Author: Sreelatha M

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Leaders

Jensen Huang’s iconic jacket auctioned for $1 mn

A black leather jacket worn by Nvidia CEO Jensen Huang has become one of the most valuable pieces of technology memorabilia ever sold after fetching an impressive $960,000 (around ₹8.2 crore) at a Sotheby’s auction in New York. The jacket, which had an estimated value of just $40,000 to $60,000, attracted intense bidding before selling for nearly 16 times its expected price.

The record-breaking sale has once again highlighted Huang’s growing influence in the technology world, where he is now regarded as one of the defining figures of the artificial intelligence revolution. What started as his personal style statement has evolved into a globally recognised symbol of Nvidia’s rise as the world’s leading AI chipmaker.

The jacket sold at auction is a Tom Ford leather jacket that Huang wore during a visit to Foxconn’s facility in Taipei in 2023. It also carries his autograph, making it even more desirable for collectors. The event itself was significant, coming at a time when Nvidia was rapidly expanding its partnerships to meet the soaring global demand for artificial intelligence infrastructure.

According to Sotheby’s, the auction drew 65 bids from 45 collectors, reflecting the growing demand for items associated with influential technology leaders. Auction officials said they expected strong interest, but the final price far exceeded all expectations.

The proceeds from the sale will benefit the Edge Institute, a non-profit organisation that supports innovation through fellowships, grants and educational programmes for emerging technology talent. This charitable aspect added greater significance to the auction, with the sale contributing to future research and innovation.

For years, Jensen Huang has rarely appeared in public without a black leather jacket. Whether unveiling Nvidia’s latest AI chips, speaking at global technology conferences or delivering keynote presentations, the jacket has become an unmistakable part of his identity.

His signature style has often been compared with Steve Jobs’ black turtleneck and Mark Zuckerberg’s grey T-shirt, both of which became closely associated with their public image. However, Huang’s leather jacket has gained even greater prominence in recent years as Nvidia emerged at the centre of the global artificial intelligence boom.

Under Huang’s leadership, Nvidia has transformed from a graphics chip manufacturer into one of the world’s most valuable technology companies. Its advanced AI processors now power everything from generative AI models and cloud computing platforms to autonomous vehicles and scientific research. As demand for AI computing continues to rise, Huang has become one of the most recognisable executives in the technology industry.

His keynote presentations regularly attract thousands of attendees, while videos of his product launches are watched by millions around the world. The leather jacket has become so closely linked to his image that many technology enthusiasts instantly associate it with Nvidia’s AI announcements.

The jacket also gained additional attention after Meta CEO Mark Zuckerberg jokingly remarked during a public conversation that one of Huang’s worn leather jackets would probably become a valuable collector’s item. That light-hearted comment has now proved surprisingly accurate following the nearly $1 million auction sale.

Sotheby’s described the jacket as more than just a fashion item. According to the auction house, it represents an important piece of technology history because it is associated with one of the leaders driving today’s AI revolution. As artificial intelligence continues transforming industries worldwide, memorabilia connected to its key pioneers is becoming increasingly valuable.

The sale also reflects a broader shift in the collectibles market. Traditional memorabilia such as sports jerseys, movie costumes and rare watches continue to attract buyers, but technology-related collectibles are now emerging as a fast-growing category. Items linked to influential innovators and landmark moments in computing are increasingly being viewed as cultural artefacts rather than ordinary personal belongings.

For Nvidia, the auction comes at a time when the company continues to dominate the global AI hardware market. Its chips remain in high demand from major technology companies building advanced artificial intelligence systems, while Huang himself has become one of Silicon Valley’s most influential voices.

Although the leather jacket is unlikely to affect Nvidia’s business, the auction reflects the extraordinary cultural status Huang has achieved. Few technology executives have seen personal belongings command such remarkable prices, placing him among a select group of business leaders whose memorabilia has become highly sought after.

From being a simple wardrobe choice to becoming a symbol of the AI era, Jensen Huang’s black leather jacket has taken on a life of its own. Its record-breaking sale not only celebrates the Nvidia CEO’s remarkable journey but also captures a moment in history when artificial intelligence has become one of the world’s most transformative technologies.

Also Read: Samsung launches Music Studio series

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1 Minute-Read

China’s Moonshot reveals landmark Open AI model

Chinese AI startup Moonshot AI has unveiled what it describes as the world’s largest open-source artificial intelligence model, intensifying competition with leading US AI companies.

The new model is designed to deliver stronger reasoning, coding and language capabilities while allowing developers worldwide to access and build on the technology freely. The launch highlights China’s rapid progress in artificial intelligence, as companies race to develop more powerful large language models despite export restrictions on advanced chips.

Industry experts say the announcement strengthens China’s position in the global AI race and could accelerate innovation across research, businesses and developer communities.

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Corporate

Sensex surges 965 points, Nifty closes above 24,300

Indian equity markets ended Friday’s session on a strong note, with benchmark indices witnessing sharp gains as robust buying in IT, banking and financial stocks lifted investor sentiment.

The BSE Sensex climbed 965 points to settle at 78,151.45, while the NSE Nifty50 advanced 261.55 points to close at 24,334.30, comfortably ending above the key 24,300 level. The rally marked one of the strongest single-day gains for the benchmark indices in recent weeks. Positive quarterly earnings from several blue-chip companies and sustained domestic buying helped markets shrug off mixed global cues.

The upbeat mood on Dalal Street was largely driven by encouraging first-quarter earnings, especially from technology companies. Investors also remained optimistic ahead of earnings announcements from several banking and financial heavyweights, keeping buying interest strong throughout the trading session.

Technology shares emerged as the biggest drivers of the rally. Strong demand for Tata Consultancy Services (TCS), Infosys, Tech Mahindra and other IT majors pushed the sector higher after companies reported healthy earnings and maintained a positive business outlook.

Banking stocks also attracted strong buying, with expectations of stable earnings and improving credit growth supporting investor confidence. Financial services counters joined the rally, adding further momentum to the benchmarks.

Among the biggest gainers on the Sensex were Kotak Mahindra Bank, which rose around 4 per cent, followed by TCS, Reliance Industries, ICICI Bank, HDFC Bank, Axis Bank, Mahindra & Mahindra, Bajaj Finance, Infosys and Hindustan Unilever. Their gains contributed significantly to the day’s market surge.

On the other hand, a few heavyweight stocks witnessed profit booking. Sun Pharma, Trent, Bharti Airtel and UltraTech Cement ended lower and featured among the top losers of the session. However, their decline had little impact on the broader market rally.

The positive sentiment came despite mixed trends in global markets. Investors preferred to focus on domestic fundamentals, supported by a healthy earnings season and continued participation from domestic institutional investors. Analysts said the market’s resilience reflected confidence in India’s economic outlook even as global uncertainties persist.

Market experts believe the latest rally was fuelled by multiple factors. Better-than-expected quarterly earnings, sustained buying in IT stocks, optimism over upcoming financial sector results and improving technical indicators encouraged investors to increase their exposure to equities. The recovery in the rupee also added to the positive mood.

Reliance Industries remained in focus ahead of its quarterly earnings announcement. The stock gained during the session after recent developments involving promoter shareholding boosted investor interest. Financial stocks also remained active as traders positioned themselves ahead of earnings from leading private sector banks.

Sector-wise, the Nifty IT index outperformed all other sectoral indices, while banking, financial services and FMCG stocks also ended with healthy gains. Auto and capital goods shares traded firm during the session, whereas pharmaceutical and select consumer stocks underperformed.

The broader market, however, witnessed a relatively mixed performance. While several mid-cap and small-cap stocks gained, buying remained selective as investors preferred quality large-cap companies during the ongoing earnings season.

Foreign institutional investor (FII) activity, quarterly earnings, crude oil prices and global developments will continue to remain key triggers for the market in the coming weeks. Analysts believe strong corporate results and stable domestic economic indicators could help sustain positive momentum, although volatility cannot be ruled out.

Friday’s rally has reinforced confidence in Indian equities, with both the Sensex and Nifty ending the week on a positive note. As the June-quarter earnings season gathers pace, investors will closely watch corporate commentary and management guidance to assess whether the current momentum can extend further in the sessions ahead.

Also Read: BHEL posts ₹377 cr Q1 profit, revenue jumps 39%

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Corporate

BHEL posts ₹377 cr Q1 profit, revenue jumps 39%

Bharat Heavy Electricals Ltd. (BHEL) delivered a strong financial turnaround in the first quarter of FY27, reporting a consolidated net profit of ₹377 crore against a net loss of ₹212 crore in the corresponding period last year. The state-owned engineering and manufacturing company also recorded a sharp rise in revenue, reflecting stronger execution of power sector projects and improving business momentum.

For the quarter ended June 30, BHEL’s revenue from operations increased 39% year-on-year to ₹7,693 crore, compared with ₹5,528 crore in the same quarter of the previous financial year. The growth was primarily driven by higher execution in the company’s power business, which continues to account for the largest share of its revenue.

The company attributed the improved performance to faster project execution, better operational efficiency and increased demand for equipment and services from the power sector. India’s growing investment in electricity generation and transmission infrastructure has created new opportunities for BHEL, which remains one of the country’s leading manufacturers of power plant equipment.

The latest quarterly results mark a significant turnaround for the public sector enterprise after reporting losses in the corresponding quarter last year. Improved execution across ongoing projects helped the company strengthen both its revenue and profitability, reflecting a recovery in business activity as several large contracts progressed during the quarter.

The power segment remained the biggest contributor to BHEL’s performance. The company has been witnessing stronger order execution amid rising investments in thermal power capacity, renewable energy integration and transmission infrastructure. With electricity demand continuing to grow across the country, utilities have accelerated project implementation, creating a favourable environment for engineering and equipment suppliers.

Industry analysts believe BHEL is benefiting from the government’s continued focus on expanding power generation capacity to meet rising energy requirements. Several thermal power projects that had remained slow in previous years have gathered pace, resulting in increased demand for boilers, turbines, generators and associated engineering services manufactured by the company.

BHEL has also been strengthening its execution capabilities by focusing on timely project completion, cost optimisation and operational efficiency. These measures have helped improve margins while ensuring better utilisation of manufacturing facilities across its plants.

Apart from the power sector, the company continues to pursue opportunities in industrial equipment, transportation, defence and renewable energy. However, power equipment remains its core business and the primary driver of revenue growth. As India moves towards becoming a major global manufacturing and energy hub, demand for reliable power infrastructure is expected to remain robust over the coming years.

The company’s healthy order book provides further confidence about future growth. BHEL has secured several large domestic contracts over the past year, particularly from state-owned and private power producers. These projects are expected to support revenue growth as execution gathers pace over the coming quarters.

The improving financial performance also reflects the broader recovery in India’s capital goods sector. Increased public infrastructure spending, expanding industrial activity and higher investments in electricity generation have created a positive business environment for engineering companies. Government initiatives aimed at strengthening domestic manufacturing under the “Make in India” programme have further supported demand for locally manufactured equipment.

Market participants viewed the quarterly results as a positive sign for BHEL’s long-term growth prospects. The return to profitability demonstrates the company’s ability to convert its strong order pipeline into revenue while maintaining operational discipline. Investors will now closely watch whether the company can sustain this momentum through the remainder of FY27.

Going forward, BHEL is expected to benefit from continued investments in thermal power projects, renewable energy integration, grid modernisation and industrial infrastructure. With India’s electricity demand projected to rise steadily over the next decade, the company remains well positioned to play a key role in supplying critical equipment for the country’s energy transition.

The strong first-quarter performance highlights BHEL’s improving operational strength and signals renewed confidence in its growth strategy. If project execution continues at the current pace, the company could maintain healthy earnings momentum while strengthening its position in India’s rapidly expanding power and engineering sector.

Also Read: Centre floats draft CAFE III norms

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Beyond

Centre floats draft CAFE III norms

The Centre has released the draft Corporate Average Fuel Efficiency (CAFE) III norms for public consultation, proposing tougher fuel efficiency standards for passenger vehicles while giving special recognition to ethanol and biofuel-powered vehicles. The new framework, issued by the Ministry of Heavy Industries, is expected to come into effect from April 1, 2027, and will remain applicable until March 31, 2032, replacing the existing CAFE II norms.

The proposed regulations are aimed at reducing fuel consumption, lowering carbon dioxide (CO₂) emissions and encouraging the automobile industry to adopt cleaner and more efficient technologies. The government has invited comments from stakeholders before finalising the new standards, marking another significant step in India’s efforts to reduce transport-sector emissions while supporting sustainable mobility.

Under the draft, passenger vehicle manufacturers will be required to meet stricter fleet-wide fuel efficiency targets. Instead of evaluating individual models, the CAFE framework assesses the average fuel efficiency and carbon dioxide emissions of all passenger vehicles sold by a manufacturer during a financial year. Companies that fail to meet the prescribed targets could face financial penalties, while those performing better than the required standards may earn credits.

One of the most notable features of the draft CAFE III norms is the introduction of special incentives for vehicles powered by ethanol and other biofuels. The proposal recognises flex-fuel and biofuel-compatible vehicles as cleaner alternatives capable of reducing dependence on conventional fossil fuels. Industry experts believe this move aligns with the government’s broader objective of promoting ethanol blending and expanding the use of domestically produced renewable fuels.

The draft also proposes a revised method for calculating carbon dioxide emissions by considering the type of fuel used. Vehicles capable of running on higher ethanol blends or approved biofuels are expected to receive favourable treatment under the compliance framework. This could encourage automakers to invest more heavily in flex-fuel technology while diversifying India’s clean mobility options beyond battery electric vehicles.

The government has retained its technology-neutral approach, meaning manufacturers can choose the most suitable pathway to achieve compliance. Companies may improve internal combustion engines, introduce hybrid technologies, expand electric vehicle portfolios or increase the availability of flex-fuel vehicles. This flexibility allows automakers to adopt solutions best suited to their product strategies and customer demand while still contributing to national emission reduction goals.

Officials say the proposed norms are designed to balance environmental objectives with industry growth. The automobile sector has repeatedly sought realistic compliance timelines, citing the significant investments required to develop cleaner engines, hybrid systems and alternative fuel technologies. By providing a consultation period before implementation, the government aims to gather feedback from manufacturers, industry associations and technical experts to ensure the final regulations remain practical while delivering meaningful environmental benefits.

The draft comes as India continues to strengthen its climate commitments and reduce its dependence on imported crude oil. The transport sector accounts for a significant share of the country’s greenhouse gas emissions, making improved vehicle fuel efficiency an important part of India’s long-term decarbonisation strategy. Higher fuel efficiency standards not only reduce carbon emissions but can also lower fuel consumption, helping consumers save on running costs over the lifetime of a vehicle.

The inclusion of ethanol and biofuel vehicles has drawn particular attention because it reflects the government’s growing emphasis on multiple clean mobility solutions. While electric vehicles remain a key pillar of India’s green transport strategy, policymakers have increasingly promoted ethanol, compressed biogas and other alternative fuels to reduce emissions across different vehicle categories. Industry analysts believe recognising flex-fuel vehicles under the CAFE III framework could accelerate investment in engines capable of operating on higher ethanol blends.

Automobile manufacturers are now expected to study the draft carefully before submitting their feedback during the consultation period. The final version of the norms could influence future vehicle development, research investments and product planning across the industry over the next several years.

If implemented largely in their current form, the CAFE III standards will represent another major milestone in India’s transition towards cleaner, more fuel-efficient mobility. For consumers, the regulations could eventually lead to vehicles that consume less fuel, produce fewer emissions and offer a wider choice of cleaner technologies, while helping the country move closer to its climate and energy security goals.

Also Read: Apple rolls out back-to-school offer

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Technology

Apple rolls out back-to-school offer

Apple has kicked off its Back to School 2026 campaign in India, bringing education discounts and free accessories on select Mac and iPad models for students and educators. The annual promotion, which runs until August 27, is designed to help those preparing for the new academic year purchase Apple devices at lower prices while also receiving useful accessories at no additional cost.

The offer is available through Apple’s Education Store and applies to eligible university and college students, parents purchasing on behalf of their children, as well as teachers and other education staff. Buyers must complete Apple’s education verification process, either online through UNiDAYS or at an Apple Store, before they can avail of the benefits.

This year, Apple is bundling free accessories with eligible purchases instead of offering gift cards. Customers purchasing a MacBook Air, MacBook Pro or the newly introduced MacBook Neo can receive a complimentary pair of AirPods 4 or an AirTag four-pack, depending on the product they choose. Buyers opting for an eligible iPad Air or iPad Pro will receive a free Apple Pencil, making the offer particularly useful for students who prefer digital note-taking, sketching, designing or annotating study material.

Along with the complimentary accessories, Apple is also extending its education pricing, which reduces the cost of several Mac and iPad models compared to their standard retail prices. The discounted pricing is available across some of Apple’s most popular devices, including the latest MacBook Air lineup powered by Apple’s M-series chips and the newest iPad models.

For students heading to college, purchasing a laptop or tablet is often one of the biggest academic investments. A MacBook has become a preferred choice for many students pursuing engineering, programming, media studies and creative courses because of its performance, battery life and long software support. Similarly, the iPad paired with an Apple Pencil has become increasingly popular among students for taking handwritten notes, creating presentations, editing documents and attending online classes.

Apple has also retained several additional benefits alongside the promotion. Eligible customers can personalise supported products with free engraving, while financing options and trade-in programmes remain available for buyers looking to reduce the upfront purchase cost. These options make it easier for students and families to upgrade older devices before the start of the academic session.

Unlike its promotion in India, Apple is offering Apple Gift Cards to eligible customers in countries such as the United States and Canada. The company has instead chosen to provide free accessories in India, a strategy that is expected to resonate with students who often purchase accessories separately after buying a new laptop or tablet. By including AirPods or an Apple Pencil in the package, Apple is increasing the overall value of the purchase while encouraging users to become part of its broader ecosystem.

The launch of the campaign comes at a time when competition in the premium student device market is becoming increasingly intense. Brands including Samsung, Dell, HP, Lenovo and ASUS have introduced special student offers, cashback schemes and exchange programmes in recent months to attract buyers before the new academic year. Apple’s combination of education discounts and premium accessories is aimed at maintaining its position in the high-end laptop and tablet segment.

The campaign also reflects Apple’s growing focus on India’s education market, where demand for premium computing devices has steadily increased as hybrid learning, digital classrooms and online collaboration become more common. Students today require reliable devices not only for coursework but also for coding, content creation, video editing, artificial intelligence projects and remote internships. Apple’s latest offer seeks to address those needs while making its products slightly more affordable through education pricing.

With college admissions underway across the country, the Apple Back to School 2026 campaign is expected to generate strong demand for MacBooks, iPads and related accessories over the coming weeks. Students planning to upgrade their study setup or purchase their first Apple device can take advantage of the limited-period offer until August 27, making it one of the company’s biggest education-focused promotions of the year.

Also Read: Musk’s xAI sues user over CSAM

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Corporate

Tech Mahindra posts robust Q1 with 28% rise in profit

Tech Mahindra reported a strong start to FY27, posting a 28.5% rise in first-quarter net profit as healthy deal wins, improved operating margins and steady execution helped offset a cautious global technology spending environment.

The IT services company reported a consolidated net profit of ₹1,465 crore for the quarter ended June 30, up from ₹1,140 crore a year earlier. Revenue from operations increased 17.7% year-on-year to ₹15,712 crore, beating market expectations and reflecting steady demand across key business segments.

The company’s performance comes at a time when the Indian IT sector continues to face slower discretionary spending as global enterprises remain cautious amid economic uncertainty. While clients are delaying some large transformation projects, Tech Mahindra said demand for artificial intelligence (AI), cloud and digital engineering services continues to support business growth.

A key highlight of the quarter was the strong improvement in deal wins. Total order bookings rose to $1.08 billion, compared with $809 million in the corresponding quarter last year. The higher deal intake signals growing client confidence and provides better revenue visibility for the coming quarters.

The company also recorded an improvement in profitability, with operating margins expanding on the back of cost optimisation measures, higher productivity and improved resource utilisation. The margin expansion is part of Tech Mahindra’s ongoing turnaround strategy aimed at improving operational efficiency while focusing on high-value business opportunities.

Managing Director and Chief Executive Officer Mohit Joshi said the company delivered another quarter of consistent execution despite an uncertain business environment. He noted that strong deal momentum and improving margins reflect the success of the company’s transformation efforts and position it well for long-term growth.

Among business verticals, the manufacturing segment emerged as a key growth driver, supported by increased spending on digital transformation and engineering services. The communications business, which contributes a significant share of the company’s revenue, also showed signs of stabilisation after facing pressure over the past few quarters.

Tech Mahindra continued to strengthen its capabilities in emerging technologies during the quarter by expanding partnerships with global technology companies. The company announced collaborations in areas such as AI, cloud computing and intelligent automation to help enterprise customers modernise their operations and improve productivity.

These results indicate that Tech Mahindra’s turnaround strategy is gaining traction. While profit growth was strong, some analysts noted that net profit was marginally below estimates due to higher tax expenses. However, the company’s stronger revenue growth, healthy deal pipeline and improving margins were seen as positive indicators.

The latest earnings also contrast with the cautious outlook offered by some peers, highlighting Tech Mahindra’s ability to execute efficiently despite weak macroeconomic conditions. Analysts believe the company’s diversified client base and focus on AI-led services could help it outperform if technology spending gradually improves during the year.

The broader IT services industry continues to face uncertainty as clients remain focused on cost optimisation and carefully evaluate new technology investments. However, spending on AI, cybersecurity, cloud migration and digital engineering remains relatively resilient, creating opportunities for companies with strong capabilities in these areas.

Going forward, investors will closely watch whether Tech Mahindra can maintain its deal momentum, sustain margin improvement and convert its growing order book into stronger revenue growth. With healthy deal wins, improving operational efficiency and increasing demand for AI-powered services, the company appears better positioned to navigate the challenging global IT environment.

The Tech Mahindra Q1 results suggest that disciplined execution, stronger client engagement and investments in next-generation technologies are beginning to deliver results. While uncertainty in global technology spending persists, the company has entered FY27 with stronger fundamentals and renewed confidence in its growth strategy.

Also Read: Wipro Q1 profit flat at ₹3,352 cr, outlook weak

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Corporate

Wipro Q1 profit flat at ₹3,352 cr, outlook weak

Wipro kicked off FY27 on a cautious note, reporting a largely unchanged first-quarter profit and issuing a subdued revenue outlook for the September quarter, underlining the continued pressure on the global information technology (IT) services industry.

The Bengaluru-headquartered IT major posted a consolidated net profit of ₹3,352 crore for the quarter ended June 30, almost flat compared with the corresponding period last year. Revenue from operations stood at ₹22,135 crore, while revenue from the IT services business declined 1.4% year-on-year to $2.6 billion, falling short of market expectations.

The company’s guidance for the second quarter also disappointed investors. Wipro expects IT services revenue in constant currency to range between a 1.5% decline and a marginal 0.5% growth sequentially, indicating that demand recovery remains slow as global clients continue to tighten technology budgets.

The earnings reflect a broader trend across the Indian IT sector, where enterprises are delaying discretionary technology spending amid persistent macroeconomic uncertainty. Many customers are prioritising cost optimisation over large-scale digital transformation programmes, resulting in longer decision-making cycles and slower project execution.

While announcing the results, Wipro’s management said the company remains focused on helping clients improve efficiency and adopt artificial intelligence (AI)-led solutions. However, executives acknowledged that clients continue to be cautious in committing to new spending, particularly for large transformation projects. Although interest in AI services is growing rapidly, many engagements are still in the evaluation stage and have yet to translate into meaningful revenue.

The company also reported a decline in deal momentum during the quarter. Total bookings stood at $3.37 billion, significantly lower than the corresponding period last year. Analysts said the fall in bookings indicates that large contracts are taking longer to close and that converting signed deals into revenue remains a challenge.

Despite weak revenue growth, Wipro managed to protect profitability through tight cost controls and operational efficiency measures. The company has continued to optimise utilisation levels, improve delivery productivity and maintain pricing discipline, helping it keep margins relatively stable despite a difficult demand environment.

Reflecting confidence in its balance sheet, Wipro’s board declared an interim dividend of ₹2 per equity share for shareholders.

The results were received cautiously by the market, with the company’s shares coming under pressure after the earnings announcement. Several brokerages revised their price targets, citing weaker-than-expected revenue performance and conservative guidance for the coming quarter. Analysts believe Wipro continues to face execution challenges even as peers such as TCS, HCLTech and Tech Mahindra have shown relatively better resilience in navigating the uncertain business environment.

Industry experts say the pace of recovery for IT companies will largely depend on improvements in client confidence, particularly in the US and Europe, which remain the largest markets for Indian software exporters. Interest in generative AI, cloud modernisation and cybersecurity continues to create long-term opportunities, but customers are seeking faster returns on investment before committing to major technology programmes.

For Wipro, the immediate focus is likely to remain on improving deal conversion, strengthening client relationships and expanding its AI-powered service offerings. The company has been investing in artificial intelligence capabilities and consulting services to capture emerging demand, even as traditional IT spending remains subdued.

The Wipro Q1 results reinforce the challenges facing the IT services industry, where profitability has remained relatively stable but revenue growth continues to be constrained by cautious enterprise spending. With management projecting another muted quarter ahead, investors will be closely watching whether improving demand for AI and digital transformation can help the company regain growth momentum in the second half of FY27.

For now, Wipro’s performance suggests that while the worst of the slowdown may be over, a broad-based recovery in the global technology spending cycle is yet to take hold.

Also Read: Gold higher at ₹141,220, Silver at ₹215,950

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Corporate

Sensex surges over 650 points, Nifty tops 24,200

Indian equity benchmarks staged a strong comeback on Friday, with the BSE Sensex soaring more than 650 points and the Nifty 50 reclaiming the 24,200 mark as investors cheered upbeat corporate earnings, sustained buying in banking stocks and renewed optimism in the information technology (IT) sector. However, losses in Wipro, Tech Mahindra and Tata Motors prevented an even sharper rally, highlighting the stock-specific nature of the ongoing earnings season.

The Sensex ended the session above the 79,400 level, while the Nifty comfortably traded above the crucial 24,200 mark. Market breadth remained positive, with advances outnumbering declines on the National Stock Exchange (NSE), reflecting improving investor confidence despite mixed global cues.

Leading the rally were heavyweight banking and financial stocks. HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, State Bank of India, and Bajaj Finance attracted strong buying interest, providing significant support to the benchmark indices. Telecom major Bharti Airtel also traded firmly, while Infosys emerged as one of the biggest contributors to the day’s gains following its quarterly earnings announcement.

Infosys impressed investors after reporting better-than-expected financial results for the June quarter and raising its revenue growth guidance for FY27. The improved outlook strengthened confidence that large Indian IT companies continue to benefit from increasing demand for digital transformation, cloud services and artificial intelligence (AI)-led projects despite global macroeconomic uncertainties. The stock rallied sharply as investors welcomed the company’s positive commentary on client spending and deal momentum.

The rally in the Sensex and Nifty reflected investors’ preference for quality large-cap stocks during the ongoing earnings season. Analysts said strong results from market heavyweights are helping offset concerns over global uncertainty, with banking and select technology stocks providing stability to both benchmark indices.

In contrast, Wipro emerged as the biggest loser among frontline stocks after reporting a mixed set of June-quarter results. The company’s shares fell more than 3% after management issued a cautious outlook for the September quarter and several leading brokerages reduced their target prices.

Wipro reported a consolidated net profit of ₹3,352 crore, registering a modest 1% year-on-year increase, while revenue from operations rose 11% to ₹24,479 crore. Although the numbers were largely in line with expectations, investors were disappointed by the company’s weak revenue guidance. Wipro expects its IT services business to deliver between a 1.5% decline and 0.5% growth in constant currency during the September quarter, signalling continued softness in client spending.

The cautious outlook prompted brokerages such as Nomura, Nuvama and Motilal Oswal to lower their target prices on the stock. While most analysts retained their long-term positive stance due to Wipro’s investments in AI and digital capabilities, they warned that near-term revenue growth and margin expansion could remain under pressure amid delayed client decision-making and slower deal ramp-ups.

Apart from Wipro, Tech Mahindra also witnessed selling pressure as investors remained cautious ahead of its earnings, while Tata Motors declined following profit booking after recent gains. Select auto and metal stocks also traded lower, limiting the overall upside in the market.

Despite weakness in a few large-cap names, the Sensex and Nifty maintained their upward momentum as gains in financial and IT heavyweights outweighed losses in select auto and technology stocks. The broader market also remained resilient, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices ending higher, indicating that buying interest extended beyond blue-chip companies. Mid-cap financials, capital goods, realty and consumer-focused stocks attracted fresh investments, reflecting improving risk appetite among domestic investors.

Sector-wise, Nifty Bank, Financial Services, IT and FMCG indices were among the top performers during the session. Banking stocks continued to benefit from expectations of healthy credit growth, stable asset quality and strong profitability, while select IT stocks gained on optimism surrounding AI-led technology spending.

Investor sentiment was also supported by sustained foreign institutional investor (FII) buying and expectations of robust corporate earnings during the June-quarter reporting season. Analysts believe improving domestic macroeconomic indicators, resilient consumption trends and continued government spending on infrastructure are providing a favourable backdrop for Indian equities.

Global cues remained mixed, with investors keeping a close watch on developments related to interest rates, crude oil prices and geopolitical tensions. However, India’s relatively strong economic fundamentals and consistent earnings growth have helped domestic markets outperform several global peers in recent months.

The experts are of the opinion that Friday’s trading session highlighted a clear distinction between companies delivering stronger earnings and those issuing cautious business outlooks. While Infosys was rewarded for its robust execution and improved guidance, Wipro faced selling pressure as investors reacted to its subdued growth forecast and brokerage target price cuts.

With the June-quarter earnings season gathering pace, analysts expect the Sensex and Nifty to remain driven by stock-specific movements rather than broad market trends. Companies delivering strong earnings and upbeat guidance are likely to outperform, while those reporting weaker growth outlooks could continue to face selling pressure. For now, the sharp gains in the Sensex and Nifty underline investors’ confidence in India’s long-term growth story, even as they remain watchful of global developments and upcoming corporate earnings.

Also Read: Kudankulam nuclear power plant faces cyber breach probe

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1 Minute-Read

Kudankulam nuclear power plant faces cyber breach probe

India’s Kudankulam Nuclear Power Plant has come under scrutiny after reports of a data breach involving documents allegedly linked to the facility appearing online.

The leaked information reportedly includes technical details and internal documents, raising concerns about cybersecurity at critical infrastructure sites. Officials have maintained that the plant’s nuclear reactors remain safe and operational, with no impact on power generation or safety systems.

Investigations are underway to determine the source and extent of the breach. The incident has renewed focus on strengthening cybersecurity measures around India’s strategic facilities as digital threats against critical infrastructure continue to rise.