Category: Corporate

FMCG major Hindustan Unilever Ltd (HUL) reported a 3.8% increase in consolidated net profit to ₹2,694 crore for the second quarter ending September 2025, compared with ₹2,595 crore in the same quarter a year ago.

Revenue for the quarter rose 2.1% to ₹16,034 crore, up from ₹15,703 crore in the corresponding period of 2024.

The company posted a consolidated Underlying Sales Growth (USG) of 2% and flat Underlying Volume Growth (UVG) for the quarter, reflecting a transitory impact from recent Goods and Services Tax (GST) reforms and prolonged monsoon conditions in certain parts of the country.

Total expenses rose 3.32% to ₹12,999 crore, while total income, including other revenue, increased 1.5% to ₹16,388 crore.

HUL’s board approved an interim dividend of ₹19 per share for fiscal year 2026 at a meeting held on Thursday.

The company’s performance highlights resilience amid temporary market adjustments caused by regulatory changes, which temporarily affected consumption patterns and product pricing.

Priya Nair, CEO and Managing Director of HUL, said the company delivered a competitive performance with a USG of 2% and an EBITDA margin of 23.2% for the quarter.

She noted that the recent GST reforms are expected to drive consumption by increasing disposable income and enhancing consumer sentiment, though the market needed time to adjust to the changes.

Nair added that the company anticipates normal trading conditions to return from early November, enabling a gradual and sustained market recovery.

Shares of HUL were trading at ₹2,597.60 apiece on the BSE on Thursday, up 0.23%, reflecting positive investor sentiment after the earnings announcement.

Analysts at Bloomberg and Reuters observed that while the quarter saw modest growth, HUL’s performance remained stable amid macroeconomic headwinds, highlighting the company’s strong portfolio and distribution network.

Industry experts noted that HUL’s steady earnings underscore the resilience of India’s FMCG sector despite regulatory transitions and weather-related challenges.

The company’s focus on premiumization, digital initiatives, and rural penetration continues to support growth, even as GST adjustments temporarily moderated consumer demand.

The results mark HUL’s continued ability to navigate structural shifts in the market, maintain profitability, and provide consistent shareholder returns.

Also Read: Reliance Industries to Adjust Russian Oil Imports Amid U.S. Sanctions

Reliance Industries Ltd, India’s largest private oil refiner, plans to adjust its crude oil imports from Russia to comply with Indian government guidelines, as reported by news agency Reuters.

The announcement comes in the wake of new U.S. and European sanctions targeting Russian oil companies Lukoil and Rosneft, imposed amid growing tensions over Russia’s ongoing conflict in Ukraine.

India became the top importer of discounted Russian seaborne oil after Western nations suspended purchases following Moscow’s invasion of Ukraine in February 2022.

From January to September 2025, India imported approximately 1.7 million barrels per day of Russian crude, with private refiners Reliance Industries and Nayara Energy accounting for the bulk of these imports.

Reliance, which operates the world’s largest refining complex with a capacity of 1.4 million barrels per day, also procures oil from the spot market to support operations.

The U.S. sanctions, announced by President Donald Trump, require companies to wind down transactions with Rosneft and Lukoil by November 21.

In response, Reliance has stated that recalibration of Russian oil imports is ongoing and will be fully aligned with government directives.

State-owned refiners, including Indian Oil, Bharat Petroleum, Hindustan Petroleum, and Mangalore Refinery & Petrochemicals, have also paused Russian crude purchases as they reassess contracts to ensure compliance.

The adjustments in imports by Indian refiners mark a significant shift in the global oil trade.

India, which has been a major buyer of discounted Russian crude, now faces the challenge of securing alternative sources to maintain refining operations.

Experts note that this may lead to temporary changes in supply patterns, with Middle Eastern and African crude increasingly sought to meet domestic demand.

Reliance’s compliance underscores the delicate balance between energy security and international regulatory obligations.

The recalibration demonstrates how geopolitical developments, including sanctions and the Ukraine conflict, are shaping corporate strategies and impacting the global energy market.

As the November 21 deadline approaches, Indian refiners continue to evaluate contracts and logistics to ensure operational continuity while adhering to international sanctions.

The evolving situation will likely influence crude pricing, supply chains, and the broader oil trade in the months ahead.

Also Read: Dubai Islamic Bank, HCLTech Launch AI Partnership

A cyberattack on Tata Motors–owned Jaguar Land Rover (JLR) earlier this year has been identified as one of the most damaging ransomware incidents in British corporate history, affecting over 5,000 companies across the supply chain.

According to new research by cybersecurity analysts, the breach, attributed to the Russia-linked LockBit ransomware gang, caused widespread disruption to production, logistics, and supplier networks across the United Kingdom and Europe.

The ransomware attack, which targeted JLR’s parent company Tata Motors in late April, forced the luxury automaker to temporarily halt operations at multiple sites, including its main manufacturing plants in Solihull and Halewood.

The disruption also spread to several suppliers, leaving thousands of firms unable to fulfill parts orders or process invoices. Investigations revealed that the breach originated from a compromised supplier system that provided access to JLR’s digital infrastructure.

Researchers said the scale of the breach made it one of the largest supply-chain cyber incidents in British history. The attack reportedly disrupted the operations of logistics companies, component manufacturers, and dealerships connected to JLR’s systems.

Cybersecurity firm Sophos described the breach as an example of “ransomware contagion,” in which one attack on a central node spreads rapidly through interconnected systems.

The LockBit ransomware group, known for targeting multinational corporations, claimed responsibility for the incident and demanded a ransom payment to prevent the release of stolen data.

Although JLR did not confirm the details of the ransom negotiations, reports suggest that sensitive internal documents and production schedules were among the data exfiltrated during the breach.

The UK’s National Cyber Security Centre (NCSC) and law enforcement agencies launched a joint investigation into the incident.

JLR said in a statement that it had contained the attack and restored most of its systems within days, emphasizing that customer data remained secure.

The company has since enhanced its cybersecurity protocols and initiated a review of third-party vendor access.

It also said that the breach highlighted the need for stronger digital resilience across the automotive supply chain.

Industry analysts said the JLR attack underscores the growing vulnerability of large manufacturers to ransomware threats, particularly in an era of increasingly digitalized operations.

The incident followed a string of high-profile cyberattacks on global automakers and suppliers, including incidents involving Toyota and Continental AG.

The UK government has reiterated its warnings to businesses about the risks of ransomware and has urged organizations to improve their cyber hygiene and incident response systems.

Experts say the fallout from the JLR breach could cost hundreds of millions of pounds in direct and indirect losses, making it the most financially damaging cyberattack in the UK’s corporate history.

Also Read: Meesho Grapples with ₹127 Crore Arbitration Dispute with AWS

Dubai Islamic Bank (DIB), the world’s first full-service Islamic bank and the largest in the United Arab Emirates, has announced a strategic partnership with HCLTech, a global technology services company, to accelerate the adoption of artificial intelligence (AI) across its operations.

The deal, unveiled during the GITEX GLOBAL 2025 technology show in Dubai, marks a deliberate move by the bank to embed intelligent systems throughout its banking ecosystem in line with Shariah-compliant, ethical finance principles.

Under the collaboration, Dubai Islamic Bank plans to leverage HCLTech’s full-stack AI capabilities, including advisory services and alliances with global hyperscalers and technology partners, to deploy scalable, responsible AI solutions across its infrastructure.

The bank intends to apply these capabilities to personalize customer engagement, streamline decision-making, enhance process efficiency, and strengthen risk and compliance frameworks—all while upholding the integrity and transparency demanded by Islamic finance standards.

DIB’s Chief Operating Officer emphasized that the bank’s innovation strategy is anchored in responsibility and purpose.

He noted that the partnership with HCLTech marks a pivotal step in achieving an AI-driven future that boosts value for customers and employees while reinforcing governance structures.

Meanwhile, HCLTech’s Middle East country head highlighted that the combined effort would unlock innovation, boost operational agility, and deliver differentiated experiences for the bank’s clientele.

The collaboration arrives at a time when the Middle East fintech and banking sectors are increasingly turning to AI and digitalization to gain competitive advantage.

At GITEX GLOBAL 2025, major deals and innovations in artificial intelligence, data infrastructure, cybersecurity, and digital banking were featured, underscoring the region’s ambitions to emerge as a global tech hub.

The bank’s commitment to integrating AI sits squarely within its broader objective of leading the evolution of Islamic finance.

DIB has long positioned itself as a pioneer in Shariah-compliant banking, with operations across the Middle East, Asia, and Africa, and assets exceeding USD 95 billion according to recent disclosures.

The partnership is expected to bolster DIB’s ability to deliver future-ready services while maintaining the ethical and governance standards intrinsic to Islamic financial institutions.

For HCLTech, the agreement strengthens its footprint in the financial services sector in the Middle East and aligns with its strategy of partnering with major regional banks to deploy AI at scale.

The firm, with over 226,000 employees across 60 countries and revenues of around USD 14.2 billion for the 12 months ending September 2025, brings deep domain expertise in technology services and a strong track record in working with banks and financial institutions globally.

As the partnership moves into implementation, key areas to watch will include how swiftly AI capabilities are embedded within the bank’s operations, how governance and Shariah-compliance are maintained in AI deployment, and what measurable impact the initiative produces in terms of customer experience, operational efficiency, and risk management.

With DIB seeking to position Islamic finance not just as an alternative but as a technologically advanced proposition, the collaboration with HCLTech could set a new benchmark for responsible innovation in faith-based banking.

Also Read: Infosys Promoters Opt Out of ₹18,000 Crore Buyback

Infosys shares gained on Thursday after the company confirmed that its promoters and members of the promoter group would not participate in its ₹18,000 crore share buyback programme.

The news of promoter non-participation boosted investor sentiment, sending Infosys shares up by nearly 5 percent in early trade.

In a regulatory filing dated October 22, Infosys stated that co-founders N.R. Narayana Murthy, his wife Sudha Murty, and Chairman Nandan M. Nilekani were among those who chose to opt out of the buyback.

The buyback, approved by the board on September 11, 2025, allows Infosys to repurchase up to 10 crore fully paid equity shares of face value ₹5 each at a price of ₹1,800 per share.

The move represents approximately 2.41 percent of the company’s paid-up equity on a standalone basis.

The company said in its filing that the promoter and promoter group, who collectively held 13.05 percent of the company’s equity share capital at the time of announcement, had conveyed their decision between September 14 and 19 not to participate in the buyback.

As a result, their shareholding will not be included in the calculation of entitlement ratios for eligible shareholders tendering shares in the buyback.

Depending on the overall participation of other shareholders, the voting rights of the promoter group could marginally change after the completion of the programme.

Market analysts said the decision by the promoters to abstain from tendering shares reflects their confidence in the company’s long-term growth potential and financial resilience.

The ₹18,000 crore buyback is part of Infosys’s broader capital allocation policy aimed at optimizing its balance sheet and returning surplus cash to shareholders.

The company has previously committed to returning around 85 percent of its free cash flow to investors over a five-year period through dividends and buybacks.

Analysts noted that the decision aligns with Infosys’s track record of consistent shareholder returns and its focus on maintaining financial flexibility while supporting growth investments.

The market reaction underscored the perception that Infosys remains on strong financial footing despite global macroeconomic headwinds and ongoing challenges in the technology services sector.

While the company has yet to announce the record date for determining shareholder eligibility, market participants expect strong participation from institutional and retail investors given the attractive buyback price and Infosys’s solid fundamentals.

The decision by key promoters to hold on to their shares is seen as reinforcing trust in the company’s future earnings prospects and operational stability.

Overall, Infosys’s latest buyback programme and the promoters’ decision to abstain have strengthened investor confidence in the company’s capital discipline and growth outlook.

The development is viewed as a strategic signal that Infosys’s leadership remains committed to long-term value creation rather than short-term liquidity gains.

Also Read: Nifty 50 Crosses 26,000 Amid India-US Trade Optimism

The Nifty 50 breached the 26,000 mark for the first time in over a year on Thursday, signalling renewed investor confidence amid a wave of positive developments on both domestic and global fronts.

The rally was fuelled by optimism over a potential India–US trade agreement, sustained foreign fund inflows, strong buying in information technology stocks, and a strengthening rupee.

As of 10:21 a.m. IST, the benchmark Sensex was up 786 points, or 0.93 percent, at 85,212, while the Nifty 50 advanced 218 points, or 0.85 percent, to 26,087.

The milestone marked a significant comeback for the broader market, which has been gaining steadily on the back of easing global uncertainty and improving macroeconomic indicators.

Market sentiment improved sharply after reports suggested that India and the US were narrowing differences over tariff terms, with discussions focusing on reducing duties on certain goods to about 15–16 percent.

The prospect of a deal that could expand trade volumes between the two economies has sparked optimism among investors, particularly in export-oriented sectors.

Analysts observed that such an agreement could significantly improve India’s trade balance and boost market confidence ahead of the festive season.

Foreign institutional investors continued their buying streak for the fifth straight session, purchasing shares worth nearly ₹100 crore during the special one-hour Diwali trading window earlier in the week.

The steady inflows are being seen as a vote of confidence in India’s economic outlook, underpinned by solid macroeconomic fundamentals and robust corporate earnings.

The technology sector led the gains, with the Nifty IT index rising over 2 percent.

Stocks such as Infosys, HCL Technologies, Tech Mahindra, and Tata Consultancy Services advanced strongly after the US administration clarified that existing H-1B visa holders and certain international graduates would be exempt from a new $100,000 visa fee.

The clarification eased concerns about higher operating costs for Indian IT firms with significant exposure to the US market.

The rupee also strengthened, appreciating by 13 paise to 87.80 against the US dollar in early trade. Analysts attributed the movement to upbeat domestic equity sentiment, foreign inflows, and expectations of progress in trade negotiations.

From a technical standpoint, market experts noted that the Nifty’s strong momentum has kept it close to its upper Bollinger band, indicating continued bullishness.

Also Read: Walmart Pauses H-1B Hiring Amid Impact of $100,000 U.S. Visa Fee

E-commerce unicorn Meesho has become embroiled in a legal dispute with its key technology partner, Amazon Web Services India Private Limited (AWS), as revealed in the company’s draft red-herring prospectus (DRHP).

The dispute centres on alleged unpaid cloud service dues amounting to ₹127.45 crore (approximately US $14.44 million) claimed by AWS under a Private Pricing Addendum (PPA) signed in February 2022.

According to the DRHP, AWS initiated arbitration proceedings under the Arbitration and Conciliation Act, 1996, before a three-member arbitral tribunal in New Delhi.

The claim covers “spend commitment shortfall payment amount, pending service fees, interest on the respective payments and the cost of arbitration” tied to the special pricing agreement that Meesho entered into for cloud infrastructure and services.

Meesho has contested AWS’s claim, disputing the invoices and challenging the enforceability of the minimum-commitment clause in the PPA.

The company has alleged “deficiencies in the services provided by AWS” and argued that the contractual minimum spend commitment should not bind it under the terms of the addendum.

In a counter-move, Meesho filed a counterclaim on January 31 2025 for ₹86.49 crore, attributing the amount to business losses “due to disruption of business and inadequate support provided by AWS, salary costs incurred due to migration from services procured from AWS, along with interest and costs.”

AWS responded with its reply in March 2025, and the proceedings before the arbitral tribunal remain pending.

The arbitration dispute occurs at a critical juncture for Meesho, which is gearing up for one of India’s most anticipated tech initial public offerings (IPO) in 2026.

The DRHP indicates that the company plans to raise fresh funds of about ₹4,250 crore, of which approximately ₹1,390 crore is earmarked for strengthening technology and cloud infrastructure, among other strategic investments.

Beyond the AWS arbitration, the DRHP outlines a broader portfolio of legal and financial challenges for Meesho.

The company faces tax and vendor disputes aggregating more than ₹710 crore, including a tax demand of ₹572 crore. These proceedings are cited in its filing as key diligence points for investors.

Meesho processes a large volume of transactions — it recorded 1.59 billion orders in the financial year ended March 2025 — and its business model relies heavily on cloud-based systems for operations, payments, recommendation engines, and fulfilment services.

The arbitration dispute thus underscores both the company’s operational dependence on AWS and the potential cost and risk implications of a conflict with a major cloud provider.

While Meesho remains cash-flow positive and among India’s fastest-growing e-commerce platforms, the arbitration with AWS and its broader litigation exposure are likely to feature prominently in investor disclosures and regulatory scrutiny as the IPO process advances.

The company acknowledges in its DRHP that any adverse outcome of the AWS dispute could have a material impact on its business and operating model.

Also Read: Walmart Pauses H-1B Hiring Amid Impact of $100,000 U.S. Visa Fee

The National Company Law Tribunal (NCLT) has admitted an insolvency petition against Bhilai Jaypee Cement, a subsidiary of Jaiprakash Associates Limited (JAL), for a default amounting to ₹45 crore.

The order was issued by the Cuttack bench of the tribunal, following a plea filed by the company’s operational creditor, Sidhgiri Holdings Pvt. Ltd., which had supplied coal to Bhilai Jaypee Cement.

In its ruling, the two-member bench comprising Judicial Member Deep Chandra Joshi and Technical Member Banwari Lal Meena held that the company had defaulted on an operational debt under Section 9 of the Insolvency and Bankruptcy Code (IBC).

The tribunal consequently directed the initiation of the Corporate Insolvency Resolution Process (CIRP) against Bhilai Jaypee Cement and appointed an interim resolution professional (IRP) to take charge of the company’s management.

The NCLT also imposed a moratorium, protecting the company from asset sales, debt recovery actions, or legal proceedings during the resolution process.

“We are inclined to hold that there exists an outstanding operational debt, a default and accordingly the present application under Section 9 of the Code read with Rule 6 of the Insolvency & Bankruptcy Rules, 2016 for initiating CIRP of Bhilai Jaypee Cement is allowed and the corporate debtor is admitted,” the bench stated in its order.

The insolvency petition was triggered after Bhilai Jaypee Cement allegedly failed to clear dues worth ₹45.40 crore owed to Sidhgiri Holdings against coal supplies made between September 2021 and June 2022.

The operational creditor claimed that the cement company had placed three purchase orders for 2,000 metric tonnes of coal each, amounting to 6,000 metric tonnes in total. As per the agreement, payment was to be made within 15 days of each delivery.

However, the company reportedly made only part payments and failed to settle the full amount despite repeated reminders.

On June 22, 2024, Sidhgiri Holdings issued a statutory demand notice under the IBC for the unpaid dues, which included ₹30.08 crore as the principal amount and ₹15.32 crore as accrued interest at 24 percent.

Receiving no response, the company subsequently moved NCLT to initiate insolvency proceedings.

In its defense, Bhilai Jaypee Cement argued that the petition was filed with the intent of recovering dues rather than resolving insolvency and that it was financially solvent.

The company also contended that the petition lacked supporting documentation, such as bank confirmations and ledger details.

However, the tribunal rejected these arguments, noting that Bhilai Jaypee Cement had neither disputed the coal supply nor the genuineness of the invoices.

The tribunal further added that the debt’s existence was established through the invoices and supporting GST documentation submitted by Sidhgiri Holdings.

Bhilai Jaypee Cement is a joint venture between Jaiprakash Associates Limited and Steel Authority of India Limited (SAIL), formed to operate a cement manufacturing unit in Chhattisgarh.

Its parent entity, JAL, is already undergoing insolvency proceedings under IBC. Vedanta Group has reportedly submitted the winning resolution plan worth ₹17,000 crore for JAL, outbidding the Adani Group.

The admission of Bhilai Jaypee Cement into insolvency adds another layer of complexity to the Jaiprakash Group’s ongoing financial distress, as multiple subsidiaries continue to face legal and debt resolution proceedings.

Also Read: Apple Nears $4 Trillion Valuation Upon iPhone 17 Success

Apple Inc. (AAPL) hit an all-time high on Tuesday, bringing its market capitalization close to $3.9 trillion. The rally follows strong early sales of the iPhone 17 series, which have significantly outpaced expectations in major markets, including the U.S. and China.

Data from Counterpoint Research shows the iPhone 17 outsold its predecessor by 14% during the first ten days of launch. In China, sales of the base model nearly doubled compared with the iPhone 16’s launch period, highlighting robust consumer demand for the new lineup. Analysts attribute the surge to innovative features, strategic marketing, and growth in the global smartphone market.

The stock rally has also propelled Apple past Microsoft, reclaiming its position as the world’s second-most-valuable company, behind only Nvidia. Investors have reacted positively, viewing the iPhone 17’s success as a sign of Apple’s enduring brand strength and market leadership.

Evercore ISI recently added Apple to its Tactical Outperform List, citing continued strong demand and optimistic earnings forecasts. Apple is scheduled to announce its quarterly results on October 30, a report expected to further influence the stock’s trajectory.

The iPhone 17 series, featuring upgraded camera systems, longer battery life, and advanced software tools, has resonated with consumers seeking premium smartphones. Analysts predict that continued demand for the iPhone 17, coupled with Apple’s broader product ecosystem, could sustain the company’s upward momentum in the coming quarters.

On Wednesday, Apple shares traded at $262.77, hitting intraday highs of $265.16 and lows of $260.77. The company’s price-to-earnings ratio stands at 30.28, with earnings per share (EPS) of 6.59, reflecting sustained investor confidence.

With strong sales and resilient stock performance, Apple reinforces its position as a global technology leader, demonstrating its ability to innovate, capture market share, and maintain investor trust in a competitive market.

Also Read: WeWork India Issues Detailed Response to InGovern Critique

Walmart Inc. has paused making job offers to candidates requiring H-1B visa sponsorship, following sweeping changes introduced by the U.S. government that dramatically raise visa application costs, according to a Bloomberg report.

The decision comes in response to a new $100,000 fee for H-1B visa applications imposed by the Trump administration in September.

The measure, part of a broader overhaul aimed at tightening the program, is designed to discourage what the administration describes as overuse of foreign skilled workers.

The change has reverberated across technology, retail, and consulting industries that depend heavily on such visas.

Walmart is among the largest users of H-1B visas in the U.S. retail sector, employing around 2,390 H-1B holders out of its total workforce of about 1.6 million.

While that represents a small portion of its overall headcount, it underscores the company’s reliance on global talent in specialized corporate and technology roles.

A Walmart spokeswoman said the retailer remains “committed to hiring and investing in the best talent to serve our customers, while remaining thoughtful about our H-1B hiring approach.”

The new visa fee policy has drawn sharp criticism from industry groups and legal experts. The U.S. Chamber of Commerce recently filed a lawsuit challenging the legality of the $100,000 fee, calling it a “cost-prohibitive barrier” for employers, particularly start-ups and mid-sized businesses.

The Chamber argued that the rule undermines the purpose of the H-1B program, which was created by Congress in 1990 to allow American firms to access skilled foreign professionals when domestic shortages exist.

According to guidance from the U.S. Citizenship and Immigration Services (USCIS), the fee applies to new H-1B applications filed after September 21, 2025, but exempts current visa holders changing employers or status within the U.S.

Despite these clarifications, companies across sectors continue to express uncertainty about implementation timelines and compliance requirements.

Economists and education experts have cautioned that the new fee could significantly reduce the number of skilled foreign workers entering the U.S., particularly in STEM fields.

Universities and hospitals, which also rely on H-1B visas to recruit researchers and lecturers, have warned that the cost increase could strain their hiring pipelines.

Walmart’s decision adds to growing signs that the policy shift is reshaping corporate hiring practices across industries.

As reported by Bloomberg, the company’s pause illustrates how even major employers are reassessing recruitment strategies amid escalating visa costs and regulatory unpredictability.

Also Read: WeWork India Issues Detailed Response to InGovern Critique