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HUL launches Unilever Fragrance Hub in Mumbai

Hindustan Unilever Ltd (HUL) has inaugurated the Unilever Fragrance Hub at IIT Bombay, marking a major step in strengthening India’s role in the company’s global innovation network.

The Mumbai facility is Unilever’s third global fragrance hub after centres in the UK and the US. It will use artificial intelligence, digital technologies and advanced scientific research to develop fragrances for beauty, personal care and home care products.

Part of Unilever’s €100 million global investment programme, the hub will also collaborate with academic researchers and help create products tailored for Indian and international consumers.

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Corporate

Sensex settles 300 points lower, Nifty slips to 23,450

Indian equity markets ended lower on Wednesday, with the benchmark Sensex falling 304 points and the Nifty 50 closing below the 23,450 mark. Broad-based selling across financial, metal and large-cap stocks weighed on investor sentiment throughout the trading session.

The BSE Sensex remained under pressure for most of the day, while the NSE Nifty 50 slipped below a key psychological level. Market participants remained cautious amid mixed global cues and concerns over economic and geopolitical developments.

Financial stocks were among the biggest drags on the market, with investors trimming positions in major banking and financial companies. Metal stocks also witnessed selling pressure as concerns over global demand and commodity price fluctuations impacted sentiment.

Among the major losers on the Sensex were Tata Steel, JSW Steel, HDFC Bank and ICICI Bank, which declined due to profit-booking and weak market sentiment. A few defensive stocks managed to limit losses, but their gains were not enough to offset the broader market weakness.

Broader markets also reflected the negative trend, with several mid-cap and small-cap stocks ending in the red. Analysts noted that investors remained cautious and preferred to stay on the sidelines ahead of key economic data and global developments.

Among individual stocks, investors tracked developments related to companies including Alkem Laboratories and Vedanta, which remained in focus during trading. Market participants also monitored corporate announcements, sector-specific news and institutional investment activity for directional cues.

Foreign and domestic institutional investor flows continued to influence market direction. Traders closely watched movements in crude oil prices, the rupee and global equity markets, all of which played a role in shaping investor decisions.

The decline came amid lingering concerns over global economic growth, interest rate expectations and geopolitical uncertainties. While India’s economic fundamentals remain relatively strong, investors adopted a cautious approach due to external headwinds.

Market experts said volatility is likely to persist in the near term as investors assess corporate earnings, economic indicators and policy developments. They added that stock-specific action could continue despite broader market weakness.

Also Read: Senior diplomat Vipul named India’s envoy to Saudi Arabia

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Corporate

CMR Green IPO subscribed 183% on day one

CMR Green Technologies’ initial public offering (IPO) received a strong response from investors on the very first day of bidding, becoming the first IPO in nearly a month to be fully subscribed on its opening day.

The public issue was subscribed 183% (1.83 times) on Day 1, with non-institutional investors (NIIs) emerging as the biggest contributors to demand. The NII portion was subscribed over 300%, while the retail investor category saw healthy participation with subscriptions crossing 100%. Qualified institutional buyers (QIBs) also showed interest in the offering, reflecting broad demand across investor categories.

CMR Green Technologies, one of India’s leading metal recycling companies, is seeking to raise funds through the IPO to support business expansion, repay debt and meet general corporate requirements. The company is known for recycling non-ferrous metals such as aluminium and producing value-added products for industries including automotive and engineering.

Market sentiment around the issue has remained positive. Ahead of the subscription opening, the company’s shares were reportedly commanding a grey market premium (GMP) of around ₹63 per share, indicating a potential listing gain of nearly 32% over the upper end of the IPO price band. However, grey market trends are unofficial and may change before listing.

CMR Green has built its business around converting metal scrap into reusable industrial materials, helping reduce dependence on primary metal production while supporting environmental goals. The company operates multiple recycling facilities across the country and supplies products to several major manufacturing industries.

The enthusiastic response comes at a time when investor interest in primary market offerings is gradually recovering after a relatively quiet period.

Also Read: Godrej enters wealth management business

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Technology

COMPUTEX 2026 shows Taiwan’s growing AI leadership

COMPUTEX 2026 opened in Taipei on June 2, bringing together leading technology companies, chipmakers and industry experts as artificial intelligence (AI) continues to drive demand for advanced computing infrastructure worldwide. The event, themed “AI Together,” is the largest edition of the technology exhibition to date, featuring around 1,500 exhibitors and thousands of visitors from across the globe.

Taiwan has emerged as a central player in the global AI ecosystem due to its strength in semiconductor manufacturing, AI servers and critical technology supply chains. Industry leaders attending the event highlighted the island’s growing importance in supporting the next phase of AI development.

NVIDIA Chief Executive Jensen Huang, one of the keynote speakers at the event, described AI infrastructure as the next major wave of global investment. He said companies worldwide are rapidly building AI-focused data centres and computing systems to support growing demand for generative AI and advanced machine learning applications.

Major technology companies including NVIDIA, AMD, Intel, Qualcomm, Arm, Marvell and NXP are participating in the exhibition. Several firms used the platform to unveil new AI chips, processors, networking technologies and data-centre solutions designed to power future AI workloads.

Organisers said the exhibition focuses on three major themes: AI and Computing, Robotics and Mobility, and Next-Generation Technologies. Industry experts expect AI infrastructure, high-performance computing and intelligent devices to dominate discussions throughout the event.

Taiwan’s government has also highlighted the country’s strategic role in the global AI race. Officials noted that Taiwan’s semiconductor industry and manufacturing ecosystem have become essential for producing the advanced hardware required by AI applications.

Also Read: Rupee falls 28 paise to 95.64 against US dollar

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Beyond

Rupee falls 28 paise to 95.64 against US dollar

The Indian rupee weakened by 28 paise to 95.64 against the US dollar in early trade on Wednesday, pressured by a strengthening greenback, rising crude oil prices and heightened geopolitical tensions in the Middle East.

Forex traders said growing concerns over global risk sentiment prompted investors to move towards safe-haven assets, boosting demand for the US dollar. The rupee came under additional pressure as crude oil prices remained elevated, raising concerns over India’s import bill and inflation outlook.

The domestic currency opened lower and extended its losses during the morning session as broader financial markets remained cautious. A sharp decline in Indian equity markets further weighed on sentiment, with foreign investors turning risk-averse amid global uncertainty.

Market participants are closely tracking developments in the Middle East, where escalating tensions have pushed oil prices higher. As India imports a significant portion of its crude oil requirements, any sustained rise in energy prices is seen as negative for the rupee and the country’s trade balance.

Despite the decline, forex experts believe the Reserve Bank of India will continue to monitor currency movements closely to ensure orderly market conditions. They noted that the rupee’s trajectory in the coming sessions will depend on crude oil prices, foreign fund flows and developments in global markets.

With geopolitical risks remaining elevated and volatility persisting across asset classes, traders expect the rupee to remain under pressure in the near term. Investors will also watch upcoming economic data and central bank signals for further direction in the currency market.

Also Read: Sensex tumbles over 1000 points, Nifty slips to 23,250

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Corporate

Maharashtra buys Air India building for ₹1,601 cr

The Maharashtra government has acquired Mumbai’s iconic Air India Building at Nariman Point for ₹1,601 crore in a major property transaction aimed at strengthening administrative infrastructure and reducing long-term operational costs.

The purchase, cleared by the state cabinet, will enable the government to relocate several departments currently functioning from rented premises across Mumbai. Officials said the move is expected to improve coordination between departments, streamline administrative processes and generate substantial savings on office rentals over the coming years.

Located in one of India’s most expensive commercial districts, the Air India Building is a 23-storey landmark overlooking Marine Drive. The property was owned by Air India Assets Holding Ltd (AIAHL), which manages the airline’s non-core assets following the privatisation of Air India.

According to the state government, the building’s strategic location and large office space make it suitable for accommodating multiple departments under a single roof. The move is expected to ease logistical challenges faced by government offices operating from different locations across the city.

Officials said Mumbai’s high commercial rentals were a key factor behind the decision. By purchasing the property outright, the government aims to create a permanent administrative centre while reducing recurring expenditure on leased office spaces.

The acquisition is also expected to give a new purpose to one of Mumbai’s most recognised buildings. The Air India Building has been a prominent part of the city’s skyline for decades and remains one of the most valuable properties in the Nariman Point business district.

Before government offices begin shifting to the premises, the building is expected to undergo renovations and infrastructure upgrades. Authorities are likely to prepare a phased transition plan to ensure smooth relocation of departments.

Also Read: Gold slides to ₹1,59,730, Silver at ₹2,68,170

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Beyond

Gold slides to ₹1,59,730, Silver at ₹2,68,170

old prices witnessed a marginal decline on Wednesday, June 3, as investors booked profits following the recent surge in bullion prices. Gold was quoted at ₹1,59,730, while silver stood at ₹2,68,170 in the domestic bullion market, reflecting a slight pullback after touching elevated levels in recent sessions.

The correction comes after precious metals rallied sharply on the back of heightened geopolitical tensions, uncertainty surrounding the global economic outlook and strong safe-haven buying. Traders said the latest dip was largely driven by profit booking, with investors locking in gains after gold and silver approached record highs.

Despite the decline, market sentiment towards bullion remains positive. Analysts noted that gold continues to attract strong investor interest as a hedge against inflation, currency volatility and economic uncertainty. Expectations of monetary easing by major central banks and ongoing geopolitical risks have further strengthened the appeal of the yellow metal.

Silver, which was trading at ₹2,68,170, also witnessed some pressure but remained supported by robust industrial demand. The metal continues to benefit from its widespread use in sectors such as electronics, solar energy, electric vehicles and manufacturing, helping sustain its long-term growth prospects.

Globally, investors remained focused on inflation data, interest-rate expectations and geopolitical developments, all of which continue to influence precious metal prices. Movements in the US dollar and bond yields also remained key factors shaping sentiment in the bullion market.

Jewellers reported steady consumer demand despite elevated prices, particularly from wedding and festive buyers. Industry participants said physical demand has remained resilient, indicating that consumers continue to view gold as a preferred store of value even at higher price levels.

Also Read: Sensex tumbles over 1000 points, Nifty slips to 23,250

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Corporate

Sensex tumbles over 1000 points, Nifty slips to 23,250

Indian stock markets opened sharply lower on Wednesday, June 3, with the Sensex plunging over 1000 points and the Nifty slipping below the 23,250 mark as investors reacted to escalating geopolitical tensions in the Middle East and a sharp rise in global crude oil prices.

Market sentiment remained weak after reports of fresh escalation in the conflict involving Iran and the United States. Concerns over possible disruptions to global oil supplies pushed crude prices closer to the $100-per-barrel mark, raising fears of higher inflation and increased import costs for India, a major oil-importing nation.

The sell-off was broad-based, with information technology stocks emerging as the biggest losers in early trade. Shares of major IT companies, including Infosys, TCS, HCLTech, Tech Mahindra and Wipro, came under pressure after recent gains, dragging benchmark indices lower. Banking, financial services, auto and other rate-sensitive sectors also witnessed significant selling as investors reduced exposure to riskier assets.

Among the Nifty stocks, Infosys, TCS, HCLTech, Tech Mahindra and Wipro figured among the top losers, reflecting concerns over global growth and technology spending. Financial and banking counters also traded weak, adding to the market decline.

In contrast, a handful of stocks bucked the broader trend. Vedanta and Alkem Laboratories emerged among the top gainers in early trade, supported by stock-specific developments and buying interest. Other defensive and commodity-linked counters also witnessed selective buying as investors sought shelter from the broader market weakness.

Broader markets mirrored the weakness on Dalal Street, with mid-cap and small-cap indices trading in the red. Analysts said rising oil prices, geopolitical uncertainty and concerns over inflation could continue to keep markets volatile in the near term.

Foreign institutional investors remained cautious and continued their selling activity amid global uncertainty. A weaker rupee and rising bond yields further dampened sentiment, prompting traders to book profits and move to safer investments.

Reliance Industries remained in focus amid ongoing corporate developments, while investors also tracked updates from companies such as Vedanta and Alkem Laboratories. Market participants are closely monitoring corporate announcements and sector-specific developments for fresh trading cues during the session.

Also Read: Anthropic files confidential IPO papers

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1 Minute-Read

Anthropic files confidential IPO papers

Anthropic, the artificial intelligence startup behind the Claude chatbot, has confidentially filed for an initial public offering (IPO) in the United States. The move positions the company to become one of the biggest AI firms to enter public markets.

Reports suggest Anthropic could debut with a valuation approaching $1 trillion, driven by strong investor enthusiasm for artificial intelligence. Backed by major technology companies and investors, the firm has rapidly expanded its AI offerings and enterprise business.

The confidential filing allows Anthropic to begin regulatory review while keeping financial details private until a later stage.

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Beyond

Centre launches NHPC OFS to sell up to 6% stake

The Centre has launched an Offer for Sale (OFS) in state-run hydropower major NHPC, aiming to divest up to a 6% stake in the company as part of its disinvestment and resource mobilisation programme. The sale opened for non-retail investors on June 2, while retail investors will be able to bid on June 3.

Under the OFS, the government is initially offering a 3% stake, equivalent to around 30.12 crore shares. It also retains a greenshoe option to sell an additional 3% stake, taking the total offer size to 6% if investor demand remains strong. The floor price for the issue has been fixed at ₹71 per share, representing a discount to the prevailing market price.

At the floor price, the government could raise more than ₹4,200 crore if the entire 6% stake is sold. The proceeds will contribute to the Centre’s broader disinvestment targets for the current financial year.

The OFS structure provides an opportunity for institutional and retail investors to acquire shares directly from the government. Retail investors are expected to receive a discount on the floor price, in line with the government’s practice in previous OFS transactions.

The government currently holds a majority stake in the company. Following the OFS, its shareholding will decline, though it will continue to retain management control. The stake sale is aimed at improving public shareholding while unlocking value from government-owned enterprises.

NHPC is India’s largest hydropower development company and operates several hydroelectric projects across the country. The company has also expanded into solar and other renewable energy segments as part of its diversification strategy. With a substantial portfolio of power generation assets, NHPC remains a key player in India’s clean energy transition.

Also Read: SoftBank emerges as Japan’s most valuable company