Reports Financial News

Subscribe to enjoy similar stories.Competition between OpenAI and Anthropic, the two most prominent artificial intelligence start-ups, is intensifying as they race to expand relationships with major financial institutions.San Francisco-based Anthropic, which makes the Claude AI assistant that rivals OpenAI’s widely used ChatGPT, is launching a slate of new AI agent offerings for banks, investment managers, and insurers.The agents are meant to help those companies’ employees build presentations, synthesize webs of data sets and filings, build financial models, and complete other tasks, Anthropic said on Tuesday.Anthropic announced the new agents one day after it said it would partner with Blackstone, Goldman Sachs, and private-equity firm Hellman & Friedman to create a new, unnamed entity for expanding Claude across midsize companies. OpenAI is forming a similar venture, Bloomberg News reported on Monday, underscoring stiff competition.Anthropic, run by the former OpenAI executive Dario Amodei, has muscled further into financial services since it launched a suite of tools catering to banks, financial-technology firms, and others last year.The so-called agents have pressured software stocks, whose businesses, investors worry, could be threatened by the AI-driven tools.

Subscribe to enjoy similar stories.Global Infrastructure Partners (GIP), the infrastructure fund manager that BlackRock Inc. acquired for $12.5 billion two years ago, is exploring initial public offerings (IPOs) for two of the companies in its Indian portfolio, logistics operator Pristine Logistics & Infraprojects Ltd and tower company Ascend Telecom Infrastructure Pvt.

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.Shares of Biocon rose 2.28% on Tuesday after an online report by Fortune India said founder and chairperson Kiran Mazumdar-Shaw had identified her niece, Claire Mazumdar, 37, as her successor—a disclosure investors and analysts have long awaited, given the outsized role the 73-year-old entrepreneur plays in the company she built from scratch.Within hours, however, Mazumdar-Shaw told Mint that the succession is neither decided nor imminent. "I'm not hanging up my boots any time soon," Mazumdar-Shaw said in a conversation on Tuesday evening.

Subscribe to enjoy similar stories.Mumbai: Emcure Pharmaceuticals plans to expand its biosimilars pipeline to ride a slew of patent expiries as well as favourable tailwinds on global demand, the company’s top executive told Mint in an interview.“We have identified biosimilars as a growth driver. In the next three to five years, a lot of our R&D spend as well as portfolio contribution would be skewed towards biosimilars as well as some of the larger peptides and the ADC (antibody drug conjugates) program,” managing director and chief executive Satish Mehta said.Pune-headquartered Emcure is largely a generics drug manufacturer, but is ramping up focus on specialty products like complex injectables, biologics and antibody drug conjugates.

Subscribe to enjoy similar stories.New Delhi: The Centre's reliance on small savings to finance its budget deficit increased in the previous financial year, with collections under the National Small Savings Fund (NSSF) rising to ₹2.19 trillion in the 11 months to February 2026, said two government officials aware of the matter.The overall mobilization from these long-term, lock-in-based savings schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana helped reduce pressure on market borrowing, even though monthly inflows remained uneven, the officials cited earlier said on the condition of anonymity.According to department of expenditure data reviewed by Mint, NSSF collections during the first 11 months of FY26 were nearly ₹30,000 crore higher than ₹1.89 trillion recorded in the same period of FY25.

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.E-commerce companies and delivery platforms are scrambling to hire workers during peak summer demand but are finding it difficult to fill roles on time, as experienced gig workers increasingly refuse to play ball, recruitment firms said.These gig workers are no longer attracted by slightly higher pay on another platform, and in some cases even dropping out late in the hiring process, as they look for formal, stable jobs with predictable incomes to cope with rising living costs. This has pushed up hiring costs by 15-20% this summer season as gig workers prefer fixed-salary jobs that pay at least ₹15,000-20,000 a month - levels that still fall short of their financial needs.“We are observing signs of a supply-side constraint.

Subscribe to enjoy similar stories.Dennis Robertson was not only one of the finest economic minds of the 20th century, but also an elegant writer who was known for his witticisms. In an essay written in 1956, Robertson quipped: “High-brow opinion is like a hunted hare; if you stand in the same place, or nearly the same place, it can be relied upon to come round to you in a circle.” Those words resonate while reading a new report by the World Bank on industrial policy, or targeted government intervention to shape the economic structure of a country by promoting, protecting or developing specific industries deemed vital to economic growth, export competitiveness, import substitution or geopolitical strategy.

Subscribe to enjoy similar stories.Indian ethnic and fusion wear brand Libas is looking to become a broader lifestyle house, adding new categories and labels as it works towards a public listing by FY28."We want to be a lifestyle house of brands over the next five to ten years…So you will see some categories like handbags or maybe accessories, even home furnishing that we might explore over the next two years,” said Sidhant Keshwani, founder and CEO, without specifying the segments where the company wants to grow.The expansion plan comes as Libas scales both distribution and revenue ahead of its initial public offering (IPO) ambition. The company is targeting ₹1,000 crore in revenue by FY28, while maintaining annual growth of 30-35%.

Subscribe to enjoy similar stories.With the government planning to roll out E-PRAAPTI, an Aadhaar-linked portal by the Employees’ Provident Fund Organisation (EPFO), subscribers will soon be able to trace and access dormant or unclaimed provident fund accounts with minimal effort. The platform is designed to let users identify legacy accounts, link them to their Universal Account Number (UAN), update KYC details and reactivate balances through a fully digital process.The shift marks a move from an employer-dependent system to a member-led model, where individuals can manage PF accounts directly using digital authentication.Mint explores how the portal could help unlock dormant provident fund accounts and what the shift to a member-led system means for subscribers.India has a large number of inactive provident fund (PF) accounts, largely due to job changes, incomplete KYC, or accounts created before UAN became universal.Over time, EPFO has acknowledged that a significant portion of its total accounts are inactive or inoperative—many of them small-value balances that workers have lost track of.

Subscribe to enjoy similar stories.Mumbai: Large mutual funds in India are becoming more selective about investing in smaller stock market listings, making companies that seek to raise between ₹400 crore to ₹2,000 crore either wait out a volatile market or turn to private equity and venture capital firms for funds.“There is clearly more selectivity. In the ₹2,000–3,000 crore range, deals need sharper differentiation on growth, quality, and valuation to see strong traction,” said Raghav Gupta, joint chief executive officer, IIFL Capital.

Subscribe to enjoy similar stories.BENGALURU: On-demand house-help services platforms such as Urban Company’s Insta Help, Snabbit and Pronto are facing a workforce shortage across major cities including Mumbai, Bengaluru and the National Capital Region, leading to limited availability and rescheduled or cancelled bookings.Even as the platforms try to scale up to meet demand, users have reported difficulty securing slots for same-day or even next-day services, particularly for routine cleaning services. The disruption comes as demand for app-based home services continues to grow, driven by dual-income households and a shift towards convenient platform-based hiring.“I’ve tried booking a cleaner multiple times in the last two weeks and either there are no slots or the booking gets pushed to the next available day,” said a Bengaluru-based user who did not wish to be identified, adding that Pronto and Urban Company currently only allow scheduled bookings (not help within minutes) for their area.A user in Mumbai recently purchased Insta Help’s three-day pack but has been unable to find vacant slots.“The app simply says it will notify you when slots are available.

Subscribe to enjoy similar stories.Cognizant Technology Solutions Corp has become the third largest Indian heritage IT services firm — after Tata Consultancy Services Ltd and HCL Technologies Ltd — to dial back shareholder payouts as it redirects capital towards acquisitions and AI capability building.Nasdaq-listed Cognizant, which follows a January–December financial calendar as against Indian IT’s April–March year, returned $1.99 billion to shareholders through dividends and share repurchases last year.This year, the company is set to return less.“This year again, $2.5 billion (in free cash flow), we have committed $1.6 billion to be returned to the shareholder, $1 billion by share buyback and $600 million odd in dividends, of which we have now used about $600 million from the remaining $1 billion for Astreya,” said Jatin Dalal, chief financial officer of Cognizant, during the company’s post-earnings analyst call on 29 April.Cognizant ended last year with $21.1 billion in revenue, up 7% year-on-year.“Our long-term capital allocation framework is to deploy ~50% of our annual free cash flow towards M&A aligned with our strategic priorities and ~50% towards dividends and share repurchases, targeting a consistent dividend payout ratio and repurchases to offset dilution.

Subscribe to enjoy similar stories.Bank loans under the Prime Minister’s Employment Generation Programme (PMEGP) fell by half to ₹6,148 crore in 2025-26 from ₹12,315 crore a year earlier, marking the third consecutive decline, according to data from the micro, small and medium enterprises (MSME) ministry and its PMEGP portal.The lower disbursements coincide with FY26 recording the lowest number of loan applications in a decade, signalling weakening momentum in credit support for small enterprises and job creation under the scheme.The trend raises questions about the creditworthiness of MSMEs and banks’ risk perception of small business loans amid external uncertainties, even as the Centre has increased the budgetary allocation for subsidized loans to start small non-farm business ventures to ₹4,500 crore (BE) for FY27 from ₹2,548 crore (RE) in FY26.The fall in bank loan sanctions is likely due to FY26 being the last year of the fifteenth finance commission cycle that began in FY21, with banks facing uncertainty about whether the scheme will continue, said an official directly aware of the development.The sixteenth finance commission, in its report submitted to the central government in November 2025, noted certain inconsistencies in the reporting of the PMEGP as a subsidy scheme.“Now that the budget for the PMEGP has been allocated for FY27, we expect bank loan sanctions as well as job creation under the scheme to rebound,” the official said on condition of anonymity.A senior bank official said the fall also needs to be seen in the context of tighter credit filters and a shift towards improving asset quality.

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.Interest rate margins may remain under pressure in the first half of the current financial year, as lenders continue raising funds at high costs to match soaring loan growth. In the March quarter, margins for most banks, especially the mid-sized lenders, were flat to slightly lower.Margins compress when banks cut loan rates in line with benchmarks, but continue paying deposit interest at assured rates until they mature.

Subscribe to enjoy similar stories.New Delhi: The shrill emergency alerts that lit up millions of phones across India on Saturday brings the spotlight on an ongoing legal battle on the award of this critical public safety network project.Germany-headquartered Utimaco Technologies has alleged irregularities in government’s selection of the implementation agency for the cell broadcast system to roll out a nationwide disaster alert mechanism, according to people in the know and a copy of the company's petition seen by Mint.A case on the matter has been pending before the Delhi high court since 2024, with the next hearing slated for 11 May 2026.Utimaco, which owns Israel-based emergency alert solution provider Celltick, said India's decision to assign the project to the Centre for Development of Telematics (C-DOT) lacked fairness and transparency. Citing the absence of an open tender, the petition said the move violated the principle of natural justice and fair competition.C-DOT is a research and development wing of the department of telecommunications (DoT).

Subscribe to enjoy similar stories.Godrej Properties Ltd (GPL), India's best-selling residential developer, has set an ambitious sales target of ₹39,000 crore for 2026-27 even though home prices are likely to remain stable, executive chairperson Pirojsha Godrej told Mint in an interviewIn FY26, GPL's sales bookings rose 16% year-on-year to ₹34,171 crore. That was achieved through the sale of 17,513 units spanning 27 million sq ft, the highest ever by an Indian real estate firm.

Subscribe to enjoy similar stories.On 29 April, the Centre issued guidelines requiring electric truck makers to localize components such as battery management systems and vehicle control units to qualify for incentives under the PM E-Drive scheme. E-truck makers must use domestically produced components from September 2026.The government had eased rules during the 2025 rare-earth magnet shortage by extending deadlines for importing related subassemblies without forfeiting incentives.