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Avataar introduces indigenous AI video platform

Indian AI startup Avataar has launched Varya, which it describes as India’s first indigenous distilled AI video generation model, marking a significant step in the country’s efforts to build advanced artificial intelligence technologies locally.

The launch comes under the government-backed IndiaAI Mission, which aims to strengthen India’s AI ecosystem and reduce dependence on foreign-developed models.

Varya is designed to generate high-quality videos from text and image prompts while requiring significantly lower computing resources than conventional AI video models. Avataar says the model uses a “distillation” process, allowing it to deliver strong performance with greater efficiency and lower infrastructure costs.

According to the company, the technology can create realistic visual content for applications ranging from e-commerce and digital marketing to education and entertainment. The startup believes the model can help businesses produce video content more quickly and affordably while maintaining quality.

The launch is being seen as an important milestone for India’s AI ambitions, particularly at a time when countries and companies worldwide are racing to develop their own generative AI systems. Most leading AI video-generation models currently originate from the United States or China, making Varya a notable domestic alternative.

Avataar said the model has been developed using Indian research and engineering talent and aligns with the broader goal of building sovereign AI capabilities. The company also emphasised that efficient AI models are becoming increasingly important as organisations seek to balance performance with the high costs of computing infrastructure.

The IndiaAI Mission has been encouraging startups, researchers and technology firms to build foundational AI technologies within the country. Varya’s launch is one of the first major products to emerge from that ecosystem.

As demand for AI-generated content continues to grow, Avataar hopes its new model will enable Indian businesses and creators to access advanced video-generation technology while contributing to the development of a stronger domestic AI industry.

Also Read: Vedanta’s demerged businesses set for market debut

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Corporate

Vedanta’s demerged businesses set for market debut

The Vedanta Group is set to take a major step in its restructuring journey as four demerged businesses begin trading on Indian stock exchanges from June 15.

The move follows the company’s plan to split its diverse operations into separate listed entities, allowing investors to value each business independently. The four companies making their stock market debut are focused on aluminium, power, oil and gas, and iron and steel operations.

The demerger is part of Vedanta’s broader strategy to simplify its corporate structure and unlock value for shareholders. By creating standalone companies, the group aims to provide greater operational focus, improve efficiency and attract investors interested in specific sectors rather than the broader conglomerate.

Under the restructuring plan, existing Vedanta shareholders have received shares in the newly created businesses based on a prescribed share-allotment ratio. Market participants will now closely watch how investors value each entity once trading begins.

The stock market debut is also expected to provide a clearer picture of investor sentiment towards each business and the group’s overall restructuring efforts. Brokerage firms have suggested that the combined value of the demerged entities could exceed the current valuation of the integrated company over time, although market performance will depend on sector conditions and investor confidence.

Vedanta has described the demerger as a significant milestone in its long-term growth strategy. The group believes the move will create more focused businesses with greater flexibility to pursue expansion opportunities and strategic partnerships.

The listings will be closely tracked by investors, analysts and market participants, as they represent one of the most significant corporate restructuring exercises in India’s mining, metals and natural resources sector in recent years.

With trading set to begin on Monday, the market will get its first indication of how investors assess the future potential of Vedanta’s newly independent businesses.

Analysts believe the separate listings could help reveal the true worth of Vedanta’s individual businesses, many of which operate in sectors with distinct growth prospects and market dynamics. The aluminium business, for instance, is expected to draw attention because of its scale and position in the metals sector, while the oil and gas unit could benefit from energy market opportunities.

Also Read: Rocket Lab, CoreWeave join Nasdaq-100 Index

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Beyond

Rocket Lab, CoreWeave join Nasdaq-100 Index

Two of Wall Street’s fastest-rising companies, Rocket Lab and CoreWeave, are set to join the Nasdaq-100 Index as part of its latest annual reconstitution, marking a significant milestone for both firms.

The Nasdaq-100 tracks the largest non-financial companies listed on the Nasdaq exchange and is widely followed by investors worldwide. Inclusion in the index often boosts a company’s visibility and can lead to increased demand for its shares from funds that track the benchmark.

Rocket Lab, known for its satellite launches and space technology services, has seen strong investor interest as the commercial space industry continues to expand. CoreWeave, meanwhile, has emerged as one of the biggest beneficiaries of the artificial intelligence boom, providing cloud-computing infrastructure used to train and run AI models.

The two companies will be joined by three other firms entering the index during the reshuffle. The changes reflect shifting investor priorities, with technology, AI and next-generation infrastructure companies gaining greater prominence in public markets.

The annual rebalancing also means several companies will exit the index to make room for the new entrants. Such adjustments are designed to ensure that the benchmark continues to reflect the evolving makeup of the technology-heavy Nasdaq market.

The inclusion in the Nasdaq-100 is a recognition of the rapid growth achieved by these companies over recent years. For CoreWeave, the move underscores the growing importance of AI-related businesses, while Rocket Lab’s addition highlights increasing investor confidence in the commercial space sector.

Shares of companies selected for inclusion often receive a boost ahead of the changes taking effect, as exchange-traded funds and institutional investors adjust their portfolios to match the index.

Also Read: Flipkart bolsters leadership with key tech hires

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1 Minute-Read

Flipkart bolsters leadership with key tech hires

Walmart-owned Flipkart has appointed several senior leaders across its AI, fintech and engineering divisions as it looks to strengthen its technology capabilities and drive innovation.

The new executives bring experience in artificial intelligence, product development, financial technology and engineering, and will help enhance customer experience and operational efficiency.

The appointments come as competition in India’s e-commerce sector intensifies and companies increasingly invest in AI-driven solutions. Flipkart said the hires reflect its focus on building strong leadership and advancing technology-led growth as it expands its presence in India’s rapidly growing digital economy.

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Tata Group asks Air India to rein in losses

The Tata Group has asked Air India to focus on reducing losses and improving financial performance as the airline continues to face mounting costs despite an ambitious transformation programme.

As per reports, Air India has accumulated losses of around $3 billion since returning to Tata ownership in 2022. The scale of the losses has prompted the group to push for tighter cost controls and a stronger focus on profitability.

As part of this effort, Air India is reportedly considering measures to streamline operations, reduce expenses and review parts of its expansion strategy. The airline has been investing heavily in fleet modernisation, technology upgrades, service improvements and the integration of multiple aviation businesses acquired under the Tata umbrella.

Sources cited in reports said the company may look at downsizing certain operations and slowing spending in areas that are not generating adequate returns. The objective is to improve efficiency while continuing with key long-term growth plans.

Air India has undergone a major overhaul since its acquisition by the Tata Group from the Indian government. The airline has placed record aircraft orders, upgraded cabins, expanded international services and worked to improve customer experience in an effort to reclaim its position in the global aviation market.

However, these investments have come at a significant cost. Rising fuel prices, aircraft delivery delays, supply-chain constraints and intense competition in both domestic and international markets have added to financial pressures.

Industry analysts note that while losses are common during large-scale restructuring programmes, investors and management typically expect a clearer path to profitability as transformation efforts progress. The Tata Group is therefore said to be seeking a balance between growth ambitions and financial discipline.

Air India remains central to the Tata Group’s aviation strategy, which also includes the merger and integration of several airline businesses. Company executives are expected to continue pursuing expansion opportunities, but with greater emphasis on controlling costs and improving operational efficiency.

Also Read: Elon Musk becomes world’s first trillionaire

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India drops from MSCI EM top 10 rankings

India has dropped out of the top 10 constituents of the MSCI Emerging Markets Index for the first time in 26 years, reflecting a shift in global investor focus toward artificial intelligence-driven companies. The benchmark is now dominated by technology giants from China, Taiwan and South Korea that have benefited from the global AI boom.

India’s highest-ranked company, Reliance Industries, now stands outside the top 10 by weight in the index. Despite strong domestic market performance and economic growth, Indian stocks have been overtaken by rapidly rising AI-related firms.

Analysts say the change highlights how global technology trends are reshaping investment flows and benchmark rankings across emerging markets.

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TCS partners Anthropic to scale enterprise AI adoption

Tata Consultancy Services (TCS) has partnered with artificial intelligence firm Anthropic to accelerate enterprise AI adoption and strengthen its workforce capabilities.

Under the collaboration, TCS will provide access to Anthropic’s Claude AI platform to 50,000 employees across functions such as engineering, finance, legal, marketing and sales. The companies will also jointly develop AI-powered solutions for industries including banking, healthcare, telecommunications and public services.

TCS said the partnership combines its industry expertise with Anthropic’s advanced AI technology to help clients improve productivity and drive digital transformation. The move reflects growing demand for enterprise AI solutions globally.

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Banks raise NRI deposit rates after RBI eases rules

Several major Indian banks have increased interest rates on deposits targeted at Non-Resident Indians (NRIs) after the Reserve Bank of India (RBI) announced measures to encourage foreign currency inflows into the country.

Leading lenders including ICICI Bank, Axis Bank and Bank of Baroda have raised rates on Foreign Currency Non-Resident [FCNR(B)] deposits, with some offering returns of up to 6% on select tenures. Certain banks are also providing more than 7% interest on Non-Resident External (NRE) rupee deposits.

The move follows a recent RBI decision to temporarily relax regulations on foreign currency deposits. The central bank has exempted incremental FCNR(B) and NRE deposits from cash reserve ratio (CRR) and statutory liquidity ratio (SLR) requirements until November 2027. This reduces the cost of mobilising such deposits for banks and allows them to offer higher interest rates to customers.

Bankers say the revised rates are aimed at attracting fresh deposits from Indians living abroad at a time when global economic uncertainty and changing interest rate cycles are influencing investment decisions. The higher returns are expected to make Indian deposits more attractive compared to some international savings products.

FCNR(B) deposits allow NRIs to maintain fixed deposits in foreign currencies such as US dollars, British pounds and euros, while NRE deposits are maintained in Indian rupees. Both categories are popular among overseas Indians seeking secure investment options and easy repatriation of funds.

The RBI’s measures could help strengthen India’s foreign exchange reserves by encouraging greater inflows from the Indian diaspora. Increased foreign currency deposits can also improve liquidity in the banking system and support the country’s external financing position.

Banks are expected to continue reviewing deposit rates based on market conditions and demand. Financial institutions hope the enhanced rates, combined with regulatory incentives, will attract significant fresh deposits from NRIs over the coming months.

Also Read: Reliance wins Juhu Galli redevelopment bid

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Reliance wins Juhu Galli redevelopment bid

A consortium led by Reliance Group has won the bid to redevelop the Juhu Galli slum cluster in Mumbai’s Andheri area, marking the company’s entry into the city’s growing slum rehabilitation sector. The project, spread across more than 101 acres, is among the largest slum redevelopment initiatives currently planned in Mumbai.

The winning consortium is headed by Reliance 4IR Realty Development and includes Mahadev Realtors Juhu, a subsidiary of Aspect Realty. The group emerged ahead of competing bids from JSW Group and Shapoorji Pallonji Group.

According to the Slum Rehabilitation Authority (SRA), the redevelopment project is expected to provide more than 28,000 rehabilitation homes for eligible residents currently living in the Juhu Galli settlement. The initiative is aimed at improving housing conditions and modernising infrastructure in one of Mumbai’s densely populated areas.

The project reflects increasing interest from large corporate groups in Mumbai’s slum redevelopment sector. In recent years, the Maharashtra government introduced policy changes to encourage large-scale redevelopment projects. A new framework announced in 2025 allows redevelopment of large slum clusters and offers developers additional development rights and higher building limits, making such projects more financially attractive.

To safeguard residents during the redevelopment process, the Reliance-led consortium will be required to provide funds for temporary accommodation. The company must pay around ₹700 crore over the next two years towards temporary rent for affected residents. It is also required to deposit an additional year’s rent and provide a performance guarantee of ₹100 crore.

Officials said the successful bidding process highlights the growing role of major private-sector companies in addressing Mumbai’s housing challenges through large-scale urban renewal projects. The development also places Reliance alongside other major players already active in Mumbai’s redevelopment sector, including the Adani Group’s ongoing Dharavi redevelopment project.

Also Read: Jeff Bezos backed AI startup Prometheus raises $12 bn

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Corporate

Sensex jumps 1,500 points, Nifty climbs above 23,400

Indian stock markets witnessed a strong rally on Friday, with the BSE Sensex soaring more than 1,500 points and the NSE Nifty climbing above 23,400, driven by positive global cues and renewed investor optimism.

The rally was led by broad-based buying across banking, financial and infrastructure stocks. Investors cheered reports of possible diplomatic progress between the United States and Iran, easing concerns over escalating tensions in West Asia. The development helped improve global market sentiment and reduced fears of a sharp rise in crude oil prices.

Among the major gainers on the benchmark indices were Reliance Industries, Adani Ports, State Bank of India, Larsen & Toubro, HDFC Bank and ICICI Bank. Strong buying in these heavyweight stocks provided significant support to the broader market.

On the other hand, some information technology stocks underperformed. Tech Mahindra, Infosys and HCLTech were among the notable laggards as investors shifted focus toward sectors expected to benefit more directly from improving domestic and global economic conditions.

Analysts attributed the rally to a combination of factors. Apart from easing geopolitical concerns, investors were encouraged by stable crude oil prices, positive global equity trends and expectations of continued economic resilience in India. Banking stocks also gained on hopes of healthy credit growth and improving business activity.

Market experts noted that foreign institutional investors returned as buyers, further boosting sentiment. Strong participation from domestic investors also helped sustain the upward momentum throughout the trading session.

The rally lifted overall market confidence and pushed key indices closer to recent highs. Broader markets also participated in the uptrend, with several mid-cap and small-cap stocks posting gains.

Despite the sharp rise, analysts advised caution, pointing out that global uncertainties and geopolitical developments remain key risks for investors. Any change in the outlook for oil prices, inflation or interest rates could influence market direction in the coming weeks.

Also Read: Microsoft partners with Alt Carbon for carbon removal project