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Financial bids received for IDBI Bank privatisation

The government has received financial bids for the strategic privatisation of IDBI Bank, marking a key step in the disinvestment process, the Department of Investment and Public Asset Management (DIPAM) said.

The bids, including from Kotak Mahindra Bank, Fairfax India Holdings, and Emirates NBD, cover the 60.72% stake held by the Centre and LIC. These offers will now be evaluated as per procedure to select a preferred bidder, followed by regulatory approvals.

The move aligns with the government’s broader plan to reduce its stake in non-core sectors and raise revenue.

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Adani Mangal Seva completes one year

The Adani family, including Jeet Adani and Diva Shah, marked the first anniversary of Adani Mangal Seva in Ahmedabad.

Launched before their wedding, the initiative provides 500 differently-abled brides annually with ₹10 lakh fixed deposits, ensuring financial stability and independence.

Run by the Adani Foundation in partnership with SBI, the programme will continue for at least five years, empowering women aged 25–40 with dignity and long-term support.

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Cognizant Q4 profit rises 18% to $648 mn

Cognizant Technology Solutions reported an 18% jump in net profit to $648 million for the fourth quarter, with revenue rising 4.9% to $5.3 billion compared to last year.

On a constant currency basis, revenue increased 3.8%. Growth was driven mainly by financial services, while other sectors and regions showed steady performance.

The company added employees and continued investing in strategic areas, including AI-driven services. For the first quarter of 2026, Cognizant expects revenue growth between 4.8% and 6.3%, with full-year revenue projected at $22.14–$22.66 billion, signaling confidence in continued expansion.

 

 

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ElevenLabs raises $500 mn, valuation jumps to $11 bn

ElevenLabs, a fast-growing artificial intelligence startup focused on voice technology, has raised $500 million in fresh funding, pushing its valuation to $11 billion.

The Series D round was led by Sequoia Capital, with existing investors such as Andreessen Horowitz and ICONIQ also participating, along with new backers. The company is known for its advanced text-to-speech and voice cloning tools used in media, gaming, and enterprise applications.

ElevenLabs plans to use the funds to strengthen research, develop new AI products, and expand globally, reflecting growing demand for realistic and scalable voice AI solutions.

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RBI says most ₹2,000 notes returned, still legal tender

The Reserve Bank of India has said that most ₹2,000 currency notes withdrawn from circulation have already come back to the banking system.

As per RBI’s latest update, over 98 per cent of these high-value notes have been deposited or exchanged, with only a small amount still held by the public. The central bank clarified that ₹2,000 notes continue to be legal tender and can still be deposited at RBI issue offices or sent through India Post.

The note was withdrawn in May 2023 to improve currency circulation, not due to demonetisation.

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IndiGo faces CCI probe after ₹22 cr flight disruptions

India’s largest airline, IndiGo, is under a detailed CCI investigation following widespread December 2025 flight cancellations that affected 9.82 lakh passengers.

The airline reportedly spent ₹22 crore on refunds, rebookings, and passenger facilitation. The CCI is examining whether IndiGo abused its 65% domestic market dominance, restricting services and harming competition.

The probe comes alongside DGCA fines of ₹22.20 crore and directives for a ₹50-crore bank guarantee. Following the announcement, IndiGo shares fell nearly 4%, reflecting investor concern over regulatory and operational risks.

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BlackRock CEO says India should boost capital markets

BlackRock CEO Larry Fink has called on India to expand its capital markets so citizens can benefit from the country’s strong economic growth.

Speaking in Mumbai, he noted that many Indians prefer bank deposits or gold over equities, missing opportunities to build wealth as the economy grows at 8–10% annually. Fink highlighted India’s robust financial infrastructure, including digital payments and the potential for asset tokenization, and emphasized the need for stronger domestic markets rather than relying heavily on foreign investment.

He also addressed AI concerns, saying underinvestment is a bigger risk globally.

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Boeing to slash 300 defence division jobs

Boeing plans to cut around 300 jobs in its defence division, primarily affecting supply-chain positions across multiple U.S. sites. Employees will be notified this week.

The move is part of broader workforce adjustments as the company aligns staffing with business needs. Boeing emphasized it continues to recruit in other areas, with over 1,300 open positions available, and some laid-off employees may be offered alternative roles within the company.

The job reductions coincide with Boeing shifting some commercial aircraft engineering work to different locations.

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SC orders SIT probe in Anil Ambani bank fraud

The Supreme Court directed a Special Investigation Team (SIT) to probe alleged bank loan fraud involving Anil Dhirubhai Ambani Group (ADAG), reportedly worth around ₹40,000 crore.

The bench criticised the CBI and ED for delays and limited FIR filings despite multiple bank complaints, noting each complaint warrants separate action. The court emphasised the probe must be fair, thorough, and timely.

Anil Ambani’s counsel submitted an undertaking that he will not leave India without the Court’s permission. The SC stressed accountability and transparency in investigating alleged collusion by company and bank officials.

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Elon Musk tops $800 bn after SpaceX‑xAI deal

Elon Musk’s wealth has surged past $800 billion after SpaceX acquired his AI company xAI.

The merged firm, valued at around $1.25 trillion, boosts Musk’s stake and strengthens SpaceX as his most valuable asset. The deal unites AI, space technology, satellite internet, and social platform X, with a potential SpaceX IPO later this year.

This landmark move makes Musk the richest person in history, setting a new benchmark in personal wealth.