Category: Corporate

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Corporate

Wockhardt jumps 14% on USFDA nod for Zaynich

Wockhardt shares surged nearly 14% on Monday after the company received approval from the US Food and Drug Administration (USFDA) for its novel antibiotic, Zaynich.

The drug, scientifically known as zoliflodacin, has been approved for the treatment of uncomplicated gonorrhoea, a common sexually transmitted bacterial infection. The approval is significant as Zaynich belongs to a new class of antibiotics and is designed to address the growing challenge of antimicrobial resistance.

The USFDA clearance marks a major milestone for Wockhardt, which has invested heavily in research and development of innovative anti-infective therapies. The company said the approval is the result of years of scientific research and clinical development.

Zaynich is being seen as an important breakthrough because it is among the first new treatment options for gonorrhoea in decades. Health experts have repeatedly highlighted the need for new antibiotics as resistance to existing treatments continues to rise globally.

Investors welcomed the development, pushing Wockhardt shares sharply higher during the trading session. Analysts said the approval validates the company’s research capabilities and could create new growth opportunities in international markets.

The approval also strengthens Wockhardt’s position as a research-driven pharmaceutical company focused on developing treatments for drug-resistant bacterial infections. Industry experts believe the drug could help address a critical healthcare need while enhancing the company’s global presence.

With antimicrobial resistance emerging as a major public health challenge worldwide, the launch of new antibiotics has become increasingly important. Market participants will now watch the commercial rollout of Zaynich and its potential contribution to Wockhardt’s future revenues and earnings.

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Sensex slips 500 points, Nifty closes below 23,550

Markets opened on a positive note on June 1, but turned volatile through the session, with investors booking profits across banking, auto and consumer-focused stocks. The BSE Sensex fell 573 points, or 0.74%, to close at 77,332, while the NSE Nifty50 declined 169 points to settle below the 23,550 mark.

Concerns over foreign capital outflows, elevated oil prices and uncertainty surrounding global geopolitical developments triggered broad-based selling during the second half of trade.

Infosys, TCS and HCLTech emerged as key gainers, benefiting from renewed interest in export-oriented sectors amid global market uncertainty and expectations of stable earnings growth. Among the biggest laggards on the Sensex pack were IndusInd Bank, Trent, Adani Ports, Mahindra & Mahindra and Bajaj Finance, which came under significant pressure.

Experts said the market was also impacted by concerns over the monsoon outlook and the potential inflationary impact of rising crude prices. Higher oil costs could increase India’s import bill and put pressure on corporate margins, prompting investors to adopt a cautious approach.

The broader market also witnessed weakness, with several mid-cap and small-cap stocks trading lower. Traders noted that portfolio adjustments linked to index rebalancing and month-end positioning added to volatility during the session.

Also Read: SC scraps ₹447 cr order against Reliance

 

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Dell shares jump 33% on AI server boom

Shares of Dell Technologies surged 33% after the company reported a strong quarter, helped by soaring demand for artificial intelligence (AI) servers.

The technology company benefited from a wave of spending by businesses building AI infrastructure, with orders for high-performance servers continuing to rise. Dell said demand for AI-powered systems remained strong as companies invest in data centres and computing capacity needed to run advanced AI applications.

A key factor behind the strong results was the company’s AI server business, which has become one of Dell’s fastest-growing segments. These systems, equipped with powerful AI chips, are used for training and operating generative AI models.

Higher prices for AI-focused products also helped improve revenue and profitability during the quarter. The company reported a growing backlog of AI server orders, indicating sustained customer demand in the months ahead.

The strong performance prompted Dell to raise its outlook for the year. Company executives said AI-related investments are expected to remain a major growth driver as organisations across industries continue to adopt AI technologies.

While demand for traditional personal computers remains uneven, the rapid expansion of AI services has created new opportunities for hardware makers. Dell is among the companies benefiting from this shift, alongside chip manufacturers and cloud computing providers.

Investors welcomed the results, pushing Dell’s stock sharply higher and highlighting the growing importance of AI infrastructure in the global technology market.

Also Read: CNG, PNG prices raised again in Mumbai

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Sensex slumps 1,000 points, Nifty falls below 23,600

Indian equity markets ended sharply lower on 29 May, with the Sensex falling 1,092 points and the Nifty slipping below the 23,600 mark amid broad-based selling pressure and weak global cues.

The decline was driven by sustained caution in global markets, especially due to ongoing uncertainty around US–Iran tensions and their impact on crude oil prices. Energy price volatility remained a key concern, as traders worried about potential supply disruptions through critical shipping routes.

Sectorally, auto, energy, oil & gas, and metal stocks were among the worst hit, dragging benchmark indices lower. Banking and financial stocks also faced selling pressure, adding to the downside momentum.

However, IT stocks provided some cushion to the market. Tech Mahindra, HCL Technologies, Wipro, Infosys, and Larsen & Toubro ended among the top gainers on the Nifty, helping limit the extent of the fall.

On the losing side, InterGlobe Aviation, Eicher Motors, Bajaj Auto, Power Grid Corporation, ONGC, and NTPC were among the top laggards, falling between 2–4%, reflecting broad-based weakness across cyclical and energy-linked sectors.

Broader markets mirrored the weakness, with mid-cap and small-cap indices also ending lower as investors booked profits after recent gains. Market breadth remained firmly negative throughout the session.

Also Read: Ashok Leyland posts 14% rise in Q4 profit

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Ashok Leyland posts 14% rise in Q4 profit

Ashok Leyland reported a 14% rise in net profit for the fourth quarter of the financial year, driven by steady demand and improved business performance.

The company posted a consolidated net profit of ₹1,291 crore for the January–March quarter, compared to around ₹1,134 crore during the same period last year.

Ashok Leyland, one of India’s leading commercial vehicle manufacturers, also announced an interim dividend of ₹2.5 per share for shareholders following the strong quarterly results.

According to the company, revenue during the quarter remained healthy due to stable demand in the medium and heavy commercial vehicle segment, along with growth in exports and aftermarket business.

Company officials said the commercial vehicle industry continued to benefit from infrastructure activity, transport demand, and replacement purchases. The company also highlighted improvements in operational efficiency and cost management during the quarter.

Ashok Leyland stated that it remains focused on expanding its market presence, strengthening its product range, and investing in future mobility technologies including electric vehicles and alternative fuel solutions.

The company has been increasing efforts in the electric commercial vehicle segment through its EV business initiatives as demand for cleaner transportation solutions continues to grow.

Also Read: TCS partners Mistral for enterprise AI models

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TCS partners Mistral for enterprise AI models

Tata Consultancy Services has partnered with French artificial intelligence startup Mistral AI to develop custom AI models and solutions for enterprise customers.

As part of the collaboration, TCS will help businesses use Mistral’s generative AI technology to build AI-powered applications tailored to specific industries and company needs. The partnership is aimed at supporting enterprises looking to adopt artificial intelligence in areas such as customer service, software development, automation, data analysis, and business operations.

TCS also announced the launch of a dedicated Centre of Excellence (CoE) focused on Mistral AI technologies. The centre will work on developing, testing, and deploying AI solutions for global clients across different sectors.

Mistral AI is one of Europe’s fastest-growing AI startups and is known for developing large language models that compete with global AI platforms. The company has gained international attention for building open and enterprise-focused AI systems.

According to TCS, the partnership will help clients create secure and scalable AI tools while maintaining greater control over enterprise data. The companies also plan to work on responsible AI practices and industry-specific use cases.

TCS executives said demand for generative AI solutions is growing rapidly among businesses worldwide. Companies are increasingly looking for AI systems that can improve productivity, reduce costs, and automate repetitive tasks.

The collaboration reflects the rising focus of Indian IT companies on artificial intelligence as global businesses accelerate digital transformation. Major technology firms are investing heavily in AI partnerships, cloud infrastructure, and custom AI development to stay competitive in the evolving technology market.

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Anthropic hits $965 bn valuation, overtakes OpenAI

Artificial intelligence company Anthropic has reportedly become the world’s most valuable AI startup, overtaking OpenAI with a valuation close to $965 billion, according to recent reports.

The sharp rise in Anthropic’s valuation comes amid growing investor confidence in generative AI companies and increasing demand for advanced AI tools across industries. The company, best known for its Claude AI chatbot, has seen rapid growth in both business partnerships and enterprise adoption over the past year.

Founded in 2021 by former OpenAI employees, including siblings Dario and Daniela Amodei, Anthropic has positioned itself as a major competitor in the global AI race. The startup focuses heavily on AI safety and responsible development, which has helped it attract strong backing from major technology companies and investors.

The valuation milestone places Anthropic ahead of OpenAI, the company behind ChatGPT, in terms of startup market value. OpenAI remains one of the biggest players in artificial intelligence globally, but Anthropic’s rapid rise reflects the intense competition within the AI sector.

Reports suggest that Anthropic’s valuation surge is linked to fresh funding discussions and expectations of future revenue growth. The company has secured large investments from firms including Amazon and Google, both of which are expanding their AI infrastructure and cloud partnerships with Anthropic.

The investor interest in AI companies continues to grow as businesses increasingly adopt AI-powered tools for automation, research, coding, customer service, and content generation. Companies seen as leaders in foundational AI models are attracting record levels of funding and market attention.

Anthropic is also reportedly preparing for a future public offering, although the company has not officially announced plans for an initial public offering (IPO). The possibility of a listing has further boosted market enthusiasm around the startup.

The development highlights how quickly the AI industry is evolving, with newer companies challenging established leaders in a rapidly expanding global market.

Also Read: Rupee edges higher to 95.53 against dollar

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Sensex adds over 100 points, Nifty tops 23,900

Indian equity markets ended a volatile session on a mildly positive note, with benchmark indices holding onto gains despite mixed global cues.

The Sensex rose over 100 points, while the Nifty 50 managed to stay firm above the 23,900 mark, reflecting cautious optimism among investors amid stock-specific action and global uncertainty.

Market sentiment was largely driven by selective buying in heavyweight and sector-linked stocks, even as broader momentum remained uneven throughout the day. Traders continued to react to global developments, crude oil movements, and foreign fund flows.

Among the top gainers, Hindalco Industries, Tata Motors Passenger Vehicles, Power Grid Corporation, Eternal, and NTPC saw strong buying interest, supporting the broader index and helping offset weakness in other sectors.

On the losing side, pressure was visible in Oil & Natural Gas Corporation (ONGC), ITC, Coal India, Power Finance Corporation, and Jindal Saw, which weighed on intraday sentiment and capped upside momentum.

Sector trends remained mixed, with metals, energy, and select PSU names witnessing buying support, while FMCG and certain capital goods stocks saw profit booking. This uneven participation kept the indices range-bound for most of the session.

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HDFC Bank falls on ₹45 cr probe reports

HDFC Bank shares slipped nearly 2 per cent after media reports claimed authorities were examining alleged interest payments worth around ₹45 crore linked to certain transactions. The reports triggered investor concern and led to selling pressure on the banking stock during trading.

The bank, however, strongly rejected the claims and described the reports as incorrect and misleading. In an official clarification, HDFC Bank said there was no inappropriate payment or wrongdoing involved in the matter.

According to the bank, all transactions were carried out following regulatory rules and internal compliance procedures. HDFC Bank also stated that it maintains strict governance standards and fully complies with all financial regulations.

Despite the clarification, the reports affected market sentiment and kept the stock under pressure through the trading session. Analysts said investors often react cautiously whenever reports involving regulatory scrutiny or financial investigations emerge, even if there is no confirmed action by authorities.

Also Read: Government warns industries on retail fuel use

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Adani Green commissions giant 2.5 GWh battery system in Gujarat

Adani Green Energy has commissioned a large-scale battery energy storage system in Gujarat’s Khavda region, marking a major expansion of India’s renewable energy infrastructure.

The project is designed with a capacity of around 1 GW of renewable energy integration and approximately 2.5 GWh of battery storage, making it one of the largest storage systems globally. It is intended to store surplus solar and wind energy generated during peak hours and supply electricity when demand rises or generation drops.

The facility plays a key role in enabling round-the-clock renewable power by addressing the intermittent nature of solar and wind energy. By storing excess electricity, it helps stabilise supply and improve grid reliability.

Located in the Khavda renewable energy zone, the project is part of a larger clean energy hub that is rapidly expanding with large-scale solar and wind installations. The addition of battery storage is seen as a crucial step in strengthening the region’s ability to deliver consistent green power.

The project is also aligned with India’s broader energy transition goals, including increasing renewable energy share in the national grid and reducing carbon emissions over time.

The commissioning of the Khavda battery storage system marks a significant milestone in integrating large-scale renewable generation with advanced storage technology, strengthening India’s position in global clean energy infrastructure development.

Officials said the development enhances the country’s capability to provide reliable clean energy even during peak consumption periods. It is also expected to improve overall efficiency in power distribution across the grid.

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