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Gold nears ₹1.43 lakh, silver trades around ₹2.19 lakh

Gold and silver prices moved lower in early trade on Friday, July 31, as investors booked profits after recent gains and a stronger US dollar put pressure on precious metals. Rising tensions between the US and Iran also added to market uncertainty, even as softer US inflation data offered some relief to bullion investors.

On the Multi Commodity Exchange (MCX), the most active gold futures contract fell 0.62%, or Rs 905, to Rs 1,43,935 per 10 grams. The contract had settled at Rs 1,44,840 in the previous session.

Silver futures were also under pressure. MCX silver declined 0.49%, or Rs 1,079, to Rs 2,18,888 per kg. It moved between Rs 2,18,538 and Rs 2,18,935 during early trade, compared with the previous close of Rs 2,19,967 per kg.

The fall came after a strong previous session for bullion. Gold and silver had gained after the US Federal Reserve kept interest rates unchanged on Wednesday. With prices rising sharply in the previous session, some investors chose to lock in gains, leading to profit-booking in the gold price today and silver markets.

The stronger US dollar added another layer of pressure. The dollar index rose around 0.40% on Friday, making dollar-denominated gold more expensive for investors holding other currencies. A stronger dollar generally weighs on global bullion demand because buyers using other currencies have to pay more for the same quantity of gold.

At the same time, geopolitical uncertainty remained high. The ongoing US-Iran conflict has kept investors cautious and pushed oil prices higher. Brent crude was trading near $88 a barrel on Friday morning, despite easing somewhat from recent levels.

Higher oil prices are important for gold investors because they can add to inflationary pressure. If energy costs remain elevated, markets may expect interest rates to stay higher for longer, which can reduce the appeal of non-yielding assets such as gold.

The US Federal Reserve’s latest decision has also created a mixed picture for the gold price forecast. The Fed kept its policy rate unchanged on July 29, but three members of its policy committee voted for a 25-basis-point rate increase. The dissent highlighted continuing concerns about inflation.

US inflation data, however, provided some support to the precious metals market. The Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred inflation measure, declined 0.1% month-on-month in June after rising 0.5% in May. On a year-on-year basis, the PCE index rose 3.7%.

The Consumer Price Index (CPI) also eased to 3.5% in June from 4.2% in May. Softer inflation could reduce pressure on the Federal Reserve to raise interest rates aggressively, which would normally be positive for gold. However, investors remain concerned that higher energy prices caused by the Middle East conflict could push inflation higher again.

Meanwhile, domestic gold rates in India remained largely stable despite the weakness in MCX futures. According to the latest retail rates, 24-carat gold was priced at Rs 14,434 per gram in Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune. The 22-carat rate stood at Rs 13,231 per gram, while 18-carat gold was priced at Rs 10,826 per gram.

Delhi recorded slightly higher prices, with 24-carat gold at Rs 14,449 per gram, 22-carat gold at Rs 13,246 and 18-carat gold at Rs 10,841. Ahmedabad and Vadodara also reported marginally higher rates than several other major cities.

Chennai’s 24-carat and 22-carat rates were in line with the prices seen across several other cities, although its 18-carat gold rate was slightly higher at Rs 11,046 per gram. The small differences between cities are mainly linked to local taxes, demand and other market factors.

The contrasting movement between MCX gold prices and retail rates highlights how domestic jewellery prices do not always immediately mirror international or futures-market movements. Retail gold prices also reflect local costs, taxes, dealer margins and currency movements.

For traders, technical levels are now becoming important. Analysts cited by Mint see support for MCX gold around Rs 1,42,400 and Rs 1,41,750, while resistance is placed near Rs 1,44,000 and Rs 1,45,100. For silver, support levels are seen around Rs 2,17,700 and Rs 2,16,000, with resistance at Rs 2,22,200 and Rs 2,24,500.

Investors will now closely track the US dollar, Treasury yields, crude oil prices, geopolitical developments and upcoming economic data for fresh direction. The Fed’s interest-rate outlook will remain particularly important because expectations of lower rates tend to support gold, while higher-rate expectations can put pressure on it.

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Corporate

Patanjali gets IRDAI nod to enter general insurance

Patanjali Ayurved is preparing to sell more than toothpaste, packaged foods and Ayurvedic products. The company founded by yoga guru Baba Ramdev has received regulatory approval to enter India’s general insurance business through the acquisition of Magma General Insurance.

The Insurance Regulatory and Development Authority of India (IRDAI) has approved the proposed acquisition by Patanjali Ayurved and the Dharampal Satyapal (DS) Group. The transaction, valued at nearly ₹4,500 crore, will give Patanjali a 73.56% stake in Magma General Insurance, while the DS Group will hold 24.5%. Together, the two buyers will control about 98% of the insurer.

The approval, issued through a letter dated July 28, is valid for three months. The buyer group will have to complete the share transfer within that period and meet the conditions attached to the regulatory clearance.

For Patanjali, the deal represents a significant shift in strategy. The company has built its name around Ayurveda, healthcare products, personal care, packaged foods and other fast-moving consumer goods. Insurance will now become its first major business in financial services.

Rather than applying for a fresh insurance licence and building a company from scratch, Patanjali is entering the market by acquiring an existing general insurer. Magma already has an operating business and offers products across areas such as motor, health, property and commercial insurance.

That gives Patanjali something it would have taken years to build on its own: an established insurance platform, an existing customer base and a functioning distribution network.

Magma General Insurance reported gross written premiums of ₹3,615.48 crore in financial year 2025-26, compared with ₹3,334.4 crore in the previous year. Its reported net worth stood at about ₹1,234 crore as of March 31, 2026, according to Crisil Ratings.

The insurer’s existing reach could be particularly important for Patanjali. Magma distributes insurance through agents, corporate partners, financial-services channels and automobile-related networks. Patanjali, meanwhile, has spent years developing a wide retail presence, including in smaller towns and rural and semi-urban markets.

The combination could therefore offer Patanjali a way to take insurance products deeper into markets where awareness and penetration remain relatively low. Industry observers expect the company to explore how its existing consumer network can complement Magma’s insurance distribution capabilities.

The acquisition also comes at a time when India’s insurance sector is attracting fresh capital and new strategic interest. Recent regulatory changes have opened the door to greater ownership flexibility, while insurers are looking to expand coverage in a market that remains underinsured compared with many developed economies.

Insurance is also a very different business from selling consumer products. A policy is a long-term promise, and the real test comes when a customer files a claim. The new owner will therefore have to balance Patanjali’s strong consumer recognition with the regulatory, actuarial and risk-management requirements of the insurance business.

The transaction itself has been in the works for more than a year. The proposed acquisition involved shares held by existing shareholders, including Sanoti Properties LLP, linked to the Adar Poonawalla Group, along with Celica Developers and Jaguar Advisory Services.

Magma General Insurance was originally established in 2009 as a joint venture involving Magma Fincorp, Celica Developers, Jaguar Advisory Services and Germany’s HDI Global SE. The Poonawalla group later acquired Magma Fincorp in 2021, making it the promoter of the insurance company.

The IRDAI clearance now brings the transaction closer to completion. Once the share transfer is completed, Patanjali will become the majority owner of Magma General Insurance, marking its formal entry into the financial services sector.

The insurance venture, however, will be judged on a different measure. For Patanjali, the challenge is no longer simply reaching consumers. It is earning their trust when they need financial protection the most.

Patanjali’s move is notable because it brings a large consumer-facing Indian brand into general insurance at a time when the sector is becoming increasingly competitive.

For customers, however, the bigger question will be what changes after the ownership transition. The company will need to build confidence around pricing, policy terms, claims settlement and customer service—areas that matter far more to insurance buyers than the strength of a brand name.

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Paytm Payments Bank faces final closure

The Delhi High Court has ordered the winding up of Paytm Payments Bank Limited (PPBL), bringing the troubled banking entity closer to its final closure after years of regulatory scrutiny and compliance concerns.

The Reserve Bank of India (RBI) said the High Court, through orders dated July 8 and July 22, 2026, directed that PPBL be wound up under the Banking Regulation Act, 1949, read with the Companies Act, 2013. The court has appointed Girikumar M Nair, a former Chief General Manager of the State Bank of India, as the Official Liquidator.

The liquidator will oversee the winding-up process and exercise the powers assigned under the relevant banking and company laws. According to the RBI, those powers will include taking charge of the affairs of the bank and handling the process of settling its remaining obligations.

The latest court order follows the RBI’s decision on April 24, 2026, to cancel the banking licence of Paytm Payments Bank under Section 22(4) of the Banking Regulation Act.

The RBI said the licence was cancelled because PPBL had failed to comply with regulatory requirements and that its affairs had been conducted in a manner detrimental to the interests of the bank and its depositors. The cancellation took effect from the close of business on April 24.

The central bank had also announced that it would approach the High Court to initiate winding-up proceedings.

At the time, the RBI said PPBL had sufficient liquidity to repay its entire deposit liabilities during the winding-up process. This was an important assurance for customers who still had money associated with the payments bank.

The closure is the culmination of a regulatory process that began several years ago.

In March 2022, the RBI directed Paytm Payments Bank to stop onboarding new customers, citing material supervisory concerns. Restrictions were subsequently tightened after further examinations and compliance reviews.

In January 2024, the RBI ordered PPBL to stop accepting fresh deposits, credit transactions and top-ups in customer accounts, prepaid instruments, wallets, FASTags and National Common Mobility Cards. The deadline for these restrictions was later extended to March 15, 2024.

The RBI’s action effectively separated many of the services customers associated with Paytm from the banking entity itself.

The winding up of Paytm Payments Bank does not mean that the Paytm app itself is being shut down. One 97 Communications, which operates Paytm, has said that its digital payment services continue to operate and that Paytm UPI works through a multi-bank arrangement with other partner banks.

This distinction is important. Paytm and Paytm Payments Bank are separate entities. The RBI’s action is directed at PPBL’s banking licence and does not cancel Paytm’s ability to operate as a digital payments platform.

Paytm has said that services including Paytm UPI, QR payments, Soundbox, card machines, payment gateway, bill payments, recharges, Paytm Gold and Paytm Money remain operational.

For users making UPI payments through Paytm, the money is routed through the bank account linked to their UPI service rather than being held by Paytm Payments Bank.

Customers who still have balances or claims connected to PPBL will have their interests handled through the liquidation process.

The RBI had earlier stated that the bank had adequate liquidity to meet its entire deposit liability while being wound up. The appointment of an official liquidator now provides a formal mechanism for dealing with the bank’s assets, liabilities and customer claims.

The Deposit Insurance and Credit Guarantee Corporation (DICGC) had also cancelled PPBL’s registration as an insured bank following the RBI’s licence cancellation on April 24, 2026.

Customers should therefore distinguish between money held with Paytm Payments Bank and money held in another bank account linked to the Paytm app for UPI transactions.

Paytm Payments Bank was once a major part of India’s fast-growing digital payments ecosystem. Its licence and subsequent restrictions had already forced Paytm to move much of its payments infrastructure away from the bank.

The latest High Court order therefore represents the formal end of the banking entity rather than the end of Paytm‘s broader digital payments business.

For ordinary users, the practical message is relatively simple: Paytm UPI and the Paytm app continue to function, but Paytm Payments Bank itself is being wound up. Customers with old PPBL accounts, wallets or other balances should follow communications from the official liquidator and the RBI regarding settlement and withdrawals.

The case also serves as a reminder that rapid growth in fintech and digital payments does not reduce the importance of KYC compliance, banking regulations, corporate governance and depositor protection. For Paytm, the winding-up order closes one of the most consequential chapters in its evolution from a digital wallet pioneer into a broader financial-services platform.

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Corporate

Sensex rises 270 points, Nifty closes above 24,300

Indian equity markets ended higher on Thursday, with the Sensex gaining 273.55 points and the Nifty 50 closing above the 24,300 mark. The gains came despite a cautious trading session, as investors weighed the US Federal Reserve’s decision to keep interest rates unchanged against signals that borrowing costs could remain elevated for longer.

The 30-share BSE Sensex closed at 77,928.15, rising 273.55 points, or 0.35 per cent. The NSE Nifty 50 gained 66.95 points, or 0.28 per cent, to settle at 24,317.15. The Nifty extended its gains for a second straight session, although the overall market mood remained mixed.

The market’s performance was shaped by a combination of domestic earnings, sector-specific buying and global cues. The US Federal Reserve kept its benchmark interest rates unchanged, but three policymakers dissented in favour of a rate hike. That raised concerns that US interest rates could stay higher for longer, limiting the scope for a stronger rally in global equities.

On Dalal Street, auto stocks were among the strongest performers. The Nifty Auto index gained 1.6 per cent, supported by encouraging quarterly results. Mahindra & Mahindra rose around 2 per cent, while Balkrishna Industries surged 10.8 per cent after reporting a strong June-quarter performance. Balkrishna Industries posted a 50 per cent year-on-year increase in consolidated net profit to Rs 432 crore.

Mahindra & Mahindra was also among the top Nifty gainers after reporting a 7 per cent rise in first-quarter profit to Rs 3,685 crore. Revenue increased 23 per cent year-on-year, providing further support to the auto segment. Maruti Suzuki also gained around 2 per cent during the session, adding to the sector’s strength.

Coal India was another key performer, rising around 2 per cent and featuring among the leading gainers on the Nifty. Maruti Suzuki and other auto counters also attracted buying interest as investors continued to track the June-quarter earnings season.

The broader market, however, did not match the strength seen in the headline indices. The Nifty Midcap 100 fell 0.31 per cent, ending a three-session winning streak, while the Nifty Smallcap 100 declined 0.56 per cent. KPIT Technologies was among the sharper midcap losers, falling 7.46 per cent after weak first-quarter results.

Banking stocks remained under pressure. The Nifty Bank index slipped around 0.1 per cent, with Federal Bank and Yes Bank among the notable losers. The weakness in financial stocks limited the broader market’s upside even as select large-cap shares remained firm.

Dabur India also came under selling pressure and fell around 1.8 per cent. Brokerages pointed to subdued underlying growth and a lack of near-term earnings catalysts. Realty was the weakest major sectoral index, while financial services, banking, private banks, cement and chemicals also remained under pressure.

The IT sector offered some support to the market. The Nifty IT index gained around 0.2 per cent on Thursday and has risen about 18.6 per cent in July, putting it on track for its strongest monthly performance in six years. The sector has benefited from expectations that Indian technology companies could remain relatively better placed amid concerns surrounding an artificial-intelligence-led sell-off in global technology stocks.

Sun Pharmaceutical Industries was another stock in focus after hitting a record high following approval from Brazil’s health regulator for its semaglutide injection. The development added to positive sentiment around the pharmaceutical major.

Among other corporate developments, Vedanta reported a sharp 72 per cent year-on-year increase in June-quarter profit to Rs 5,473 crore, while revenue rose 54 per cent to Rs 24,205 crore. Vedanta Aluminium reported a 216 per cent rise in profit to Rs 5,629 crore, with revenue increasing 46 per cent.

Bajaj Finance also reported strong quarterly numbers, with net interest income rising 23 per cent year-on-year to Rs 12,571 crore and profit increasing 28 per cent to Rs 6,081 crore. These earnings helped keep investors focused on company-specific developments despite uncertainty in global markets.

Oil prices remained another concern for investors. Brent crude rose about 0.3 per cent to around $91 a barrel after a sharp jump in the previous session amid renewed tensions in West Asia. Higher crude prices remain a potential pressure point for India because the country relies heavily on imports to meet its energy needs.

The rupee ended almost unchanged at Rs 95.6775 against the US dollar, compared with Rs 95.6475 in the previous session. The currency’s stability offered some comfort even as investors continued to monitor global interest rates, crude prices and geopolitical developments.

Overall, Thursday’s session reflected a market that was willing to move higher but remained selective. Strong auto earnings, buying in IT and gains in heavyweight stocks helped the Sensex and Nifty finish in positive territory. At the same time, weakness in banks, realty and broader-market stocks showed that investors remained cautious.

With the June-quarter earnings season continuing, domestic results are likely to remain a major driver for individual stocks. At the same time, the Federal Reserve’s rate outlook, crude oil prices, the rupee and developments in West Asia will continue to influence market sentiment in the coming sessions.

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Protec General Insurance gets IRDAI R2 approval

Protec General Insurance has crossed an important regulatory milestone after receiving the Insurance Regulatory and Development Authority of India’s (IRDAI) R2 approval, bringing the new general insurer one step closer to starting operations in India.

The company is backed by the M Pallonji Group and a group of prominent investors, including Federal Bank, True North’s Divya Sehgal and members of the S K Munjal family. The latest approval comes at a time when India’s insurance industry is seeing renewed interest from investors and new companies, supported by regulatory reforms aimed at increasing insurance penetration and competition.

The R2 approval is a key stage in IRDAI’s licensing process. With this clearance, Protec General Insurance can now move towards the final R3 approval, which is required before the company can formally begin underwriting insurance policies and conducting general insurance business.

According to IRDAI, the regulator has approved the grant of a Certificate of Registration to ProTec General Insurance, allowing it to undertake general insurance business subject to the applicable regulatory framework. The approval makes Protec the fourth insurance company to receive regulatory approval in 2026.

The development follows a series of new licences issued by IRDAI this year. Earlier, the regulator approved Kiwi General Insurance, Prudential HCL Health Insurance and Allianz Jio Reinsurance. The regulator has said these approvals reflect growing investor confidence in India’s insurance sector and the momentum created by recent reforms.

Protec’s ownership structure brings together established business and financial interests. The M Pallonji Group, led by Mehli Mistry, is the largest shareholder and forms part of the promoter group along with Divya Sehgal. Federal Bank and members of the S K Munjal family are among the other investors in the venture.

Federal Bank already has a significant presence in the insurance industry through its 30% stake in Ageas Federal Life Insurance Company. The participation of the bank in Protec gives the new venture an additional connection to India’s established financial services ecosystem.

The journey towards the latest approval began earlier this year. In April, the M Pallonji-led venture received IRDAI’s R1 approval. At that stage, the regulator evaluated the proposed company’s business plan, capital commitment and governance structure. The R2 stage focuses on the readiness of the proposed insurer to meet the required capital and other regulatory conditions, while R3 represents the final stage before commercial operations can begin.

The company’s progress comes as the Indian insurance market enters a period of significant change. The government and the regulator have been working to widen insurance coverage, encourage fresh capital and make the sector more competitive. Recent changes have also opened the door to greater foreign participation in the industry.

IRDAI said that following the amendment allowing 100% foreign investment in insurance, one life insurer and one general insurer have increased foreign shareholding beyond the earlier 74% limit. The regulator believes such changes can attract more capital into the sector and strengthen investor confidence.

Alongside the approval for Protec, IRDAI has introduced several other regulatory changes designed to make it easier for insurers and intermediaries to operate while strengthening consumer protection.

The reforms include liberalised investment norms and simpler procedures for capital infusion, restructuring, share transfers and amalgamations. IRDAI has also sought stronger actuarial oversight and financial governance as insurance companies expand their operations.

For policyholders, one of the notable changes is the operationalisation of the Policyholders’ Education and Protection Fund. The initiative is intended to improve insurance awareness, strengthen grievance redressal and help policyholders recover eligible unclaimed amounts. It also aims to encourage insurers to use technology to improve customer services.

IRDAI has also changed rules for insurance intermediaries. Authorised salespersons will have to be tagged to individual insurance proposals and policies, creating greater accountability and making it easier to trace how policies are sold. The regulator has also moved from periodic renewal of intermediary registrations to perpetual registration supported by an annual fee.

For Protec General Insurance, the immediate priority will now be completing the final regulatory requirements and preparing for commercial operations. Once the R3 licence is secured, the company will need to build its distribution network, develop insurance products, establish claims and customer-service systems and compete for market share against established general insurers.

The entry of another general insurer could give customers more choice across products such as motor insurance, health-related covers, property insurance, travel insurance and other non-life protection products, depending on the company’s eventual product strategy.

 

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Corporate

Cognizant revenue rises 4.5% as spending caution persists

Cognizant Technology Solutions has reported a steady second quarter for 2026, with revenue growing 4.5% year-on-year to $5.48 billion as demand for technology services remained resilient despite continued caution among corporate clients.

The US-based IT services company, which has a large workforce in India, said revenue increased from $5.25 billion in the same quarter last year. On a constant-currency basis, revenue growth stood at 4.1%. However, the pace was slower than the 7.2% constant-currency growth recorded in the year-ago quarter, reflecting a more measured technology spending environment.

Cognizant’s second-quarter performance highlights a mixed picture for the global IT services industry. Companies continue to invest heavily in artificial intelligence, cloud, data modernisation and digital transformation, but many remain reluctant to increase spending on discretionary technology projects. This has made the recovery in broader IT demand less uniform.

The company’s net income declined marginally to $636 million from $645 million a year earlier. Despite the small fall in profit, profitability improved at the operating level. GAAP operating margin increased to 15.9% from 15.6%, while adjusted operating margin rose 40 basis points to 16%. Adjusted earnings per share increased 4.6% year-on-year to $1.37, while GAAP EPS rose 3.8% to $1.36.

One of the strongest parts of the business was Financial Services. Revenue from the segment increased 12% year-on-year, marking another quarter of double-digit growth. Financial services has emerged as an important area of technology spending because banks, insurers and other financial institutions are moving more aggressively on artificial intelligence, automation, data platforms and modernisation projects.

The performance also shows where the broader AI opportunity is currently taking shape. Rather than simply experimenting with generative AI, large companies are increasingly looking for ways to deploy AI across existing business systems and generate measurable returns. Cognizant is positioning itself as an “AI builder”, combining artificial intelligence with engineering, infrastructure, data modernisation and industry expertise.

Chief Executive Officer Ravi Kumar said the company was helping clients bridge what it calls the “AI velocity gap” between investment in AI and the ability to turn those investments into business outcomes. He said Cognizant was expanding its Frontier workforce and reskilling employees as clients move from AI experimentation towards larger-scale implementation.

However, the latest results also suggest that the initial excitement around AI-led deal activity has not translated into an across-the-board acceleration in IT spending. Cognizant’s second-quarter bookings declined 6% year-on-year, although trailing 12-month bookings rose 5% to $29.1 billion. The company reported a book-to-bill ratio of about 1.3 times and signed seven large deals with total contract values of at least $100 million.

This distinction is important. Large, strategic AI and transformation programmes continue to attract spending, while smaller discretionary projects remain under pressure. Cognizant’s management has indicated that financial services is currently an exception to the broader weakness in discretionary spending. The company has therefore maintained growth, but has become more conservative about how quickly technology budgets will recover across the wider economy.

Reflecting that caution, Cognizant narrowed its 2026 revenue growth guidance. It now expects constant-currency revenue growth of 4% to 5.5%, compared with its earlier range of 4% to 6.5%. The company expects full-year revenue of $22.04 billion to $22.35 billion. Its adjusted operating margin outlook remains unchanged at 16% to 16.2%.

At the same time, Cognizant raised its adjusted diluted EPS guidance to $5.70-$5.82 for 2026, representing growth of 8% to 10%. The improved earnings outlook reflects stronger margins and continued focus on operational efficiency.

The company is also reshaping its operations around its AI strategy. During the first half of 2026, Cognizant spent $1.6 billion on share repurchases and $1.3 billion on acquisitions. In the second quarter, it completed the $634 million acquisition of Astreya, including contingent consideration, strengthening its technology infrastructure capabilities.

Cognizant ended the quarter with 356,700 employees, 900 fewer than at the end of March but 12,900 more than a year earlier. The company is simultaneously focusing on reskilling and operational restructuring as artificial intelligence changes the economics of technology services.

For the third quarter, Cognizant expects revenue between $5.60 billion and $5.68 billion, translating into constant-currency growth of 3.8% to 5.3%. The guidance reflects the company’s cautious view of near-term demand while leaving room for stronger spending if enterprise technology budgets improve.

The second-quarter results therefore present a balanced picture of the IT services sector. AI remains a major source of opportunity, particularly in areas where companies are ready to move from pilots to production. But the broader recovery in discretionary technology spending is still uneven.

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Corporate

KPIT technologies profit drops 32% as margins face pressure

KPIT Technologies has had a challenging start to the new financial year, with pressure from its global automotive clients weighing on profits and margins. The automotive software and engineering services company reported a consolidated net profit of around Rs 117 crore for the first quarter of FY27, marking a 32% decline from Rs 172 crore in the same quarter last year.

The performance was also weaker compared with the previous quarter. Net profit fell about 28% from Rs 163 crore reported in the March quarter. The decline has raised concerns among investors, particularly because KPIT’s business is closely linked to spending by global automobile manufacturers.

The company’s revenue, however, continued to grow on a yearly basis. Revenue from operations stood at around Rs 1,675 crore during the June quarter, compared with Rs 1,539 crore a year earlier. This represents growth of nearly 9%. On a sequential basis, however, revenue declined around 2%.

The difference between revenue growth and profit growth highlights the main challenge facing KPIT at present. The company is generating higher revenue than it did a year ago, but that growth is not translating into profits at the same pace. Higher costs, lower utilisation and changes in the revenue mix have put pressure on the company’s bottom line.

EBITDA, an important measure of operating profitability, came in at around Rs 288 crore during the quarter. The EBITDA margin dropped to 17.2%, compared with 21% in the year-ago period. The contraction in margins was one of the key concerns for investors following the results.

KPIT had already warned that the first half of FY27 could be difficult. Some of its major European automotive customers have been dealing with weaker market conditions and have been more cautious about technology spending. As a result, certain projects have been delayed or spending decisions have been pushed back.

This is particularly important for KPIT because the company works closely with global automakers on technology-intensive areas such as connected cars, autonomous driving, vehicle engineering, digital cockpits, electric mobility and automotive cybersecurity.

Despite the difficult quarter, the company continues to see opportunities in these areas. KPIT said its new business wins remained strong, with total contract value of about $257 million secured during the first quarter. The new engagements cover several technology areas, including connected vehicles, autonomous systems, digital cockpit solutions, powertrain, vehicle engineering, cybersecurity and aftersales.

KPIT’s business is also becoming more diversified. The company said its US operations performed reasonably well during the quarter, while its vehicle engineering and design and aftersales businesses also delivered a relatively healthy performance. Its products and solutions business continued to show traction as well.

Artificial intelligence is another area where KPIT sees significant potential. The company is investing in AI-based automotive solutions while also using AI internally to improve productivity. The idea is simple: if technology can help employees complete certain tasks faster and more efficiently, the company can improve margins even when revenue growth remains under pressure.

KPIT management expects this productivity benefit to become more visible over the coming quarters. The company is also looking for a gradual improvement in margins as business conditions stabilise and revenue growth picks up.

CEO and Managing Director Kishor Patil said the company’s first-quarter performance was slightly better than the outlook it had provided earlier. At the same time, he acknowledged that some of the company’s larger customers continue to face pressure.

For KPIT, diversification has become an important cushion during this period. The company has exposure across different customers, geographies, automotive segments and technology offerings. This reduces its dependence on any single market or programme and could help it navigate the current slowdown.

The company’s financial position also remains relatively comfortable. KPIT ended the quarter with net cash of around Rs 900 crore. Its days sales outstanding stood at 51 days, indicating that collections remained under control.

The company has also announced a final dividend of Rs 5.25 per share for FY26. The record date for determining eligible shareholders has been fixed as August 12, 2026.

Investors, meanwhile, have reacted cautiously to the latest numbers. KPIT shares came under pressure after the results, falling nearly 7% on July 30 to around Rs 592 on the BSE. The sharp movement reflects concerns over the fall in profit and the contraction in EBITDA margin.

The stock has already faced considerable pressure over the past year, making the company’s recovery prospects particularly important for investors. The market will now be watching whether the expected improvement in the second half of FY27 actually translates into stronger revenue and profitability.

For now, the company is navigating a difficult phase rather than facing a fundamental change in its business story. The Q1 numbers show clear near-term pressure, but the strong deal pipeline and continued investment in new automotive technologies offer reasons for cautious optimism. The key question for investors will be how quickly those opportunities translate into actual growth and whether KPIT can restore its margins as FY27 progresses.

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Adani Ports profit rises 10% on overseas growth

Adani Ports and Special Economic Zone (APSEZ) has started the financial year on a strong note, with its overseas operations emerging as a major driver of growth in the June quarter. The company reported a 10% year-on-year rise in consolidated net profit for the first quarter of FY27, while revenue and EBITDA increased by 19% each.

APSEZ reported a consolidated net profit of ₹3,650 crore for the quarter ended June 30, 2026, compared with ₹3,311 crore in the same period last year. Revenue rose to ₹10,821 crore from ₹9,126 crore, while EBITDA, or earnings before interest, taxes, depreciation and amortisation, increased to ₹6,541 crore from ₹5,495 crore.

The numbers show that APSEZ is increasingly benefiting from its transformation from a largely India-focused port operator into an integrated transport and logistics company with a growing international presence.

The strongest growth came from its international ports business. Revenue from international ports jumped 80% year-on-year to ₹1,747 crore, while EBITDA more than tripled to ₹730 crore, marking a 256% increase. The performance was led by the company’s operations in Australia and Colombo.

Australia played an important role in the increase after NQXT Australia was consolidated into APSEZ from the fourth quarter of FY26. International port volumes rose sharply to 22.8 million tonnes in the June quarter from 7.7 million tonnes a year earlier. Australia contributed 10 million tonnes, Colombo 6.9 million tonnes, Tanzania 3.7 million tonnes and Israel 2.2 million tonnes.

The stronger contribution from international operations also improved profitability. The EBITDA margin for international ports increased to 41.8% from 21.1% a year earlier. Colombo, in particular, recorded a sharp improvement, with revenue rising five times year-on-year as the terminal continued to scale up.

The domestic ports business, however, remains the backbone of APSEZ’s earnings. Revenue from domestic ports rose 12% to ₹6,964 crore, while EBITDA increased 11% to ₹5,152 crore. Cargo volumes handled by domestic ports increased to 115.3 million tonnes from 112.9 million tonnes in the corresponding quarter last year.

The company attributed the domestic performance to higher cargo volumes, a better product mix and improved realisations. Its domestic ports EBITDA margin stood at 74%, highlighting the strong profitability of the core business. APSEZ’s all-India cargo market share was 27.6%, while its container cargo market share stood at 44.8%.

APSEZ is also expanding its capacity to prepare for future cargo growth. Its domestic port capacity stood at 653 million tonnes as of June 30, and the company plans to increase this to 1,000 million tonnes by December 2030. The expansion is expected to support its longer-term growth strategy and strengthen its position in India’s ports and logistics sector.

Another part of the business that performed well was marine services. Revenue from the marine segment increased 67% year-on-year to ₹901 crore, while EBITDA rose 36% to ₹404 crore. The improvement was supported by the addition of vessels, with the fleet increasing to 135 vessels from 118 a year earlier.

APSEZ is also trying to build a wider international marine business. Recent initiatives include a partnership with Oceaneering International for deepwater engineering and offshore capabilities in Europe and a 10-year marine services contract connected with Argentina’s first LNG exports to India.

The logistics business was comparatively steady during the quarter. Revenue was broadly unchanged at ₹1,173 crore, while EBITDA increased 3% to ₹219 crore. The company said rail volumes were affected by the continuing Middle East crisis, although its asset-light trucking business continued to grow. Trucking revenue increased 26% year-on-year, while International Freight Network revenue rose 28% sequentially.

The strong quarterly performance comes as APSEZ continues to diversify beyond traditional port operations. The company now combines port handling with rail transport, logistics parks, warehousing, trucking and marine services. Its integrated model is designed to provide customers with a broader “shore-to-door” logistics network.

APSEZ also maintained its FY27 guidance. The company is targeting revenue of ₹43,000-45,000 crore and EBITDA of ₹25,000-26,000 crore for the full financial year. Its net debt-to-EBITDA ratio stood at 1.9 times at the end of June, below its stated ceiling of 2.5 times.

The company’s balance sheet also received a boost from ratings agencies. S&P Global Ratings upgraded APSEZ’s long-term issuer credit rating to BBB from BBB-, with a stable outlook. CARE Ratings and ICRA also reaffirmed the company’s domestic AAA ratings.

Despite the healthy earnings, APSEZ shares came under pressure after the results. The stock fell around 3% on the BSE following the announcement, even as analysts pointed to the company’s strong operating performance and international expansion.

For APSEZ, the June quarter offers an encouraging start to FY27. Domestic ports continue to provide a stable earnings base, while international ports, marine services and logistics are gradually becoming meaningful sources of growth. Adani Ports challenge now will be to maintain that momentum while managing its expansion, debt and exposure to global trade disruptions.

With overseas assets gaining scale and domestic capacity continuing to expand, APSEZ is positioning itself as more than a port operator. Its latest results suggest that the company’s broader integrated transport and logistics strategy is beginning to translate into stronger and more diversified earnings.

Categories
Technology

Google expands play age signals to apps globally

Google is taking its next major step towards making Android apps safer for younger users by expanding its age-assurance technology worldwide. The company has announced that its Play Age Signals API, which helps developers access age-related information, will roll out globally by the end of 2026.

The technology is designed to help app developers understand a user’s age group without requiring them to collect an exact date of birth. That could make it easier for apps to provide age-appropriate content and features while reducing the need to gather sensitive personal information directly.

Google has already made the technology available in Brazil. Australia and Canada are expected to receive access by mid-August, followed by a wider international rollout that is scheduled to reach all markets by the end of this year.

The announcement comes at a time when age verification is becoming a bigger issue for the technology industry. Governments are introducing new rules designed to protect children online, putting pressure on app stores and developers to know more about the age groups using their services.

For users, the idea is relatively simple. Instead of an app asking for a precise birthday, it can use an age signal supplied through Google Play. The information can help the developer determine whether the user falls into a particular age group and adjust the experience accordingly.

Parents will have an important role in the system. Google is linking the age-assurance feature with Family Link, its existing parental-control platform. Parents can provide their child’s age range through the centralised controls, allowing participating apps to access the information when they support the age-signals system.

Google says parents will have to opt in before their child’s age range is shared. It will not be automatically provided to every app. This is intended to give families greater control over when and how age information is used.

Adults can also share their age when an app asks for it. That gives developers the flexibility to create different experiences for adults and younger users without necessarily collecting a detailed personal profile.

The technology could be particularly useful for apps that contain content or features that may not be suitable for children. Developers could use age signals to introduce restrictions, change features or provide different experiences depending on the user’s age group.

Google’s official documentation describes Play Age Signals as a beta API. Developers must request access and follow specific rules when using the information. They are also responsible for making sure their apps comply with local laws and Google Play policies.

There are strict limits on how the age information can be used. Google says developers cannot use Play Age Signals for advertising, marketing, user profiling or analytics. The information is intended for age-appropriate experiences and compliance with applicable regulations.

This restriction is important because age verification can create privacy concerns of its own. Asking users to submit government identification, facial scans or other sensitive information can create new risks if such data is stored or misused. Google’s approach focuses instead on sharing an age-related signal rather than routinely handing developers a user’s exact birth date.

The company also says the Play Age Signals client library does not collect data itself. The system works through Google Play, which handles the relevant processes. This gives Google a way to offer age-assurance capabilities while limiting what individual app developers need to collect.

The move brings Google closer to Apple, which has also been expanding age-verification capabilities for its app ecosystem. Both companies are responding to a broader shift in online regulation, where age assurance is increasingly being treated as an important part of child safety.

Google already has several tools aimed at protecting younger users. Through Family Link, parents can approve app downloads, manage screen time and apply content filters. Google Play also provides controls that can prevent children from discovering certain apps. The new age signals give developers another tool to build safety measures directly into their applications.

The global rollout is therefore likely to have a practical impact beyond simple age checks. Developers may increasingly build age-specific interfaces, content restrictions and parental approval systems into their Android applications.

Google’s decision reflects a broader change in how technology companies are approaching child safety. The industry is moving away from relying entirely on users to declare their age and towards platform-level systems that can provide developers with verified or trusted age information.

The challenge will be finding the right balance. Children need stronger protection online, but adults also expect their personal information to remain private. Google’s age-assurance system attempts to address both concerns by giving developers useful age signals while limiting access to detailed personal information.

As the Play Age Signals API expands across Android markets, its success will ultimately depend on how widely developers adopt it and how effectively they use the information. By the end of 2026, age assurance could become a much more visible part of everyday Android app experiences, changing how developers design services for children, teenagers and adults.

Categories
Beyond

Gold slips to ₹1,42,530, silver falls to ₹2,17,010

Gold and silver prices moved cautiously on Thursday as investors assessed the latest signals on US interest rates, movements in the dollar and continuing geopolitical tensions. In India, gold remained around the ₹1.42 lakh level per 10 grams, while silver traded above ₹2.17 lakh per kg.

On the Multi Commodity Exchange (MCX), gold was trading around ₹1,42,530 per 10 grams in early trade, while silver was at about ₹2,17,010 per kg. The two precious metals have remained volatile in recent sessions as investors react to changing expectations about global interest rates and economic growth.

Internationally, spot gold was trading around $4,060-$4,080 an ounce after gaining sharply in the previous session. However, higher US Treasury yields later put pressure on the yellow metal. Gold is particularly sensitive to movements in bond yields because it does not generate interest income. When yields rise, some investors tend to shift money towards interest-bearing assets.

The US Federal Reserve has kept interest rates unchanged, but uncertainty over the next move continues to influence financial markets. Investors are now looking closely at upcoming US economic data, particularly inflation and growth figures, for clues about the direction of monetary policy.

Expectations around US interest rates are important for gold prices. A softer interest-rate outlook generally supports gold by reducing the opportunity cost of holding the metal. On the other hand, expectations of higher rates can strengthen the US dollar and put pressure on bullion prices.

Geopolitical developments are another important factor. Continued tensions in the Middle East have kept demand for safe-haven assets in focus. Gold often attracts buying during periods of political or economic uncertainty as investors look for assets that can provide some protection against market volatility.

Despite the short-term fluctuations, gold continues to trade at historically elevated levels. The metal has remained above ₹1.4 lakh per 10 grams in the domestic market, although recent sessions have seen periods of profit booking and consolidation.

The near-term movement is expected to remain range-bound unless a major global trigger changes market sentiment. For MCX gold, the ₹1.39 lakh level is being watched as an important support zone. A sustained move below that level could increase selling pressure. On the other hand, prices could regain momentum if they move towards and break the ₹1.47 lakh-₹1.49 lakh range.

Silver has also seen considerable movement. MCX silver was trading near ₹2,17,010 per kg in early Thursday trade. International silver prices have remained sensitive to both investment demand and industrial activity because the metal is widely used in sectors such as electronics, solar equipment and manufacturing.

The ₹2.10 lakh level is being watched as an important support for MCX silver. If prices remain above this zone, buying interest could return during declines. A sustained move higher could bring the ₹2.30 lakh level into focus, while a stronger breakout could open the way towards ₹2.38 lakh.

Retail gold prices also remained high across major Indian cities on Thursday.

In New Delhi, 24-carat gold was quoted at around ₹1,42,170 per 10 grams, while 22-carat gold was around ₹1,30,323. The price of 999-purity silver stood at approximately ₹2,16,040 per kg.

In Mumbai, 24-carat gold was around ₹1,42,420 per 10 grams and 22-carat gold was around ₹1,30,552. Silver was quoted at approximately ₹2,16,410 per kg.

Kolkata recorded a 24-carat gold price of around ₹1,42,360 per 10 grams, while 22-carat gold was around ₹1,30,497. Silver was priced at nearly ₹2,16,390 per kg.

Rates can differ between cities and jewellery shops because of local taxes, transportation costs, dealer margins and other charges. The final amount paid by a jewellery buyer can also be higher because of GST and making charges.

For consumers, the current gold price trend presents a mixed picture. Prices remain high, but the recent fluctuations show that the market is not moving in one direction. Investors and buyers are therefore keeping a close watch on global developments before making fresh purchases.

The US dollar will remain another important factor. A stronger dollar generally makes gold more expensive for buyers holding other currencies, which can weigh on international demand. A weaker dollar, on the other hand, can make bullion more attractive and support prices.

Crude oil prices and global equity markets could also influence precious metals. A sharp rise in oil prices could revive inflation concerns, while a fall in equities could encourage investors to move towards traditional safe-haven assets.

For now, gold and silver are caught between two competing forces. Geopolitical uncertainty and demand for safe-haven assets are supporting prices, while higher bond yields and uncertainty around US monetary policy are limiting gains.

The coming sessions could therefore remain volatile. Traders will closely track US economic data, Federal Reserve signals, currency movements and geopolitical developments for direction. For Indian buyers, meanwhile, gold and silver prices are likely to remain sensitive to both international trends and movements in the rupee.