Author: Sreelatha M

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Corporate

Lalithaa Jewellery mart sets August IPO price band

Lalithaa Jewellery Mart is set to enter the Indian primary market on August 17 with a ₹1,700-crore initial public offering (IPO), giving investors an opportunity to participate in one of the country’s fast-growing organised jewellery retailers. The Chennai-based company has fixed the IPO price band at ₹190-₹201 per equity share. The issue will remain open for subscription until August 19, 2026.

The IPO comprises a fresh issue of shares worth up to ₹1,200 crore and an offer for sale (OFS) of up to ₹500 crore by promoter M. Kiran Kumar Jain. Investors can bid for a minimum of 74 shares and in multiples of 74 thereafter. At the upper end of the price band, the minimum investment for a retail investor would therefore be ₹14,874.

The issue comes at a time when India’s organised jewellery sector is seeing increasing consumer interest, supported by rising incomes, greater preference for branded retailers and demand for certified jewellery. Lalithaa Jewellery Mart has built its business largely around southern India, where gold jewellery remains closely linked to weddings, festivals, savings and family occasions.

The company operates under the Lalithaa brand and sells gold, silver and diamond jewellery. As of March 31, 2026, it had 61 stores across 51 cities in Tamil Nadu, Andhra Pradesh, Telangana, Karnataka and Puducherry. Together, these stores covered about 650,881 square feet of operational space.

A major feature of the company’s retail strategy is its presence beyond large metropolitan markets. Of its 61 stores, 45 were located in Tier-II and Tier-III cities in fiscal 2026. These outlets contributed 60.25% of the company’s revenue, according to information cited from a CRISIL report. This gives Lalithaa exposure to jewellery demand in smaller cities and towns, where organised retail is gradually gaining ground.

The company has also focused on large-format stores. Of its 61 outlets, 51 had an area of more than 5,000 square feet during FY26. Thirty-nine of these larger stores were located in Tier-II and Tier-III cities. The strategy allows the retailer to display a wider range of gold, silver and diamond jewellery while creating a standardised shopping experience across locations.

Manufacturing is another important part of Lalithaa Jewellery Mart’s business model. The company operates manufacturing facilities in Thirumudivakkam, Chennai, and Maraimalai, Kanchipuram, through its wholly owned subsidiary Asita Jewellery Manufacturing. The Chennai facility began operations in December 2024. In-house manufacturing is intended to give the retailer greater control over product design, quality and pricing.

The company says this manufacturing capability helps it offer jewellery at competitive prices. Its products are positioned around authenticated BIS-hallmarked jewellery, an increasingly important consideration for consumers as buyers become more conscious of purity and certification.

Lalithaa also uses customer-focused jewellery savings schemes, including Dhana Vandhanam and Free-yo-Flexi. Such programmes are designed to encourage repeat purchases and maintain customer engagement, particularly in a market where jewellery buying is often planned over several months.

The company’s financial performance has also strengthened significantly. Revenue from operations rose to ₹25,023.93 crore in FY26 from ₹16,788.05 crore in FY24. Net profit increased to ₹1,009.82 crore from ₹359.83 crore during the same period. The company reported operating revenue per store of ₹410.23 crore in FY26, compared with ₹281.62 crore in FY25 and ₹316.76 crore in FY24, according to figures cited from the CRISIL report.

The fresh issue portion of the IPO will bring new capital into the company, while the OFS component will provide an exit opportunity to the promoter. For investors, the key question will be whether Lalithaa can sustain its growth as it expands its retail footprint while managing the challenges associated with gold prices, inventory requirements and consumer demand.

The IPO also arrives amid a busy period for India‘s primary market, with several consumer and jewellery companies seeking investor attention. Lalithaa’s large issue size and established store network could make it an important offering to watch.

For the company, the listing is more than simply a fundraising exercise. It marks a transition from a privately held regional jewellery retailer to a publicly traded organised jewellery business. Its ability to maintain growth, expand in smaller cities and convert its manufacturing and retail strengths into consistent profitability will be closely watched after listing.

 

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Corporate

US weighs China tech ban as AI supply chains tighten

The United States is moving to tighten restrictions on Chinese technology used in two strategically important areas, artificial intelligence infrastructure and renewable energy, as the Trump administration seeks to reduce dependence on foreign suppliers and strengthen domestic manufacturing.

The latest move involves a possible US ban on new Chinese-made optical transceivers, components that are critical to the high-speed networks connecting servers inside data centres. At the same time, an existing Federal Communications Commission (FCC) restriction on new foreign-made power inverters is pushing companies to expand manufacturing capacity in the US.

The developments underline a broader shift in US technology and energy policy, where supply-chain security is increasingly being treated as a national security issue.

The FCC is reportedly preparing a proposal that would add new-model optical transceivers manufactured in China to equipment covered by restrictions under the Secure Networks Act. The precise definition of a Chinese manufacturer and what qualifies as a “new model” has not yet been disclosed.

Optical transceivers may not be as familiar to consumers as AI chips or servers, but they are essential to modern data centres. They convert electrical signals into optical signals and allow huge volumes of data to move rapidly through fibre-optic networks.

That makes them particularly important as companies race to build AI data centres. Advanced AI systems require enormous computing power, but the chips themselves are only part of the equation. The processors also need fast, reliable connections to communicate with one another and share data.

China has a major position in this supply chain. According to TrendForce data cited by Tom’s Hardware, Chinese optical-module manufacturers account for about 56% of global manufacturing capacity for the technology in 2026. The proposed restrictions are therefore aimed not only at cybersecurity concerns but also at reducing US dependence on Chinese suppliers.

US officials have argued that Chinese-made equipment used in critical infrastructure could create cybersecurity and national-security vulnerabilities. FCC Chairman Brendan Carr has said restrictions are intended to encourage companies to bring production to the US before potentially risky foreign technologies become deeply embedded in American infrastructure.

The FCC has already taken similar action involving other technologies. Since December, the agency has restricted new models of foreign drones, routers, robots and power inverters, with waivers available to some non-Chinese suppliers. In July, the FCC also barred new Chinese humanoid and quadruped robots and connected power inverters from gaining US approval.

The inverter restrictions are already beginning to reshape the US solar industry.

Power inverters are a critical part of solar and battery systems because they convert electricity and enable renewable-energy installations and storage systems to connect with the electricity grid. The US has traditionally relied heavily on imported inverter equipment.

Wood Mackenzie estimates that more than 200 GWac of photovoltaic inverters have been supplied to commercial, industrial and utility-scale projects in the US over the past decade. More than 90% were imported, including more than 70 GW from Chinese-headquartered manufacturers, most of which were supplied from factories in Southeast Asia. Chinese vendors accounted for nearly half of the US inverter market in 2024 and 2025.

The new restrictions could have significant consequences for solar developers because US-made equipment is currently more expensive. Wood Mackenzie expects average inverter prices to increase in 2027 as procurement shifts away from cheaper foreign products towards domestic manufacturing.

However, the US is also rapidly expanding its ability to make the equipment at home. Manufacturers have announced plans for more than 100 GWac of US photovoltaic and power-conversion-system inverter manufacturing capacity by the end of 2027. If those projects are completed, domestic production could meet the new demand created by the FCC restrictions.

The immediate challenge is cost. Domestic manufacturing involves higher labour, component and production expenses, meaning solar project developers could face higher upfront costs. Wood Mackenzie expects prices to moderate over time as more factories come online and competition increases.

The shift could nevertheless provide companies with greater supply-chain certainty. Developers would become less exposed to sudden import restrictions, geopolitical tensions or changes in US-China trade policy.

The same calculation is now emerging in the AI sector. US hyperscalers are investing heavily in data centres and increasingly depend on optical interconnects to move data between large numbers of AI processors. A sudden restriction on Chinese optical transceivers could therefore increase procurement costs and put pressure on availability while alternative suppliers expand production.

Industry analysts have warned that restrictions could also have unintended consequences for American technology companies. Cutting off a major supplier base could increase costs for data-centre operators and potentially affect the efficiency and pace of AI infrastructure expansion.

There are also questions about how quickly alternative supply chains can develop. While the US is building domestic capacity in areas such as solar inverters, optical networking has a different manufacturing ecosystem and China currently holds a substantial share of global capacity.

The policy also faces concerns over transparency. FCC Commissioner Anna Gomez has supported the national-security rationale behind the restrictions but criticised what she described as a chaotic rollout of major technology-policy changes. She has called for greater transparency to ensure that the rules do not appear to favour particular companies or technologies.

For the US, the broader objective is becoming clear: reduce dependence on China in technologies considered essential to the future economy. AI data centres, fibre-optic networks, solar installations and battery systems are increasingly being viewed not merely as commercial infrastructure but as strategic assets.

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Leaders

N Chandrasekaran quits as Tata Sons chairman

N Chandrasekaran has resigned as chairman of Tata Sons, bringing a significant leadership transition to the Tata Group after nearly a decade at the helm of its holding company. Chandrasekaran, however, will continue in the position until the end of his current term on February 20, 2027, according to people familiar with the development and his statement.

The decision comes just days before the Tata Sons annual general meeting scheduled for August 18. The meeting had been expected to consider the reappointment of Chandrasekaran as a director, a key requirement for him to continue as chairman. His decision not to seek another term effectively removes that uncertainty and sets the stage for a leadership succession process at one of India’s most influential business groups.

In his communication to the Tata Sons board, Chandrasekaran said he would not offer himself for reappointment after his existing tenure ends. He also asked the board to begin the process of identifying his successor. The announcement marks the beginning of a transition rather than an immediate departure, allowing him to remain involved in the group’s affairs for several months.

The development follows weeks of uncertainty around Chandrasekaran’s position and the Tata Sons board. Earlier reports had said he was considering stepping down ahead of the August 18 AGM amid questions surrounding his reappointment and tensions within the Tata Trusts structure. Those reports had raised the possibility of an unexpected change at the top of the Tata Group.

Chandrasekaran’s exit is important because Tata Sons sits at the centre of the group’s sprawling business interests, with significant holdings and influence across information technology, automobiles, steel, power, consumer products, hotels, aviation and financial services. The chairman also plays a central role in determining the group’s long-term investment priorities and capital allocation.

His tenure has been marked by an aggressive expansion strategy. Under Chandrasekaran, the Tata Group pushed deeper into aviation following the acquisition and consolidation of Air India, while also increasing investments in semiconductors, electronics manufacturing, batteries, artificial intelligence and other emerging businesses.

The group has simultaneously worked to strengthen its position in traditional businesses while building new growth platforms. Tata Electronics has emerged as a major focus of the group’s semiconductor and electronics ambitions, while Tata Digital has been developed as a consumer technology platform. The group’s investments in battery manufacturing and defence-related capabilities have also formed part of its longer-term strategy.

Air India has been one of the most visible projects during Chandrasekaran’s tenure. The Tata Group has been attempting to rebuild the airline following its return to private ownership, with investments in aircraft, technology, operations and customer experience. Chandrasekaran recently described the transformation of Air India as a five-to-10-year effort, highlighting the scale of the challenge facing the group.

The leadership change comes even as Tata Sons remains financially strong. The company’s annual report for FY26 showed revenue rising 9.1% to Rs 42,367 crore, while profit after tax increased 21.8% to Rs 31,961 crore. The improvement was supported by investment gains and earnings from its portfolio of businesses.

At the broader Tata Group level, the business has continued to expand despite challenges in several large investments. The group reported aggregate FY26 revenue of about Rs 16.24 lakh crore, while profit after tax rose sharply during the year.

The financial performance, however, has existed alongside pressure in some of the group’s newer businesses. Air India recorded substantial losses, while Tata Digital, Tata Electronics and battery-related ventures have also required significant investment. Chandrasekaran has defended these businesses as long-term strategic bets rather than investments expected to generate immediate returns.

Markets reacted quickly to the news. Shares of several Tata Group companies came under pressure after the resignation announcement, with Tata Consultancy Services among the most closely watched stocks. TCS shares were reported to be down more than 3% during Wednesday’s trading session, while other Tata companies also declined. The market reaction reflected investor uncertainty surrounding the group’s future leadership and succession process.

Chandrasekaran joined the Tata Group nearly four decades ago and rose through its ranks before becoming chief executive of Tata Consultancy Services in 2009. He became chairman of Tata Sons in 2017, succeeding Ratan Tata in the role. His tenure has therefore covered a major period of transformation for the conglomerate, including the expansion of its global technology, automotive and aviation interests.

The immediate focus will now shift to succession planning, putting Tata Sons among the major Indian businesses undergoing senior leadership and succession changes. The board will have to identify a leader capable of managing both the group’s established businesses and its ambitious new investments. The next chairman will inherit a conglomerate with a strong financial base, but also major projects requiring sustained capital, execution and strategic patience.

For the Tata Group, the transition is therefore more than a change at the top. It will determine how the conglomerate balances its traditional businesses with its newer bets in technology, aviation, semiconductors, batteries and digital services. With Chandrasekaran remaining until February 2027, the group has several months to prepare for a carefully managed leadership handover.

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Leaders

Manav Sardana buys Rs 271 cr DLF penthouse

Entrepreneur Manav Sardana has bought a penthouse at DLF’s The Dahlias in Gurugram for ₹271 crore, making it one of the most expensive residential property deals reported in India and setting a new benchmark for the luxury project.

The transaction involves a penthouse spread across about 17,200 square feet of super area, with a carpet area of nearly 10,500 square feet. The deal translates to roughly ₹1.58 lakh per square foot on a super-area basis and about ₹2.6 lakh per square foot based on carpet area.

The purchase was registered in Gurugram and has brought fresh attention to the rapid growth of the city’s ultra-luxury housing market.

Sardana is associated with the automotive components industry and comes from a business family with a long history in manufacturing. His father, SB Sardana, co-founded Imperial Auto Industries with Jagjit Singh in 1969.

Imperial Auto developed into a major manufacturer of automotive components, supplying products to vehicle manufacturers and other customers. The company later attracted investment from global private equity firm Warburg Pincus.

Sardana’s business background is significant because his wealth comes from an established manufacturing enterprise rather than the technology or consumer sectors that have produced many of India’s newer wealthy entrepreneurs.

His latest purchase puts him among the growing number of high-net-worth individuals investing heavily in premium residential real estate.

The property is part of The Dahlias, DLF’s super-luxury residential development in DLF Phase 5, one of Gurugram’s most sought-after neighbourhoods. The project was launched in 2024 and is spread across about 17 acres.

The development comprises around 420 apartments and penthouses across multiple towers. It was planned as a more exclusive offering than DLF’s earlier luxury project, The Camellias, which is located nearby.

The Dahlias has attracted several prominent buyers since its launch, with individual apartments commanding prices running into tens of crores. Sardana’s ₹271-crore transaction, however, stands out because of both the size of the residence and the value of the purchase.

The property is significantly larger than a conventional luxury apartment. Its carpet area of around 10,500 square feet provides extensive internal living space, while the larger super-area figure includes additional areas considered under the project’s property calculation.

The transaction comes at a time when Gurugram’s luxury real estate market is experiencing strong demand. The city has developed into a major corporate and commercial centre, with multinational companies, financial firms and technology businesses maintaining large operations across its business districts.

DLF’s premium developments have played a major role in this transformation. The Camellias established a high-end residential market in the area, with several properties changing hands for exceptionally high values.

The Dahlias has taken that positioning further by offering large-format residences with high-end facilities and limited inventory.

Sardana’s purchase illustrates how the top end of India’s housing market is operating differently from the broader residential sector. While most homebuyers remain sensitive to mortgage rates, affordability and property prices, ultra-luxury buyers are often more focused on location, privacy, space, amenities and exclusivity.

Transactions of this scale provide an important indicator of demand among India’s wealthiest households for real estae developers. A single sale worth hundreds of crores can also significantly influence perceptions of a project and its surrounding market.

The deal highlights the widening gap between mainstream housing and the ultra-luxury segment. Properties in this category are increasingly being treated not only as homes but also as long-term assets and symbols of wealth.

Gurugram is also emerging as a stronger competitor to Mumbai in the luxury housing market. Mumbai remains the country’s dominant market for high-value residential transactions, particularly in areas such as South Mumbai and central luxury neighbourhoods.

However, the availability of larger plots and newer developments has allowed Gurugram to offer expansive homes that can be difficult to find in Mumbai.

The transaction could further strengthen the project’s profile among India’s high-net-worth buyers. Luxury developers increasingly rely on a limited pool of affluent customers, making visibility and exclusivity important parts of the sales strategy.

The ₹271-crore penthouse at The Dahlias therefore represents more than an unusually expensive home purchase. It is another sign that Gurugram is becoming an important destination for India’s ultra-wealthy and that the country’s luxury housing market continues to set new price benchmarks at its highest end.

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Corporate

Milky Mist ₹1,553 cr IPO opens today

The Milky Mist Dairy Food IPO opened for subscription on Tuesday, August 11, attracting investor interest on its first day of bidding. The public issue, valued at ₹1,553 crore, is available for subscription until August 13, giving investors three days to place their bids.

The IPO has a price band of ₹133 to ₹140 per equity share. The minimum bid is for 107 shares, meaning retail investors need to invest at least ₹14,980 if they apply at the upper end of the price band.

The issue has received a positive response so far, particularly from retail investors. By the end of the early part of Day 1, the IPO had been subscribed around 40%, with retail investors accounting for a significant share of the demand. The response will be closely watched as institutional investors typically step up participation as the issue progresses.

The Milky Mist IPO GMP, or grey market premium, has also attracted attention. Current market indications suggest a premium of around ₹20-₹21 over the upper end of the issue price, implying a potential listing price in the region of ₹160 and a possible listing gain of about 15%. However, the grey market is unofficial and GMP movements can change before listing.

The positive GMP has added to investor interest, but it should not be treated as a guarantee of listing gains. The actual listing price will depend on demand, market conditions and investor sentiment when the shares begin trading.

Milky Mist Dairy Food is a Tamil Nadu-based dairy and food company known for products such as paneer, cheese, curd, milk, dairy beverages and other value-added dairy products. The company has built its business around processed dairy products and has expanded its presence across India’s growing packaged food market.

The IPO comes at a time when India’s dairy and packaged food sectors are attracting increasing investor attention. Changing consumer preferences, urbanisation and greater demand for branded food products have created opportunities for companies offering convenient and value-added products.

The company’s business model is built around moving beyond traditional liquid milk into higher-margin value-added dairy products. Categories such as cheese, paneer and other processed products have become increasingly important as consumers look for convenient food options.

For investors considering the Milky Mist IPO, the company’s growth prospects are one of the key factors to examine. The company operates in a competitive market where established players and regional brands are competing for consumers. Maintaining margins while expanding distribution and production capacity will remain important for future performance.

The IPO is also backed by institutional interest. Milky Mist had raised around ₹482 crore in a pre-IPO transaction, with investment from Jongsong Investments, an affiliate of Singapore-based Temasek Holdings. The institutional backing has added visibility to the public issue.

The company plans to use the funds raised through the IPO for business expansion and other corporate purposes. Investors will therefore be watching whether the fresh capital can help Milky Mist increase its manufacturing capacity, strengthen its distribution network and support long-term growth.

Milky Mist’s expansion plans reflect the broader corporate activity taking place as Indian companies raise capital to strengthen their businesses and pursue long-term growth. Explore more corporate developments in our Corporate News section.

Financial performance will be another important consideration. Investors evaluating the issue will need to look beyond the Milky Mist IPO GMP and examine revenue growth, profitability, debt levels, margins and valuation.

The strong response on the opening day suggests that investors are willing to take interest in the company despite the broader market’s cautious mood. Indian equity markets ended lower on Tuesday, with the Sensex falling 388 points and the Nifty closing below 24,500. Against that backdrop, the demand for the Milky Mist issue indicates that IPO-specific factors are attracting investors.

Retail participation will remain a key indicator over the next two days. A strong retail response can provide momentum, but the subscription levels from qualified institutional buyers and non-institutional investors will also matter in determining the overall strength of the issue.

Investors should also remember that an IPO is a long-term equity investment rather than simply an opportunity for a quick listing gain. GMP can provide an indication of market sentiment before listing, but it is not regulated and can change rapidly.

The Milky Mist IPO subscription window will close on August 13. Following the bidding process, shares will be allotted to successful applicants before the company makes its stock-market debut.

The issue has therefore started on a positive note, helped by retail demand and favourable grey-market indications. The next two days will show whether the early enthusiasm broadens across investor categories and pushes the overall subscription substantially higher.

For prospective investors, the key question is whether Milky Mist’s growth potential justifies the valuation at which the shares are being offered. The company’s established dairy brand, expanding value-added product portfolio and institutional backing provide positives, while competition, input costs and valuation remain factors to consider.

With the Milky Mist IPO now open, investors have until August 13 to assess the company’s fundamentals rather than relying solely on GMP. The final subscription figures and listing performance will ultimately determine whether the strong opening-day sentiment translates into sustained investor interest.

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Leaders

Gautam Adani gets relief as US graft case ends

A US federal judge has dismissed the criminal bribery and fraud case against billionaire Gautam Adani, bringing an end to one of the most closely watched legal battles involving the Indian business group in the United States.

US District Judge Nicholas Garaufis of the Eastern District of New York approved the US Department of Justice’s request to dismiss the criminal case against Adani, his nephew Sagar Adani and former Adani Green Energy CEO Vneet Jaain, among others. The dismissal was made with prejudice, meaning the same criminal charges cannot be brought again.

The decision follows months of uncertainty after the US Justice Department moved to abandon the prosecution. The case had originally accused the defendants of participating in an alleged scheme involving payments to Indian government officials to secure solar power contracts. The allegations were denied by Adani and the other accused.

The indictment, filed in 2024, alleged that the defendants were involved in a scheme in which about $265 million in bribes were promised to Indian officials. Prosecutors said the payments were intended to help secure power supply agreements connected with major solar energy projects.

The US case also alleged that information about the bribery scheme was concealed from investors. According to the indictment, Adani-related entities had raised billions of dollars from US investors and financial markets.

Adani has consistently denied wrongdoing and rejected the allegations against him.

The dismissal, however, did not come without criticism from the judge. Garaufis questioned the way the Justice Department had handled its decision to withdraw the prosecution and criticised senior DOJ official Trent McCotter over his role in the process. Reuters reported that the judge described aspects of the government’s conduct as highly unusual and expressed concern that established investigative and prosecutorial views appeared to have been bypassed.

The judge had previously refused to immediately approve the government’s request to drop the case, saying the initial explanation from prosecutors was insufficient. The DOJ subsequently provided additional reasons for its decision.

Prosecutors argued that the case involved conduct outside the United States, would be difficult to prove and was not an appropriate use of government resources given the department’s changing priorities. The government maintained that the decision was based on prosecutorial discretion.

Another issue examined by the court was a pledge by Adani to invest around $10 billion in the United States. During the proceedings, questions were raised about whether the proposed investment had any connection with the government’s decision to end the prosecution.

The judge ultimately found that the investment pledge did not influence the government’s decision to seek dismissal, according to the court’s findings reported by Reuters. The court nevertheless questioned the circumstances surrounding the government’s handling of the case and left it to the public to assess the broader implications.

For the Adani Group, the dismissal removes a major criminal case that had remained an important concern for investors and the conglomerate’s international operations since the original indictment.

Adani welcomed the decision, saying his faith in the rule of law had remained firm during the proceedings. He has maintained that the allegations against him were unfounded.

The criminal case should also be distinguished from a separate civil proceeding involving the US Securities and Exchange Commission. That matter has been dealt with separately and should not be interpreted as having disappeared simply because the criminal prosecution has been dismissed.

In May, Adani Green Energy disclosed that the SEC, Gautam Adani and Sagar Adani had sought a final judgment by consent in the civil case. The company also clarified that it was not itself a party to that proceeding.

The latest development therefore represents a significant legal relief for Gautam Adani in the US criminal case, but it does not erase every legal proceeding connected with the broader allegations.

The decision is also likely to be closely watched in Indian financial markets. Adani Group shares gained after news of the dismissal, with several group companies seeing their stocks rise as investors reacted to the removal of the criminal prosecution as a major overhang.

The case had attracted global attention because of the size of the alleged solar bribery scheme, the involvement of one of India’s largest business groups and the questions it raised about corporate governance and cross-border enforcement.

With the criminal indictment now dismissed with prejudice, the immediate US prosecution against Adani has come to an end. The controversy surrounding the original allegations, however, remains significant, particularly because separate civil proceedings and settlements continue to form part of the wider legal picture.

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Beyond

Gold at ₹1.55 lakh, silver nears ₹2.40 lakh

Gold and silver prices climbed sharply on Tuesday as investors sought safety amid renewed geopolitical uncertainty and concerns over the impact of the US-Iran conflict on global markets. MCX gold moved above ₹1.55 lakh per 10 grams, while silver approached ₹2.40 lakh per kg, extending the recent rally in precious metals. The jump came as elevated crude oil prices and uncertainty surrounding the Strait of Hormuz added to market nervousness.

On the Multi Commodity Exchange (MCX), the October gold futures contract opened at ₹1,54,699 per 10 grams, up ₹1,600 from its previous close of ₹1,53,099. The contract later climbed to ₹1,55,437 before trading around ₹1,55,100, representing a gain of about ₹2,001 at the time of the latest update.

Silver also recorded a strong move. The September silver futures contract opened at ₹2,39,999 per kg, gaining ₹3,132 from its previous close of ₹2,36,867. It was trading around ₹2,39,154 per kg, up ₹2,287, after touching an intraday high of ₹2,41,999.

The strength in bullion was not limited to India. On the international market, Comex gold opened at $4,446.90 per ounce against the previous close of $4,419.70. It was later trading at $4,474.10, up $54.40. Comex silver was around $65.96 per ounce, compared with its previous close of $65.27.

The latest gains reflect a broader move towards safe-haven assets. Gold is traditionally viewed as a store of value during periods of economic or geopolitical stress, while silver can benefit from both investment demand and its industrial applications.

Investors have been closely tracking developments around the Strait of Hormuz, a critical route for global energy shipments. Any prolonged disruption could keep crude oil prices elevated and raise concerns about inflation and economic growth. Higher oil prices are particularly important for India because the country relies heavily on imported crude.

The weaker US dollar has also provided some support to bullion. Since gold is priced internationally in dollars, a weaker US currency can make the metal more attractive to buyers holding other currencies. Expectations surrounding US interest rates and monetary policy remain another factor influencing precious-metal prices.

Demand from central banks and institutional investors is adding to the positive backdrop for gold. Increased purchases by central banks, particularly in emerging markets, have strengthened the perception of gold as a portfolio hedge. Investors have also increased exposure to the metal as uncertainty surrounding global growth and financial markets persists.

In India’s retail market, gold prices remained elevated across major cities. In New Delhi, 24-karat gold was priced at ₹1,54,660 per 10 grams, while 22-karat gold stood at ₹1,41,772. Silver 999 fine was quoted at ₹2,39,490 per kg.

In Mumbai, 24-karat gold was available at ₹1,54,930 per 10 grams and 22-karat gold at ₹1,42,019. The retail rate for 999 silver was ₹2,39,910 per kg. Kolkata recorded a 24-karat gold rate of ₹1,54,710 and a 22-karat rate of ₹1,41,818 per 10 grams, while 999 silver was quoted at ₹2,39,320 per kg.

Other major cities also recorded high prices. Bengaluru’s 24-karat gold rate was ₹1,55,050 per 10 grams, while Chennai recorded ₹1,55,370. Hyderabad’s 24-karat gold rate stood at ₹1,55,160. Silver prices in these cities were broadly around ₹2.40 lakh per kg.

For jewellery buyers, the quoted gold rate is only one part of the final bill. Making charges, taxes and other costs are added by jewellers, meaning the actual purchase price can be higher than the headline market rate. The distinction between 24-karat and 22-karat gold is also important. While 24-karat represents higher purity, 22-karat gold is commonly used for jewellery because it is more durable.

Silver has also emerged as a strong performer this year, supported by investment demand as well as industrial consumption. The metal is widely used in electronics, solar panels and other industrial applications, giving its price a different set of demand drivers compared with gold.

However, precious-metal prices can remain volatile. A stronger US dollar, easing geopolitical tensions or changes in expectations around US interest rates could encourage investors to book profits. On the other hand, any escalation in the Middle East or further pressure on global energy supplies could increase demand for bullion.

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Corporate

Kaynes Tech Q1 profit falls 24% to Rs 56 cr

Kaynes Technology India Ltd. delivered strong revenue growth in the June quarter, but a sharp fall in profit and rising working-capital requirements have made brokerages more cautious about the stock.

The company reported a 40.5% year-on-year rise in consolidated revenue to Rs 946 crore in Q1 FY27, compared with Rs 673.5 crore in the same quarter last year. Revenue also came ahead of the Rs 863-crore estimate, signalling continued demand for the company’s electronics manufacturing services.

However, the strong top-line performance did not translate into higher profitability. Consolidated net profit fell 24.4% year-on-year to Rs 56.4 crore from Rs 74.6 crore. The figure was also below the Rs 66-crore analyst estimate.

EBITDA increased 29.5% to Rs 147 crore from Rs 113.5 crore a year earlier. The EBITDA margin, however, contracted to 15.5% from 16.9%. While the reported margin was slightly ahead of the 15.1% estimate, pressure on gross margins and higher employee costs weighed on the bottom line.

Gross margin declined by 680 basis points during the quarter, while employee expenses climbed 44% to Rs 85 crore. Other income also dropped to Rs 14.4 crore from Rs 27.1 crore a year earlier, adding to the pressure on net profit.

The biggest concern for investors, however, is cash flow. Kaynes Technology’s net working-capital days increased to 163 in Q1 FY27 from 122 previously. Net debt also rose sharply to around Rs 800 crore from Rs 200 crore.

Operating cash flow remained negative at about Rs 260 crore, according to Kotak. Smart-metering receivables also increased to Rs 1,311 crore from Rs 1,158 crore, making collections an important factor to watch in the coming quarters.

This has become particularly important because Kaynes Technology has been investing heavily in its next phase of growth. Its OSAT semiconductor packaging and PCB manufacturing facilities are expected to begin operations in Q3 FY27, later than the earlier Q2 FY27 timeline.

The delay means investors may have to wait longer for the contribution from these new businesses. At the same time, the company has indicated that supply and cost pressures in the electronics component industry have intensified, creating another near-term challenge for margins.

Brokerage opinions following the Q1 results have therefore been mixed but broadly cautious.

Kotak retained its ‘Reduce’ rating, although it raised its target price to Rs 3,550 from Rs 3,280. The brokerage acknowledged that Kaynes delivered strong revenue growth and that its core EBITDA margin of 15.6% was better than expected. However, it highlighted negative operating cash flow, rising working-capital days and concerns over smart-metering collections.

JPMorgan retained its ‘Neutral’ rating but lowered its target price to Rs 3,600 from Rs 3,700. The brokerage described the quarter as a strong beat on revenue and margin, noting that it was the company’s first revenue and margin beat in at least five quarters. Still, working capital remained its primary concern, while the delayed OSAT and PCB ramp-up could push back the expected benefits from the new facilities.

Nuvama took a more cautious stance and downgraded Kaynes Technology to ‘Reduce’ from its earlier rating. It raised its target price to Rs 3,450 from Rs 3,150, but cut its FY27 and FY28 earnings estimates by 12% and 2%, respectively. The brokerage cited the Q1 earnings miss, the outlook and the stock’s recent rally as reasons behind its downgrade.

The market reaction reflected these concerns. Kaynes Technology shares fell as much as 8.4% to Rs 3,530.70 on Monday after the results, although the stock subsequently recovered some of its losses during the session. Investors appeared to focus more on the deterioration in cash flow and working capital than on the strong revenue growth.

For Kaynes Technology, the central question now is whether revenue growth can eventually translate into stronger cash generation and earnings. The company’s electronics manufacturing business continues to benefit from rising demand, while its semiconductor and PCB investments offer significant long-term growth potential.

But investors are likely to closely track working-capital days, smart-metering collections, operating cash flow and the commissioning of the OSAT and PCB facilities. A sustained improvement in these areas could help rebuild confidence, while another deterioration could keep pressure on the Kaynes Technology share price.

Kaynes Technology’s expansion into semiconductor packaging and PCB manufacturing highlights how companies are investing in new capabilities to support their next phase of growth. Follow more corporate developments and business expansion stories in our Corporate News section.

The Q1 FY27 results therefore present a mixed picture. Strong revenue growth and better-than-expected core EBITDA margins offer positives, but declining net profit, weaker margins, negative cash flow, higher debt and delayed capacity expansion have shifted the near-term focus firmly towards execution and balance-sheet discipline.

For now, brokerages appear to be asking investors to look beyond Kaynes Technology’s impressive growth story and pay closer attention to the cash required to fund that growth.

Categories
Beyond

Maharashtra FDA checks Mumbai Chinese food stalls

Mumbai’s familiar roadside Chinese food stalls are now coming under the Maharashtra Food and Drug Administration’s (FDA) food safety scanner, as authorities prepare to inspect outlets following complaints about food quality, ingredients and hygiene.

The proposed inspections are part of a wider enforcement drive by the Maharashtra FDA, which has stepped up action against food adulteration, unsafe products, counterfeit goods and illegal gutkha sales across the state.

The move has also drawn attention to a curious change noticed by some Mumbai diners: the bright red colour traditionally associated with dishes such as chicken lollipops and Manchurian preparations appears to be less prominent at some eateries.

However, the FDA has not announced a blanket ban on red food colouring in Chinese food. Instead, the focus is on whether food colours and other ingredients being used by restaurants and street vendors comply with applicable food safety requirements.

Maharashtra FDA Commissioner Tukaram Mundhe said the department had received complaints about Chinese food vendors operating across cities and towns in the state. Officials are expected to examine the food served at these outlets as well as the ingredients used during preparation.

The inspections are likely to cover several aspects of food safety. These include the quality of raw materials, food preparation and handling practices, hygiene at stalls, storage conditions and compliance with licensing and registration requirements.

For customers, the exercise could bring greater scrutiny to an important part of Mumbai’s street-food culture. Chinese food stalls are common across the city, offering inexpensive noodles, fried rice, Manchurian dishes, soups, chicken preparations and other popular items.

The bright red appearance of some dishes has long been associated with Mumbai-style Chinese food. While colour itself does not establish whether food is safe or unsafe, regulators are concerned about whether food additives and ingredients are being used within permitted standards.

Food colours are regulated because excessive or unauthorised use can raise food safety concerns. The FDA’s proposed inspections are therefore expected to look beyond appearance and examine the overall handling and preparation of food.

The latest move follows an intensified Maharashtra FDA campaign under Mundhe. Over the past two months, the department has conducted inspections and enforcement operations involving food adulteration, substandard products, counterfeit goods and illegal gutkha.

The wider campaign has also brought restaurants, institutional canteens and other food establishments under greater scrutiny. Authorities have been examining whether food businesses are maintaining basic hygiene standards and following food safety regulations.

The focus on Chinese food stalls reflects the regulator’s stated intention to respond to consumer complaints rather than limit inspections to a fixed list of food products.

Officials are expected to check whether vendors are sourcing ingredients from legitimate suppliers, storing food safely and maintaining hygienic preparation areas. They may also examine whether establishments have the necessary food licences and registrations.

For small roadside vendors, such inspections could mean greater pressure to improve hygiene and record-keeping. For consumers, however, the inspections could provide greater confidence about the food they buy from popular street-side outlets.

The FDA’s approach also highlights an important distinction between food safety concerns and changing food trends. A dish becoming less red does not necessarily mean that an outlet has stopped using artificial colours, nor does a brightly coloured dish automatically indicate that it is unsafe.

The actual safety of a food product depends on the ingredients used, permitted limits, preparation methods, storage and overall hygiene.

The proposed inspections are therefore expected to provide a more concrete picture of practices at Chinese food stalls across Maharashtra. Samples may also be examined where officials identify concerns about ingredients or food quality.

The action comes as food safety has become a bigger concern for consumers across the state. Recent enforcement measures have targeted adulteration and products that authorities believe may pose risks to public health.

Mundhe has indicated that public complaints will continue to play a role in deciding where the FDA directs its attention. The department has encouraged citizens to report concerns so that complaints can be examined through official channels.

For Mumbai’s food lovers, the immediate takeaway is that the city’s iconic Chinese food culture is not being targeted with a blanket ban. Instead, the regulator is preparing to check whether vendors are following food safety rules.

The inspections could eventually lead to warnings, corrective action or penalties where violations are found. Outlets that meet the required standards, meanwhile, would have little reason to be affected beyond routine regulatory checks.

The FDA’s expanding campaign shows that food safety enforcement in Maharashtra is moving beyond individual adulteration cases towards closer scrutiny of everyday food businesses.

As Chinese food stalls become the latest focus, Mumbai’s favourite roadside dishes may continue to look and taste familiar. But behind the scenes, the ingredients, colours, hygiene practices and storage conditions used to prepare them are now set to receive much closer attention.

Categories
Leaders

Infraeo names Rakesh Sambaraju as CEO

Infraeo has appointed Rakesh Sambaraju as its President and Chief Executive Officer, placing an experienced optical communications executive at the helm as demand for high-speed connectivity continues to grow across artificial intelligence infrastructure and data centres.

The appointment comes at a crucial time for the AI infrastructure industry. As companies build increasingly powerful AI systems, data centres need faster connections, higher bandwidth and lower latency to move enormous volumes of data between servers, processors and storage systems. Infraeo is positioning its networking technology to address these requirements.

Sambaraju brings more than 20 years of experience in optical communications and high-speed interconnects. Before taking over as CEO, he served as Executive Vice President at Infraeo, giving him direct knowledge of the company’s technology, customers and markets.

Over his career, Sambaraju has held technology and business development leadership positions at companies including Sterlite Technologies, Nexans and Corning. His experience spans optical networking, photonics and the development of technologies designed for high-speed data transmission.

He holds a PhD, master’s degree and bachelor’s degree in Optical Communications from the Universitat Politècnica de València. His academic and industry background has focused on technologies that enable faster and more efficient communications networks.

Sambaraju takes charge as the artificial intelligence industry moves towards increasingly demanding workloads. AI training requires large clusters of computing systems to exchange data at extremely high speeds, while AI inference is increasingly being distributed closer to users and applications.

That shift is creating demand for networking technologies that can deliver high bandwidth without significantly increasing power consumption or latency. Infraeo says its strategy will focus on supporting both large-scale AI training environments and distributed AI inference.

Under Sambaraju, the company plans to continue developing its portfolio of 800G and 1.6T optical and copper interconnect products. These technologies are designed to provide the high-speed connectivity required by modern data centres and AI computing systems.

The company is also working on technologies for AI inference at the edge, where computing takes place closer to where data is generated or consumed. Such applications can require low-latency and long-reach connectivity, particularly as AI workloads become more distributed.

One area of focus will be near-package optics, or NPO. The technology places optical connectivity closer to high-performance computing components, potentially helping data-centre operators manage the growing bandwidth requirements of AI systems while addressing power and performance challenges.

Infraeo has already been demonstrating its high-speed connectivity technologies. At OFC 2026, the company showcased 800G and 1.6T interconnect solutions in collaboration with VIAVI. The demonstrations focused on line-rate performance, power efficiency and interoperability for next-generation AI fabrics and data-centre architectures.

The company has also highlighted a 400G QSFP112 LPO SR4 optical transceiver designed to provide high-performance connectivity while reducing power consumption in data-centre networks. Low-power optical technologies are becoming increasingly important as AI data centres consume more electricity and require larger numbers of high-speed connections.

Sambaraju’s appointment therefore reflects a broader trend in executive leadership and CEO appointments across growing companies, where new leaders are being brought in to guide the next phase of expansion. In Infraeo’s case, the change comes as the market for AI infrastructure is expanding rapidly, with hyperscalers, cloud providers and AI companies investing heavily in computing capacity.

The rapid development of AI models has increased pressure on data-centre operators to upgrade their networking infrastructure. Faster processors alone are not enough to improve overall system performance if data cannot move between computing resources quickly and efficiently.

This makes optical interconnects an increasingly important part of the AI infrastructure ecosystem. Optical technologies can support high-speed data movement over longer distances and are becoming increasingly relevant as data centres scale.

Infraeo says it intends to invest further in advanced optical technologies as AI workloads evolve. The company’s roadmap includes optical solutions designed for both centralised training clusters and distributed inference applications.

Sambaraju said his focus would be on taking the company to its next stage of growth while investing in technologies such as NPO, co-packaged optics and coherent optics. These technologies are being developed to address the networking challenges created by increasingly demanding AI workloads.

The leadership change also comes as the broader technology industry moves towards higher-speed Ethernet and optical connectivity. The transition from 800G towards 1.6T networking is expected to become increasingly important as AI clusters expand and computing requirements rise.

For Infraeo, the challenge will be turning this growing market opportunity into sustained commercial growth. The company will need to scale production, strengthen its technology portfolio and work closely with data-centre operators, system companies and other partners.

Sambaraju’s combination of technical expertise and experience within Infraeo could help the company navigate that transition. His previous leadership role means he already has familiarity with its products and strategic direction.

The appointment places Infraeo firmly within the race to build the connectivity layer required by next-generation AI infrastructure. As AI adoption expands across industries, the demand for faster, more efficient and lower-latency data-centre networks is expected to remain a key driver of the optical interconnect market.

With Sambaraju now leading the company, Infraeo is looking to use that opportunity to expand its presence in high-speed AI connectivity while developing technologies capable of supporting the next generation of data-centre architectures.