Author: Staff Writer

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Leaders

Onida names Gunjan Srivastava CEO and MD

Consumer electronics brand Onida has appointed Gunjan Srivastava as its new Chief Executive Officer (CEO) and Managing Director (MD), marking a significant leadership change as the company looks to strengthen its position in India’s competitive electronics market.

Srivastava, who has been associated with Onida as an Independent Director, will now take on executive responsibilities to lead the company’s overall business strategy, drive innovation and support long-term growth. The appointment reflects Onida’s focus on adapting to changing consumer preferences and expanding its presence across product categories.

Alongside the leadership change, the company has also appointed Manish Desai as its Chief Financial Officer (CFO). The move is expected to strengthen Onida’s financial planning and operational efficiency as it pursues its next phase of growth.

Srivastava brings over three decades of experience across technology, consulting and business transformation. During his career, he has held senior leadership positions at global organisations, working on digital transformation, strategic planning and business expansion initiatives across industries.

In his new role, he will oversee the company’s business operations while focusing on product innovation, customer experience and operational excellence. Onida believes his expertise in technology and business strategy will help the brand remain competitive in a rapidly evolving consumer electronics industry.

Commenting on the appointment, the company said Srivastava’s leadership experience and understanding of business transformation make him well placed to guide Onida through its next stage of growth. The company also expressed confidence that Desai’s financial expertise will support its long-term strategic goals.

Onida, known for its televisions, air conditioners, washing machines, microwave ovens and other home appliances, has been working to strengthen its product portfolio and improve its market presence amid intense competition from domestic and international brands.

Also Read: RBI starts three surveys ahead of policy

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Corporate

SBI sells 1.42% stake for ₹1,655 cr ahead IPO

The State Bank of India (SBI) has sold a 1.42 per cent stake in SBI Funds Management Ltd (SBIFML) for ₹1,655 crore, taking a significant step ahead of the asset management company’s proposed initial public offering (IPO).

The country’s largest lender sold 13.65 lakh shares to French financial services group Amundi, its long-time joint venture partner in the mutual fund business. The transaction was completed at ₹12,125 per share, helping SBI unlock value from its investment while retaining a controlling stake in the company.

Following the deal, SBI’s holding in SBI Funds Management has come down from 62.11 per cent to 60.69 per cent. Amundi’s stake has increased from 37.89 per cent to 39.31 per cent. Despite the sale, SBI will continue to remain the majority shareholder and retain management control of the asset management business.

The transaction comes as SBI prepares for the proposed public listing of SBI Funds Management, one of India’s largest asset management companies. The IPO is expected to include an offer for sale (OFS), allowing existing shareholders to monetise part of their holdings rather than issuing fresh shares.

SBI Funds Management oversees assets worth more than ₹11 lakh crore and has built a strong presence across equity, debt and hybrid mutual fund schemes. The company has consistently remained among the country’s top asset managers, supported by SBI’s extensive branch network and Amundi’s global investment expertise.

Market participants believe the pre-IPO stake sale will help establish a benchmark valuation for the company before it enters the public markets. The proceeds will also strengthen SBI’s capital position while giving Amundi a larger share in the fast-growing Indian mutual fund industry.

The proposed IPO is expected to attract strong investor interest, given the continued growth in mutual fund investments and increasing participation from retail investors. India’s asset management industry has expanded rapidly over the past few years as more households have turned to systematic investment plans (SIPs) and market-linked investment products.

Also Read: Gold slips to ₹145,460, Silver tops ₹227,160

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Corporate

Sensex jumps over 800 points, Nifty climbs above 24,200

Indian equity markets staged a strong comeback on Friday, with the BSE Sensex soaring more than 800 points and the NSE Nifty reclaiming the 24,200 mark. The rally was fuelled by upbeat sentiment after TCS reported a better-than-expected quarterly performance, encouraging investors to return to technology stocks.

Positive global cues and sustained buying by foreign institutional investors (FIIs) further strengthened market momentum. Investors largely looked beyond geopolitical concerns and instead focused on the start of the June-quarter earnings season, which is expected to set the tone for markets in the coming weeks.

Technology stocks led the advance, with TCS and Tech Mahindra emerging among the top gainers after strong buying interest. Gains were also seen across several frontline sectors, reflecting broad-based participation in the market rally.

On the flip side, Trent and Kotak Mahindra Bank were among the biggest losers as investors booked profits in select counters. However, their decline did little to dent the overall positive sentiment.

Market participants now await earnings from other major companies, with analysts expecting stock-specific action to remain high. Investors will also keep a close watch on global developments, foreign fund flows and macroeconomic data for further market direction.

Also Read: Apple, Broadcom sign $30 bn US chipmaking deal

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Corporate

Sensex surpasses 230 points, Nifty reclaims 23,950

Indian equity benchmarks ended higher on Thursday, with the BSE Sensex gaining 238 points to close at 78,932.62, while the Nifty 50 settled above the 23,950 mark at 23,962.85. Positive buying in realty, PSU banking and metal stocks helped markets recover after a cautious start to the session.

Investor sentiment improved as traders accumulated rate-sensitive sectors amid hopes of supportive domestic macroeconomic conditions. Realty and public sector bank stocks led the rally, while gains in select heavyweight shares also lifted the broader market.

Among the top gainers on the Sensex were Trent, Adani Ports, Power Grid, State Bank of India, and NTPC, supported by strong buying interest. Realty stocks also witnessed healthy demand, contributing to the market’s upward momentum.

On the other hand, Titan, Infosys, Tech Mahindra, HCLTech, and Asian Paints ended among the top losers, with IT stocks witnessing profit booking as investors remained cautious ahead of global economic cues.

Sectorally, the Nifty Realty and PSU Bank indices emerged as the biggest gainers, while the IT index closed in the red. Broader markets also outperformed, with the mid-cap and small-cap indices ending the session with modest gains, reflecting improved risk appetite among investors.

Market participants remained watchful ahead of key global developments, including the release of the US Federal Reserve’s policy minutes and updates on international trade and geopolitical tensions. Analysts said domestic fundamentals continue to provide support, although global uncertainty may keep markets volatile in the near term.

The Indian rupee traded in a narrow range against the US dollar, while investors also tracked crude oil prices and foreign institutional investor activity for further direction.

Also Read: Apple, Broadcom sign $30 bn US chipmaking deal

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Beyond

US dollar holds firm after Fed minutes

The US dollar remained steady after the Federal Reserve released the minutes of its June policy meeting, as investors found few surprises in the central bank’s cautious stance on interest rates. Currency markets showed limited movement, with traders continuing to assess when the Fed may begin easing monetary policy.

The minutes revealed that policymakers remain divided over the future path of interest rates. While several officials argued that inflation is still above the Fed’s 2% target and may require higher rates for longer, others expressed concern that prolonged tight monetary policy could slow economic growth and weaken the labour market.

The meeting, the first chaired by Federal Reserve Chair Kevin Warsh, underscored a data-dependent approach to future policy decisions. Officials agreed that upcoming inflation, employment and consumer spending data would be key in determining whether rates should remain unchanged or begin to move lower later this year.

The Fed also highlighted risks from global geopolitical tensions and trade uncertainties, saying these could affect inflation, financial markets and the broader economic outlook.

Following the release of the minutes, US Treasury yields saw only modest movement, indicating that investors had largely anticipated the central bank’s cautious tone. Analysts said the minutes offered no clear indication of an imminent rate cut but reinforced expectations that the Fed will wait for stronger evidence that inflation is moving sustainably towards its target.

Also Read: IMF cuts India’s FY27 growth forecast to 6.4%

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1 Minute-Read

₹650-cr Kusumgar IPO attracts strong buzz

The ₹650-crore Kusumgar IPO has opened for subscription, with strong interest from investors as the grey market indicates a potential listing gain of nearly 40%.

The issue is entirely an Offer for Sale (OFS) by existing shareholders, with a price band of ₹660-699 per share. The IPO will remain open until July 10, and shares are expected to list on July 15.

Market participants are closely tracking subscription levels, encouraged by the company’s strong business fundamentals and the positive sentiment reflected in the grey market premium.

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Uncategorized

GPT Live makes ChatGPT more natural

OpenAI has launched GPT Live, a new voice model that aims to make conversations with ChatGPT feel more natural, responsive and human-like. The latest technology allows the AI to listen and speak simultaneously, eliminating the need for users to wait for the assistant to finish responding before continuing the conversation.

Unlike traditional voice assistants that process speech only after a user has stopped talking, GPT Live can handle interruptions, pauses and changes in conversation in real time. This creates a smoother and more fluid interaction, making it easier for users to communicate naturally without following rigid turn-taking patterns.

The new voice system combines speech recognition, language understanding and speech generation into a single model. According to OpenAI, this significantly reduces response time while improving the AI’s ability to understand tone, context and emotional cues. As a result, conversations feel more engaging and closer to speaking with another person.

GPT Live is being rolled out to ChatGPT users across mobile and desktop platforms. The feature supports multiple languages and is designed for a wide range of everyday tasks, including brainstorming ideas, practising languages, learning new concepts, planning trips and seeking quick information.

OpenAI has also made the technology available through its API, allowing developers to integrate the live voice capability into their own applications. The company expects the new model to power customer service tools, education platforms, productivity apps and other AI-driven voice experiences.

To address safety concerns, OpenAI has introduced safeguards to reduce misuse. These include measures aimed at preventing voice impersonation, limiting harmful responses and ensuring the technology is used responsibly. The company said the model has been trained to better recognise risky requests while maintaining a natural conversational flow.

The launch comes as competition in AI voice technology continues to grow, with major companies racing to build assistants capable of holding lifelike conversations. By reducing delays and making interactions more intuitive, OpenAI hopes GPT Live will encourage more people to use voice as their preferred way to interact with AI.

The latest upgrade marks another step in OpenAI’s effort to make artificial intelligence more accessible and conversational, bringing users closer to an experience that feels less like using software and more like talking to a helpful assistant.

Also Read: IMF cuts India’s FY27 growth forecast to 6.4%

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Corporate

SBI Funds IPO opens July 14

SBI Funds Management has fixed the price band for its initial public offering (IPO) at ₹545-574 per share. The public issue will open for subscription on July 14 and close on July 16, while anchor investors can bid a day earlier on July 13.

The IPO is worth about ₹11,693 crore, making it the biggest public issue in India this year. It is entirely an Offer for Sale (OFS), which means the company will not receive any money from the issue. Instead, existing shareholders State Bank of India (SBI) and Amundi India Holding will sell part of their stakes.

At the upper end of the price band, SBI Funds Management is valued at around ₹1.17 lakh crore. The company is India’s largest mutual fund manager, with assets worth nearly ₹12.5 trillion under management as of March 2026.

The IPO has reserved shares for institutional investors, retail investors, eligible SBI shareholders and employees. Employees will get a ₹54 per share discount, while the minimum application size has been fixed at 26 shares.

The shares are expected to be listed on the BSE and NSE on July 21, subject to successful allotment and regulatory approvals. Market experts expect strong investor interest, given the company’s leadership in the mutual fund industry and the steady rise in retail participation through SIPs.

Also Read: Gold slips to ₹143,940, silver falls to ₹222,450

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Beyond

Gold slips to ₹143,940, silver falls to ₹222,450

Gold and silver prices traded lower on Thursday, extending their recent decline amid weak global cues and cautious investor sentiment. On the Multi Commodity Exchange (MCX), gold futures for August delivery slipped to ₹1,43,940 per 10 grams, while silver futures fell  to ₹2,22,450 per kg. Yesterday gold was placed at ₹145,350 while silver futures stood at ₹230,160.

The latest correction comes after precious metals witnessed a strong rally over the past few months, prompting many buyers to delay purchases in anticipation of lower prices. Thursday’s decline encouraged some retail demand, although overall buying remained cautious.

Analysts attributed the fall in bullion prices to a stronger US dollar and uncertainty over the US Federal Reserve’s interest rate outlook, which reduced the appeal of non-yielding assets such as gold. Persistent geopolitical tensions, volatile crude oil prices and mixed global market sentiment also kept investors on the sidelines, resulting in profit booking across precious metals.

Silver, which has outperformed gold in recent months, continued to witness selling pressure as traders locked in gains. In Maharashtra and several other states, retail silver prices also softened in line with the decline in MCX futures and international markets.

Also Read: India hosts 180 retail GCCs, leads globally

Categories
Corporate

Sensex advances over 500 points, Nifty reclaims 24,050 mark

Indian equities recovered strongly on Thursday as investors returned to the market after the previous session’s sharp correction, helping benchmark indices erase a significant portion of Wednesday’s losses. Supported by value buying and positive global cues, the Sensex rose more than 450 points in early trade, while the Nifty climbed back above the psychologically important 24,000 level.

The recovery was driven by renewed buying in consumer-focused, pharmaceutical and automobile stocks, with investors taking advantage of lower valuations after the recent sell-off. Broader market sentiment also improved as Asian markets traded higher, encouraging participants to add positions in quality stocks.

Consumer giant Titan emerged among the top performers, joined by Sun Pharma, Maruti Suzuki, Mahindra & Mahindra and Bajaj Finance, all of which witnessed healthy buying interest. In contrast, information technology stocks continued to face pressure, with TCS, Infosys, HCLTech, Tech Mahindra and Wipro featuring among the day’s major laggards as investors remained cautious ahead of the sector’s quarterly earnings announcements.

Market experts attributed Thursday’s rebound to four key factors. The biggest trigger was value buying after Wednesday’s steep decline, which had pushed several fundamentally strong stocks to attractive levels. Positive cues from Asian peers further lifted sentiment, while buying in domestic-oriented sectors such as automobiles, healthcare and financials provided additional support. Optimism ahead of the corporate earnings season also helped improve investor confidence.

The previous trading session had seen Dalal Street register its steepest fall in over two months, weighed down by concerns over elevated crude oil prices, persistent geopolitical tensions and weak global sentiment.

Also Read: India hosts 180 retail GCCs, leads globally