Author: Staff Writer

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Technology

HCLTech anchors ₹2,800 cr bet on Sarvam AI

HCLTech is set to lead a major investment of around $300 million (about ₹2,800 crore) in Bengaluru-based AI startup Sarvam AI, marking one of its biggest moves into the artificial intelligence space.

The funding round is expected to value Sarvam AI at nearly $1.5 billion (about ₹12,000 crore), reflecting strong investor interest in AI companies focused on building large language models and enterprise tools.

As part of the deal, HCLTech is expected to invest around $150 million. Other investors, including Bessemer Venture Partners, are likely to contribute about $50 million, while the remaining amount will come from global funds such as Nvidia-linked investors, Prosperity7, Activate and Glade Brook Capital.

Sarvam AI focuses on developing AI systems designed for Indian languages and enterprise use cases. The company is part of a growing push to build local AI models that can compete in the global generative AI race while also serving India-specific needs.

The latest valuation represents a sharp jump from its earlier funding round, showing rising confidence in India’s AI ecosystem. The deal also stands out because it marks a major Indian IT services company directly leading a large AI startup investment, beyond its traditional outsourcing and services business.

Industry experts say this reflects a broader shift in the tech sector, where IT companies are increasingly investing in or partnering with AI startups to stay relevant in a fast-changing market.

If completed, the funding round will be one of the largest AI-focused investments in India so far, strengthening Sarvam AI’s position in the country’s emerging “sovereign AI” space.

Also Read: OpenAI brings codex to ChatGPT mobile app

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Technology

OpenAI brings codex to ChatGPT mobile app

OpenAI has integrated its coding assistant Codex into the ChatGPT mobile app, allowing users to handle programming tasks remotely from their smartphones.

Codex is an AI-powered tool that helps developers generate code, fix errors, review changes and improve software projects. Earlier, it was mainly available on desktop platforms, but the new update extends its use to mobile devices.

With this rollout, developers can monitor ongoing coding tasks, approve changes, and track progress directly from the ChatGPT app. However, the actual processing and execution of code still takes place on connected systems such as cloud servers or computers, while the phone serves as a control interface.

The feature is being introduced in a phased manner for both Android and iOS users. It is aimed at making software development more flexible by allowing engineers to stay connected to their projects even when away from their workstations.

OpenAI said the update is part of its effort to improve productivity tools for developers as demand for AI-assisted coding continues to grow globally. The company is competing in a fast-expanding market for AI developer platforms.

Codex was initially launched as a desktop-focused tool to support coding assistance and automation. The mobile integration now allows users to interact with AI coding workflows in real time while on the move.

Also Read: Roche introduces 7-minute lung cancer shot in India

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Corporate

Sensex falls 160 points, Nifty below 23,650

Indian equity markets ended Friday’s session on a weak note, with benchmark indices slipping amid pressure from rising crude oil prices and cautious global sentiment.

The Sensex closed 161 points lower at around the 78,300 level, while the Nifty ended below the 23,650 mark. Selling pressure was seen in auto, energy, and select infrastructure stocks, while banking and IT counters offered limited support.

Investor sentiment remained cautious as crude oil prices stayed elevated due to ongoing geopolitical tensions in West Asia. Higher fuel costs raised concerns over inflation and margin pressures for companies dependent on transportation and raw materials.

Among gainers, Infosys, Hindustan Unilever (HUL), and ICICI Bank saw buying interest, helping limit deeper losses in the broader market.

On the losing side, Tata Motors, ONGC, and Adani Ports declined, tracking weakness in energy and commodity-linked sectors. Rising crude oil prices continued to weigh on sentiment for oil marketing and logistics-related stocks.

Broader Asian markets showed mixed cues, while foreign institutional investor activity remained cautious. Currency fluctuations and global oil price movements further influenced intraday volatility.

Analysts said markets are likely to remain sensitive to crude oil trends and geopolitical developments in the near term. Persistent high energy prices may keep inflation concerns elevated and impact corporate earnings outlook.

 Investors are expected to track macroeconomic data, foreign fund flows, and crude oil trends for further direction.

Also Read: Roche introduces 7-minute lung cancer shot in India

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Beyond

India seals oil and defence deals in UAE

India and the United Arab Emirates signed multiple agreements on fuel supply, defence cooperation and investment during Prime Minister Narendra Modi’s visit to Abu Dhabi.

A key agreement was signed on supplies of Liquified Petroleum Gas (LPG) to support India’s growing fuel demand. The two countries also signed an MoU on Strategic Petroleum Reserves to improve India’s emergency crude oil storage capacity and energy security.

India and the UAE further signed an Agreement on Framework for the Strategic Defence Partnership, aimed at strengthening bilateral strategic and security cooperation. The agreement includes collaboration in maritime security, military coordination and defence partnerships.

Another important MoU was signed for setting up a Ship Repair Cluster at Vadinar in Gujarat. Officials said the project would help improve maritime infrastructure and support shipping and logistics activities.

The UAE also announced investments worth around $5 billion in Indian infrastructure projects as well as investments in RBL Bank and Samman Capital. The investments are expected to boost infrastructure development and financial sector growth in India.

Officials said the agreements were signed at a time when global energy markets remain volatile due to tensions in West Asia. Analysts believe the deals could help India secure long-term fuel supplies and strengthen strategic ties with one of its key Gulf partners.

Also Read: JSW Steel plans ₹14,000 crore fundraising

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Beyond

DLF plans ₹20,000 cr luxury housing push

Real estate company DLF Limited has announced major investments in luxury housing projects as demand for premium homes continues to grow in India’s property market.

The company said it plans to launch housing projects worth nearly ₹20,000 crore during the 2026-27 financial year across key cities including Gurugram, Mumbai and Goa. DLF is also expected to invest an additional ₹21,300 crore to complete ongoing residential projects in Gurugram and other cities.

According to the company, strong demand from high-income buyers and rising interest in luxury living have encouraged expansion in the premium housing segment. DLF said its upcoming projects would focus mainly on luxury apartments, high-end residential communities and premium lifestyle developments.

The company has already witnessed strong sales in its recent luxury housing launches, especially in Gurugram, which remains one of India’s fastest-growing real estate markets. Industry experts said demand for premium homes has increased after the pandemic as buyers look for larger living spaces, better amenities and long-term investment opportunities.

DLF officials said the company remains optimistic about growth in the luxury housing sector despite global economic uncertainties. They added that the company plans to strengthen its presence in major metropolitan markets where demand for premium residential projects continues to remain high.

The company’s investment plan includes land development, project construction and infrastructure expansion for upcoming residential communities. Analysts believe the move reflects growing confidence among developers in India’s high-end real estate market.

Property consultants noted that luxury housing sales have remained strong in cities like Gurugram and Mumbai due to increasing demand from business owners, professionals, non-resident Indians and high-net-worth individuals.

The company’s expansion strategy is also expected to generate employment in construction, real estate services and related sectors. Industry observers said large-scale housing investments by major developers could support overall growth in India’s real estate market in the coming years.

Also Read: Cerebras IPO lists high at $185 per share

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Corporate

Cerebras IPO lists high at $185 per share

US-based AI chipmaker Cerebras Systems has priced its initial public offering (IPO) at $185 per share, marking one of the biggest tech listings of the year. The company is expected to begin trading on the Nasdaq stock exchange under the ticker “CBRS”.

The IPO received strong response from investors as interest in artificial intelligence companies continues to grow worldwide. Due to high demand, Cerebras increased both the share price and the number of shares offered before the listing.

Cerebras is known for building advanced AI chips designed for large-scale artificial intelligence tasks and high-performance computing. The company is considered one of the main competitors to AI chip giant NVIDIA.

Reports said the IPO could raise billions of dollars for the company and significantly boost its market valuation. Analysts believe investor confidence in AI infrastructure and semiconductor companies has remained strong because of the rapid expansion of generative AI technologies.

The California-based company has gained attention through major AI partnerships and infrastructure projects in recent months. It has also reported strong revenue growth as demand for AI computing power continues to increase globally.

Also Read: Petrol, diesel up by ₹3, CNG prices by ₹2

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Beyond

Gold near ₹1 lakh and silver at ₹97,000

Gold and silver prices edged lower in domestic markets on Friday, May 15, though rates continued to remain close to historic highs. The decline followed weak global cues and profit-booking in international bullion markets, analysts said.

According to retail market data, 24-carat gold was trading close to the ₹1 lakh mark per 10 grams in several Indian cities, while 22-carat gold also saw a marginal drop in rates. Silver prices slipped by nearly ₹1,500 per kilogram and were trading around ₹97,000/kg in major bullion markets.

In Delhi, Mumbai, Chennai and Kolkata, gold prices witnessed slight variations due to local levies and transportation charges. Despite the correction, jewellery rates continued to stay significantly higher compared to previous months, affecting consumer demand in many regions.

Market experts attributed the fall in prices to easing geopolitical tensions, fluctuations in the US dollar and mixed signals from global commodity markets. International gold prices remained volatile during the trading session, while MCX gold and silver futures also recorded losses.

Traders said investors were booking profits after bullion prices touched record highs earlier this month. At the same time, uncertainty surrounding global economic growth and interest rate expectations continued to support safe-haven demand for gold, preventing a sharper decline.

The recent increase in import duty on gold has also added pressure on domestic buyers. Industry observers believe higher import costs may keep retail prices elevated in the coming weeks, especially during the ongoing wedding and festive season.

Jewellers in several cities reported slower customer footfall as rising prices discouraged middle-income buyers from making large purchases. However, investment demand for gold remained steady, particularly among consumers looking at bullion as a long-term hedge against inflation and market volatility.

Also Read: Sensex falls 100 points as Nifty tests 23,700

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1 Minute-Read

LinkedIn to cut 5% of workforce in latest restructuring

LinkedIn, owned by Microsoft, is set to lay off about 5% of its global workforce as part of a new restructuring plan.

The cuts are expected to affect several hundred employees across different teams as the company reshapes its operations to focus on priority areas and future growth.

Even with the job reductions, LinkedIn has reported revenue growth in its recent performance, showing continued demand for its services.

The company said the decision is part of regular organisational changes and not solely driven by automation or artificial intelligence.

The decision comes amid ongoing job cuts across the global tech industry.

Categories
Beyond

Amul, Mother Dairy raise milk prices by ₹2

Amul and Mother Dairy have increased milk prices by ₹2 per litre across India, with the new rates coming into effect from today, May 14. The hike applies to several popular milk variants sold by both companies.

The companies said the revision was made because of rising production and operational costs. According to them, expenses related to cattle feed, transportation, packaging and milk procurement have increased in recent months.

Amul stated that the higher prices would help support dairy farmers, who are also facing increased costs in maintaining milk production. Mother Dairy said procurement prices paid to farmers have gone up steadily over the past year, making the revision necessary.

Following the increase, products such as full cream milk, toned milk and cow milk will now cost more in markets across the country. Retailers have already started selling milk at the revised prices.

The hike is expected to affect household spending as milk remains one of the most commonly used food items in Indian homes. It is widely used for beverages, cooking and children’s nutrition, making it an essential daily purchase for families.

There are also concerns that the increase in milk prices could eventually affect the cost of dairy products such as curd, paneer and sweets if input costs remain high.

This is Amul’s first nationwide milk price hike since 2025. Both companies said the revision was necessary to maintain supply stability and support the dairy supply chain, especially farmers and milk producers.

The rising inflation, fuel prices and supply chain costs continue to impact the dairy sector. The seasonal fluctuations in milk production also influence procurement and pricing decisions.

Also Read: Adani Ports partners Oceaneering for Europe expansion

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1 Minute-Read

Adani Ports partners Oceaneering for Europe expansion

Adani Ports has partnered with US-based Oceaneering International to expand its offshore and subsea operations in Europe. The collaboration will be led through Adani’s marine arm, Astro Offshore, as the company strengthens its global presence beyond traditional port operations.

As part of the expansion, Adani Ports has added its first ultra-deepwater vessel, which will support offshore energy and underwater infrastructure projects. The company plans major investments in its marine business over the coming years.

The partnership is expected to help Adani Ports strengthen its position in the global offshore services market and support its long-term plans to build a larger international marine and logistics network.