Category: Corporate

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Corporate

SpaceX valuation jumps $10bn as investors back future

SpaceX has disclosed that it raised nearly $10 billion more through private funding rounds than previously reported, highlighting the scale of investor confidence in Elon Musk’s space and satellite ventures.

According to newly released financial details, the company has secured substantially higher funding over the years than earlier estimates suggested. The revelation comes as SpaceX’s valuation continues to soar, cementing its position as the world’s most valuable private technology company.

The additional capital has helped fund the rapid expansion of Starlink, SpaceX’s satellite internet business, which now serves millions of customers worldwide. Starlink has become a major source of revenue for the company and is seen as a key factor behind its growing valuation.

A significant portion of the funding is also supporting the development of Starship, SpaceX’s next-generation rocket designed for missions to the Moon, Mars and beyond. Musk has repeatedly described Starship as central to his long-term goal of making humanity a multi-planetary species.

The latest figures underscore how strongly investors are backing the future of the space industry despite economic uncertainty and market volatility. Analysts say SpaceX’s combination of satellite communications, launch services and deep-space ambitions makes it one of the most closely watched companies in the technology sector.

While the company remains privately held, its rising valuation and massive fundraising efforts continue to fuel speculation about a potential public listing in the future. Industry experts believe SpaceX’s ability to attract billions of dollars in fresh capital reflects growing confidence that space technology will play an increasingly important role in the global economy.

Investors remain attracted by SpaceX’s dominance in the commercial launch market. The company conducts frequent missions using its reusable Falcon rockets and continues to win contracts from governments, businesses and space agencies around the world.

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SolarSquare raises $53 million to expand rooftop business

Rooftop solar startup SolarSquare has raised $53 million (around ₹455 crore) in a Series C funding round led by global investment firm B Capital, marking one of the largest fundraises in India’s residential solar sector.

The round also saw participation from existing investors, underscoring growing confidence in the company’s business model and the long-term potential of India’s clean energy market. The fresh capital will be used to expand SolarSquare’s presence across the country, strengthen its technology platform and boost customer acquisition efforts.

Founded in 2015, SolarSquare focuses on providing rooftop solar solutions for homes and housing societies. The company helps customers install solar panels, reduce electricity bills and transition to cleaner sources of energy. Over the years, it has emerged as a key player in India’s rapidly growing residential solar market.

The latest funding comes at a time when demand for rooftop solar installations is rising, driven by increasing electricity costs, government incentives and growing awareness about sustainable energy. Industry experts believe residential solar adoption in India is still at an early stage, leaving significant room for future growth.

SolarSquare plans to use the funds to enter new cities, expand its installation network and invest in technology aimed at improving customer experience. The company also intends to strengthen its workforce as it scales operations.

According to company executives, the investment will help accelerate the mission of making rooftop solar more accessible and affordable for Indian households. They believe the residential segment could become a major contributor to India’s renewable energy goals in the coming years.

Also Read: Reliance Jio nears filing for landmark $4 bn IPO

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Sensex jumps 350 points, Nifty tops 24,050

Indian equity benchmarks ended higher on Wednesday, with the Sensex rising more than 350 points and the Nifty closing above the 24,050 mark, supported by buying in financial, auto and select IT stocks.

The BSE Sensex gained around 350 points to close near 79,750, while the NSE Nifty50 settled above 24,050 after a largely positive trading session. Market sentiment improved as investors tracked global cues, easing concerns over crude oil prices and awaited the outcome of the US Federal Reserve’s policy meeting.

Among the top gainers, Mahindra & Mahindra, Bajaj Finance, ICICI Bank, Titan and HDFC Bank attracted strong buying interest, helping the benchmarks extend their gains. Auto and financial stocks were among the best-performing sectors during the day.

On the other hand, IndusInd Bank, Tata Steel, Hindalco and JSW Steel were among the notable laggards as metal stocks remained under pressure due to concerns over global demand and commodity price volatility.

Broader markets also witnessed buying activity, with several mid-cap and small-cap stocks trading in positive territory. Analysts said investors remained selective, favouring companies with strong earnings visibility and stable growth prospects.

The rupee traded in a narrow range against the US dollar, while foreign institutional investor activity remained in focus. Traders also kept an eye on upcoming macroeconomic data and central bank commentary for clues on future market direction.

Market participants closely monitored developments in global markets and geopolitical tensions in the Middle East, which continue to influence crude oil prices and foreign investment flows. However, steady domestic inflows and resilient economic indicators helped support sentiment.

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Reliance Jio nears filing for landmark $4 bn IPO

Reliance Jio Infocomm, the telecom and digital services arm of Reliance Industries, is reportedly preparing to file draft papers for its much-awaited initial public offering (IPO) within the next few days, setting the stage for what could become India’s largest-ever public issue.

According to reports, the company is expected to submit its draft red herring prospectus (DRHP) to market regulator SEBI ahead of Reliance Industries Chairman Mukesh Ambani’s annual address to shareholders later this week. The proposed IPO is estimated to raise around $4 billion, making it one of the biggest listings in the country’s corporate history.

The IPO has been closely watched by investors for years. Ambani had earlier indicated that Jio would be listed by the first half of 2026, but market volatility and geopolitical uncertainties delayed the process. With equity markets showing signs of stability, Reliance now appears ready to move forward with the offering.

Jio has transformed India’s telecom landscape since its launch in 2016, rapidly becoming the country’s largest wireless operator. The company now serves more than 500 million subscribers and accounts for a major share of India’s mobile data traffic. Over the years, it has expanded beyond telecom into digital services, cloud computing, artificial intelligence and enterprise solutions.

Market experts believe the IPO could provide a much-needed boost to India’s primary market, where fundraising activity has slowed in recent months. Analysts expect strong investor interest given Jio’s scale, growth potential and strategic importance within the Reliance ecosystem.

The company is reportedly planning a relatively small public float of around 2.5% of its equity, a structure that could support strong pricing while still raising substantial capital. Jio is estimated to be valued at around $180 billion, according to several analyst estimates.

If the filing proceeds as expected, it would mark a significant milestone for Reliance and could reignite investor enthusiasm in India’s IPO market, with many seeing the listing as one of the defining financial events of 2026.

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Grasim, Lubrizol open CPVC resin plant in Gujarat

Grasim Industries and Lubrizol have inaugurated India’s largest chlorinated polyvinyl chloride (CPVC) resin manufacturing plant at Vilayat in Gujarat’s Bharuch district, marking a significant step towards strengthening the country’s specialty chemicals and building materials sector.

The facility was inaugurated by Gujarat Chief Minister Bhupendra Patel and is expected to play a key role in meeting the growing demand for CPVC resin used in pipes, fittings and other infrastructure applications. Industry officials said the project will help reduce India’s dependence on imported CPVC resin while supporting the government’s push for domestic manufacturing.

The plant has been developed through a joint venture between Grasim Industries, the flagship company of the Aditya Birla Group, and Lubrizol, a global specialty chemicals company. The partnership combines Grasim’s manufacturing expertise and market reach with Lubrizol’s technology and experience in CPVC solutions.

Officials said the new facility is equipped with advanced manufacturing technology and has been designed to cater to the rapidly expanding construction, housing and water management sectors. Demand for CPVC products has increased steadily in recent years due to their durability, corrosion resistance and suitability for hot and cold water applications.

Speaking at the inauguration, company representatives highlighted the strategic importance of local production in ensuring supply-chain stability and reducing exposure to global market disruptions. The plant is expected to strengthen India’s position in the specialty materials segment while creating employment opportunities and supporting economic growth in the region.

The project also aligns with broader efforts to promote industrial development in Gujarat, which has emerged as one of India’s leading manufacturing hubs. State government officials said investments in advanced manufacturing facilities are helping attract new industries and generate skilled jobs.

Industry experts believe the facility could significantly improve the availability of CPVC resin for domestic manufacturers, helping reduce import costs and enhancing competitiveness across the value chain.

As infrastructure development and urbanisation continue to drive demand for high-performance piping solutions, the new plant is expected to play an important role in supporting India’s long-term construction and industrial growth ambitions.

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SpaceX acquires Anysphere for $60 bn after Nasdaq debut

SpaceX has announced a $60-billion all-stock acquisition of Anysphere, the startup behind the popular AI coding platform Cursor, marking one of the largest acquisitions of a venture-backed technology company. The deal comes just days after SpaceX’s highly successful Nasdaq listing and underscores Elon Musk’s growing ambitions in artificial intelligence.

Anysphere, founded in 2022, developed Cursor, an AI-powered coding assistant that has rapidly gained popularity among software developers and enterprises. The platform is widely used for writing, reviewing and debugging code, helping programmers improve productivity through AI-driven suggestions and automation.

According to reports, the acquisition is intended to strengthen SpaceX’s AI capabilities and help it compete more effectively with rivals such as OpenAI and Anthropic. Cursor has emerged as one of the fastest-growing AI software products, generating billions of dollars in annualised revenue and attracting backing from prominent investors including Andreessen Horowitz, Nvidia and Alphabet.

The transaction will be completed entirely through SpaceX stock, allowing the company to leverage its soaring market valuation without using cash raised through its recent IPO. Analysts say the move highlights how highly valued technology companies are increasingly using their shares as currency to secure strategic assets.

For Musk, the deal is also a significant step in integrating AI more deeply into the broader SpaceX ecosystem. Reports suggest Cursor’s technology and developer data could be used to enhance AI products within SpaceX’s AI division, including future coding and automation tools.

The acquisition is expected to close in the third quarter of 2026, subject to regulatory approvals and customary conditions. Investors responded positively to the announcement, with SpaceX shares extending gains after the news. The company’s market value has surged since its stock market debut, helping it emerge as one of the world’s most valuable corporations.

The deal reflects the intensifying race among technology giants to secure cutting-edge AI talent and products, as artificial intelligence increasingly becomes central to future growth and innovation across industries.

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Sensex gains over 350 points, Nifty tops 24,050

Markets opened higher on Wednesday, with the BSE Sensex gaining more than 350 points to trade above 77,150 and the Nifty50 moving past the 24,050 mark in early deals, supported by strong buying in information technology and financial stocks.

The market opened on a firm note and maintained its upward momentum through the session as investors reacted positively to softer crude oil prices and improving sentiment across global markets. Lower oil prices are seen as beneficial for India’s economy as they help ease inflationary pressures and reduce import costs.

Buying was broad-based, with most sectoral indices trading in the green. IT stocks emerged as the biggest contributors to the rally, while financial and banking shares also attracted strong investor interest.

Among the top gainers on the Sensex and Nifty were HCL Tech, Infosys, Tech Mahindra and Bajaj Finserv, which witnessed healthy buying amid optimism over global technology demand and improved risk appetite. Banking heavyweights also lent support to the benchmarks.

On the other hand, some defensive stocks faced profit-booking. Nestle India, Hindustan Unilever and Asian Paints figured among the notable losers, limiting gains in the broader market.

Market participants are also keeping a close watch on the outcome of the US Federal Reserve’s policy meeting for cues on the future interest-rate trajectory. While rates are widely expected to remain unchanged, investors will closely monitor the central bank’s commentary on inflation and economic growth.

The broader market sentiment remained positive, with mid-cap and small-cap shares also advancing.

Also Read: Japan inflation keeps BOJ on alert

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Sensex rises above 500 points, Nifty tops 23,950

Indian benchmark indices rose for the third consecutive session on Tuesday. The Sensex closed at 544 points , while the Nifty 50 ended near the 24,000 mark. Easing tensions between the US and Iran and softer crude oil prices supported investor sentiment.

The market’s gains were broad-based, with buying seen across banking, financial and heavyweight sectors. Lower oil prices provided additional support to sentiment, as India is one of the world’s largest crude importers. Analysts said easing energy costs could help contain inflation and support economic growth.

Among the major gainers, HDFC Bank, Reliance Industries and ICICI Bank contributed significantly to the rise in benchmark indices. Banking stocks remained in focus as investors returned to the sector following recent volatility. Foreign investors also turned net buyers after an extended period of selling, lending further support to the market.

On the losing side, metal stocks faced pressure amid weakness in global commodity prices. Hindalco Industries and National Aluminium Company (Nalco) were among the notable laggards. Shares of General Insurance Corporation of India (GIC Re) also declined sharply following a government stake sale at a discounted price.

Broader markets also ended in positive territory, with mid-cap and small-cap indices posting moderate gains. Market breadth remained favourable, reflecting continued buying interest across sectors.

With the Sensex gaining nearly 4% and the Nifty rising around 3.6% over the last three sessions, market participants will be watching closely to see whether the rally can be sustained in the coming days.

Also Read: India’s exports hit six-month high in May

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TCS faces $70 mn change in DXC case

Tata Consultancy Services (TCS) will take an additional charge of $70 million after the US Supreme Court declined to review a legal dispute involving DXC Technology, bringing the company closer to the conclusion of a years-long court battle.

The latest development relates to a trade secrets and intellectual property case linked to TCS’s work for a US insurance software platform. The US Supreme Court’s decision not to hear the appeal effectively leaves lower court rulings in place, prompting TCS to make an additional financial provision.

In a regulatory filing, TCS said the charge will be reflected in its financial statements. The company maintained that it had strong legal grounds in the matter but acknowledged that the Supreme Court’s decision marked the end of available judicial remedies in the case.

The dispute dates back several years and centres on allegations concerning the misuse of proprietary information. While TCS has consistently denied wrongdoing, the litigation has continued through multiple levels of the US legal system.

For investors and employees, the announcement is primarily a financial issue rather than an operational one. Analysts noted that although the additional provision will have an impact on earnings, it is unlikely to materially affect TCS’s long-term business outlook given the company’s size, profitability and strong balance sheet.

The company remains one of India’s largest information technology services firms, serving clients across industries including banking, retail, manufacturing, healthcare and telecommunications. Market observers said the provision reflects a prudent accounting approach following the legal outcome.

The development comes at a time when global technology companies are facing increasing scrutiny over intellectual property rights, data handling and contractual obligations. Legal disputes involving technology and software assets have become more common as businesses rely heavily on proprietary platforms and digital systems.

Despite the setback, analysts expect TCS to remain focused on its core business operations, including digital transformation, cloud services, artificial intelligence and enterprise technology solutions.

Also Read: Schneider Electric and Foxconn forge AI infrastructure alliance

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Schneider Electric and Foxconn forge AI infrastructure alliance

Schneider Electric and Foxconn have announced a strategic partnership to develop next-generation infrastructure for artificial intelligence (AI) data centres, reflecting the growing demand for computing power in the age of generative AI.

The collaboration brings together Schneider Electric’s expertise in energy management and digital infrastructure with Foxconn’s manufacturing capabilities. The two companies aim to create advanced solutions that can support the increasing power, cooling and operational requirements of AI-driven data centres.

The partnership comes at a time when technology companies around the world are investing heavily in AI infrastructure. The rapid adoption of generative AI applications has led to a surge in demand for high-performance computing systems, placing unprecedented pressure on data centre operators to expand capacity while improving efficiency.

Under the collaboration, the companies will focus on developing integrated solutions for AI data centres, including power distribution, cooling systems, automation technologies and other critical infrastructure components. The goal is to help operators build facilities that are more energy-efficient, scalable and capable of supporting advanced AI workloads.

For businesses and consumers, the growth of AI data centres may not always be visible, but these facilities form the backbone of many digital services used every day, from AI chatbots and cloud computing platforms to online search and data analytics tools.

The partnership also reflects a broader trend of collaboration across the technology sector as companies seek to address the infrastructure challenges posed by AI. With demand for computing resources expected to grow rapidly over the coming years, investments in reliable and sustainable data centre technologies are becoming increasingly important.

Executives from both companies said the alliance is intended to accelerate innovation and support the development of future-ready digital infrastructure. By combining their respective strengths, Schneider Electric and Foxconn aim to help customers deploy AI data centres more efficiently and at scale.

As AI adoption continues to expand across industries, partnerships such as this are expected to play a crucial role in shaping the next generation of global digital infrastructure.

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