Author: Sreelatha M

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Beyond

Gold at ₹1.44 lakh, silver above ₹2.22 lakh

Gold prices edged higher across major Indian cities on Saturday, June 27, as global bullion markets recovered and investors once again turned to safe-haven assets. The rise came after softer US inflation data eased fears of more aggressive interest rate hikes. Even so, gold is still headed for a fourth straight weekly decline globally after touching multi-month lows earlier this month.

In Mumbai, 24-carat gold was priced at ₹1,44,300 per 10 grams, while 22-carat gold stood at ₹1,32,275 and 18-carat gold at ₹1,08,225. Silver (999 fine) was selling at ₹2,22,850 per kg.

Delhi also saw firm prices, with 24-carat gold at ₹1,44,060 per 10 grams, 22-carat gold at ₹1,32,055 and 18-carat gold at ₹1,08,045. Silver was quoted at ₹2,22,470 per kg.

Other major cities followed the same trend. Bengaluru reported 24-carat gold at ₹1,44,420 per 10 grams. Chennai recorded the highest price among the key metros at ₹1,44,720. Hyderabad quoted 24-carat gold at ₹1,44,530, while Kolkata stood at ₹1,44,110 per 10 grams. Silver prices across these cities ranged between ₹2,22,560 and ₹2,23,500 per kg.

In the international market, spot gold rose to $4,089.80 an ounce, while silver climbed to $59.15 an ounce. Analysts said the latest move was supported by expectations of softer inflation, which reduced pressure for immediate rate hikes. Continued uncertainty in financial markets also encouraged investors to move money into precious metals. Volatility in technology stocks added to that safe-haven demand.

Also Read: Zydus, Sunshine launch Sri Lanka pharma JV

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Corporate

Zydus, Sunshine launch Sri Lanka pharma JV

Zydus Lifesciences and Sri Lanka-based Sunshine Healthcare Lanka have announced a 50:50 joint venture to establish a pharmaceutical manufacturing facility in Sri Lanka, marking a significant step towards strengthening the island nation’s healthcare ecosystem. The partners will jointly invest more than $20 million to set up the greenfield manufacturing unit, which is expected to reduce the country’s dependence on imported medicines while improving access to high-quality, affordable treatments.

The new venture, named Zydus Sunshine Lifesciences Pvt. Ltd., will develop a modern pharmaceutical manufacturing facility in Horana. Once operational, the plant will produce a wide range of medicines for domestic demand and, over time, explore export opportunities across the region. The project is also expected to create skilled jobs and support the growth of Sri Lanka’s pharmaceutical manufacturing capabilities.

The collaboration combines Zydus Lifesciences’ global expertise in research, development and manufacturing with Sunshine Healthcare Lanka’s strong local presence and understanding of the Sri Lankan healthcare market. Company leaders said the partnership reflects a shared commitment to expanding access to quality medicines while contributing to the country’s long-term healthcare resilience.

The investment comes at a time when Sri Lanka is actively encouraging domestic pharmaceutical production to reduce import dependence and strengthen supply chain security. By manufacturing medicines locally, the joint venture aims to improve product availability, ensure a more reliable supply of essential drugs and support the country’s broader healthcare goals.

For Zydus Lifesciences, the venture also fits its strategy of expanding in emerging international markets through strategic partnerships. The company already has a presence in more than 50 countries and sees the Sri Lankan investment as an opportunity to deepen its regional footprint while delivering affordable healthcare solutions. Sunshine Healthcare, meanwhile, will use the partnership to strengthen local manufacturing capabilities and bring advanced pharmaceutical technologies to Sri Lanka.

Also Read: Goldman Sachs lifts India’s GDP forecast to 6.8%

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Corporate

Goldman Sachs lifts India’s GDP forecast to 6.8%

Global investment bank Goldman Sachs has raised its forecast for India’s economic growth in calendar year 2026 to 6.8 per cent, expressing greater confidence in the country’s outlook amid easing inflation, lower oil prices and improving domestic demand.

The revised projection is higher than the bank’s earlier estimate of 6.5 per cent. Goldman Sachs also lowered its forecasts for inflation and the current account deficit, saying recent geopolitical developments and softer crude oil prices have improved India’s macroeconomic outlook.

According to the bank, easing tensions in West Asia have reduced concerns over energy prices, providing relief to an economy that imports a large share of its crude oil requirements. Lower oil prices are expected to help keep inflation under control, improve household spending power and reduce pressure on India’s import bill.

Goldman Sachs now expects inflation to remain lower than previously anticipated, giving the Reserve Bank of India (RBI) more room to support growth if required. Softer inflation could also help consumers by easing the cost of everyday goods and services.

The investment bank believes India’s domestic economy remains resilient, supported by steady consumption, continued government infrastructure spending and improving private investment. Strong economic fundamentals, it said, are helping India withstand uncertainties in the global economy.

The report also projects a narrower current account deficit, reflecting lower energy import costs and a favourable external environment. A smaller deficit is generally seen as positive because it indicates reduced dependence on foreign capital to finance imports.

Despite ongoing global challenges, including trade uncertainties and slowing growth in some major economies, Goldman Sachs expects India to remain one of the fastest-growing large economies in the world. The bank believes the country’s structural growth drivers, including rising consumption, manufacturing expansion and digitalisation, remain intact.

Economists say the upgraded forecast reflects growing confidence in India’s ability to maintain stable growth even amid external shocks. Lower inflation and easing commodity prices are expected to provide additional support to businesses and consumers over the coming months.

The improved outlook is likely to strengthen investor sentiment and reinforce expectations that India will continue to play a leading role in driving global economic growth in 2026.

Also Read: Rare earth magnet scheme gets longer bid window

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Beyond

Rare earth magnet scheme gets longer bid window

The Centre has extended the deadline for companies to submit bids under its proposed rare earth magnet manufacturing incentive scheme to July 29, giving the industry additional time to participate in a programme aimed at reducing India’s dependence on imports.

The scheme is part of the government’s broader strategy to build domestic manufacturing capacity for rare earth magnets, which are essential components in electric vehicles, wind turbines, consumer electronics, defence equipment and several high-tech industries. At present, India relies heavily on imports, particularly from China, for these critical materials.

The deadline extension comes after industry players sought more time to prepare proposals and study the scheme’s guidelines. Officials believe the additional window will encourage wider participation and help attract more manufacturers to invest in the sector.

The proposed incentive programme is expected to support companies that manufacture high-performance rare earth magnets within India. By encouraging local production, the government hopes to strengthen supply chains, improve self-reliance and reduce the risk of disruptions caused by global geopolitical tensions or export restrictions.

Rare earth magnets are considered strategically important because they are used in products ranging from smartphones and electric motors to advanced defence systems. As global demand for clean energy technologies and electric mobility continues to rise, countries are increasingly focusing on securing reliable supplies of these critical materials.

The government has identified critical minerals and advanced manufacturing as priority sectors under its industrial policy. The rare earth magnet incentive scheme is expected to complement these efforts by encouraging domestic production and attracting fresh investments.

With the revised deadline now set for July 29, officials hope more companies will come forward with proposals, paving the way for a stronger domestic rare earth magnet industry and reducing India’s dependence on overseas suppliers in the years ahead.

Also Read: RBI simplifies government securities trading

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Technology

Apple hikes MacBook, iPad prices

Apple has increased the prices of several MacBooks, iPads and other devices, saying soaring memory and storage chip costs driven by the artificial intelligence (AI) boom have made the move unavoidable.

The price revision affects multiple markets, including India, where some Apple products have become significantly more expensive. However, the company has not increased iPhone prices for now, although industry experts believe they could also rise later this year.

Apple said the sharp increase in the cost of memory components is the main reason behind the hike. As AI companies invest billions of dollars in building data centres, chipmakers are prioritising high-end AI hardware, reducing the supply of memory chips used in consumer electronics. This has pushed up prices across the industry.

The company had absorbed much of the additional cost over the past year, but said it was no longer sustainable. Several MacBook, iPad, HomePod and Apple TV models now carry higher price tags, with Indian customers among those seeing some of the steepest increases.

Industry analysts say Apple is unlikely to be the only company raising prices. Other laptop and smartphone manufacturers could follow if memory shortages continue, as demand for AI infrastructure keeps growing.

The development highlights how the AI revolution is beginning to affect everyday consumers. While artificial intelligence is creating new opportunities, it is also increasing competition for key components, making devices such as laptops and tablets more expensive.

For buyers planning to upgrade their devices, the latest hike means spending more than expected. Analysts advise consumers to compare configurations carefully and look for festive offers or exchange deals, as further price increases cannot be ruled out if component costs remain elevated.

Apple’s decision signals a broader shift in the technology industry, where the rapid expansion of AI is reshaping supply chains and influencing the prices consumers pay for everyday gadgets.

Also Read: Trump urges OpenAI to delay GPT-5, GPT-6 rollout

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Technology

Trump urges OpenAI to delay GPT-5, GPT-6 rollout

The Trump administration has reportedly asked OpenAI to slow the public release of its next-generation AI models, including GPT-5 and GPT-6, as the US government considers stronger safeguards for increasingly powerful artificial intelligence systems.

According to reports, officials have urged the company to coordinate closely with the government before launching future frontier AI models. The discussions are part of a broader effort to ensure that highly advanced AI systems are released responsibly, with adequate measures to address national security, cybersecurity and public safety risks.

The move comes as governments around the world grapple with the rapid pace of AI development. Powerful AI models are becoming increasingly capable of generating human-like text, writing software, analysing complex information and performing tasks that were once considered exclusive to humans.

While no formal ban or legal restriction has been announced, the reported request signals a shift towards closer government oversight of advanced AI technologies. Officials are said to be exploring frameworks that would allow innovation to continue while reducing the risks associated with deploying increasingly capable AI systems.

OpenAI has not publicly confirmed any delay to its future models. The company has previously said it supports responsible AI development and has introduced safety testing and evaluation processes before releasing new systems. Industry experts believe collaboration between AI companies and governments is becoming increasingly important as the technology grows more powerful.

The discussions also reflect the intensifying global competition in artificial intelligence, with the United States seeking to maintain its leadership while ensuring advanced AI tools are developed safely. Technology companies are investing billions of dollars in larger and more capable models, raising fresh questions about regulation, transparency and accountability.

Although OpenAI’s development roadmap remains unchanged for now, the reported discussions underline a growing consensus that powerful AI systems will require greater oversight as governments seek to balance innovation with public interest and national security.

Also Read: IBM develops world’s first sub-1 nanometer AI chip

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Beyond

Adani to invest ₹20,000 cr in airport cities

Adani Airports has announced a ₹20,000-crore plan to develop integrated airport cities around six airports across India, in a major push to turn aviation hubs into business and lifestyle districts. The first phase will cover more than 655 acres across Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow and Guwahati, with nearly 22 million square feet of built-up space planned.

The company said the airport cities will go beyond traditional aviation infrastructure by bringing together hotels, retail outlets, office spaces, convention centres, entertainment zones and business parks in a single ecosystem. Inspired by successful airport districts in cities such as Singapore, Dubai, Amsterdam and Seoul, the projects aim to turn airports into economic engines that support trade, tourism and investment.

Nearly 70 per cent of the investment will be concentrated in Mumbai and Navi Mumbai, where around 440 acres have been earmarked for development. These two locations are expected to become the flagship airport city projects in the network.

According to Adani Airports, the integrated developments are designed to improve the overall travel experience while creating vibrant business and commercial districts around airports. The company believes the projects will generate employment, attract global businesses and support the growth of surrounding urban areas.

Airport cities, often referred to as “aerotropolises”, are increasingly becoming popular around the world as airports evolve from transport hubs into centres for commerce and urban development. Adani said the initiative reflects this global trend and aligns with India’s growing aviation sector and rising passenger traffic.

The move also reflects Adani Airports’ broader push to build commercial ecosystems around its airport assets.

Also Read: EPFO to suspend online services from June 26 to 28

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Corporate

Micron hits $1.398 trillion, briefly tops Meta, Tesla

US chipmaker Micron Technology briefly became more valuable than Meta and Tesla after its shares surged on the back of strong earnings and booming demand for artificial intelligence (AI) memory chips.

The company’s stock jumped 18.4 per cent, pushing its market value to $1.398 trillion. During the rally, Micron overtook Meta, valued at $1.392 trillion, and briefly moved ahead of Tesla before market values changed later in the trading session.

The sharp rise came after Micron reported better-than-expected quarterly results and issued a strong revenue forecast. The company said demand for its advanced memory chips, which are used in AI servers and data centres, continues to grow rapidly as technology companies expand their AI infrastructure.

Micron also revealed that customers have signed $22 billion worth of long-term agreements to secure future supplies of its high-bandwidth memory (HBM) chips. These chips are essential for training and running advanced AI models, making them a key component of the fast-growing AI industry.

The company reported a 346 per cent year-on-year jump in revenue, reflecting the strong demand for AI-related products. Investors welcomed the results, seeing them as a sign that spending on AI infrastructure remains strong despite global economic uncertainties.

While companies like Nvidia have dominated the AI hardware market, Micron is becoming increasingly important because AI systems require large amounts of high-speed memory to process data efficiently. As more businesses invest in AI, demand for memory chips is expected to remain strong.

Also Read: EPFO to suspend online services from June 26 to 28

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Beyond

EPFO to suspend online services from June 26 to 28

Millions of Employees’ Provident Fund Organisation (EPFO) subscribers will face a temporary disruption in online services as the retirement fund body prepares for a major technology upgrade. The EPFO has announced that several digital services, including online claim submissions, will remain unavailable for three days, from June 26 to 28,  while its systems undergo scheduled maintenance.

The temporary shutdown is part of a planned overhaul aimed at improving the performance, reliability and security of the EPFO’s digital platform. Officials said the upgrade is expected to make online services faster, more stable and better equipped to handle the growing number of users accessing the portal every day.

During the maintenance period, members will not be able to submit online claims for provident fund withdrawals, pension benefits or insurance-related services. Other facilities, including profile updates, Know Your Customer (KYC) modifications, passbook-related services and certain employer functions, may also remain inaccessible until the upgrade is completed.

The EPFO has advised subscribers, employers and pensioners to complete urgent online transactions before the maintenance window begins to avoid inconvenience. Those with time-sensitive claims or requests have been encouraged to plan accordingly, as pending applications may experience short delays until services are restored.

Despite the temporary disruption, EPFO clarified that the exercise is intended to strengthen its digital infrastructure and deliver a smoother experience for users in the long run. The organisation has increasingly focused on expanding online services, reducing paperwork and enabling faster claim settlements through digital platforms.

The technology upgrade comes as EPFO continues to modernise its systems to meet rising demand from over 70 million active subscribers. With more members relying on online services for withdrawals, account transfers and pension-related requests, improving platform efficiency has become a key priority.

Officials have assured users that normal services will resume once the maintenance work is completed. They also said the upgraded system is expected to offer improved stability, enhanced security and quicker processing of online requests.

Also Read: Amazon CEO meets PM Modi, commits $48 bn

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Corporate

Elon Musk loses trillionaire status after market rout

Elon Musk has taken a major hit to his personal fortune after a sharp fall in US markets wiped billions of dollars from the value of his holdings, pushing his net worth below the trillion-dollar mark. The drop was driven mainly by weakness in technology stocks and fresh investor worries about the outlook for several fast-growing companies.

A large share of Musk’s wealth is tied to his stakes in Tesla and other businesses. As share prices slipped, the value of those holdings fell quickly, leading to one of his biggest single-day wealth losses this year.

Market analysts said the sell-off was caused by a mix of profit-taking, concerns about economic growth and uncertainty over how major technology companies will perform in the months ahead. The wider market decline also affected other billionaires whose fortunes depend heavily on stock prices, but Musk saw one of the steepest drops because of the size of his investments.

Even after the setback, Musk remains one of the richest people in the world and continues to wield major influence in the technology, auto and space sectors. Investors are paying close attention to Tesla, which still makes up the biggest part of his overall wealth.

The latest fall shows how quickly fortunes can change when they are linked to publicly traded companies. A strong market rally can add billions in days, while a broad sell-off can erase that value just as fast.

For Musk, the decline is unlikely to change his long-term plans, which include expanding electric vehicle production, pushing ahead with artificial intelligence projects and growing commercial space operations. Still, the episode is a reminder of how volatile tech-linked wealth can be.

With market conditions still uncertain, analysts expect investors to keep watching economic data, interest rate expectations and company earnings for clues about the direction of technology stocks. Until then, share price swings are likely to continue shaping the fortunes of some of the world’s richest business leaders, including Musk.

The latest drop may have reduced his wealth, but it has not changed his standing as one of the most powerful figures in global business and technology.

Also Read: Noel Tata steps down as Trent chairman