Business News
No jargons, no mumbo-jumbo. Read the unadulterated Business news here.
Rupee falls to 94.54 against US dollar amid U.S.-Iran clashes
The rupee declined by 9 paise to close at 94.54 against the US dollar on Monday, as geopolitical tensions and a strong dollar weighed on investor sentiment.
India's industrial output rose 5.1% in May after index update
India's industrial production rose 5.1% year-on-year in May 2026, driven by robust manufacturing and electricity growth, as per the revised IIP series with a 2022-23 base year.
IFSC to introduce 1 KYC at GIFT IFSC for investors
IFSCA is introducing a unified ‘One KYC’ framework in GIFT IFSC, enabling clients to complete KYC once and access multiple financial services seamlessly across the financial hub.
Indian markets snap 2-day rally as Sensex falls 372 points
The stock market ended lower on Monday as heavyweight stocks and banking shares dragged indices down, with the Sensex dropping 372 points and Nifty slipping below the 23,950 mark.
SpaceFields plans solid rocket fuel plant in Anantapur by 2028
SpaceFields Pvt. Ltd. will set up a Solid Propellant Processing Facility in Anantapur, Andhra Pradesh, aiming for commercial production by July 2028.
Maruti Suzuki partners with 5 startups in NSRCEL innovation batch
Maruti Suzuki's latest startup collaborations highlight its dual focus on leveraging AI for operational efficiency and addressing EV battery lifecycle sustainability challenges.
Apple calls CCI report 'copy-pasting,' cites under 6% market share
Apple has alleged that Indian antitrust investigators copied rivals' claims without independent analysis, escalating its defense against accusations of anti-competitive practices.
Moody's keeps India at Baa3 and calls energy shocks manageable
Moody's affirms India's Baa3 investment-grade rating with a stable outlook, citing resilience to fiscal deficit pressures despite high energy prices and debt costs.
Essar names Muthukumaran Doraiswami new group CFO via networking site
Essar has appointed Muthukumaran Doraiswami, ex-CFO of Adani Ports, as its group chief financial officer. He brings over 30 years of expertise in finance and strategy.
Moneycontrol hosts Mutual Fund Summit June 30 to widen access
India's mutual fund industry aims to bridge its reach gap as experts and regulators discuss innovation, accessibility, and sustainable growth at the 2026 summit.
Amazon, Alphabet raise $60 billion with record bonds for AI
Amazon and Alphabet are driving record bond sales globally, issuing $60 billion in multi-currency bonds as AI-related spending on data centers and cloud infrastructure surges.
Sensex down over 300 points as Nifty slips below 24,000
Benchmark indices ended lower as Nifty slipped below 24,000, while metals outperformed amid broad-based selling. India VIX surged 5%, signaling heightened market volatility.
JioBlackRock launches Prism Hybrid Long-Short Fund with active risk management
JioBlackRock Mutual Fund introduces its first Specialized Investment Fund, Prism Hybrid Long-Short Fund, blending equity, debt, and alternatives for dynamic market strategies.
Bajaj Auto announces ₹5,632.8cr buyback at ₹12,000 per share
Bajaj Auto will commence its Rs 5,632.8 crore share buyback on July 1, offering Rs 12,000 per share, as shares fell over 2% in Monday's trade.
Residential sales in India hit 3-year low: What's the reason?
India's residential real estate market has witnessed a major slump in the April-June quarter, with sales hitting their lowest level since January 2023.
Verizon and BT Group are merging their international businesses
British telecom giant BT Group and US mobile company Verizon have announced a merger of their international businesses.
Why $6.9T could be wiped out from world's GDP
The World Economic Forum (WEF) has warned that a full East-West economic decoupling could cost the global economy as much as $6.9 trillion in GDP.
US FDA approves Alembic's generic dapsone 5% gel, matches Aczone
Alembic Pharmaceuticals has received final USFDA approval for its generic Dapsone gel, a 5% topical treatment for acne vulgaris, equivalent to Almirall's Aczone Gel.
Apple hardware leader Paul Meade leaves for OpenAI hardware team
Paul Meade, a key figure behind Apple's Vision Pro and AI smart glasses, is leaving to join OpenAI's hardware division amid intensifying competition for AI talent.
Bitcoin hovers near $60,000 after over 6% fall, crypto muted
Bitcoin traded near $60,000 as geopolitical tensions and weak institutional demand weighed on market sentiment, with the cryptocurrency seeing a 6.59% decline over the past week.
Randstad India names Narayan Iyer MD and management council chair
Randstad India has named Narayan Iyer as its managing director, entrusting him to drive growth and enhance digital capabilities in the evolving Indian talent market.
Mumbai founder Dhravya Shah raises $3 million seed for Supermemory
Mumbai-born Dhravya Shah sold his first company at 16 and raised $3 million for his AI startup Supermemory at 19, securing a U.S. O-1 visa for extraordinary ability.
Mutual funds flock to India autos as EVs drive returns
India's automobile sector sees strong growth, with fund houses expanding offerings. Active and passive strategies tap into rising EV adoption and robust market performance.
Elon Musk reveals monthly foundation models, Grok 4.5 in testing
On his 55th birthday, Elon Musk announced plans to release a new foundation AI model every month, starting with Grok 4.5, targeting OpenAI and Anthropic's dominance.
Institutional investors put ₹21,812cr into India hospitality: Noesis Hotel Advisors
Institutional investors have infused Rs 21,812 crore into India's hospitality sector, as hotels transition from passion projects to income-generating real estate assets.
EPFO portal upgrade enters final day, services to resume tomorrow
The Employees' Provident Fund Organisation (EPFO) has temporarily halted some online services related to Employees' Provident Fund (EPF) claims.
Kotak Mahindra Bank shares fall after Ashok Vaswani's exit announcement
Shares of Kotak Mahindra Bank fell over 3% after MD and CEO Ashok Vaswani announced he will not seek re-appointment post his tenure ending December 31, 2026.
Samsung, SK Hynix announce $518B for South Korea semiconductor hub
Samsung Electronics and SK Hynix plan to build four semiconductor plants in South Korea, investing $518 billion to meet surging global demand for AI-driven advanced memory chips.
BT and Verizon form 50-50 international JV, Verizon contributes $625 million
BT and Verizon have announced a 50/50 joint venture, combining their international operations in a $625m deal to form a global telecom company with $4bn annual revenue.
India urges EU to reconsider metal scrap export restrictions
India has requested the European Union to reconsider its proposed restrictions on metal scrap exports.
Hexaware shares up by 9% today: Here we decode why
Shares of Hexaware Technologies Ltd skyrocketed by up to 9% today to ₹539 apiece, after the company announced its partnership with Amazon.
Dunzo co-founder's new AI start-up automates your household tasks
Kabeer Biswas, the co-founder of Dunzo, has launched a new artificial intelligence (AI) start-up called M. The company aims to automate household tasks, starting with the kitchen.
Zerodha will soon offer investment banking services in India
Zerodha, India's leading discount broking platform, is gearing up to foray into the investment banking sector. The move marks a major expansion of its financial services portfolio.
Gold, silver prices seeing a decline today: What's the reason?
Gold and silver prices witnessed a decline on the Multi Commodity Exchange (MCX) today.
Tata Motors announces IVECO deal to become top-four CV maker
Tata Motors announced its acquisition of Italy’s IVECO Group, aiming to become the fourth-largest global commercial vehicle manufacturer and expand its international footprint.
Maruti Suzuki partners with 5 startups making operations smarter, greener
Maruti Suzuki partners with five startups, including Sarvam AI, to enhance customer engagement, operational efficiency, and sustainability through innovative solutions.
NPCI plans to integrate AI into UPI
The National Payments Corporation of India (NPCI) is considering the integration of artificial intelligence (AI) into its Unified Payments Interface (UPI).
WEF warns world could lose up to $6.9 trillion
Global economic fragmentation could cost up to $6.9 trillion in GDP, warns WEF, as rising trade barriers and geopolitical tensions disrupt growth and amplify inflation worldwide.
Amazon's India expansion amid $15B loss at Blinkit Swiggy Instamart
Amazon's aggressive expansion into India's $11 billion rapid-commerce sector has intensified competition, causing Eternal and Swiggy to lose over $15 billion in market value.
Incuspaze raises ₹150cr from Bharat Value Fund, eyes IPO FY29
Incuspaze has raised ₹150 crore, led by Bharat Value Fund, to bolster its market presence, enhance technology investments, and prepare for an IPO in FY29.
Samsung, SK Hynix, Micron sued over alleged price-fixing of RAM
Samsung, SK Hynix, and Micron, the world's top three memory suppliers, have been sued for alleged price-fixing of RAM.
Sensex falls to 76,861.11 as Nifty hovers above 24,000
Sensex dropped 350 points from its day's high, while Nifty hovered near 24,000 as profit booking and a fall in IT and auto shares weighed on market sentiment.
PayU India posts best year with $781 million revenue, $18 million profit
PayU India reported $781 million in revenue for FY26, marking an 11% growth year-on-year, alongside its first full year of operating profit with $18 million adjusted EBITDA.
ICICI Prudential Mutual Fund launches multi-asset active fund of funds
ICICI Prudential Mutual Fund has introduced Multi-Asset Active FOF, an open-ended fund investing in equity, debt, Gold ETFs, and Silver ETFs with dynamic allocation.
Hexaware rises 8% after Anthropic Claude deal on Amazon Bedrock
Hexaware Technologies shares jumped 8% after being named an Anthropic Authorised Reseller for Amazon Bedrock, enhancing its enterprise AI capabilities.
Kabeer Biswas launches Bengaluru AI startup M backed by ₹102cr
Dunzo co-founder Kabeer Biswas' new AI startup, M, aims to eliminate the mental effort of household management, starting with automating kitchen workflows via WhatsApp.
After CBSE tender row, student posts 1.6cr government contracts online
Class 12 student Sarthak Siddant has launched a public portal with around 1.66 crore procurement records from the Central Public Procurement (CPP) Portal of India.
Zerodha applies for SEBI top-tier merchant banking license to expand
Zerodha has applied for a Category I merchant banking licence from SEBI, aiming to enter the investment banking space amidst India's booming IPO market.
AWS CEO Matt Garman: AI changes work, not jobs
AWS CEO Matt Garman emphasizes the importance of hiring entry-level employees, arguing their energy and adaptability are crucial as AI reshapes jobs rather than eliminating them.
Aon: 2025 reforms allow 100% foreign ownership in India's insurance
Regulatory changes in 2025 and increased competition have made India's insurance market more attractive, offering buyers broader coverage, higher limits, and reduced premiums.
Momenta launches Hong Kong IPO to raise about $751 million
Chinese self-driving tech firm Momenta launched its Hong Kong IPO, aiming to raise $751 million, with plans to invest in AI research and expand Robotaxi services globally.
NVIDIA loses China AI chip dominance after US export rules
Nvidia faces declining AI chip sales in China as local competitors like Huawei gain dominance, driven by U.S. export controls and China's push for semiconductor self-sufficiency.
California suit alleges Samsung SK Hynix Micron inflated DRAM prices
Samsung, SK Hynix, and Micron are accused of price-fixing DRAM amid a global memory shortage, allegedly restricting supply and driving up prices as demand surges due to AI growth.
HDFC Bank likely to name new chairman within 7-10 days
HDFC Bank is expected to finalize a new chairman within the next seven to 10 days, according to CNBC-TV18.
HDFC Bank shares rise as review dismisses Atanu Chakraborty allegations
HDFC Bank shares gained 0.5% on June 29 after global brokerages reaffirmed bullish ratings, citing a legal review that alleviated governance concerns.
Rupee opens at ₹94.35 versus US dollar, eyes 94.20-94.75
The Indian rupee opened 5 paise higher at 94.35 against the US dollar on June 29, amid stable oil prices and cautious market sentiment driven by U.S.-Iran developments.
EPFO temporarily halts online PF claims for system upgrade
The EPFO portal upgrade enters its final day, aiming to enhance claim processing efficiency. Services are expected to resume soon, ensuring improved user experience for members.
KPMG: Managing AI agents will be essential skill by 2029
Digital assistants are projected to comprise 36% of tech teams by 2027, as organisations increasingly redesign operations around autonomous AI systems, according to KPMG.
Advit Jewels IPO allotment likely today after 212.63 times oversubscription
Advit Jewels' Rs 165.16 crore IPO, subscribed 212.63 times, sees allotment today, June 29. Investors can check their status online via the registrar, BSE, or NSE platforms.
AI hardware surge lifts chipmaker stocks as Microsoft loses buzz
Shares in semiconductor and memory chip companies skyrocketed in early 2026, driven by surging demand from AI firms, with some stocks tripling or more since January.
KPMG says professionals must know AI agent management by 2031
Managing AI agents is projected to become essential, with 92% of tech executives emphasizing its importance by 2031, according to a KPMG report on workforce and operational shifts.
Lee Jae Myung to unveil $651.41 billion semiconductor AI plan
South Korea's President Lee Jae Myung will announce transformative semiconductor and AI projects, including a southwest chip hub, aiming to boost regional economies.
HDFC Bank picking new chairman next week, Keki Mistry stays
HDFC Bank's nomination committee is set to recommend three candidates for the chairman role, with a final decision expected within the next week to 10 days.
Twinkle Papers IPO opens; apply by July 1 priced ₹64-69
Twinkle Papers' Rs 27.5 crore SME IPO opens today, priced at Rs 64-69 per share. Retail investors can bid for a minimum of 4,000 shares, requiring Rs 2.76 lakh investment.
Lupin receives tentative FDA approval for enzalutamide prostate cancer treatment
Lupin's shares rose as the USFDA granted tentative approval for its Enzalutamide tablets, offering new dosing options alongside bioequivalent alternatives to Xtandi.
Samsung, SK Group poised to announce $1.3tn Korea tech investment
Samsung Group and SK Group plan to invest 2,000 trillion won ($1.3 trillion) over the next decade, focusing on semiconductors, AI data centers, and advanced technologies.
Turtlemint Fintech Solutions IPO hits market valued above ₹4,500 cr
Turtlemint Fintech Solutions' shares debut today after its ₹152-per-share IPO was subscribed 1.20 times, raising ₹397.20 crore from anchor investors ahead of the listing.
Gold down 23% since February, around $4,000 after U.S.-Iran clashes
Gold prices dropped near $4,000 an ounce amid renewed US-Iran tensions, while rising energy costs fueled inflation concerns and dampened expectations for central bank rate cuts.
Asian markets slip as US and Iran pause strikes
Asian markets declined amid cautious sentiment as US-Iran tensions eased, while Brent crude surged to over $73 a barrel before settling lower.
RBI invites feedback as it proposes opening term money market
The RBI's draft proposals aim to expand money market participation by allowing eligible NBFCs, mortgage lenders, and companies to lend and borrow short-term funds.
Foreign investors slow selling, June outflows ₹31,823cr lowest since December
Overseas investors reduced selling of Indian equities in June, marking the lowest monthly outflows of 2026 as easing oil prices and geopolitical tensions improved market sentiment.
India China Hong Kong heavyweights lose market share amid AI
Top companies in China and India now account for a smaller share of market capitalization, reflecting their lag in the global AI race compared to Taiwan and South Korea.
FIFA World Cup boosts late-night food orders 12-15% across India
Late-night food delivery in India has surged 12-15%, driven by the FIFA World Cup and shifting eating habits of young consumers, with popular orders including pizzas and burgers.
Surat's Rocket near $40 to $50 million funding, valued $500 million
Surat-based AI app-building startup Rocket is in discussions to raise $40-50 million at a $500 million valuation, led by 360 ONE Asset, according to sources.
Alphabet $85B equity sale and SpaceX $75B IPO raise concern
Tech giants like Alphabet and SpaceX are raising massive equity, signaling increased capital expenditures and potential borrowing surges tied to AI investments.
Indian firms prioritize measurable AI results as Meta, Amazon tighten
Enterprises are shifting focus from expansive AI deployments to measurable returns, prioritizing cost-effective models and accountability as diminishing returns become evident.
HDFC Bank seeks reappointment for Sashidhar Jagdishan after legal clearance
HDFC Bank's board plans to reappoint Sashidhar Jagdishan as CEO for a third term, pending RBI approval, after external legal reviews dismissed concerns raised by a former chairman.
Ford rehired 350 engineers to catch design problems before production
Ford rehired 350 veteran engineers after automated systems failed to meet quality expectations, with the move projected to save $1 billion and improve product reliability.
India's top accounting firms expand leadership with new technology promotions
The Big Four accounting firms are reshaping their partnership models as AI-driven technology consulting emerges as a dominant growth driver, challenging traditional structures.
Kunlunxin seeks $50 billion HK IPO, investors must buy chips
Baidu's AI chip unit, Kunlunxin, plans a Hong Kong IPO with a $50 billion valuation, expanding its external sales while ByteDance and Tencent emerge as key customers.
USDT trades over 8.5% premium in India amid ED crackdown
India faces a sharp 8.5% surge in USDT premium due to Enforcement Directorate actions disrupting crypto remittance channels and tightening domestic stablecoin supply.
NoBroker now offers you home salon services in Bengaluru
Prop-tech platform NoBroker Technologies Solutions Pvt. Ltd has entered the home salon services market with its new offering, Zivora.
Could AI downturn lead to faster financial market crash?
The Bank for International Settlements (BIS), often referred to as the "bank of central banks," has warned that an artificial intelligence (AI) downturn could lead to a sharper and faster crash than traditional banking crises.
Did ex-HDFC Bank chairman not cooperate with external legal review?
Atanu Chakraborty, the former chairman of HDFC Bank, has denied the bank's claim that he did not cooperate with an external legal review after his resignation.
This infrastructure investment trust wants to raise ₹5,000cr via IPO
Cube Highways Trust, a leading infrastructure investment trust in India, has begun roadshows for its initial public offering (IPO).
These 11 IPOs will hit Indian market next week
The Indian stock market is gearing up for another busy week with 11 new initial public offerings (IPOs) set to hit the primary market.
Manufacturing medical devices in India is about to become easier
The Union Health Ministry has proposed changes to the Medical Devices Rules, 2017, with an aim to fast-track the process of granting manufacturing licenses for medical devices.
This unicorn is planning a $300M IPO at $2B valuation
Proptech unicorn Square Yards has begun preparations for an initial public offering (IPO) to raise between $200 million and $300 million.
Market cap of India's 6 top firms rises by ₹88,678cr
The Indian stock market witnessed a modest rise last week, with six of the top 10 companies gaining ₹88,678.1 crore in market capitalization.
Jewar to become North India's Silicon Valley: Ashwini Vaishnaw
The Indian government has taken a major step toward establishing Jewar as a key player in the global electronics and semiconductor manufacturing arena.
Amazon hikes price of key AI cloud service by 20%
Amazon has raised the prices of one of its key artificial intelligence (AI) cloud services by a whopping 20%.
India's crude oil import dependence crosses 90%, raising economic risks
India's dependence on imported crude oil has crossed the 90% mark, a trend that could make the economy more vulnerable to external shocks, according to a recent report by EY.
Bank holiday next week: Check when they will remain closed
Public and private sector banks in India will observe a single holiday next week, between June 29 and July 5.
Release unredacted Epstein documents or explain why: US judge
A US federal judge has ordered the Justice Department to either release unredacted versions of key documents related to convicted sex offender Jeffrey Epstein or explain why they can't be disclosed.
New rules introduced for taxpayers shifting business locations
The Central Board of Indirect Taxes and Customs (CBIC) has announced a new procedure for taxpayers shifting their principal place of business.
India needs 2,000GW of new power capacity in near future
India will need to add nearly 2,000 gigawatts (GW) of new power generation capacity in the next two decades to meet the rising energy demand and reduce dependence on imported fuels, said Sagar Adani, Executive Director of Adani Green Energy.
IRDAI plans new insurance distribution reforms to protect policyholders
The Insurance Regulatory and Development Authority of India (IRDAI) is gearing up to unveil a discussion paper on insurance distribution reforms.
Upcoming changes for taxpayers, bank customers, Aadhaar and passport holders
Several key financial changes will come into effect from July 1, 2026.
GameStop won't give up on buying eBay
GameStop has said it will continue with its proposed takeover of eBay, despite the latter's rejection of an unsolicited cash-and-stock offer worth some $56 billion.
Why Bengaluru land prices rival NYC? Sridhar Vembu explains
Sridhar Vembu, the Founder and Chief Scientist of Zoho Corporation, has blamed rampant corruption for the skyrocketing land prices in Indian cities like Chennai and Bengaluru.
This AI firm's lowest-paid H-1B worker earns over ₹1cr
Anthropic, an artificial intelligence (AI) company, has revealed its pay scale through US visa filings.
Why Trump has threatened 100% tariff on European countries
US President Donald Trump has threatened to impose a 100% import tariff on any European country that imposes a tax on digital services provided by American companies.
Kotak Mahindra Bank's CEO Ashok Vaswani is stepping down
Ashok Vaswani, the Managing Director and Chief Executive Officer (CEO) of Kotak Mahindra Bank, has announced his decision not to seek re-appointment after his current term ends on December 31.
You can now ride a 'Bharat Taxi' in Gujarat
Union Home Minister Amit Shah has launched 'Bharat Taxi,' India's first driver-owned ride-hailing platform.
How Indian businesses can leverage benefits of UK trade deal
Union Minister of Commerce and Industry Piyush Goyal has announced a major initiative to help Indian businesses leverage the benefits of the India-UK Comprehensive Economic and Trade Agreement (CETA).
'Superfluous exercise': Ex-chairman of HDFC Bank slams legal review
Atanu Chakraborty, the former chairman of HDFC Bank, has criticized the bank's decision to appoint external law firms for a legal review.