Markets

CBI Arrests IAS Officer in Haryana Funds Scam: ₹60 Crore Misappropriation Uncovers Massive Bank Fraud The Central Bureau of Investigation (CBI) has taken a major step in the pursuit of financial corruption, arresting Pankaj Aggarwal, an IAS officer. The arrest pertains to alleged misappropriation of government funds totaling Rs 60.54 Crores from accounts linked to Haryana School Shiksha Pariyojna Parishad (HSSPP) and the Haryana State Agriculture Marketing Board (HSAMB).The CBI took over this high-profile case from the State Vigilance and Anti-Corruption Bureau, acting on a request by the Government of Haryana. Aggarwal was arrested following an investigation that revealed severe procedural violations connected to how these...

Kirloskar Oil Engines Surges on Massive AI Data Center Order, Extending Rally as Digital Infra Boom Hits KOEL Stock Rallies Over 10% Following Major Power Systems Win Shares of Kirloskar Oil Engines (KOEL) soared over 10% to reach ₹2,644.50 on Tuesday. The surge extended the company's impressive rally, which saw it hit the upper circuit on Monday. This strong performance followed the announcement of a significant power systems order from digital infrastructure firm HyperNext.The stock had already rallied 20%, reaching an upper circuit level of ₹2,389.80 previously. Investor confidence in KOEL was further bolstered by JM Financial upgrading its rating. The brokerage firm upgraded the stock to "Buy" from "Add" and increased its target...

Bhagwati Products Surges Past Rs 17,000 Crore Revenue, Signals India's Rise in Electronics Manufacturing Bhagwati Products has achieved a significant financial milestone, crossing the ₹17,000 crore revenue mark. This rapid ascent is largely attributed to its strategic partnership with Huaqin, one of the world's largest original design manufacturers (ODMs). The achievement highlights the massive growth trajectory of the electronics contract manufacturing sector in India.Exponential Growth and Revenue Milestone Achieved The company has demonstrated phenomenal scaling, boosting its revenues nearly tenfold. Bhagwati Products reported that revenue surged from approximately ₹620 crore in FY24 to ₹6,200 crore in FY25. This substantial growth...

Nvidia's Next-Gen AI Architecture: How Chips Running Hotter Could Decouple Data Centres from Water Woes The Revolution of Heat: Introducing 100% Liquid Cooling for AI Factories Nvidia has offered a significant answer to the rising environmental scrutiny surrounding Artificial Intelligence infrastructure: making data centre machines run deliberately hotter. The company's newest Rubin-generation AI infrastructure is designed to operate effectively with liquid cooling running at temperatures up to 45 degrees Celsius (113 degrees Fahrenheit). This temperature is warm enough that it directly challenges traditional, water-intensive cooling systems prevalent in the current AI boom.The significance of this development lies in its design...

Bharti Airtel Acquires Stake in Airtel Africa Completes Transaction, Issues Shares to ICIL Bharti Airtel Limited has completed a composite transaction involving the acquisition of shares in Airtel Africa plc and the subsequent preferential issuance of equity shares to Indian Continent Investment Limited (ICIL).The company successfully acquired 595,204,251 shares, representing approximately 16.3% of the stake, in Airtel Africa from ICIL on June 22, 2026. Following this acquisition, Bharti Airtel's effective shareholding in Airtel Africa increased to around 79%.In a related transaction, the company's Special Committee of Directors for Preferential Issue approved the allotment of 146,761,335 fully paid-up equity shares to ICIL. These...

Vedanta Stock Plummets on Promoter Stake Sale: Shares Fall Nearly 6% Amid ₹2,149 Crore Block Deal Vedanta Ltd. shares saw a significant decline in early trading on Tuesday after news of a large-scale block deal transaction involving promoter stake dilution emerged. The stock fell nearly 6 percent as it traded at approximately ₹288 in morning deals. This sharp correction followed the previous closing price of ₹305.85, indicating strong market reaction to the sale.Details of the Block Deal Transaction The trading activity involved a substantial transaction of roughly 7.3 crore Vedanta shares through block deals. These shares represented approximately 1.8 percent of the company's total equity base. The estimated value of this single...

Gold and Silver Prices Tumble Amid Dollar Surge; Markets Brace for Crucial US Jobs Data Precious metals markets experienced a downturn on June 23, driven primarily by the strengthening US dollar. Global trading saw declines in both gold and silver as traders await critical economic indicators from the United States. The volatility remains high, with prices expected to be heavily influenced by dollar movement and domestic rupee fluctuations ahead of key employment data releases.International Spot Gold and Silver Decline International spot gold traded lower in early morning sessions. Gold slipped 1.04 percent, settling at $4,158.80 per ounce. Simultaneously, silver edged down 3.55 percent, registering at $63.25 per ounce during the...

Rupee Faces Volatility as Global Uncertainty Persists amid Potential RBI Intervention The Indian Rupee opened trading largely flat on June 23rd, with market participants suggesting that Reserve Bank of India (RBI) intervention may have been utilized to temper excessive currency volatility. The local currency was traded at Rs 94.69 against the US dollar, a slight movement from the previous session's closing rate of Rs 94.68 per dollar.The rupee concluded its six-session winning streak on Monday, as traders largely maintained a cautious stance due to a lack of fresh domestic catalysts. Market sentiment remains focused on global developments and stabilizing domestic financial inflows.RBI Intervention and Domestic Currency Support...

IIFL Finance Clarifies Fund Raising Proposal Status Ahead of Board Meeting IIFL Finance Ltd has issued a clarification regarding the agenda item pertaining to fund raising, which is slated for discussion at its upcoming board meeting. The proposal concerns raising funds through the issuance of equity shares and/or other eligible securities.The company specified that this proposal is intended solely for consideration by the Board to seek enabling approval from shareholders at the ensuing Annual General Meeting (AGM).The clarification further outlined the process should the fund-raising be moved forward. Any actual issuance of securities will be assessed later by the Board and/or its authorized committee(s), subject to shareholder...

JSL Industries Issues Final Reminder for Claiming Shares Held in Unclaimed Suspense Account JSL Industries Ltd has issued a final reminder notice regarding shares currently held in the company's Unclaimed Suspense Account. The notice is directed at shareholders whose shares have been transferred to this account and requests them to claim these securities by a specific deadline.The letter informs concerned shareholders that they must submit the necessary documents to the Company or its Registrar & Share Transfer Agent before October 04, 2026, to successfully claim their shares.This action follows the transfer of the respective shares into the Unclaimed Suspense Account, as per SEBI (Listing Obligations and Disclosure Requirements)...

Novartis India Reports Minimal Tender Response in Open Offer Update Novartis India Ltd has reported a significant update regarding the tender response in its ongoing Open Offer, which involves the acquisition of up to 64,19,608 equity shares by a consortium of investors.The Open Offer aims at acquiring up to 64,19,608 fully paidup equity shares of Novartis India Limited (the Target Company), representing 26% of its Voting Share Capital. The Acquirers involved in the transaction include WaveRise Investments Limited, ChrysCapital Fund X, and Two Infinity Partners.As per the latest disclosures detailing submissions received up to June 22, 2026, the number of shares tendered by public shareholders was minimal across both dematerialized...

Open Offer for Parmax Pharma Ltd: Consortium Announces Mandatory Takeover at ₹42.80 per Share A consortium comprising Dhiren Chandulal Shah and Sunil Chinubhai Shah, along with ten Persons Acting in Concert (PACs), has announced a mandatory open offer to acquire equity shares of Parmax Pharma Ltd. The acquisition is intended to result in a substantial stake and control over the Target Company.The open offer offers up to 23,46,250 Equity Shares of the company at a fixed Offer Price of ₹ 42.80 per share, payable in cash. Based on full acceptance, the maximum consideration for this acquisition amounts to ₹ 10,04,19,500.00 (Rupees Ten Crores Four Lakhs Nineteen Thousand Five Hundred only).The offer details are set against a backdrop of...

Mitigata Secures $15 Million in Series B to Build Full-Stack Cyber Resilience Platform Against AI Threats Bengaluru-based cyber resilience startup, Mitigata, has successfully raised $15 million in a significant Series B funding round. The capital infusion was led by Bessemer Venture Partners and saw strong participation from existing investors Nexus Venture Partners, Titan Capital, and WEH Ventures. This substantial backing positions Mitigata to aggressively scale its operations as the cybersecurity landscape shifts dramatically under AI-driven threats.Fueling Cyber Resilience through Strategic Investment Mitigata plans to deploy the fresh capital across several critical areas, ensuring a robust foundation for rapid growth. The funds...

Iranian Oil Returns to Radar as US Sanctions Waiver Puts Squeeze on Global Refiners The commercial landscape for Indian refiners is undergoing a critical reevaluation as the National Iranian Oil Company (NIOC) reaches out to global buyers. After nearly seven years of restricted trade, Iranian crude has been reintroduced to the market through a narrow window created by a temporary US sanctions waiver. This development marks less of a full-scale comeback and more of an essential feasibility test for major Indian refineries.The Significance of the US Sanctions Waiver The US has issued a 60-day sanctions waiver pertaining to Iranian crude, petroleum products, and petrochemicals. This window allows transactions related to production, sale...

India's Inflation Remains Anchored: Why The Reserve Bank Is Comforted By Strong Fundamentals Key Takeaways From RBI’s Economic Assessment The Reserve Bank of India (RBI) has reaffirmed its confidence in India's economic stability, even following a slight uptick in inflation during May. According to a monthly bulletin published late Monday, the inflationary pressures faced by the nation remain contained and below the central bank's mandated target. This assessment helps explain the Monetary Policy Committee’s decision to maintain the benchmark interest rate at 5.25% while maintaining a neutral policy stance.The RBI report highlights that despite recent global turbulence and an energy shock, the pass-through of these shocks into...

Vedanta Stock Faces Supply Pressure as Promoter Twin Star Targets Massive Block Deal Sale Vedanta Ltd shares are set to be under intense scrutiny on Tuesday following reports that its largest promoter entity, Twin Star Holdings, may initiate a substantial stake sale through block deals. The proposed transaction involves the potential divestment of up to 1.7 percent equity in the company, amounting to approximately Rs 1,890 crore.The reported deal size suggests the sale of up to 6.5 crore shares of Vedanta at a floor price set at Rs 291 per share. This floor price is notably discounted by about 4.9 percent from Monday’s closing valuation of Rs 305.85.Details of the Proposed Stake Sale Twin Star Holdings currently holds a significant...

Sensex, Nifty Signal Muted Start as Markets Track US-Iran Peace Talks Amid Fed Rate Concerns Indian benchmark indices are set for a largely flat session on Tuesday, tracking GIFT Nifty which traded near yesterday's closing levels. Domestic equities face a mixed outlook, balancing optimism generated by progress in the US-Iran peace negotiations and declining crude oil prices against prevailing global caution regarding long-term inflation pressures and the US Federal Reserve’s hawkish stance.Market Performance and Immediate Outlook The Sensex and Nifty closed with minor gains on Monday, buoyed primarily by geopolitical developments and falling energy costs. The Sensex finished at 77,094.07, marking a rise of 291.17 points or 0.38...

Belding India and HD Fabcon Incorporate Joint Venture for Battery Energy Storage Systems Belding India Ltd has incorporated a new subsidiary company in partnership with HD Fabcon Private Limited. The venture is set up to focus on projects within the battery energy storage system and renewable energy sectors.The newly formed entity, named Belding HD India Private Limited, was incorporated on June 22, 2026, in India. It represents a strategic joint effort between the two companies.Belding India Ltd holds a controlling interest in the venture, along with HD Fabcon Private Limited. The collaboration aims to combine market access and business development capabilities from HD Fabcon Private Limited with the execution, operational, project...

Chemical Giant Ujin Pharma Files IPO DRHP; Stocks Signal Expansion into Specialty Markets Mumbai-based chemical products supplier Ujin Pharma has officially filed its Draft Red Herring Prospectus (DRHP) with SEBI. The filing, made on June 22, signals the company's intent to raise significant funds through an Initial Public Offering (IPO). These funds are earmarked for strategic investments and the repayment of existing borrowings.The IPO proposal details a total offering of 1.91 crore equity shares. This structure comprises a fresh issue of 1.18 crore shares, alongside an Offer For Sale (OFS) comprising 72.82 lakh shares from the promoters. The filing positions Ujin Pharma as a major player in India's chemical distribution sector...

RBI Demands Banking Sector Rethink: MSMEs Must Be Seen as Strategic Partners, Not Just Regulatory Burden The Reserve Bank of India (RBI) has issued a strong directive to the banking industry, asking financial institutions to fundamentally shift their perception of Micro, Small, and Medium Enterprises (MSMEs). Speaking at the inauguration of International MSME Day 2026, Governor Sanjay Malhotra stressed that lending institutions must internalize the role of MSMEs as long-term business partners whose growth generates durable social and financial returns.The Governor highlighted that MSMEs are pillars of the Indian economy. Collectively, they contribute 31 per cent of GDP and account for approximately 35 per cent of manufacturing output...