Category: Corporate

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Corporate

Prestige Group holds ₹65,000 cr unrecognised revenue pipeline

Prestige Group has said it is sitting on nearly ₹65,000 crore of unrecognised revenue, highlighting the strong sales momentum the Bengaluru-based real estate developer has achieved in recent years. The amount represents revenue from homes and commercial properties already sold but not yet recognised in the company’s financial statements, as accounting rules require developers to book revenue only after projects reach specified stages of completion.

Chairman and Managing Director Irfan Razack described the figure as a significant indicator of the company’s future earnings visibility. He said the large revenue pipeline reflects robust customer demand and provides confidence about Prestige’s long-term growth prospects. According to the company, the unrecognised revenue is spread across multiple residential and commercial projects currently under various stages of construction.

Prestige Group has been one of the country’s strongest-performing real estate developers, driven by sustained demand for premium housing, luxury apartments and mixed-use developments. The company has also expanded its presence beyond southern India, strengthening operations in cities such as Mumbai, Delhi-NCR and Hyderabad.

The company has witnessed strong pre-sales over the past few years, supported by rising homebuyer confidence, improving affordability and continued demand for branded residential projects. Prestige expects this momentum to continue as urban housing demand remains resilient despite higher property prices and elevated interest rates.

Executives said the company remains focused on timely project execution and delivery, which will enable the gradual recognition of the pending revenue in future quarters. They also expressed confidence in maintaining growth through new project launches and continued expansion into key property markets.

Also Read: Persistent Systems slumps 8% after Nagarro deal sparks concerns

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Corporate

Persistent Systems slumps 8% after Nagarro deal sparks concerns

Persistent Systems shares came under heavy selling pressure on Monday after the company announced its proposed acquisition of German IT services firm Nagarro. The stock fell nearly 8% during the session, making it one of the biggest losers among mid-cap IT stocks as investors reacted cautiously to the size and valuation of the deal.

The acquisition, valued at around €1.35 billion, is expected to expand Persistent Systems’ global footprint and strengthen its capabilities in digital engineering, artificial intelligence and enterprise technology services. But the announcement also raised concerns among investors about the price being paid and the difficulty of integrating a company of Nagarro’s scale.

Brokerages were divided in their first reaction. While some analysts said the deal could offer strategic benefits over time, many described it as expensive. They pointed out that Persistent is paying a premium for Nagarro, which has led to questions about how quickly the acquisition can generate meaningful returns.

Market participants also flagged the funding structure and its possible impact on the company’s financial performance. Analysts said the transaction could weigh on earnings in the near term because of higher borrowing costs, integration expenses and execution risks linked to combining two large technology businesses.

Despite the weak market response, Persistent Systems said the acquisition would strengthen its position in key global markets and broaden its service portfolio. The company believes the combined business will have greater scale, access to new clients and stronger capabilities in fast-growing technology segments.

The acquisition comes at a time when Indian IT companies are trying to expand internationally even as global technology spending remains uneven. Persistent’s management remains confident that the deal will support future growth and improve its competitive position.

Investors are now expected to watch regulatory approvals, financing plans and integration progress closely before reassessing the company’s long-term outlook.

Also Read: Candere signs Smriti Mandhana as ambassador

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Sensex trades flat, Nifty holds above 24,050

Indian equity markets opened largely unchanged on Monday, with the Sensex trading flat and the Nifty holding above 24,050 for most of the session.

Sentiment improved after reports of renewed diplomatic engagement between the United States and Iran. That helped ease worries about possible supply disruptions through the Strait of Hormuz. Even so, crude oil prices stayed elevated, which kept traders cautious and limited the market’s upside.

Stock-specific moves drove most of the action. Dr Reddy’s Laboratories was among the top gainers after investors reacted positively to updates linked to its Hyderabad biologics facility. FMCG stocks also attracted buying interest and helped support the broader market. On the other hand, Persistent Systems fell sharply after announcing an overseas acquisition, with investors worried about the deal’s valuation and integration risks.

Kotak Mahindra Bank also slipped after chief executive Ashok Vaswani said he would not seek another term after 2026. Analysts said the move was more of a sentiment-driven reaction than a reflection of the bank’s underlying strength.

Broader markets remained weak, with several sectoral indices ending in the red. Traders said investors are now waiting for fresh domestic triggers such as corporate earnings and macroeconomic data before taking larger positions.

Going ahead, market participants will closely track crude oil trends, foreign fund flows and global market cues. These factors are likely to decide whether Indian equities can extend their recent gains or continue moving in a narrow range in the coming sessions.

Also Read: BYJU’S lenders eye 30% Aakash stake settlement

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South Korea’s Kospi slumps by 8%

South Korea’s stock market saw another rough session as a sharp selloff in artificial intelligence and semiconductor shares dragged the benchmark Kospi index down by more than 8%, briefly forcing a trading halt. The steep fall showed how nervous investors have become about whether the recent rally in AI-linked stocks had gone too far and whether future profits can justify such high valuations.

The biggest pressure came from technology heavyweights Samsung Electronics and SK Hynix, which together make up more than half of the Kospi’s total market value. Shares of both companies fell by around 9% during trading, prompting the Korea Exchange to activate a 20-minute circuit breaker to cool the market. The index later recovered some ground, but the mood among investors remained cautious.

The latest drop is part of a wider global technology selloff. Investors have grown more careful after signs that the cost of building and running advanced AI systems is rising quickly. Higher semiconductor prices, heavy spending on AI infrastructure and doubts over whether demand will keep pace have led many traders to book profits after months of strong gains.

The weakness was not limited to South Korea. Japan’s Nikkei index also fell sharply as technology shares came under pressure. Companies closely tied to the AI boom, including major chipmakers and tech investors, recorded notable losses. That showed how concerns about the AI sector are spreading across Asian markets.

For investors, the latest swings are a reminder that fast-growing technology sectors can also see fast changes in sentiment. As companies prepare to report earnings and update markets on AI investments, volatility is likely to stay high, with each new development shaping confidence across the global tech sector.

Market analysts say the correction does not necessarily mean the AI story is over. Instead, they believe investors are rechecking valuations after a powerful rally that had made South Korea one of the world’s best-performing markets earlier this year.

Also Read: OpenAI taps Prabhjeet Singh to lead India expansion

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Zydus, Sunshine launch Sri Lanka pharma JV

Zydus Lifesciences and Sri Lanka-based Sunshine Healthcare Lanka have announced a 50:50 joint venture to establish a pharmaceutical manufacturing facility in Sri Lanka, marking a significant step towards strengthening the island nation’s healthcare ecosystem. The partners will jointly invest more than $20 million to set up the greenfield manufacturing unit, which is expected to reduce the country’s dependence on imported medicines while improving access to high-quality, affordable treatments.

The new venture, named Zydus Sunshine Lifesciences Pvt. Ltd., will develop a modern pharmaceutical manufacturing facility in Horana. Once operational, the plant will produce a wide range of medicines for domestic demand and, over time, explore export opportunities across the region. The project is also expected to create skilled jobs and support the growth of Sri Lanka’s pharmaceutical manufacturing capabilities.

The collaboration combines Zydus Lifesciences’ global expertise in research, development and manufacturing with Sunshine Healthcare Lanka’s strong local presence and understanding of the Sri Lankan healthcare market. Company leaders said the partnership reflects a shared commitment to expanding access to quality medicines while contributing to the country’s long-term healthcare resilience.

The investment comes at a time when Sri Lanka is actively encouraging domestic pharmaceutical production to reduce import dependence and strengthen supply chain security. By manufacturing medicines locally, the joint venture aims to improve product availability, ensure a more reliable supply of essential drugs and support the country’s broader healthcare goals.

For Zydus Lifesciences, the venture also fits its strategy of expanding in emerging international markets through strategic partnerships. The company already has a presence in more than 50 countries and sees the Sri Lankan investment as an opportunity to deepen its regional footprint while delivering affordable healthcare solutions. Sunshine Healthcare, meanwhile, will use the partnership to strengthen local manufacturing capabilities and bring advanced pharmaceutical technologies to Sri Lanka.

Also Read: Goldman Sachs lifts India’s GDP forecast to 6.8%

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Goldman Sachs lifts India’s GDP forecast to 6.8%

Global investment bank Goldman Sachs has raised its forecast for India’s economic growth in calendar year 2026 to 6.8 per cent, expressing greater confidence in the country’s outlook amid easing inflation, lower oil prices and improving domestic demand.

The revised projection is higher than the bank’s earlier estimate of 6.5 per cent. Goldman Sachs also lowered its forecasts for inflation and the current account deficit, saying recent geopolitical developments and softer crude oil prices have improved India’s macroeconomic outlook.

According to the bank, easing tensions in West Asia have reduced concerns over energy prices, providing relief to an economy that imports a large share of its crude oil requirements. Lower oil prices are expected to help keep inflation under control, improve household spending power and reduce pressure on India’s import bill.

Goldman Sachs now expects inflation to remain lower than previously anticipated, giving the Reserve Bank of India (RBI) more room to support growth if required. Softer inflation could also help consumers by easing the cost of everyday goods and services.

The investment bank believes India’s domestic economy remains resilient, supported by steady consumption, continued government infrastructure spending and improving private investment. Strong economic fundamentals, it said, are helping India withstand uncertainties in the global economy.

The report also projects a narrower current account deficit, reflecting lower energy import costs and a favourable external environment. A smaller deficit is generally seen as positive because it indicates reduced dependence on foreign capital to finance imports.

Despite ongoing global challenges, including trade uncertainties and slowing growth in some major economies, Goldman Sachs expects India to remain one of the fastest-growing large economies in the world. The bank believes the country’s structural growth drivers, including rising consumption, manufacturing expansion and digitalisation, remain intact.

Economists say the upgraded forecast reflects growing confidence in India’s ability to maintain stable growth even amid external shocks. Lower inflation and easing commodity prices are expected to provide additional support to businesses and consumers over the coming months.

The improved outlook is likely to strengthen investor sentiment and reinforce expectations that India will continue to play a leading role in driving global economic growth in 2026.

Also Read: Rare earth magnet scheme gets longer bid window

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Anthropic claims Alibaba targeted Claude in AI data raid

Artificial intelligence company Anthropic has accused Chinese tech giant Alibaba of using thousands of fake accounts to copy the capabilities of its AI chatbot, Claude.

The company claims nearly 25,000 fraudulent accounts generated around 28.8 million interactions with Claude between April and June in an alleged attempt to train Alibaba’s Qwen AI models without permission.

Anthropic described it as the largest known AI “distillation” campaign and has urged US lawmakers to introduce stronger safeguards against unauthorised AI model extraction. Alibaba has not responded publicly to the allegations. The dispute highlights growing competition in the global AI industry.

 

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IBM develops world’s first sub-1 nanometer AI chip

IBM has unveiled what it calls the world’s first sub-1 nanometer chip technology, marking a major breakthrough in semiconductor research that could power the next generation of artificial intelligence (AI), cloud computing and advanced electronic devices.

The new chip is built using a 0.7-nanometer (7-angstrom) transistor architecture called Nanostack, allowing engineers to pack nearly 100 billion transistors onto a chip roughly the size of a fingernail. According to IBM, this is nearly twice the transistor density of its 2-nanometer chip introduced in 2021.

IBM said the new design can deliver up to 50 per cent better performance or 70 per cent higher energy efficiency than its earlier 2-nanometer technology. The company believes the breakthrough will help meet the growing computing demands of AI systems while reducing power consumption in data centres and high-performance computers.

A key innovation behind the chip is IBM’s new Nanostack architecture, which stacks transistors vertically instead of relying only on shrinking them horizontally. This approach enables more computing power to be packed into a smaller space, helping overcome the physical limits that have slowed traditional chip miniaturisation in recent years.

The technology is still at the research stage and is not yet ready for commercial production. IBM expects it could take around five years before the chip reaches large-scale manufacturing through industry partners. The company no longer manufactures chips itself but licenses its technology to semiconductor firms.

While consumers are unlikely to see products using the new technology anytime soon, IBM’s announcement highlights how chipmakers are continuing to push the boundaries of semiconductor design. If successfully commercialised, the sub-1 nanometer technology could help power faster smartphones, more capable AI systems, energy-efficient data centres and the next generation of computing devices.

Also Read: Micron hits $1.398 trillion, briefly tops Meta, Tesla

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Micron hits $1.398 trillion, briefly tops Meta, Tesla

US chipmaker Micron Technology briefly became more valuable than Meta and Tesla after its shares surged on the back of strong earnings and booming demand for artificial intelligence (AI) memory chips.

The company’s stock jumped 18.4 per cent, pushing its market value to $1.398 trillion. During the rally, Micron overtook Meta, valued at $1.392 trillion, and briefly moved ahead of Tesla before market values changed later in the trading session.

The sharp rise came after Micron reported better-than-expected quarterly results and issued a strong revenue forecast. The company said demand for its advanced memory chips, which are used in AI servers and data centres, continues to grow rapidly as technology companies expand their AI infrastructure.

Micron also revealed that customers have signed $22 billion worth of long-term agreements to secure future supplies of its high-bandwidth memory (HBM) chips. These chips are essential for training and running advanced AI models, making them a key component of the fast-growing AI industry.

The company reported a 346 per cent year-on-year jump in revenue, reflecting the strong demand for AI-related products. Investors welcomed the results, seeing them as a sign that spending on AI infrastructure remains strong despite global economic uncertainties.

While companies like Nvidia have dominated the AI hardware market, Micron is becoming increasingly important because AI systems require large amounts of high-speed memory to process data efficiently. As more businesses invest in AI, demand for memory chips is expected to remain strong.

Also Read: EPFO to suspend online services from June 26 to 28

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Elon Musk loses trillionaire status after market rout

Elon Musk has taken a major hit to his personal fortune after a sharp fall in US markets wiped billions of dollars from the value of his holdings, pushing his net worth below the trillion-dollar mark. The drop was driven mainly by weakness in technology stocks and fresh investor worries about the outlook for several fast-growing companies.

A large share of Musk’s wealth is tied to his stakes in Tesla and other businesses. As share prices slipped, the value of those holdings fell quickly, leading to one of his biggest single-day wealth losses this year.

Market analysts said the sell-off was caused by a mix of profit-taking, concerns about economic growth and uncertainty over how major technology companies will perform in the months ahead. The wider market decline also affected other billionaires whose fortunes depend heavily on stock prices, but Musk saw one of the steepest drops because of the size of his investments.

Even after the setback, Musk remains one of the richest people in the world and continues to wield major influence in the technology, auto and space sectors. Investors are paying close attention to Tesla, which still makes up the biggest part of his overall wealth.

The latest fall shows how quickly fortunes can change when they are linked to publicly traded companies. A strong market rally can add billions in days, while a broad sell-off can erase that value just as fast.

For Musk, the decline is unlikely to change his long-term plans, which include expanding electric vehicle production, pushing ahead with artificial intelligence projects and growing commercial space operations. Still, the episode is a reminder of how volatile tech-linked wealth can be.

With market conditions still uncertain, analysts expect investors to keep watching economic data, interest rate expectations and company earnings for clues about the direction of technology stocks. Until then, share price swings are likely to continue shaping the fortunes of some of the world’s richest business leaders, including Musk.

The latest drop may have reduced his wealth, but it has not changed his standing as one of the most powerful figures in global business and technology.

Also Read: Noel Tata steps down as Trent chairman