Category: Corporate

The eagerly awaited Foxconn factory near Devanahalli in Bengaluru has officially begun producing the iPhone 17 on a small scale, marking a major leap in Apple’s India strategy. Set up with an investment of approximately USD 2.8 billion (around ₹25,000 crore), this plant has become Foxconn’s second-largest iPhone manufacturing facility outside China.

Although Apple and Foxconn have not released official statements, the development underlines their strategic push to expand production in India, complementing the ongoing iPhone 17 assembly at Foxconn’s Chennai plant.

Earlier this year, the Bengaluru facility's operations were briefly disrupted when dozens of Chinese engineers departed abruptly. However, Foxconn swiftly addressed the issue by deploying technical experts from Taiwan and elsewhere, ensuring minimal impact on production timelines.

Karnataka’s Industries Minister M B Patil heralded the milestone, stating it showcases the state's emergence as a high-tech manufacturing hub. He emphasized that the expansion is driving job creation, supply chain strength, and boosting India’s export ambitions—with Bengaluru poised to become the “iPhone capital of the world.”

Background:

• The Devanahalli plant was agreed upon in 2023 between Foxconn and the Karnataka government, aiming to transform the region into a tech manufacturing hub and generate thousands of local jobs.

• Foxconn’s broader push to shift more Apple production from China to India aligns with global trends like Apple’s “China-Plus-One” strategy, political pressures, and trade diversification ambitions.

This move comes amid Apple’s aggressive ramp-up of its India output. The goal is to elevate annual iPhone production to 60 million units in 2025, up from 35–40 million in 2024–25. In the fiscal year ending March 2025, Apple assembled 60% more iPhones in India, worth nearly USD 22 billion. CEO Tim Cook has also noted that the majority of iPhones sold in the U.S. during the June 2025 quarter were manufactured in India.

Industrialist and the Chairman of Adani Group, Gautam Adani, addressed the 70th convocation of the Indian Institute of Technology (IIT) Kharagpur, urging graduates to dedicate themselves to nation-building while underlining India’s unprecedented economic rise.

The convocation at IIT Kharagpur, established in 1951, saw thousands of students graduate in engineering, sciences, and management. 

Delivering his speech at the country’s oldest IIT, Adani told the graduating students that they were entering a world filled with opportunities where India is poised to lead in technology, sustainability, and innovation. “You represent the brightest minds of our nation, and the responsibility of shaping the future rests on your shoulders,” he said.

“In 1947, we broke the chains on our land. Yet in the 21st century, a nation can be independent and still be bound by dependence. Just three days ago, we marked our 79th Independence Day, and it is clear we stand at a major inflection point. The world is moving from conventional wars to technology-driven wars of power, and our ability to prepare will decide our future,” he added. 

Adani highlighted that India is currently the fastest-growing major economy, with a growth trajectory that has captured global attention. He pointed out that India’s GDP, which stood at around $3.7 trillion in 2023, is expected to touch $5 trillion in the next few years. “This growth is not just a statistic. It is a reflection of the confidence, ambition, and determination of a billion-plus Indians,” he noted.

The Adani Group chairman underscored how India’s transformation is visible across multiple fronts — from digital adoption and green energy to infrastructure development and space exploration. Citing examples, he pointed to India’s rapid strides in renewable energy, where the country has become the world’s third-largest producer of solar power, and the success of Chandrayaan-3, which showcased the strength of indigenous technology.

Speaking about his own journey, Adani reminded students that success is not defined by privilege or background but by resilience and conviction. He recalled his early years when he had little formal training in business but managed to build an empire through perseverance. “Your degree from IIT Kharagpur is an enabler. But what will define your future is not your grades, but your grit and your ability to adapt to change,” he said.

Adani warned that over the next decade, several companies that today seem unbeatable will vanish. “They will disappear, not because they lacked resources, but because they could simply not compete at the pace and scale needed. And I will say that the same stands true for educational institutions! Because the educational institutions too must transform. They must move at the speed of change, drive cutting edge research and yet be accountable to real-world impact. This is no longer about producing brilliant graduates — it is about producing brilliant patriots that graduate armed with ideas, discipline, and the will to make India unshakable,” he added. 

Adani also touched on the need for ethical leadership and sustainable development. He warned that technological advancement without responsibility can lead to greater inequality and environmental challenges. “The future of business lies in balancing growth with sustainability. Climate change is the biggest challenge of our times, and young innovators like you will play a decisive role in finding solutions,” he urged.

In his speech, Adani reminded graduates that India’s demographic dividend gives it a unique edge. With an average age of 28, the nation has one of the world’s youngest populations. “This energy, if channelled with purpose, will ensure that India not only becomes the third-largest economy but also a nation that leads in inclusivity and innovation,” he said.

The industrialist’s address came at a time when India is seeking to strengthen its position in global supply chains. Adani said the country’s push for self-reliance — under initiatives like ‘Make in India’ and ‘Atmanirbhar Bharat’ — will open new avenues for engineers, technologists, and entrepreneurs. “In the coming decade, the world will look towards India not just as a market but as a hub of innovation,” he said.

Concluding his speech, Adani urged graduates to retain humility and empathy in their professional journeys. “No matter how high you rise, remember that true success is measured not by wealth or position, but by the impact you create on society,” he told the IIT graduates, leaving them with the message that their brilliance should serve not just themselves but the nation at large.

S&P Global Ratings upgraded the long-term credit ratings of 10 major financial institutions, including the State Bank of India (SBI), HDFC Bank, and Tata Capital on August 15. This follows the US-based agency’s upgrade of India’s sovereign rating to ‘BBB’ from ‘BBB-’, its first revision in 18 years, since 2007.

Bank of America Securities are of the view that S&P Global Ratings’ may have a limited immediate market impact, even as it strengthens the government’s fiscal credibility and could lower borrowing costs.

“While positive, the near-term effect may be modest. Tariff-related growth uncertainties are likely to dominate, and their impact on capital flows and credit costs will take time to show,” Bank of America noted.

Upgrades Meant for Economic Growth and Reforms 

 The upgrades reflect the strong growth prospects of Indian banks and finance companies, supported by robust economic momentum and structural improvements such as better recovery of bad loans. S&P expects banks to maintain healthy profitability, strong capitalisation, and adequate asset quality over the next one to two years, despite some pockets of stress.

The rating boost covers seven banks: SBI, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank, Union Bank of India, and Indian Bank,  and three finance companies: Bajaj Finance, Tata Capital, and L&T Finance. The agency also highlighted the positive impact of the Insolvency and Bankruptcy Code (IBC), introduced in 2016, which has strengthened the rule of law, improved payment culture, and promoted restructuring of viable companies.

“India’s financial institutions will continue to ride the country’s good economic growth momentum. These entities will benefit from their domestic focus and structural improvements in the system such as the recovery of bad loans,” said S&P Global Ratings. 

Broader Market Inferences
The upgrades reflect the growing confidence in India’s financial system. S&P had also raised ratings for large public and private enterprises such as ONGC, Power Grid, NTPC, Tata Power, the Export-Import Bank of India, and Indian Railway Finance Corp., signaling overall economic resilience.

India’s real GDP grew at an average of 8.8% between FY2022 and FY2024—the fastest in the Asia-Pacific region—and S&P expects this momentum to continue, projecting annual growth of 6.8% over the next three years.

With India now on a firmer footing, the rating upgrades mark a milestone for investors and financial institutions, reflecting both the promise of continued growth and the strength of the country’s banking and finance ecosystem.

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.