Author: Staff Writer

Categories
Technology

Telegram returns to Apple app store

Telegram has returned to Apple’s App Store after being briefly removed from the platform over content linked to child sexual abuse material (CSAM). The messaging app disappeared from Apple’s App Store on Tuesday, August 4, but was later restored after Telegram said it had removed the offending material and banned the account responsible.

The incident was short, but it quickly raised questions about content moderation, online safety and the responsibilities of large messaging platforms. It also showed how dependent major technology companies can be on Apple’s rules when distributing their apps to millions of iPhone and iPad users.

Telegram confirmed that its app had been restored after the temporary removal. Apple said its App Review team had identified content on Telegram that violated its rules prohibiting child sexual abuse material. The company said Telegram responded by removing the material and banning the user who had posted it. Following those steps, Apple allowed the app to return to its store.

For people who already had Telegram installed on their iPhones or iPads, the removal did not mean that the messaging service suddenly stopped working. The bigger impact was on people who wanted to download the app for the first time or reinstall it. Telegram’s brief absence from the App Store nevertheless created uncertainty because users were initially given little information about why the app had disappeared.

The episode is significant because Telegram is one of the world’s largest messaging platforms. The company says it has more than one billion monthly users, making it a major part of the global digital communications landscape. People use Telegram not only for private conversations but also for large groups, public channels, businesses, news updates and communities.

That enormous scale makes content moderation a complicated task. Millions of pieces of content can be shared across the platform, and companies have to identify illegal material while trying not to interfere with legitimate communication.

Telegram has repeatedly defended its approach to privacy and freedom of expression. At the same time, it says it has a zero-tolerance policy towards child sexual abuse material. The company said it had blocked nearly 338,000 groups and channels associated with CSAM so far this year.

The latest dispute suggests that even extensive moderation efforts can face scrutiny from technology platforms that distribute messaging apps. Apple has strict App Store guidelines covering illegal and harmful content. Developers must comply with those rules if they want their applications to remain available to Apple users.

The incident is also a reminder of the power Apple holds over the mobile app ecosystem. Telegram controls its own service, but it depends on Apple to make its application available to users of iPhones and iPads. A decision by Apple to remove an app can therefore have an immediate commercial and reputational impact.

Telegram has faced a similar situation before. In 2018, Apple temporarily removed the messaging application from its App Store over concerns about prohibited content. The app was later restored after Telegram addressed the issues raised by the company.

The latest removal comes at a time when messaging services around the world are facing increasing pressure to strengthen their systems for detecting illegal content. Regulators and governments are demanding greater accountability from technology companies, particularly over child exploitation material and other forms of online abuse.

The challenge is especially complicated for privacy-focused platforms. Stronger moderation can require greater monitoring of content, while users of services such as Telegram often choose them precisely because they offer greater privacy and control over communication.

The incident involving Telegram also highlights the difference between platform moderation and app-store enforcement. Telegram is responsible for managing content on its service, while Apple is responsible for ensuring that applications distributed through its store meet its own rules. In this case, both systems came into play.

Apple’s decision to restore Telegram relatively quickly suggests that the company considered the issue resolved after the offending content was removed and the account involved was banned. There was no indication that Apple intended to permanently block Telegram from its App Store.

The brief removal nevertheless generated speculation among users and observers. Telegram has faced regulatory scrutiny and criticism in several countries, while its founder Pavel Durov has also been involved in wider debates about privacy and online content. However, the latest App Store action was specifically attributed to prohibited child sexual abuse material.

For ordinary users, the most important development is that Telegram is once again available through Apple’s official app marketplace. Existing users were largely able to continue using the service during the disruption, while new users can now download the application normally.

For Telegram, however, the episode is a warning that its rapid growth brings greater responsibility. A platform with more than a billion monthly users cannot rely only on its size and popularity. It must demonstrate that its systems are capable of identifying and removing illegal material quickly.

The company will also have to maintain a balance between content moderation and its long-standing privacy-focused identity. That balance is becoming increasingly important as governments, regulators and technology companies demand stronger safeguards from online platforms.

Telegram’s return to Apple’s App Store brings the immediate controversy to an end. But the episode serves as another reminder that the future of digital communication will depend on finding a workable balance between privacy, free expression and online safety.

Categories
Beyond

Gold rises to ₹1,43,620, silver climbs to ₹2,19,880

Gold and silver prices moved higher in India on Tuesday, with both precious metals gaining in early trade. On the Multi Commodity Exchange (MCX), gold futures rose 0.43% to ₹1,43,620 per 10 grams, while silver futures climbed 1.23% to ₹2,19,880 per kg. The latest move comes as investors weigh geopolitical developments, movements in the US dollar and expectations around interest rates.

The rise in gold price today comes after bullion remained supported by safe-haven demand and shifting expectations in global markets. Gold continues to attract investors when uncertainty rises because the precious metal is traditionally viewed as a store of value during periods of geopolitical and economic stress.

Silver, meanwhile, has also remained firm after recent volatility. The metal is influenced not only by investor demand but also by industrial consumption, making its price movements sensitive to expectations for global economic growth.

Retail gold rates in India also remained elevated on August 4. In Delhi, the price of 24-karat gold was around ₹1,43,120 per 10 grams, while 22-karat gold was quoted at about ₹1,31,193 per 10 grams. The retail price of 999-purity silver stood near ₹2,18,930 per kg.

In Mumbai, 24K gold was priced at approximately ₹1,43,360 per 10 grams, while 22K gold stood at ₹1,31,413. Silver was quoted at around ₹2,19,310 per kg.

In Bengaluru, the 24K gold rate was around ₹1,43,480 per 10 grams and 22K gold was priced at ₹1,31,523. Silver was available at approximately ₹2,19,480 per kg.

Kolkata recorded a 24K gold rate of about ₹1,43,170 per 10 grams, while 22K gold was quoted at ₹1,31,239. Silver stood at nearly ₹2,19,020 per kg.

In Hyderabad, 24K gold was priced at around ₹1,43,590 per 10 grams and 22K gold at ₹1,31,624. Silver was quoted at approximately ₹2,19,660 per kg.

Chennai saw 24K gold at around ₹1,43,660 per 10 grams, while 22K gold stood at ₹1,31,688. Silver was priced at about ₹2,19,640 per kg.

Retail prices can vary between cities because of local taxes, transportation costs, jeweller margins and other charges. The final price paid by consumers can also include making charges and applicable taxes.

One of the key factors supporting bullion is uncertainty surrounding the latest developments between the United States and Iran. Markets are closely watching signals about possible diplomatic engagement between the two countries. While US President Donald Trump has indicated that discussions are taking place, Iran has pushed back against some claims regarding direct negotiations.

For gold investors, the uncertainty itself can be important. Any escalation in geopolitical tensions could increase demand for safe-haven assets, while meaningful progress towards a diplomatic settlement could reduce some of that demand.

The US dollar is another major factor influencing the gold price. A weaker dollar generally supports gold because the metal becomes relatively cheaper for buyers using other currencies. Changes in US Treasury yields and expectations about the Federal Reserve’s monetary policy can also influence investor appetite for bullion.

Markets are also looking ahead to fresh US economic data that could provide clues about the Federal Reserve’s next policy moves. Investors are particularly focused on employment and other economic indicators as they assess whether the US central bank could move towards a more accommodative monetary policy.

Gold does not generate interest or dividends. As a result, expectations of lower interest rates can make the metal relatively more attractive compared with interest-bearing assets. On the other hand, higher rates and rising bond yields can put pressure on gold.

This makes upcoming US economic data important for the direction of international bullion prices and, indirectly, the gold rate in India.

The silver price today has also gained attention after a strong rise in recent months. Unlike gold, silver has substantial industrial use, including applications in electronics, solar energy and other manufacturing sectors.

That gives silver two sources of support: investment demand and industrial consumption. However, it also means silver can be more volatile than gold when expectations for global growth change.

For Indian buyers, the latest MCX movement keeps both metals at historically high levels. Gold remains above ₹1.4 lakh per 10 grams on the futures market, while silver continues to trade close to ₹2.2 lakh per kg.

The direction of MCX gold and MCX silver in the coming sessions will depend on a combination of geopolitical developments, currency movements, US economic data and expectations for global interest rates. For consumers planning jewellery purchases, comparing the latest retail rates and checking additional charges with jewellers will remain important as prices continue to fluctuate.

Categories
Corporate

Sensex holds steady, Nifty falls below 24,600

The equity markets turned volatile on Tuesday, August 4, as investors took a breather after the sharp gains recorded in the previous session. The Sensex traded largely flat, while the Nifty 50 slipped below the 24,600 mark as selling emerged in several heavyweight stocks. Investors remained cautious ahead of the Reserve Bank of India’s policy decision, while crude oil prices, foreign fund flows and global cues continued to influence sentiment.

The market opened on a cautious note after the Nifty’s strong 1.6% jump on Monday. The benchmark index had closed at 24,774.30 after gaining more than 390 points, while the Sensex had surged 544 points to settle at 78,639. Tuesday’s session, however, saw investors booking some profits following the recent rally.

The divergence between the two benchmark indices was also notable. While the Sensex managed to hold close to the previous close, the Nifty came under pressure and moved below 24,600. Traders were also assessing the unusual volatility witnessed towards the end of Monday’s session following the introduction of the new Closing Auction Session mechanism.

The new system is intended to improve price discovery during the closing phase of trading. However, its first session resulted in significant late-day movements in the Nifty, prompting investors to remain cautious about interpreting Monday’s sharp gains. Market participants are now watching whether the recent rally can sustain once the impact of the new mechanism settles.

Among individual stocks, KEI Industries was one of the notable gainers, rising around 7% after the company reported strong June-quarter results. Its consolidated profit increased about 40% year-on-year, while revenue rose 23%. The numbers encouraged buying in the cable and wire maker, making it one of the stronger performers in the broader market.

Ather Energy also witnessed strong buying interest, with its shares rising sharply after the electric two-wheeler maker reported an improvement in its quarterly performance. The company’s loss narrowed to around ₹51 crore, giving investors some confidence about its path towards profitability.

On the losing side, Life Insurance Corporation of India (LIC) shares came under heavy selling pressure. The stock declined sharply after the government announced an offer for sale of a 6.5% stake in the insurer. The issue was priced at a discount to the prevailing market price, putting pressure on LIC shares during the trading session.

DLF was another prominent loser, with its shares falling around 2%. The decline followed the real estate company’s quarterly results, which showed a sharp fall in revenue. While the numbers weighed on the stock, analysts continued to maintain a relatively positive long-term view, supported by expectations of new project launches and sustained demand in the residential real estate market.

The broader sectoral picture remained mixed. Realty and IT stocks were among the major areas of weakness, while cement stocks also faced selling pressure. The IT sector, which had participated strongly in Monday’s rally, saw some profit booking. Banking, FMCG, pharma and healthcare stocks also traded on the weaker side, although the extent of losses varied across individual counters.

Metal stocks, meanwhile, offered some support to the market. The relative strength in the sector helped limit the broader decline, although investors remained selective rather than making broad-based purchases.

Another major factor influencing the Indian stock market was crude oil. Oil prices had fallen sharply in the previous session after hopes of diplomatic progress between the United States and Iran reduced concerns about a prolonged disruption to global supplies. Brent crude had declined nearly 5%, while West Texas Intermediate also recorded a steep fall.

For India, lower crude prices are generally positive because the country depends heavily on imports to meet its energy requirements. A sustained decline in oil prices could ease inflationary pressures, improve the current account balance and reduce the pressure on the rupee. It could also benefit sectors such as aviation, paints, chemicals and automobiles.

However, investors remain alert to developments in the Middle East. Any renewed escalation between the US and Iran could push crude prices higher again and quickly alter the market outlook.

Foreign investor activity is another factor being closely tracked. Foreign institutional investors have recently returned to the buying side in the cash market, helping trigger short covering and supporting large-cap stocks. Continued foreign inflows could provide an important cushion for Indian equities, particularly at a time when valuations remain a concern in some pockets of the market.

Investors are also awaiting the RBI monetary policy decision, which could provide fresh direction to interest-rate sensitive sectors. Market participants will watch the central bank’s assessment of inflation, economic growth, liquidity and the global environment.

For the Nifty, analysts are closely watching the 24,500 level as an immediate support zone, with 24,300 emerging as another important level. A sustained recovery above 24,800 could bring the 25,000 mark back into focus, while a decisive break below support could lead to further consolidation.

Overall, Tuesday’s session reflected a market taking a pause after a strong run. The combination of corporate earnings, crude oil movements, foreign fund flows, RBI policy expectations and global geopolitical developments is likely to keep the Sensex and Nifty volatile in the near term. With investors becoming more selective, individual stock performance could increasingly depend on earnings and company-specific developments rather than broad market momentum alone.

Categories
Corporate

Muthoot Finance Q1 profit rises 43% to ₹2,825 cr

Muthoot Finance reported a strong start to FY27, with consolidated net profit rising 43.1% year-on-year to ₹2,825 crore in the April-June quarter. The gold loan-focused non-banking financial company (NBFC) benefited from strong loan growth, higher interest income and continued demand for loans backed by gold.

The company had reported a consolidated net profit of ₹1,974 crore in the first quarter of FY26. However, on a sequential basis, profit declined from ₹3,398 crore in the March quarter, indicating some moderation in earnings momentum despite the sharp annual growth.

The biggest highlight of the quarter was the expansion in Muthoot Finance’s loan book. Consolidated loan assets under management (AUM) rose 43% year-on-year to ₹1,91,532 crore, compared with ₹1,33,938 crore a year earlier. The figure puts the company’s loan assets just short of the ₹2-lakh-crore milestone.

The growth underlines the continued strength of India’s gold loan market, where households and small businesses use gold jewellery as collateral to access funds. With gold prices remaining elevated, borrowers can raise larger amounts against the same quantity of pledged gold, helping lenders expand their portfolios.

Muthoot Finance’s core business remains heavily dependent on gold-backed lending. The company has benefited from customers increasingly turning to secured credit at a time when lenders are paying greater attention to risk and underwriting standards in unsecured loans.

The company’s net interest income also remained strong during the quarter. According to market data, net interest income rose around 30% year-on-year to ₹5,099 crore. The increase reflects the continued expansion of the company’s lending operations and the growing size of its gold loan portfolio.

However, the quarter also showed some pressure on margins. Analysts have pointed to a decline in gold loan yields compared with the previous quarter. The moderation has been linked partly to a normalisation from unusually high yields in the previous quarter and changes in the mix of products and repayment structures.

This is important because Muthoot Finance is growing rapidly, but investors will also be watching whether the company can maintain its profitability as competition in the gold financing sector intensifies.

Banks and other NBFCs have been expanding their gold loan operations, attracted by the strong demand for secured borrowing. For customers, gold loans can offer faster access to money compared with some traditional forms of credit, particularly when funds are needed for business requirements, education, medical expenses or household needs.

At Muthoot Finance, the rise in gold prices has also changed borrowing patterns. As the value of pledged jewellery increases, customers can obtain bigger loans without necessarily pledging more gold. This has contributed to the company’s ability to grow its gold loan AUM rapidly.

The latest numbers also reflect the scale that Muthoot Finance has achieved in the country’s lending industry. Moving towards ₹2 lakh crore in consolidated AUM puts the company among the largest specialised gold lenders in India.

Still, rapid growth brings its own challenges. Higher competition could put pressure on interest rates and yields, while regulatory changes can affect how lenders value gold collateral, determine loan-to-value ratios and manage repayments. Muthoot Finance will therefore need to balance aggressive growth with asset quality and risk management.

The company’s strong year-on-year profit growth also comes against a high base. Muthoot Finance had already delivered a 65% rise in consolidated net profit in Q1 FY26, when profit reached ₹1,974.2 crore from ₹1,195.7 crore a year earlier. Its consolidated loan assets had then risen 37% year-on-year to ₹1,33,938 crore.

The latest results show that the company’s expansion has continued at a similar pace, with AUM growth accelerating to 43% year-on-year.

There is also a leadership transition underway at Muthoot Finance. The company has recommended Alexander George as its next Managing Director, subject to shareholder approval. He is expected to take over from George Alexander Muthoot, who will move into the role of Executive Vice Chairman.

K R Bijimon is also set to become Chief Executive Officer. The changes are part of the company’s broader succession plan as it prepares for its next phase of expansion.

For investors, the results present a mixed picture. The headline numbers are strong: profit rose 43%, AUM increased 43% and net interest income climbed nearly 30%. But the sequential decline in profit and pressure on yields suggest that maintaining the current pace of earnings growth may become more challenging.

Muthoot Finance shares also came under pressure after the results, with reports showing a sharp fall as investors focused on weaker sequential performance and margin concerns despite the strong year-on-year profit growth.

The company’s performance will therefore be closely watched through the remaining quarters of FY27. Gold prices, customer borrowing trends, competition from banks and NBFCs, funding costs and regulatory changes will all influence the outlook.

For now, the message from the Muthoot Finance Q1 FY27 results is clear: demand for gold-backed credit remains strong, and the company’s lending engine continues to expand rapidly.

With consolidated AUM already at ₹1.92 lakh crore, Muthoot Finance is approaching the ₹2-lakh-crore mark. The next challenge will be to turn that scale into sustainable growth while protecting margins and maintaining asset quality in an increasingly competitive gold loan market.

Categories
Leaders

CBI probes ₹1,816 cr EPFO loss linked to Anil Ambani

The Central Bureau of Investigation (CBI) has registered a case against businessman Anil Ambani and Reliance Capital Ltd (RCL) over an alleged ₹1,816.22-crore loss to the Employees’ Provident Fund Organisation (EPFO), bringing another major financial investigation involving the Reliance Anil Dhirubhai Ambani Group into focus.

The FIR, registered in Mumbai, names Reliance Capital, its former chairman Anil Ambani, unidentified public servants and other unknown persons. The CBI has alleged offences including criminal conspiracy, cheating, criminal breach of trust and criminal misconduct. The agency said the investigation will examine the role of everyone involved and trace where the money invested by EPFO ultimately went.

At the heart of the case is an investment made more than a decade ago. According to the CBI, EPFO invested ₹2,500 crore in secured non-convertible debentures (NCDs) issued by Reliance Capital during 2013 and 2014. The investment was made through four portfolio managers, including Reliance Capital Asset Management Ltd.

The debentures were scheduled to mature in 2023 and 2024. However, Reliance Capital subsequently defaulted on repayment. The CBI’s case is that fraudulent transactions and alleged diversion of funds contributed to the default, leaving EPFO with a substantial unpaid amount.

The agency has put the alleged wrongful loss at ₹1,007.55 crore, with a further ₹808.67 crore in interest liability, taking the total alleged loss to ₹1,816.22 crore.

The case originated with a complaint from EPFO, which manages retirement savings under the Employees’ Provident Fund Scheme, Pension Scheme and Deposit Linked Insurance Scheme. The organisation’s funds are held and managed by its Central Board of Trustees for the benefit of its subscribers.

The latest CBI action follows findings shared by the Enforcement Directorate (ED) with EPFO as part of a separate investigation into Reliance Capital. Based on those findings, EPFO approached the CBI with allegations concerning transactions carried out during the period when the company’s financial position was deteriorating.

Reliance Capital’s financial troubles became increasingly visible from 2019, and the company later entered the Corporate Insolvency Resolution Process (CIRP). The repayment of EPFO’s dues subsequently became part of the insolvency proceedings.

In 2021, EPFO filed its claim before the resolution professional. Following approval of the resolution plan by the National Company Law Tribunal (NCLT) in 2024, EPFO received around ₹1,492 crore against its dues.

However, a significant amount remained unpaid. The outstanding principal was about ₹1,007 crore, while interest of roughly ₹809 crore was also pending, according to the Times of India report.

The CBI is now examining whether the eventual default was simply the result of Reliance Capital’s financial difficulties or whether criminal acts contributed to the loss.

A key part of the investigation will be determining how the money raised through the NCDs was used. The agency said it will trace the end use of the invested funds and investigate the alleged conspiracy involving both private individuals and public servants.

Anil Ambani has denied any wrongdoing. A spokesperson for the businessman said the FIR relates to Reliance Capital and pointed out that Ambani had served as a non-executive director and chairman of the company’s board from 2005 until November 2021.

The spokesperson also noted that the Reserve Bank of India (RBI) superseded Reliance Capital’s board in November 2021 and appointed an administrator. Ambani, the spokesperson said, denies any wrongdoing and reserves all legal rights available to him.

The latest case adds to a series of investigations involving companies linked to the Anil Ambani group.

The CBI has previously registered cases involving Reliance Communications, Reliance Home Finance, Reliance Commercial Finance and Reliance Telecom, based on complaints from public sector banks and LIC. According to the agency, it has so far filed four chargesheets and arrested seven people in cases involving Reliance ADA Group companies.

The broader investigations have also attracted the attention of the Enforcement Directorate. In March, the ED said its investigation into Reliance Home Finance and Reliance Commercial Finance had uncovered alleged diversion of public funds through various group and intermediary entities. In July, the agency continued searches linked to the investigation and said it had seized documents and other material relating to suspected transactions and assets.

However, the EPFO investment fraud case is separate and focuses specifically on Reliance Capital’s NCDs and the alleged loss suffered by the retirement fund organisation.

For EPFO subscribers, the case is significant because it concerns money held for employees’ retirement and social-security benefits. The ₹2,500-crore investment was made years before Reliance Capital’s eventual financial collapse, but the repayment dispute has continued through insolvency proceedings and now a criminal investigation.

The CBI has not yet established guilt against the accused. Its FIR represents the beginning of the investigation, during which the agency will examine financial records, transactions, the role of company officials and the involvement, if any, of public servants.

The immediate focus will be on tracing the ₹2,500-crore EPFO investment, understanding how the funds were deployed and determining how the unpaid amount accumulated.

The investigation also comes at a time when authorities are pursuing several cases connected to the financial affairs of companies associated with Anil Ambani. The CBI said the Reliance-related investigations are being monitored by the Supreme Court and that it remains committed to conducting a comprehensive investigation.

For now, the central question is whether the EPFO loss was the result of a failed investment that followed Reliance Capital’s financial decline, or whether, as alleged by investigators, transactions and fund movements played a deliberate role in the eventual default. The CBI’s investigation is expected to shed more light on that question.

Categories
Beyond

InstaHelp, Snabbit cross 1 lakh daily orders

What started as a simple promise, getting someone to clean a house, wash dishes or help with laundry within minutes,  is quickly turning into one of India’s most closely watched startup categories.

The country’s instant home services market has reached a new milestone, with Snabbit and Urban Company’s InstaHelp both crossing 100,000 daily orders. Snabbit said it is now completing more than 115,000 jobs a day, while InstaHelp crossed 100,000 delivered orders in a single day on August 2.

The latest numbers show how quickly consumer demand for on-demand home services has grown. They also explain why investors have been putting fresh money into companies such as Snabbit and Pronto, while Urban Company continues to spend aggressively on its InstaHelp vertical.

The scale-up has been particularly striking over the past few months. Urban Company’s InstaHelp completed about 1.9 million orders in July, reclaiming the top spot after briefly trailing Snabbit in June. Snabbit recorded around 1.85 million orders, while Pronto crossed 1.25 million monthly bookings for the first time. Together, the three platforms processed nearly 5 million orders in July.

That monthly race highlights an important change in the market. Instant home services are no longer just an experiment in a handful of neighbourhoods. Startups are building dense networks of service professionals and trying to turn occasional bookings into a regular habit for urban households.

Snabbit has emerged as one of the fastest-growing players. The company, founded in 2024, now operates across 10 cities and more than 150 micromarkets, supported by over 25,000 service professionals. It said it completed 4 million jobs in its core household-services category during the June quarter.

The company is also showing signs that its unit economics are improving. Snabbit said consolidated net order value, after customer discounts, has crossed ₹130, while its burn per job has fallen by more than ₹100 sequentially to below ₹250. It expects net order value to improve another 15-20% in the coming months.

That is important because the biggest question facing the instant home services business is no longer whether customers want the service. The question is whether companies can make the model financially sustainable while continuing to grow.

The funding market suggests investors believe there is a large opportunity. Earlier this year, Snabbit was in talks to raise as much as $70 million after already raising several rounds. Since then, the company has gone on to raise $56 million in a Series D round, taking its total capital raised to $112 million and valuing the startup at about $360 million.

Pronto has followed a similar path. The startup raised $25 million in March and added another $20 million in May, taking its Series B round to $45 million and doubling its valuation to $200 million. The fresh capital is being used largely to expand its workforce, reflecting a major constraint in the business: demand is growing faster than the supply of trained service professionals.

Pronto had earlier reported a sharp increase in bookings, from around 3,000 a day at the beginning of December to more than 26,000 a day by May. It has also been expanding beyond basic cleaning into services such as car washing, gardening and home-cook pilots.

Urban Company, meanwhile, has the advantage of an established consumer base and a much larger operating platform. Its InstaHelp service has expanded rapidly and crossed the 100,000-order daily mark barely five months after crossing 50,000. The company said the milestone reflected rising consumer demand as well as the strength of its operating model.

But rapid growth comes at a price.

The instant home services market remains heavily dependent on discounts, customer incentives and spending on worker acquisition. Earlier reports showed that all three major platforms had experimented with aggressive promotional offers, including limited ₹1 campaigns, to attract customers. These were not their standard prices, but they illustrate how fiercely the companies are competing for users.

Urban Company has also acknowledged that InstaHelp is still a significant investment. The vertical reported a loss of ₹61 crore in the December quarter even as revenue grew. The company has said that reducing loss per order will be critical to reaching sustainable break-even.

For startups, the challenge is similar. A platform can generate thousands of bookings, but profitability depends on keeping service professionals busy enough, while ensuring customers continue to book frequently.

This is where the idea of micromarket density becomes crucial. Instead of spreading workers thinly across an entire city, companies are concentrating supply and demand in specific neighbourhoods. Higher utilisation means professionals spend less time travelling between jobs and more time earning, improving the economics of every booking.

Snabbit has said its mature micromarkets are approaching profitability, while Pronto has reported utilisation above 60% in older clusters. The companies believe greater density will gradually reduce the cost of servicing each customer.

Still, changing consumer behaviour may be the hardest part. For many households, instant house help remains a backup option when their regular domestic worker is unavailable. Turning that occasional need into a high-frequency habit will determine whether the business can support the valuations and funding now flowing into the sector.

The latest numbers suggest the opportunity is real. Nearly 5 million monthly orders across InstaHelp, Snabbit and Pronto show that Indian consumers are increasingly willing to pay for convenience in household chores.

The next phase, however, will be less about simply chasing bookings. Investors will want to see better unit economics, customer retention, worker utilisation and lower cash burn.

That makes the competition between Urban Company, Snabbit and Pronto more than a race for market share. It is a test of whether instant home services can evolve from a heavily funded startup idea into a sustainable consumer business.

For now, the momentum is unmistakable. Millions of households are trying a service that promises to solve an everyday problem in minutes. The companies that can turn that convenience into a habit, without spending too much to make it happen,  are likely to shape the next big chapter of India’s startup economy.

Categories
Beyond

Oil prices crash 5% as Trump seeks Iran deal

Oil prices fell sharply on Monday, August 3, after US President Donald Trump called off a planned attack on Iran and said he was seeking a quick deal to curb Tehran’s nuclear ambitions and reopen the strategically important Strait of Hormuz.

Brent crude futures fell $4.65, or 5.29%, to $83.28 a barrel by 0702 GMT, while US West Texas Intermediate (WTI) crude dropped $5.20, or 6.14%, to $79.47 a barrel. The decline came after both benchmarks had gained more than 20% in July as the conflict between the US and Iran intensified and concerns grew over disruptions to global oil supplies.

The latest oil price fall reflects a sudden shift in market expectations. Investors who had been preparing for another escalation in the Middle East are now betting that diplomacy could ease pressure on oil supplies, particularly if shipping through the Strait of Hormuz returns to normal.

Trump said Iran and other Middle Eastern countries had asked for more time to complete a deal. He said the agreement would involve the reopening of the Strait of Hormuz and addressing what he described as the threat posed by Iran’s nuclear programme. He has said the planned military action would be cancelled as long as a deal could be reached quickly.

For oil traders, the Strait of Hormuz remains the key issue. The waterway is one of the world’s most important energy corridors, and disruptions there can quickly affect crude oil prices, shipping costs and fuel markets worldwide. Before the conflict, around 20% of global oil and liquefied natural gas supplies moved through the strait.

The possibility of the route reopening has therefore eased some of the immediate supply concerns that had pushed Brent crude prices higher in recent weeks.

However, the oil market is not assuming that the crisis is over. Shipping activity through the Strait of Hormuz remains subdued following reports of attacks on vessels. Reuters reported that two tankers carrying Saudi crude crossed the Bab el-Mandeb Strait out of the Red Sea over the weekend, while traffic through Hormuz remained slow. The United Kingdom Maritime Trade Operations also reported three additional tanker attacks since Saturday.

That uncertainty means oil prices could remain highly sensitive to developments in the US-Iran negotiations. A successful agreement could encourage shipping companies to resume normal operations and bring additional crude supplies back into the market. A breakdown in talks, on the other hand, could quickly revive fears of supply disruptions and send crude oil prices higher again.

The recent fall also comes alongside an increase in planned OPEC+ production. The Organization of the Petroleum Exporting Countries and its allies agreed on Sunday to raise their oil production quota by about 188,000 barrels per day from September. The move completes the unwinding of another portion of the voluntary production cuts introduced earlier.

The impact of the higher OPEC+ output, however, may be limited in the short term. Disruptions linked to the Iran and Ukraine conflicts have prevented some of the additional planned supply from reaching the market. As a result, previous monthly increases in OPEC+ production have had less effect on actual availability than expected.

The oil market reaction was also visible across global financial markets. US and European stock futures moved higher as investors welcomed the possibility of a broader de-escalation in the Middle East. S&P 500 futures gained 0.6%, Nasdaq futures rose 0.8%, while European futures were up about 0.8%, according to Reuters.

Lower oil prices also helped push US Treasury yields down. The yield on the 30-year US Treasury fell 3.7 basis points to 5.238%, moving further away from a 19-year high reached last week.

The decline in crude prices could also ease some of the inflationary pressure that had emerged from the conflict. Higher fuel and transportation costs can feed into the prices of goods and services, making oil prices an important factor for central banks and financial markets.

The stakes are particularly high because Brent crude oil prices had already surged sharply during the latest phase of the conflict. Reuters reported that Brent gained 24% in July as an earlier ceasefire unravelled and fighting intensified again.

Trump’s decision to pause the planned strike has therefore given markets some breathing room, but traders remain cautious. The next phase will depend largely on whether Washington and Tehran can turn the latest diplomatic opening into a lasting agreement.

For now, the immediate pressure on global oil prices has eased. Brent has moved back towards the low-$80 range and WTI has slipped below $80, offering some relief to consumers and businesses exposed to energy costs.

But the market is unlikely to declare victory yet. The Strait of Hormuz remains vulnerable, shipping routes are still facing security risks and the US-Iran nuclear negotiations could change direction quickly. If talks progress, oil could remain under pressure as supply fears fade. If they collapse, the geopolitical risk premium could return just as quickly.

 

Categories
Beyond

Gold rises to ₹1,43,640, Silver futures at ₹2,18,750

Precious metals began the new week with a mild uptick, as gold and silver prices moved higher in Monday’s trade. MCX gold stood at ₹1,43,640 per 10 grams, while silver futures traded at ₹2,18,750 per kg, with global cues and interest-rate expectations shaping market sentiment.

MCX gold was up 0.15% during early trade, while MCX silver futures gained around 0.27%. In the international market, spot gold rose 0.16% to $4,113.60 an ounce, while silver advanced 0.78% to $58.23 an ounce.

The latest movement in gold prices comes as investors continue to monitor global economic conditions, US interest-rate expectations and geopolitical developments. Changes in the US dollar, crude oil prices and expectations around the Federal Reserve‘s monetary policy can influence the direction of bullion prices.

Retail gold rates can differ from city to city because of local taxes, transportation costs, market conditions and jewellers’ pricing.

In Delhi, the 24K gold price was ₹1,43,150 per 10 grams, while 22K gold was quoted at ₹1,31,221. The 999-purity silver rate stood at ₹2,18,150 per kg.

In Mumbai, 24K gold was priced at ₹1,43,400 per 10 grams and 22K gold at ₹1,31,450. Silver was available at around ₹2,18,530 per kg.

Bengaluru recorded a 24K gold rate of ₹1,43,510 per 10 grams, while 22K gold was priced at ₹1,31,551. Silver stood at ₹2,18,700 per kg.

In Kolkata, 24K gold was quoted at ₹1,43,210 per 10 grams and 22K gold at ₹1,31,276. Silver was priced at ₹2,18,240 per kg.

Hyderabad recorded a relatively higher 24K gold rate of ₹1,43,740 per 10 grams, while 22K gold was at ₹1,31,786. Silver stood at ₹2,18,970 per kg.

Chennai remained among the cities with the highest retail quotes. The 24K gold price was ₹1,43,930 per 10 grams, while 22K gold stood at ₹1,31,936. Silver was quoted at ₹2,19,260 per kg.

Gold continues to draw investor attention amid uncertainty over the global economic outlook. Expectations surrounding US interest rates remain one of the key factors influencing international gold prices.

When investors expect interest rates to fall, gold can become more attractive because the opportunity cost of holding a non-interest-bearing asset declines. A weaker US dollar can also support bullion prices by making gold relatively cheaper for buyers using other currencies.

The gold prices seem to be increasing always. Geopolitical developments remain another important factor. Investors often turn towards gold during periods of uncertainty because the metal is traditionally viewed as a safe-haven asset.

Crude oil prices also witnessed a sharp decline in early Asian trading after developments surrounding US-Iran tensions eased some immediate concerns in the market. West Texas Intermediate crude fell 4.5% to $80.89 a barrel, while Brent crude declined 4.4% to $84.10.

For consumers tracking the gold rate today, understanding purity is important.

24K gold is considered the purest form of gold commonly available in the market and is generally used for investment products such as bars and coins. However, because pure gold is soft, it is less suitable for everyday jewellery.

22K gold contains gold along with other metals, which makes it harder and more durable. It is therefore widely preferred for jewellery in India.

The quoted gold rate should not be confused with the final price paid at a jewellery store. Making charges, GST and other applicable costs can increase the final bill. Buyers should therefore check the complete invoice before making a purchase.

Silver is also attracting attention as prices remain elevated. Unlike gold, silver has significant industrial applications, apart from its role as an investment asset.

The silver price today varies across Indian cities. Chennai recorded the highest rate among the cities listed at ₹2,19,260 per kg, followed by Hyderabad at ₹2,18,970 and Bengaluru at ₹2,18,700.

Silver prices are influenced by international bullion trends, industrial demand, currency movements and domestic market conditions. As a result, rates can change during the day.

For investors and consumers, the direction of gold and silver prices this week will largely depend on global interest-rate expectations, movements in the US dollar, geopolitical developments and international bullion prices.

With gold and silver prices remaining elevated, buyers and investors are likely to keep a close watch on daily movements in the precious metals market. MCX gold and silver prices will continue to respond to global cues, including US interest-rate expectations, currency movements, geopolitical developments and international bullion trends.

For jewellery buyers, the retail gold rate is only one part of the final cost, as making charges and taxes can add to the bill. Investors, meanwhile, may track price trends and market volatility before taking fresh positions. As global uncertainty persists, gold and silver are expected to remain closely watched assets in the Indian market.

Categories
Corporate

Sensex surges 650 points, Nifty climbs above 24,550

The equity markets staged a strong rally on Monday, with the Sensex gaining more than 650 points and the Nifty 50 crossing the 24,600 mark as falling crude oil prices, easing geopolitical concerns and broad-based buying lifted investor sentiment.

The rally came after US President Donald Trump indicated that talks with Iran could take place, raising hopes of reduced tensions in West Asia. The development triggered a sharp decline in crude oil prices, providing relief to oil-importing economies such as India. Brent crude fell around 5%, becoming one of the key drivers behind Monday’s gains in Indian equities.

Investors also took comfort from improving global signals and expectations of continued foreign institutional investor buying. The Indian rupee strengthened at the opening, rising 0.25% to ₹95.1450 against the US dollar from the previous close of ₹95.38.

Global markets were mixed. S&P 500 futures rose 0.5%, while Hong Kong’s Hang Seng gained 0.6%. Japan’s Topix, however, declined 2.2%, while the Shanghai Composite slipped 0.4%. Euro Stoxx 50 futures were up 0.6%.

The domestic market was also supported by encouraging June-quarter earnings and healthy economic indicators. Analysts noted that better-than-expected credit growth, strong auto sales, resilient earnings and stabilisation in the rupee were improving the outlook for Indian equities.

Geojit Investments Chief Investment Strategist VK Vijayakumar said falling Brent crude, a healthy monsoon and foreign investors turning buyers were positive triggers for the market. Another Geojit strategist, Anand James, identified 24,600 as an immediate hurdle for the Nifty, with 24,100 emerging as a key support zone.

Buying was visible across several sectors, with ITC emerging as one of the strongest Nifty 50 performers. ITC shares gained around 3.8%, touching an intraday high of ₹292.50. The buying came despite a decline in quarterly profit, with investors focusing on revenue growth and the company’s longer-term recovery prospects.

Shriram Finance was another major Nifty gainer, rising nearly 2.9%. Financial stocks remained strong as investors continued to favour banks and non-banking financial companies.

Bajaj Finserv also gained more than 2% after reporting a 12% year-on-year increase in consolidated net profit to ₹3,132 crore for the June quarter. Revenue increased 19%, prompting Motilal Oswal to upgrade the stock to ‘Buy’ and raise its target price to ₹2,490.

Among mid-cap stocks, Aditya Birla Capital gained more than 5%, while Godfrey Phillips, Jubilant FoodWorks, Paytm and LG Electronics were also among the notable gainers.

Sectoral performance reflected the broad nature of the market recovery. The Nifty FMCG index rose 1.80%, while Nifty PSU Bank gained 1.48%. Nifty IT advanced 1.36%, Nifty Financial Services rose 1%, and Nifty Bank gained 0.90%.

Metal, auto, realty, infrastructure and consumption stocks also traded higher. In contrast, the Nifty Media index declined 1.61%, making it the weakest sectoral performer.

The broader market also remained supportive, suggesting that Monday’s rally was not limited to a few heavyweight stocks.

Despite the strong market-wide rally, several stocks faced sharp selling pressure.

Zee Entertainment was among the biggest losers after shares plunged more than 10%. The decline followed Sebi’s decision to bar founder Subhash Chandra and CEO Punit Goenka from the securities market for one year in connection with an unauthorised property pledge case. The regulator also imposed penalties and flagged governance-related issues.

Muthoot Finance also witnessed heavy selling, falling more than 9% and emerging as the biggest loser on the Nifty Next 50. GAIL declined around 4.4%, while Thermax and Persistent Systems were among the notable mid-cap losers.

Within the Nifty 50, Sun Pharma fell around 1.2%, while Bharti Airtel, Maruti Suzuki, Bajaj Auto and NTPC also traded in the red. Maruti Suzuki’s shares slipped despite strong July sales, highlighting some profit booking in stocks that had already performed well.

Automobile stocks continued to attract attention following strong July sales numbers. Eicher Motors gained nearly 1.8% after total sales jumped 34% year-on-year to 1,18,232 units. Domestic sales increased 38.1%, while exports rose 10%.

Escorts Kubota also advanced after reporting a 22% increase in July tractor sales to 8,731 units, led by strong domestic demand.

Several companies also reported strong operational updates. Sterlite Technologies gained 5% after securing a ₹960-crore multi-year fibre cable supply agreement from a domestic telecom operator. HFCL rose around 5% after winning an international order worth ₹522.73 crore.

With the Sensex up more than 650 points and the Nifty holding above 24,600, investor sentiment has clearly improved. However, analysts expect some volatility as the benchmark approaches key resistance levels. The RBI‘s upcoming monetary policy decision, crude oil prices, foreign fund flows and the continuing Q1 earnings season will remain important triggers for the market in the days ahead.

Categories
Leaders

Rahul Bhatia says IndiGo will order planes in 2030

IndiGo will likely wait until 2030 before deciding on its next major aircraft order, as the airline wants to assess developments in next-generation aircraft before making another long-term fleet commitment.

Rahul Bhatia, Managing Director and promoter of IndiGo, said the airline would evaluate emerging aircraft technologies and their operational benefits before placing its next large order. The decision comes as IndiGo already has a substantial aircraft order book that provides enough capacity for its expansion plans over the coming years.

IndiGo has grown into India’s largest airline and currently operates more than 440 aircraft. The carrier has also built one of the world’s largest commercial aircraft order books. In 2023, it placed a landmark order for 500 Airbus A320 family aircraft, with deliveries scheduled to begin from 2030.

With such a large pipeline already secured, IndiGo does not face an immediate requirement to place another major order. Instead, the airline plans to use the next few years to monitor developments in aircraft technology and determine which models can offer better fuel efficiency, operating economics and range.

Bhatia’s comments underline IndiGo’s intention to remain an early adopter of new aircraft technology. The airline is particularly interested in understanding how next-generation aircraft evolve before committing to another major purchase that could shape its fleet for decades.

The timing is significant because aircraft manufacturers are working on technologies aimed at improving fuel efficiency and reducing emissions. By waiting until 2030, IndiGo expects to have greater clarity on the performance, availability and commercial viability of these newer aircraft.

The airline’s existing fleet strategy also gives it flexibility. IndiGo has traditionally relied heavily on Airbus single-aisle aircraft, benefiting from fleet commonality in areas such as pilot training, maintenance and spare parts. Its large existing order book means it can continue expanding while avoiding an immediate decision on a new generation of aircraft.

International expansion remains a major priority for the airline. IndiGo has increasingly expanded beyond its traditional domestic network and is building a larger international presence. The carrier has started using Airbus A321XLR aircraft for longer international routes, giving it the ability to connect Indian cities with more overseas destinations without relying exclusively on wide-body aircraft.

IndiGo is also preparing for the arrival of Airbus A350-900 wide-body aircraft as it looks to strengthen its long-haul network. The airline has been reshaping its international strategy while balancing aircraft availability, leasing costs and demand.

The carrier’s existing fleet provides significant room for growth. IndiGo added several aircraft during the last financial year and continues to receive deliveries from its existing order book. This gives the airline time to assess whether future growth should be supported by additional A320-family aircraft, newer-generation narrow-body models or larger aircraft for long-haul operations.

The decision to wait until 2030 is therefore not an indication that IndiGo is slowing its expansion. Instead, it reflects a strategic approach to fleet planning. Aircraft purchases involve billions of dollars in long-term commitments, and choosing a particular generation too early can leave an airline operating older technology while newer and more efficient models enter the market.

For IndiGo, the next major aircraft order could consequently be more important than simply adding capacity. It could determine the technology, economics and operating model of the airline’s fleet for much of the 2030s.

Bhatia’s comments suggest that IndiGo is comfortable using its existing order book to support growth while keeping its options open. By 2030, the airline expects to have a clearer picture of which next-generation aircraft can best support its ambitions in India and international markets.