Corporate Updates
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.
Varun Beverages Ltd reported a 33% rise in consolidated net profit to ₹260 crore for the December quarter, compared with ₹196 crore a year ago.
Revenue from operations increased 14% to around ₹4,204 crore, supported by strong demand across markets. Total sales volumes grew 10.2% to 237.1 million cases, with India recording 10.5% growth and international operations rising 10%.
The company also posted improved operating performance during the quarter. Varun Beverages, a key PepsiCo bottler, said better product mix and wider distribution helped sustain growth momentum despite cost pressures.
The Indian government is considering raising the foreign direct investment (FDI) limit in public sector banks (PSBs) from 20% to 49% to attract capital and strengthen state-owned banks.
Officials say the proposal is under discussion, and the government would still retain majority control. Currently, private banks allow up to 74% foreign ownership.
Raising the limit for PSBs is part of efforts to boost capital, support growth, and make public banks more competitive, while keeping government oversight intact.
French IT major Capgemini has decided to sell its US-based subsidiary, Capgemini Government Solutions, after concerns were raised about its role in supporting migrant tracking and deportation systems for US immigration agencies.
The move comes amid political and public scrutiny in France over ethical issues linked to such contracts. Capgemini said legal constraints limited its control over the unit’s operations, prompting the decision to divest.
The company clarified that the subsidiary contributes only a small portion to its overall revenue and that the sale process will begin immediately.
The Union Budget 2026‑27 has significantly reduced funding for India’s electric mobility programs, with a total cut of over ₹3,700 crore compared to previous allocations.
Key schemes affected include the PM Electric Drive (PM E‑DRIVE) and the PM e‑Bus Sewa Scheme, aimed at boosting electric vehicle adoption and charging infrastructure.
Analysts say the cuts may slow the pace of EV adoption, even as the government continues to support manufacturing and long-term sustainable transport goals. This marks a notable shift in budgetary focus for the transport sector.
Shares of Dixon Technologies surged nearly 5% after the electronics manufacturer posted a strong set of results for the December quarter.
The company reported a sharp 67% year-on-year rise in net profit to ₹287 crore, helped by a one-time gain from the sale of its lighting business stake. Revenue remained robust, driven mainly by its mobile phone and electronics manufacturing segments, though smartphone volumes were impacted by inventory adjustments and higher component costs. Brokerage views remain mixed.
While some analysts see long-term growth potential, others caution that near-term volume pressure and margin risks could weigh on the stock.
eClerx Services Ltd posted strong results for the quarter ended December 31, 2025. Standalone net sales rose 20.9% year-on-year to ₹736.10 crore, while standalone net profit surged 51.4% YoY.
Consolidated revenue also grew robustly, crossing ₹1,070 crore, with net profit up significantly compared to last year. The company’s board approved a 1:1 bonus equity share issue, giving shareholders one extra share for every share held, subject to regulatory approval.
Shares of eClerx jumped following the earnings report and the shareholder-friendly bonus announcement, reflecting investor optimism on the company’s performance and growth outlook.
ITC Ltd reported a nearly flat consolidated net profit of ₹4,931 crore for the third quarter of FY26, almost unchanged from the year‑ago period, as higher costs and one‑time charges offset gains.
Revenue from operations rose about 7 % to ₹21,577 crore, supported by growth in cigarettes and FMCG segments. The board declared an interim dividend of ₹6.50 per share with a February record date.
ITC also warned that a new excise duty on cigarettes could fuel illicit trade and harm small businesses and farmers. Shares traded modestly lower around the results.
Turtlemint Fintech Solutions, an insurtech platform founded in 2015, has filed an updated draft prospectus with SEBI for a proposed ₹2,000 crore IPO, targeting a listing by April.
The public offering will include both new shares and an offer-for-sale by existing investors. The company plans to use the proceeds to strengthen technology, expand infrastructure, and support business growth.
Early investors, including Nexus Venture Partners and Peak XV Partners, are expected to sell part of their holdings in the listing.
ABB India Ltd’s shares surged 9.67% to ₹5,531 on January 29, marking the third consecutive session of gains on the NSE. The stock outperformed benchmarks, with the NIFTY down 0.16% and Sensex largely flat, highlighting stock-specific momentum.
In the past month, ABB India has risen around 7.6%, supported by higher-than-average trading volumes. Despite the recent rally, the stock remains about 3.3% lower over the past year.
Futures for February also showed strong buying activity, reflecting continued investor interest in the stock.