categories—traditional dry batter mixes and its three-minute instant breakfast range—marking its latest push into protein-enriched convenience foods. Balancing Traditional Taste Speaking about the launch, Sunay Bhasin, chief executive officer, MTR Foods, said consumer expectations around breakfast have evolved beyond taste and convenience to include stronger nutritional credentials. “For years, breakfast choices have largely been driven by familiar taste and convenience,” Bhasin said. “What we are now seeing is the emergence of a third consumer need—nutrition, where consumers are increasingly conscious about ingredients, protein intake and overall health.” ALSO READ Dear boss, is that really you? The new portfolio includes protein variants of rava idli, dosa and upma under the dry batter mix range, alongside protein-infused poha, khatta meetha poha and upma in its three-minute breakfast portfolio. Each serving contains around 10 grams of plant protein, according to the company. The three-minute range is priced at Rs 75 for an 80-gram pack, while the protein-infused dry batter mixes retail at Rs 175 for a 250-gram pack. The launch comes amid rising demand for protein-fortified packaged foods as consumers seek healthier meal options without compromising on taste or convenience. Bhasin said the trend is especially visible among Gen Z consumers in urban markets. Quick Commerce Strategy The products will initially be rolled out through major quick commerce platforms across India’s four largest metros before expanding to the top 28 cities. MTR is also strengthening its digital commerce capabilities through an internal initiative, Project Bolt, aimed at building dedicated teams and playbooks for the fast-growing quick commerce channel. Quick commerce has emerged as an important growth avenue for packaged food companies, particularly for convenience-led purchases. ALSO READ Bharat Tex generates $ 2.8 billion business enquiries, investments Despite increasing competition in the protein foods segment, Bhasin said MTR would continue to differentiate itself through its strengths in taste and category expertise. “Taste remains non-negotiable. Consumers may seek healthier products, but if they don’t taste good, they won’t succeed,” he said. He added that MTR’s leadership in dry breakfast mixes and instant breakfast formats, backed by its research and development capabilities and consumer insights, positions the company to expand its protein offerings further. The company did not disclose revenue or sales targets for the new range, saying it would evaluate consumer response before deciding on further portfolio expansion.
West Indies legend Sir Garry Sobers dies at 89
West Indies cricket legend Sir Garry Sobers, one of the greatest all-rounders, died at 89. He scored 8,032 runs, took 235 wickets, and made history with record-breaking performances.
West Indies cricket legend Sir Garry Sobers, widely regarded as one of the game’s greatest all-rounders, died on Friday at the age of 89. A career filled with records The Barbadian legend, who would have turned 90 on July 28, represented the West Indies in 93 Tests between 1954 and 1974. He scored 8,032 runs at an average of 57.78, including 26 centuries, and claimed 235 wickets with his versatile left-arm bowling. Sobers announced himself on the international stage with an unbeaten 365 against Pakistan in 1958. The innings remained the highest individual score in Test cricket for 36 years before Brian Lara surpassed it in 1994. He also became the first batter to hit six sixes in a six-ball over in first-class cricket, achieving the feat for Nottinghamshire against Glamorgan in 1968. An exceptional batter, bowler and fielder, Sobers was widely considered the most complete cricketer of his generation. He was knighted in 1975 for his services to cricket and inducted into the ICC Cricket Hall of Fame in 2009.
SpiceJet fined Rs 1 lakh for using ‘dark patterns’ in bookings; airline calls it ‘technical error’
The Central Consumer Protection Authority fined SpiceJet Rs 1 lakh for deploying deceptive dark patterns on its booking platform, including pre-ticked checkboxes enrolling users without explicit consent.
The Central Consumer Protection Authority (CCPA) imposed a penalty of Rs 1 lakh on SpiceJet Ltd for deploying deceptive design practices, commonly called dark patterns, on its flight booking platform, the authority said on Friday. An inquiry led by Chief Commissioner Nidhi Khare and Commissioner Anupam Mishra found that consumers were being enrolled into the SpiceClub Loyalty Programme automatically, through a checkbox that was pre-ticked by default. Customers were similarly deemed to have consented to receiving promotional messages, since the option to opt in was already selected without any action on their part. The CCPA noted that even after it issued a notice to the airline, SpiceJet merely swapped one pre-ticked checkbox for another, this time for promotional messages via SMS, WhatsApp and email, effectively continuing the same practice in a different form. SpiceJet’s representatives told the authority during proceedings that the lapse was the result of a technical error. The company has since been directed to submit an undertaking confirming that corrective measures have been implemented and will remain in place permanently. ALSO READ Indian airlines retreat from West Asia routes as foreign carriers hold ground Three dark patterns The CCPA’s order flagged three distinct dark patterns on SpiceJet’s platform. The first was “forced action”, automatic enrolment of users into the SpiceClub Loyalty Programme via a pre-ticked checkbox. The second was “Interface interference”, which presented the company’s preferred option as the default choice to nudge consumer decisions. The third was “Trick question”, use of confusing, negatively worded consent language likely to mislead users. The authority said such practices “impair consumer autonomy, undermine informed decision-making” and run counter to the principles of fair and transparent consumer engagement. Deceptive interface design CCPA held that SpiceJet’s conduct violated provisions of the Consumer Protection Act, 2019, relating to unfair trade practices, unfair contract terms and misleading representations. It also found the airline in breach of Rule 4(9) of the Consumer Protection (E-Commerce) Rules, 2020 — which mandates that consumer consent be obtained through explicit, affirmative action — as well as the Guidelines for Prevention and Regulation of Dark Patterns, 2023, news agency ANI reported. ALSO READ Why the Centre is extending UDAN support for airlines from 3 years to 5 years The order noted that consent secured through pre-ticked boxes, default settings or deceptive interface design does not qualify as valid consent under law and is contrary to consumer welfare. “CCPA remains committed to protecting consumer rights and ensuring that digital platforms conduct business in a fair, transparent and consumer-centric manner,” the authority said in its statement. (With inputs from ANI)
PM flags off first hydrogen-powered train in clean energy push
Prime Minister Narendra Modi launched India's first indigenously developed hydrogen fuel cell train on Haryana's Jind-Sonipat section.
Prime minister Narendra Modi on Friday flagged off the first indigenously-developed hydrogen fuel cell train on the 89-km Jind-Sonipat section of Northern Railway in Haryana, making India enter a small group of nations that operate hydrogen-powered trains. Developed under the “Make in India” initiative, the project is being positioned as a pilot to evaluate the feasibility of clean rail transportation in the country. The PM said that hydrogen train technology has emerged 7-8 years ago globally, and is currently available in a handful of countries where it is still at a nascent stage. Highlighting the train’s technical capabilities, he said the newly launched hydrogen train is the world’s most powerful with a 3,200-horsepower engine and 10 coaches. He noted that hydrogen trains operating in other countries typically have 3-4 coaches whereas India deployed a longer train on the first attempt. “India has successfully demonstrated its prowess by running a hydrogen train with ten full coaches straightaway,” Modi said. ALSO READ Shravani Mela 2026: Eastern Railway to run 56 special train trips between Ranchi-Bhagalpur; check full schedule Technical Engineering Benchmarks The train is powered by a 1,200-kW hydrogen fuel cell propulsion system and can carry around 2,600 passengers. It has been approved to operate at a maximum speed of 75 kmph, although its design speed is 110 kmph. Besides the trainset, railways has also established the country’s largest railway hydrogen storage and refuelling facility at Jind, capable of storing nearly 3,000 kg of hydrogen. The facility has also received the safety clearances from the Petroleum and Explosives Safety Organisation (PESO). The PM said that hydrogen-powered trains require distinct infrastructure and specialised support systems, unlike conventional rail networks. To meet the specific network needs, he said new factories and allied facilities will be set up, creating economic ripple effect at the local level. “This advanced train network is absolutely guaranteed to create numerous new employment opportunities for the youth of Haryana,” he said. Global Strategic Insulation Modi said India’s near-complete railway electrification has insulated the rail network from global fuel disruptions triggered by the ongoing West Asia conflict, which has affected key shipping routes for petroleum, diesel, LPG and fertilisers. “Through this vital maritime route, India imports a massive quantity of essential fuels and agricultural inputs. Because of complete electrification, our trains continued to run completely uninterrupted despite the severe global oil crisis.” ALSO READ Indian Railways approves Rs 228-crore Tadali-Ghugus rail doubling project – How does it benefit? Compared with diesel locomotives, hydrogen fuel-cell trains produce lower emissions, operate more quietly and can improve energy efficiency on non-electrified routes. Experts said that the hydrogen technology is particularly attractive for railway routes where electrification is either uneconomical or technically difficult. “Every new technology deserves a fair trial, but its future must ultimately be decided by lifecycle cost, energy efficiency, safety and operational practicality,” said Lalit Chandra Trivedi, former general manager, East Central Railway. Currently, the hydrogen-powered trains are operational or under development in countries such as Germany, Japan, China and the US. Although the technology is still new globally, India’s latest pilot project will provide valuable operational experience and support future applications of hydrogen-powered mobility in the rail sector.
Parametric Insurance: Handy payouts when rains wash out a hard day’s work
Parametric insurance is emerging as a rapid-payout alternative to traditional indemnity-based coverage as extreme weather events increase. By paying a pre-agreed sum based on objective data triggers—such as exact wind speeds or rainfall levels—instead of lengthy physical damage assessments, it offers immediate liquidity to vulnerable workers and businesses.
By Amitabh Dewan As climate-related events such as floods, cyclones, droughts and heatwaves become more frequent, communities are looking for quicker ways to recover financially. This is where parametric insurance is emerging as an alternative to traditional insurance. Unlike conventional insurance, which compensates for the actual loss suffered, parametric insurance pays a pre-agreed amount when a predefined event occurs. The focus is not on assessing damage after an incident but on verifying whether the agreed trigger has been met. ALSO READ A toolkit to choose the right pension fund in NPS How parametric insurance works Parametric insurance is based on measurable parameters such as rainfall, wind speed, temperature, flood levels or earthquake (peak ground acceleration). Before the policy is issued, the insurer and the customer agree on three things: the trigger event (strike parameter and exit parameter), the source of pre-agreed data that will verify the event, and the payout amount. Parametric insurance is valuable for gig workers, industrial workers or those engaged in commercial farming who can lose income when extreme weather such as heavy rainfall and heatwaves prevents them from working. The cover will provide immediate financial relief and ensure those vulnerable receive timely support during weather-related disruptions. How claims are settled Claims under parametric insurance are considerably simpler than traditional insurance. Once an event is triggered, payout amount and data source are agreed at the time of buying the policy, there is usually no need for lengthy surveys or physical loss assessments. Once the predefined parameter is breached and verified through the agreed data source, the claim process is initiated automatically. Deciding the cover size Businesses can choose a payout amount based on the likely loss they expect if the trigger event occurs. It is not always necessary to insure the entire value of the asset. The objective is to secure enough liquidity to manage the immediate financial disruption. Advantages and limitations The biggest advantage of parametric insurance is speed. Claims are settled based on objective data rather than damage assessment, reducing paperwork and uncertainty. The cover is also transparent because both the trigger and payout are defined upfront. ALSO READ Your loan queries: NRIs can get home loans from Indian banks However, parametric insurance is not a replacement for traditional insurance. It covers specific events only. Traditional insurances offer much wider covers. Since payouts depend entirely on predefined triggers, there may be situations where the trigger is not met even though some loss has occurred. Similarly, the payout remains fixed even if the actual loss is higher or lower. The writer is head, Large Corporate Risks, Policybazaar Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
A toolkit to choose the right pension fund in NPS
It identifies which pension funds have generated higher retirement wealth
The pension funD regulator’s new digital toolkit will enable National Pension System (NPS) subscribers to make better-informed retirement planning decisions. They can compare how different pension fund managers have performed over the same period rather than relying on point-to-point returns. The Pension Fund Returns for Informed Decision & Empowerment (PRIDE-DISHA) will enable investors to decide whether to remain in a higher-equity active choice strategy, move to an auto choice option for automatic age-based rebalancing, or switch between them as they approach retirement in order to optimise long-term risk-adjusted returns. How to use the toolkit A subscriber will have to enter his date of birth, contribution start date and monthly contribution and select the schemes he wants to compare. The toolkit uses an extended internal rate of return (XIRR), which considers the actual timing of each monthly contribution. ALSO READ Your loan queries: NRIs can get home loans from Indian banks The tool lets subscribers pick up two schemes and compare them side by side, with bar charts showing corpus and returns across pension funds, including both active and auto choice options. “Seeing actual historical outcomes laid out this way makes it much easier for a subscriber to judge which pension fund or choice has delivered better for someone contributing regularly, rather than relying on headline return numbers,” says Rahul Bhagat, CEO, DSP Pension Fund. This provides a more accurate picture of the returns that an investor would have experienced through monthly investments. It displays the final accumulated corpus based on historical net asset value (NAV) growth, helping assess not only percentage returns but also the actual wealth that could have been created over time. Kurian Jose, chief executive officer, Tata Pension Fund Management, says by using a common methodology for all schemes, PRIDE-DISHA improves transparency and comparability. “It helps identify which pension funds have historically generated higher retirement wealth and compare active choice and auto choice options based on their own investment horizon and risk preference,” he says. ALSO READ EPFO launches scheme for dispute settlement Decision-support tool Since the calculations are based on historical performance, it should be used as a decision-support tool rather than a guarantee of future outcomes. Amit H L, founder & CEO, Floatr Wealth, says a younger investor may be comfortable taking more equity exposure, while someone closer to retirement may prefer stability. “So it should not be used as a return ranking tool. It gives you better information, but the final decision should still depend on your goals and risk appetite,” he says. Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Your loan queries: NRIs can get home loans from Indian banks
Get expert answers to essential personal finance questions, including NRI home loan documentation, prepaying top-up loans versus base home loans, securing loans against fixed deposits, and the step-by-step process for escalating disputed credit card transactions to the RBI Ombudsman.
My brother is working in Dubai and plans to invest in a property in Chennai. How can he apply for a loan from an Indian bank and what are the documents that he will need?—A R Bhuvanesh An NRI can apply for a home loan from a bank in India. The papers are similar to that for a resident. The additional papers are the proof of employment and employment pass of the resident country. The applicant needs to visit India to do the documentation and for the registration of the property. ALSO READ Now check foreign income & assets data in AIS ahead of ITR filing I closed my home loan a year ago. I am out of the country and not able to collect the property papers. Can I authorise my brother to collect the papers from the bank?—Umesh Sharma Usually, the bank will not hand over the original documents to a third party, even with an authority letter. You may have to cite special circumstances and request the bank for approval. I have had a home loan for about five years and the interest rate is 8%. I have taken a top-up loan six months ago and the interest rate is 8.5%. If I prepay some amount, which one should I do?—Alok Singh It is better to pay the costlier loan first. Here in this case, reduce your top-up loan amount with your surplus funds. I have deposits of Rs 10 lakh in State Bank of India. Can I take a short-term loan pledging the deposits and repay the amount after six months without any penalty?—Sanjay Bisht Loan on deposits will attract an interest rate higher than the rate that is applicable on the deposit. If you utilise the loan for six months, the interest plus the loan amount has to be paid back to the bank. If I pay the interest on the education loan before the moratorium period, will the bank reduce the interest rate?—Aman Kumar The interest rate will be the same. However, the interest amount payable will reduce as the outstanding will be lower. ALSO READ EPFO launches scheme for dispute settlement I have Rs 10,000 credit card outstanding and the amount is under dispute as it was billed twice. The bank refuses to rectify it. How and where can I escalate the matter for redressal?—S R Dixit The first step is to escalate the matter to the credit card company’s grievance redressal cell. If your complaint is not taken care of within 15 days , you have two options. You can write to the department of consumer affairs or escalate to the RBI Ombudsman Complaints. The writer is founder, AZUKE Personal Finance Advisory (www.azukefinance.com). Send your queries to fepersonalfinance@expressindia.com Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Explainer: Why SC said compliance more important than investor profit
Upholding Sebi's penalties on Kotak AMC, Trustees, and key executives over the restructuring of six FMPs, the Court emphasized that market integrity and strict compliance take absolute precedence over investment outcomes.
Last week in a case involving Kotak Mahindra AMC, the Supreme Court ruled that infraction of Securities and Exchange Board of India (Sebi) regulations cannot be justified on the grounds that investors did not incur any losses. Banasree Purkayastha looks at what the order means for mutual fund houses & their investors l What was the SC ruling? THE SUPREME COURT ruled that compliance with Sebi regulations are mandatory and cannot be diluted simply because investors ultimately suffered no financial loss or even made gains. The Court held that market integrity and adherence to the regulatory framework take precedence over the outcome of a transaction. “Breaches of the regulatory framework, fortuitously, could ultimately result in gain but excusing a breach which led to profit is likely to incentivise the next breach. Progression from profit to greed, from greed to regulatory breach and from breach to systemic failure is not too unfamiliar,” it said. The Court also upheld the penalties imposed by the markets regulator, which included a Rs 50 lakh penalty on Kotak Mahindra Asset Management Company (Kotak AMC) and Rs 1.6 crore in penalties on Kotak Mahindra Trustee Company (Kotak Trustee) and six executives, including Rs 30 lakh on MD Nilesh Shah for regulatory infractions in their handling of six fixed maturity schemes (FMP). It also slapped punitive costs of Rs 30 lakh on Kotak AMC and Rs 20 lakh on Kotak Trustee. ALSO READ Bharat Tex generates $ 2.8 billion business enquiries, investments l Violations that lead to profits are equally bad THE COURT REJECTED Kotak AMC’s argument that its actions were taken in good faith and the restructuring of the schemes enabled avoidance of losses for the unitholders. Making it clear that the Sebi (Mutual Funds) Regulations, 1996 do not distinguish between a violation that benefits investors and one that causes losses, it said that a wrongdoer cannot be allowed to use the plea of the investors having gained, notwithstanding the violation, as a shield for evading penalty. Market integrity being the paramount consideration, profit or loss to investors is immaterial to determine whether a regulatory infraction has occurred. The Court said permitting such defences would weaken regulatory discipline by encouraging fund managers to take unauthorised commercial calls in the hope that a favourable outcome would excuse the breach. l Origins of the case KOTAK AMC HAD launched six FMPs between 2013 and 2016. Out of the money collected, `266 crore was invest-ed in zero coupon non-convertible debentures (ZCNCDs) issued by entities within the Essel Group. The securities were backed by a pledge over 22.8% shares of Zee Entertainment Enter-prises (ZEE). In November 2018, as ZEE announced plans to divest part of its shareholding, the value of the pledged shares fell. Instead of invoking the Sebi-prescribed rollover process as per Regulation 33(4)—which required prior disclosures, written consent of unit holders and an exit option for those not continuing—Kotak AMC restructured the debt securities, effectively extended the schemes’ maturity. It withheld 10-21% of the redemption amounts when the FMPs reached their maturity dates. Around Rs 376 crore out of Rs 2,116 crore payable was released after the schemes had matured. The remaining payments were completed in September, 2019. l What was Kotak AMC’s argument? KOTAK AMC ARGUED that it had extended the schemes’ maturity date instead of offloading the pledged shares to prevent a collapse in the share price. Winding up the schemes would have led to losses for the investors. The entire investment amount, along with returns, was eventually recovered and paid back, and thus no actual financial loss was caused to the investors. The decision fell within the realm of commercial wisdom and asset management strategies, aimed at mitigating systemic market risks rather than an intention to circumvent the rules, it said. l What this means for investors THE ORDER REITERATES that due diligence, disclosures to investors and Sebi and regulatory compliance matter as much as investment returns. Sebi regulations require that in case a close-ended scheme needs to be rolled over, the fund house has to disclose the entire facts to the investors as well as Sebi, and get written consent from those investors choosing to continue. Unwilling investors must be allowed to redeem their investments. No fund house can unilaterally decide to extend a scheme’s effective maturity only because it believes a better financial outcome is possible at a later date. ALSO READ MakeMyTrip confirms India IPO, confidentially files DRHP l Warning for mutual fund houses THE RULING IS expected to make mutual fund trustees and compliance officers more cautious. It reinforces that fiduciary duties and regulatory procedures cannot be overridden by commercial judgment, even during periods of market stress. The message is in the warning the Court issued to managers of AMCs/fund houses in its order: “Mandate first, gains later; Sebi compliance, never falter.” In future, it would be prudent for AMCs not to invoke “investor benefit” to defend procedural violations. Governance is as important as investment performance. Restructurings of schemes will require much stricter compliance. And finally, trustee companies will face greater accountability — they cannot afford to just give assent to the fund house’s decisions but need to ensure that the course taken by the latter is in the interest of the investors.
Apple unseats Nvidia from the top spot to become the world’s most valuable company
Apple has retaken the crown as the world's most valuable publicly traded company, surpassing Nvidia after a fierce market battle driven by AI chip demand and new iPhone lineup reports.
Apple has overtaken Nvidia to reclaim the title of the world’s most valuable publicly traded company, ending a reign that Nvidia built almost entirely on the back of insatiable demand for AI chips. The two companies had been running neck and neck for weeks. In mid-July 2026, the gap between them narrowed to roughly $20 billion on certain trading days. The decisive swing came on July 3, when Apple shares jumped nearly 5% after reports surfaced about an expanded iPhone lineup. Nvidia, meanwhile, faced selling pressure as sentiment across the broader chip sector softened. ALSO READ AI Bubble Burst? Big sell-off in semiconductor stocks drag Nasdaq and global markets lower Nvidia’s market cap has ranged between roughly $4.7 trillion and $5.15 trillion in early-to-mid July 2026, while Apple’s has tracked between $4.5 trillion and $4.9 trillion over the same stretch. Apple’s fiscal third-quarter earnings, due July 30, are expected to show revenue growth of 14% to 17%. Nvidia’s meteoric, and recent, rise Nvidia’s ascent has been extraordinary by any measure. Its market cap sat below $20 billion in 2015. By October 2025, it had crossed $5 trillion, becoming the first company in history to hit that mark — just three months after first crossing $4 trillion in July 2025. Nvidia had first overtaken Apple as the world’s most valuable company in October 2024. Apple, for its part, has its own string of firsts: the first US company to reach a $1 trillion market cap in 2018, the first to $2 trillion in 2020 and the first to $3 trillion in 2022. ALSO READ Why SpaceX shares fell below their IPO price for the first time Not necessarily permanent Losing the top spot doesn’t necessarily mark a lasting shift. Nvidia remains a major beneficiary of AI-related spending, with its graphics processors powering much of the generative AI boom, and it could reclaim the crown if sentiment turns. Apple, meanwhile, faces its own risk: it has raised prices to offset rising costs, a strategy that could dent demand, Reuters report stated. The AI rally has also spread beyond the two giants. Memory chipmaker Micron crossed the $1 trillion mark in May as investors embraced memory chips’ growing role in AI infrastructure. South Korea’s SK Hynix added to the competition for investor attention with a Nasdaq listing earlier this month.
WATCH: Louis Vuitton unveils priceless bespoke trophy trunk for 2026 FIFA World Cup Final
For the fifth consecutive tournament, the French luxury fashion house will escort the solid gold FIFA World Cup trophy onto the pitch, this time inside a masterfully crafted, custom-moulded piece.
When the winners of FIFA World Cup 2026 Sunday’s final at the New York-New Jersey Stadium lift the most coveted prize in sport, they will also be looking at the world’s most exclusive piece of luggage. Designed by French luxury house Louis Vuitton as the Official Supplier and Branded Licensee for the 2026 tournament, the trophy, will arrive in a trunk, unveiled on July 17 (Friday), with symbol V crafted on it to symbolise the continuing a partnership that has spanned nearly two decades. Louis Vuitton crafts its fifth consecutive World Cup trophy trunk, featuring a golden ‘V’ for victory and the brand's iconic monogram design https://t.co/iXFYRJfLsx pic.twitter.com/68pYWRNSZt — Reuters (@Reuters) July 17, 2026 Nestled inside a newly designed, custom-made Louis Vuitton travel trunk, the arrival of the trophy on the ground in New York, will mark the fifth tournament in a row where FIFA and LV have continued to partner. It started with the South Africa 2010 edition and has since continued, marking its presence in Brazil in 2014, Russia in 2018 and Qatar in 2022, What Makes World Cup Trophy’s LV Case Special Handcrafted in Louis Vuitton’s historic workshops in Asnières-sur-Seine, just outside Paris, the trunk is built by artisans using techniques dating back to the 1860s. ALSO READ Jude Bellingham shuts down Messi feud talks-‘Privileged to face Leo’ The 2026 design blends modern football prestige with classic luxury heritage: Element Detail Exterior Covered in the brand’s Monogram canvas, with two front panels hand-painted with a golden “V”, representing both Victory and Vuitton Hardware Bound by the house’s signature leather trim, known as lozines, reinforced with gold-plated brass corner protectors, custom clasps and a central security lock Interior Lined with light-beige micro-suede leather, featuring an integrated, debossed leather patch bearing the official Louis Vuitton-FIFA partnership logo The 18-carat solid gold trophy itself weighs 6.175kg, with a malachite base. What is the on-pitch protocol for handling the FIFA World Cup Trophy? The trunk has become an integral part of the theatre of the World Cup final Sunday. Following a protocol established in South Africa in 2010, the closed trunk will be hand-carried out of the tunnel and onto the pitch just minutes before kickoff, accompanied by a designated Louis Vuitton brand ambassador and a selected FIFA Legend. On the centre-stage podium, the case will be unlocked and opened, revealing the gold trophy to a stadium of 80,000 fans and a global television audience running into the billions. When either Lionel Messi or Rodri lifts the trophy on Sunday, they will be taking it straight out of the most luxurious packaging in sporting history. Messi’s Argentina, the defending champions, face Rodri’s Spain in Sunday’s final at New York-New Jersey Stadium, with Spain chasing a second World Cup title following their 2010 triumph and Argentina bidding to become the first side in 70 years to retain the trophy.
Now check foreign income & assets data in AIS ahead of ITR filing
In case of discrepancies with own records, retain supporting evidence
The inclusion of foreign income and investment data in the Annual Information Statement (AIS) will improve tax compliance and reduce inadvertent reporting errors. Taxpayers must reconcile the information with their own records while reporting foreign income, foreign assets and claiming foreign tax credits. This week the Central Board of Direct Taxes (CBDT) started showing foreign assets and income information received under the Automatic Exchange of Information (AEOI) framework, in the AIS of eligible taxpayers. This will enable taxpayers to identify omissions or discrepancies before filing the income tax return (ITR) and reduce the likelihood of notices or subsequent litigation. Taxpayers must ensure that all foreign assets and financial interests are disclosed in the relevant schedules of the ITR, even where a particular transaction may not yet be reflected in AIS. “Where there are differences between the taxpayer’s records and the AIS, the taxpayer should retain adequate documentary evidence to substantiate the reporting adopted in the return and provide feedback on the same on the AIS portal,” says Neeraj Agarwala, senior partner, Nangia & Company. ALSO READ EPFO launches scheme for dispute settlement Automatic Exchange of Information framework The AEOI framework functions as an automated international data exchange where foreign financial institutions systematically collect and transmit annual financial account data including peak balances, interest, dividends, and custodial proceeds of Indian tax residents under the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) protocols. Sandeep Sehgal, partner-Tax, AKM Global, a tax and consulting firm, says to ensure this intelligence is actionable, the July 2026 CBDT directive mandates that inbound AEOI data must be processed and uploaded into the individual’s domestic AIS within a strict 90-day structural window from the end of the month it is received. “This automated bridge converts raw cross-border compliance streams into immediate, visible pre-filing data on the taxpayer’s portal,” he says. Taxpayers must carefully navigate the accounting period mismatch, as AEOI data shared under global standards follows the calendar year (January–December), whereas Indian reporting follows the fiscal Tax Year (April–March) under the new Income-tax Act, 2025, requiring meticulous data extrapolation. If an individual qualifies as a Resident and Ordinarily Resident (ROR) and the AIS reflects AEOI data, he must file ITR-2 or ITR-3 to ensure full disclosure in Schedule FA (Foreign Assets) and Schedule FSI (Foreign Source Income). Penalty for non-reporting By mapping AEOI data directly into the AIS, the tax department has established an automated risk-assessment baseline. The portal uses advanced data analytics to instantly flag mismatches if a taxpayer leaves Schedule FA blank or under-reports global income, automatically triggering systemic scrutiny. ALSO READ Received an income tax reassessment notice? This ITAT ruling shows when you can challenge it Under Section 43 of the Black Money Act, 2015, a flat penalty of Rs 10 lakh per tax year applies for the non-disclosure or inaccurate disclosure of foreign assets in Schedule FA, alongside potential criminal prosecution. However, the regulatory framework offers relief under the FAST-DS 2026 framework. Non-immovable foreign assets such as legacy student bank accounts or corporate employee stock option plans (ESOPs) with an aggregate value under `20 lakh are exempt from this Rs 10 lakh penalty and prosecution. Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Why US Small Business Administration’s SpaceX investment raises questions
Kelly Loeffler's SpaceX investment gains spotlight as SBA chief, raising ethics questions while leading the agency responsible for supporting millions of US small businesses.
The US Small Business Administration (SBA) exists to help entrepreneurs launch, grow and recover their businesses through loans, funding and support. But the financial investments of its administrator, Kelly Loeffler, are now drawing attention after it was found that she significantly increased her stake in Elon Musk’s SpaceX and xAI while leading the agency. Loeffler’s investments have become a talking point because the SBA is responsible for supporting millions of small businesses across the United States, even though there is no public evidence that the agency has financial ties with either SpaceX or xAI. SBA has no known business relationship with SpaceX or xAI According to Reuters, federal law prohibits Cabinet members from participating in decisions involving companies in which they have a financial interest. Public records, however, do not show any financial relationship between the SBA and either SpaceX or xAI. The report also noted that xAI did not appear on the SBA’s public list of artificial intelligence tools used by agency employees in 2025. ALSO READ Explained: Why US wholesale prices posts biggest drop since April 2025 Investments made before and during her time as SBA chief According to Reuters, financial disclosures showing that Loeffler invested between $1 million and $5 million in xAI by January 3, 2025, before becoming SBA administrator. A second financial disclosure, signed on May 14, 2026, showed that she invested another $1 million to $5 million in SpaceX and xAI during 2025. Reuters obtained the filing from the SBA on June 12. According to Reuters, this second investment had not been previously reported. ALSO READ US market set for a weak opening? Nasdaq futures drops 2% after global sell-off Cabinet officials disclose their assets using value ranges rather than exact amounts, and the filings do not reveal the exact dates on which investments were made before taking office. SpaceX IPO sharply increased the value of her holdings The value of Loeffler’s investment rose sharply after SpaceX launched its record-breaking initial public offering on June 12, which valued the company at $1.77 trillion. Franco Granda, an analyst at data provider PitchBook, estimated that her first investment in xAI could have been worth anywhere between $7 million and $2.6 billion on the day of the IPO, depending on when she invested and the exact amount. Her second investment could have been valued between $2.2 million and $25.4 million. Granda said earlier investments benefited the most because xAI’s valuation increased by more than 7,000% between its first funding round and January 5, 2025. SpaceX’s valuation also more than doubled during 2025. Several Trump officials also reported SpaceX investments Reuters found that at least 10 officials in the Trump administration disclosed investments in SpaceX or xAI in their 2025 financial filings. None of those officials works at the Defense Department. SpaceX, founded and led by Elon Musk, is a major contractor for the US military. Musk also founded xAI and was previously an adviser to President Donald Trump. Loeffler invested in xAI through a private placement, according to her disclosure. Such investment opportunities are generally available only to wealthy individuals and institutions. A business background before public office Before joining the Trump administration, Loeffler built her career in finance. She was the founding chief executive of Bakkt, a cryptocurrency trading platform, and spent 16 years at Intercontinental Exchange, the parent company of the New York Stock Exchange. She is married to Intercontinental Exchange CEO Jeffrey Sprecher and previously served as a U.S. senator representing Georgia before being confirmed as SBA administrator on February 19, 2025. As scrutiny over the financial interests of senior government officials continues, Loeffler’s SpaceX investments have added another layer to the discussion around ethics and transparency. No public records suggest the SBA has worked with SpaceX or xAI, the disclosures have renewed attention on how personal investments are managed by officials overseeing agencies responsible for serving millions of American small businesses.
Skyroot’s Vikram-1 to carry PM Modi’s handwritten ‘Vande Mataram’ postcard on maiden orbital mission
According to Skyroot, the messages are intended to connect India's decades-long public-sector space journey with the new generation of private space companies.
Skyroot Aerospace‘s Vikram-1 rocket is all set to carry a handwritten postcard from Prime Minister Narendra Modi bearing the words “Vande Mataram” when it lifts off from Sriharikota on July 18, adding a symbolic national dimension to the Indian private space sector‘s first attempt at an orbital launch from the country. The postcard will be carried aboard Mission Aagaman, Skyroot’s maiden orbital mission and a key test of the capabilities of India’s privately developed launch vehicles. The mission is expected to mark the first attempt by a privately built Indian rocket to reach orbit from Indian soil. Among the payloads on Vikram-1 Test Flight-1 is something truly special—a handwritten postcard from Hon’ble Prime Minister Shri @narendramodi with the words, “Vande Mataram.” 🇮🇳🚀 It travels to space alongside handwritten messages from our team, investors, policymakers, and… pic.twitter.com/sJajN6NiVJ — Skyroot Aerospace (@SkyrootA) July 17, 2026 PM Modi’s postcard to fly alongside messages from space pioneers The Prime Minister’s handwritten message will be part of a collection of postcards contributed by members of the Skyroot team, investors, policymakers, scientists and supporters from across the world. The collection is intended to represent the people and institutions that have contributed to the growth of India’s space programme and its emerging commercial space ecosystem. The Vikram-1 Test Flight-1 will also carry handwritten postcards from current and former chairpersons of the Indian Space Research Organisation (ISRO), as well as Indian astronauts. According to Skyroot, the messages are intended to connect India’s decades-long public-sector space journey with the new generation of private space companies. “Mission Aagaman is a celebration carried by many hands and shared by millions,” Skyroot said while announcing the symbolic payload. ALSO READ ISRO hit by over 100 resignations, government steps in to tweak exit policy Vikram-1 to carry multiple technology demonstration payloads Along with the postcards, the rocket will carry several technology demonstration payloads from organisations including Grahaa Space, Cosmoserve and DCubed, besides Skyroot’s own SCOPE payload. The mission will also carry “Cosmic Bloom,” an artwork created by Cosmos Diamonds, as well as a micro-art payload. The mission’s name, Aagaman, meaning “arrival,” highlights the company’s ambition to mark the arrival of India’s private space industry as a significant player in the country’s expanding space ecosystem. From Vikram-S to Vikram-1: Skyroot’s next major step The launch will be Skyroot’s second major mission following the successful Vikram-S suborbital flight in November 2022. That mission made Skyroot the first Indian private space company to launch a privately developed rocket into suborbital space. The upcoming Vikram-1 mission represents a larger technological challenge, with the company now seeking to demonstrate its ability to place payloads into orbit. What are the capabilities of Vikram-1? Standing nearly seven storeys tall, Vikram-1 has been designed to carry payloads weighing up to 350 kg into Low Earth Orbit. The launch vehicle features an all-carbon composite structure and propulsion systems developed in-house, including 3D-printed rocket engines and high-thrust solid rocket motors. The upcoming mission is expected to serve as a critical demonstration of Skyroot’s orbital launch capabilities. ALSO READ Skyroot’s Vikram-1 ready for maiden launch on July 18 — What makes India’s first private orbital rocket special? A milestone for India’s private space industry A successful flight would mark an important milestone in India’s efforts to build a competitive commercial space sector, with private companies increasingly participating in launch vehicles, satellites and space-based services. For Skyroot, the postcards aboard Vikram-1 are more than commemorative items. They symbolise the convergence of India’s public and private space sectors at a crucial stage in the country’s commercial space ambitions.
EPFO launches scheme for dispute settlement
The Employees’ Provident Fund Organisation (EPFO) has introduced the "VISHWAS, 2026" scheme, a six-month digital initiative designed to settle long-pending disputes over default penalties and damages.
The Employees’ Provident Fund Organisation (EPFO) has launched “VISHWAS, 2026”, a one-time initiative for settlement of disputes relating to levy of damages or penalties through a digital and time-bound process. The scheme was notified on June 29 and will remain operational for six months. “VISHWAS, 2026 has been introduced with the objective of promoting voluntary compliance, reducing litigation, and enabling speedy resolution of long-pending disputes relating to penalty/damages while safeguarding the interests of employees,” the labour ministry said in a release. Penalties for defaults pertaining to the period prior to June 14, 2024 will be recalculated at a lower rate of 0.25% per month for defaults up to two months, 0.50% per month for defaults from two to less than four months, and 1% per month for defaults exceeding four months. “These concessional rates are intended to encourage employers to resolve pending disputes expeditiously,” the ministry said. The scheme covers four broad categories of cases: cases where orders for penalty/damages are under challenge before judicial forum; final damages/penalty orders where recovery is pending or only partly made, including Recovery Certificate (RRC) cases; cases where notices have been issued but final orders for damages/penalty are yet to be passed; and cases where notices for penalty/damages are yet to be issued. Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Man sells house for Rs 1.10 crore; Income Tax calculates capital gains on Rs 1.96 crore – what ITAT says
Can Income Tax calculate capital gains on a higher value than the price at which you sold your house? In an important ruling, the ITAT Pune has clarified that while Section 50C may require adoption of the higher stamp duty value, taxpayers may still be eligible for Section 54 exemption if they reinvest in another residential property and satisfy all legal conditions.
The Pune Bench of the Income Tax Appellate Tribunal (ITAT) has clarified an important point for taxpayers selling property below the stamp duty value. The Tribunal has said that even if the Income Tax Department applies Section 50C and calculates capital gains using the higher stamp duty value, a taxpayer may still be eligible for Section 54 exemption if the money has been invested in another residential house and other conditions are met. However, the benefit is not automatic and depends on the facts of each case. What was the case? The case involved Pune resident Himanshu Jain, who filed his income tax return for Assessment Year (AY) 2023-24 declaring an income of nearly Rs 50 lakh. His return was selected for scrutiny because he had sold a residential property in Ghaziabad for Rs 1.10 crore, while the property’s stamp duty value was Rs 1.96 crore. Under Section 50C of the Income-tax Act, the stamp duty value can be treated as the sale value for computing capital gains if it is higher than the actual sale price. As a result, the Assessing Officer added Rs 86.20 lakh to his capital gains by treating the difference between the actual sale price and the stamp duty value as deemed consideration. Why did the taxpayer sell at a lower price? During the assessment proceedings, Jain argued that the property was sold under distress circumstances. He had been transferred by his employer, Spark Minda, from Ghaziabad to Pune and needed to sell the house quickly at the best price available in the market. However, the Assessing Officer rejected this argument, observing that Section 50C does not provide any exception for distress sales. The addition of Rs 86.20 lakh was therefore sustained. ALSO READ Received an income tax reassessment notice? This ITAT ruling shows when you can challenge it What happened after selling the house? After selling the Ghaziabad property, Jain booked a residential flat in Pune from Mahindra Lifespaces Developers Ltd. According to the case records: -Sale price of Ghaziabad house: Rs 1.10 crore -Stamp duty value: Rs 1.962 crore -Difference added under Section 50C: Rs 86.20 lakh -Cost of new Pune flat: Rs 1.92 crore -Flat booked on March 12, 2024 -Entire sale proceeds were invested, while the balance amount was financed through an HDFC Bank home loan. The taxpayer argued that although he had not originally claimed deduction under Section 54 due to incorrect advice, he had in fact invested the sale proceeds in a new residential property and therefore deserved the exemption. What did ITAT say? The Tribunal agreed that Section 50C was correctly invoked because the law requires the stamp duty value to be adopted where it exceeds the actual sale consideration. It also observed that the Income-tax Act does not provide any relief merely because a property was sold under distress. However, the Tribunal made an equally important observation. It held that Section 50C and Section 54 operate independently. Simply because capital gains are recomputed using the higher stamp duty value under Section 50C does not automatically mean the taxpayer loses the benefit available under Section 54. If the taxpayer has invested the eligible capital gains in a new residential property and fulfils the prescribed conditions, the exemption claim deserves separate consideration. ITAT relied on earlier High Court rulings While deciding the matter, the Tribunal referred to earlier judgments of the Bombay High Court and the Delhi High Court, which have consistently held that taxpayers can claim Section 54 benefit even when they purchase an under-construction property through a builder agreement, provided they acquire substantial rights in the property by making significant payments within the prescribed period. The Tribunal also referred to CBDT Circular No. 471, which treats allotment of flats under such schemes as sufficient compliance in appropriate cases. Why didn’t ITAT grant the exemption immediately? Although the Tribunal accepted the legal principle, it did not straightaway allow the deduction. Instead, it sent the matter back to the Assessing Officer to verify whether the taxpayer had actually fulfilled all the conditions under Section 54. The officer has been directed to examine documents such as the agreement for purchase of the Pune flat and details of payments made before deciding the exemption claim. The appeal was therefore allowed only for statistical purposes. What experts say According to Dinkar Sharma, Company Secretary and Partner at Jotwani Associates, the ruling clarifies an important but often misunderstood aspect of the Income-tax Act. He explains that Section 50C and Section 54 serve different purposes. Section 50C is an anti-tax avoidance provision that substitutes the stamp duty value for the sale price while calculating capital gains where a property appears to be undervalued. Section 54, on the other hand, is a beneficial provision meant to encourage taxpayers to reinvest capital gains in another residential house. “The Tribunal has correctly pointed out that a deemed value used only for computation under Section 50C should not be stretched to defeat the beneficial object of Section 54,” Sharma says. He adds that the taxpayer’s eligibility for exemption must be examined separately. If the taxpayer has invested the eligible capital gains in a new house within the prescribed time and meets other conditions, the exemption should not be denied merely because capital gains have been recomputed using the stamp duty value. ALSO READ Taxpayer files ITR-2 instead of ITR-4, reports business income under wrong head; here’s how ITAT deals Relief is not automatic Sharma cautions that taxpayers should not read the judgment as a blanket relief for every sale below the circle rate. “The Tribunal has not finally decided the taxpayer’s claim. It has only directed the Assessing Officer to verify whether all the conditions of Section 54 have actually been satisfied. The facts and documentary evidence remain crucial,” he says. Documentation is critical The ruling also underlines the importance of maintaining proper records. According to Sharma, taxpayers should preserve documents such as: purchase agreement or allotment letter for the new house, payment schedule bank statements, home loan records, builder receipts and other supporting documents. These records become vital during assessment proceedings because the burden of proving compliance with Section 54 lies on the taxpayer. Why this ruling matters Sharma says the decision strikes a balance between preventing undervaluation of property transactions and ensuring that genuine taxpayers are not denied relief meant to promote investment in housing. He believes the ruling is likely to be cited in future disputes where taxpayers face additions under Section 50C despite having genuinely reinvested in another residential property. While every case will continue to depend on its own facts, the judgment reinforces an important principle: a Section 50C addition does not automatically wipe out a taxpayer’s right to claim exemption under Section 54. Disclaimer: This article is based on the order passed by the Income Tax Appellate Tribunal (ITAT), Pune, in the case of Himanshu Jain vs DCIT, Circle 12, Pune (ITA No. 3123/PUN/2025) dated July 8, 2026, and expert comments. The ruling relates to the specific facts of this case and has been remanded to the Assessing Officer for verification of the taxpayer’s claim under Section 54/54F. It should not be interpreted as granting automatic exemption to all taxpayers who sell property below the stamp duty value. Eligibility for tax relief depends on the facts of each case, compliance with the Income-tax Act, and supporting documentary evidence. Readers should consult a qualified tax professional before making any tax-related decisions. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Designed to exploit workplace deference, the fraud tricks accounts personnel into executing urgent, confidential fund transfers.
For generations of Indian office-goers, one rule has been drilled in deeper than anything in the HR manual: when the boss says urgent, you move. Do not ask why, do not ask twice and certainly do not ask for it in writing. On Friday, the Securities and Exchange Board of India (Sebi) issued a counter-order: if the boss pings you on WhatsApp demanding an immediate, hush-hush transfer of funds, do the unthinkable. Question him. The market regulator has cautioned listed companies and all its regulated entities about what it calls, with admirable directness, the “Boss Scam”. Alerted by the Indian Cyber Crime Coordination Centre, Sebi says fraudsters are impersonating chief executives and managing directors on email, WhatsApp, Microsoft Teams and other platforms, instructing finance and accounts personnel to wire money—urgently, confidentially and preferably before anyone’s better judgement kicks in. The choreography is finely tuned to corporate psychology. The message from “the CEO” often invokes a sensitive transaction or unpublished information, conveniently explaining why the employee must not consult anyone. Urgency supplies the pressure; confidentiality removes the safety net. All that remains is the reflex that decades of hierarchy have perfected: compliance. If a text from the top is not persuasive enough, technology completes the costume. Fraudsters are using deepfake voices and AI-generated video calls. The man on screen looks and sounds like your chairman, and carries the same air of mild impatience. He is, regrettably, a graphics file. Some scammers create fake “management” groups on social media—a supporting cast of directors and chief financial officers, all counterfeit. The payment instruction then appears to carry the authority of the entire boardroom. Artificial intelligence has not merely learnt to imitate the boss; it can recreate the management committee. Another variant dispenses with acting. A ZIP or ISO file arrives, ostensibly containing an urgent regulatory notice or company document. Once opened on a Windows computer, it can instal malware and compromise an active WhatsApp Web session. The fraudster can then send instructions from a genuine account. Attackers may also alter contact details on compromised devices, diverting verification calls back to themselves. Call the boss to double-check, and the “boss” who answers is the scamster. The fraud, in other words, comes with its own customer-verification department. The danger is not hypothetical. Two Indian companies recently lost nearly ₹3.5 crore after employees opened malicious files apparently sent by senior colleagues. The scam does not merely hack computers; it hacks the organisational chart. Its most useful vulnerability is the employee too deferential—or frightened—to question an instruction from the top. The four words “Sir has told me” can override controls that cost crores to install. Sebi’s prescription is disarmingly old-fashioned: verify financial instructions directly with the official concerned, using a trusted channel rather than the one on which the request arrived. Do not act on social-media messages alone or instal unverified executable files. Log out of unused WhatsApp Web sessions—an open tab can become an open door. Suspected fraud should be reported immediately through the national cybercrime helpline, 1930, or the cybercrime portal. Companies must go further. Unusual payments should require dual authorisation, callbacks to registered numbers and cooling-off periods after beneficiary details are changed. No CEO, real or otherwise, should be able to bypass these safeguards merely by invoking urgency or confidentiality. But the deeper fix may be cultural. Companies spend crores on firewalls while leaving their oldest vulnerability unpatched: the employee too junior, or too well-trained in obedience, to say, “Let me confirm that, sir.” The Boss Scam works because questioning the boss feels riskier than wiring money to a stranger. So here is the new survival skill of corporate life, now with regulatory blessing: healthy insubordination. The next time the CEO video-calls demanding a discreet transfer within 10 minutes, hang up and call him back on the number you have always used. If it was really him, he may be irritated for a minute. If it was not, you have saved the company a fortune—and become that rarest of corporate heroes: the employee who got promoted for not doing what the boss said. How the scam works # Fraudsters impersonate CEOs or MDs through email, WhatsApp, Microsoft Teams and other digital platforms. # They demand urgent and confidential fund transfers, often citing sensitive transactions or unpublished information to discourage verification. # Deepfake voices, AI-generated video calls and fake management groups are used to make the instructions appear authentic. # Malicious ZIP or ISO files can compromise WhatsApp Web sessions or alter contact details, enabling fraudsters to issue payment instructions from genuine-looking accounts.
The ‘RAM tax’ is here: India’s smartphone market shrinks 10 per cent
See how soaring memory costs cut India smartphone shipments 10%, crushed budget models and pushed buyers toward EMIs and premium brands.
India’s smartphone market has taken a drastic hit as far as sales are concerned. According to the latest Monthly India Smartphone Tracker from Counterpoint Research, smartphone shipments in India have dropped by 10 per cent year-on-year (YoY) during the second quarter of 2026 (April–June). The drop is stated as the worst in six years for the second quarter, most of which is attributed to the supply chain issues created by the chip RAM shortage. The primary reason behind the slump is not a lack of consumer interest, but a brutal surge in component costs — specifically memory. Since September 2025, smartphone memory prices (DRAM and NAND) have skyrocketed almost four times. This has forced manufacturers to implement multiple rounds of price hikes to consumer technology, leading to an average smartphone price increase of 15 per cent by the end of Q2 2026. ALSO READ ‘AI can be a somewhat painful tool’: Linux founder on using AI in software development The budget smartphone is gone! The segment hit hardest by this ‘RAM tax’ is the budget-conscious mass market devices priced below Rs 15,000. Shipments in this tier collapsed by a massive 45 per cent YoY. In the entry-level bracket, memory has gone from occupying less than 20 per cent of a phone’s total bill of materials (BoM) to more than 45 per cent. With manufacturing margins gone, brands have had to pass the costs directly to consumers, extending replacement cycles as macroeconomic headwinds and inflationary pressures cause everyday buyers to tighten their belts. “India’s smartphone market remained under pressure during the quarter, as both demand and supply were adversely affected,” stated Prachir Singh, Senior Analyst at Counterpoint Research. “As most Chinese brands are heavily exposed to the entry- and mid-tier segments, their overall market share fell to its lowest level for a second calendar quarter since 2020,” he added. To address the concerns regarding price hikes, many manufacturers are going back to expanding their 4G portfolios in the mass market, using older and cheaper network tech as a temporary financial shield until 5G component costs stabilise. Vivo, Samsung dominate overall market As far as the market share is concerned, the leaderboard featured familiar names. Vivo (excluding iQOO) maintained the top spot with an 18 per cent market share, helped by its new premium Vivo V70 series midrange phones. Its budget-friendly Y and T lines suffered a double-digit decline owing to multiple price hikes. Brand Face-off: Who Won, Who Lost the Quarter Market Share Shift — Q2 2025 vs Q2 2026 Brand Q2 2025 Q2 2026 Est. YoY #1Vivo (excl. iQOO) 19.2% 17.8% -16.6% iQOO 4.4% 1.7% -65.2% #2Samsung 15.5% 17.6% +2.2% #3Oppo 13.2% 13.6% -7.3% Xiaomi (Mi) 8.0% 9.4% +5.8% Poco 5.4% 4.0% -33.3% #5Realme 9.6% 10.0% -6.3% OnePlus 2.4% 2.5% -6.3% Others 22.3% 23.4% -5.6% Est. YoY growth derived from market share shift applied to the overall -10% YoY shipment decline. Samsung’s +2.2% estimate aligns with Counterpoint’s directly reported +2% YoY figure. Ultra-Premium Spotlight Nothing Fastest-growing brand — Phone (4a)/(4a) Pro, financing-led +105% Google Pixel Offline expansion; held off price hikes +68% Apple 7% share — supply constraints, not weak demand -3% Express InfoGenIE | Financial Express Samsung retained the number two spot and was close to Vivo, but was the only brand to post positive growth figures, up 2 per cent YoY. It is said that Samsung countered the market slump through aggressive summer promotions on its midrange Galaxy A, M, and F series, making the Rs 15,000 to Rs 20,000 price band its sweet spot, all while maintaining steady flagship demand for its premium Galaxy S25 and Galaxy S26 series. Oppo held the third position with a 14 per cent share, led by strong mid-tier performance from its K14 and A6 lines. Xiaomi (including Poco) and Realme took the fourth and fifth spots respectively. Price hikes on high-volume models like the Redmi A7 and Poco C75 kept cost-conscious buyers away, making the sub-Rs 20,000 segment a weak spot for both companies. Even Apple wasn’t immune to the supply chain issue as it registered a modest 3 per cent YoY shipment decline to come with a 7 per cent market share. While demand for the iPhone 17 series remained robust, Apple’s bottleneck wasn’t wallet sizes – it was the severe supply constraints and empty inventory shelves across retail channels. ALSO READ Why OpenAI is selling a $70 ‘ChatGPT basketball’ EMIs helped the premium segment While the budget end of the market crumbled, the ultra-premium segment (devices priced above Rs 45,000) told a completely different story. Mainline retail data shows that smartphone financing, via Non-Banking Financial Companies (NBFCs) and credit/debit card EMIs, accounted for over 50 per cent of all major smartphone sales during the quarter. By slicing steep upfront costs into manageable monthly bites, EMIs have transformed high-end phones from luxury splurges into accessible utilities. Nothing clocked in as India’s fastest-growing smartphone brand, posting an explosive 105 per cent YoY growth due to financing. The surge was fueled by massive demand for its Phone (4a) and Phone (4a) Pro models. Google Pixel also ruled the ultra-premium expansion, growing 68 per cent YoY. Google capitalised on aggressive offline store expansions, robust marketing, and critically, a strategic decision to hold off on the price hikes that plagued its rivals. “Since component prices are unlikely to normalise before next year, affordability will remain the industry’s biggest challenge,” Pathak added, projecting a steep 13 per cent YoY decline for the full year of 2026.
Bharat Tex generates $ 2.8 billion business enquiries, investments
The flagship event drew nearly 95,000 visitors and featured over 30 state-led MoUs and a major international partnership with Première Vision Paris to boost exports.
India’s premier global textile event Bharat Tex generated $ 2.8 billion worth of business enquiries over the past three days and catalysed investments worth Rs 14,300 crore. Bharat Tex 2026, which concluded on Friday brought together 1,647 exhibitors, nearly 95,000 business visitors and 11,315 buyers, including 6,090 international buyers, 3,461 delegates and participants from 138 countries, a statement by the Ministry of Textiles said. Bharat Tex 2026 saw 30+ MoUs signed by various states, including Karnataka (Rs 2,821 crore, 11,020 jobs), Bihar (Rs 1,476 crore, 40,500+ jobs), Maharashtra (Rs 1,095 Crore) and Andhra Pradesh (Rs 4,100 crore), reinforcing the event’s role in driving decentralized, state-led growth in India’s textile and apparel sector. Further, RE&UP of Netherlands that transforms textile waste into high quality raw materials announced investing Rs 4,800 Crores in India. During the event, a Letter of Intent (LoI) was signed between the Bharat Tex Trade Federation (BTTF) and Première Vision Paris, one of the world’s most prestigious textile and fashion sourcing platforms. The strategic collaboration aims to deepen India–European Union textile partnerships by enhancing market access, sustainable sourcing, design intelligence and buyer-seller engagement, creating new global opportunities for Indian manufacturers, exporters and MSMEs. International participation has been equally impressive, with ministerial delegations from New Zealand, Sri Lanka, Russia, Cambodia and Portugal, alongside representatives from the European Union, and over 30 industry and international business delegations from countries including the United States, Japan, United Kingdom, Spain, Italy, South Korea, UAE, Australia, France and Germany, among others.
Not just coding skills, judgment will get AI jobs abroad in 2026 | Expert view
AI interviews are no longer just about coding. Recruiters reveal how employers hiring for AI roles abroad now evaluate judgment, prompt engineering, communication and real-world problem-solving, along with the common mistakes Indian professionals should avoid.
Indian professionals applying for AI jobs abroad are facing a new kind of test. It has little to do with writing perfect code. As global demand for AI talent surges, overseas employers are redesigning interview formats to check whether candidates can question AI-generated answers, defend their decisions under pressure, and know when not to trust a model. Speaking to Financial Express Digital, recruiters and hiring experts share what’s changed, the mistakes Indian candidates keep making, and how to prepare. ALSO READ How to use AI to get a job abroad? Experts say don’t blindly trust the bot How AI interviews differ from traditional tech interviews The shift isn’t about new technology, it’s about how candidates are judged. Coding tests, algorithms and system design still matter, but they no longer decide the offer. “Technical skill opens the door. It rarely closes the deal. The thing that actually decides an offer is judgment,” says Achal Khanna, CEO of SHRM APAC & MENA, who notes that companies want professionals who can flag when an AI model can’t be trusted and explain their reasoning clearly. Daniele Merlerati, CRO at GI Group Holding says, “Technical skill is table stakes; problem solving is expected. The differentiator is decision-making under constraints.” Interviewers now weigh how candidates balance accuracy, latency, cost, governance and security while designing AI systems and not just whether the code runs. Nishant Chandra, co-founder of Newton School, adds that AI interviews layer in prompts, data quality, evaluation methods and production issues like hallucinations, inconsistent outputs, privacy and monitoring on top of standard coding fundamentals. <img loading="lazy" decoding="async" height="413" width="620" src="https://images.financialexpressdigital.com/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?w=620" alt="" class="wp-image-4294955" style="width:1000px;height:auto" srcset="https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png 1536w, https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?resize=300,200 300w, https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?resize=400,267 400w, https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?resize=768,512 768w, https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?resize=620,413 620w, https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?resize=650,433 650w, https://www.financialexpress.com/wp-content/uploads/2026/07/ChatGPT-Image-Jul-17-2026-07_47_37-PM.png?resize=1200,800 1200w" sizes="auto, (max-width: 620px) 100vw, 620px" /> AI-generated image Recruiters test judgment, not just technical skill With AI tools now generating working code in seconds, the old coding-puzzle format is fading fast. “Companies have moved toward live, real-time problem-solving instead. They want to watch you think while you build something, not just grade the output,” says Abhishek Agarwal, President at The Judge Group India. Instead of isolated programming problems, employers present business scenarios requiring multiple decisions, selecting a model, refining prompts, weighing trade-offs, or redesigning a solution after new constraints appear. Strong candidates define the business problem before touching the technology, Merlerati says, asking clarifying questions, comparing approaches, and explaining how they’d monitor the system post-deployment. Weak candidates jump straight to naming a model or framework without justifying the choice. Live AI exercises are now standard Practical, real-time tasks are replacing theory-heavy questions. Chandra says candidates may be asked to improve a prompt, build a small retrieval pipeline, debug an AI-generated solution, or compare model outputs, with some companies actively encouraging AI tool use to see how candidates work with AI, not whether they avoid it. ALSO READ AI is rewriting the traditional first job. Here’s how jobseekers should prepare Others ban AI tools outright to test independent thinking. Agarwal advises candidates to find out which approach a company follows before the interview. AI interview questions recruiters are asking in 2026 Sample question from Chandra: “Design an AI customer-support assistant handling one million queries a month, walk us through model choice, retrieval architecture, evaluation, guardrails, latency and cost.” Other common asks: reviewing a prompt and its outputs to spot failure patterns and build an evaluation framework; explaining when RAG beats fine-tuning; reducing hallucinations; defending against prompt injection; and optimising latency and inference costs. Merlerati notes that prompt engineering is now a baseline skill, not a differentiator. Chandra says candidates should also expect questions on when an AI agent should escalate to a human, and how systems should be monitored once live, testing whether they understand AI in the real world, not just in theory. How interviewers spot memorised answers Recruiters increasingly introduce follow-up twists mid-interview to see how candidates adapt. Khanna says interviewers often plant a hidden flaw in a model or dataset, without saying so, and simply watch whether it gets caught. “Someone who memorised the vocabulary usually nails the first question and then trips the moment a follow-up wanders off script,” he says. ALSO READ AI and jobs: Sam Altman lists two ‘least vulnerable’ areas of work in the AI era Merlerati calls this the “messy middle”, questions with no textbook answer, like what happens if training data turns noisy? or what changes if latency requirements tighten? “These conversations quickly separate practical experience from memorisation,” he says. Production skills matter more than prototypes Employers are now evaluating whether candidates can deploy AI at scale, not just build a working demo. Merlerati says weak answers “skip over limitations, evaluation criteria and deployment considerations in favour of naming a model or framework” and failing to explain what happens when a system breaks is the biggest red flag. Chandra says companies expect candidates to speak fluently on evaluation metrics, failure modes, monitoring, safety and cost alongside raw model performance. Common mistakes Indian professionals make in AI interviews Indian professionals remain strong on technical fundamentals but stumble elsewhere, the experts say: Over-trusting AI outputs in live exercises. “Treat the AI’s answer like a rough first draft worth interrogating, not gospel,” Agarwal says. Describing what they built, not why. “Interviewers abroad tend to want the thinking more than the tidy answer,” says Khanna. Hiding behind team credit. Merlerati says many candidates describe what “the team” built instead of owning their individual contribution when global employers want specific, measurable impact. Disconnecting technical work from business outcomes. Chandra advises preparing a full narrative for every resume project: the business problem, personal contribution, evaluation approach, and what was fixed after failures. How to prepare for AI jobs abroad The consensus: build, don’t collect certificates. Chandra’s advice, “Build one serious end-to-end AI system and prepare to defend every decision behind it,” covering data strategy, model choice, evaluation, deployment, cost and lessons from failure. Merlerati says one strong case study demonstrating judgment and business impact outweighs a long list of tools and certifications. Khanna’s final tip: practise explaining the work to a non-technical listener. “Technical depth takes months to build properly. Thinking clearly out loud when a question catches you off guard usually decides the final round.” The bottom line for Indian professionals eyeing AI roles abroad: the interview is no longer a test of technical ability alone and it’s a test of judgment, communication, and the ability to explain why, not just what.
India added 1.6 GW thermal by May 31; 22% of FY27 target met
Despite the initial push, construction delays and over 21 GW of stranded projects threaten grid stability as the Central Electricity Authority and Union Power Ministry prepare for peak electricity demand to touch 300 GW next year.
India added 1.6 GW of thermal power capacity till May 31, up 60% from 1 GW in the same period of FY26, but execution delays and stranded projects remain a concern as peak power demand rises sharply and is expected to touch 300 GW next year. The latest Central Electricity Authority data showed that the capacity addition till May accounted for 22% of the FY27 target of 7.3 GW. In FY26, India had added 9.47 GW of thermal capacity against the targeted 12.86 GW, reflecting continuing slippages in project execution. The capacity addition in the current fiscal came entirely in May, while April saw no thermal capacity addition against 1.01 GW in April last year. Of the 10 thermal units targeted for commissioning in FY27, only two had been commissioned by May 31. These included Patratu STPP in Jharkhand and Yadadri TPS in Telangana, both of 800 MW each. ALSO READ Volume increase major driver of export growth in April-May Skyrocketing Peak Demand The pace of thermal addition assumes significance as India’s peak power demand touched 270.8 GW in May, surpassing 241 GW recorded in 2025. Union power minister Manohar Lal recently said peak demand had already reached 271 GW, while available capacity had grown to 284 GW. “Our available capacity has grown up to 284 GW, which enables us to meet all types of demand. But with the accelerating pace of electrification, we must prepare for 300 GW peak demand next year,” the minister said at India Energy Storage Week 2026 on Wednesday. Under-Construction Bottlenecks Project delays continue to weigh on the sector. As of May 31, 32 thermal units with 43.36 GW capacity were under construction, while another 21.38 GW remained stranded, with work either on hold or unlikely to be commissioned. The private sector did not commission any thermal unit during April-May. The data showed that two stranded central-sector plants were originally scheduled for commissioning in May 2020, while several private-sector thermal projects have faced delays since 2013. Delays in equipment supply from EPC companies and land acquisition issues continue to stall projects even as demand increases. ALSO READ India’s forex reserves rise to $675.16 billion, but remain $53 billion below February peak The government is targeting 97 GW of coal- and lignite-based capacity addition by 2034-35 to meet rising power demand. As of May 2026, India’s total installed power capacity stood at 542 GW, of which thermal capacity accounted for 251 GW. While India has committed to achieving 500 GW renewable energy capacity by 2030, policymakers have reiterated that renewable energy alone cannot meet rising demand, keeping coal-based capacity central to grid reliability.
Gujarat tops NITI Aayog’s investment friendliness index; Maharashtra, Tamil Nadu follow
Gujarat ranks highest in NITI Aayog’s Investment Friendliness Index with a score of 56.6, followed by Maharashtra and Tamil Nadu, highlighting top states driving India’s investment climate.
Gujarat has emerged as India’s most investment-friendly state, followed by Maharashtra and Tamil Nadu, in the first Investment Friendliness Index released by NITI Aayog on Friday. Gujarat secured an overall score of 56.6 out of 100, while Maharashtra scored 53.7 and Tamil Nadu 53.3. Goa, with 53.1, and Odisha, with 52.4, completed the list of five states classified as “top performers”. Delhi ranked sixth with a score of 49.9, followed by Madhya Pradesh at 48.9. Andhra Pradesh and Karnataka were jointly placed next with scores of 48.7 each. Gujarat’s performance was attributed to efficient port operations, reliable electricity supply, a competitive power sector and its fiscal position. Maharashtra scored strongly on its business climate, including its ability to attract private equity and venture capital investment. Tamil Nadu’s position was driven by its ports, export performance and a near 100% conversion rate for investment memorandums of understanding, the report said. Five states classified as top performers NITI divided the 36 states and Union Territories into four performance groups. Five were classified as top performers, 15 as frontrunners, and eight each as emerging performers and aspiring states. The states were also grouped separately as large states, hilly and northeastern states, and city states and Union Territories to account for differences in geography, size and economic structure. ALSO READ Niti Aayog charts road map to take ayurveda global Gujarat, Maharashtra and Tamil Nadu led the large-state category. Uttarakhand, Assam and Himachal Pradesh were the three leading hilly and northeastern states, while Goa, Delhi and Chandigarh headed the city-state and Union Territory group. NITI Aayog Vice-Chairman Ashok Kumar Lahiri said the exercise should not be treated purely as a race between states. “This is not a ranking exercise. It is an exercise to tell states where they are doing well and where they are not doing so well,” Lahiri said. The index was developed after Prime Minister Narendra Modi called for an investment-friendly charter for states at NITI Aayog’s ninth Governing Council meeting. It was subsequently announced in the Union Budget for 2025-26 as an instrument to encourage states to reduce regulatory barriers and compete for private investment. India needs more investment to support growth Releasing the report, Lahiri said India’s investment rate was around or below 25% and that the country required more investments to support demand and economic growth. “India needs more investments as it also boosts demand,” he said. The 25% figure, however, was not accompanied by a definition. The index report itself uses gross fixed capital formation as the measure of investment and places investments at 29.9% of GDP in FY25, slightly above the decadal average of 29.1%. The report also noted that the post-pandemic investment recovery has been led primarily by the government and households. Government and public-sector investment grew 13.9% in real terms between FY22 and FY24, while household capital expenditure grew 13.4%. Private corporate investment grew at a relatively slower 8.7%. Limitations and methodology of NITI’s exercise The authors behind NITI Aayog’s investment friendliness report acknowledged that published data alone could not fully capture conditions faced by businesses on the ground. The investor survey was introduced to bridge this gap, but the report also described perception-based indicators as qualitative and subjective. The relatively modest scores of even the leading states underline the scope for improvement. Gujarat, despite ranking first, scored 56.6 out of 100, indicating that the index is intended to identify reform gaps rather than certify that the top-ranked states have resolved all constraints faced by investors. How the index was built The index evaluates states through eight pillars carrying different weights. Infrastructure has the highest weight of 25%, followed by business climate at 20% and availability of resources—including labour, skills, land and finance—at 15%. Regulatory ease carries a weight of 12%, government policy 10%, financial health 7%, institutional environment 6% and environmental resilience 5%. Together, these pillars comprise 84 indicators. Of these, 62 are based on secondary data collected from government and other published sources, while 22 are based on investor perceptions. The perception survey covered 1,850 investors across all 36 states and Union Territories. Since some respondents operated in more than one state, the exercise generated 2,503 state-specific responses. The framework was also developed after consultations with 165 stakeholders, including central and state governments, industry associations, regulatory bodies, investment banks, private equity firms, sovereign wealth funds and multilateral institutions. NITI Aayog has also included an unusually explicit disclaimer. It said that while due care had been exercised in preparing the report, it did not confirm the authenticity of the underlying data or the accuracy of the methodology. Responsibility for the findings and methodology rests with Crisil, which prepared the report with financial assistance under NITI Aayog’s research scheme.
Volume increase major driver of export growth in April-May
An analysis by the Commerce Ministry reveals that India's recent export growth is driven by volume expansion, not just high commodity prices from the West Asia conflict.
India’s recent export growth does not depend solely on higher value realisation due to elevated commodity prices particularly of crude oil, aluminium and copper since the onset of the war in West Asia. Around 72 product categories out of 100 for which quantity data is available showed robust growth in export volumes in April-May. In April-May, India’s exports stood at $78.6 billion across a total of 168 product categories. Quantity can be determined and tracked for 100 of these categories. Of these 100 products, volume by weight is recorded in 92 categories and in the remaining 8, quantities are measured by the number of units. Volume growth was seen in 72 product categories which account for 32% of total exports, according to a commerce ministry analysis. Within these 72 categories, both value and volume growth occurred in 58, accounting for 27.5% of total exports during the period. Export value of the 92 products was $41.2 billion in April-May, while for the remaining 8 products it was $3.4 billion. Around $33.9 billion worth of exports came from 68 product categories where quantity data is unavailable. The increase in crude prices, however, did help petroleum exports which increased 44.6% to $18.1 billion. The product categories driving volume and value growth are engineering goods like aluminium and aluminium products, iron ore and iron and steel products. Among agricultural products, value and volume growth was seen in non-basmati rice, other cereals, wheat and pulses. Other high growth sectors include drug formulations, biologicals, organic chemicals and steel products. In 2025-26, 168 product categories enabled exports of $441.7 billion. Quantity data is available for 104 of these product categories. Of the 104 categories, 68 grew in both value and volume. These accounted for 30% of India’s exports during the year. Products showing volume and value growth in 2025-26 included motor vehicles, passenger cars, two- and three-wheelers, and lead and lead-based products. In agriculture value and volume growth was seen in coffee, tea, fruits, vegetables and other cereals. Other products in the category are drug formulations, biologicals, bulk drugs, drug intermediaries and processed minerals.
MakeMyTrip confirms India IPO, confidentially files DRHP
MakeMyTrip India has confidentially filed its DRHP with SEBI for a proposed IPO, marking the first step toward listing its Indian business on stock exchanges.
Nasdaq-listed travel services company MakeMyTrip has begun the process of listing its Indian business on domestic stock exchanges by confidentially filing a DRHP with the Securities and Exchange Board of India (SEBI), the BSE and the NSE. The company disclosed the development in a regulatory filing with the US Securities and Exchange Commission (SEC) on July 17. Though, the company confirmed the proposed initial public offering (IPO), it did not disclose the size of the issue. A confidential filing allows companies to submit draft offer documents to the market regulator for review without making them public immediately, helping protect sensitive business and financial information during the early stages of the listing process. Existing shareholders to sell stake The proposed IPO will involve the sale of equity shares in MakeMyTrip (India) Limited by its parent, MakeMyTrip Limited, and its wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd. ALSO READ MakeMyTrip raises $3.1 bn in largest fundraise by Indian new-age company “The proposed initial public offering is expected to involve a sale of equity shares in MMT India by MakeMyTrip and its wholly-owned subsidiary, ibibo Group Holdings (Singapore) Pte. Ltd. Upon completion of the proposed initial public offering, MMT India will continue to be a subsidiary of MakeMyTrip and will be included in MakeMyTrip’s consolidated financial statements,” the company said in a statement. ALSO READ MakeMyTrip evaluating India IPO as part of long-term growth strategy Funds to support future growth According to the filing, the listing is expected to strengthen MakeMyTrip India’s brand visibility and helping it attract and retain talent in the competitive technology sector. “MakeMyTrip expects the proposed initial public offering and listing of MMT India to enhance its brand visibility and support MMT India’s ability to incentivize and promote talent in a competitive technology recruitment landscape. The net proceeds received by MakeMyTrip and ibibo Holdings from the sale of shares in MMT India will further strengthen the cash position of MakeMyTrip and are expected to be utilized for long-term growth, strategic inorganic initiatives and repurchases of different classes of securities (including convertible securities) by MakeMyTrip. Subject to regulatory approvals, MakeMyTrip and MMT India may evaluate alternatives in medium-term to enable our respective shareholders to enjoy the benefits of a security at MMT India level that is fungible and listed across India and US capital markets.” Travel business spans multiple brands MakeMyTrip has been listed on Nasdaq since 2010 and operates some of India’s best-known online travel platforms, including MakeMyTrip, Goibibo and redBus. Its digital platform allows customers to book flights, hotels, holiday packages, buses, trains, car rentals, tours and attractions, along with services such as foreign exchange, visa processing, travel insurance and travel assurance. The company follows an asset-light marketplace model, connecting travellers with airlines, hotels, accommodation providers and transport operators. Besides its strong presence in India, it also operates a growing travel business in the United Arab Emirates, while redBus has expanded into select markets across Southeast Asia and Latin America.
Can Election Commission decide citizenship? What the Supreme Court’s latest West Bengal ruling means
The court said that where a tribunal concludes that a person should not be included in the SIR list, the Election Commission must refer the matter to the Union government for determination of citizenship under the Citizenship Act.
The Supreme Court on Friday sought responses from the Election Commission of India, the West Bengal government and the state poll panel on a petition seeking detailed constituency-wise data on claims and objections filed by voters whose names were excluded during the Special Intensive Revision (SIR) of electoral rolls, news agency PTI reported. A bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and V Mohana heard a PIL filed by Prasenjit Bose, chairperson of the SIR Committee of the West Bengal Pradesh Congress Committee. The petition seeks detailed Assembly constituency-wise information on the SIR exercise, including the number of Forms 6, 6A and 7 filed, accepted and rejected. According to PTI, the Supreme Court sought data on appeals pending before and disposed of by tribunals constituted to hear challenges against voter exclusions. ALSO READ Monsoon Session 2026: Govt likely to table 5 new Bills, revive FCRA amendment push – What’s on agenda Petition seeks greater transparency in SIR process Senior advocate Gopal Sankaranarayan, appearing for Bose, argued that the absence of detailed constituency-level data prevented effective scrutiny of the electoral roll revision exercise. The plea alleged that the EC has not published sufficient information on how many applications were received, accepted or rejected in individual constituencies. It also raised concerns over the non-publication of formats prescribed under the Election Commission’s Manual on Electoral Rolls, 2024, arguing that this weakened transparency and accountability in the process. 33.5 lakh appeals reportedly pending During the hearing, Sankaranarayan reportedly told the court that around 33.5 lakh appeals were still pending and claimed that nearly 70% of the cases disposed of resulted in the claims being allowed. He said voters whose names were deleted were facing difficulties in accessing government welfare schemes, including the public distribution system and Annapurna scheme. The lawyer also claimed that some affected voters were facing problems obtaining caste certificates. The Supreme Court agreed to hear the fresh plea along with other pending petitions concerning the SIR exercise, including one filed by former West Bengal Chief Minister Mamata Banerjee. The matters are scheduled to be heard on August 25. SC clarifies EC’s role in citizenship matters During the hearing, the bench referred to its judgment in the Bihar SIR case and stressed the distinction between electoral roll management and determination of citizenship. The court said that where a tribunal concludes that a person should not be included in the SIR list, the Election Commission must refer the matter to the Union government for determination of citizenship under the Citizenship Act. “The Election Commission is not a constitutional authority concerning the determination of citizenship. There is no confusion in law. The Election Commission has control and superintendence over the electoral roll,” the bench observed. ALSO READ ‘Jind is etched in history’: PM Modi hails ‘Made in India’ initiative after flagging off India’s first hydrogen train – Key takeaways Over 58 lakh electors excluded during enumeration The petition claimed that more than 58 lakh electors were excluded during the enumeration phase of the West Bengal SIR exercise. During the claims and objections period, the petitioner said, 9.64 lakh applications for inclusion through Forms 6 and 6A and more than 99,000 applications for deletion through Form 7 were received. However, only around 1.82 lakh names were ultimately added to the final electoral roll published on February 28, according to the plea. The petitioner argued that the absence of constituency-wise data makes it difficult to independently assess the implementation of the exercise across the state. PIL challenges ‘logical discrepancy’ cases The petition also questioned the process used to identify more than 60 lakh cases of “logical discrepancy”. It alleges that factors such as parent-child age differences, multiple family linkages and mismatches in names were used to issue notices and initiate deletions without adequate legal or procedural clarity. The petitioner sought disclosure of the criteria and methodology used to identify such cases. Plea seeks publication of tribunal SOP The PIL further raised concerns over the functioning of the 18 appellate tribunals set up to hear appeals arising from the SIR exercise. According to the petition, a three-member judicial committee prepared a Standard Operating Procedure (SOP) on April 7, but the document has not been made public. The plea seeks directions for publication of the SOP and the preparation of simplified appeal guidelines in Bangla, Hindi and English. It argued that many excluded voters are poor, illiterate or otherwise unable to navigate the appeals process without legal assistance, and that the lack of procedural clarity could disproportionately affect marginalised sections.
Club Over Country: Why Chelsea Were Chastised for Cheering Their €121 Million Argentine Star’s Goal Against England
Chelsea' social media team misjudged the room spectacularly, celebrating Enzo Fernández's late equalizer during England's heartbreaking World Cup semifinal exit.
For English football fans, Wednesday (July 15) night was supposed to be the moment a 60-year-old curse was finally lifted. With England leading Argentina 1-0 in the 85th minute of the 2026 World Cup semifinal in Atlanta, the ‘Three Lions’ were just minutes away from a historic final. Then Chelsea’s €121 million (£106.8m) midfielder Enzo Fernández ruined the party. Fernández curled a stunning, long-range effort past Jordan Pickford to equalize, shifting the momentum before Lautaro Martínez struck in stoppage time to seal a devastating 2-1 comeback win for Argentina. But while English hearts were breaking across the nation, Chelsea Football Club’s official social media admin made a fateful decision: they decided to celebrate. The resulting post severe backlash among their own fanbase, forcing the club into a humiliating, rapid deletion. ALSO READ ‘I was shaking’: Slavko Vincic breaks down after FIFA choses him to referee World Cup Final The Post That Set X on Fire As the dust settled on England’s elimination, Chelsea’s official X (formerly Twitter) account posted an image of Fernández celebrating his equalizer, captioned simply with his name and an explosion emoji. The backlash from Chelsea’s own domestic supporters — as well as the wider English public — was immediate and ruthless. Many felt the post was incredibly tone-deaf, prioritizing individual player PR over the emotional state of the club’s core local fanbase. “Seriously. We’re an English football club. Poor from my club. Poor,” wrote one disgruntled Chelsea supporter on the platform where it was posted. “The absolute cheek of an English football club to tweet this. Grim,” commented another. A third added: “Read the room, disgusting. Especially when that player would spit at us at any opportunity” — referencing past controversies surrounding Fernández’s commitment to the Stamford Bridge outfit. Recognizing the escalating public relations disaster, Chelsea quietly pulled the post down within hours. Chelsea's admin had no problem posting Enzo Fernández throughout the tournament. Every appearance, every performance, every contribution was shared. But the moment he scores against England, the post gets deleted because some fans in the replies didn't like it. That's the… pic.twitter.com/xBxBNu3rhm — Medeek (@themedeek) July 16, 2026 A Tale of Two Admins: How United Handled It Better The controversy highlighted the incredibly delicate tightrope modern, multi-national Premier League clubs must walk during international tournaments. Fans pointed out that Chelsea could have easily avoided the drama had they looked at how their league rivals managed the exact same scenario. Club The Approach Fan Reaction Chelsea Exclusively celebrated Enzo Fernández’s equalizer against England without acknowledging the England players or the defeat. Severe backlash; forced to delete the post within hours. Manchester United Congratulated Argentina’s Lisandro Martínez while sending specific commiserations to their own England internationals, Kobbie Mainoo and Marcus Rashford. Well-received; respected both the player’s triumph and the domestic fans’ grief. Adding Fuel to the Fire: Enzo’s “Wonderwall” Mockery Making matters worse for Chelsea’s PR department, Fernández did not help lower the temperature. In the hours after the match, the 25-year-old midfielder shared a photo on his Instagram story showing him posing alongside Argentina teammates Lionel Messi and Leandro Paredes. The background music? Oasis’s Wonderwall — the song that had become the unofficial anthem for the England national team and their travelling fans throughout the 2026 tournament. ALSO READ Why did ticket prices for the England vs France third-place playoff plunge to less than $700? Though Fernández also removed the track from his story after it began circulating, the damage was done. The cheeky dig did little to endear him to English fans, who are now promising a highly hostile reception for the midfielder when the Premier League season kicks off next month. For Chelsea, the incident serves as a stark reminder: in the battle of club versus country, local roots still run incredibly deep.
Received an income tax reassessment notice? This ITAT ruling shows when you can challenge it
Based on the given case law and the relevant assessment year, before issuing a reassessment notice under section 148, the Assessing Officer must have specific information indicating that income has escaped assessment.
If you receive an income tax reassessment notice, your first instinct may be to focus on proving that the tax demand is incorrect. But what if the notice itself is legally flawed? A recent Income Tax Appellate Tribunal (ITAT) ruling shows that the validity of a reassessment can depend as much on the procedure followed by the Income Tax Department as on the tax issue itself. The Income Tax Appellate Tribunal (ITAT), Pune Bench, has delivered an important ruling in the case of Sanjyot Jay Sheth vs Income Tax Officer (ITO) on July 2, 2026, providing significant relief to taxpayers facing reassessment proceedings. The Tribunal quashed the reassessment initiated by the Income Tax Department after finding serious procedural lapses in the reopening process under Sections 148A and 148 of the Income-tax Act. In Sanjyot Jay Sheth v. ITO, the Pune ITAT examined the validity of reassessment proceedings initiated for AY 2014–15. The taxpayer had not filed an original return but subsequently filed a return declaring income of Rs. 1.81 lakh in response to the reassessment notice. The reassessment ultimately resulted in substantial additions, including Rs. 3.45 crore under section 56(2)(vii)(b) and Rs. 15.42 lakh under section 69C. The original notice under section 148 was issued on 23 June 2021 under the old tax regime during the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA) period. Following the Supreme Court’s ruling in Union of India v. Ashish Agarwal, the notice was treated as a show-cause notice under section 148A(b) of the new reassessment regime. Accordingly, a notice under section 148A(b) was issued on 20 May 2022. The section 148A(b) notice alleged that the taxpayer had sold an immovable property for Rs. 30 lakh and also referred to the sale of another property in Pune for Rs. 6.20 crore. The taxpayer denied having owned or sold the property referred to in the notice. However, the order subsequently passed under section 148A(d) proceeded on an entirely different basis. It alleged the escapement of income of Rs. 3.70 crore, including a difference of Rs. 3.45 crore chargeable under section 56(2)(vii)(b), which broadly concerned the acquisition of property for inadequate consideration rather than the property sale initially mentioned in the show-cause notice. The ITAT observed that there was a complete disparity between the allegation contained in the section 148A(b) notice and the basis adopted in the section 148A(d) order. The taxpayer had responded to the allegation concerning the sale of the specified property, but was never given an opportunity to address the materially different allegation eventually relied upon for reopening the assessment. The Tribunal held that the purpose of a notice under section 148A(b) is to communicate the proposed allegation with sufficient particulars so that the taxpayer has a meaningful opportunity to respond. Where the Assessing Officer seeks to proceed on a new or materially different basis, a fresh or revised notice under section 148A(b) must ordinarily be issued. The Assessing Officer could not introduce a new foundation for reopening directly in the section 148A(d) order. Consequently, the mismatch between the notice and the order vitiated the reassessment proceedings. The Tribunal also found the notice to be barred by limitation. Since the original notice was issued on 23 June 2021, only seven days remained from that date until 30 June 2021. Applying the Supreme Court’s ruling in Union of India v. Rajeev Bansal, the Assessing Officer had seven days after receiving the taxpayer’s response on 6 June 2022 to complete the remaining reassessment procedure. Accordingly, the section 148 notice should have been issued by 13 June 2022. Since the section 148A(d) order and section 148 notice were issued only on 26 July 2022, they were held to be time-barred. The ITAT, therefore, quashed the reassessment proceedings on two independent jurisdictional grounds: first, the failure to confront the taxpayer with the actual basis of reopening; and second, the issuance of the notice beyond the permissible limitation period. As the reassessment itself was invalid, the Tribunal did not examine the substantive tax additions. “The ruling is significant because it reinforces that compliance with sections 147, 148, 148A and 149 is not merely a procedural formality. The allegation communicated through the section 148A(b) notice forms the foundation of the reassessment. The Assessing Officer cannot substantially alter that foundation while passing the section 148A(d) order without first giving the taxpayer a proper opportunity to respond,” said CA (Dr.) Suresh Surana. “The decision also provides important guidance for taxpayers covered by legacy reassessment notices issued during the TOLA period. Such notices must satisfy the “surviving limitation” principle laid down by the Supreme Court in Rajeev Bansal. If the section 148 notice under the new regime is issued after the surviving period expires, the reassessment may be without jurisdiction, irrespective of the merits of the proposed addition,” Surana further added. ALSO READ ITR Filing 2026: 5 situations where life insurance maturity proceeds become taxable Income tax reassessment: Know your legal rights Based on the given case law and the relevant assessment year, before issuing a reassessment notice under section 148, the Assessing Officer must have specific information indicating that income has escaped assessment. The officer must disclose the relevant information to the taxpayer through a show-cause notice under section 148A(b) and provide a reasonable opportunity to respond. After considering the taxpayer’s reply and supporting documents, the officer must pass a reasoned order under section 148A(d) with the approval of the specified authority. The final basis for reopening should correspond with the allegation communicated in the show-cause notice. Any materially different issue should first be put to the taxpayer. The reassessment notice must also be issued within the limitation period prescribed under section 149. Failure to provide a proper hearing, obtain the required approval, disclose the actual allegation or comply with the limitation period may invalidate the reassessment proceedings. ALSO READ New in ITR 2026: Why is the Income Tax Department asking for a secondary address? Under what circumstances is the Income Tax Department required to issue a fresh Section 148A(b) notice? The Income Tax Department is required to issue a fresh section 148A(b) notice where the Assessing Officer proposes to reopen the assessment on a materially different ground from the one stated in the original show-cause notice. This may arise where there is a change in the transaction, property, amount, source of income or nature of the proposed addition. “A fresh notice may also be necessary where the original notice contains incorrect or incomplete particulars that prevent the taxpayer from understanding and responding to the actual allegation. Similarly, if new information subsequently becomes the principal basis for reopening, that information should first be disclosed to the taxpayer and a reasonable opportunity to respond should be provided,” stated Surana. However, a fresh notice may not be required for a minor clarification that does not alter the fundamental allegation. In all cases, the fresh notice and subsequent proceedings must comply with the applicable limitation period and approval requirements. Thus, an Assessing Officer cannot introduce an entirely new basis for reopening directly in the section 148A(d) order without first confronting the taxpayer with that basis. ALSO READ Income tax after retirement: 10 earnings that continue to be taxed How should taxpayers respond to a reassessment notice? A taxpayer should not ignore a reassessment notice merely because it contains incorrect or unrelated facts. A detailed response should be filed within the prescribed time, clearly identifying each factual error and expressly denying any transaction that does not belong to the taxpayer. Relevant documents such as sale deeds, bank statements, ownership records, income-tax returns or other supporting evidence should be enclosed. The taxpayer should also request the Assessing Officer to provide the information and supporting material relied upon and, where appropriate, withdraw or correct the notice. If additional time is required, an extension should be sought before the response deadline. Copies of the notice, reply, attachments and filing acknowledgements should be preserved. “If the officer nevertheless proceeds on incorrect facts, introduces a new allegation without issuing a fresh notice or passes an order without properly considering the response, the taxpayer may evaluate the available legal remedies with professional advice. The ruling in Sanjyot Jay Sheth reinforces that reassessment cannot validly proceed on a materially different basis without first giving the taxpayer a meaningful opportunity to respond,” Surana commented. ALSO READ Taxpayer files ITR-2 instead of ITR-4, reports business income under wrong head; here’s how ITAT deals Key takeaway for ordinary taxpayers Taxpayers should therefore not ignore any assessment notice. They should carefully verify the property, transaction, amount, and assessment year mentioned, promptly point out any incorrect or unrelated facts and submit a detailed response supported by relevant documents. They should also retain copies of all notices, replies and filing acknowledgements. The ruling confirms that the Department cannot ask the taxpayer to explain one allegation and subsequently reopen the assessment on an entirely different basis without providing a fresh opportunity to respond. However, relief will depend on the facts and timeline of each case; therefore, timely professional advice may be appropriate where substantial amounts or jurisdictional issues are involved. Disclaimer: This article is based on a recent ITAT Pune ruling in a specific case. Judicial decisions are fact-specific, and their applicability depends on individual circumstances. Taxpayers should seek professional advice before relying on this ruling for their own cases. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
Gold Bonds: Premature redemption price of SGBs due on July 18, 20 announced by RBI
The Reserve Bank of India has announced the premature redemption price of the Sovereign Gold Bond scheme due on July 18 and the SGB 2021-22 Series IV due on July 20.
The Reserve Bank of India (RBI) has announced the premature redemption price for the Sovereign Gold Bond scheme: SGB 2020-21 Series X, due on July 18, 2026 (July 19 being a holiday), and SGB 2021-22 Series IV, due on July 20, 2026. Sovereign Gold Bonds 2020-21 (Series X) were open between January 11 and 15, 2021, with the settlement date January 19, 2021. The issue price of the Bond during the subscription period was Rs 5,104 per gram and Rs 5,054 for the digital purchase. Sovereign Gold Bonds 2021-22 Series IV was open between July 12 and 16, 2021, with the settlement date July 20, 2021. The issue price of the Bond during the subscription period was Rs 4,807 per gram and Rs 4,757 for the digital purchase. The redemption price of SGB is based on the simple average of the closing price of 999 purity gold over the previous three business days from the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for premature redemption due on July 18, 2026 (July 19 being a holiday) and July 20, 2026, shall be Rs 14,158 per unit of SGB based on the simple average of the closing price of gold for the three business days, i.e., July 15, July 16, and July 17, 2026. Gold price in India is Rs 14,094 per gram as of July 17. Returns for Gold Bond investors Investors in the Sovereign Gold Bond (SGB) scheme SGB 2020-21 Series X due on July 18 are expected to gain 180% over five years and six months, equating to an annualized return of over 20%. There was an additional return of 2.5%, half-yearly paid to the SGB investors. Investors in the Sovereign Gold Bond (SGB) scheme SGB 2021-22 Series IV due on July 20, 2026, are expected to gain 197% over five years, equating to an annualized return of 24%. There was an additional return of 2.5%, half-yearly paid to the SGB investors. ALSO READ Gold plunges 25% from peak: Should investors buy the dip or wait? SGBs have an eight-year duration, but investors may redeem them before the fifth year. Sovereign Gold Bond Scheme, premature redemption of Gold Bond is permitted after the fifth year from the date of issue of such Gold Bond, on the date on which interest is payable. SGB Taxation A big change has been introduced in the taxation of SGBs in Budget 2026. The capital gains from gold bonds will be exempt from tax if the bond was purchased during primary issuance and held for a full 8 years until maturity. Premature withdrawal through the RBI does not qualify for this exemption. Capital gains from SGBs will be taxable if they are bought in the secondary market, sold in the secondary market, or redeemed during a premature withdrawal window, regardless of the original purchase method. Disclaimer: This article is intended for general awareness only and should not be construed as tax or investment advice. Tax treatment of SGB gains may vary based on individual circumstances and is subject to change. Readers are advised to consult a SEBI-registered investment advisor or qualified tax professional before making any redemption or investment decisions. Financial Express is not responsible for any decisions made based on this information.
Caliber Mining IPO subscribed 1.21x on Day 1; retail, NII portions fully booked
Caliber Mining IPO was subscribed 1.21x on Day 1, with retail and NII quotas fully booked; check key details.
The Indian primary markets pipeline has started picking up pace, as another mainboard IPO is garnering investor’s attention. The Caliber Mining & Logistics IPO drew heavy response on its first day of bidding, receiving an overall subscription of 1.21 times. The retail applicant category in particular saw strong response. On its first day of bidding, the issue generated a demand of 95.11 lakh shares against its ask of 78.36 lakh equity shares. Caliber Mining IPO: Strong NII, Retail participation The offer worth Rs 450 crore saw robust demand on its first day of bidding from the retail category, which was subscribed 1.58 times. The non-instutional portion also attracted high investor interest as the quota was fully subscribed at 1.59 times. However, the Qualified Institutional Buyer (QIB) category saw steady response as it was subscribed 0.29 times on the first day of bidding. Caliber Mining IPO: Day 1 subscription snapshot Caliber Mining IPO attracted a healthy response on its first day of bidding, being subscribed 1.21 times Investor Category Subscription (Day 1) Qualified Institutional Buyers (QIBs) 0.29x Non-Institutional Investors (NIIs) 1.59x Retail Individual Investors (RIIs) 1.58x Overall 1.21x Caliber Mining IPO: GMP at 27% As per the latest update, the shares of Caliber Mining IPO are trading at a premium of 26.89% in the unlisted markets, translating into an estimated listing price of Rs 538 per share, based on the upper end of the price band. This reflects a gain nearly 27%. ALSO READ SBI Funds Management IPO: What are your realistic allotment chances after 41x subscription? Check status For a retail applicant, this means a profit of Rs 3,990 on one lot. The company has fixed the price band for the IPO at Rs 402 to Rs 424 per share, and seeks to raise a total of Rs 450 crore from the markets. The IPO comprises issuance of fresh equity shares worth Rs 400 crore and Rs 50 crore will be raised through the Offer for Sale (OFS) route. It is important to note that GMP is an unofficial metric to determine the listing price and may vary based on market mood and sentiment. Caliber Mining IPO: Expert take “At the upper price band of Rs 424, CMLL is valued at ~17x FY26 P/E and appears reasonable compared to its peers. CMLL offers a compelling play on India’s coal outsourcing theme, supported by its integrated model, strong execution with Coal India subsidiaries, robust order book visibility, industry leading margins, and growth supported by capacity expansion and balance sheet strengthening,” said Geojit Investment in a report. ALSO READ Zetwerk, Tonbo Imaging among 5 firms to get SEBI IPO nod this week Geojit gave the IPO a “Subscribe” for medium-to long-term rating. “At the upper price band, the IPO is valued at 14.5x FY26 P/E and 7.7x FY26 EV/EBITDA, representing a reasonable valuation compared to listed contract mining and infrastructure peers, considering the company’s strong order book visibility, healthy execution track record, and long-term growth prospects. We recommend SUBSCRIBE to the IPO with a long-term investment horizon,” said Deven Choksey Research in its report. Caliber Mining IPO: Subscription timeline The IPO opened for bidding on July 17, and the issue will close on July 21. On a tentative basis, share allotment is expected to be completed by July 22, while investors are likely to receive their shares and requisite refunds by July 23. Caliber Mining is expected to hit the bourses on July 24.
India’s forex reserves rise to $675.16 billion, but remain $53 billion below February peak
India’s foreign exchange reserves rose for a second consecutive week to $675.157 billion, driven by increased foreign currency assets amid RBI measures and external pressures from the West Asia conflict.
India’s foreign exchange reserves rose for a second consecutive week, supported by an increase in foreign currency assets, as the Reserve Bank of India’s measures to attract overseas deposits began providing an additional buffer against the external-sector pressures created by the West Asia conflict. The country’s reserves increased by $964 million to $675.157 billion in the week ended July 10, RBI data released on Friday showed. This followed a much sharper $7.26-billion increase in the preceding week, taking the cumulative addition over two weeks to $8.22 billion. The recovery, however, remains partial. India’s reserve stock is still $53.34 billion, or 7.3 per cent, below the record $728.494 billion reached in the week ended February 27. The subsequent erosion came as the West Asia conflict pushed crude oil prices higher, weakened risk appetite towards emerging markets and placed the rupee under sustained pressure. The RBI intervened repeatedly through dollar sales to contain volatile currency movements. ALSO READ FCNR(B) inflows short of expectations: Barclays According to a PTI report citing experts, the latest rise, therefore, strengthens India’s import and external-debt cover, but does not by itself signal that the pressure on the rupee or the RBI’s balance sheet has ended. Foreign currency assets drive the increase For the week ended July 10, foreign currency assets, a major component of the reserves, increased by USD 930 million to USD 546.508 billion, the central bank’s data showed. They accounted for more than 96 per cent of the overall weekly rise. Expressed in dollar terms, the foreign currency assets include the valuation effect arising from movements in currencies such as the euro, pound sterling and Japanese yen. The weekly increase cannot, therefore, be treated entirely as evidence of fresh dollar purchases or capital inflows. Gold reserves registered a relatively marginal increase of $18 million to $105.223 billion. The composition was markedly different from the previous week, when foreign currency assets rose by $4.51 billion and the value of gold holdings increased by $2.67 billion. Special Drawing Rights with the International Monetary Fund rose by $3 million to $18.626 billion, while India’s reserve position with the IMF increased by $13 million to $4.800 billion. India’s reserve position with the IMF was also up by USD 7 million to USD 4.793 billion at the end of the reporting week, according to the apex bank’s data .
Regulatory easing to open the generic drug floodgates
DCGI exempts low-risk drugs from prior bioequivalence nod
The central drug regulator has removed a key hurdle for the domestic generic drug launches by exempting nearly half of all low-risk bioequivalence (BE) studies from prior approval. The move has eliminated around 3,000 No Objection Certificates (NOCs) annually, based on the current spate of applications from drugmakers. BE studies are critical to develop generic drugs as they establish that a generic drug have same effect as the innovator drug. They are a mandatory step in generics development. At the FE Healthcare Summit & Awards 2026 here on Friday, the Drugs Controller General of India Rajeev Raghuvanshi said that by replacing the approval regime with a simple intimation process, the regulator has the shortened the drug development timelines, reduced uncertainty for pharma companies and contract research organisations (CROs), and freed up regulatory resources for crucial oversight activities. “There was no value addition by the regulator in many of these permissions. So, we have freed almost 50% of these bioequivalence studies from prior approval. It helps the industry and also frees our resources to do much more value-added work,” Raghuvanshi said. ALSO READ Serum Institute to invest $ 100 million for TB vaccine, signs agreement with Gates MRI Easing Pre-Clinical Approvals Besides bioequivalence studies, companies carrying out R&D and pre-clinical drug development no longer require prior approval from Central Drugs Standard Control Organisation (CDSCO) and only need to notify the regulator before commencing research. According to Raghuvanshi, the changes are intended to reduce what he described as “regulatory anxiety” among innovators while maintaining oversight where it matters. “We are trying to solve the problem of regulatory anxiety. Till the companies go for first human testing, they don’t need to come to the regulator,” he said. The regulator said that it has digitised 99% of its processes and is developing an integrated end-to-end digital platform linking the different components of value chain – such as CDSCO, state drugs regulators, manufacturers and retailers – with the first phase of the project expected to become operational within the next 18 months. Raghuvanshi also rejected the perception that regulation hampers innovation. He argued that a credible regulatory framework is essential for domestically-produced medicines to compete globally. “It looks like a roadblock, but it is essential for our international acceptability. Products coming through a robust regulatory system have easier access to the international markets,” the regulator said. ALSO READ Novel drug discovery gathers pace, 1,095 drug discovery programmes in pipeline Tighter Post-Market Surveillance Even as CDSCO has reduced the compliance burden on drugmakers, it is tightening post-market surveillance at the same time. The regulator now publishes around 200 ‘Not of Standard Quality’ (NSQ) drug alerts every month and issues Corrective and Preventive Action (CAPA) notices to manufacturers whose products fail quality tests. Companies are required to identify the root cause of the quality failure and implement corrective measures before regulatory restrictions are lifted. “Every company whose product is declared NSQ receives a CAPA notice. They have to identify the problem, correct it, and satisfy the regulator before the suspension is removed. Over time, products will either improve and comply with quality standards or exit the market altogether,” Raghuvanshi said. To strengthen the drug regulatory system, the government has given an in-principle approval for the creation of 1,500 additional posts in CDSCO. As per Raghuvanshi, the new cadre will include engineers, doctors, protocol designers, toxicologists, bio-statisticians and other scientific specialists that will enable the regulator to build a strong in-house expertise and reduce its dependence on external Subject Expert Committees (SEC). The CDSCO has simultaenously begun inducting professionals with hands-on drug development experience from the industry into these committees to improve the quality of scientific evaluation of new drug applications. “For years, we have depended almost entirely on external experts. They have made a significant contribution, but we are now expanding the committees to make sure that at least one member in these committees has a hands-on experience in drug development. The quality of discussions and decision-making has already improved,” he said.
Gujarat farmers to take Adani transmission line protest statewide
Farmers in Gujarat's Saurashtra region are planning to expand their month-long protest statewide, demanding higher compensation for land used in Adani Energy Solutions' 765-kV transmission project.
Farmers protesting against ‘inadequate’ compensation for power transmission infrastructure in Gujarat’s Saurashtra region plan to expand their month-long agitation statewide, intensifying pressure on Adani Energy Solutions Ltd.’s 765-kV transmission project linked to the Khavda Renewable Energy Park. Protest leaders said on Friday that memorandums would be submitted to collectors in every district, while committees are being formed at the taluka level to expand the agitation. Niket Panchasara, a close aide of Nehul Amruitya, one of the key leaders of the agitation, told FE on Friday that the agitation is now not confined to just Morbi. Nehul is the nephew of Kantilal Amrutiya, minister of state for labor, skill development, and employment. ALSO READ JSW Steel Q1FY27 profit doubles to Rs 4,696 crore, approves Rs 811 crore stake sale in JSW One IPO Panchasara’s father, Pranjivanbhai, holds 12.5 bigha of land, out of which 10 bigha will fall under poles and transmission lines. “What do I do with the remaining 2.5 bigha?” he asked. Pratik Patel, another farmer, challenged the state government to arrest them when they bring down the electricity poles if their demands are not met. Khavda Green Energy Link The project in contention is being implemented by Halvad Transmission Ltd. The company is a special purpose vehicle of AESL to draw additional power from the Khavda Renewable Energy Park in Kutch. The power transmission lines are spread over 240 kilometers. Located near the international border in the Rann of Kutch, the under-construction energy park is slated to be the world’s largest, spanning across more than 72,600 hectares of barren land. Estimated to cost Rs. 1.5 lakh crore, the park has multiple developers. Protest leaders say support for the agitation has continued to grow since it began in Jetpar village of Morbi on June 1. Farmers have been holding meetings across villages, while supporters gather daily at the protest camp—or “Chhavani”—where they participate in Ram dhun and garba while displaying placards against Adani and the state government. “It all began on June 1 when people came to install a pole in one farmer’s field in Jetpar. Since then, we have received signatures in support of our cause from 19 lakh people. Daily on an average, there are 1,000 people who visit the protest site,” Patel said. Revised Government Policy Fails Initially, the state government calculated the compensation at 200% of the jantri rates of the affected land. The Jantri rate is a circle rate for land and property valuations decided by the state government. Following the protests, the government on July 4 revised the compensation policy at 200% of the market value, and it also agreed to give a single upfront 100% payment before the work began in the field. It also expanded the tower base area for which the farmers were to be compensated. The state government revised its compensation policy earlier this month following the protests, but farmers say the changes fall short of their demands. ALSO READ Central Bank of India Q1 profit rises 13% to Rs 1,323 crore; bad loans see a sharp fall More than 13 farmers ended the indefinite hunger fast at Morbi after the government came out with a circular. However, they are demanding nothing less than 400% of the market value and 230% of market rates for overhead lines crossing over crops. Their other demands include totally rerouting the transmission lines from their fertile fields. They are also opposing a “lottery system” by which the market rates will be decided. “We had to continue the fight. We ended the hunger fast on health grounds,” Patel said. When the poles are erected on fertile land and transmission lines pass over the farms, then the land does not remain useful and its prices come down, he said. Though the agitation is apolitical, Congress leader Lalji Desai echoed what Patel said. “It is a question of lakhs of bighas of land. The standing crop has also been damaged. An estimated 5.5 lakh families are likely to be affected by this project,” he pointed out. Sources in the know of the developments said that the leaders are extending support without the party’s banner. Pravin Ram of the Aam Aadmi Party and other leaders too have extended support. ASEL, in a media statement, stated that they are “fully committed to engaging with the landowners and paying them fair compensation as determined by the civic administration under the law.” It further maintained that their compensation rates are determined by district officials after multiple rounds of stakeholder hearings. Additionally, the company alleged that “some vested interests are instigating the landowners” and noted they received permission to continue work “under police protection” if needed.
Andy Burnham to take oath as UK PM on Monday, promises ‘economy that works for all’
Andy Burnham was confirmed as the new leader of Britain’s Labour Party and is set to become prime minister next week, succeeding Keir Starmer and taking charge at 10 Downing Street.
Andy Burnham was confirmed Friday as the newly elected leader of Britain’s governing Labour Party, putting him on course to become prime minister-designate and take charge at 10 Downing Street next week. Burnham will be invited by King Charles III to form a new government on Monday, after outgoing Prime Minister Keir Starmer formally submits his resignation to the monarch. The announcement came from chair of Labour’s National Executive Committee (NEC) Shabana Mahmood at a special party conference in London. With only one MP nominated for the role, the contest was a formality. “There was only one nominated MP… hardly a nail biter,” Mahmood told the conference. Message of continuity and change ALSO READ UK plans 6-hour social media curfew for 16- and 17-year-olds. Here’s how it will work In his first speech as Labour leader, Burnham said he was “ready to lead the party and to build on the foundations laid by Keir Starmer”, according to the BBC. He credited Starmer with taking Labour from its worst-ever defeat to its best-ever victory, putting the party in a position to change people’s lives. Burnham pointed to falling NHS waiting times and the rebuilding of Britain’s reputation on the world stage as among his predecessor’s key achievements. But he also struck a note of transformation, promising “a new politics based on unity and hope” and “an economy that works for everybody”, regardless of where they live. From Manchester to No. 10 Burnham’s rise has been anything but conventional. A decade ago, he walked away from a 20-year climb up the Labour ladder in London to run for mayor of Greater Manchester. A month ago, he returned to Parliament by winning a high-risk special election. And on Monday, he will become Britain’s 59th prime minister. The sudden downfall of Starmer after just two years in office has swept the 56-year-old Burnham into power. He arrives at No. 10 carrying the weight of expectation and unanswered questions about how he will handle it, according to the Associated Press. Burnham made his political name in Manchester but he was born in Liverpool. His father worked as a British Telecom engineer and his mother as a receptionist; he grew up in a close-knit Catholic family, the AP reported. ALSO READ Brahma Chellaney slams US Russia sanctions bill, says it is ‘making India pay for Europe’s war’ He and his brothers were the first generation of their family to attend university and Burnham didn’t just attend any university. He studied at Cambridge, one of Britain’s oldest and most prestigious institutions. After graduating, Burnham worked as a journalist at trade magazines before moving into politics as a researcher and adviser to Labour figures. Britain’s parliamentary democracy allows the ruling party to replace its leader and therefore the prime minister, without calling a general election. With Labour retaining its majority, Andy Burnham can take over immediately, while the next nationwide election is not due until 2029. Leadership changes have become increasingly common in British politics, with Burnham set to become the UK’s seventh prime minister since 2016.
EPS Scheme 2026: Know when you can claim a lump-sum withdrawal and when you can’t
Short career breaks do not necessarily break pensionable service, but failure to transfer previous EPS records can create gaps in the service history and complicate claim settlement.
The Employees’ Pension Scheme (EPS), 2026, notified under the Code on Social Security, 2020, broadly retains the withdrawal benefit framework that existed under the earlier EPS, 1995. The most important distinction is whether a member completes 10 years of eligible pensionable service. While members with less than 10 years of eligible service can still claim a withdrawal benefit instead of a monthly pension, they can now do so only after a prescribed waiting period in most cases. Moreover, the amount payable is not based on your accumulated amount in the EPS account but is calculated using a formula. So, if you’re planning to change jobs, take a career break, or leave the workforce before completing 10 years under EPS, it’s worth understanding exactly how your withdrawal benefit is calculated, when you can claim it, and what options you have. ALSO READ New EPS Scheme 2026 Explained: 10 things every employee should know about what changed and what did not Scenario 1: Employee works continuously with the same employer for 10 years If an employee completes 10 years or more of eligible pensionable service without interruption, they cannot withdraw the EPS corpus as a lump sum. Instead, they become eligible for a monthly pension under the Employees’ Pension Scheme upon attaining the prescribed pensionable age (currently 58 years, with provisions for early or deferred pension as per scheme rules). For example, if an employee joins an organisation at age 25 and remains employed with the same establishment for 10 continuous years while EPS contributions are made regularly, the accumulated service qualifies them for pension benefits rather than a withdrawal benefit. At the time of leaving employment after completing 10 years, they receive a Scheme Certificate, which preserves their pensionable service until they become eligible to draw a pension. ALSO READ EPFO pension rules: Settlement in 20 days, but here’s why many EPS claims still get rejected Scenario 2: Employee changes jobs or takes career breaks but accumulates 10 years of service Changing employers does not by itself affect EPS eligibility. Pensionable service is linked to the member’s Universal Account Number (UAN) and service records, not to a specific employer. “If an employee works for multiple organisations and the cumulative eligible EPS service reaches 10 years or more, they remain eligible for pension provided the EPS service is properly transferred and linked across employers. Short career breaks do not necessarily break pensionable service, but failure to transfer previous EPS records can create gaps in the service history and complicate claim settlement,” said Balasubramanian A, Senior Vice President, TeamLease Services. For instance, an employee may work four years with one employer, three years with another, take a one-year career break, and then work another three years. If all eligible EPS service is correctly transferred and consolidated, the total pensionable service becomes 10 years, making the member eligible for pension rather than withdrawal. The most important point to note here is that under the new provisions of the Employees’ Pension Scheme, 2026, members who leave their jobs before reaching the retirement age can claim the withdrawal benefit only after 36 months from the date their last EPS contribution became due, unless they reach the retirement age earlier. ALSO READ EPF after retirement: The age at which your PF balance actually stops earning interest What is the Table D factor? Members who leave employment before completing 10 years of eligible pensionable service are generally eligible to apply for a withdrawal benefit, provided they are not immediately taking up another EPS-covered job. The withdrawal amount is not equal to the total contributions made to EPS. Instead, it is calculated using the formula: Withdrawal Benefit = Pensionable Salary × Table D Factor The pensionable salary is currently subject to the statutory wage ceiling applicable under the scheme (Rs 15,000 per month unless higher pension provisions apply). Table D is a predefined factor specified under the EPS Scheme that corresponds to the completed years of pensionable service. As the length of service increases, the multiplication factor also increases. For example, assume an employee has: ● Pensionable salary: Rs 15,000 ● Eligible service: 7 completed years ● Table D factor for 7 years: 7.13 Withdrawal benefit = Rs 15,000 × 7.13 = Rs 1,06,950 “The exact factor depends on the completed years of eligible service prescribed under Table D of the Scheme. Service is generally counted in completed years, with applicable rounding provisions under the scheme,” said Balasubramanian A. What if EPS service is not transferred after changing jobs? This is one of the most common issues faced by employees. If EPS service from the previous employer is not transferred, the service records remain fragmented. As a result: ● cumulative service may appear to be below 10 years; ● withdrawal or pension eligibility may be incorrectly determined; ● additional documentation may be required; and ● claim processing can be delayed. Employees should always transfer both EPF and EPS service when changing jobs to preserve continuity of pensionable service. ALSO READ How is EPFO 3.0 changing retirement planning for salaried individuals? International workers and exempted establishments International Workers are generally governed by separate provisions under the Employees’ Pension Scheme and applicable Social Security Agreements (SSAs), wherever notified. Their eligibility, contribution requirements and withdrawal conditions may differ depending on nationality, SSA coverage and applicable exemptions. “Similarly, employees of exempted establishments continue to be covered by EPS unless specifically exempted under the relevant statutory provisions. While their PF may be managed through an exempted trust, EPS benefits remain subject to EPFO rules unless a valid exemption exists,” stated Balasubramanian A. Common reasons for delays or rejection of EPS claims The most frequent reasons include: ● Non-transfer of EPS service after changing employers. ● Mismatch in Aadhaar, PAN, bank account or personal details. ● Incomplete KYC or UAN not being fully seeded. ● Incorrect exit date or service details submitted by the employer. ● Applying for withdrawal despite having completed 10 years of eligible service. ● Missing Scheme Certificate where required. ● Discrepancies in employment history or contribution records. Employees should verify that their UAN service history accurately reflects all previous employment before submitting any EPS withdrawal or pension claim. Key withdrawal rules ● Less than 6 months of eligible EPS service: Generally, no withdrawal benefit is payable. ● 6 months to less than 10 years of eligible service: Eligible for withdrawal benefit calculated using the Table D factor. ● 10 years or more of eligible service: Lump-sum withdrawal is not permitted. The member becomes eligible for pension benefits and receives a Scheme Certificate upon exit, which preserves pensionable service until pension commencement. Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Investors should assess their financial goals, risk appetite and consult a qualified financial advisor before making investment decisions. Every financial journey has a turning point. What’s yours? Financial Express is launching a new series highlighting real experiences with money, investments, and the taxman. Did a sudden tax rule catch you off guard? Did a piece of financial advice change your life? Your story could provide invaluable, practical lessons for thousands of fellow taxpayers. Share your experience with us. We respect your privacy: no stories will be featured without a direct conversation and your full consent. Thank you.
JK Tyre sees raw material costs as key FY27 challenge
CMD Dr. Raghupati Singhania says demand outlook remains positive despite geopolitical and supply chain risks
Raw material price volatility, geopolitical uncertainties, supply chain disruptions and elevated logistics costs will remain the biggest challenges for the tyre industry in FY27, even as demand is expected to stay robust, according to JK Tyre & Industries Chairman and Managing Director Dr. Raghupati Singhania. “We are optimistic for FY27, supported by infrastructure-led growth, steady freight movement, new vehicle launches and continued sustained demand across OEM and replacement markets,” Singhania told Financial Express. However, he cautioned that “risks remain around raw material price volatility, geopolitical uncertainties, supply chain disruptions and elevated logistics costs,” adding that the company’s diversified sourcing, strong manufacturing base and focus on operational efficiency position it well to navigate these challenges. ALSO READ Suzuki entry-level city EV spied ahead of launch Singhania said JK Tyre expects growth to be driven by capacity expansion, premiumisation of its product portfolio, a higher share of value-added products, stronger OEM partnerships and export growth. The company also sees emerging opportunities in electric vehicles and smart mobility. Record FY26 Earnings Despite a challenging operating environment in FY26, marked by geopolitical uncertainties and evolving market dynamics, JK Tyre reported its highest-ever consolidated revenue of ₹16,384 crore, EBITDA of ₹2,089 crore and profit after tax of ₹774 crore. According to Singhania, the company’s performance was supported by strong volume growth, particularly in the OEM business, a resilient replacement market, an improved product mix through premiumisation, and continued cost optimisation and operational efficiencies, which helped sustain healthy margins. Steady export performance and investments in technology, innovation and capacity expansion also strengthened its competitive position. Looking ahead, Singhania expects tyre demand to broadly track growth in the automotive industry. Passenger vehicle demand will be supported by the shift towards larger and premium vehicles, while commercial vehicle tyre demand will remain linked to infrastructure activity, freight movement and economic growth. He said the replacement market would continue to be the industry’s key stabiliser and growth driver. ALSO READ Centre proposes tighter car fuel-economy norms, compliance credit market from FY28 Capex Allocation JK Tyre is also pursuing an aggressive expansion strategy. The company recently approved a ₹4,980 crore phased brownfield investment to expand truck and bus radial and passenger car radial capacities at its Chennai and Vikrant plants. The expansion is expected to increase capacity by around 24% by FY30, strengthening the company’s ability to meet rising domestic and export demand. Exports currently contribute around 16% of JK Tyre’s revenues, with the company targeting further growth through premium products and deeper penetration into high-value international markets.