Category: Corporate

Max Healthcare Institute Ltd. is set to strengthen its presence in Dehradun with a new 130-bed hospital, investing ₹170–200 crore to meet the city’s growing healthcare needs. The announcement comes on the heels of strong June-quarter results, reflecting the company’s focus on expanding in regions with rising priority for quality care.

The proposed facility will be developed by Goyal Agrim Infra Realty LLP under a lease arrangement and is expected to be operational by 2028. Max Healthcare said the investment will be funded entirely through internal accruals and will cover milestone-linked deposits, stamp duty, and costs of medical equipment, furniture, and infrastructure. Reports say that the lease will run for 29 years, with an option to renew for another 29.

“There is a dire need to expand tertiary care capacity in the city,” Max Healthcare said in a statement. The new hospital will not only serve Dehradun residents but also patients from nearby districts and neighbouring states. The company said the expansion was imperative to cater to the growing demand for better healthcare facilities in Dehradun, where its existing hospital is operating at more than 80% occupancy. 

The announcement coincided with Max Healthcare’s quarterly earnings report. The company reported a 30% year-on-year growth in consolidated net profit at ₹308 crore for the June quarter, while revenue from operations surged 31% to ₹2,028 crore. Network-wide, Max operates about 5,200 beds, with a high utilization rate of over 76% in Q1FY26.

Chairman and Managing Director Abhay Soi said these developments will “significantly enhance both clinical and financial performance.” The company is also advancing several expansion projects across its network. A 160-bed tower at Max Mohali has completed trial runs and is nearing commissioning, while additional capacity at Max Smart in Delhi and Nanavati-Max in Mumbai is expected to become operational soon. 

Over the past decade, Dehradun has seen rising demand for quality healthcare, fueled by a growing population and an expanding middle class. By 2028, Max Healthcare plans to close the gap in tertiary care through state-of-the-art facilities and quality care in the hill state capital while reinforcing its strong presence across North India.

Australia’s flagship carrier, Qantas Airways, has been fined a hefty sum of AUD 90 million ($59 million) by the Federal Court of Australia for illegally outsourcing more than 1,800 ground staff roles during the COVID-19 pandemic, marking the largest breach of workplace laws in the nation’s history.

The ruling adds to the AUD 120 million ($78 million) compensation the airline had already agreed to pay in December, after the High Court unanimously rejected Qantas’ appeal and confirmed that the outsourcing of baggage handlers and cleaners in 2020 was unlawful.

Judge Criticises Qantas Approach

Justice Michael Lee said the scale of the breach was unpardonable in the airline’s 120-year history. He reprimanded Qantas’ conduct, further questioning the sincerity of its apology and highlighting its aggressive legal tactics.

“Qantas executives had projected annual savings of AUD 125 million from outsourcing these jobs,” Lee said, noting that the airline initially fought against paying compensation despite publicly expressing regret. “The company’s remorse showcases an act of covering up for reputational damage rather than genuine concern for its workers.”

The court held that a minimum fine of AUD 90 million was necessary to discourage similar corporate behaviour in the future. The Transport Workers Union (TWU), which launched the legal challenge, had pushed for the maximum penalty of AUD 121 million.

TWU Wins the Five-Year Battle

The Transport Workers Union (TWU) described the decision as a long-awaited moment for Australian industrial relations.
“This is the most significant industrial outcome in Australia’s history,” said Michael Kaine, TWU national secretary. “It sends a clear message that no employer is above the law.”

“After five long years, today’s ruling is a victory — not just for us, but for all Australian workers,” said Anne Guirguis, a former Qantas aircraft cleaner who spent 27 years at the airline before being laid off.

The case concludes a five-year legal battle in which the union took on one of Australia’s most powerful companies, a contest many had expected Qantas to win.

The Qantas Apology

Qantas chief executive Vanessa Hudson, who served as chief financial officer during the layoffs, apologised following the ruling.
“We sincerely apologise to the 1,820 employees and their families who suffered as a result. The decision to outsource during such uncertain times caused genuine hardship,” Hudson said.

Broader Reputation Setbacks

The penalty compounds a difficult period for Qantas. In 2023, the airline agreed to pay AUD 120 million ($78 million) after being sued by the competition regulator for selling tickets on more than 8,000 cancelled flights.

A further hearing will decide how the remaining AUD 40 million ($26 million) from Monday’s fine will be allocated.

For Qantas, the judgment is an example of another major reputational blow, while for its former workers, it’s definitely a rare moment of justice delayed yet served right. 

Shares of Ashok Leyland surged 7% to ₹130 on August 18 after the company reported in-line Q1FY26 results, with steady operating performance prompting brokerages to turn bullish and project up to 15% further upside.

UBS reiterated a “buy” rating with a ₹150 target, citing a margin beat driven by operational discipline. It expects MHCV growth in mid-single digits and slightly stronger growth in the LCV segment. Global operations remain firm, while Switch Mobility, the company’s EV arm, turned PBT positive in Q1.

Choice Broking also maintained a “buy” call with a ₹150 target, highlighting an aggressive product pipeline, including 280–360 HP MHCVs for mining, construction, and logistics, as well as a bi-fuel LCV for metros and upgraded products for overseas markets. It said these offerings will strengthen pricing power, customer stickiness, and competitive positioning, especially with demand revival expected post-monsoon and government-led infrastructure push.

On the financial front, Ashok Leyland posted a net profit of ₹594 crore, up 13% from ₹526 crore a year earlier. Revenue rose 1.5% to ₹8,725 crore, while EBITDA climbed 6.6% to ₹970 crore. Margins expanded to 11% from 10.6% last year, aided by cost control and favorable pricing.

Shares of United Spirits rose over 2% to ₹1,321 on August 18, rebounding from the day’s low, as most brokerages maintained a positive stance despite a subdued June-quarter performance. The management reaffirmed its FY26 growth target, bolstering investor sentiment.

Goldman Sachs kept a “buy” call with a target of ₹1,575, noting that topline beat estimates despite muted volumes impacted by Andhra Pradesh. It expects the UK–India FTA to aid growth and margins from Q1FY27 but trimmed FY26–28 earnings estimates by 2–4%.

JPMorgan retained an “overweight” rating with a revised target of ₹1,600, cutting FY26–27 EBITDA estimates by 5–6% to reflect revenue loss from Maharashtra’s tax hike. Still, it said the stock’s sharp underperformance offers an attractive entry point and remains cautiously optimistic on growth.

Macquarie, however, maintained an “underperform” rating with a ₹1,250 target, flagging uncertainty from state tax hikes. It said clarity would emerge during the festive season but highlighted management’s confidence in double-digit growth in the prestige portfolio and EBITDA growth outpacing sales.

For Q1FY26, United Spirits posted a net profit of ₹417 crore, down from ₹485 crore a year earlier. Revenue rose 9.4% to ₹3,021 crore, while EBITDA fell 10% to ₹644 crore, with margins contracting to 21.3% from 25.8%.

Vodafone Idea shares surged up to 8.5% to ₹6.68 on Monday, August 18, as investors cheered the telco’s June-quarter results showing sequential improvement in losses. The broader market’s positive tone also lent support.

By 10:30 am, the stock was at ₹6.61, up 7.48% on the NSE. Despite the rally, the stock remains under pressure—down 21% in 2025 and nearly 60% over the past year.

The company reported a net loss of ₹6,608 crore for Q1FY26, wider than ₹6,432 crore a year ago but narrower than ₹7,166 crore in the March quarter. Revenue rose 5% year-on-year to ₹11,022 crore, though flat sequentially. Crucially, average revenue per user (ARPU) climbed to ₹177, topping expectations of ₹167, aided by subscriber upgrades and a stronger customer mix.

Brokerages highlighted the improvement. Motilal Oswal Financial Services said the loss was narrower than its ₹7,500 crore estimate, helped by lower interest costs, while revenue was in line. It also noted that subscriber erosion slowed, with the user base down just 0.5 million to 197.7 million, compared to a 1.6 million decline in Q4FY25 and better than its 1.2 million forecast.

Global brokerage UBS maintained a Neutral rating with a target price of ₹8.5, calling the results broadly in line. It pointed to a 0.6% quarter-on-quarter ARPU gain to ₹165, stable revenues, and a 1% dip in EBITDA, with margins slipping 47 basis points to 41.8%. UBS flagged the larger-than-expected loss, driven by higher interest costs, while noting that capex moderated to ₹2,440 crore, down from ₹4,230 crore in Q4 and ₹3,210 crore in Q3.

Supriya Lifescience Ltd., a cGMP-compliant API manufacturer with a presence in over 86 countries, has announced its unaudited financial results for the first quarter of FY26. The company operates across multiple therapeutic categories, including anti-histamine, anti-allergic, vitamins, anaesthetics, and anti-asthmatics.

In Q1 FY26, the company reported a year-on-year decline in revenue, primarily due to delays in production at its Lote facility. This was caused by essential repair and maintenance work aimed at improving efficiency in older manufacturing blocks and preparing Module E for new product launches. Despite the dip in topline numbers, profitability metrics remained resilient, with strong EBITDA margins supported by better backward integration and a rising contribution from regulated markets.

The anaesthetic segment emerged as the top revenue contributor during the quarter, accounting for more than half of total sales, up significantly from the same period last year. The company also saw notable growth in its European business, which now represents a larger share of overall revenue. Capacity utilisation improved compared to the previous fiscal, reflecting operational recovery.

To support future growth, Supriya Lifescience has acquired three separate land parcels near different plants. These will be used to expand manufacturing capacity and strengthen its supply capabilities for upcoming product launches.

Commenting on the results, Chairman and Managing Director Satish Wagh said the quarter’s performance reflected a temporary setback from the facility upgrade work. He emphasised that these investments were crucial for sustaining long-term operational efficiency and enabling full utilisation of production assets.

“Despite the revenue dip, EBITDA margins remained strong, backed by improved backward integration and increased contribution from regulated markets. With the Ambernath site on track for commercial production in Q4, a strong pipeline of 3–4 product launches in FY26, and healthy demand across key therapeutic areas, we expect the second half to recover the delays from H1. We remain on track to deliver ~20% growth and reach ₹1,000 crore revenue by FY27,” Wagh said.

The company remains confident that its diversified therapeutic portfolio, ongoing capacity expansions, and robust international presence will help it achieve its medium-term growth targets, even as it navigates short-term operational disruptions.

JSW Cement picked up with a successful market debut on August 14, 2025, as its shares were listed at a premium exceeding 4% on both major Indian stock exchanges. The acclaimed cement manufacturer's shares opened at ₹153.50 on the National Stock Exchange (NSE) and ₹153 on the Bombay Stock Exchange (BSE), representing gains of 4.42% and 4.08% respectively against the initial public offering (IPO) price of ₹147 per share.

Robust IPO Subscription and Market Capitalisation

The company's ₹3,600-crore mainboard IPO, which remained open for subscription from August 7 to 11, reflected strong investor appetite with an overall subscription rate of 7.77 times. Prior to the public listing, JSW Cement had successfully raised ₹1,080 crore from anchor investors, indicating institutional confidence in the company's prospects.

At the time of listing, JSW Cement's market capitalisation reached ₹20,914.02 crore, surpassing grey market expectations where only a 3% premium had been anticipated. This performance reflects investor optimism about the company's growth trajectory and market position.

Expert Analysis and Market Position

Narendra Solanki, Head of Fundamental Research – Investment Services at Anand Rathi Shares and Stock Brokers, highlighted several factors contributing to JSW Cement's strong market reception. "JSW Cement benefits from strong backing by the diversified JSW Group and a focused strategy on green cement solutions," Solanki explained. He also stressed that the company holds a commanding position as India's largest manufacturer of ground granulated blast-furnace slag (GGBS), controlling an impressive 84% market share.

Valuation Concerns and Long-term Approach

JWS Cement advocates sustainable products and this provides a competitive advantage in an increasingly environmentally conscious market. However, Solanki also noted that the IPO valuation appeared aggressive at approximately 36.7 times FY25 post-issue EV/EBITDA at the upper price band.

Despite the premium valuation, analysts remain optimistic about JSW Cement's long-term prospects, citing the company's synergies with the broader JSW Group, strategic plant locations, expanding production capacity, and alignment with India's sustainable infrastructure development goals.

JSW Cement has outlined clear plans for utilising the IPO proceeds strategically. The company will allocate ₹800 crore to partially finance the construction of a new integrated cement plant in Nagaur, Rajasthan, expanding its manufacturing footprint. An additional ₹520 crore is allotted for debt repayment to strengthen the balance sheet, while the remaining funds will support general corporate purposes.

The successful listing positions JSW Cement as a significant addition to India's cement sector, with investors showing confidence in the company's sustainable business model and growth strategy within the country's expanding infrastructure landscape.

IT services giant Cognizant has announced salary hikes for around 80% of its eligible workforce, effective November 1, 2025. The long-awaited move brings clarity and assurance to employees after months of uncertainty over the company’s annual increment cycle.

The decision was confirmed during the company’s second-quarter earnings call, where Cognizant reiterated its commitment to awarding merit-based hikes to the vast majority of staff in the second half of the year. The hikes will apply to employees up to and including the Senior Associate level, with the quantum varying based on performance and location.

In India, consistent high performers can expect increases in the higher single-digit range, while top-rated employees are likely to receive the most significant raises. “Top performers will receive the highest increases,” a company spokesperson said, adding that earlier this year, most associates received their highest bonuses in three years, ranging from 85% to 115%.

Traditionally, Cognizant begins its increment cycle from August 1, but the decision was delayed this year due to global economic headwinds. Recent tariff actions by U.S. President Donald Trump have added to the uncertainty, particularly a 25% tariff on Indian goods effective August 7, and a similar penalty that was announced a day earlier, set to begin August 27 for purchasing Russian oil and arms.

These external pressures have led most Indian IT firms to tread cautiously, with Tata Consultancy Services (TCS) being one of the few to announce salary hikes from September 1.

Despite the challenging environment, Cognizant has remained focused on workforce expansion and retention. The Teaneck-headquartered firm added approximately 7,500 employees in the June quarter, pushing its total headcount to 343,800. Attrition also showed improvement, falling to 15.2% over the last 12 months.

Looking ahead, the company plans to hire between 15,000 and 20,000 freshers in 2025. CEO Ravi Kumar S noted that the June quarter marked one of the strongest periods for headcount growth, largely driven by fresher hiring in India.

India’s push for greener fuels could be hitting an unexpected speed bump — the insurance sector. Some insurers have warned they may reject claims if an engine fails after using E20 petrol in vehicles not designed for it.

The government’s ethanol blending programme, hailed by policymakers as a win-win for farmers, the environment, and energy security, is drawing resistance from both automakers and vehicle owners. While the Centre aims for nationwide availability of E20 — a blend of 80 percent petrol and 20 percent ethanol — by 2025–26, concerns are emerging over its compatibility with the bulk of India’s existing vehicle fleet.

A recent Moneycontrol report noted that many automakers have cautioned about the technical risks of using E20 in vehicles built for E10 — which contains just 10 percent ethanol. Those risks are now being echoed by insurers.

On August 8, motor insurer ACKO publicly stated that using the wrong fuel could void claims. Responding to a user query on X, ACKO clarified: “In case of engine failure due to incorrect fuel usage, the claim would not be admissible. This falls under gross negligence as per our policy terms.”

While Union ministers Hardeep Singh Puri and Nitin Gadkari have insisted there are no proven cases of E20 causing vehicle damage, anecdotal evidence from consumers and data from surveys point to a more complex picture. A LocalCircles survey found that petrol vehicles running on E20 reported mileage drops exceeding 10 percent.

One senior general insurance executive, speaking on condition of anonymity, explained that ethanol burns cleaner than petrol but produces less energy — pure ethanol has about 30 percent lower energy content. This, he said, inevitably impacts mileage. Over time, prolonged use in non-compliant engines can also cause mechanical damage.

Technical concerns include ethanol’s tendency to absorb moisture, leading to “phase separation” in fuel tanks, where water-laden ethanol settles at the bottom. This can corrode metal components, cause rust, and degrade rubber parts such as fuel lines, seals, and gaskets — especially in older, E10-compliant vehicles.

E20-compliant vehicles, in contrast, are built with ethanol-tolerant coatings and corrosion inhibitors, and their engines are calibrated for the correct air–fuel mix. Still, these models require periodic replacement of rubber parts to maintain performance.

For insurance customers, the critical issue is whether existing motor policies will cover damage caused by E20 in E10 vehicles. Even “Engine Protection Plus” add-ons, which cover failures due to water ingress or oil leakage, may not apply if incorrect fuel usage is deemed the root cause.

Most vehicles sold in India before 2023 — such as the 2018 Maruti Suzuki Swift or 2019 Hyundai i20 — are E10-compliant. Examples of E20-ready models include the 2024 Honda City and 2023 Toyota Hyryder.

India’s ethanol blending programme began in 2006 with 5 percent ethanol. The original target of 20 percent by 2017 was missed due to supply and infrastructure challenges. The revised 2025–26 goal now appears within reach — but unless the insurance and auto sectors align with the government’s environmental ambitions, the road to greener fuels may get bumpier.

New Delhi:  ICICI Bank has rolled back part of its recent hike in minimum average balance (MAB) requirements for new customers in urban areas, following widespread criticism both online and offline. The bank had faced strong pushback after increasing the MAB from ₹10,000 to ₹50,000 last week. Now, the MAB has been revised down to ₹15,000 which is still higher than the original, but significantly lower than the controversial hike.

In a statement released Wednesday, the bank acknowledged the pushback: “We had introduced new requirements for the monthly average balance for new savings accounts opened from August 1, 2025. Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences.”

The revised minimum balance requirements stand as follows:

• Metro and urban locations: ₹15,000
   
• Semi-urban locations: ₹7,500
   
• Rural areas: ₹2,500
   

Pensioners below 60 and students from 1,200 select institutions will continue to be exempt from maintaining a minimum monthly average balance.

It was just last week, on August 9, ICICI Bank had announced a steep hike, raising the MAB for metro and urban customers from ₹10,000 to ₹50,000, semi-urban from ₹5,000 to ₹25,000, and rural areas from ₹2,500 to ₹10,000. Customers failing to meet these requirements faced penalties of ₹500 or 6% of the shortfall, whichever was lower.

The move was widely condemned as anti-consumer and disconnected from the realities of the average Indian saver. Indian National Congress spokesperson Shama Mohamed called it “a blow to the middle class.”

RBI Governor Sanjay Malhotra clarified that the central bank does not regulate minimum balance requirements for savings accounts. “It’s up to individual banks to decide. Some have set it at ₹10,000, some at ₹2,000, and others have waived it. It’s not within the RBI’s regulatory domain,” he said.

As a result of this change, the ICICI Bank’s stock value dipped slightly by 0.07% to ₹1,421.15 on the BSE, even as the benchmark Sensex climbed 0.38% to close at 80,539.91.

The partial rollback signals a course correction by the country’s second-largest private bank, which now aims to keep the rates in line to match the financial behavior and expectations of its new-age customers.