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Mumbai: YES Bank is making news again after the Reserve Bank of India (RBI) approved a proposal by Japan’s Sumitomo Mitsui Banking Corporation (SMBC) to acquire up to 24.99% of the bank’s shares. Although this would make SMBC the largest shareholder in YES Bank, the RBI has clarified that it will not be treated as a promoter.

"In this regard, we are pleased to inform that SMBC has received the approval of the Reserve Bank of India to acquire up to 24.99% of the paid-up share capital/ voting rights of the Bank vide letter dated August 22, 2025. This approval is valid for one year from the date of this letter," YES Bank said.

YES Bank shares closed at ₹19.28 on Friday and have risen 8.38% over the last six months, although they’re still down slightly for the year.

A Big Step for YES Bank and SMBC

This move marks a significant moment for YES Bank, which has been working to rebuild investor confidence in recent years. For SMBC, the deal opens the door to deeper involvement in India’s growing banking sector.

SMBC is part of Sumitomo Mitsui Financial Group (SMFG), which is Japan’s second-largest banking group and one of the top 15 banks globally, managing assets of about $2 trillion. The group operates across banking, leasing, securities, consumer finance, and credit cards.

Where are the Shares Coming From?

The planned acquisition will happen through secondary share purchases, meaning SMBC is buying existing shares, not new ones. Here's how it breaks down:

• 13.19% will be bought from State Bank of India (SBI)
• Another 6.81% will come from seven other banks:
  Axis Bank, Bandhan Bank, Federal Bank, HDFC Bank, ICICI Bank, IDFC First Bank, and Kotak Mahindra Bank
   

Once the deal is complete, SBI’s stake in YES Bank will drop from nearly 24% to just over 10%, marking a notable shift in the bank's ownership structure.

YES Bank had earlier revealed that SMBC initially planned to acquire a 20% stake, but that figure has since increased to the maximum limit allowed without needing promoter status.

What is Next in this Deal?

While the RBI’s nod is a key milestone, the deal isn’t over the finish line yet. It still needs clearance from the Competition Commission of India (CCI) and must meet a series of regulatory and legal conditions, including those under the Banking Regulation Act, Foreign Exchange laws, and RBI’s own guidelines on shareholding in banks.

YES Bank said the deal will move forward once all required approvals are in place and the conditions outlined in the share purchase agreements, first announced in May 2025, are satisfied.

Indian benchmark indices extended their early-week momentum into the mid-morning session on Monday, August 25, buoyed by renewed confidence after U.S. Federal Reserve Chair Jerome Powell’s dovish remarks at the Jackson Hole Symposium stoked expectations of a September rate cut.

By 10:30 a.m. IST, the Sensex had climbed to 81,492, up 185 points, maintaining its upbeat trajectory, while the Nifty neared the 24,921, up 51 points, but still below the 25,000 mark. Markets continued to broaden their gains, with mid-caps and small-caps also advancing, signaling robust participation across the board.

Market watchers believe that Powell’s indication that employment risks may outweigh inflationary pressures has significantly lifted investor sentiment, effectively raising the probability of a rate cut in September from roughly 75% to as high as 84%. This shift is seen as particularly encouraging for emerging markets like India, which stand to benefit from increased foreign flows and softer global financing conditions.

Sectorally, the IT space has emerged as a clear winner, with stocks rallying sharply—some up nearly 2.5%—driven by the outlook of a rejuvenated tech spend environment in the U.S. Real estate and metals also exhibited strength, each gaining about 1%, reflecting a broader cyclical upturn.

Additionally, financial markets remain attentive to domestic developments: Yes Bank shares climbed after news that Sumitomo Mitsui secured regulatory approval to acquire up to 24.99% of the bank.

Meanwhile, amidst this broader rally, specific corporate narratives are advancing quietly. Mazagon Dock Shipbuilders is expected to begin cost negotiations for a substantial Rs 70,000-crore submarine construction project with Thyssenkrupp Marine—a prospect seen as a promising development for India’s defense manufacturing ambitions. Syrma SGS Technology is regaining investor attention following the expiration of a shareholder lock-in covering around 20% of its equity—an event that could reinvigorate trading interest in the stock.

Technically, analysts note that the Nifty is holding firm above its support near 24,800, though upside momentum remains capped unless it convincingly breaches 25,150. Similarly, the Bank Nifty is clinging to support around 55,000, with any decisive move above 56,150 needed to shift sentiment from cautious to bullish. The current pattern suggests a “sell on rise” strategy remains prudent, though broader optimism tempers aggressive bearish bets.

In summary, investors believe that Powell’s forward-leaning commentary has tipped the scales in favor of risk assets, reinforcing expectations of easier U.S. monetary policy ahead. This environment is likely to sustain momentum in Indian equities, particularly in sectors closely tied to global demand like IT, metals, and real estate. As always, upcoming data on U.S. jobs, inflation, and U.S.–India trade developments—including looming tariff risks—remain crucial variables to watch as the rally unfolds.

Monday’s action illustrates a renewed sense of optimism—markets appear ready to build on early gains and seize the potential windfall from dovish global central bank signals and domestic corporate catalysts.
 

The Adani Group has significantly strengthened its financial position, with Indian lenders now holding half of its total borrowings—marking a milestone in the conglomerate’s journey towards deeper integration with India’s banking system. Borrowings from domestic sources have surged to more than ₹2.6 lakh crore, up from 40% a year ago, reflecting growing confidence in the group’s stability and future growth.

According to a report by the Times of India, by the end of June 2025, rupee-denominated loans accounted for 50% of Adani’s total debt, equaling funds sourced in dollars. 

This shift showcases the group’s ability to build strong partnerships with India’s public sector banks, private lenders, and financial institutions, ensuring easier access to capital for its ambitious expansion plans.

Public sector banks increased their exposure from 13% to 18%, while NBFCs and financial institutions grew their share from 19% to 25%. Meanwhile, reliance on international borrowings saw a decline, with dollar bonds dropping to 23% of borrowings from 31% and loans from foreign banks easing slightly to 27%. Private banks maintained a steady 2% share, with lending growing by 20%, underlining balanced support from across the sector.

The rise in domestic support is matched by improved fundamentals. Over the past two years, Indian banks have raised their exposure to the group by around $15 billion (₹1.3 lakh crore), reinforcing faith in its financial resilience. Adani has also fortified its balance sheet with ₹60,000 crore in cash reserves—equivalent to 25% of total debt—ensuring liquidity and stability.

Investor presentations highlight the group’s commitment to long-term growth through stable, cash-generating assets in ports and power ventures, while maintaining leverage well below industry averages. These prudent measures have contributed to stronger credit ratings and greater trust from lenders.

The group’s financial progress is complemented by record-breaking performance. In FY25, Adani reported its highest-ever EBITDA of ₹89,806 crore, an 8.2% increase, alongside a post-tax profit of ₹40,565 crore. Capital expenditure rose to ₹1.26 lakh crore as the conglomerate invested heavily in infrastructure and renewable energy, further cementing its role in India’s economic growth story. Despite this robust investment, its net debt-to-EBITDA ratio stood at a healthy 2.6, demonstrating careful financial management.

On the global front, Adani remains India’s largest corporate issuer in offshore markets through the 144A/Reg S route, raising $9 billion across a wide range of maturities, including 30-year terms. Its disciplined refinancing strategy—having refinanced $2.7 billion over seven years—combined with upgrades from Moody’s, Fitch, and S&P, showcases its growing credibility among international investors.

With participation from over 200 global investors and over 90% of earnings tied to AA-rated or higher assets, the Adani Group has established itself as a symbol of India’s industrial strength. The rising support from Indian lenders, combined with global investor trust, positions the conglomerate to drive economic transformation, invest in infrastructure, and fuel long-term sustainable growth.

Nazara Technologies on August 22 confirmed that its associate company, Moonshine Technologies—operator of the online poker platform PokerBaazi—has formally ceased real-money gaming operations. With Nazara holding a 46.07% stake in Moonshine, the firm took this step “as a matter of abundant caution” in response to the government’s recently passed Online Gaming Bill, and said Moonshine’s revenue is not consolidated in Nazara’s financial statements.

Following the announcement, Nazara’s stock extended its decline, trading 4% lower at ₹1,158 per share on Friday. Over the prior three trading sessions, the stock has sunk nearly 18.3%, hitting a low of ₹1,145.55, reflecting mounting investor concern about regulatory uncertainty. This sharp downturn prompted debate among analysts on whether the decline marks a deeper bearish trend or presents a long-term entry opportunity.

In a discussion with Bloomberg, Nazara CEO Nitish Mittersain acknowledged that the company’s ₹805-₹832 crore investment in Moonshine stands to be written down or provisioned for now. He emphasized the move is prudent accounting, saying, “it is still early days … we tend to be conservative in our accounting.”

The investment in Moonshine had been a strategic bet: in September 2024, Nazara acquired approximately 47.7% of the company for ₹832 crore, with an additional ₹150 crore through convertible preference shares. The entity consolidated Moonshine’s operations, notably PokerBaazi—the leading online poker platform, reported to generate around 85% of Moonshine’s revenue.

Despite the exposure, Nazara maintains that its core financials remain unaffected as Moonshine’s results are excluded from consolidation and showed negative profit contribution in Q1 FY26. The company reaffirmed that Real Money Gaming (RMG) operations have contributed “nil” to its revenue or EBITDA base. As such, the broader financial performance remains stable.

That said, stock market reaction tells a different story. The stock dropped approximately 15% on the day the Lok Sabha passed the Online Gaming Bill, followed by additional falls—trading down as much as 23% over two days. The bill bans all real-money online games, places prohibitions on related advertisements, and restricts banks and financial institutions from facilitating related transactions.

Notably, investor sentiment appeared jittery. Star investor Rekha Jhunjhunwala had exited her stake in Nazara in June, prompting speculation that she anticipated regulatory headwinds. In contrast, other long-term investors like Madhusudan Kela and Nikhil Kamath have chosen to hold their positions. Brokerages, including Prabhudas Lilladher, flagged Nazara’s exposure to PokerBaazi as a key valuation risk, given its sizeable impact on the company’s gaming portfolio.

Analysts and market watchers now recommend closely tracking further developments—particularly how Nazara manages the Moody’s exposure through write-downs, investor confidence, and whether its diversified business beyond RMG, including esports, early learning, and media properties, can help cushion the blow.

GMR Airports Ltd has received board approval to raise up to ₹5,000 crore through a mix of financial instruments and to set up a Special Purpose Vehicle (SPV) for the development of a dedicated Cargo City at Delhi’s Indira Gandhi International Airport (IGIA).

At a meeting held on Thursday, August 21,  the Board of Directors cleared an enabling resolution that will allow the company to mobilise funds in one or more tranches. The capital may be raised through various instruments including fully paid-up equity shares, non-convertible debentures with warrants, convertible securities (excluding warrants), or Foreign Currency Convertible Bonds (FCCBs). The fundraising is subject to shareholder approval as well as regulatory and statutory clearances.

In a parallel move, the board also approved the creation of a wholly owned subsidiary to act as an SPV for executing the Cargo City project. This SPV will oversee the financing, design, construction, operation, and maintenance of the cargo facility.

The proposed Cargo City will be developed on a 50.5-acre site within IGIA, the country’s largest airport, operated by Delhi International Airport Ltd (DIAL), a subsidiary of GMR Airports. GMR was recently selected as the successful bidder for this strategic infrastructure initiative, as disclosed in its August 13 filing.

The Cargo City is expected to bolster air cargo handling capabilities at IGIA and align with GMR Airports’ broader strategy of expanding its presence in the Indian aviation sector. The company also operates airports in Hyderabad and Goa.

Mining conglomerate Vedanta Ltd has announced a second interim dividend of ₹16 per share for the financial year 2025-26, bringing its total dividend payout this fiscal to ₹8,993 crore so far.

The latest dividend, declared after market hours on Thursday, August 21, will cost the company ₹6,256 crore. This comes just two months after Vedanta paid a ₹7 per share dividend in June, which involved a ₹2,737 crore outgo.

In a regulatory filing, Vedanta confirmed that the board had approved the dividend at its meeting on August 21. “The second interim dividend of ₹16 per equity share on a face value of ₹1 per share has been approved, amounting to approximately ₹6,256 crore,” the statement read.

Who Will Receive the Dividend?

The record date to determine eligible shareholders is set for August 27, 2025. Given India’s T+1 settlement cycle, investors must purchase Vedanta shares by August 26 to qualify for the payout. The company has said the dividend will be disbursed within the legally mandated timeframe.

One of India's Top Dividend Payers

Vedanta has built a strong reputation for rewarding shareholders through dividends. Over the past 12 months, it has paid out a total dividend of ₹35.50 per share, placing it among the highest dividend-yielding stocks in India. The current yield stands at an attractive 7.94%, according to data from Trendlyne.

Stock Performance: A Mixed Bag

Ahead of the announcement, Vedanta shares ended slightly higher on Thursday. The stock closed at ₹446.80 on the BSE (up 0.30%) and at ₹447.10 on the NSE (up 0.36%).

Despite the generous payouts, Vedanta’s stock performance has remained relatively subdued this year — gaining just 0.54% year-to-date, and down 2% over the past 12 months. That said, longer-term investors have seen solid returns: the stock has climbed 91% over two years, and delivered a 241% gain over five years, making it a long-term multibagger.

Demerger Delays Cast a Shadow

While the dividends continue to flow, Vedanta’s much-anticipated corporate demerger faces delays. The company plans to split into four separate listed entities, but the move has hit a regulatory roadblock.

According to media reports, the Indian government has raised objections, citing concerns over recovering dues from the company post-demerger. Meanwhile, the National Company Law Tribunal (NCLT) has postponed the next hearing on the matter to September 17.

Despite a flat stock performance in the short term and uncertainty over its restructuring, Vedanta is staying consistent in rewarding its investors. With a ₹16 interim dividend now declared, the company reaffirms its position as one of India’s most generous dividend payers — even as it navigates regulatory turbulence ahead.

Hindustan Unilever Ltd (HUL), one of India’s leading FMCG companies, announced on Thursday that Niranjan Gupta will join as Chief Financial Officer-designate and a member of the HUL Management Committee, effective 1 September 2025.

Gupta will succeed Ritesh Tiwari, who has been appointed global head of Mergers & Acquisitions and Treasury at Unilever Plc, based in London. Gupta is set to formally join the HUL Board on 1 November and will report to CEO and Managing Director Priya Nair.

Gupta started his career with HUL and later held senior leadership roles at Vedanta Ltd and Hero MotoCorp, where he was appointed CEO in 2023. During his tenure at Hero, he was credited with driving long-term strategy, improving financial performance, and forging key strategic partnerships—including a collaboration with Harley-Davidson.

“We are delighted to welcome Niranjan back to HUL,” said Priya Nair. “His deep understanding of the business, strategic vision, and financial expertise will be instrumental as we chart our next phase of growth.”

Tiwari, who assumed the role of HUL CFO in 2021, played a vital role in reshaping the company’s financial strategy. His leadership saw portfolio transformation, major acquisitions and divestitures, and the demerger of HUL’s ice cream business into Kwality Walls (India) Ltd—setting the foundation for its independent listing.

“Ritesh has been an exceptional leader whose forward-looking approach and significant contributions have left a lasting impact on HUL,” Nair added. “His elevation to a global role underscores the strength of our leadership pipeline.”

The announcement comes amid a broader wave of leadership transitions at HUL. In August, Priya Nair took over as CEO and Managing Director following the departure of Rohit Jawa, who served just over two years in the role.

Over the past year, Hindustan Unilever Ltd (HUL) has bolstered its leadership team with a series of strategic appointments. In March, Rajneet Kohli, former CEO of Britannia Industries, joined as Executive Director, Foods. This followed the appointment of Vivek Mittal as Executive Director, Legal and Corporate Affairs in December 2024. More recently, Vipul Mathur took charge of the Personal Care division, while Arun Neelakantan joined as the head of Customer Development, both becoming part of the HUL Management Committee.

HUL continues to be a vital talent pool for Unilever Plc’s global operations. Notable Indian executives who have risen through HUL ranks to global roles include Nitin Paranjpe, who has held multiple senior positions within the Unilever Leadership Executive (ULE) and currently serves as Non-Executive Chairman of HUL, and Leena Nair, a former Unilever CHRO and ULE member who is now global CEO of Chanel.

In the fiscal year 2025, HUL reported a turnover of ₹60,680 crore, reflecting a 2% increase year-on-year. Profit after tax grew 5% to ₹10,644 crore, underscoring the company’s continued focus on profitable growth amid a dynamic market environment.

Bengaluru: In a significant move to strengthen its global digital engineering capabilities, Indian IT powerhouse Wipro has announced an agreement to acquire the Digital Transformation Solutions (DTS) business unit of Harman International, a Samsung subsidiary, for a cash consideration of up to $375 million. This strategic acquisition is a calculated step to future-proof Wipro’s offerings in AI-led engineering and digital transformation services across a wide range of industries.

This transaction is more than just a merger; it is a transformation aimed at creating a powerful global force in engineering services. The deal directly bolsters Wipro's Engineering Research & Development (ER&D) vertical, one of the fastest-growing segments in the IT services sector.

Strategic Rationale and Key Gains for Wipro

Headquartered in Connecticut, USA, DTS is a global provider of engineering R&D and IT services, specializing in embedded software, digital engineering, design thinking, device engineering, cloud and infrastructure, data analytics and AI, and enterprise automation. Its solutions serve a wide range of clients across industrial, consumer, hi-tech, and healthcare and life sciences sectors.

According to Wipro CEO Srini Pallia, integrating DTS's global talent and deep technical capabilities will blend Wipro’s consulting expertise with Harman’s agile product innovation. This acquisition will significantly enhance Wipro's ER&D portfolio, adding new depth in critical sectors such as Aerospace & Defense, Healthcare & MedTech, Consumer Electronics, Industrial Automation, and Automotive & Connected Devices.

Wipro is set to gain a number of key assets from the acquisition:

• Global Talent: Over 5,600 employees, including key leadership, across 14 countries, will transition to Wipro.
• Tech Hubs: Access to state-of-the-art R&D centers in locations including India, the U.S., South Korea, Germany, Poland, and the U.K.
• Proven Performance: DTS has demonstrated consistent annual revenues of $308–315 million over the past three years, with a strong focus on services (85% of revenue).
• Strategic Client Base: A diverse client portfolio spanning various industries, many of whom are looking to scale their AI and IoT ambitions.

For HARMAN, a company best known for audio brands like JBL and Harman Kardon, the sale allows it to sharpen its focus on its core businesses of consumer audio and automotive electronics.

Christian Sobottka, CEO of Harman International, expressed confidence in the transition and said, “DTS will now be able to expand its impact and deliver more value to clients as part of a technology powerhouse like Wipro.”

The transaction is expected to be finalized by December 31, 2025, pending regulatory and antitrust approvals. Upon completion, DTS will be integrated into Wipro's Engineering Global Business Line, and Wipro will also enter into a multi-year strategic agreement with HARMAN and Samsung.

India’s leading real money gaming (RMG) companies — including Dream11 parent Dream Sports, Gameskraft, Mobile Premier League (MPL), and Zupee — have begun suspending contests and games involving money, shortly after the Indian government’s Online Gaming Bill, 2025, was passed by both Houses of Parliament.

The new legislation prohibits online money games, defined as those where users make deposits with the expectation of winnings. The bill imposes strict penalties for violations, including fines of up to ₹1 crore and jail terms of up to three years.

Dream Sports has paused all "Pay to Play" contests on Dream Picks, its recently launched fantasy sports app, and suspended its casual RMG app, Dream Play. In a notice to users, the company assured that account balances remain safe and withdrawable. According to industry sources, Dream Sports is also preparing to suspend paid contests on its flagship Dream11 app once the law is notified following the President’s assent. Dream Sports had reported a net profit of ₹188 crore on revenues of ₹6,384 crore in FY23.

Mobile Premier League (MPL) followed suit, suspending all money-based gaming services on its platform. A company spokesperson said while deposits have been disabled, withdrawals remain seamless. MPL, which offers over 60 games across categories including fantasy sports, quizzing, puzzles, and casual games, said it will continue focusing on free-to-play competitive gaming. MPL was last valued at about $2.3 billion and has aggressively expanded into the U.S. market in recent years.

Gameskraft, the Bengaluru-based company best known for its rummy apps such as RummyCulture, also paused its ‘Add Cash’ and ‘Gameplay services’. It reassured users that their funds remain safe and withdrawals continue to be available. The company, which reported a profit of ₹947 crore on revenues of ₹3,475 crore in FY24, described the move as precautionary to ensure compliance with the evolving legal framework.

Zupee, which focuses on skill-based board games, suspended all paid games on its platform but said its popular free titles such as Ludo Supreme and Snakes & Ladders will remain available. The platform, which claims over 150 million users, emphasized its commitment to responsible gaming.

Probo, an opinion trading platform, also announced an immediate halt to its RMG operations, citing compliance with the government’s decision.

The suspension marks a pivotal moment for India’s $2.4 billion RMG industry, which made up the majority of the $3.8 billion gaming market in FY24. Industry experts warn of significant revenue losses and job cuts in the short term, though some analysts believe companies may pivot towards free-to-play models, international markets, or other monetization avenues such as advertising.

Critics of the legislation argue that it fails to distinguish between games of skill and chance — a key legal debate in India for over a decade. Supporters, however, highlight the law as a necessary step to curb gambling addiction, financial losses among young users, and concerns over money laundering.

The industry, once among the fastest-growing segments of India’s digital economy, now faces an uncertain future as firms recalibrate strategies and explore global expansion to mitigate domestic regulatory risks.

Hindalco Industries, the metals flagship of the Aditya Birla Group, has unveiled a bold $10 billion investment plan aimed at expanding its global footprint and consolidating its leadership in the aluminium and copper sectors. The plan, which will be rolled out from FY25 to FY30, was announced by Chairman Kumar Mangalam Birla at the company’s 66th annual general meeting.

The expansion will span key markets, with major investments across India and through its U.S.-based subsidiary, Novelis. A significant ₹18,000 crore is already committed within India, marking Hindalco’s largest capital expenditure in nearly a decade.

Domestically, Hindalco is doubling down on its upstream aluminium operations. Expansion of the Aditya smelter and the addition of new capacity at the Mahan smelter will add over 500,000 tonnes annually. A large-scale alumina refinery is also in the pipeline.

To support this growth, the company has secured the Meenakshi coal mine, a move expected to enhance energy self-sufficiency and reinforce its position as one of the world’s most cost-efficient producers. In copper, Hindalco is undertaking a 300,000-tonne capacity expansion at its Dahej complex in Gujarat. Once complete, it will become the largest copper smelting facility outside China.

Hindalco is also betting big on value-added products. With a focus on downstream growth, it aims to quadruple earnings from this segment by FY30, with projects including a copper tubes plant and India’s first e-waste and copper recycling facility.

Novelis, Hindalco’s U.S. arm, plays a critical role in the global expansion. Its flagship $4.1 billion Bay Minette project in Alabama is progressing on schedule and is expected to be operational by 2026. Upon completion of ongoing expansions, Novelis's production capacity will hit 5 million tonnes annually.

The subsidiary is also leading the company’s sustainability charge with its “3×30 Vision,” targeting increased recycled content, lower carbon emissions, and sustained profitability. A new automotive recycling center in Kentucky further supports this push.

Reflecting confidence in its financial trajectory, Hindalco’s board has recommended a ₹5 per share dividend for FY25. Birla said the company’s strategic investments are not only growth-focused but also aligned with sustainability and innovation goals.

“Our focus is on building long-term partnerships, driving sustainability, and becoming a catalyst for change in the industry,” he noted, highlighting ongoing projects like the hybrid renewable energy plant at Aditya Aluminium in Odisha. With this ambitious expansion strategy, Hindalco is positioning itself as a global powerhouse across the metals value chain, poised for both economic and environmental impact.

Hindalco is also positioning itself for the future of mobility. It is developing aluminium battery enclosures and components for electric cycles, with a new battery foil plant scheduled to start operations this year. These initiatives are aimed at tapping into the fast-growing electric vehicle ecosystem globally.