Author: Sreelatha M

Categories
Corporate

Wipro shares fall upto 8% after buyback record date

Wipro shares declined about 8% on June 5, making the IT company one of the biggest losers on the Nifty index even as Indian equity markets rallied. The fall came after the stock turned ex-buyback following the company’s share buyback record date.

The decline was largely driven by a technical adjustment in the share price rather than any negative development in the company’s operations. Market analysts said such movements are common when stocks trade ex-buyback, as investors who purchase shares after the record date are no longer eligible to participate in the buyback offer.

Wipro recently announced a share buyback programme under which eligible shareholders can tender their shares at a price higher than the prevailing market rate. Investors holding shares on the record date qualify for the buyback, while those buying afterward do not receive that benefit.

As a result, the stock witnessed selling pressure, leading to a noticeable drop in its market value. Experts noted that similar price corrections are often seen around corporate actions such as buybacks, dividends and bonus issues.

The weakness in Wipro shares contrasted with the broader market’s positive performance. Benchmark indices Sensex and Nifty gained strongly after the Reserve Bank of India announced supportive policy measures, including a larger-than-expected interest rate cut. Banking and financial stocks led the market rally, helping lift overall investor sentiment.

Despite the sharp fall, analysts emphasized that Wipro’s business fundamentals remain unchanged. They said the company’s long-term performance will continue to depend on factors such as global demand for IT services, digital transformation spending and its ability to secure new contracts.

Also Read: Google brings Search profiles to boost creator visibility

Categories
Technology

Google brings Search profiles to boost creator visibility

Google has launched a new feature called Search Profiles, giving content creators and publishers a dedicated space to showcase their work directly in Google Search. The initiative aims to help users discover creators more easily while allowing creators to highlight content from multiple platforms in one place.

The new profiles act as a digital hub where eligible creators can display links to their websites, social media accounts, videos, articles and other online content. When users search for a creator’s name, they can access a profile that presents a consolidated view of the creator’s online presence.

Google said the feature is designed to improve content discovery and help creators reach wider audiences. By bringing content together under a single profile, users can find verified information and explore a creator’s work without having to search across multiple websites.

The rollout is currently targeted at creators and publishers with established online audiences. Reports suggest that eligibility may require creators to have at least 100,000 followers on supported platforms. Google is expected to expand access gradually as the feature develops.

The launch comes as the creator economy continues to grow rapidly worldwide. Digital creators are increasingly using multiple platforms to engage audiences, making it challenging for followers to keep track of all their content. Search Profiles seeks to address this issue by creating a central and easily accessible online identity.

Industry observers believe the feature could help creators strengthen their personal brands and improve audience engagement. Publishers may also benefit through increased visibility and traffic to their original content.

Google has been introducing several tools aimed at supporting creators, businesses and publishers as competition for online attention intensifies. Search Profiles represents another step in making search results more useful and personalized for users.

The company says the feature will continue to evolve based on user feedback and creator participation. As more creators join the platform, Search Profiles could become an important tool for content discovery, helping audiences connect with creators and publishers more efficiently across the web.

Also Read: Amazon expands in Europe with AI robots

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1 Minute-Read

Wockhardt’s Zaynich becomes India’s first novel antibiotic

Indian drugmaker Wockhardt has achieved a significant milestone with the launch of Zaynich, India’s first fully homegrown novel antibiotic. Developed after years of research, the drug has received approval from the US Food and Drug Administration (FDA), making it the first Indian-discovered and developed medicine to earn such recognition.

Zaynich is designed to combat multidrug-resistant bacterial infections, a growing global health concern. Experts say the new antibiotic could help treat serious infections that no longer respond to existing medicines. The achievement is being seen as a major boost for India’s pharmaceutical innovation, highlighting the country’s ability to move beyond generic drug manufacturing into original drug discovery.

Categories
Corporate

Sensex slides by 200 points, Nifty below 23,400

Indian equity markets ended lower on Friday, with the benchmark Sensex closing 117 points down and the Nifty slipping below the 23,400 mark. Investors remained cautious amid mixed global cues and profit-booking in select heavyweight stocks.

The BSE Sensex settled 117 points lower, while the NSE Nifty ended below the key 23,400 level. Market sentiment remained subdued despite positive developments on the domestic front, as traders booked profits after recent gains.

Among sectoral performers, IT and FMCG stocks emerged as the top gainers, supported by buying interest in select large-cap companies. Defensive sectors attracted investors seeking stability amid market volatility.

On the losing side, banking and metal stocks witnessed selling pressure and weighed on the broader indices. Several financial stocks declined as investors remained cautious ahead of key economic data and global market developments.

Market participants also tracked movements in the rupee, crude oil prices and foreign institutional investor activity. Global uncertainties and concerns over economic growth in major economies continued to influence investor sentiment.

Analysts said the market witnessed a consolidation phase after recent fluctuations, with investors adopting a stock-specific approach. While some sectors attracted buying, weakness in heavyweight banking and metal counters limited overall market gains.

Broader markets showed mixed trends, with select mid-cap and small-cap stocks witnessing buying interest. Traders remained focused on corporate earnings, economic indicators and policy developments for further market direction.

Also Read: L&T signs ₹18,600 cr Tamil Nadu investment deal

Categories
Leaders

Airbnb chief Brian Chesky set to start an AI startup

Airbnb Chief Executive Officer Brian Chesky is reportedly planning to launch a new artificial intelligence company, marking his most significant move into the rapidly growing AI sector. Despite the new venture, Chesky is expected to continue leading Airbnb and will remain actively involved in the company’s operations.

According to reports, the proposed AI venture is still in its early stages and is focused on developing advanced artificial intelligence models. The company may place particular emphasis on improving user interaction, product design and the overall experience people have while using AI-powered tools. Sources familiar with the plans said details of the project are still being finalized and could change as development progresses.

The new venture is reportedly being established as an independent AI lab, with Chesky backing the initiative while continuing in his role as Airbnb’s CEO. Reports indicate that he is not expected to serve as chief executive of the new company, although he will play a key role in its creation and direction.

Chesky has been a vocal supporter of AI’s potential. Under his leadership, Airbnb has expanded its use of artificial intelligence across several areas of its business, including software development and customer support. The company has previously disclosed that AI is playing an increasingly important role in improving productivity and enhancing user experiences.

The plan comes at a time when competition in artificial intelligence is intensifying, with major technology firms and startups investing heavily in new AI models and applications. Industry observers view Chesky’s decision as a sign that technology leaders are increasingly looking to shape the next phase of AI development rather than simply adopting existing tools.

Also Read: Kuku files confidential IPO papers to raise ₹3,500 cr

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Beyond

India offers tax relief on foreign bond investors

India has abolished capital gains tax on certain foreign investments in government securities, a move aimed at attracting more overseas capital into the country’s debt market. The decision was announced through an ordinance and is expected to boost foreign investor participation in Indian government bonds.

The tax relief applies to foreign investors investing through the Fully Accessible Route (FAR), a mechanism that allows non-residents to invest in specified government securities without investment limits. The government hopes the measure will make Indian bonds more competitive compared to other emerging markets.

Officials said the move is part of a broader strategy to deepen India’s bond market and improve access to long-term foreign capital. The exemption removes a key concern for global investors, who had previously faced capital gains tax liabilities on profits earned from government securities.

The decision comes at a time when India is seeking to attract larger foreign portfolio investments following the inclusion of Indian government bonds in major global bond indices. Policymakers believe increased foreign participation will improve market liquidity, reduce borrowing costs and support economic growth.

Market experts welcomed the announcement, noting that tax clarity and lower investment costs could encourage greater inflows from global funds. They said the measure aligns India’s taxation framework more closely with international standards and could enhance the appeal of Indian debt instruments.

The exemption is also expected to support the Indian rupee by encouraging additional foreign currency inflows. Analysts believe stronger participation from overseas investors may help stabilize financial markets and strengthen India’s position as a preferred investment destination.

The government’s decision marks another step in integrating India’s financial markets with global capital markets while ensuring a steady flow of overseas investment into the country’s growing economy.

Industry participants said the reform reflects the government’s commitment to creating a more investor-friendly environment and developing India’s financial markets. With foreign interest in Indian bonds already rising, the latest tax relief could further accelerate investment activity.

Also Read: Rupee inches up 11 paise to 85.63 

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Beyond

Gold falls to ₹1,56,100, Silver drops to ₹2,79,900

Gold and silver prices witnessed a mild decline in domestic markets on Friday as investors booked profits following a strong rally in recent sessions. Despite the pullback, market experts remain optimistic about the outlook for precious metals due to ongoing global uncertainties and strong safe-haven demand.

According to market data, gold prices fell by ₹10 to ₹1,56,100 per 10 grams in the national capital. Silver prices also declined by ₹100, with the metal trading at ₹2,79,900 per kilogram. The correction came after both metals recorded sharp gains earlier in the week amid heightened geopolitical concerns and expectations surrounding global interest rate trends.

Across major Indian cities, 24-carat gold continued to trade above ₹98,000 per 10 grams, while 22-carat gold remained above ₹90,000. Prices varied slightly depending on local taxes and demand conditions. Jewellery retailers reported steady consumer interest despite elevated prices, especially from buyers preparing for upcoming wedding and festive purchases.

Gold remains supported by uncertainty surrounding the global economy and geopolitical tensions in the Middle East. Investors continue to monitor developments related to the US-Iran situation, which has increased demand for safe-haven assets. At the same time, expectations that major central banks could move towards lower interest rates later this year have also strengthened sentiment for precious metals.

Market participants noted that while short-term profit booking may lead to occasional corrections, the broader trend for gold remains positive. International gold prices have stayed near record levels, supported by central bank purchases, a weaker dollar outlook and continued investor demand for defensive assets.

Silver, which often tracks gold’s movement, is also expected to remain supported due to strong industrial demand from sectors such as renewable energy, electric vehicles and electronics.

Also Read: Sensex gains 50 points, Nifty holds above 23,400

Categories
Beyond

Cabinet clears ₹10,000 cr ATF support fund

The Union Cabinet has approved a ₹10,000-crore Aviation Turbine Fuel (ATF) Price Stabilisation Fund to protect Indian airlines from sharp increases in jet fuel prices triggered by geopolitical tensions in West Asia.

The decision comes as airlines face rising operating costs due to volatility in global crude oil markets. Aviation fuel is one of the biggest expenses for carriers and typically accounts for 35-40% of their operating costs. Recent concerns over supply disruptions and escalating tensions in the Middle East have pushed energy prices higher, increasing pressure on airline finances.

Under the new mechanism, the government will provide temporary financial support when ATF prices rise sharply beyond a predetermined threshold. The fund is designed to reduce the impact of sudden fuel price spikes and help airlines maintain operations without passing the entire burden on to passengers.

Officials said the measure aims to ensure stability in the aviation sector, which has witnessed strong growth in passenger traffic over the past few years. The fund is expected to benefit both full-service and low-cost carriers by providing a buffer against external shocks.

The government believes the initiative will support the long-term growth of India’s aviation sector while safeguarding connectivity and passenger demand. The fund is expected to become operational after detailed implementation guidelines are finalised.

Also Read: SpaceX targets record $75 bn IPO

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1 Minute-Read

Uber caps employee use of AI tools

Uber has introduced monthly limits on employees’ use of artificial intelligence tools as it seeks to manage rising technology expenses. The company has placed caps on AI-powered applications used for tasks such as coding, research and content creation.

The move reflects growing concerns among businesses about the costs of generative AI, including subscriptions and computing resources. Uber said the policy is aimed at encouraging responsible use of AI rather than reducing investment in the technology.

Industry experts say the decision highlights a broader trend as companies move from experimenting with AI to closely monitoring its costs and business value.

Categories
Leaders

Sam Altman opposes AI approval rules

As the United States debates new rules for artificial intelligence, OpenAI CEO Sam Altman has voiced opposition to proposals that would require government approval before the release of new AI models. He argues that such measures could slow innovation and weaken the country’s position in the global race for AI leadership.

Speaking ahead of discussions on AI regulation, Altman said developers should be allowed to release and improve AI models without having to secure prior approval from government agencies. He warned that a strict approval-based system could slow technological progress and make it harder for US companies to compete globally.

The debate comes as policymakers consider new rules to address concerns about the risks posed by advanced AI systems. Governments around the world are exploring ways to regulate the technology amid fears related to misinformation, cybersecurity, privacy and potential misuse.

Altman acknowledged the need for responsible AI development and appropriate safeguards but argued that mandatory approval requirements could create significant barriers for innovation. He said the AI industry is evolving rapidly and that overly restrictive regulations may prevent companies from responding quickly to technological advances.

The OpenAI chief is expected to advocate for a regulatory approach that focuses on safety standards, transparency and accountability rather than requiring official clearance before every major AI release. Supporters of this approach argue that it would allow innovation to continue while still addressing public concerns about the technology.

The discussion reflects a broader debate within the technology sector. Some experts believe governments need stronger oversight of powerful AI systems, while others warn that excessive regulation could stifle research and limit economic growth.

The United States is currently competing with countries such as China to establish leadership in artificial intelligence, making AI policy a key strategic issue. Industry leaders have repeatedly called for regulations that balance innovation with safety.

Also Read: Meta rolls out AI agents for businesses