Category: Corporate

Categories
Corporate

HDFC, ICICI Prudential impose curbs on large gold ETF investments

Two of India’s largest asset management companies, HDFC Mutual Fund and ICICI Prudential Mutual Fund, have imposed restrictions on large investments in their gold exchange-traded funds (ETFs), citing exceptional demand for gold-linked investment products. The move comes after a sharp rally in gold prices and a surge in investor interest in safe-haven assets.

HDFC Mutual Fund was the first to announce restrictions. Beginning June 8, the fund house stopped accepting direct subscriptions of ₹25 crore or more into its HDFC Gold ETF. It also introduced a cap on lump-sum investments in its Gold ETF Fund of Fund (FoF), limiting investments to ₹10 lakh per PAN per calendar month. The restrictions are temporary and will remain in place until further notice.

Soon after, ICICI Prudential Mutual Fund announced similar measures for its Gold ETF. The fund house restricted large direct subscriptions from June 5, becoming the second major asset manager to curb inflows into gold ETFs amid rising demand.

Importantly, the restrictions do not affect systematic investment plans (SIPs). Investors who regularly invest through SIPs can continue their contributions without any changes. Small investors purchasing ETF units through stock exchanges are also largely unaffected by the new limits.

Industry experts say the restrictions are intended to help fund managers manage large inflows efficiently and maintain portfolio stability. Gold ETFs invest in physical gold, and a sudden surge in subscriptions can create operational and liquidity challenges. Fund houses may also be responding to broader economic considerations linked to gold imports and market conditions.

Gold prices have risen significantly over the past year amid global economic uncertainty, geopolitical tensions and strong investor demand. As a result, gold ETFs have attracted substantial inflows from investors seeking portfolio diversification and protection against market volatility.

Also Read: Vietnam’s Green SM launches EV taxi service in Delhi-NCR

Categories
Corporate

Vietnam’s Green SM launches EV taxi service in Delhi-NCR

Vietnamese conglomerate Vingroup has launched its electric taxi service, Green SM, in the Delhi-NCR region, marking its entry into India’s growing electric mobility sector. The service started operations on June 5 and represents Green SM’s expansion into a major international market after establishing its presence in Vietnam and parts of Southeast Asia.

The company has deployed an all-electric fleet across Delhi, Noida, Gurugram and surrounding areas. Passengers can book rides through the Green SM mobile app, available on Android and iOS devices. The service aims to provide a sustainable transportation alternative while contributing to efforts to reduce urban pollution.

Green SM’s fleet consists of electric vehicles produced by VinFast, Vingroup’s electric vehicle subsidiary. The company said the initiative aligns with its broader vision of promoting environmentally friendly transportation solutions and supporting the transition to cleaner mobility.

To ensure service quality, Green SM said its drivers will undergo professional training focused on customer service, road safety and operational standards. The company also highlighted transparent pricing, vehicle cleanliness and a consistent customer experience as key features of its offering.

The launch is part of Vingroup’s wider strategy to expand its presence in India. VinFast is preparing to introduce its electric vehicles in the country and is developing a manufacturing facility in Tamil Nadu. The taxi service is expected to help increase brand visibility ahead of the company’s planned automotive expansion.

India has emerged as an important market for electric vehicles, driven by government support, policy incentives and growing consumer awareness of sustainable transportation. Industry observers say electric taxi services can play a significant role in encouraging EV adoption by familiarising more people with the technology through daily use.

Green SM enters a competitive ride-hailing market currently dominated by established players. However, the company is positioning itself as a dedicated electric mobility platform focused entirely on zero-emission transportation.

Also Read: Google signs $920 mn-a-month AI deal with SpaceX

Categories
Corporate

Cloudflare acquires VoidZero to strengthen AI web development

Cloudflare has acquired VoidZero, the company behind the popular Vite JavaScript toolchain, in a move aimed at advancing the development of the AI-native web. The acquisition is expected to strengthen Cloudflare’s position in web infrastructure and developer tools as artificial intelligence becomes increasingly integrated into online applications.

VoidZero was founded to improve the JavaScript development ecosystem and is best known for supporting Vite, a widely used tool that helps developers build modern web applications more efficiently. Vite has gained significant popularity among software developers because it enables faster application development and improved performance.

Cloudflare said the acquisition aligns with its vision of creating a more powerful internet infrastructure for the next generation of AI-driven applications. As businesses increasingly adopt AI technologies, developers require tools that can support rapid deployment, scalability and real-time performance.

The company believes combining Cloudflare’s global network and computing platform with VoidZero’s expertise in developer tools will help simplify the process of building and deploying modern web applications. The partnership is expected to benefit developers by providing faster workflows and improved support for AI-powered services.

Cloudflare emphasized that the acquisition is not only about software development tools but also about preparing the internet for a future in which AI plays a central role in how applications are created and used. The company has been investing heavily in technologies that support edge computing, serverless development and artificial intelligence.

The acquisition also highlights the growing importance of open-source developer communities in shaping the future of web technology. Vite has become one of the most widely adopted tools in modern web development, making VoidZero an attractive addition to Cloudflare’s technology portfolio.

As demand grows for applications powered by large language models and AI agents, infrastructure providers are increasingly focusing on tools that make development easier and more efficient.

Also Read: Wipro shares fall upto 8% after buyback record date

Categories
Corporate

Wipro shares fall upto 8% after buyback record date

Wipro shares declined about 8% on June 5, making the IT company one of the biggest losers on the Nifty index even as Indian equity markets rallied. The fall came after the stock turned ex-buyback following the company’s share buyback record date.

The decline was largely driven by a technical adjustment in the share price rather than any negative development in the company’s operations. Market analysts said such movements are common when stocks trade ex-buyback, as investors who purchase shares after the record date are no longer eligible to participate in the buyback offer.

Wipro recently announced a share buyback programme under which eligible shareholders can tender their shares at a price higher than the prevailing market rate. Investors holding shares on the record date qualify for the buyback, while those buying afterward do not receive that benefit.

As a result, the stock witnessed selling pressure, leading to a noticeable drop in its market value. Experts noted that similar price corrections are often seen around corporate actions such as buybacks, dividends and bonus issues.

The weakness in Wipro shares contrasted with the broader market’s positive performance. Benchmark indices Sensex and Nifty gained strongly after the Reserve Bank of India announced supportive policy measures, including a larger-than-expected interest rate cut. Banking and financial stocks led the market rally, helping lift overall investor sentiment.

Despite the sharp fall, analysts emphasized that Wipro’s business fundamentals remain unchanged. They said the company’s long-term performance will continue to depend on factors such as global demand for IT services, digital transformation spending and its ability to secure new contracts.

Also Read: Google brings Search profiles to boost creator visibility

Categories
Corporate

Amazon expands in Europe with AI robots

Amazon has announced a €10 billion investment in Europe and unveiled an upgraded version of its Proteus robot, marking a significant step in the company’s automation strategy.

The Proteus robot is designed to transport carts and inventory within warehouses while operating safely around workers. Amazon said the new technology will help streamline operations, improve efficiency and support faster order fulfilment.

The investment package includes expansion of logistics infrastructure, technology development and workforce training initiatives across several European countries. The company expects the programme to create approximately 25,000 jobs in the region.

Amazon emphasized that robotics and AI technologies will complement human workers by handling repetitive tasks and allowing employees to focus on more skilled responsibilities.

Also Read: Airbnb chief Brian Chesky set to start an AI startup

Categories
Corporate

Sensex slides by 200 points, Nifty below 23,400

Indian equity markets ended lower on Friday, with the benchmark Sensex closing 117 points down and the Nifty slipping below the 23,400 mark. Investors remained cautious amid mixed global cues and profit-booking in select heavyweight stocks.

The BSE Sensex settled 117 points lower, while the NSE Nifty ended below the key 23,400 level. Market sentiment remained subdued despite positive developments on the domestic front, as traders booked profits after recent gains.

Among sectoral performers, IT and FMCG stocks emerged as the top gainers, supported by buying interest in select large-cap companies. Defensive sectors attracted investors seeking stability amid market volatility.

On the losing side, banking and metal stocks witnessed selling pressure and weighed on the broader indices. Several financial stocks declined as investors remained cautious ahead of key economic data and global market developments.

Market participants also tracked movements in the rupee, crude oil prices and foreign institutional investor activity. Global uncertainties and concerns over economic growth in major economies continued to influence investor sentiment.

Analysts said the market witnessed a consolidation phase after recent fluctuations, with investors adopting a stock-specific approach. While some sectors attracted buying, weakness in heavyweight banking and metal counters limited overall market gains.

Broader markets showed mixed trends, with select mid-cap and small-cap stocks witnessing buying interest. Traders remained focused on corporate earnings, economic indicators and policy developments for further market direction.

Also Read: L&T signs ₹18,600 cr Tamil Nadu investment deal

Categories
Corporate

Kuku files confidential IPO papers to raise ₹3,500 cr

Kuku, one of India’s fastest-growing microdrama and short-form entertainment platforms, has confidentially filed draft papers for an initial public offering (IPO), aiming to raise around ₹3,500 crore. The move comes as the popularity of bite-sized video storytelling continues to surge among Indian audiences.

The company has chosen the confidential filing route, allowing it to prepare for its market debut while keeping detailed financial and business information private until a later stage. This approach has become increasingly popular among companies seeking greater flexibility during the IPO process.

Kuku has gained significant traction by offering short, episodic drama content tailored for mobile users. The platform operates in the rapidly expanding microdrama segment, which features compact story formats designed for quick consumption. Industry observers say the format has witnessed strong growth due to increasing smartphone penetration, affordable internet access and changing viewer preferences.

The proposed ₹3,500-crore fundraising could help the company expand its content library, strengthen technology infrastructure and invest in user acquisition. The proceeds may also support future growth initiatives and enhance Kuku’s competitive position in the digital entertainment market.

The company’s IPO plans come amid rising investor interest in digital content and media platforms. Several technology-driven businesses have explored public listings in recent years as they seek capital to support expansion and improve market visibility.

Market experts believe Kuku’s listing could serve as an important test of investor appetite for emerging entertainment formats. The microdrama industry has attracted attention globally, particularly in markets where consumers increasingly prefer short-form content over traditional long-format programming.

If successful, the IPO would rank among the notable public offerings from India’s digital media sector. Investors will closely watch the company’s financial performance, user growth and monetisation strategy once further details of the offering are disclosed.

The planned listing highlights the growing maturity of India’s digital content ecosystem and the increasing role of technology-driven entertainment platforms in the country’s media landscape.

Even while competition in the digital entertainment sector remains intense, Kuku has benefited from growing demand for localized and easily accessible content. The company has built a user base by focusing on engaging storytelling delivered through short episodes optimized for mobile viewing.

Also Read: India offers tax relief on foreign bond investors

Categories
Corporate

Sensex gains 50 points, Nifty holds above 23,400

Indian equity markets traded with modest gains on Friday, with the Sensex rising about 50 points and the Nifty staying above the 23,400 mark after the Reserve Bank of India (RBI) kept its key policy rate unchanged. The central bank also maintained its neutral policy stance, providing stability to investors amid global economic uncertainties.

The RBI revised its macroeconomic projections, raising its inflation forecast while slightly lowering its growth estimate for the current financial year. It also announced measures aimed at supporting the rupee and attracting foreign investment into government securities. These announcements boosted investor confidence and supported sentiment across banking and financial stocks.

During the session, the Sensex hovered around 74,800, while the Nifty remained above 23,400. Banking stocks emerged as the biggest gainers, with both public sector and private lenders attracting buying interest. Investors welcomed the RBI’s decision to leave borrowing costs unchanged, which is expected to support credit growth and economic activity.

Market sentiment was further aided by expectations of stronger foreign capital inflows. Proposed steps to ease tax-related concerns for overseas investors in government securities are expected to improve liquidity and strengthen the rupee, analysts said.

At the same time, investors remained cautious about global developments, including crude oil price movements and geopolitical tensions in the Middle East. Rising oil prices and international uncertainties had weighed on markets earlier in the week, but easing concerns helped domestic equities recover.

Among stocks in focus were Tata Steel, ICICI Bank, Tata Motors, Vedanta and Maruti Suzuki. While banking counters supported the market, some metal and auto stocks witnessed intermittent profit-booking as traders assessed company-specific developments and broader economic signals.

Also Read: Apple shares India financial data in CCI probe

Categories
Corporate

SpaceX targets record $75 bn IPO

SpaceX is reportedly preparing for a record-breaking initial public offering (IPO) that could raise as much as $75 billion, making it the largest stock market debut in history. Reports suggest the offering could value the company at around $750 billion, highlighting its rapid growth and dominance in the global space industry.

According to reports, the company plans to use the proceeds to accelerate investments in its satellite network, rocket launches and artificial intelligence initiatives. The move comes as SpaceX continues to expand its Starlink internet business and develop next-generation space transportation systems.

Founded by Elon Musk in 2002, SpaceX has transformed the commercial space industry through reusable rockets and cost-effective launch services. The company has become a key partner for NASA and various government agencies while also serving commercial customers worldwide.

A major focus of the proposed fundraising is expected to be Starlink, SpaceX’s satellite-based internet service. The network has grown rapidly in recent years and now serves millions of users across multiple countries. Additional capital could help the company deploy more satellites, improve coverage and expand into new markets.

Reports also suggest that SpaceX plans to invest heavily in artificial intelligence technologies. AI is increasingly being used in satellite operations, mission planning, autonomous systems and data analysis. The company sees AI as a critical component of its long-term growth strategy.

The proposed IPO reflects strong investor interest in both the space sector and AI-driven technologies. Market analysts say SpaceX’s dominant position in commercial launches and satellite communications makes it one of the most closely watched companies globally.

While the company has not officially disclosed the expected share price, reports indicate that the IPO could be structured around a valuation of approximately $750 billion. Final pricing and the number of shares to be offered will depend on market conditions and regulatory approvals.

If completed, the IPO would mark a significant milestone for SpaceX and the broader space industry.

Also Read: Uber caps employee use of AI tools

Categories
Corporate

Sensex ends Flat, Nifty holds at 23,400

The markets remained unchanged on Thursday , where the BSE Sensex settled flat, while the NSE Nifty managed to close above the 23,400 mark.

Market participants remained on the sidelines as they awaited clarity from the RBI on interest rates, inflation and economic growth. Expectations of a possible rate cut and signals on the central bank’s future policy stance kept trading activity subdued.

Despite the lacklustre performance of the broader market, buying interest was visible in select sectors. Consumer durables and capital goods stocks emerged as the top performers, with stocks such as Titan, Havells India and Siemens posting gains on optimism surrounding domestic consumption and infrastructure spending. Some auto and industrial stocks also witnessed buying interest during the session.

However, weakness in heavyweight banking and information technology counters restricted the market’s upside. Shares of Infosys, HDFC Bank and Tata Consultancy Services (TCS) were among the key laggards, weighing on benchmark indices. Uncertainty in global markets and caution ahead of key policy announcements further dampened investor sentiment.

Among individual stocks, Rajesh Exports remained in focus following regulatory developments involving its promoter. Renewable energy company Suzlon Energy also attracted attention due to strong trading volumes and continued investor interest.

The broader market showed mixed trends, with mid-cap and small-cap stocks witnessing stock-specific movements. Investors remained selective, favouring companies expected to benefit from India’s economic growth and government-led spending initiatives.

Market experts said the RBI’s policy outcome will be closely watched for indications on borrowing costs, liquidity conditions and the overall economic outlook. Any supportive measures from the central bank could boost sentiment, particularly in rate-sensitive sectors such as banking, automobiles and real estate.

Global cues remained mixed as investors tracked developments related to US interest rates, geopolitical tensions and commodity prices. These factors contributed to the cautious mood across emerging markets.

Also Read: Uber caps employee use of AI tools