Author: Staff Writer

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Beyond

Centre clears ₹84,0840 cr Samudra Manthan scheme

The Union Cabinet has approved the ₹84,084-crore Samudra Manthan National Offshore Exploration Scheme, giving India’s search for oil and natural gas beneath its waters a major financial push. The scheme will run through financial year 2030-31 and is aimed at increasing domestic hydrocarbon production, attracting global energy companies and reducing the country’s dependence on imported crude oil and gas.

The programme comes at a time when energy security has become a bigger priority for India. The country imports a large share of the crude oil it consumes, leaving its economy exposed to international oil prices, geopolitical tensions and disruptions in global energy supplies. By expanding exploration within Indian waters, the government hopes to create a stronger domestic source of oil and gas over the coming years.

Samudra Manthan will focus heavily on deepwater and ultra-deepwater exploration, areas that are technically difficult and expensive to explore. The government plans to share part of the financial risk involved in drilling exploratory wells, making such projects more attractive to companies with the technology and expertise needed for offshore operations.

A key component of the scheme is financial assistance for deepwater drilling. The government plans to support eligible exploratory wells by covering up to 50% of their drilling costs, subject to specified limits. A deepwater well can require an investment running into hundreds of crores of rupees, depending on its location and geological complexity. Sharing some of that risk is expected to encourage companies to take up projects that may otherwise be considered commercially challenging.

The government is also putting significant money into seismic surveys, which are essential for identifying possible oil and gas deposits beneath the seabed. Better seismic data can give exploration companies a clearer picture of underground geological structures before they commit to expensive drilling campaigns.

The scheme covers the wider offshore exploration ecosystem rather than focusing only on drilling. It includes efforts to improve geological data, develop common offshore infrastructure and strengthen domestic capabilities in equipment and services required for oil and gas exploration. The broader objective is to make offshore exploration faster, more efficient and commercially viable.

India has already started moving in this direction. Nearly one million square kilometres of offshore areas that were earlier classified as restricted or “No-Go” zones have been opened for exploration. This has significantly expanded the acreage available to energy companies and created new opportunities in several offshore sedimentary basins.

The Krishna-Godavari, Mahanadi and Cauvery basins, along with the Andaman region, are among the areas expected to benefit from the renewed exploration push. These regions are considered to have significant hydrocarbon potential, although discovering commercially viable reserves will depend on the results of seismic surveys and drilling.

The government’s strategy is also beginning to move from planning to actual exploration. Oil and Natural Gas Corporation (ONGC) has already begun drilling its first deepwater exploratory well in the Mahanadi offshore basin under the Samudra Manthan programme. The start of drilling represents an important step as India attempts to tap resources located in more challenging offshore environments.

The government is also seeking greater participation from international energy companies. Deepwater exploration requires specialised drilling equipment, advanced geological technologies and significant technical expertise. Bringing experienced global players into Indian offshore projects could help accelerate exploration while giving domestic companies access to new technology and capabilities.

The initiative could also create opportunities for India’s oilfield services and manufacturing sectors. As offshore activity expands, demand is expected to increase for drilling equipment, subsea technology, engineering services, vessels and other specialised infrastructure. This could support the government’s broader Make in India and Atmanirbhar Bharat objectives in the energy sector.

The timing of the scheme is particularly important because India’s energy demand is expected to continue rising. Economic growth, industrial activity, transport and urbanisation are all likely to keep fuel consumption elevated. Greater domestic production could therefore help reduce the pressure created by rising imports.

However, the government’s ambitious targets will depend on actual exploration success. Offshore drilling is expensive, technically complex and carries considerable geological risk. Even when oil or gas is discovered, it can take years before a field is fully developed and begins commercial production.

The government is nevertheless betting that reducing exploration risks will encourage more companies to invest. The ₹84,084-crore allocation is intended to create the conditions needed for a sustained offshore exploration campaign rather than a short-term drilling programme.

Samudra Manthan therefore represents a major shift in India’s offshore oil and gas strategy. With government funding, expanded exploration acreage, new seismic data and a push for deepwater drilling, the Centre is looking to turn India’s offshore waters into a larger source of domestic energy.

 

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Technology

Sony defends PlayStation’s 2028 disc phaseout

Sony is moving ahead with plans to phase out physical game discs for new PlayStation releases from January 2028, despite strong criticism from gamers and concerns over digital ownership. The company has acknowledged the backlash but has no immediate plans to reverse the decision. Sony Group Chief Financial Officer Lin Tao addressed the issue during the company’s latest earnings call, saying Sony understands the emotional connection many players have with physical games. However, the company plans to move forward cautiously with its transition to a digital-first PlayStation ecosystem.

The planned change marks one of the biggest shifts in the PlayStation business in years. It reflects a broader transformation in the gaming industry, where digital downloads have steadily replaced physical copies as the preferred way to purchase and access games. Sony has increasingly focused on digital distribution as players become more comfortable downloading large games directly to their consoles.

Digital downloads already account for the majority of full-game purchases on PlayStation. Sony has also expanded its range of digital-only consoles, including PlayStation models without a built-in disc drive. The company has effectively been preparing consumers for a future in which physical media becomes an optional part of the PlayStation experience rather than the standard method of buying games.

For Sony, the economics of digital distribution are difficult to ignore. Physical games require manufacturing, discs, packaging, shipping and retail distribution. Digital releases can be delivered directly through the PlayStation Store, reducing many of those costs and allowing games to reach customers instantly. Digital distribution also gives publishers greater control over pricing, promotions, updates and regional availability.

However, the decision has sparked a strong response from gamers who see physical games as more than an alternative format. A physical PlayStation game can be lent to another person, resold, traded or collected. Players can also keep a disc after a game has been removed from store shelves. This level of control is one of the biggest reasons physical media continues to have a dedicated following.

Digital purchases work differently. Games are generally connected to a player’s account and the platform’s digital ecosystem. While users can normally redownload purchased titles, long-term access depends on the continued availability of the relevant digital services and the policies of the platform owner. This has led to concerns among gamers who believe that purchasing a game should provide greater long-term control.

Collectors are particularly unhappy with the move. Physical editions, special releases and boxed copies have become an important part of gaming culture. Limited editions often include artwork, manuals, collectibles and other items that are not available with a standard digital purchase. For these consumers, removing discs represents a loss of choice rather than simply a technological upgrade.

The issue has also renewed debate around video game preservation. Digital storefronts are not guaranteed to remain available forever. Games can be removed from sale, publishers can stop supporting older titles and online services can eventually be discontinued. Although previously purchased digital games may remain accessible, there is no simple solution to ensuring that every title remains available decades into the future.

Physical games are not a perfect answer either. Many modern titles require substantial updates, online authentication or server connectivity. In some cases, the disc contains only part of the game, with additional data downloaded from the internet. Nevertheless, supporters of physical media argue that discs provide an important layer of preservation and give players greater control over their libraries.

Sony’s decision could also have an impact on video game retailers. Physical stores have traditionally depended on new releases, special editions and the second-hand games market. If new PlayStation titles are no longer manufactured on discs, retailers could lose a significant part of their gaming business.

Sony may still have a role for traditional retailers in its digital strategy. One possibility is the sale of digital game codes inside physical packaging. Under such a model, customers could purchase a boxed product from a store but redeem a code to download the game through the PlayStation Store. This would allow Sony to reduce physical production while giving retailers a tangible product to sell.

The shift is also closely connected to changes in PlayStation hardware. Sony has increasingly offered digital-only versions of its consoles, while disc drives can be purchased separately for compatible models. This gives the company greater flexibility while encouraging more customers to adopt digital gaming.

Despite the decline of physical media, demand has not disappeared. Collectors, retro gamers and players concerned about ownership continue to buy discs. Publishers also continue to produce special physical editions for major releases, showing that there remains a market for tangible gaming products.

Sony’s latest comments suggest that the January 2028 deadline remains firmly on the table. The company is not abandoning physical gaming overnight, but it is clearly preparing PlayStation for a future where digital releases dominate.

For Sony, the move reflects changing consumer habits and the financial advantages of digital distribution. For gamers, however, the debate is about ownership, preservation and choice. As Sony moves closer to its 2028 target, it will need to balance its digital ambitions with the demands of players who are not yet ready to give up the game disc.

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Corporate

Bajaj Finance shares surge 7% after strong Q1 results

Shares of Bajaj Finance delivered a strong performance on Friday, July 31, surging beyond 7% to hit a fresh all-time high after the company reported a better-than-expected performance for the June quarter.

The sharp rally added significantly to investor wealth and pushed Bajaj Finance’s market capitalisation beyond ₹7 lakh crore for the first time. On the BSE, the stock touched ₹1,128.80 during the session. The latest rally reflects growing investor confidence that the non-banking financial company (NBFC) can sustain strong loan growth while keeping credit costs and bad loans under control.

The immediate trigger was Bajaj Finance’s Q1 FY27 earnings. The company reported a 27.4% year-on-year rise in profit attributable to owners to ₹5,986 crore for the quarter ended June. Net interest income (NII), a key measure of lending performance, increased 23% to ₹12,571 crore.

The numbers were supported by continued expansion in the company’s loan book. Assets under management (AUM) grew 24% year-on-year to ₹5.47 lakh crore. During the quarter, Bajaj Finance added ₹36,969 crore to its loan book and disbursed 16.13 million new loans. Its customer franchise also expanded to 124.43 million.

For investors, however, the most encouraging part of the results was not just growth but the improvement in asset quality.

Bajaj Finance’s gross non-performing assets (GNPA) declined to 0.96% from 1.03% a year earlier. Net NPA also improved to 0.39% from 0.50%. Loan losses and provisions stood at ₹1,993 crore, including an additional ₹296 crore provision made as a precaution against macroeconomic risks.

Excluding that additional provision, loan losses fell 14% year-on-year. The loan loss ratio also improved to 1.31% from 1.87% in the year-ago quarter. The company said credit performance across recent loan vintages continued to improve.

That combination of growth and improving asset quality appears to have changed the market’s view of Bajaj Finance. Concerns about credit costs and stressed loan segments had weighed on the NBFC in previous periods. The latest results, however, suggest that the company is managing those risks while continuing to expand.

The company’s profitability metrics also remained strong. Annualised return on assets improved to 4.7% from 4.5% a year earlier, while return on equity rose to 20.4% from 19%. Capital adequacy remained comfortable at 20.9%, with Tier-I capital at 20.01%.

Brokerages have responded positively to the earnings. Motilal Oswal upgraded Bajaj Finance to ‘Buy’ from ‘Neutral’ and raised its target price to ₹1,300. The brokerage expects the company to enter a phase of structurally stronger earnings growth, supported by broad-based loan expansion, stable margins, improving asset quality and lower credit costs.

JM Financial retained its ‘Buy’ rating and raised its target price to ₹1,250 from ₹1,220. HDFC Securities also retained its ‘Buy’ recommendation with a target price of ₹1,100, although it cautioned that the stock’s elevated valuation could restrict near-term upside.

Reuters reported that at least six brokerages raised their target prices after the results. Analysts pointed to falling bad loans and stronger loan growth as key reasons for their improved outlook. CLSA noted that the calculated net slippage ratio fell 90 basis points year-on-year to 1.2%, while Nomura highlighted a decline in gross Stage-2 assets to their lowest level since the Covid-19 pandemic.

Bajaj Finance is also preparing for its next phase of technology-led expansion. Under its FINAI transformation programme, the company plans to expand its dedicated artificial intelligence team to 400 employees during FY27 and add another 300 people to its digital platforms unit.

AI is already being used in areas such as customer acquisition, underwriting, collections and servicing. The company has deployed 62 AI agents and 23 agentic AI use cases, while AI-generated loan offers have increased sharply.

For FY27, Bajaj Finance expects to disburse 60-62 million new loans and add 18-20 million customers. It also plans to open 150-175 new physical locations and expand its gold loan business.

The question now is whether Bajaj Finance shares still offer enough upside after the latest rally. The fundamentals remain strong, but the stock’s valuation has also moved higher following its record-breaking run. Analysts broadly remain constructive because of the company’s earnings growth, improving asset quality and strong franchise, while acknowledging that much of the optimism is already reflected in the share price.

In short, Bajaj Finance has given investors a powerful combination of growth, profitability and improving credit quality. The next challenge will be sustaining that momentum without allowing valuations or credit risks to get ahead of fundamentals.

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Beyond

Commercial LPG prices cut by ₹200

Commercial LPG cylinder prices have been reduced by up to ₹209 from August 1, providing relief to restaurants, hotels, caterers and other businesses that depend heavily on cooking gas. However, there is no change in the price of 14.2-kg domestic LPG cylinders, meaning household consumers will continue to pay the existing rates.

The latest revision applies to 19-kg commercial LPG cylinders. Prices have been reduced by ₹202 in Delhi and ₹209 in Kolkata. Rates have also been revised in other major cities, although the extent of the reduction varies across markets.

The cut is expected to benefit businesses that use commercial LPG regularly. Restaurants, hotels, bakeries, catering companies, roadside eateries and other food establishments are among the biggest users of 19-kg cylinders. For businesses that consume several cylinders every week, a reduction of more than ₹200 per cylinder can translate into noticeable savings over the course of a month.

The lower LPG prices could provide some relief to businesses that have been dealing with higher operating costs. Food ingredients, transportation, electricity, wages and rental expenses have all contributed to pressure on the hospitality and food-service sectors. Lower cooking gas costs could help businesses manage some of that burden.

The August 1 reduction is the second consecutive monthly cut in commercial LPG prices. Oil marketing companies had reduced commercial cylinder prices in July as well. The latest revision further reverses part of the steep increase recorded earlier this year.

Commercial LPG prices had risen sharply between March and June amid volatility in global energy markets. Geopolitical tensions in West Asia created concerns over energy supplies, shipping routes and import costs, putting additional pressure on LPG prices in India.

The increase had particularly affected restaurants and smaller food businesses, where fuel costs can account for a significant share of daily operating expenses. The reductions announced in July and August are therefore being viewed as a welcome development for commercial consumers, although prices remain higher than they were at the beginning of the year.

Household consumers, meanwhile, will not receive any direct benefit from the latest revision. The price of the 14.2-kg domestic LPG cylinder remains unchanged. Families using LPG for everyday cooking will continue to pay the existing price until the next revision affecting domestic cylinders.

The difference in pricing between commercial and domestic LPG means that a reduction in commercial cylinder rates does not automatically translate into cheaper cooking gas for households. The latest move is therefore mainly aimed at easing costs for businesses.

The lower commercial LPG rates could also have an indirect impact on consumers. Restaurants and food outlets may find it easier to absorb some of their operating costs instead of passing the entire increase on to customers. However, cheaper LPG alone is unlikely to result in an immediate reduction in food prices because businesses continue to face expenses related to ingredients, labour, rent, electricity and transportation.

The latest LPG price cut comes against the backdrop of continued uncertainty in international energy markets. Tensions in West Asia, including developments involving Iran, have affected global energy flows and raised concerns about the security of fuel supplies.

India imports a substantial share of its LPG requirements, making domestic prices sensitive to changes in international markets. Disruptions in supply routes or increases in global LPG prices can quickly affect procurement costs for Indian oil marketing companies.

The recent volatility has also highlighted the importance of diversifying India’s LPG import sources. Indian energy companies have been exploring alternative suppliers and routes to reduce dependence on particular regions and make the country’s LPG supply chain more resilient.

For commercial users, the latest reduction provides some breathing room after months of elevated prices. Businesses using multiple 19-kg cylinders could see their monthly fuel expenses fall, depending on their consumption.

For households, however, the situation remains unchanged. Domestic LPG prices have not been reduced, and families will continue to pay the existing rate for their 14.2-kg cylinders.

The latest revision therefore offers targeted relief to commercial LPG consumers rather than a broad reduction in cooking gas prices. Going forward, LPG rates will continue to depend on international energy prices, import costs, currency movements, supply conditions and geopolitical developments.

The reduction is also expected to ease some pressure on the hospitality and food-service sectors, which have faced rising input costs in recent months.

This latest revision gives businesses some cost relief, while household LPG users will have to wait for a separate price reduction.

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Corporate

Sensex rises 160 points, Nifty ends above 24,350

Equity markets ended higher on Friday, with the Sensex gaining 166 points and the Nifty50 closing above the 24,350 mark. Strong buying in financial and automobile stocks, led by Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra, helped the benchmarks overcome selling pressure in information technology stocks.

The BSE Sensex rose 166.49 points, or 0.21%, to close at 78,094.64, while the NSE Nifty50 advanced 66.45 points, or 0.27%, to settle at 24,383.60. The gains extended the market’s winning streak to a third session and helped both indices post their second consecutive monthly advance.

Bajaj Finance emerged as the biggest gainer on the Sensex, jumping 8.11% after the company reported strong June-quarter earnings. Bajaj Finserv followed with a 6.60% rise, while Mahindra & Mahindra climbed 3.58%. Adani Ports gained 2.12%, Tata Steel advanced 1.52% and Reliance Industries added 1%.

Bajaj Finance was the key driver of Friday’s rally after investors responded positively to its quarterly performance. The strong showing from the Bajaj companies also lifted the broader financial services space, which remained one of the strongest parts of the market.

Mahindra & Mahindra was another major contributor. The stock gained 3.58% as investors continued to respond to its quarterly performance and the broader strength in automobile stocks. The Nifty Auto index rose 1.64%, making it the best-performing major sectoral index during the session.

However, gains remained limited because of heavy selling in IT stocks. TCS was the biggest loser among the major benchmark constituents, falling 2.73%. Eternal declined 2.72%, while Infosys dropped 2.26%. Tech Mahindra fell 1.03% and HCLTech slipped 0.50%.

The weakness in technology shares came after a strong run earlier in July. The Nifty IT index fell 1.56% on Friday, although it remained the standout sector for the month, rising 16.8% in July. HCLTech was among the strongest monthly performers, gaining 25.7%, while Infosys, TCS and Tech Mahindra also posted double-digit monthly gains.

Other sectors performed better. The Financial Services Ex-Bank index jumped 2.91%, while Media rose 2.09%. Financial Services gained 1.17%, Oil & Gas advanced 1.08% and Pharma added 0.72%. FMCG, however, declined 1.05% alongside IT.

The broader market also remained positive. The Nifty 100, Nifty 200 and Nifty 500 gained around 0.46% each, while the Midcap and Smallcap indices also moved higher. India VIX, a measure of market volatility, fell 3.29% to 11.76, indicating relatively calmer trading conditions.

Friday’s performance also marked the end of a positive month for Indian equities. The Sensex gained about 2.1% in July, while the Nifty50 rose 2.2%. This followed gains of 2.3% and 1.4%, respectively, in June, giving both benchmarks two consecutive months of gains for the first time this year.

Foreign investor activity also improved during July. Foreign institutional investors, which had sold nearly $29.3 billion worth of Indian equities in the first six months of the year, turned net buyers in July with investments of around $1.6 billion. Improved domestic earnings and measures to support the rupee also helped sentiment.

The rupee strengthened to 95.38 against the US dollar on Friday, gaining 0.3% during the session. It recorded its strongest weekly performance since March. However, the currency still ended July around 0.7% lower as elevated crude oil prices continued to weigh on India’s import bill and market sentiment.

Crude remained a key concern for investors. Brent crude was trading around $88.16 a barrel, putting it on course for a monthly gain of about 21%. WTI crude was around $82.24 and was headed for an approximately 18% monthly increase.

The mixed performance of the top gainers and losers showed that investors remained selective. Financial and auto stocks attracted fresh buying on the back of earnings, while IT stocks saw profit booking after their strong July rally.

 

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Corporate

Swiggy loss narrows as revenue surges 37% in Q1

Swiggy has started the new financial year on a stronger note, with revenue rising sharply and losses narrowing in the first quarter of FY27. The company’s latest earnings show that its efforts to improve operating efficiency are beginning to make a difference, even as it continues to spend heavily on expanding its quick-commerce business.

For the quarter ended June 30, 2026, Swiggy reported a consolidated net loss of ₹791 crore, nearly 34% lower than the ₹1,197 crore loss recorded in the same quarter last year. The loss was also slightly lower than the ₹800 crore reported in the March quarter.

Revenue from operations increased 37.31% year-on-year to ₹6,812 crore from ₹4,961 crore in Q1 FY26. On a sequential basis, revenue was up 6.72% from ₹6,383 crore in the March quarter. Total revenue, including other income, stood at ₹7,023 crore, up 39.12% from ₹5,048 crore a year earlier.

The improvement is particularly significant because Swiggy is still investing aggressively in quick commerce, where competition remains intense. Yet, the company managed to grow revenue faster than expenses. Total expenses stood at ₹7,813 crore in Q1 FY27, compared with ₹6,244 crore a year earlier and ₹7,448 crore in the previous quarter.

That has helped improve the company’s operating performance. EBITDA loss narrowed to ₹650 crore from ₹954 crore in Q1 FY26. The EBITDA margin improved to negative 9.54%, compared with negative 19.23% a year earlier. The numbers suggest that Swiggy is getting more operating leverage as its businesses scale.

The biggest positive development came from Instamart, Swiggy’s quick-commerce business. The company said the vertical achieved contribution breakeven during the quarter, an important milestone in its effort to make the business financially sustainable.

Instamart’s Gross Order Value, or GOV, rose 39.8% year-on-year to ₹7,907 crore. Its contribution margin improved to negative 0.2%, a 440-basis-point improvement from the year-ago period. Instamart’s adjusted EBITDA loss also declined by ₹80 crore sequentially.

For Swiggy, this is an important shift. Quick commerce has been one of the biggest sources of losses for the company as it raced to add dark stores and compete with rivals in the fast-growing online grocery and convenience market. Reaching contribution breakeven means the business is now covering its variable costs at the contribution level, although it has not yet become fully profitable.

Swiggy management believes the next phase of Instamart’s growth will come from a wider and more differentiated product assortment, along with efficiencies created by increasing scale. Managing Director and Group CEO Sriharsha Majety said the contribution-breakeven milestone marked an important inflection point for the business.

Instamart’s progress is one part of Swiggy’s wider business strategy as the company works to strengthen its different operating segments and move towards sustainable growth. Read more corporate developments from companies across India in our Corporate News section.

The company’s traditional food delivery business also continued to perform well. Food delivery GOV increased 17.4% year-on-year to ₹9,490 crore during the quarter. Adjusted EBITDA from the segment stood at ₹292 crore, an improvement of ₹100 crore from the year-ago period.

Swiggy said its food delivery economics continued to strengthen as it worked on affordability and consumer-focused offerings. The company is also looking to expand adoption and reach what Majety described as the next 100 million users in the category.

Segment revenue data also underline the broad-based nature of the growth. Food delivery revenue rose 22.67% year-on-year to ₹2,208 crore, while quick-commerce revenue jumped 52.85% to ₹1,232 crore. Supply Chain and Distribution revenue increased 41.43% to ₹3,195 crore. Revenue from Out-of-Home Consumption rose 63.64% to ₹126 crore.

The Out-of-Home business, which includes dining and related experiences, also remained profitable. Its GOV grew 44.8% year-on-year, while its adjusted EBITDA margin improved to 0.9% of GOV.

Another initiative, Toing, Swiggy’s budget-focused food delivery offering, expanded to 50 cities. The company said around two-thirds of new users coming through the platform were first-time customers in the category, suggesting that affordability-focused offerings could help Swiggy reach a wider consumer base.

Despite the improved earnings, investors have not completely bought into the story yet. Swiggy shares initially responded positively to the results, closing about 3% higher at ₹293.80 on July 30. However, the stock came under pressure in Friday’s trading session, falling more than 3% during the day.

Swiggy’s Q1 FY27 results therefore offer a mixed but encouraging picture. Food delivery continues to generate healthy economics, Instamart is showing signs of maturing, and overall losses are narrowing. The challenge now is to turn these improvements into consistent profitability without sacrificing growth in India’s fiercely competitive food delivery and quick-commerce markets.

For investors, the coming quarters will be important. The focus is likely to remain on Instamart’s path towards EBITDA profitability, food delivery margins, customer growth and whether Swiggy can maintain strong revenue growth while keeping costs under control. For now, the latest results suggest the company is moving in the right direction, but the journey to sustained profits is not over yet.

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Beyond

Maruti Suzuki’s Gujarat plant hits 1 mn capacity

Maruti Suzuki India has expanded its manufacturing footprint in Gujarat with the start of commercial production at the fourth plant of its Hansalpur facility, taking the company’s total annual production capacity to 2.9 million vehicles.

The new plant, known as Plant D, adds 2.5 lakh units of annual production capacity. With its commissioning, the Hansalpur facility can now produce up to 10 lakh vehicles a year, up from 7.5 lakh units earlier. This makes it India’s largest passenger vehicle manufacturing facility at a single location and the first Suzuki manufacturing site globally to reach an annual capacity of one million vehicles.

For Maruti Suzuki, the expansion comes at a time when demand for passenger vehicles is evolving rapidly, particularly in the SUV and electric vehicle segments. The additional capacity gives the country’s largest carmaker more room to respond to demand in India while also strengthening its ability to use India as a manufacturing and export hub.

The new plant has been developed with an investment of around Rs 3,900 crore. The company’s cumulative investment at Hansalpur has now risen to about Rs 25,289 crore, highlighting the growing importance of Gujarat in Maruti Suzuki’s manufacturing strategy.

The facility will initially produce the Maruti Suzuki e VITARA, the company’s first battery electric vehicle. The e VITARA is being manufactured exclusively at the Gujarat facility and is positioned as a key product in Suzuki’s global electric vehicle strategy.

The move is also significant because the e VITARA is not being built only for Indian customers. Maruti Suzuki has been exporting the model to international markets, with the Hansalpur plant serving as its global production hub. The company exported more than 4.47 lakh vehicles in FY2025-26, its highest-ever annual export volume, marking growth of more than 34% from the previous financial year.

The expansion therefore goes beyond simply adding more cars to the production line. It strengthens Gujarat’s role in Maruti Suzuki’s larger plan to make India a global manufacturing base for both conventional and electric vehicles.

The company has been steadily increasing its manufacturing capacity across the country. Its facilities are now spread across Gurugram, Manesar and Kharkhoda in Haryana, along with Hansalpur in Gujarat. With the latest expansion, total installed capacity is expected to reach 2.9 million vehicles annually in FY2026-27.

The increase comes after another major capacity addition at Kharkhoda in Haryana. Maruti Suzuki recently began commercial production at the second plant there, adding another 2.5 lakh units and taking the Kharkhoda facility’s capacity to 5 lakh vehicles annually. The company plans to eventually increase the facility’s capacity to one million vehicles a year.

Maruti Suzuki has set its sights even higher for the years ahead. The company has indicated an ambition to take its overall production capacity to around four million vehicles annually. It is also developing another manufacturing facility at Khoraj Industrial Estate in Sanand, Gujarat, with a planned annual capacity of one million vehicles once fully operational.

This expansion reflects the changing nature of India’s automobile market. Maruti Suzuki continues to have a strong presence across hatchbacks, sedans, SUVs and other passenger vehicle categories, but the company is increasingly investing in technologies that can serve future demand.

Electric mobility is an important part of that transition. The e VITARA represents Maruti Suzuki’s entry into the battery electric vehicle market, while the company is also working on hybrid technology and local battery manufacturing. In 2025, Suzuki began production in India of lithium-ion battery cells and electrodes for strong-hybrid electric vehicles, alongside the launch of e VITARA production.

The Gujarat expansion also fits into Maruti Suzuki’s broader export strategy. The company has increasingly positioned India as a source of vehicles for overseas markets, helped by the scale of its manufacturing ecosystem and supplier base. Its record export performance last year shows that overseas demand is becoming an increasingly important part of the business.

At the same time, Maruti Suzuki is trying to make its manufacturing operations more sustainable. The company has been increasing the use of solar power and biogas at its plants. At Hansalpur, biogas has already replaced natural gas for around 10% of energy requirements, helping the facility manage energy supply while reducing its environmental footprint.

For consumers, the immediate impact of the new plant may not be visible overnight. But greater production capacity can give Maruti Suzuki more flexibility to manage demand, reduce pressure on existing facilities and support the launch and expansion of newer models.

For the Indian auto industry, however, the milestone is hard to miss. A single passenger vehicle manufacturing location capable of producing one million vehicles annually underlines the scale that India’s automobile manufacturing sector has reached.

With Hansalpur now operating at a one-million-unit capacity, Maruti Suzuki is effectively building a much larger production base around India’s growing domestic market and its ambitions overseas. The company’s next challenge will be to keep these factories running efficiently while navigating changing customer preferences, the shift towards SUVs and EVs, and intensifying competition in the passenger vehicle market.

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Beyond

US bans new Chinese humanoid robots

The United States has tightened its technology restrictions on China by blocking new imports of Chinese-made humanoid and four-legged robots, citing national security and cybersecurity risks. The move comes at a sensitive time for US-China relations, just weeks before Chinese President Xi Jinping is expected to meet US President Donald Trump in September.

The Federal Communications Commission (FCC) announced the restrictions on July 28, adding foreign-produced advanced robotic devices to its list of equipment considered a national security risk. The decision means new models of humanoid robots, quadruped robots and certain connected power inverters will face a major barrier to entering the US market.

The policy is particularly significant because China has built a commanding position in the global humanoid robot market. Chinese manufacturers are estimated to account for about 85% of the worldwide humanoid robotics market. The country has also rapidly increased production, lowered costs and expanded exports as companies race to commercialise robots that can work in factories, warehouses and other environments.

The FCC says the decision is not simply about trade competition. It argues that advanced robots can create cybersecurity and supply-chain risks because they combine cameras, sensors, wireless connectivity and sophisticated software. If compromised, such devices could potentially collect data, disrupt operations or become a pathway into connected networks.

The agency has also raised concerns about dependence on foreign manufacturing for technologies that could become important to US industry and national infrastructure. FCC Chairman Brendan Carr said the commission wanted to help secure America’s critical supply chains and reduce vulnerabilities linked to offshore production.

For ordinary consumers, the impact will not be immediate across every robot already sold in the United States. The restrictions are aimed mainly at new or previously unauthorised models. Robots that have already received the necessary US approvals are not simply being removed from the market because of the new decision.

That distinction matters for Chinese robotics companies that already have products in the US. Unitree Technology, one of China’s best-known robot makers, is among the companies most exposed to the policy. Its humanoid and quadruped robots have become popular because they are considerably cheaper than many competing platforms developed in the US.

Unitree is now facing the issue at an important moment. The company is preparing for a planned Shanghai STAR Market initial public offering, and it has warned investors that growing US restrictions could affect its overseas expansion. More than 40% of its revenue has come from international markets in the periods disclosed in its IPO filing, while the US has accounted for as much as 19.54% of sales.

The broader numbers show why the US decision could have an impact beyond one company. Around 15,000 humanoid robots were shipped worldwide in 2025, according to Omdia data cited by the Associated Press. Chinese companies Unitree and AGIBOT each shipped more than 5,000 units, while leading US companies such as Tesla and Figure AI shipped only a few hundred or fewer.

This gap has become an important part of the US-China technology race. Washington is increasingly concerned that Chinese companies could establish the same kind of cost and manufacturing advantage in robotics that they have built in areas such as electric vehicles, batteries and solar equipment.

For the United States, humanoid robots are no longer viewed simply as futuristic machines. They are increasingly linked to artificial intelligence, manufacturing and industrial automation. The idea is that robots powered by increasingly capable AI systems could eventually take on repetitive or physically demanding jobs, helping factories address labour shortages and increase productivity.

That is also why the restrictions are closely connected to America’s broader AI strategy. The Trump administration wants more strategic manufacturing and technology production to take place inside the United States. Officials have argued that allowing foreign companies to dominate key parts of the robotics supply chain could create vulnerabilities as the technology becomes more important.

China has strongly rejected the US action. Beijing has accused Washington of using national security as a justification for protectionism and targeting Chinese businesses. The Chinese government has warned that it will take necessary measures if US actions materially harm Chinese interests.

The timing makes the dispute even more politically sensitive. The robot restrictions were announced ahead of a planned September meeting between Trump and Xi. Technology, trade and supply-chain security are already major points of tension between the two countries, and the new robotics restrictions could add another issue to the agenda.

For China, the immediate US market may be important, but its enormous domestic market gives its robot makers room to continue scaling. Analysts cited by the Associated Press believe restricting access to the US is unlikely by itself to slow China’s overall humanoid robotics development significantly because Chinese manufacturers have a large home market and growing opportunities elsewhere.

The US-China technology rivalry is therefore moving into a new area. After years of disputes over semiconductors, artificial intelligence, electric vehicles and drones, humanoid robots are becoming another strategic battleground.

 

Categories
Technology

iPhone 18 Pro leaks hint at major upgrades

Apple’s next premium iPhones are beginning to take shape through a growing stream of leaks, with the iPhone 18 Pro and iPhone 18 Pro Max expected to arrive in September 2026. While Apple has not confirmed the launch date or specifications, recent reports point to meaningful upgrades in cameras, processing power, battery life and connectivity rather than a completely new design.

The iPhone 18 Pro series is expected to continue Apple’s familiar premium design language. The iPhone 18 Pro could retain a 6.3-inch display, while the iPhone 18 Pro Max is expected to feature a 6.9-inch screen. That means users should not expect a major change in screen size compared with the current Pro models.

The bigger display-related change could be under the surface. Apple is reportedly considering LTPO+ display technology for the new Pro models. The technology could make the screen more power-efficient and potentially help improve battery endurance. Reports also suggest that Apple may reduce the size of the Dynamic Island by moving some Face ID components beneath the display. One recent leak claims the front cutout could become significantly smaller, although this detail remains uncertain.

For users who care most about photography, the camera could be the biggest reason to watch the iPhone 18 Pro launch. Apple is reportedly preparing a variable-aperture main camera for the Pro models. Unlike the fixed aperture found on current iPhones, a variable aperture can adjust the amount of light reaching the camera sensor.

In practical terms, that could give the iPhone greater flexibility in bright and low-light conditions. It could also improve depth-of-field control, making portrait photographs look more natural. The feature may also help with video exposure in difficult lighting. However, it is not yet clear whether Apple will allow users to manually control the aperture or manage it automatically through the camera software.

The telephoto camera is also expected to receive improvements, particularly in aperture and low-light performance. Some reports have additionally pointed to a new stacked image sensor for at least one Pro model, which could help improve image processing and reduce noise. These camera changes, if they arrive, would give Apple another way to compete with increasingly capable Android camera phones.

Performance is another major focus. The iPhone 18 Pro models are expected to be powered by Apple’s A20 Pro chip, reportedly manufactured using TSMC’s first-generation 2nm process. Moving from the current 3nm generation to 2nm could deliver improvements in processing performance and power efficiency.

The smaller manufacturing process could allow Apple to fit more transistors into the chip while reducing energy consumption. That could be particularly useful for demanding tasks such as gaming, video editing and on-device artificial intelligence. Reports also suggest Apple may use an advanced chip-packaging method to improve performance further.

Connectivity could receive an upgrade through Apple’s second-generation C2 modem. The modem is expected to improve 5G performance and power efficiency. Some leaks also suggest support for satellite-based 5G connectivity, potentially allowing limited internet access without conventional cellular or Wi-Fi networks. The exact availability of such a feature could vary by market.

Battery life is another area where the iPhone 18 Pro Max could see a noticeable improvement. One report suggests the larger model could receive a battery close to 10% larger than its predecessor. Another estimate puts the capacity at around 5,200mAh. Combined with the efficiency gains expected from the A20 Pro chip and new modem, this could result in longer real-world battery life.

The Pro Max could, however, become slightly thicker to accommodate the larger battery. Leaks also suggest a refreshed rear finish and new colour options, including a dark cherry or deep red shade, along with lighter blue, dark grey and silver variants.

Apple may also tweak the Camera Control button, reportedly simplifying its design and reducing some touch and haptic functionality. The rear Ceramic Shield area could receive a more seamless, frosted appearance.

The biggest surprise may eventually be the price. Recent reports suggest the iPhone 18 Pro models could cost considerably more than their predecessors because of higher component, memory and manufacturing costs. Estimates have ranged from around $200 to $300 higher in some configurations. Indian pricing could therefore rise sharply, although no official figures are available yet.

 

Categories
Leaders

Vedanta Names Misra CEO, Q1 profit surges 72%

Vedanta Ltd has appointed Arun Misra as its chief executive officer for a one-year term, effective August 1, 2026, as the mining major reported a sharp 71.8% rise in consolidated net profit for the June quarter.

The leadership change comes at a strong moment for the company. Vedanta reported consolidated net profit of Rs 5,473 crore for the first quarter of FY27, compared with Rs 3,185 crore in the same period a year earlier. The company attributed the improvement mainly to higher sales, stronger global metal prices and favourable currency movements.

Misra, who currently heads Hindustan Zinc, will move to the top job at Vedanta from August 1. The company’s board approved his reappointment as executive director and additionally designated him as CEO for one year, subject to shareholder approval. He will step down from his current role at Hindustan Zinc to take charge of the wider Vedanta group.

The appointment is significant because Hindustan Zinc has been one of Vedanta’s strongest-performing businesses. The company delivered record first-quarter numbers, with net profit rising 145% year-on-year to Rs 5,469 crore, supported by higher production, lower costs and strong zinc and silver prices.

Misra’s move therefore represents an internal leadership transition at a time when the group is benefiting from a favourable metals cycle. Higher prices for zinc, copper and silver have provided a major boost to Vedanta’s revenue and profitability.

Vedanta’s revenue from operations rose 53.6% year-on-year to Rs 24,205 crore in Q1 FY27, compared with Rs 15,754 crore in the year-ago quarter. Expenses also increased, rising to Rs 17,558 crore from Rs 13,203 crore. Despite the higher costs, the increase in metal prices helped the company expand its margins significantly.

Profit after tax from continuing operations jumped 152% year-on-year to Rs 5,294 crore, while EBITDA nearly doubled to Rs 8,469 crore, an increase of 98%. The numbers underline the strength of Vedanta’s operating performance across its key businesses.

The improvement was broad-based. According to the company’s results, the zinc and lead business benefited from stronger prices, while the copper segment also recorded significant growth. Silver revenue more than doubled, helped by a sharp rise in silver prices. The broader strength in base metals has been a major advantage for the diversified natural resources company.

Global metal prices have risen sharply during the period. Spot zinc prices were up around 31% year-on-year, while copper prices gained about 40%. Silver prices more than doubled, according to data cited in reports. Supply disruptions, steady demand and geopolitical concerns have supported prices, creating a favourable environment for metal producers such as Vedanta.

The company, however, also faced higher input costs. Raw material expenses increased by 37%, while overall expenses rose 33%. The sharp rise in selling prices nevertheless helped Vedanta absorb much of the cost pressure and protect profitability.

Vedanta’s balance sheet also showed improvement during the quarter. Net debt stood at Rs 8,299 crore as of June 30, down Rs 2,223 crore from the previous quarter. The company said the reduction was mainly driven by cash generated from operations.

The quarter also highlighted the impact of Vedanta’s ongoing demerger strategy. The group has been separating businesses into independently listed entities, with the aim of unlocking value for shareholders and allowing individual businesses to operate with greater focus.

Vedanta’s board has now also approved the draft scheme to demerge its real estate business into Vedanta Property Platforms Ltd. The proposed restructuring is part of the group’s broader effort to simplify its corporate structure and unlock value from individual businesses.

The company said the combined market capitalisation of the entities created through its demerger process has increased by more than Rs 71,000 crore during the first quarter. The restructuring remains a major focus for investors tracking Vedanta shares and the group’s longer-term strategy.

Investors also reacted positively to the earnings. Vedanta shares closed about 1.1% higher after the results, reflecting optimism around the company’s improved operating performance and the continuing strength of the commodities cycle.

For Vedanta, the next phase will be about sustaining the momentum while managing commodity-price volatility, costs and the execution of its restructuring plans. Misra takes over with experience running one of the group’s most profitable businesses, at a time when stronger metal prices have significantly improved the company’s financial performance.

The leadership transition and strong Vedanta Q1 results therefore arrive together, giving the new CEO both a strong earnings base and a demanding mandate: maintain operational efficiency, manage the group’s diverse businesses and continue the demerger-led value creation strategy.