Category: Corporate

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Meta launches Muse Glimmer in new AI push

Meta has stepped up its challenge to the leading artificial intelligence companies with the launch of Muse Glimmer, a new open-weight AI model designed to run directly on personal computers.

The release marks a renewed push by Meta CEO Mark Zuckerberg to make advanced AI technology more accessible to developers and users rather than keeping powerful models exclusively behind corporate-controlled systems.

Muse Glimmer is a 30-billion-parameter model built for agentic tasks, meaning it is designed to do more than simply generate answers. It can be used for tasks such as coding, research, planning and other multi-step activities that require an AI system to work through a problem and complete actions.

One of the model’s biggest selling points is its ability to operate locally. Meta says Muse Glimmer can run on a single graphics processing unit, allowing developers to use the model on consumer hardware rather than depending entirely on expensive cloud infrastructure.

That could make a difference for developers and businesses that want greater control over their AI systems. Running models locally can reduce reliance on cloud services, potentially lower costs and give users greater control over data and how an AI model is customised.

Muse Glimmer is also designed around local AI agents. These systems can perform tasks on behalf of users instead of simply responding to individual prompts. The approach is increasingly becoming a major focus of the AI industry, with companies looking at AI agents that can handle longer workflows with less human intervention.

Meta developed Glimmer using a technique known as distillation, drawing capabilities from its more powerful Muse Spark model. This allows a smaller system to retain useful capabilities while being efficient enough to run on consumer hardware.

The launch is part of a broader change in Meta’s AI strategy. Earlier this year, the company introduced Muse Spark as a more powerful model, but Glimmer represents a return to Meta’s open-weight approach. The company has also said it plans to make a more advanced version, Muse Spark 1.2, available with its weights.

Open-weight models give developers access to the underlying model parameters, allowing them to run, modify and customise AI systems within the terms of their licences. This differs from closed AI models, where users generally interact with the system through a company-controlled service or API.

Zuckerberg used the launch to make a wider argument about how AI should develop. In a lengthy essay titled The Future Is for Everyone, he argued that increasingly powerful AI should not be controlled by a small number of companies or governments.

He said broader access could give individuals more control over AI and help developers create personalised systems for education, work, entrepreneurship and other areas of daily life. His vision centres on what he calls personal superintelligence, AI systems that can be tailored to individual users rather than designed only for large organisations.

Zuckerberg also framed open-weight AI as an issue of global competition. He argued that the United States should avoid policies that place domestic AI developers at a disadvantage compared with Chinese companies developing and distributing open models.

The argument comes as the AI race between the US and China becomes increasingly competitive. Chinese companies have gained attention for producing capable models that can be offered at relatively low cost, putting pressure on US technology companies to improve both performance and accessibility.

Meta’s latest move therefore has both a technology and geopolitical dimension. The company wants developers to adopt its AI models while also arguing that a more open ecosystem can help the United States maintain its position in artificial intelligence.

The strategy is not without risks. Open-weight AI models can be customised in ways that are harder for their creators to control. Critics have raised concerns about misuse, cybersecurity and the possibility that increasingly capable models could be adapted for harmful purposes.

Meta’s approach contrasts with the more controlled strategies of companies such as OpenAI and Anthropic, which have generally kept their most powerful models behind managed services and safety systems.

The company is also investing heavily in the infrastructure needed to support its broader AI ambitions. Alongside the Muse Glimmer announcement, Meta said it would establish a $1 billion fund for communities affected by the expansion of its data-centre network.

For Meta, the challenge is not simply producing another AI model. The company is trying to establish a position in a market dominated by intense competition from OpenAI, Google, Anthropic and rapidly advancing Chinese AI developers.

Muse Glimmer gives Meta another route into that competition. Instead of focusing solely on larger models that require expensive cloud infrastructure, the company is betting on AI that can operate closer to the user.

For developers, the attraction is flexibility. For consumers, the potential benefits include lower dependence on cloud services and greater control over personal data. For Meta, wider adoption could strengthen its influence over the next generation of AI development.

 

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BSE replaces Wipro in September index reshuffle

The Bombay Stock Exchange (BSE) is set to enter India’s benchmark Nifty 50 index, replacing information technology major Wipro from September 30, 2026. The change was announced as part of the latest semi-annual review by NSE Indices and marks a significant shift in the composition of one of India’s most closely tracked stock market indices.

The move reflects the changing structure of India’s equity market. BSE’s six-month average free-float market capitalisation has risen significantly, allowing it to meet the eligibility requirement for inclusion in the Nifty 50. Under the index methodology, a stock must have a free-float market capitalisation at least 1.5 times that of the smallest Nifty 50 constituent for the replacement to take place. BSE met that threshold against Wipro.

For BSE, the inclusion is an important milestone. The stock exchange has seen a strong rally in its shares over the past year, helped by growing activity in India’s equity and derivatives markets. Its inclusion in the Nifty 50 will also increase its visibility among domestic and international investors.

BSE shares gained sharply after the replacement announcement, with the stock rising more than 3% during Monday’s trading session before paring some gains. The stock has been among the stronger performers in the financial market segment this year, reflecting expectations around the exchange’s expanding business and increased trading activity.

The Nifty 50 tracks 50 large and liquid companies listed on the National Stock Exchange. It is widely used as a benchmark by mutual funds, exchange-traded funds and other investment products. Passive funds that track the index generally adjust their holdings whenever the index composition changes.

That is why the BSE-Wipro switch could result in significant fund flows. Analysts estimate that passive funds could direct about $691 million towards BSE shares following its inclusion, while Wipro could see outflows of around $240 million as funds tracking the Nifty 50 remove the stock from their portfolios.

Such flows are largely mechanical and do not necessarily reflect a sudden change in the fundamental outlook for either company. Index funds are required to adjust their portfolios to match the new composition, creating additional buying demand for the incoming stock and selling pressure on the outgoing one.

For Wipro, the exclusion is a notable development. The IT services company has been a long-standing member of the Nifty 50, although it has faced sustained pressure in recent months. The company’s shares have declined significantly this year amid broader concerns over the outlook for Indian IT services companies.

One of the biggest issues confronting the sector is the growing use of artificial intelligence. Investors have been assessing whether rapid advances in AI could reduce demand for some traditional software and technology services, potentially affecting revenue growth and margins for established IT companies.

Wipro has also faced broader sector-wide concerns, with Indian IT stocks under pressure as investors reassess valuations and long-term growth prospects. The Nifty IT index has experienced a significant decline this year, reflecting these worries.

The Nifty 50 change does not mean Wipro is being removed from the stock market or that its business has become fundamentally weaker. It simply means that, under the index’s rules, another company currently has a stronger position based on market-capitalisation and liquidity criteria.

Wipro’s exit will nevertheless matter because of the large amount of money benchmarked to the Nifty 50. Index-tracking funds will have to reduce or eliminate their Wipro holdings as the new composition takes effect. This could create short-term selling pressure around the implementation date.

BSE, meanwhile, stands to benefit from the opposite effect. Funds tracking the benchmark will need to acquire the exchange’s shares, potentially creating additional demand. The company could also receive greater visibility among global investors who use the Nifty 50 as a primary gauge of Indian equities.

The inclusion is particularly interesting because BSE operates in the same broad capital-markets ecosystem as the National Stock Exchange. The exchange has been expanding its presence in equity derivatives and other market segments, benefiting from the rapid growth of retail participation in Indian financial markets.

India has seen a substantial increase in household participation in equities through direct investing, mutual funds and systematic investment plans. Rising participation has contributed to higher trading volumes and greater activity across the country’s stock exchanges.

The Nifty 50 reshuffle therefore reflects more than a change in two stocks. It highlights how quickly market leadership can change as companies grow, valuations shift and investor participation evolves.

For investors, the immediate focus will be on how BSE and Wipro shares behave between now and September 30. BSE could continue to attract attention because of expected passive fund buying, while Wipro may face pressure from index-related selling.

However, market participants are likely to distinguish between these technical flows and the companies’ underlying fundamentals. Once the index adjustment is completed, stock prices will ultimately depend on earnings, business growth, valuations and investor expectations.

The BSE inclusion also strengthens the exchange’s standing in India’s capital-market ecosystem. For Wipro, meanwhile, the exit represents a difficult phase for a company that has been a familiar name in the benchmark for years.

The Nifty 50 reshuffle will officially take effect on September 30. Until then, investors are likely to track BSE’s share-price performance, Wipro’s response and estimates of index-related fund flows. The change serves as another reminder that India’s benchmark index is constantly evolving with the changing fortunes of its listed companies.

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Milky Mist ₹1,553 cr IPO opens today

The Milky Mist Dairy Food IPO opened for subscription on Tuesday, August 11, attracting investor interest on its first day of bidding. The public issue, valued at ₹1,553 crore, is available for subscription until August 13, giving investors three days to place their bids.

The IPO has a price band of ₹133 to ₹140 per equity share. The minimum bid is for 107 shares, meaning retail investors need to invest at least ₹14,980 if they apply at the upper end of the price band.

The issue has received a positive response so far, particularly from retail investors. By the end of the early part of Day 1, the IPO had been subscribed around 40%, with retail investors accounting for a significant share of the demand. The response will be closely watched as institutional investors typically step up participation as the issue progresses.

The Milky Mist IPO GMP, or grey market premium, has also attracted attention. Current market indications suggest a premium of around ₹20-₹21 over the upper end of the issue price, implying a potential listing price in the region of ₹160 and a possible listing gain of about 15%. However, the grey market is unofficial and GMP movements can change before listing.

The positive GMP has added to investor interest, but it should not be treated as a guarantee of listing gains. The actual listing price will depend on demand, market conditions and investor sentiment when the shares begin trading.

Milky Mist Dairy Food is a Tamil Nadu-based dairy and food company known for products such as paneer, cheese, curd, milk, dairy beverages and other value-added dairy products. The company has built its business around processed dairy products and has expanded its presence across India’s growing packaged food market.

The IPO comes at a time when India’s dairy and packaged food sectors are attracting increasing investor attention. Changing consumer preferences, urbanisation and greater demand for branded food products have created opportunities for companies offering convenient and value-added products.

The company’s business model is built around moving beyond traditional liquid milk into higher-margin value-added dairy products. Categories such as cheese, paneer and other processed products have become increasingly important as consumers look for convenient food options.

For investors considering the Milky Mist IPO, the company’s growth prospects are one of the key factors to examine. The company operates in a competitive market where established players and regional brands are competing for consumers. Maintaining margins while expanding distribution and production capacity will remain important for future performance.

The IPO is also backed by institutional interest. Milky Mist had raised around ₹482 crore in a pre-IPO transaction, with investment from Jongsong Investments, an affiliate of Singapore-based Temasek Holdings. The institutional backing has added visibility to the public issue.

The company plans to use the funds raised through the IPO for business expansion and other corporate purposes. Investors will therefore be watching whether the fresh capital can help Milky Mist increase its manufacturing capacity, strengthen its distribution network and support long-term growth.

Financial performance will be another important consideration. Investors evaluating the issue will need to look beyond the Milky Mist IPO GMP and examine revenue growth, profitability, debt levels, margins and valuation.

The strong response on the opening day suggests that investors are willing to take interest in the company despite the broader market’s cautious mood. Indian equity markets ended lower on Tuesday, with the Sensex falling 388 points and the Nifty closing below 24,500. Against that backdrop, the demand for the Milky Mist issue indicates that IPO-specific factors are attracting investors.

Retail participation will remain a key indicator over the next two days. A strong retail response can provide momentum, but the subscription levels from qualified institutional buyers and non-institutional investors will also matter in determining the overall strength of the issue.

Investors should also remember that an IPO is a long-term equity investment rather than simply an opportunity for a quick listing gain. GMP can provide an indication of market sentiment before listing, but it is not regulated and can change rapidly.

The Milky Mist IPO subscription window will close on August 13. Following the bidding process, shares will be allotted to successful applicants before the company makes its stock-market debut.

The issue has therefore started on a positive note, helped by retail demand and favourable grey-market indications. The next two days will show whether the early enthusiasm broadens across investor categories and pushes the overall subscription substantially higher.

For prospective investors, the key question is whether Milky Mist’s growth potential justifies the valuation at which the shares are being offered. The company’s established dairy brand, expanding value-added product portfolio and institutional backing provide positives, while competition, input costs and valuation remain factors to consider.

With the Milky Mist IPO now open, investors have until August 13 to assess the company’s fundamentals rather than relying solely on GMP. The final subscription figures and listing performance will ultimately determine whether the strong opening-day sentiment translates into sustained investor interest.

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Sensex falls 380 points, Nifty ends below 24,500

Indian equity markets ended lower on Tuesday, with the Sensex falling 388 points and the Nifty closing below 24,500, as rising crude oil prices, a weaker rupee and geopolitical uncertainty weighed on investor sentiment.

The BSE Sensex declined 388.19 points, or 0.49%, to settle at 78,154.25, while the NSE Nifty 50 fell 111.55 points, or 0.45%, to 24,471.70. The decline came as investors remained cautious amid a sharp rise in crude oil prices and concerns over their impact on India’s economy.

Crude oil prices climbed to around $90 a barrel, their highest level since late July, after hopes of a quick breakthrough in US-Iran talks weakened. For India, which depends heavily on imported crude, higher oil prices can increase the import bill, put pressure on the rupee and raise concerns over inflation.

The weakness was broad-based, although the broader market showed some resilience. Ten of the 16 major sectoral indices ended lower. The Nifty FMCG index was among the biggest sectoral losers, declining about 1.2%, while financial stocks also came under pressure.

The Nifty Bank index fell around 0.4%, while the broader financial services index declined about 0.4%. Private banking stocks also remained under pressure as investors adopted a cautious approach.

Among individual stocks, Gland Pharma was the standout gainer, rising 9.6% after its quarterly results beat market expectations. The stock had gained as much as 12% during the session and touched a more than four-year high.

Other pharmaceutical stocks also performed relatively well. Zydus Lifesciences gained 6.43%, while Dr Reddy’s Laboratories advanced around 4.1%. The strength in pharma provided some support to the broader market even as most sectors remained under pressure.

On the losing side, Dilip Buildcon was among the biggest decliners, falling nearly 4.9% after its quarterly profit was sharply lower than the year-earlier period. Zee Entertainment also declined around 3% following a weaker quarterly performance.

Large-cap stocks added to the pressure on the benchmark indices. Bharti Airtel, Axis Bank, HDFC Bank, Larsen & Toubro, Reliance Industries and Bajaj Finance were among the major stocks weighing on the Sensex.

Reliance Industries slipped only 0.36%, relatively outperforming the broader market. Its decline was limited despite the overall weakness in large-cap stocks.

The Indian stock market also had to contend with a weaker rupee. The currency slipped further against the US dollar as higher crude prices increased demand for dollars from oil importers. A weaker rupee can raise the cost of imported crude and add to inflationary pressures.

Foreign investor flows offered some support. Foreign investors have remained buyers of Indian equities in recent sessions, although their overall position for the year remains negative. Recent inflows have helped cushion some of the selling pressure, but investors continue to monitor global interest rates, oil prices and geopolitical developments.

The broader market was more stable than the benchmark indices. Mid-cap stocks ended largely flat, while small-cap shares gained around 0.2%. This suggests that the day’s selling was concentrated more heavily in large-cap and heavyweight stocks.

The rise in crude prices remains one of the biggest concerns for investors. Higher energy costs can affect corporate earnings by increasing transportation, manufacturing and packaging expenses. Companies with high exposure to imported raw materials could face additional pressure if oil prices remain elevated.

Consumer companies are particularly vulnerable because higher input and transportation costs can squeeze margins. The Nifty FMCG index’s decline reflected these concerns, with most of its constituents ending lower.

Investors are also keeping an eye on the upcoming economic data and corporate earnings. With the June-quarter results season underway, stock-specific movements are expected to remain important. Companies reporting strong earnings could continue to attract buying even when the broader market is weak.

The Sensex and Nifty are likely to remain sensitive to global developments in the near term. Any easing of tensions between the US and Iran could bring crude prices lower and improve sentiment. A further rise in oil prices, however, could increase concerns over inflation, the rupee and India’s trade deficit.

For investors, the immediate focus remains on crude oil prices, foreign fund flows, the rupee, global market cues and corporate earnings. Until there is greater clarity on geopolitical risks and oil prices, the Indian equity market is likely to remain volatile, with stock-specific factors continuing to drive gains and losses.

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Sensex tanks 400 points, Nifty breaks below 24,500

Indian equities slipped sharply on Tuesday, with the Sensex losing more than 400 points and the Nifty 50 falling below 24,500 as rising crude oil prices and renewed uncertainty over the Strait of Hormuz weighed on sentiment. Selling was broad-based, particularly across banking, financial and consumer-facing stocks, although strong earnings lifted select counters such as Gland Pharma and Info Edge. Investors remained cautious as geopolitical risks added to concerns over imported inflation and corporate costs.

The sell-off reflected growing concerns over the impact of higher oil prices on inflation, corporate earnings and the broader Indian economy. Investors also remained cautious as geopolitical tensions involving the United States and Iran clouded the outlook for global energy supplies.

The Sensex opened lower and extended its losses as selling spread across several sectors. The Nifty also weakened below the psychologically important 24,500 level. Banking, financial services, FMCG, media, realty and cement stocks faced pressure, while IT, auto, metals, pharmaceuticals and oil and gas stocks showed relatively better resilience.

Among the day’s notable gainers, Gland Pharma stood out after its strong June-quarter performance. The stock rallied more than 12% during the session after the pharmaceutical company reported a 47% year-on-year rise in consolidated profit for the first quarter of FY27. Revenue also increased 20%, giving investors a positive earnings trigger despite the weak broader market.

Info Edge was another stock in focus after reporting strong quarterly numbers. Its consolidated net profit rose 43% year-on-year to Rs 490 crore, while recruitment billings increased 17.5%. Operating profit also grew 25%, supporting buying interest in the stock.

Jupiter Wagons gained after announcing orders worth Rs 211 crore along with a Rs 400-crore battery energy storage system project. PC Jeweller also attracted buyers after reporting a 37% increase in first-quarter profit and 21% growth in revenue.

On the losing side, Bharti Airtel and IndiGo were among the stocks weighing on the benchmark indices during the early trade. Selling was also visible in several financial and consumption-focused counters as investors reduced exposure to sectors that could face pressure from higher input costs and a cautious economic outlook.

Crude oil remained the biggest trigger for the market decline. Oil prices moved near one-week highs as uncertainty over the Strait of Hormuz increased. The strategically important waterway is a major route for global oil shipments, making any prolonged disruption a significant risk for energy-importing economies such as India.

For Indian equities, an extended rise in crude prices could have several consequences. Higher fuel and transportation costs can raise operating expenses for companies, while elevated energy prices can add to inflationary pressures. This could also complicate the outlook for interest rates and consumer spending.

The rupee faced pressure as well, opening weaker against the US dollar. A softer currency can further increase the domestic cost of imported crude, adding another challenge for the economy if oil prices remain elevated.

Despite the day’s weakness, investors have some domestic factors working in their favour. Corporate earnings have remained relatively encouraging, while domestic consumption continues to provide support to the economy. Foreign institutional investors have also shown signs of renewed buying interest, which could help limit the downside if global conditions stabilise.

The Nifty’s technical levels are now being closely watched. The 24,500 mark has emerged as an important support zone, while 24,650 remains a key resistance level. A sustained break below support could increase selling pressure, whereas a recovery above resistance may improve market sentiment.

Another major stock-specific development was the inclusion of BSE in the Nifty 50. BSE will replace Wipro in the benchmark index from September 30. Analysts expect the change to trigger significant passive fund inflows into BSE shares, making the stock one of the most closely watched counters in the market.

For investors, the immediate focus will remain on crude oil prices, developments around the Strait of Hormuz and movements in the rupee. Global market cues and foreign fund flows will also play an important role in determining whether the current decline deepens or attracts bargain buying.

The market’s near-term direction will depend largely on whether the Nifty can defend the 24,500 support level and whether tensions around the Strait of Hormuz ease. While strong domestic earnings and steady consumption offer some cushion, sustained oil-price gains could keep investors defensive.

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Kaynes Tech Q1 profit falls 24% to Rs 56 cr

Kaynes Technology India Ltd. delivered strong revenue growth in the June quarter, but a sharp fall in profit and rising working-capital requirements have made brokerages more cautious about the stock.

The company reported a 40.5% year-on-year rise in consolidated revenue to Rs 946 crore in Q1 FY27, compared with Rs 673.5 crore in the same quarter last year. Revenue also came ahead of the Rs 863-crore estimate, signalling continued demand for the company’s electronics manufacturing services.

However, the strong top-line performance did not translate into higher profitability. Consolidated net profit fell 24.4% year-on-year to Rs 56.4 crore from Rs 74.6 crore. The figure was also below the Rs 66-crore analyst estimate.

EBITDA increased 29.5% to Rs 147 crore from Rs 113.5 crore a year earlier. The EBITDA margin, however, contracted to 15.5% from 16.9%. While the reported margin was slightly ahead of the 15.1% estimate, pressure on gross margins and higher employee costs weighed on the bottom line.

Gross margin declined by 680 basis points during the quarter, while employee expenses climbed 44% to Rs 85 crore. Other income also dropped to Rs 14.4 crore from Rs 27.1 crore a year earlier, adding to the pressure on net profit.

The biggest concern for investors, however, is cash flow. Kaynes Technology’s net working-capital days increased to 163 in Q1 FY27 from 122 previously. Net debt also rose sharply to around Rs 800 crore from Rs 200 crore.

Operating cash flow remained negative at about Rs 260 crore, according to Kotak. Smart-metering receivables also increased to Rs 1,311 crore from Rs 1,158 crore, making collections an important factor to watch in the coming quarters.

This has become particularly important because Kaynes Technology has been investing heavily in its next phase of growth. Its OSAT semiconductor packaging and PCB manufacturing facilities are expected to begin operations in Q3 FY27, later than the earlier Q2 FY27 timeline.

The delay means investors may have to wait longer for the contribution from these new businesses. At the same time, the company has indicated that supply and cost pressures in the electronics component industry have intensified, creating another near-term challenge for margins.

Brokerage opinions following the Q1 results have therefore been mixed but broadly cautious.

Kotak retained its ‘Reduce’ rating, although it raised its target price to Rs 3,550 from Rs 3,280. The brokerage acknowledged that Kaynes delivered strong revenue growth and that its core EBITDA margin of 15.6% was better than expected. However, it highlighted negative operating cash flow, rising working-capital days and concerns over smart-metering collections.

JPMorgan retained its ‘Neutral’ rating but lowered its target price to Rs 3,600 from Rs 3,700. The brokerage described the quarter as a strong beat on revenue and margin, noting that it was the company’s first revenue and margin beat in at least five quarters. Still, working capital remained its primary concern, while the delayed OSAT and PCB ramp-up could push back the expected benefits from the new facilities.

Nuvama took a more cautious stance and downgraded Kaynes Technology to ‘Reduce’ from its earlier rating. It raised its target price to Rs 3,450 from Rs 3,150, but cut its FY27 and FY28 earnings estimates by 12% and 2%, respectively. The brokerage cited the Q1 earnings miss, the outlook and the stock’s recent rally as reasons behind its downgrade.

The market reaction reflected these concerns. Kaynes Technology shares fell as much as 8.4% to Rs 3,530.70 on Monday after the results, although the stock subsequently recovered some of its losses during the session. Investors appeared to focus more on the deterioration in cash flow and working capital than on the strong revenue growth.

For Kaynes Technology, the central question now is whether revenue growth can eventually translate into stronger cash generation and earnings. The company’s electronics manufacturing business continues to benefit from rising demand, while its semiconductor and PCB investments offer significant long-term growth potential.

But investors are likely to closely track working-capital days, smart-metering collections, operating cash flow and the commissioning of the OSAT and PCB facilities. A sustained improvement in these areas could help rebuild confidence, while another deterioration could keep pressure on the Kaynes Technology share price.

The Q1 FY27 results therefore present a mixed picture. Strong revenue growth and better-than-expected core EBITDA margins offer positives, but declining net profit, weaker margins, negative cash flow, higher debt and delayed capacity expansion have shifted the near-term focus firmly towards execution and balance-sheet discipline.

For now, brokerages appear to be asking investors to look beyond Kaynes Technology’s impressive growth story and pay closer attention to the cash required to fund that growth.

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Sensex gains 40 points, Nifty ends near 24,580

The market ended marginally higher on Monday as gains in select heavyweight stocks, including Titan and Bajaj Finance, helped offset losses in State Bank of India and Eternal. The cautious session reflected investor concerns over crude oil prices, global geopolitical tensions and upcoming inflation data.

The BSE Sensex closed 43.27 points, or 0.06 per cent, higher at 78,542.44, while the NSE Nifty 50 rose 13.15 points, or 0.05 per cent, to finish at 24,583.80. Both indices remained largely range-bound during the session after giving up much of their early gains.

The Sensex opened on a positive note, rising more than 100 points, while the Nifty moved above the 24,590 level. However, buying momentum weakened as investors remained cautious at higher levels. The benchmarks eventually settled with only modest gains.

Titan was among the biggest gainers on the Sensex, rising 2.57 per cent during the session. Bajaj Finance and Bajaj Finserv also ended among the stronger performers, while Tata Steel, Asian Paints and Infosys supported the benchmark. Infosys had gained around 1.67 per cent in early trade, while Tata Steel was up more than 1.5 per cent.

On the losing side, State Bank of India was among the notable laggards. Eternal, NTPC, ITC and Tata Consultancy Services also ended lower, limiting the broader market’s gains. The mixed performance highlighted the selective nature of buying in the market.

Beyond the benchmark indices, several individual stocks witnessed sharp movements following quarterly results and company-specific developments.

Vedanta Oil and Gas was one of the standout gainers, with its shares jumping more than 12 per cent during the session to around Rs 39.30 on the BSE. The stock had faced pressure following its first-quarter earnings but recovered strongly during Monday’s trade.

Paytm was another notable gainer, with its shares climbing more than 8 per cent following a favourable brokerage view. The sharp rise reflected renewed investor interest in the stock.

Power Finance Corporation, however, was among the prominent losers. Its shares fell around 5 per cent to a four-month low after its first-quarter earnings disappointed investors. Raymond Realty also came under pressure, declining about 10 per cent despite reporting a 37 per cent rise in total income to Rs 536 crore.

The sectoral picture remained mixed. Realty stocks attracted buying interest, while public sector bank stocks faced selling pressure. Information technology stocks also remained in focus, with investors watching earnings, valuations and foreign fund flows.

Market volatility increased during the session, with India VIX rising more than 2 per cent. The increase indicated that traders remained cautious despite the benchmark indices staying in positive territory.

Crude oil prices were another concern for investors. Brent crude rose 1.32 per cent to $84.65 a barrel, while US West Texas Intermediate crude gained 1.04 per cent to $78.99. Market participants continued to monitor developments around the Strait of Hormuz and the risk of disruption to global oil supplies.

Higher crude prices remain a concern for India because the country depends heavily on imported oil. A sustained increase in energy costs could affect inflation, corporate margins and the country’s external balance.

Domestic economic data is expected to provide the next major trigger for Indian equities. Investors are awaiting India’s July consumer price inflation and wholesale price inflation figures, along with foreign exchange reserves data. The numbers could influence expectations around monetary policy and interest rates.

Global cues will also remain important. US inflation data due later this week is being closely watched for indications about the Federal Reserve’s interest-rate path. Expectations of a possible US rate cut have strengthened following weaker-than-expected US jobs data.

Foreign investor activity in the IT sector has offered some support. Foreign portfolio investors invested around Rs 3,358 crore in Indian IT stocks during July, marking their first net investment in the sector this year. The buying indicates renewed interest in IT stocks after their recent underperformance.

The Q1 FY27 earnings season remains another key driver for individual stocks. Investors are focusing on revenue growth, margins, management commentary and future guidance as more companies announce their quarterly results.

For the Nifty, the 24,500 level remains an important support zone. Analysts are also watching the 24,700-24,800 region as the next major resistance area. A sustained move above this range could improve sentiment and open the way towards 25,000, while a break below 24,500 could trigger further profit-taking.

For now, the market remains cautiously positive. Gains in Titan, Bajaj Finance and other select stocks are providing support, while losses in SBI, Eternal and other index heavyweights are keeping the broader advance in check.

Monday’s session therefore reflected a market waiting for stronger triggers. Investors are likely to track inflation data, crude prices, global markets, foreign fund flows and corporate earnings before taking larger positions.

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Dhoot transmission’s ₹3,067-cr IPO opens today

Dhoot Transmission’s initial public offering (IPO) opened for subscription on Monday, August 10, giving investors an opportunity to participate in the ₹3,066.89-crore issue. The IPO will remain open until August 12, with the company looking to raise funds for debt reduction, expansion and strategic growth.

The IPO has a price band of ₹829 to ₹871 per equity share. At the upper end of the band, the issue is valued at about ₹3,067 crore. The offering consists of a fresh issue of ₹1,400 crore and an offer for sale (OFS) of around ₹1,666.89 crore.

The company has fixed the lot size at 17 shares. Retail investors applying at the upper price band will need to invest ₹14,807 for one lot. The IPO is proposed to be listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

Early subscription data showed a measured but positive response from investors. By around 2:39 pm on the first day, the issue had been subscribed 0.42 times overall. The retail portion was subscribed 0.55 times, while the non-institutional investor category was subscribed 0.64 times. The qualified institutional buyer portion had received comparatively limited demand at that point.

Earlier in the day, the IPO had received bids for around 24.09 lakh shares against approximately 2.49 crore shares on offer, according to exchange data. The non-institutional category had reached 16% subscription, while the retail portion stood at 12% during the morning session.

One of the biggest talking points around the Dhoot Transmission IPO has been its grey market premium, or GMP. Market trackers indicated a premium of about ₹259 per share on the first day. Against the upper IPO price of ₹871, this represented an implied premium of nearly 30%. However, GMP is an unofficial market indicator and does not guarantee the actual listing price or returns.

The company had already attracted significant institutional interest before the IPO opened. Dhoot Transmission raised ₹918.3 crore from anchor investors, with more than 10.5 million shares allotted to 72 funds at ₹871 apiece.

The anchor book included several large global and domestic investors, including BlackRock, Abu Dhabi Investment Authority and SBI Mutual Fund. Domestic mutual funds accounted for the largest share of the anchor allocation, with eight fund houses investing through 46 schemes and receiving about 61% of the anchor shares.

Dhoot Transmission operates in the automotive components and electrical systems space. Its product portfolio includes wiring harnesses, battery packs, sensors, electronic controllers, automotive switches, connectors, terminals and power supply cords.

The company supplies components for a wide range of vehicles and equipment, including two-wheelers, three-wheelers, commercial vehicles, off-road vehicles and agricultural equipment. It also has exposure to electric vehicle platforms, making its business relevant to the growing shift towards vehicle electrification.

According to the company’s disclosures, Dhoot Transmission is among the leading players in India‘s two-wheeler and three-wheeler wiring harness market. It has reported a market share of about 41% in that segment and nearly 70% in electric two-wheeler and three-wheeler wiring harnesses in FY26.

The funds raised through the fresh issue are planned to be used for several purposes. These include repayment or prepayment of certain borrowings, investment in subsidiaries for debt repayment and the establishment of new wiring harness manufacturing facilities in Jhajjar, Haryana, and Hosur, Tamil Nadu.

The company also plans to allocate part of the proceeds towards potential inorganic acquisitions and other strategic initiatives. The expansion is expected to increase manufacturing capacity and support Dhoot Transmission’s plans to participate in the growing automotive and electric vehicle components market.

The IPO also comes as investors closely watch the valuation of the auto component maker. The upper price band implies a valuation based on its earnings that some analysts consider reasonable, although customer concentration and the execution of expansion projects remain risks that investors need to consider.

Dhoot Transmission was founded in 1999 and is headquartered in Maharashtra. Over the years, it has expanded beyond traditional automotive wiring products into electronic and electrical components used across automotive and non-automotive applications.

The IPO allotment is expected to be finalised on August 13. Refunds and share credits are expected to follow on August 14, while the shares are scheduled to make their market debut on August 17.

For investors, the Dhoot Transmission IPO offers exposure to the automotive components industry at a time when demand for vehicle electronics, wiring systems and EV components is increasing. At the same time, the response over the remaining bidding days will be important in determining the final level of demand.

The strong grey-market premium has created optimism around the issue, but investors will need to distinguish between unofficial market sentiment and the company’s underlying financial performance. The final subscription figures, institutional participation and listing-day demand will provide a clearer picture of how the market values Dhoot Transmission once the IPO closes.

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Corporate

Sensex gains 150 points, Nifty holds above 24,600

Indian equity markets traded higher on Monday, with the Sensex gaining around 150 points and the Nifty 50 holding above the 24,600 mark as investors weighed strong corporate earnings against rising crude oil prices and continuing geopolitical uncertainty.

The market remained volatile in early trade, with both benchmarks swinging between gains and losses. At around 10.28 am, the Nifty was at 24,579.20, up 8.55 points, after moving above 24,600 earlier in the session. The Sensex, meanwhile, had recovered to trade more than 100 points higher. The initial gains were supported by buying in IT, metal, cement and pharmaceutical stocks, while auto and healthcare shares also remained firm.

Among individual stocks, State Bank of India (SBI) and Titan were among the key gainers. SBI shares rose 1.55% to Rs 1,113 on the BSE after the country’s largest public-sector lender reported a stronger-than-expected June-quarter performance. SBI’s standalone net profit increased 10% year-on-year to Rs 21,121 crore in the first quarter of FY27, beating Street expectations.

SBI’s quarterly numbers also attracted positive attention from global brokerages. Citi maintained a Buy rating and raised its target price to Rs 1,300, citing an improvement in net interest margin, fee income, cost efficiency and loan growth. HSBC also retained its Buy call and raised its target price to Rs 1,310. The bank’s domestic net interest margin improved seven basis points sequentially to 3%, while advances grew 19% year-on-year. Management retained its domestic NIM target of 3% and raised its FY27 credit-growth guidance to 14-15%.

Titan was another stock in focus and gained around 1% in early trade. The jewellery and consumer company was among the stocks investors were watching after its latest quarterly performance. Titan, SBI, Ola Electric, Astra Microwave Products and Hindalco were among the prominent stocks in focus at the start of Monday’s session.

The picture was very different for some companies after their earnings disappointed investors. Kaynes Technology emerged as one of the biggest losers, with its shares plunging as much as 8%. The electronics manufacturing services company reported a 24.4% year-on-year decline in first-quarter FY27 net profit to Rs 56.4 crore.

The weakness came despite strong revenue growth. Kaynes Technology’s revenue rose 40.5% year-on-year to Rs 946 crore, while EBITDA increased 29.5% to Rs 147.5 crore. However, the EBITDA margin narrowed to 15.6% from 16.7%, raising concerns about profitability and cost pressures.

Delhivery was another notable loser, with its shares falling around 4%. The logistics company reported a 64.9% year-on-year decline in first-quarter net profit to Rs 32 crore from Rs 91 crore a year earlier. Revenue, however, increased 27.8% to Rs 2,931 crore. EBITDA fell 4.5% to Rs 142 crore, while the EBITDA margin narrowed to 4.8% from 6.5%.

Despite the broader gains, the sectoral picture remained mixed. IT, cement, metals and pharmaceuticals were among the stronger sectors, while auto and healthcare stocks also traded higher. PSU banks, FMCG, oil and gas and financial services remained under pressure. The uneven movement showed that investors were responding more selectively to individual earnings rather than taking broad positions across the market.

Global markets offered some support to Indian equities. Asian stocks were largely higher on Monday after Wall Street ended the previous week on a strong note. Japan’s Topix gained 0.6%, Hong Kong’s Hang Seng rose 0.7% and the Shanghai Composite advanced 0.2%, while Australia’s S&P/ASX 200 fell 0.4%. US stocks had closed higher on Friday, with the S&P 500 hitting a record high after weaker-than-expected US jobs data boosted expectations of possible Federal Reserve policy easing.

The GIFT Nifty had also pointed to a positive opening. It traded around 24,668.50, up 27 points or 0.11%, before the Indian market opened. The Nifty had ended Friday at 24,570.65 after falling 65.35 points, or 0.27%. The Sensex declined 455.59 points to 78,499.17. Despite Friday’s fall, both benchmarks gained around 0.5% during the previous week, marking their second consecutive weekly advance.

Crude oil remained a major risk for the Indian stock market. Brent crude was trading around $84-$85 a barrel amid renewed uncertainty over the reopening of the Strait of Hormuz. Iran has indicated that discussions over alternative shipping arrangements are progressing, but conditions remain unresolved. Any prolonged disruption around the key waterway could keep oil prices elevated and put pressure on India’s import bill, inflation and corporate profitability.

Foreign investor activity provided another positive signal. Foreign portfolio investors turned buyers of Indian IT stocks in July for the first time in 2026, investing Rs 3,358 crore in the sector. Of this, Rs 3,298 crore came during the second half of the month. The return of foreign buying has offered some relief to IT stocks, which had faced sustained selling pressure earlier this year.

The market is therefore entering the new week with a cautiously positive tone. Strong earnings from companies such as SBI are supporting selective buying, while disappointing numbers from Kaynes Technology and Delhivery are triggering sharp selling. With crude oil, global interest-rate expectations, foreign fund flows and the remaining quarterly earnings season all in focus, volatility is likely to remain high. For investors, the Nifty’s ability to sustain levels above 24,600 and eventually cross the 24,700-24,800 resistance band could determine whether the current recovery gathers further momentum.

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Corporate

Astrobase reveals India’s 800kN rocket engine

India’s private space sector has taken another major step into advanced rocket propulsion with Bengaluru-based startup Astrobase Space Technologies unveiling Everest, an 800 kN-class Full-Flow Staged Combustion (FFSC) rocket engine.

The company describes Everest as India’s first privately developed engine using the demanding FFSC architecture. Designed to run on liquid oxygen and methane, the engine is intended to power future reusable medium-lift launch vehicles and support a more frequent and commercially viable launch programme from India.

The unveiling comes as India’s space industry expands beyond government-led missions, with private companies increasingly developing rockets, propulsion systems, satellites and launch infrastructure. Everest is particularly significant because advanced rocket engines remain among the most technically challenging components of a launch vehicle.

Everest is an 80-tonne-class rocket engine designed to generate around 800 kilonewtons of thrust. It uses a Full-Flow Staged Combustion cycle, one of the most advanced propulsion architectures being developed for modern reusable rockets.

In an FFSC engine, both the fuel and oxidiser pass through separate preburners before entering the main combustion chamber. This arrangement can allow the engine to operate at high efficiency and chamber pressure while reducing some of the thermal stress on its turbomachinery.

The technology, however, is extremely complex. It requires two separate turbopump systems and precise management of fuel-rich and oxidiser-rich flows. The potential benefits include high efficiency, strong performance and suitability for repeated operation, making the architecture attractive for reusable launch vehicles.

Astrobase says Everest is designed with a 50 per cent to 110 per cent throttling range, allowing its thrust to be adjusted according to different flight requirements. Such control could be important for a reusable rocket, where engines need to operate differently during various stages of ascent and landing.

The engine uses liquid methane and liquid oxygen, commonly known as methalox propulsion. Methane has become an increasingly popular fuel for next-generation reusable rockets because of its performance characteristics and compatibility with repeated engine operations.

The choice of methane also places Everest in the same broad technological category as SpaceX’s Raptor engines, which power the company’s Starship launch system. Raptor also uses a methane-oxygen Full-Flow Staged Combustion cycle. However, Everest remains at an earlier stage of development and still needs extensive testing before it can be considered flight-ready.

That distinction is important because unveiling a rocket engine is only the beginning of a long development process. An engine intended for orbital flight must undergo repeated hot-fire tests to demonstrate that its combustion chamber, turbopumps, valves, cooling systems and other components can withstand extreme operating conditions.

Astrobase plans to begin hot-fire testing of Everest in the coming months. The company is targeting December 2028 for the first flight of its proposed reusable launch vehicle. It also plans to manufacture and test multiple engines before attempting its first orbital mission.

The Bengaluru startup’s broader objective is to develop a reusable medium-lift rocket capable of supporting commercial orbital missions. Reusability has become a major focus of the global launch industry because recovering and flying rocket hardware multiple times can reduce launch costs and improve launch frequency.

For Astrobase, Everest is therefore not an isolated engineering project. The engine is expected to form the propulsion backbone of a larger launch system designed around repeated use and faster turnaround.

The company is also looking at a future in which India can support more frequent commercial launches. Such a capability could benefit satellite operators and other space companies that need reliable access to orbit without depending entirely on a small number of launch opportunities.

The development of Everest comes as India’s private space ecosystem continues to grow. Startups are increasingly entering areas including launch vehicles, satellite manufacturing, propulsion, Earth observation and space-based communications.

Government reforms have also opened the sector to greater private participation, while institutions such as IN-SPACe have been created to facilitate and regulate the involvement of private companies in India’s space activities.

India already has considerable experience with advanced rocket propulsion through ISRO’s launch programmes, including liquid and cryogenic engines. The development of an 800 kN FFSC engine by a private company nevertheless represents a significant technical challenge because of the complexity of the propulsion cycle and the requirements of reusable flight.

The next major milestone for Astrobase will therefore be testing. Hot-fire trials will help engineers understand how Everest performs under actual operating conditions and identify areas that require redesign or refinement.

The company will need to demonstrate sustained engine operation, combustion stability, reliable turbopump performance, effective thermal management and consistent thrust before the engine can move towards flight qualification.

If those tests are successful, Everest could become an important component of India’s emerging private launch industry. It could also give Indian companies greater control over advanced propulsion technology needed for future reusable rockets.

For now, the unveiling marks the start of a demanding development journey rather than the completion of one. Everest has put private Indian rocket propulsion firmly in the spotlight, but its eventual importance will depend on how successfully Astrobase moves from an unveiled engine to a tested, qualified and repeatedly flown system.

With hot-fire testing expected to begin soon and the first reusable launch vehicle targeted for 2028, the coming years will determine whether Everest can help turn India’s growing private space ambitions into a competitive and regular commercial launch capability.