Category: Corporate

New Delhi: India’s retail inflation cooled to just 1.55% in July 2025, its lowest level in nearly eight years, thanks to a steep drop in food prices. The last time inflation was this low was back in June 2017, when it stood at 1.46%.

This marks the ninth straight month of easing inflation, as per the latest Consumer Price Index (CPI) data released by the Ministry of Statistics and Programme Implementation on Tuesday (August 12).

The fall was largely led by a deflation in food and beverage prices, which dropped by 0.8% in July—sharper than the 0.2% decline in June, and a dramatic turnaround from 5.1% inflation in July 2024.

Key food items such as vegetables, pulses, spices, and meat saw prices fall significantly. Vegetable prices dropped by 21%, while pulses fell 14%, driven by both a high base effect and softening prices in the market.

“Food inflation is expected to remain under control, thanks to healthy monsoon progress, strong sowing in the kharif season, and good reservoir levels,” mentioned Rajani Sinha, Chief Economist at CareEdge Ratings.

Even core inflation excluding food and fuel eased to 4.1% in July from 4.4% in June, inching closer to the Reserve Bank of India’s (RBI) target of 4%.

Inflation in pan, tobacco, and intoxicants remained unchanged at 2.4%, while the clothing and footwear segment saw a marginal dip to 2.5%. Housing inflation held steady at 3.2%, and prices in the fuel and light category edged up slightly to 2.7%, compared to 2.5% in June. Other categories within the Consumer Price Index (CPI) showed little movement in July. 

Dipanwita Mazumdar, Economist at Bank of Baroda, expects inflation to stay low through the rest of the year due to a statistical high base and easing global commodity prices. She stated. “While global attention is on tariff-related inflation, India is benefiting from favourable conditions. The weakness in global growth is helping keep commodity prices in check, which offsets some of the impact of higher tariffs.”

However, she cautioned that if India is forced to stop importing oil from Russia due to pressure from U.S. President Donald Trump, turning to countries like Kuwait and Iraq could help soften the impact.

With inflation staying well below the RBI’s comfort range of 2–6%, everyone will be watching closely to see how the central bank acts in its upcoming policy decisions.

The Securities and Exchange Board of India (SEBI) has imposed market bans of up to five years and monetary penalties totalling ₹120 crore on six former executives of Dewan Housing Finance Corporation Ltd (DHFL), including its promoters Kapil and Dheeraj Wadhawan, for their involvement in a massive loan diversion scheme.

In a final order issued Tuesday, SEBI found that DHFL, under the leadership of the Wadhawan family and senior management, ran an elaborate fraud from 2006 to 2019. The company extended unsecured loans to a network of shell entities, dubbed “Bandra Book Entities” (BBEs), which were linked to the promoters. These loans, totalling ₹14,040.50 crore by March 2019, were falsely recorded as retail housing loans, bypassing standard due diligence.

Kapil and Dheeraj Wadhawan, who served as CMD and Director, respectively, have each been fined ₹27 crore and banned from accessing the securities market or holding key roles in listed or fundraising companies for five years. Rakesh and Sarang Wadhawan, who held non-executive positions on DHFL’s board, face four-year bans and fines of ₹20.75 crore each. Former JMD and CEO Harshil Mehta and ex-CFO Santosh Sharma have been barred for three years, with fines of ₹11.75 crore and ₹12.75 crore each.

SEBI’s 181-page order describes how DHFL disguised inter-corporate loans as retail credit, using fake loan accounts, a fictitious "Bandra branch," and multiple accounting systems to conceal the diversion. Despite receiving no repayments from BBEs, DHFL continued to book interest income, creating the illusion of profitability and misleading shareholders and the public between FY 2007-08 and FY 2015-16.

Investigators found that ₹5,662.44 crore was disbursed to 39 BBEs, and 40% of that was routed to 48 other promoter-linked entities. SEBI concluded that the fraud was masterminded by Kapil and Dheeraj Wadhawan and enabled by the remaining executives.

The regulator had issued interim restrictions in September 2020. The final order concludes a long-running investigation into one of India’s largest financial scandals in the housing finance sector, marking a strong regulatory response to corporate misconduct.

Adani Digital Labs (ADL), the technology wing of Adani Airport Holdings, unveiled a suite of integrated digital services on Wednesday, August 13,  aimed at revolutionizing the travel experience across its network of airports in India. At the heart of this launch is Adani Rewards, India’s first loyalty program designed specifically for domestic airport passengers.

Value-added and innovative royalty program

This digital initiative is available through the revamped Adani OneApp, and it introduces a seamless ecosystem where travelers can earn and redeem rewards across a wide range of services, such as food and beverage outlets, retail stores, duty-free shopping, parking, and meet-and-greet services within all Adani-managed airports.

Unlike the traditional airline loyalty programs that usually focus on flight miles and ticket classes, Adani Rewards is accessible to all passengers, regardless of their carrier or class of travel, and is uniquely positioned to enhance every aspect of the on-ground airport experience.

“The new ADL is about bringing fresh energy, innovation, and deep digital expertise to the aviation space. We aim to deliver a digital-first experience that reduces passenger stress and makes travel simpler, smarter, and more enjoyable,” said Srushti Adani, Director of Adani Digital Labs. 

A Customized Airport Services Experience 

This service launch also marks the opening of ADL’s new 150-seat technology hub in Ahmedabad. This center will spearhead the development of future digital products focused on solving major pain points faced by passengers, such as difficulty navigating terminals, locating services, and managing queues.

Beyond loyalty, the upgraded Adani OneApp offers features like lounge booking, online ordering from airport outlets with gate delivery, and real-time parking reservations, bringing multiple touchpoints of the travel journey into one intuitive platform.

This rollout is the first phase of ADL’s long-term digital transformation strategy for India’s airport ecosystem, with plans to further expand personalization, automation, and AI-driven services in the months ahead.

A recent Bank of America (BofA) survey shows India has tumbled from the top to the bottom of Asia’s equity investment ranking within three months, with global fund managers turning cautious amid renewed tariff threats from U.S. President Donald Trump.

In the most recent survey, conducted among 99 portfolio managers managing approximately $183 billion, 30% reported being underweight on India, while just 10% said the same for Malaysia and 20% for Thailand. This marks a sharp reversal from May when India displaced Japan as Asia’s favorite, backed by 42% of fund managers overweight on it.

The sudden shift is being driven by Trump’s announcement of 50% tariffs on Indian imports, imposed as part of U.S. pressure over India’s continued procurement of Russian oil. These levies have revived concerns over global trade friction, casting a shadow over India’s export and growth outlook. Strategists at BofA note that India is suffering disproportionately from these escalations, while China and Japan benefit from investor optimism.

Other contributing factors include high domestic equity valuations, weak corporate earnings, and a slumping rupee, all of which have sapped foreign investor confidence. Indeed, foreign institutional investors (FIIs) have ramped up bearish bets via derivatives to a two-year high, and overall sentiment toward Indian equities is the most negative in over 24 months.

India’s position contrasts sharply with regional peers like Taiwan and South Korea, which attract investments linked to the booming global semiconductor cycle. BofA’s survey points out that India’s IT services sector, once a favorite among foreign investors, is in decline and trading at a 20-month low on sentiment indices.

Domestically, sluggish Q1 earnings have compounded investor worries. At least 141 companies reported year-on-year drops in both sales and profits, including major names like Tata Motors and Hero MotoCorp.

Despite the negative backdrop, market analysts see a silver lining. With the Indian equity market caught in a prolonged consolidation, a low long-short ratio suggests limited downside risk, which may offer room for a rebound. Furthermore, experts assert that domestic fundamentals remain strong, supported by structural reforms, healthy consumption demand, and effective policy frameworks.

BofA strategists caution, however, that until trade tensions subside and earnings show signs of recovery, India will likely remain out of favor with global investors.

Weaver Services has officially completed its ₹267 crore acquisition of Capital India Home Loans Limited (CIHL). The deal, which was backed by investors like Premji Invest and Gaja Capital, has received all necessary regulatory approvals, marking Weaver's formal entry into India's affordable housing finance sector.

The move, first announced in October 2024, is a significant step in Weaver's strategy to build a tech-driven platform aimed at financial inclusion. The company plans to specifically target self-employed borrowers in Tier 2 and Tier 3 towns who often struggle to get loans from traditional lenders. With the 100 per cent acquisition, Weaver enters the affordable housing finance segment.

Benefit for Underserved Communities

With the deal closed, Weaver will launch a new digital platform to serve these communities, with a particular emphasis on women borrowers, who are frequently excluded from traditional credit channels.

According to Satrajit Bhattacharya, Promoter of Weaver Services, "Closing this acquisition transforms our intent into action. We can now focus on building a fair, fast, and accessible housing finance platform for those historically excluded from the system."

Keshav Porwal, Managing Director of Capital India Finance Limited, also expressed his confidence in the handover, stating, "Weaver brings the right vision and capabilities to accelerate growth and deliver meaningful impact in the housing finance space."

Weaver’s strategy centres around using technology and hyperlocal insight to offer affordable credit solutions to the underserved, particularly informal sector workers who lack access to formal financial systems. With the acquisition of CIHL, Weaver is now primed to scale operations and reshape India’s affordable housing finance landscape.

Vikram Solar, named among one of India’s leading solar panel manufacturers, is set to make its stock market debut next week. The company’s initial public offering (IPO) will open for public subscription on August 19 and close on August 21, with shares expected to list on the bourses by August 26. The company had filed draft papers for its IPO with Sebi in September 2024, which was approved by the market regulator in May this year.

The IPO comprises a fresh issue of equity shares worth ₹1,500 crore and an offer-for-sale (OFS) of 1.7 crore shares by the company’s promoters. According to the red herring prospectus filed on August 12, the IPO allotment will be finalised by August 22.

Despite planning a ₹300 crore pre-IPO placement, Vikram Solar confirmed that it did not go through with it. “No such pre-IPO placement has been undertaken by our company,” it stated in the filing.

A Step Towards Major Expansion

The fresh capital will largely fund the company’s ambitious expansion plans. ₹769.7 crore will be used to set up a fully integrated 3,000 MW solar cell and 3,000 MW module manufacturing facility in Tirunelveli, Tamil Nadu, via its subsidiary VSL Green Power. An additional ₹595.2 crore will go toward the facility’s second phase, doubling its module output.

Currently operating with 4.5 GW capacity across plants in Kolkata and Chennai, Vikram Solar aims to scale up to 15.5 GW by FY26 and 20.5 GW by FY27. This includes backward integration into the solar value chain, with two new solar cell units planned in Gangaikondan, Tamil Nadu.

Strong Financials Give Promising Outlook

Vikram Solar’s performance has seen a significant upswing. In FY25, it posted a profit of ₹139.8 crore, a 75% jump from the previous year. Revenue also rose by over 36% to ₹3,423.5 crore.

Promoters currently hold a 77.64% stake, while the remaining 22.36% is held by public investors, including Plutus Wealth’s Arpit Khandelwal.

It is said that the IPO will be managed by JM Financial, Nuvama Wealth, UBS Securities, Equirus Capital, and PhillipCapital.

Perplexity Bids $34.5 Billion to Acquire Google’s Chrome Amid Antitrust Pressure

AI startup Perplexity has made an unsolicited $34.5 billion offer to acquire Google’s Chrome browser, anticipating that U.S. antitrust rulings could force the search giant to divest the popular software. The bid was formally sent to Alphabet’s Google on Tuesday morning, according to a Perplexity spokesperson.

The move follows a federal judge’s ruling last year that Google holds an illegal monopoly in internet search. U.S. District Judge Amit Mehta is expected to announce remedies soon, which could include forcing Google to sell Chrome and license its search data to competitors. The Department of Justice has argued that such steps are necessary to prevent Google from dominating the online search market.

Perplexity’s bid comes shortly after AI rival OpenAI also expressed interest in acquiring Chrome. Together with its open-source counterpart Chromium, Chrome is the most widely used browser for desktop web access worldwide.

Founded in San Francisco, Perplexity has positioned itself as an AI-powered alternative to Google search. Earlier this year, the company raised $100 million in funding at an $18 billion valuation, Bloomberg reported. Questions over its ability to finance the massive acquisition were addressed by Perplexity Chief Business Officer Dmitry Shevelenko, who said that “multiple large investment funds have agreed to finance the transaction in full.”

This is not the company’s first bold move. Earlier in 2025, Perplexity offered to merge with the U.S. operations of TikTok parent ByteDance, seeking to create a new domestic entity ahead of a possible ban on the app.

The bid reflects growing competition among AI companies to control browser platforms. Web browsers are seen as crucial entry points for AI agents that can perform tasks like online shopping and content curation. Perplexity is also preparing to launch its own AI-powered browser, Comet.

If successful, Perplexity has pledged to invest $3 billion in Chrome and Chromium over the next two years, extend offers to a large share of Chrome’s current workforce, and maintain the browser’s stability. The company said it would avoid making “stealth modifications” to Chrome to ensure continuity for users and advertisers.

The offer does not include any equity in Perplexity, a move aimed at sidestepping additional antitrust scrutiny. Whether Google will consider the proposal remains uncertain, but the bid underscores how the outcome of the antitrust case could reshape the browser and search landscape.

Shares of NMDC Steel soared 17% to ₹41 on August 13 after the company reported its first-ever quarterly profit. This marked its sharpest single-day rise since January 2024.

For the June quarter (Q1 FY26), the steelmaker posted a net profit of ₹26 crore. This was a sharp turnaround from a net loss of ₹547 crore in the same quarter last year.

Revenue from operations rose 66% year-on-year to ₹3,365 crore. EBITDA came in at ₹408 crore, reversing from a loss of ₹401 crore in Q1 FY25. The EBITDA margin stood at 12%.

The strong performance was supported by higher steel prices, improved production capacity, and stronger operating leverage. Analysts noted that the ramp-up in output was crucial to the earnings turnaround.

A key operational milestone during the quarter was the commissioning of NMDC Steel’s 3 million tonnes per annum integrated steel plant at Nagarnar, Chhattisgarh. The plant is now fully operational, marking a significant step in the company’s expansion strategy.

The Nagarnar plant is expected to be a major growth driver for the company in the coming years, enabling higher volumes and better cost efficiencies.

On the policy front, reports last month suggested that the government is unlikely to proceed with the disinvestment of NMDC Steel in the current financial year.

The process has reportedly run into multiple roadblocks. Officials indicated that the stake sale will not be pushed aggressively in the near term.

Sources familiar with the matter said pending operational and financial issues need resolution before the sale process can resume. Once these are addressed, the disinvestment plan is expected to be fast-tracked.

NMDC Steel was carved out of NMDC Limited to manage the Nagarnar plant and pursue independent growth. The turnaround in Q1 FY26 is being viewed as a major credibility boost for the company ahead of any future stake sale.

Market watchers believe the first quarterly profit will improve investor sentiment. However, they also caution that sustaining profitability will depend on global steel prices, domestic demand, and the smooth functioning of the Nagarnar plant.

With capacity ramping up and pricing trends favourable, NMDC Steel appears poised for stronger operational performance in the near term. But the timeline for disinvestment remains uncertain.

New Delhi: After months of facing uncertainty and regulatory hurdles, Paytm has finally received the Reserve Bank of India’s (RBI) in-principle approval to operate as a payment aggregator. This is a crucial step for the digital payments firm, aiming to rebuild its core business.

The approval, granted to Paytm Payments Services Limited (PPSL), implies that the company can now officially facilitate online transactions between merchants and customers under the regulatory oversight of the RBI.

A Long Road to Recovery

This milestone didn’t come easy. Just last year, the RBI rejected Paytm’s initial application due to concerns related to foreign direct investment (FDI) rules. At the time, the company was under scrutiny for failing to meet certain compliance norms, particularly around its payments bank operations.

Paytm, being a wholly-owned subsidiary of One 97 Communications, had resubmitted its application for a payment aggregator licence in September 2024. The approval comes after a nine-month wait, during which several peers—such as PayU, Zaakpay (MobiKwik), and PBFintech’s lending unit—secured their licences.

The payment aggregator licence allows fintech companies to process and settle payments on behalf of merchants, streamlining and securing digital transactions for businesses.

However, Paytm took several corrective steps, most importantly, securing FDI clearance from the Finance Ministry and restructuring its ownership.

Freedom from Chinese Stake

A major turning point came last week, when China’s Ant Financial, once a key backer, exited Paytm by selling its entire 5.84% stake for approximately ₹3,803 crore. The complete exit of Chinese ownership is widely believed to have cleared a major regulatory roadblock, easing the RBI’s concerns around foreign influence in India’s financial ecosystem.

A Shift from Pause to Progress

Earlier in 2024, the RBI had also barred Paytm Payments Bank from onboarding new customers over ongoing compliance concerns. But this new approval indicates a shift in the regulator’s stance, as Paytm moves to distance itself from past missteps and reposition itself as a compliant, India-focused fintech player.

With the RBI’s green light, Paytm can now re-engage its merchant partners and focus on scaling its digital payment services, without the burden of regulatory uncertainty or foreign ownership complications.

The Next Move

While this is only an in-principle approval, it marks a fresh chapter for one of India’s most prominent fintech companies. A full license will still depend on Paytm meeting the RBI’s final conditions, but for now, the path to revival seems clearer than it has in months.

Mumbai: Early growth-stage investor Atomic Capital has announced the final close of its maiden venture capital fund at ₹400 crore. The fund will back Indian startups focused on consumer-driven sectors, with a clear emphasis on sustainable and capital-efficient growth.

Targeting high-potential, homegrown brands across consumer, consumer-tech, and consumer-enabler segments, the fund will look to invest in categories such as food and beverages, nutraceuticals, personal care and beauty, jewellery, pet care, electronics accessories, and home furnishings.

“We're looking to partner with startups that have found product–market fit and are now gearing up for the next stage of growth,” said the company in a statement. The fund plans to write initial cheques of ₹10–30 crore, building a portfolio of 10–12 companies. A portion of the corpus is earmarked for follow-on rounds.

Atomic Capital reached its first close at ₹155 crore in early 2024 and has already invested close to ₹50 crore in four startups: beauty brand ConsciousChemist, dairy and food startup Doodhvale Farms, beverage maker Rio Beverages, and fashion label Anny.

Founder and Managing Partner Apoorv Gautam emphasized that Atomic Capital’s value goes beyond money: “Our commitment lies in supporting entrepreneurs with strategic guidance and deep involvement. We're backing businesses that are capital-efficient and poised to scale in large, growing markets.”

He added, “Strong founder relationships, visible revenue momentum, and financial discipline are non-negotiables for us. We're in it to help build brands that not only endure but also create meaningful impact.”

Over the next three years, Atomic Capital aims to fully deploy the fund’s capital while maintaining reserves for follow-ons, aligned with its eight-year investment horizon. “We’re currently evaluating over 20 startups and have already issued a term sheet for our next investment,” the firm added.