Author: Abizar Attari
News Editor

Mumbai: Meta Platforms has scaled back its outsourced digital marketing work as part of a broader shift towards AI automation. Indian IT major Wipro, which counted on Meta as one of its top 20 accounts, will now take a 25% cut to its work contract, which was worth about $100 million before the announcement.  According to reports, at least 200 Wipro employees who worked on Meta’s projects at the company’s Gurugram office will now be assigned to other projects. For Wipro, this remains a setback, as the company has yet to emerge from its revenue decline, even as its shares…

Faridabad: The initial public offering (IPO) of railway electrical equipment manufacturer, MV Electrosystems Ltd has seen a strong response from investors on the final day of subscription. Driven by high demand from non-institutional and retail investors, the grey market premium (GMP) has held at ₹115 per share, about 27% more than the issue price.  As per reports, the QIB section of the issue has been subscribed 4.08 times, while the NII and Retail investor portion has been subscribed 80.21 times and 39.30 times respectively. The issue, which came with a price band of ₹400-425 with a minimum lot size of…

New Delhi: Healthcare provider Park Medi World has reported a strong financial performance for the quarter, with its net profit rising to ₹88.6 crore for Q1 FY27, a 35% year-on-year growth, with its net profit margin expanding 220 bps YoY. The company has seen its quarterly revenue reach ₹475.7 crore, a 19% YoY growth, with the North India-focused company seeing negligible term bank debt and strong liquidity with ₹299.8 crore in fixed deposits. The hospital chain is aggressively expanding, boosting its capacity by 46% to reach 3,250 beds, with new hospitals coming up in Zirakpur and Rudrapur (acquisition), expanding its…

New Delhi: Structural steel tube manufacturer APL Apollo Tubes Limited has reported a 11% year on year increase in consolidated net profit to ₹263 crore for the quarter ended June 30, 2026. This has come despite the company reporting a 6% decrease in volumes sold to 744,823 tonnes from the expectation of 875,000 tonnes guidance given during the Q4FY25 earnings call. In fact, the volumes produced have declined 19% sequentially due to weaker demand.  Key Financial Overview Despite slowing sales, the company’s consolidated revenues from operations have risen 8.5% year on year to reach ₹5,610 crore from ₹5,170 crore during…

Despite hope fading with the US-Iran war and the subsequent rises in energy prices, Indian state-owned oil marketing companies (OMCs) have effectively reduced the LPG prices by ₹200 with effect from August 1, 2026. This price cut is currently only for commercial, 19kg LPG cylinders, bringing relief to thousands of hotels, restaurants, dhabas and caterers across the country. However, rates for the standard 14.2kg domestic household cylinders remain unchanged so far.  Revised Commercial LPG Rates Across Major Metro Cities This reduction has marked the second consecutive monthly rate reduction for commercial cylinders, following the price cuts made in July earlier.…

Pune: TCC Concept Limited, a technology and consumer commerce conglomerate, reported a 480% surge in consolidated revenue from operations to Rs.128.3 crores for Q1 FY27 from Rs.22.11 crores reported during the same period last year. This comes even as the group’s net profit reached Rs.12.6 crore for the quarter, a 34% year on year rise, as the company worked disciplined execution to ensure sustainable revenue streams across consumer commerce(Pepperfry), supply chain logistics(Pepcart), data center infrastructure services(NES Data) and cloud storage(MyFlopy).  Key Financial Indicators  Financial Parameter Q1 FY27 (June 2026) Q4 FY26 (March 2026) Q1 FY26 (June 2025) YoY Growth (%)…

New Delhi: Shares of  Bajaj Finance surged over 8% to reach a record high of ₹1,129 on the stock exchanges after the company reported better than expected earnings for the quarter ended June 30, 2026. This includes a 28% year on year jump in consolidated net profit to ₹6,081 crore, beating broad market estimates. Besides that, it’s Assets Under Management (AUM) reached a record ₹5,46,944 crore, growing 24% YoY while adding another 5.10 million customers during the quarter, taking its total customer base to 124.43 million. The company also witnessed an improvement in its Return on Equity (RoE) to 20.4%,…

Dubai: Iran continues to use the crypto markets to skirt sanctions, an investigation by Reuters has revealed. According to its report, a Farsi-language online gambling network of more than 2,000 websites helped move atleast $4 billion through an unlicensed cryptocurrency exchange in Dubai named Shelbit. Blockchain data reviewed showed that the exchange served as a financial front connecting illicit gambling revenues with sanctioned Iranian institutions, including the Central Bank of Iran and crypto wallets linked to Iran’s Islamic Revolutionary Guard Corps (IRGC). Key Findings of the Investigation For Iran, the decentralised crypto infrastructure and offshore exchanges have been ideal to…

Tokyo: Japanese technology and entertainment giant Sony Group has reported a 40% year-on-year rise in operating profit to ¥476.5 billion ($2.97 billion) for the quarter ended June 30, 2026. The performance comfortably beat average analyst estimates of ¥361 billion. The earnings surge was propelled by strong demand for its PlayStation gaming consoles and its mobile image sensors within its semiconductor segment. Following the news, Sony’s shares rose 11.7% on the Tokyo Stock Exchange during trading hours on July 31. Key Financial Metrics During the quarter, the company saw a 32% year on year rise in net profits attributable to distributors…

India’s Nifty IT index has surged by more than 16% in July, its strongest monthly gain in nearly six years, as investors continue to keep faith in the long term services based model perfected by the sector. This rally came despite intermittent profit booking towards the end of the month, with investors increasingly viewing established IT firms as beneficiaries-rather than casualties- of the enterprise AI adoption.  AI fears begin to subside For much of the last year, Indian IT stocks have remained under pressure amid concerns that advances in generative AI would reduce demand for traditional software development and outsourcing…