Author: Sreelatha M

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Corporate

Swiggy, HPCL roll out LPG service

Swiggy Instamart has partnered with Hindustan Petroleum Corporation Ltd. (HPCL) to introduce India’s first on-demand LPG cylinder delivery service through a quick-commerce platform. The pilot project has been launched in Bengaluru, allowing customers to order 5kg and 10kg LPG cylinders for doorstep delivery in just a few clicks.

The service is aimed at making cooking gas more accessible, especially for households, students, working professionals and small businesses that need smaller LPG cylinders at short notice. Customers can place orders through the Swiggy Instamart app, just as they would for groceries or daily essentials.

The initiative marks a new step in India’s growing quick-commerce sector, which has expanded beyond groceries to include medicines, electronics and now cooking gas. By adding LPG cylinders to its offerings, Swiggy hopes to provide greater convenience to urban consumers who increasingly rely on app-based deliveries.

Initially, the service will be available only in selected parts of Bengaluru as part of a pilot programme. Based on customer response and operational performance, the companies may consider expanding it to other cities in the future.

HPCL said the partnership combines its fuel distribution network with Swiggy Instamart’s fast delivery infrastructure, making it easier for customers to access LPG cylinders when needed. The companies added that all deliveries will comply with safety guidelines and regulatory requirements.

Also Read: Patanjali Foods shares sink 19% in trade

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Patanjali Foods shares sink 19% in trade

Shares of Patanjali Foods fell sharply on Thursday, dropping as much as 19% intraday to a 52-week low amid reports of a possible block deal.

The sudden decline triggered heavy trading and sparked speculation in the market. Responding to the sharp fall, the company clarified that its business operations remain normal and that there has been no material development affecting its performance.

While investors closely tracked the stock, analysts said the decline appeared to be linked to market activity rather than the company’s fundamentals. The shares later recovered some losses but remained under pressure by the close.

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Corporate

AI startup Emergent turns unicorn

India’s AI startup ecosystem has added another unicorn, with Emergent raising $130 million in a Series C funding round that values the company at $1.5 billion. The milestone comes just over a year after the startup was launched, making it one of the fastest-growing AI companies in the country.

The latest funding round was led by global investors, reflecting growing confidence in India’s rapidly expanding artificial intelligence sector. The fresh capital will be used to accelerate product development, expand the company’s engineering team and strengthen its presence in international markets.

Emergent specialises in AI-powered coding tools that help software developers write, test and optimise code more efficiently. Its platform uses advanced generative AI to automate repetitive programming tasks, allowing developers to focus on solving complex problems and building new applications faster.

The company’s rapid growth has been driven by strong demand for AI tools among businesses and software developers worldwide. Since its launch, Emergent has attracted customers across multiple markets by offering solutions that improve productivity and reduce software development time.

The new funding marks a significant milestone not only for Emergent but also for India’s startup ecosystem, which has seen increasing investor interest in AI-focused companies. Industry experts believe the success of startups like Emergent highlights India’s growing role in the global AI innovation landscape.

Company executives said the investment will help scale the platform, improve AI capabilities and support expansion into new markets. The startup also plans to hire more engineers, researchers and product specialists as it continues to grow.

Investors say they see enormous potential in AI-assisted software development, a sector expected to witness rapid growth as businesses increasingly adopt artificial intelligence to improve efficiency and reduce costs.

Emergent’s rise to unicorn status comes at a time when global demand for AI solutions continues to surge. As organisations embrace generative AI across industries, startups building specialised AI products are attracting significant investments.

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Beyond

Government hikes diesel, ATF export duty

India has increased the windfall tax on exports of diesel and aviation turbine fuel (ATF) while reducing the levy on petrol exports, reflecting changes in global crude oil prices and refining margins.

According to a notification issued by the Ministry of Finance, the export duty on diesel has been raised to ₹5.50 per litre from ₹4.50 per litre, while the levy on ATF has increased to ₹2.50 per litre from ₹1.50 per litre. At the same time, the government has reduced the windfall tax on petrol exports to ₹2 per litre from ₹3 per litre.

The revised tax rates came into effect on July 16 and are part of the government’s fortnightly review of windfall taxes. These duties are adjusted regularly based on international crude oil prices and the profit margins earned by refiners on exports.

Windfall taxes were first introduced in 2022 to ensure that the government shares in the extra profits earned by oil producers and refiners when global energy prices surge. The tax also aims to encourage adequate fuel supplies in the domestic market while allowing refiners to continue exporting petroleum products.

The latest revision reflects stronger refining margins for diesel and jet fuel in overseas markets, prompting the government to increase export duties on these products. Lower margins on petrol exports, however, led to a reduction in the tax on gasoline shipments.

India is one of the world’s largest fuel exporters, with private refiners such as Reliance Industries and Nayara Energy accounting for a significant share of overseas shipments. Changes in export duties can influence refiners’ profitability, export volumes and domestic fuel availability.

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Beyond

Cabinet clears ₹1.9 lakh cr semiconductor push

The Union Cabinet has approved a ₹1.9 lakh crore incentive package to strengthen India’s semiconductor and mobile phone manufacturing ecosystem, marking a major step towards making the country a global electronics hub.

The package includes ₹1.27 lakh crore for Semicon 2.0 and ₹62,500 crore for a new Mobile Phone Manufacturing Scheme (MPMS). Together, the schemes are expected to attract fresh investments, expand domestic production, create jobs and increase exports.

Semicon 2.0 builds on the India Semiconductor Mission launched in 2021. The new programme focuses on developing the entire semiconductor value chain, including chip design, fabrication, packaging, materials, equipment, research and skilled workforce development. The government hopes this will reduce import dependence and strengthen India’s position in the global chip supply chain.

The Cabinet also approved the new mobile manufacturing scheme, which will replace the existing Production Linked Incentive (PLI) programme. The scheme will encourage companies to increase local value addition, source more components from India and boost exports.

According to the government, India has become the world’s second-largest mobile phone manufacturer by volume, with smartphones emerging as the country’s largest export category. Officials believe the new schemes will help sustain this growth and attract nearly ₹4 lakh crore in investments over the coming years.

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Corporate

Sensex climbs over 250 points, Nifty tops 24,100

Markets opened on a firm note on Thursday, with investors taking encouragement from positive global cues despite growing geopolitical tensions in the Middle East. The BSE Sensex climbed over 250 points in early trade, while the NSE Nifty crossed the 24,100 mark, extending the previous session’s gains. Softer-than-expected US inflation data lifted hopes that the US Federal Reserve may delay further interest rate hikes, improving sentiment across global equity markets.

The rally came even as crude oil prices stayed near $86 a barrel, marking the fourth straight day of gains following fresh US military strikes on Iran. Rising oil prices have kept investors cautious because prolonged supply disruptions could increase inflationary pressures and impact corporate earnings. However, domestic investors largely focused on the ongoing June-quarter earnings season and stock-specific opportunities.

Financial and technology stocks remained in the spotlight. HDB Financial Services surged more than 4% after reporting a 38% year-on-year jump in June-quarter profit, supported by strong net interest income and improved asset quality. HDFC Life also traded higher after posting healthy quarterly earnings. In the IT space, HCL Tech, Wipro and Tech Mahindra attracted buying ahead of their earnings announcements, helping the Nifty IT index outperform the broader market.

Among the early gainers were HDB Financial Services, HDFC Life, HCL Tech, Wipro and Tech Mahindra. On the losing side, ICICI Lombard declined sharply after disappointing quarterly results, while ICICI Prudential Life and UltraTech Cement also remained under pressure. Investors continued to monitor movements in banking and insurance stocks as earnings season gathered pace.

Market experts believe the near-term direction will depend on corporate earnings, crude oil prices and developments in the Middle East. While global uncertainty remains high, resilient domestic buying, improving earnings expectations and optimism around interest rates have helped Indian equities maintain their upward momentum. Analysts expect markets to remain volatile but believe stock-specific action will continue to dominate trading sessions in the coming days.

Also Read: Fed Chief Warsh reaffirms strong fight against inflation

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Technology

OpenAI develops AI-powered speaker

OpenAI is reportedly working on its first consumer hardware device, a screenless AI speaker designed to make conversations with artificial intelligence feel more personal and lifelike. The product is expected to combine advanced voice technology with physical movement, offering a different approach from traditional smart speakers.

The device is being developed with input from legendary designer Jony Ive, the former Apple executive known for designing products such as the iPhone and iMac. Rather than featuring a display, the speaker is expected to rely on natural conversations, environmental awareness and gentle movements that help create a stronger sense of interaction.

According to reports, the AI speaker will be able to detect where users are in a room and respond by turning or adjusting its position. These movements are intended to make the assistant appear more attentive, giving users the feeling that it is actively participating in conversations instead of simply responding to commands.

The hardware is expected to be powered by OpenAI’s latest artificial intelligence models, allowing it to answer questions, manage reminders, assist with daily tasks and connect with other smart home devices. Unlike existing voice assistants, the company is aiming for richer conversations that better understand context and user intent.

The reported project highlights OpenAI’s growing interest in expanding beyond AI software into dedicated hardware. The move follows the company’s acquisition of Jony Ive’s AI hardware venture, signalling a long-term strategy to create products built specifically around generative AI.

Although OpenAI has not confirmed the product or revealed technical details, reports indicate the company is focused on creating a device that feels approachable rather than intrusive. The absence of a screen is expected to encourage users to engage naturally through speech instead of constantly looking at a display.

Also Read: India, UK seal CETA

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IBM misses revenue estimates on weak client spending

IBM reported weaker-than-expected second-quarter revenue as enterprise customers delayed technology spending amid economic uncertainty.

The company said cautious client budgets slowed new project approvals, affecting sales despite continued demand for artificial intelligence and hybrid cloud solutions. IBM highlighted growing interest in its watsonx AI platform but said stronger AI demand could not fully offset weakness in other businesses.

Following the results, the company’s shares declined as investors reacted to the revenue miss. IBM remains optimistic about its long-term growth strategy, betting that AI, software and consulting services will drive future performance once enterprise spending recovers.

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Leaders

DeepMind chief urges global standards for Frontier AI

Google DeepMind CEO Demis Hassabis has called for the creation of a US-led international body to develop common standards for frontier artificial intelligence, saying global cooperation is essential as AI systems become increasingly powerful.

Speaking at a technology event in Washington, Hassabis said advanced AI is progressing at an extraordinary pace and requires coordinated oversight to ensure it is developed safely and responsibly. He argued that countries should work together instead of creating fragmented regulations that could slow innovation or leave safety gaps.

According to Hassabis, the proposed organisation could play a role similar to international scientific bodies by bringing together governments, researchers and technology companies to establish shared guidelines for developing cutting-edge AI models. He believes common standards would help manage risks while allowing innovation to continue.

His comments come as governments around the world are racing to introduce AI regulations amid rapid advances in generative AI. While many countries have announced national policies, experts have increasingly called for greater international coordination because AI technologies can easily cross borders.

Hassabis also stressed that frontier AI systems have enormous potential to improve healthcare, scientific research, education and productivity. However, he warned that the same technologies could create serious risks if developed without proper safeguards, transparency and accountability.

The DeepMind chief said the United States is well placed to lead such an initiative because of its strong research ecosystem and the presence of many of the world’s leading AI companies. At the same time, he emphasised that any standards body should involve broad international participation to ensure global acceptance.

His remarks reflect growing debate within the technology industry over how best to govern increasingly capable AI models. Companies, policymakers and researchers continue to discuss issues such as safety testing, responsible deployment, transparency and security as AI adoption accelerates.

Also Read: Pankaj Pawar takes charge as Jio Platforms CEO

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Corporate

TCS chosen to power JFK Airport’s new terminal

Tata Consultancy Services (TCS) has been selected as the strategic technology and innovation partner for New York’s upcoming Terminal One at John F. Kennedy International Airport (JFK), marking a major global infrastructure technology win for the Indian IT services company.

The partnership will see TCS provide digital solutions, technology expertise and innovation support for the new terminal, which is part of the $9.5 billion redevelopment project at JFK Airport. The new Terminal One is expected to become one of the largest international terminals in the United States once completed.

As part of the agreement, TCS will help design and implement advanced technology systems aimed at improving passenger experiences, operational efficiency and airport management. The company’s role will focus on creating a more connected and digitally driven airport environment using technologies such as artificial intelligence, data analytics, automation and cloud solutions.

The project is being developed by The New Terminal One, a private consortium responsible for delivering and operating the new facility. The terminal is designed to handle growing international travel demand while offering modern passenger facilities and sustainable infrastructure.

TCS said its partnership will support the vision of building a next-generation airport that combines technology with better customer experiences. The company will bring its global experience in areas such as digital transformation, enterprise technology and large-scale systems integration to the project.

For TCS, the JFK Terminal One contract strengthens its presence in the global transportation and aviation technology sector. The company already works with organisations worldwide on digital upgrades, helping businesses and public infrastructure providers improve efficiency through technology.

The partnership also highlights the increasing role of Indian technology companies in major global infrastructure projects. As airports worldwide invest in smart technologies, companies like TCS are becoming key partners in developing digital ecosystems that improve security, convenience and operational performance.

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