Category: Corporate

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Corporate

Meesho Q4 loss narrows 88% to ₹166 cr

E-commerce company Meesho reported a major improvement in its March quarter earnings, with losses dropping sharply and revenue rising strongly on the back of higher customer activity.

The company said its net loss narrowed 88% year-on-year to ₹166 crore in the fourth quarter of FY26. During the same period, revenue from operations increased 47% to ₹3,531 crore.

This Bengaluru-based company also benefited from improved margins and lower logistics costs, which helped reduce overall losses.

Meesho said the strong performance was driven by a rise in orders, growing customer numbers and better engagement on the platform. The company’s annual transacting users increased to 264 million, while total orders during the quarter crossed 717 million.

Meesho said it has continued investing in technology and artificial intelligence to improve operations and customer experience. The company noted that AI tools are being used across several functions, including coding, recommendations and supply chain management.

For the full financial year FY26, Meesho’s revenue rose over 34% to ₹12,626 crore, while annual losses reduced significantly compared to the previous year.

Also Read: Anil Ambani files defamation case against NDTV

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Corporate

Pronto raises $20 mn, valuation doubles to $200 mn

Indian startup Pronto has raised $20 million in fresh funding, doubling its valuation to $200 million within just a month. The company, which offers instant home-help services through its app, is quickly becoming one of the fastest-growing startups in India’s convenience economy.

Pronto connects users with workers for everyday household tasks such as cleaning, dishwashing, laundry, and kitchen assistance. The startup promises quick service, often sending helpers within minutes of booking, making it especially popular among busy urban households.

What caught attention in the startup world was how quickly the investment happened. Silicon Valley investor Lachy Groom reportedly decided to back the company after a short 20-minute pitch meeting with founder Anjali Sardana. The speed of the deal reflects growing confidence among investors in India’s fast-expanding on-demand services market.

The startup has seen rapid growth in recent months. Reports suggest Pronto’s daily bookings jumped sharply from around 3,000 late last year to more than 26,000 bookings a day. Rising demand for convenience-based services in cities has played a major role in this growth.

The fresh funding will help the company expand operations, hire more workers, and introduce additional services. Pronto is also expected to grow its presence in more Indian cities as competition in the instant-services market heats up.

While the company is still expected to spend heavily to scale its business and attract customers, investors appear optimistic about its long-term potential. The latest funding round places Pronto among the notable emerging consumer-tech startups in India this year.

Industry experts believe startups like Pronto are benefiting from changing urban lifestyles, where customers increasingly prefer app-based solutions for routine tasks. The trend is similar to the rise of quick-commerce platforms that deliver groceries and essentials within minutes.

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Corporate

Sensex rebounds 300 points, Nifty near 24,400

Opening the market on Thursday, Indian equities began on a positive note but quickly turned volatile as early gains faded amid profit booking and mixed global cues.

The BSE Sensex recovered nearly 300 points from its day’s low, reflecting buying interest at lower levels. The Nifty 50 also showed resilience, moving closer to the 24,400 mark after witnessing swings through the session.

The day’s range (intraday high and low levels for Sensex and Nifty) was not clearly specified in the available information. However, the broader movement reflected recovery from early weakness and a stable close near higher levels.

Market sentiment was largely driven by geopolitical developments. Reports suggesting progress toward a US–Iran peace arrangement led to easing crude oil prices globally. Since India is a major importer of crude oil, lower prices are viewed as positive for inflation outlook, corporate margins, and overall macroeconomic stability.

Market recovery was supported by select heavyweight stocks. Reliance Industries, Bharti Airtel, and ICICI Bank were among the key gainers that helped lift sentiment and stabilize the indices after early losses.

On the other hand, pressure was seen in several major stocks during the initial trade. TCS, Infosys, Adani Ports, and Britannia Industries were among the notable losers, contributing to early weakness in the indices, particularly from the IT and select industrial and FMCG segments.

 However, market participation indicated stock-specific action rather than a broad-based rally, with investors rotating positions amid global cues and valuation concerns.

Global markets also provided support, with Asian equities firm and US markets closing higher overnight, driven by easing geopolitical risk perception and stable economic expectations.

Also Read: NSE posts 8% rise in Q4 profit to ₹2,871 cr

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Corporate

L&T wins ₹5,000 crore Odisha coal project

Larsen & Toubro (L&T) has secured a major engineering, procurement and construction (EPC) contract worth up to ₹5,000 crore to develop a coal-to-ammonium nitrate facility in Odisha.

The contract has been awarded by Bharat Coal Gasification and Chemicals Ltd (BCGCL), a joint venture between Coal India Ltd and Bharat Heavy Electricals Ltd (BHEL). The project involves setting up an integrated plant with a production capacity of around 2,000 tonnes per day of ammonium nitrate.

The facility will convert coal into ammonium nitrate, a key industrial chemical used in mining and infrastructure sectors. L&T will execute the project on a lump-sum turnkey basis, covering design, engineering, procurement, construction, commissioning, and performance testing.

The scope of work also includes allied facilities such as nitric acid production units, forming a part of the integrated chemical complex.

Officials said the project supports India’s broader coal gasification programme, aimed at reducing dependence on imported chemicals while utilising domestic coal resources more efficiently. The initiative is part of the government’s push to promote coal-to-chemicals conversion for industrial use.

Coal gasification projects are seen as strategic for India’s energy and industrial sectors, as they help produce value-added products like fertilisers and industrial inputs from domestic coal.

L&T said the order strengthens its position in large-scale industrial and energy infrastructure projects and highlights its capabilities in executing complex chemical plant developments.

Also Read: Reliance Jamnagar refinery units shut for upkeep

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Corporate

Coinbase to cut 14% jobs as AI reshapes operations

Coinbase, one of the world’s largest cryptocurrency exchanges, has announced it will reduce its global workforce by around 14%, affecting approximately 700 employees. The decision comes as the company restructures its operations to adapt to both ongoing crypto market volatility and the rapid rise of artificial intelligence (AI) in software development.

According to company statements and regulatory filings, Coinbase is aiming to make its operations leaner and more efficient while positioning itself for what it calls an “AI-native” future. The layoffs are expected to cost the company between $50 million and $60 million in severance and related expenses.

CEO Brian Armstrong said the company is responding to two major forces: a prolonged downturn in crypto markets and significant productivity gains driven by AI tools. He noted that engineers and other teams are now able to complete tasks in days that previously required weeks, as AI increasingly automates coding, design, and operational workflows.

As part of the restructuring, Coinbase plans to simplify its organisational structure by reducing management layers and increasing the responsibilities of remaining leaders. The company is also exploring smaller, highly efficient teams where AI tools assist employees in handling multiple roles, such as engineering, product design, and management functions.

Armstrong has described this shift as a move toward “AI-native teams,” where human workers are supported by automation to improve speed and output. The company believes this approach will help it stay competitive in a rapidly changing industry while controlling costs.

Despite the layoffs, Coinbase’s stock rose after the announcement, reflecting investor confidence in its restructuring strategy. The company stated that the changes are part of a long-term effort to improve efficiency rather than a short-term cost-cutting exercise alone.

Also Read: NSE launches electronic gold receipts system

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Corporate

Sensex surges 900 points, Nifty climbs past 24,300

The stock market bounced back strongly on May 6, with both Sensex and Nifty posting sharp gains after a weak session a day earlier. The Sensex jumped nearly 900 points, while the Nifty moved above the 24,300 mark, reflecting improved investor confidence.

The recovery comes after markets had ended lower in the previous session, weighed down by global concerns. On Wednesday, sentiment turned positive as global cues improved and crude oil prices eased, reducing worries about inflation and rising costs.

Falling oil prices played a big role in lifting the mood on Dalal Street. Hopes of easing tensions in the Middle East helped bring prices down, which is good news for India as it imports a large share of its oil. Lower oil prices generally support the economy and help markets move higher.

From the opening bell, markets showed strength and continued to gain through the day. Banking, auto, and pharma stocks were among the main drivers of the rally, with broad-based buying seen across sectors.

Among the top performers, Dr Reddy’s Laboratories and Trent saw strong gains. Other stocks like Tata Motors and InterGlobe Aviation also moved higher. On the flip side, Larsen & Toubro and ONGC were among the few stocks that slipped during the session.

Global markets also supported the rally, adding to the positive mood. A stable rupee and steady corporate earnings further helped markets maintain their upward momentum.

Experts say the rebound shows that investors are still willing to buy on dips, especially when global conditions improve. However, they also caution that markets may remain volatile in the near term due to ongoing geopolitical uncertainties and changes in oil prices.

Also Read: IMF warns Iran conflict could hurt global economy

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Corporate

Cognizant plans 15000 layoffs, India faces impact

Cognizant is planning a major round of job cuts, and many employees, especially in India, are worried about what comes next. Reports suggest the company could cut between 12,000 and 15,000 jobs globally, with India likely to see the biggest impact.

The move is part of a larger effort by the company to reorganise how it works. Cognizant is trying to become more efficient and adapt to changes in the tech industry, where automation and artificial intelligence are playing a bigger role.

India has the largest number of Cognizant employees, which is why the impact there could be higher. For many workers, this news comes at a time when hiring in the IT sector has already slowed, making the situation more stressful.

The company has set aside a significant amount of money for this restructuring, including funds for severance packages for employees who may lose their jobs. While Cognizant has not officially confirmed the final number of layoffs, the scale being discussed has raised concerns across teams.

For many employees, this means increased pressure to upgrade their skills and stay relevant. There is also growing uncertainty about job stability, especially for those in roles that can be automated.

At the same time, companies like Cognizant say these changes are necessary to stay competitive in a fast-changing market. The restructuring is expected to happen over time, not all at once.

For now, employees are waiting for more clarity on who will be affected and when. The situation highlights how quickly the tech industry is evolving and how those changes are directly affecting jobs and careers.

Also Read: Meta issues warning over WhatsApp security bugs

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Corporate

Sensex up by 300 points, Nifty reclaims 24,150

Indian equity markets traded with a positive bias on Wednesday, as benchmark indices recovered in early trade. The Sensex gained around 300 points, while the Nifty moved back above the 24,150 level, supported by improved global sentiment and easing crude oil prices. Investors continued to track international cues and domestic institutional support for direction.

Buying interest was seen across select auto and financial stocks, with Bajaj Auto emerging as one of the notable gainers in early trade. Paytm also saw strong activity, reflecting renewed interest in select digital and mid-cap counters. Broader market sentiment remained constructive, although stock-specific volatility continued to dominate trading patterns.

On the losing side, select IT and FMCG stocks witnessed mild profit booking after recent gains. Export-oriented IT names came under pressure amid global uncertainty and currency fluctuations, while defensive FMCG stocks saw some selling as investors rotated into cyclical sectors.

A key driver of the market recovery was the softening of crude oil prices, which eased concerns over inflationary pressures and improved the outlook for corporate margins. This particularly benefited sectors such as autos, aviation, and consumer discretionary, which are sensitive to fuel costs.

Global market trends also supported domestic sentiment. Asian equities traded firm, helping Indian indices maintain upward momentum. However, foreign institutional investor (FII) outflows continued to weigh on sentiment, limiting the strength of the overall rally. Domestic institutional investors (DIIs) provided partial offset through consistent buying support in select large-cap stocks.

The Indian rupee showed relative stability, adding to investor confidence and reducing fears of imported inflation pressures. This currency stability, combined with easing crude prices, contributed to a more balanced near-term outlook for equities.

Despite the rebound, analysts noted that market volatility remains elevated.

Also Read: NCLAT upholds Adani bid, rejects Vedanta appeal

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Corporate

Tata Technologies Q4 profit climbs 8% to ₹204 cr

Tata Technologies reported a steady performance for the March quarter (Q4 FY26), with both profit and revenue showing year-on-year growth driven by strong demand across its services business.

The company posted a consolidated net profit of ₹204 crore, marking an 8% increase compared to ₹189 crore in the same quarter last year. The growth reflects improved operational performance and steady execution across key business segments.

Revenue from operations rose sharply by around 22% year-on-year to ₹1,572 crore, supported by broad-based demand in engineering, digital services, and product development solutions. The services segment continued to be the main growth driver, contributing significantly to overall performance.

On a sequential basis as well, the company saw improvement in both revenue and margins, indicating sustained momentum in business activity. The management highlighted continued strength in client demand and stable project pipelines across global markets.

Alongside the financial results, Tata Technologies also announced a dividend for shareholders. The board recommended a final dividend along with a special dividend, subject to approval at the upcoming annual general meeting. This move reflects the company’s focus on returning value to shareholders while maintaining healthy cash flows.

Despite rising operational costs, the company managed to maintain profitability growth, supported by efficiency improvements and higher revenue contribution from high-value projects.

The results come at a time when the global engineering and IT services sector continues to see mixed demand trends, with companies focusing on cost optimisation and digital transformation projects from clients.

Also Read: NCLAT upholds Adani bid, rejects Vedanta appeal

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Corporate

NCLAT upholds Adani bid, rejects Vedanta appeal

India’s corporate insolvency process for Jaiprakash Associates Ltd (JAL) saw a key development as the National Company Law Appellate Tribunal (NCLAT) upheld the selection of Adani Enterprises as the winning bidder, while dismissing challenges raised by Vedanta Ltd.

The tribunal rejected Vedanta’s petitions against the Committee of Creditors’ decision, which had approved Adani’s resolution plan for the debt-laden company. The NCLAT observed that there was “no merit” in the objections raised and declined to interfere with the lenders’ commercial judgment.

The case relates to the insolvency resolution of Jaiprakash Associates Ltd, a heavily indebted conglomerate with interests across infrastructure, real estate, and cement. Under the Insolvency and Bankruptcy Code, creditors evaluated competing bids to determine the best recovery option.

Adani’s resolution plan, valued at around ₹14,500 crore, had already been approved by the Committee of Creditors. Vedanta had also submitted a competing bid, which it argued was higher in value and more beneficial for lenders. However, the lenders chose Adani’s proposal, citing overall feasibility and structure of the plan.

Vedanta challenged this decision in the appellate tribunal, claiming that the evaluation process did not maximise value for stakeholders and that its bid should have been considered more favourably. The tribunal, however, found no grounds to overturn the earlier approval by the National Company Law Tribunal (NCLT).

In a separate but related development, the tribunal also dismissed Vedanta’s appeal challenging aspects of the bidding process, further strengthening Adani’s position in the acquisition process.

The ruling effectively clears the way for Adani Enterprises to proceed with the acquisition of Jaiprakash Associates under the insolvency framework, subject to remaining procedural requirements.

Market observers say the decision reinforces the principle that creditor committees have broad discretion in choosing resolution plans, and judicial bodies are generally reluctant to interfere unless there is a clear procedural violation.

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