Category: Corporate

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Qure.ai wins $8 million grant from Gates foundation

Health-tech company Qure.ai has received an $8 million grant from the Bill & Melinda Gates Foundation, bringing fresh momentum to the fight against tuberculosis and pneumonia, two diseases that still claim millions of lives every year, largely due to late diagnosis.

The funding will help Qure.ai develop AI-powered point-of-care ultrasound tools designed for use by frontline health workers. These tools aim to make early diagnosis possible in places where access to specialist doctors and advanced imaging facilities is limited, such as rural clinics and community health centres.

Founder and CEO Prashant Warier said the grant reflects a shared belief that technology should serve people where the need is greatest. He noted that ultrasound, when paired with AI, has the potential to become a simple, affordable, and reliable diagnostic option at the point of care.

For many patients, especially in underserved regions, reaching a hospital with a trained radiologist can take days or even weeks. Qure.ai’s technology seeks to bridge this gap by combining portable ultrasound devices with artificial intelligence that can quickly analyse images and flag signs of lung disease. This can help healthcare workers make faster decisions and start treatment sooner.

A key part of the project is the creation of a large, open medical database made up of anonymised chest X-rays, ultrasound images, CT scans, lung sound recordings, and lab data. By making this data available to researchers around the world, Qure.ai hopes to encourage collaboration and speed up innovation in lung disease diagnosis.

Also Read: Arijit Basu named part‑time chairman of IndusInd Bank

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JSW Steel Q3 net profit rises 2.4x to Rs 2,410 cr

JSW Steel Ltd reported a strong increase in its consolidated net profit for the third quarter of the 2025–26 fiscal year, surpassing market expectations. The company posted a net profit of Rs 2,410 crore for the quarter ending December 31, 2025, more than double the Rs 719 crore recorded in the same period last year. The growth was driven by higher steel sales volumes and the recognition of one-time tax benefits.

Revenue from operations rose to approximately Rs 45,200–45,990 crore, up around 10–11 percent year‑on‑year. Saleable steel sales increased roughly 14 percent to 7.64 million tonnes, while crude steel production grew about 6–7 percent. Strong domestic demand from construction, automotive, and other sectors supported this growth.

The profit surge was further aided by the recognition of deferred tax assets of about Rs 1,439 crore, linked to unabsorbed depreciation in Bhushan Power and Steel Ltd. This accounting adjustment significantly boosted reported earnings for the quarter.

On the operational side, consolidated EBITDA rose about 20 percent year‑on‑year to Rs 6,496 crore. Despite the increase, margins narrowed slightly compared with the previous quarter, reflecting pressure on steel prices and rising input costs.

Looking ahead, JSW Steel plans continued investment in capacity expansion, including a major greenfield project in Odisha and potential growth at its Dolvi plant in Maharashtra.

Also Read: Adani Group fully acquires IANS

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Infosys to recruit 20,000 freshers in FY27

Bengaluru-based IT major Infosys is gearing up for one of its largest campus recruitment drives, planning to hire 20,000 fresh graduates in the financial year 2027 (FY27). CEO Salil Parekh announced the initiative during the World Economic Forum (WEF) in Davos, emphasizing the growing demand for talent in artificial intelligence (AI)–driven services and digital transformation projects.

The company’s recruitment drive, covering April 2026 to March 2027, comes amid global tech layoffs and uncertainty in the IT sector. Despite this, Infosys has maintained strong hiring momentum, with around 18,000 freshers onboarded in the first nine months of FY26. The total fresher intake for the current fiscal is expected to reach 20,000.

Parekh explained that the surge in AI adoption by clients is creating new work opportunities, even as some traditional IT services face pressure. Companies are increasingly deploying AI agents and foundation models at scale, particularly in financial services, where Infosys is emerging as a preferred partner. “We are working on real, scalable AI projects with 15 of our 25 largest financial services clients,” Parekh noted.

He added that pricing models for AI-driven projects are still evolving, as clients balance human and AI resources. However, clearer frameworks are expected as adoption grows. Economic signals, especially from the US, are also encouraging cautious optimism for tech spending.

Infosys’s planned FY27 hiring reflects its strategy to align workforce expansion with AI-led demand, ensuring it remains competitive despite global headcount reductions in the IT industry. This move underscores the company’s focus on modernizing services and capturing opportunities in emerging technology areas.

The recruitment drive also signals confidence in India’s talent pool, with the company aiming to equip fresh graduates with AI skills and integrate them into projects that support digital transformation across sectors.

Also Read: Arijit Basu named part‑time chairman of IndusInd Bank

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IndusInd Bank Q3 net profit drops 91% to ₹128 cr

Private sector lender IndusInd Bank reported a significant decline in financial performance for the third quarter of FY26 (ended 31 December 2025), reflecting ongoing headwinds in the banking sector. The bank’s net profit plunged sharply on a year‑on‑year (YoY) basis, while core interest income also weakened amid elevated provisions and cautious balance sheet management.

On a consolidated basis, IndusInd Bank posted a net profit of ₹128 crore in Q3, down nearly 91 per cent compared with ₹1,402 crore in the year‑ago quarter. Standalone profit after tax (PAT) fell 88.5 per cent to ₹161 crore, broadly in line with market estimates.

The bank’s Net Interest Income (NII), a key driver of bank earnings, contracted approximately 13 per cent YoY to around ₹4,562 crore, reflecting slower loan growth and margin pressures. However, NII showed a modest sequential improvement of about 3 per cent over the previous quarter. Net interest margins (NIMs) inched up slightly to 3.52 per cent from 3.32 per cent in Q2 FY26, indicating some stabilization in core lending spreads.

Fee and other non‑interest income also weakened, with total other income falling to ₹1,707 crore from ₹2,355 crore a year earlier, further compressing overall revenue. Pre‑Provision Operating Profit (PPOP) declined around 37 per cent YoY to ₹2,270 crore.

Asset quality remained under watch. Gross non‑performing assets (NPAs) increased to 3.56 per cent of gross advances, up from 2.25 per cent a year ago, while net NPAs rose to 1.04 per cent. The provision coverage ratio remained healthy at around 72 per cent, reflecting coverage against stressed loans.

On the balance sheet, total deposits and advances contracted versus the prior year, evidencing a cautious approach to growth.

Also Read: Zoho launches made‑in‑India ERP

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Zoho launches made‑in‑India ERP

Chennai‑based Zoho Corporation has launched its new enterprise resource planning (ERP) software from Kumbakonam in Tamil Nadu, marking a significant push to offer a homegrown alternative to global ERP systems. The launch reinforces Zoho’s focus on building deep‑tech products domestically while expanding technology jobs beyond major cities.

The Zoho ERP platform integrates key business functions including financial management, billing, supply chain, payroll, compliance, and asset tracking into a single system. Unlike conventional ERP solutions that add artificial intelligence (AI) as an afterthought, Zoho’s platform embeds AI across modules, enabling predictive insights, voice‑based assistance, anomaly detection, automation, and continuous intelligence for finance and operations. The system also offers low‑code and no‑code customization, allowing businesses to adapt the platform without heavy reliance on consultants.

The ERP targets industries such as manufacturing, distribution, retail, and non‑profits, with future updates planned to expand sector‑specific functionalities. Zoho emphasizes that the product is developed primarily by its Kumbakonam team, reflecting the company’s commitment to tech sovereignty. Founder Sridhar Vembu highlighted the importance of nations controlling critical technologies, positioning Zoho’s solution as a cost‑effective, flexible alternative to legacy global ERP systems, which are often expensive and slow to deploy.

As part of its growth strategy, Zoho plans to significantly expand its Kumbakonam operations. The regional office, established in 2020, currently employs around 200 professionals. The company intends to build a new campus capable of accommodating up to 2,000 employees by 2026, reinforcing its hub‑and‑spoke model of cultivating tech talent in smaller towns. Zoho will remain privately held, focusing on reinvesting in research and development rather than pursuing an initial public offering.

With this launch, Zoho aims to strengthen India’s presence in the global ERP market while creating high‑skilled technology jobs in rural regions, demonstrating that world‑class software innovation can thrive outside metropolitan hubs.

Also Read: Adani Group fully acquires IANS

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Adani Group fully acquires IANS

The Adani Group has completed the full acquisition of Indo-Asian News Service (IANS) after purchasing the remaining 24 per cent stake, making the news agency a wholly owned subsidiary of the conglomerate’s media arm.

The transaction was carried out through AMG Media Networks Ltd (AMNL), a subsidiary of Adani Enterprises Ltd, on January 21, 2026. While the group confirmed the completion of the takeover through regulatory disclosures, the financial details of the deal were not made public. With this move, IANS India Private Limited has become a step-down subsidiary of Adani Enterprises.

Adani’s association with IANS began in December 2023, when AMG Media Networks acquired a 50.50 per cent controlling stake, marking the group’s entry into the news agency space. In January 2024, AMNL further increased its holding to 76 per cent of voting shares, along with an overwhelming majority of non-voting shares. The latest acquisition involved the purchase of the entire remaining shareholding, completing the full takeover.

Founded in 1986, IANS is among India’s well-established news agencies, providing content to print, television and digital media platforms across the country. It offers news and features in multiple languages and serves a broad client base that includes newspapers, television channels, websites and mobile platforms.

The full acquisition of IANS fits into the Adani Group’s larger strategy to expand its presence in the media and information sector, a diversification drive that began in 2022. AMG Media Networks was set up as the group’s dedicated media investment arm to build a strong footprint across news, digital publishing and broadcasting.

Over the past few years, the Adani Group has steadily expanded its media portfolio. It acquired a controlling stake in NDTV, invested in Quintillion Business Media, which operates the business news platform BQ Prime, and strengthened its digital and broadcast capabilities. The complete ownership of IANS adds a traditional newswire to this portfolio, giving the group access to a key source of syndicated news content.

Industry observers say that owning a news agency such as IANS allows the group to strengthen its position across the content creation and distribution ecosystem, complementing its existing media assets while reinforcing its long-term diversification plans.

Also Read: TikTok strikes US deal to stay online

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Sensex falls 770, Nifty drops below 25,100

At the end of trading on Friday, the Sensex fell about 770 points to 81,538, while the Nifty dropped around 241 points to 25,049, sliding below the 25,100 mark. The broader sentiment turned cautious as profit booking intensified and selling pressure emerged across major sectors.

Early in the session, GIFT Nifty futures had hinted at a positive start, supported by gains in Asia and stronger cues from global markets. Asian indices such as Hang Seng and Straits Times were up about 0.5 percent, and U.S. markets had extended gains, lifting sentiment ahead of the Indian open.

However, the positive start did not translate into sustained buying. Market participants booked gains near intra‑day highs, and the indices reversed course, closing lower. The Indian rupee weakened further, ending at a fresh record low of around ₹91.96 against the U.S. dollar, adding to investor caution.

Several individual stock developments featured in the live market action. Nippon India Small Cap Fund increased its stake in Landmark Cars, while Goldman Sachs and Polar Capital trimmed their positions in the company. Sun Pharma received approval to market a generic semaglutide injection in India, a development that could impact the pharmaceutical segment.

On the earnings front, DLF reported a 13.6% rise in consolidated net profit for Q3 FY26, and multiple other companies,  including Shriram Finance, Cipla, JSW Steel, and IndusInd Bank,  were set to announce quarterly results.

Also Read: Sensex sees volatile moves, Nifty stays close to 25,300

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Micron’s Gujarat chip plant to start operations next month

Micron Technology’s semiconductor assembly and testing plant in Sanand, Gujarat, is scheduled to begin commercial production next month, marking a key development in India’s semiconductor manufacturing programme. The facility is part of Micron’s $2.75 billion investment in India and is the first major project to come onstream under the government’s semiconductor incentive scheme.

Union Minister for Electronics and Information Technology Ashwini Vaishnaw said the plant has completed its pilot production phase and is ready to transition to full-scale commercial operations. The project focuses on assembly, testing, marking and packaging (ATMP) of memory chips, which are used in mobile phones, data centres, automobiles, consumer electronics and industrial equipment.

The Sanand facility is being developed with financial support from the Centre and the Gujarat government. Under the incentive framework, the central government is providing up to 50% of the project cost, while the state is offering additional subsidies, infrastructure support and policy incentives.

According to the government, the Micron plant will manufacture high-value memory products and handle complex chip packaging processes. While the facility does not involve wafer fabrication, it is seen as a critical first step in building a domestic semiconductor manufacturing ecosystem. Officials have stated that advanced packaging and testing capabilities are essential for India to integrate into global semiconductor supply chains.

The project is expected to generate several thousand direct and indirect jobs and support the development of a local supplier base for materials, equipment and logistics. It is also expected to encourage global and domestic firms to invest in related segments of the semiconductor value chain.

India currently has a strong presence in semiconductor design but relies heavily on imports for chip manufacturing. With Micron’s plant coming online, the government expects a gradual shift towards local production, reducing import dependence and improving supply chain resilience.

The government is also working with international partners, including the US, Japan, South Korea and the European Union, to secure access to critical materials and technologies required for semiconductor manufacturing.

Also Read: US natural gas trading hits all-time high

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Trump sues JPMorgan for $5bn over account closure

US President Donald Trump has filed a lawsuit seeking $5 billion in damages against JPMorgan Chase and its chief executive Jamie Dimon, accusing the bank of unfairly closing his accounts after the January 6, 2021 Capitol riot. The case was filed in a Florida state court and centres on what Trump describes as politically motivated “debanking”.

According to the lawsuit, JPMorgan shut down several accounts linked to Trump, his family and Trump Organisation businesses in early 2021. The bank reportedly gave a 60-day notice but did not provide a clear reason for the closures. Trump’s legal team argues that the decision caused serious disruption to his business operations and damaged his reputation, forcing him to urgently find alternative banking arrangements.

Trump alleges that the account closures were not based on financial or legal risks, but on his political views and public profile following the Capitol violence. The lawsuit claims JPMorgan acted in bad faith and unfairly discriminated against him. It also accuses the bank of breaching state consumer protection laws and harming Trump’s business interests by allegedly discouraging other banks from working with him.

The case names both JPMorgan and its CEO Jamie Dimon, pointing to Dimon’s past public criticism of Trump and his policies. Trump’s lawyers argue that large financial institutions should not have the power to deny basic banking services based on political beliefs.

However, JPMorgan has strongly denied the allegations. In a statement, the bank said the lawsuit is without merit and insisted that it does not close accounts for political reasons. JPMorgan stated that decisions to exit client relationships are based on regulatory, legal and risk considerations, especially in situations that could expose the bank to scrutiny or compliance issues.

The lawsuit adds to a wider debate in the US over claims of “debanking”, where individuals or organisations argue they have been denied financial services because of their political or ideological positions. Trump has repeatedly raised this issue, calling for stronger protections to prevent banks from excluding customers on non-financial grounds.

Also Read: Snapchat introduces smarter family safety tools

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Amazon plans 30,000 corporate job cuts

Amazon is preparing to announce another major round of corporate job cuts next week, a move that will take its total planned layoffs to nearly 30,000 roles, according to people familiar with the matter. The decision marks one of the largest workforce reductions in the company’s history and underscores the scale of restructuring underway at the global tech giant.

The upcoming layoffs are expected to affect thousands of employees across corporate functions, following an earlier round of cuts in October last year when Amazon eliminated around 14,000 white-collar jobs. Sources said the second phase could begin as early as next week, with employees being informed in stages.

Teams likely to be impacted include Amazon Web Services (AWS), retail and e-commerce operations, Prime Video, and human resources-related functions, though the company has not officially confirmed the details. Amazon declined to comment on the timing or scale of the cuts.

CEO Andy Jassy has been steadily reshaping Amazon’s corporate structure since taking over, with a clear focus on reducing layers of management, speeding up decision-making, and improving efficiency. In internal communications and public comments, Jassy has said the goal is to create smaller, more accountable teams rather than a sprawling corporate bureaucracy.

While artificial intelligence and automation have played a role in changing how work is done at Amazon, the company has stressed that the layoffs are not solely about replacing people with technology. Instead, the restructuring is aimed at simplifying operations after years of rapid expansion during the pandemic-driven boom in online shopping and cloud services.

If completed as planned, the reduction of nearly 30,000 corporate roles would amount to roughly 10% of Amazon’s corporate workforce. However, it represents only a small share of its total global headcount of about 1.58 million employees, most of whom work in warehouses, logistics, and delivery operations.

In previous layoffs, Amazon allowed affected employees a transition period during which they remained on payroll while exploring internal job opportunities or preparing to exit the company. That grace period for employees impacted in October is nearing its end, adding to the anxiety around the next announcement.

Also Read: Wipro CEO sees AI boosting IT demand