International Financial News

Subscribe to enjoy similar stories.Mumbai: When Dilip Shanghvi walked into the press conference to announce Sun Pharmaceutical’s acquisition of Organon & Co.—an $11.75 billion deal that will effectively double the company’s revenue to $12.4 billion—he offered a rare admission.“I’m happy, excited, also a little bit anxious,” he told journalists, adding that the sheer size of the transaction reminded him of announcing the Ranbaxy Laboratories deal a decade ago.Back then, Sun was a fraction of its current size. This time, it is acquiring a company roughly equal in size, paying for it with cash and borrowed money rather than stock, and doing so at what Shanghvi described as “less than 25% of Sun’s own value.”At the surface, the Organon deal is a story about scale—a large Indian generics company buying an even larger portfolio of established branded drugs and biosimilars from a spun-off Merck subsidiary.

Subscribe to enjoy similar stories.The Securities and Exchange Board of India (Sebi) plans to let online bond platform providers (OBPPs) offer products from Gujarat International Finance Tec-City (GIFT City), but early signals suggest platforms may move cautiously.In a consultation paper issued on Tuesday, the markets regulator recommended changes aimed at easing business conditions for OBPPs while widening the range of products they can offer. Mint explains what these changes are and whether OBPPs are likely to tap the opportunity.Sebi has proposed allowing OBPPs to offer products regulated by the International Financial Services Centre Authority (IFSCA), such as overseas debt investments, that aren’t easily accessible to most Indian investors using digital platforms.

Subscribe to enjoy similar stories.Industry bellwether Larsen & Toubro (L&T) didn’t go unscathed from geopolitical tensions despite strong order inflows and a robust backlog. The management estimates the company lost almost ₹5,000 crore of revenue in the March quarter (Q4FY26).

Subscribe to enjoy similar stories.Air India has pushed the start of its maintenance, repair and overhaul (MRO) facility at Kempegowda International Airport in Bengaluru by at least a year to January–March 2027, as construction remains unfinished, according to three people familiar with the matter.The airline’s inability to source construction materials including steel and bolts from domestic manufacturers is the key reason for the delay.Planned on a 35-acre site, the facility, designed with 12 hangar bays to service both narrow-body and wide-body aircraft, is still under construction, one of the persons quoted said, requesting anonymity due to the sensitivity of the issue.In its first phase it will have 3 widebody and 2 narrowbody hangar bays. Hangars are spaces where aircrafts are parked, maintained, and repaired.

Subscribe to enjoy similar stories.Chennai-based Veritas Finance, a non-banking financial company, is exploring a private transaction worth ₹800–1,000 crore to facilitate exits for early investors after facing repeated delays in its public listing, three people familiar with the matter said.“The transaction is expected to give exits to some of its early backers like Lok Capital and British International Investment (BII), who have been invested in the company for a long time,” one of the people cited above said.Veritas’ move to explore a private market deal comes as it seeks to improve financial performance and reattempt a listing when public market valuations become more stable and conducive.“The round is likely to be secondary in nature and could become larger if other investors including Kedaara Capital and Norwest Venture Partners also look to sell some stake opportunistically,” the second person said.The person added that the company has also held discussions with investment banks including Avendus for a private transaction, although a formal banker appointment is due in the coming weeks.Veritas competes with Shriram Finance, Aye Finance, Vistaar Finance, Five Star Business Finance, Indostar Capital, Bajaj Finserv, Equitas Small Finance Bank and Lendingkart, among others.Veritas, Avendus, Norwest, and BII declined to comment while Kedaara and Lok Capital did not respond to Mint’s emails sent on Tuesday.“While the exact deal terms are yet to be decided, the company doesn’t need much primary capital at this stage so the round will largely be a secondary transaction,” a third person said, confirming the above details.In a secondary transaction, shareholders sell their stakes to other existing or new investors, and no

Subscribe to enjoy similar stories.India’s weight-loss frenzy is under the scanner, with the blockbuster drug semaglutide facing fresh scrutiny after hundreds of suspected complications were flagged, said two government officials in the know, with medical experts noting that about half the users report some side-effects. The ongoing review could lead to tighter norms, including label changes, safety warnings and stricter prescription rules.Amid the hype surrounding these glucagon-like peptide-1 (GLP-1) receptors' efficacy for weight loss, the government has documented around 400 reports of adverse drug reactions (ADRs) potentially linked to the medication that is now being clinically evaluated, the officials said.

Subscribe to enjoy similar stories.Mahindra and Mahindra Ltd's group chief executive, Anish Shah, is shifting his focus to deploying artificial intelligence, as the conglomerate closed its fifth year under his leadership with double-digit profit growth.The Mumbai-based company has crafted a strategy to increase revenue, which surged 26% year-on-year to ₹1.98 trillion in 2025-26, by using AI to enhance the service experience, improve marketing efficiency, and shorten the time-to-market for new products.Revenue surge was powered by a 20% on-year jump in sports utility vehicle (SUV) volumes to over 660,000 units, dethroning rival Hyundai Motor India from the second position, while net profit rose 32% on-year to ₹18,621 crore, further supported by growth across its business segments and a reduction in loss-making assets overseas.Its real estate and logistics business, Mahindra Lifespaces and Mahindra Logistics, reported a 50% rise in profit after tax, while its automobile segment—the largest contributor—posted 33% profit growth. Tech Mahindra Ltd, India's fifth-largest IT services company, ended the fiscal year with a 7% rise in net profit.Now, M&M wants to improve efficiencies to further boost revenue while reducing costs and turnaround time.“Over the past few months, I have spent an hour a day on AI, one hour every day.

Subscribe to enjoy similar stories.As the temperature soars past the 40 degrees Celsius mark, it’s near impossible to train or play sports outdoors. Doctors and fitness experts advise lighter workouts, a modified exercise regimen and indoor sessions during the peak summer months. Top triathlete, Pragnya Mohan, who has represented India at the Commonwealth Games, travels to Europe to train during summers as training in the Indian summer comes with the high risk of dehydration, dizziness, and fainting, she says.Outdoor exercise is dependent on weather conditions, notes Dr Ajay Aggarwal, director and head of internal medicine at Fortis Hospital, Noida.

Subscribe to enjoy similar stories.Reserve Bank of India (RBI) has cancelled the licence of Paytm Payments Bank, culminating a series of supervisory actions that began with a halt on new customer onboarding in March 2022 and subsequent stringent business restrictions.While the action may appear rooted in regulatory non-compliance, it has reignited a broader debate over the viability of payments banks. Conceived to serve the unbanked, their relevance is now being questioned amid near-universal account ownership driven by Jan Dhan Yojana and intensifying competition from fintech platforms, most notably UPI.With a key player exiting, concerns are mounting over the sustainability of India’s differentiated banking model.Payments banks were set up to advance financial inclusion by offering small savings accounts and digital payment services to migrant workers, small businesses and low-income households in the unorganized sector.

Subscribe to enjoy similar stories.As the economic consequences of US President Donald Trump’s war against Iran become evident, policymakers around the world are running out of patience. The recent Spring Meetings of the International Monetary Fund and World Bank in Washington made this abundantly clear, with UK Chancellor of the Exchequer Rachel Reeves lamenting the “folly” of a war that is “not ours.”But much of the cost will be borne by the US itself. The immediate effects are visible: a sharp rise in gas prices, inflation climbing to a two-year high and growing concerns that, as consumers cut back on spending to offset higher costs, unemployment will rise.

Subscribe to enjoy similar stories.SpiceJet Ltd’s operational fleet has shrunk from 33 aircraft at the end of December to about 21 in early May, bringing the airline close to the minimum threshold required to operate international flights under Indian aviation rules. Fleet count fell due to returns to lessors and grounding for maintenance.The slide in SpiceJet's fleet comes as the airline has also lost ground in the domestic market, slipping to fourth place with a 3.9% share in March.

Subscribe to enjoy similar stories.Affordable-housing lender Shubham Housing Finance, backed by Multiples Private Equity and Premji Invest, has initiated early discussions with investment bankers for a potential ₹2,000-crore initial public offering (IPO) that could be filed within the current financial year, according to two people aware of the development.News of the Gurugram firm’s planned IPO comes over a month after early investors in Shubham Housing Development Finance partially exited through a $96-million secondary transaction led by private equity firm Creador, with participation from existing investor LeapFrog Investments.“Shubham has initiated preliminary talks with bankers. The contours of the issue are still being worked out,” said one of the people cited above.

Subscribe to enjoy similar stories.Moviegoers couldn’t resist the chance to see Meryl Streep and Anne Hathaway reprise their roles as fashion magazine diva Miranda Priestly and her former assistant in Walt Disney’s The Devil Wears Prada 2.The 20th Century Studios’ remake of the 2006 hit film cat walked to the top of the domestic box office with an estimated $77 million take through Sunday, according to Comscore.AMC Entertainment, the nation’s largest movie theater chain, offered luxury-inspired popcorn handbags in select theaters on opening day, perhaps contributing to its $32.5 million in ticket sales on Friday.Comscore’s head of marketplace trends Paul Dergarabedian said The Devil Wears Prada 2 overperformed in international markets, where it raked in $156.6 million—more than twice what it sold in the U.S. and Canada—for an estimated $233.6 million global opening.

Subscribe to enjoy similar stories.For many Indian households, the rupee hitting a record low of 94.85 to a US dollar might feel like a distant headline that has little to do with their finances. Especially when no child studies abroad, no holiday is booked overseas, and no money sits in any international fund.It is easy to assume households are insulated from the volatility of the foreign exchange market.However, the reality of a globalized economy is that the dollar is woven into the daily life of an Indian household, even with no direct spending in dollars.

Subscribe to enjoy similar stories.This year’s first monetary policy meeting revealed an interesting data point on an emerging monetary product, an element that is bound to influence monetary systems and policies, including global payment systems. Its development has been characterized by caution, and while it is still some distance away from becoming widely accepted, its use-case scenarios present policy and regulatory challenges.India’s central bank digital currency (CBDC), or e-rupee, is finally emerging from the shadows. It is being tested in the domestic economy through managed programmes.

Subscribe to enjoy similar stories.Pakistan has stepped up to play a useful role in mediating between the United States and Iran in attempting to bring the latest West Asian war to an end. It should not surprise us that the Pakistani establishment, which has a culture of geopolitical risk-taking, has turned adversity into an opportunity.Not only does the continuation of the war mean economic disaster, there is a real chance that Pakistani armed forces can be summoned to a war that they do not want to fight.

Subscribe to enjoy similar stories.In a market crowded with occasionwear labels, standing out can be difficult, especially for brands working with traditional textiles and embroidery techniques.But in five years, ITRH has established itself through its use of crafts such as kalamkari, chikankari, Madhubani and gota weaving, combining traditional techniques with contemporary silhouettes and a more maximal aesthetic. Its embellished jaal dupatta worn by actor Kareena Kapoor Khan last year, for instance, has become one of the label's most recognisable signatures. Earlier this year, ITRH, which now has a sub-brand ITRH Two that offers more modern pieces, made its international debut at the Dubai Fashion Week.

Subscribe to enjoy similar stories.BENGALURU: Cognizant Technology Solutions Corp. is cutting jobs as it pivots towards artificial intelligence (AI), marking one of the first instances of a large IT services firm explicitly linking AI-led disruption to headcount.In an internal memo to more than 350,000 employees, Surya Gummadi, head of Cognizant’s US business, said the layoffs reflect a “real” and “accelerated” shift in how the industry operates, with the company moving to redeploy resources towards AI capabilities and partnerships.

Subscribe to enjoy similar stories.The Federal Reserve’s internal debate over interest rates has turned a corner. Officials are no longer arguing about when to resume cutting.

Subscribe to enjoy similar stories.Mumbai: Fast-moving consumer goods makers are leaning on a mix of price increases, smaller pack sizes and tighter cost controls to navigate raw-material volatility triggered by the ongoing US-Iran war, while still reporting robust volume growth for the March quarter. The ongoing war blew up end February this year, disrupting global supply chains.Executives at top firms said calibrated pricing and ‘shrinkflation’ are helping them protect margins. The trend shows staples demand have held up, but also points to a gradual pass-through of higher commodity and packaging costs to consumers as geopolitical disruptions keep input prices elevated.At Hindustan Unilever Ltd, the strategy is already in motion.

Subscribe to enjoy similar stories.GANDHINAGAR: Six listed companies have applied for licences to set up corporate treasury centres in Gujarat International Finance Tec-City, or GIFT City, said Kalyanaraman Rajaraman, chairperson of the International Financial Services Centres Authority (IFSCA).The applications signal rising interest in India’s offshore financial hub as large companies look to centralize global cash and risk management. While the regulator declined to identify the applicants, Rajaraman said demand is likely to rise over time.“We have issued 10 authorizations till date… we are talking to almost every MNC (multinational company).