Business News
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Indian banks collect $36.7B via RBI FCNR scheme since June
Non-resident Indians have invested $36.7 billion in Indian banks through FCNR deposits under a new RBI scheme, offering attractive returns and aiming to bolster the rupee.
India's July GST collections at 2.11L/cr up 15.4% net 1.81L/cr
India's gross GST collections soared 15.4% year-on-year to Rs 2.11 lakh crore in July 2026, driven by robust domestic performance and a sharp 28.8% rise in import tax revenues.
Dr. Reddy's Laboratories wins US FDA approval for rituximab biosimilar
Dr Reddy’s Laboratories has received US FDA approval for its rituximab biosimilar, with Fresenius Kabi set to exclusively commercialise the product in the US market.
Tankers resume transfers through Strait of Hormuz easing fuel fears
The crucial oil-shuttling trade through the Strait of Hormuz has resumed after a brief lull, aiding global supply amid escalating Middle East tensions.
UPI records 23.66 billion transactions in July worth ₹29.88L/cr
Unified Payments Interface (UPI) achieved a record 23.66 billion transactions worth Rs 29.88 lakh crore in July 2026, surpassing May's previous high of 23.20 billion transactions.
South Korea exports hit $98.89B as AI demand surges
South Korea's exports soared 62.8% in July, surpassing forecasts, driven by robust global demand for semiconductors and computers amid rising AI investments.
LPG price cut: Commercial cylinders now cheaper by over ₹200
The Indian government has slashed the prices of 19kg commercial LPG cylinders by over ₹200 in Delhi and Kolkata.
Apple tumbles nearly 10% after forecast miss, $500B wiped
Apple's shares plunged nearly 10% after a weak forecast revealed component shortages, threatening its market dominance and paving the way for Nvidia to reclaim the top spot.
SEBI, NSE launch CAS to replace VWAP for F&O stocks
India's equity markets will undergo a major shift starting Monday, August 3, as SEBI and NSE introduce new closing auction sessions for F&O stocks, altering market closing times.
Elon Musk loses over $600 billion since June 16 peak
Elon Musk’s net worth has dropped to $684 billion, down over $600 billion since SpaceX shares tumbled 46% following their June 16 peak.
Edelweiss Mutual Fund launches India's 1st REIT index fund
India is set to launch its first REIT index fund in August 2026, offering investors diversified exposure to listed REITs and real estate stocks.
FIFA scraps $4.2 billion sale of 20% commercial stake
FIFA has scrapped its $4.2-billion proposal to sell a minority stake in its commercial operations after facing global backlash from football federations and internal dissent.
AI data center boom makes electricians among best paid trades
Google, Meta, and other tech companies are investing heavily in training skilled workers to build data centers, driving wages in construction trades to unprecedented levels.
Tax filers face up to ₹5,000 penalty as RBI meets
Key updates include the August 31 ITR deadline, RBI MPC meeting outcomes, revised banking charges, Tatkal booking changes, and Axis Bank credit card updates.
Hindustan Unilever hikes detergents and dishwashing prices as costs climb
Indian companies, including Hindustan Unilever, are set to implement measured price increases across various products as rising commodity costs and inflationary pressures persist.
Optimystix Entertainment opens 1st-ever IPO on August 7 seeking ₹107.88cr
Optimystix Entertainment India will launch its Rs 107.88 crore IPO on August 7, 2026, featuring a fresh issue of shares and an offer-for-sale by promoter Vipul D Shah.
India's government recommendations on chip categories due in 2 weeks
The government will unveil recommendations for strategic semiconductor chips within two weeks, following the release of ISM 2.0 guidelines, says ISM CEO Amitesh Kumar Sinha.
Tata Electronics and ASML discuss making chip parts in India
Tata Electronics and ASML are in early discussions to localize manufacturing of components for advanced chipmaking equipment, potentially boosting India's semiconductor ecosystem.
Donald Trump appeals July 2026 $10 billion lawsuit ruling
President Trump is appealing Judge Kathleen Williams' decision to continue probing his $10 billion IRS lawsuit, which she claims was used to legitimize a controversial settlement.
US dollar slides 1.3% after Kevin Warsh warns on inflation
The dollar fell 1.3% this week, its steepest drop since April, as concerns over the Federal Reserve’s commitment to tackling inflation weighed on investor sentiment.
Hedge funds make biggest bullish WTI bets since March
Hedge funds increased bullish bets on US oil by 21,402 contracts, the fastest rise since March, driven by global supply disruptions from Iran to the Red and Black Seas.
Clement Delangue seeks $100 million compute from OpenAI after hack
Hugging Face CEO Clement Delangue revealed the company prefers collaboration over legal action after a rogue AI attack, requesting $100 million in compute from OpenAI instead.
Punjab National Bank raises $1 billion under RBI special swap
Punjab National Bank is securing a $1 billion five-year dollar loan, underwritten by Mashreq Bank and CTBC, to leverage RBI's special swap facility for FCNR (B) deposits.
Indian firms ramp up hiring of agentic and forward-deployed engineers
India Inc is prioritizing engineers skilled in applying AI to solve customer problems and enhance workflows, with demand for roles like agentic AI engineers surging by 260%.
Maruti Suzuki's Q1 results: Net profit dips 11% to ₹3,352cr
Maruti Suzuki India Limited has reported an 11% decline in its net profit for the first quarter of FY27.
You can soon pay via UPI in Maldives
The Unified Payments Interface (UPI) has expanded its international footprint with the addition of the Maldives as its 10th market.
India's fiscal deficit in Q1 FY27 surges to ₹3.1L crore
India's fiscal deficit widened to ₹3.1 lakh crore in the first quarter of FY27, according to data released by the Controller General of Accounts (CGA) today.
Faster internet for specialized services might soon be available
The Indian government is considering a review of its net neutrality framework to allow telecom operators to offer differentiated internet connectivity and speeds, as per Economic Times.
Centre extends PM-KISAN for 5 years with ₹3.15L crore outlay
The Union Cabinet has approved the extension of the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme by five years, until the fiscal year 2030-31. The total outlay for this extended period is ₹3,15,614 crore.
Why Swiggy shares fell despite better Q1 results
Swiggy's shares fell over 5% in intraday trading on the BSE today, a day after the company announced its June quarter (Q1FY27) results.
India's Q1 crude oil import bill hits record $50B
India's crude oil import bill for the first quarter of FY27 has hit a record high, nearing $50 billion.
Why Amazon and Flipkart are slashing seller fees
Amazon and Flipkart are slashing or waiving commissions on a wide range of products. The move is aimed at expanding their footprint in India's smaller cities and towns, where online shopping is booming.
RBI lets banks offer differential rates on bulk deposits
The Reserve Bank of India (RBI) has permitted banks to offer different interest rates on bulk deposits, depending on their specific run-off rates under the liquidity coverage ratio (LCR) framework.
Key financial rules changing from August 1
August will bring a series of changes that could affect your everyday life, including banking rules, tax regulations, and travel procedures.
Why IndiGo won't order new aircraft before 2030
IndiGo, India's largest airline, will delay its next aircraft order till 2030.
Shocker! BP is selling its North Sea oil, gas business
UK oil and gas giant BP has announced the sale of its North Sea business, marking the end of over 60 years of production in the region.
Flipkart Plus members now get Netflix's mobile plan for free
E-commerce giant Flipkart has teamed up with streaming service Netflix to offer a free monthly Netflix Mobile Plan.
ITR deadline today: Last-minute checklist for taxpayers
The deadline for filing Income Tax Returns (ITR) is today. Taxpayers are advised to double-check certain details before hitting the 'Submit' button.
HSBC to stop retail banking services in Australia next year
HSBC, the London-based multinational bank and financial services holding company, has announced its exit from the Australian retail banking sector.
After IndiGo, Air India joins electric aircraft business
Air India has marked its entry into India's nascent electric vertical take-off and landing (eVTOL) aviation sector.
Bajaj Finserv Q1 results: Net profit rises 12% to ₹3,132cr
Bajaj Finserv has reported a consolidated net profit of ₹3,132 crore for the first quarter of FY27.
Apple posts record June quarter revenue of nearly $110B
Apple has reported a record revenue for the June quarter, driven by robust iPhone and Mac sales.
Microsoft's $450B one-day surge sets Wall Street record
Microsoft has witnessed a massive surge in its stock price, with shares jumping over 15% on Thursday. The jump has added nearly $450 billion to the company's market capitalization.
China's factory activity shrinks for first time in 5 months
China's factory activity has seen an unexpected contraction in July, the first such decline since February.
Gold heads for first monthly gain in 5 months
Gold prices fell slightly on Friday, but are still headed for their first monthly gain in five months.
Tesla considers separating China business amid SpaceX merger talks: Report
Tesla is considering the separation of its China business in light of a possible merger with SpaceX, The Wall Street Journal reported.
KOSPI rockets 17% as Samsung, SK Hynix lead rebound
South Korea's benchmark KOSPI index staged a remarkable recovery on Friday, soaring 17% to recover most of the losses incurred earlier this week.
Zepto pauses listing plans, seeks over ₹1,000cr in pre-IPO funding
Zepto, a leading player in the quick commerce industry, has decided to put its initial public offering (IPO) plans on hold, as per Moneycontrol.
L&T to create in-house ecosystem for making EV components
Larsen & Toubro Electronic Products & Systems (LTEPS) has announced its plan to provide an entire ecosystem of mobility solutions in-house.
Why RBI sold $7B last Friday
The Reserve Bank of India (RBI) sold around $7 billion last Friday in a bid to defend the Indian rupee.
ITR filing deadline tomorrow: What happens if you miss it
The deadline for filing Income Tax Returns (ITR) for the Assessment Year (AY) 2026-27 is tomorrow.
Mahindra's Q1 results: Net profit rises 6.8% to ₹3,685cr
Mahindra & Mahindra, a leading Indian automaker, has reported a 6.8% rise in its standalone profit after tax for the quarter ending June 30.
Flipkart now lets you pay for products within 30 days
Flipkart has launched a new credit service called "Flipkart Pay Later," in partnership with PayU Finance.
PhonePe introduces PulsePro, an intelligence platform for businesses
PhonePe has launched a new enterprise intelligence platform called PulsePro.
India's gold demand down 6% in Q2: What's the reason?
India's gold demand fell by 6% to 131 tons in the June quarter (Q2), according to a report by the World Gold Council.
X settles 2-year legal battle with global advertising body
Elon Musk's social media platform, X, has settled a long-standing legal dispute with the World Federation of Advertisers (WFA).
Meta shares tank 11% as AI spending spree rattles investors
Meta, the parent company of Facebook, WhatsApp, and Instagram, has witnessed a major dip in its stock prices.
Microsoft revenue hits $90B as AI fuels record quarter
Microsoft's shares rose by 8% in after-hours trading on Wednesday, following the company's announcement of a strong fiscal fourth-quarter revenue and steady 2026 capital expenditure plans.
Samsung's profit explodes over 1,800% on AI chip demand
Samsung Electronics has reported a record-breaking quarterly operating profit for the second quarter of 2026.
Google Pay's new credit card is here: Check fee, benefits
SBI Card and Google Pay have teamed up to launch a new co-branded credit card.
Indo-MIM shares list at 45% premium over IPO price
Indo-MIM, a leading manufacturer of precision engineering components, has made a strong debut on the stock market.
Oil prices fall below $90
Oil prices have witnessed a slight decline as tankers continue to operate in West Asia, despite rising tensions.
Federal Reserve holds rates as 3 policymakers vote for hike
The US Federal Reserve has voted to keep its key interest rate unchanged, amid concerns over persistent inflation.
Air Force One delays push Boeing's losses past $3B
Boeing has announced a massive financial blow in the form of an additional $280 million loss related to its long-delayed Air Force One project.
Moonshot AI hits $35B valuation after Kimi K3 breakthrough
Chinese artificial intelligence (AI) start-up Moonshot AI has achieved a whopping $35 billion valuation, following a successful funding round that raised $3.5 billion.
Why Bengaluru restaurants are threatening to quit Swiggy and Zomato
Bengaluru's hotel and restaurant associations have threatened to stop accepting orders through leading food delivery platforms, Swiggy and Zomato.
New market closing rules could dent Zerodha revenue: Nithin Kamath
Nithin Kamath, the co-founder and CEO of Zerodha, has warned that a major change in India's equity market structure could impact the brokerage firm's revenue.
Adani Enterprises posts ₹1,160cr loss in Q1
Adani Enterprises, billionaire Gautam Adani's flagship firm, has reported a consolidated net loss of ₹1,160 crore for the June quarter, as against a net profit of ₹885 crore in the same period last year.
iPhones drive India's smartphone exports to record $9.8B in Q1
India's smartphone exports have hit a record high of nearly $10 billion in the first quarter of FY27.
BMW to cut 8,000 jobs by end of 2027
BMW has announced plans to offer voluntary redundancy to nearly half of its German workforce. The move is part of a larger strategy to cut around 8,000 jobs by the end of 2027.
Sensex surges 900 points: Key reasons behind today's rally
The Indian stock market is witnessing a major rally today, with the BSE Sensex soaring by over 880 points at the time of writing.
eBay to pay $56M to couple it harassed in 2019
In a bizarre chapter of e-commerce history, eBay has agreed to pay $56 million to a couple of newsletter writers.
iyO v/s OpenAI: Court halts proceedings amid settlement talks
The ongoing trademark lawsuit between iyO and OpenAI, along with Jony Ive, has been temporarily halted.
Why SK Hynix shares crashed despite 557% profit surge
South Korean chipmaker SK Hynix reported surging quarterly earnings, though its results fell short of high investor expectations fueled by the AI boom.
South Korea halts trading as AI chip selloff batters stocks
South Korea's benchmark Kospi index has witnessed a massive fall of over 11%. The decline has led to a market-wide trading halt for the second consecutive session.
BuzzFeed cuts 33% of workforce
BuzzFeed, the media giant that was an early adopter of artificial intelligence (AI), has announced a massive layoff.
Visa cuts 2,600 jobs
Visa, the world's largest payments network, is planning to lay off nearly 7% of its workforce.
Ferns N Petals plans IPO by end of 2028
Ferns N Petals, an Indian gifting retailer backed by Lighthouse, is planning to go public by the end of 2028.