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Land resurvey completed in over 6,500 villages: Andhra CM Naidu

Land resurvey completed in over 6,500 villages: Andhra CM Naidu

Tata Steel shares dip over 2% as UK project may face 6-8 month delay amid electricity access issues

Shares of Tata Steel fell 2% to Rs 202 on the BSE on Monday amid reports that it may have to push back the commissioning timeline of its 1.25-billion-pound low-carbon steel project in the UK by six to eight months due to delays in obtaining access to the required electricity infrastructure.The company is building a 3.2 million-tonne electric arc furnace (EAF) at Port Talbot as part of its decarbonisation strategy. The project, which involves an investment of 1.25 billion pounds, is intended to replace the site's blast furnace operations of similar capacity that have now been shut down.Before the latest setback, Tata Steel had been targeting the start of operations by late 2027 or early 2028. However, delays linked to the power connection process have created uncertainty around that timeline, a news report by PTI stated. Koushik Chatterjee, Executive Director and Chief Financial Officer of Tata Steel, said the company has been working with the Electricity System Operator (ESO) and National Grid on the new electrical infrastructure. However, National Grid has formally informed Tata Steel that its connectivity project is running behind schedule.According to Chatterjee, National Grid has flagged potential delays compared with the originally planned date for the high-voltage power connection. He said Tata Steel is engaging with all stakeholders, including the UK government, to minimise the impact and establish revised timelines, the report added. The company said major demolition work at the Port Talbot site has already been completed, while fabrication and delivery of equipment continue to progress. Access to higher-capacity electricity remains a critical requirement for the transition to electric arc furnace-based steelmaking.The project has secured 500 million pounds of support from the UK government and is expected to cut site-level carbon dioxide emissions by 90%, equivalent to around 5 million tonnes annually. Separately, the Port Talbot project site witnessed a fire incident on June 3. Tata Steel UK said on Thursday that all personnel were safely evacuated and accounted for, with no injuries reported. Chatterjee said Tata Steel is continuing discussions with National Grid and the UK government to address the issue and explore ways to reduce the delay."We are working with the UK government, the National Grid and ESO, which is the electricity supplier, to see if we can mitigate it, but somewhere between six months to eight months will certainly be there, maybe higher, after we have built the plant," he said while responding to a question on potential delays in commissioning the facility.He added that the company is evaluating options to shorten the delay but acknowledged that some slippage in timelines now appears unavoidable. "We are actively working to see if we can reduce it further, but there will be some imminent delays," Chatterjee said, without providing additional details.In May 2024, Tata Steel signed a connection offer agreement with the Electricity System Operator. Under the arrangement, National Grid is responsible for building the electrical infrastructure required to power the 3.2 million-tonne electric arc furnace by the end of 2027.According to information shared by Tata Steel, the National Energy System Operator (NESO) is a public body that oversees the connection process, including the connection contract with Tata Steel UK, and manages electricity grid operations across the UK.National Grid Electricity Transmission (NGET), meanwhile, is the private company responsible for constructing, owning and maintaining the connection infrastructure.Tata Steel Group is among the world's leading steelmakers, with an annual crude steel production capacity of 35 million tonnes. The company also ranks among the most geographically diversified steel producers globally.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Gill, Rahul centuries lift India to 368/3

Mullanpur: Skipper Shubman Gill and KL Rahul struck smooth hundreds as India posted a strong 368/3 at stumps on Day 1 of the one-off Test against Afghanistan here on Saturday.Gill was batting on 103 at close along with Rishabh Pant (50 batting). Pant and Gill have so far added 121 runs for the fourth wicket.It was Gill's 11th hundred in Tests.Also Read:Jasprit Bumrah, Hardik Pandya to be preserved for longer formats: Agarkar makes selection policy clearRahul completed his 12th hundred in Test cricket before getting out soon after.B Sai Sudharsan also played a good hand with an 81, and he added 139 runs for the second wicket with Rahul.Brief scores: India: 368/3 in 85 overs (Shubman Gill 103 batting, KL Rahul 100, Rishabh Pant 50 batting, Sai Sudharsan 81; Mohammed Saleem 2/67).

Tata Steel shares fall 3% after fire breaks out at UK’s Port Talbot plant

The shares of metals major Tata Steel dropped nearly 3% on Friday after a fire broke out at the company’s plant at Port Talbot in UK late on Wednesday, forcing the company to temporarily halt operations at part of the site.Large plumes of smoke were visible from the site and could be seen across the surrounding area, BBC reported, adding that emergency services remained at the scene on Thursday and were working to manage the incident.Tata Steel UK meanwhile said that all personnel were evacuated safely from the affected area. It added that the incident was not related to the safe and successful demolition of the empty, redundant gas holder earlier yesterday evening. The Mid and West Wales Fire Service attended the site while emergency services worked with local teams to completely extinguish the fire, the company further said.The 3.2 million tonne facility is transitioning to an electric arc furnace with an investment of £1.25 billion, with the help of aid from the local government. It is expected to be commissioned by the end of 2027. Tata Steel has completed major demolition work of the blast furnaces for the transition, and is currently working on fabrication and delivery of equipment.Also read: Tata Steel eyes 9% India sales growth this fiscalIn October 2024, Tata Steel ceased iron making operations at its Port Talbot site and temporarily paused steel manufacturing, pending the construction of a 3.2 MTPA electric arc furnace. What this means for Tata Steel share priceICICI Direct highlighted that the fire has reportedly been contained, although the extent of the operational impact is yet to be assessed. “While the incident is sentimentally negative, the UK operations contribute a relatively small share to Tata Steel's overall business, and hence the impact on the company's overall performance is expected to be limited. We await further clarification from the company regarding any operational disruptions or financial implications arising from the incident,” it added.Tata Steel share priceTata Steel shares tumbled more than 3% to trade at Rs 204 apiece on Friday afternoon. The shares of the company have fallen around 2% in one week and 3% in one month. The stock is however up more than 12% in 2026 so far.In the longer term, Tata Steel shares jumped more than 29% in one year, 87% in three years and over 82% in five years. The company currently has a market capitalisation of more than Rs 2.55 lakh crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Fitness certificate delay leaves 61 schools in Kottayam in limbo

School managements attribute delay to uncertainty over the agency conducting fitness inspections. Official sources say inspections have been completed in 57 schools and issuance of certificates is largely a matter of procedural formalities

UK foreign secretary Yvette Cooper to meet Jaishankar to review ties

Yvette Cooper, who completed a trip to China on Wednesday, travelled to India close on the heels of a visit by UK business and trade secretary Peter Kyle

CBSE says 40,000 students have completed re-evaluation process via portal without issues so far

Candidates may use online payment options including UPI, net banking, credit card and debit card through the designated gateways, it said

IT rally rages on! Infosys, TCS, other stocks jump up to 4% despite overall market weakness

The shares of Indian IT companies including Infosys, TCS and others continued to record sharp gains on Tuesday, pushing the Nifty IT over 3% higher even as the broader Nifty index slipped into the deep red.The Nifty IT index extended gains for the third consecutive session, jumping around 7% during the period to hit a high of 30,785 on Tuesday. Nifty crashed 3% during the same time to trade below 23,250.Infosys shares gained more than 4% to trade at Rs 1,257.90 apiece in the morning trading hours of Tuesday. The heavyweight IT stock has now gained nearly 9% in just three sessions. The shares of Tata Consultancy Services (TCS) meanwhile jumped around 3.5%.Mphasis and LTI Mindtree shares jumped nearly 3% each, while HCL Technologies, Coforge, Tech Mahindra and Persistent Systems shares jumped around 2% each. Wipro shares were trading in the green with marginal gains.What’s driving the rally in IT stocks?The sharp surge in IT stocks comes after a significant decline earlier this year, following the launch of plug-ins for AI startup Anthropic's Claude Cowork agent, which could automate tasks across legal, sales, marketing, and data analysis. "We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks," Bloomberg quoted Jeffrey Favuzza from the equity trading desk at Jefferies.While analysts continue to debate the future of IT companies following fresh AI advancements, investors were quick to analyse the cheap valuations, leading to some pockets of buying. Nuvama, in its note, had highlighted that the IT sector is setting up for a powerful comeback, not a collapse after the brutal AI-driven selloff.“We see no existential threat from Gen-AI,” the brokerage writes, arguing that enterprises will still need a “system integrator” to customise plug-and-play AI and software tools for their highly complex, brownfield technology stacks and to take ownership when “the system fails at 2 am.”The latest round of buying also comes ahead of the Federal Reserve’s policy meeting next month, which would be the first under Chair Kevin Warsh. US President Donald Trump had selected Warsh partly on expectations that he would support lower borrowing costs to stimulate economic growth. However, rising inflation raised questions over the possibility of lowering rates."Indian IT firms are following suit of American companies like Anthropic and OpenAI by taking up contracts and tie-ups which are perceived as promising by investors," said Gaurav Sharma, head of Research, Globe Capital.Arbind Maheswari from BofA Securities told ET Now that the market globally is attracting flow towards only one story, at the front and centre of it is tech and AI. It is hard to pull away from that fact with a near-term vision. “There are people who believe that the whole business model of Indian IT services is put to question by the AI trade. The other side is that IT services companies will evolve and adapt and they have enough cash flow, they have the resilience, and they have shown this in the past where there were threats that seemed existential for the IT services space. This time obviously it is much bigger and it could last longer but I am sure there is enough that these companies have in them both in terms of depth of management and business models that they can evolve to adapt to the new AI world,” he added.Wipro to acquire additional stake in Aggne Global for $28.5 millionWipro announced that it will acquire an additional 20% stake in US-based insurtech company Aggne Global Inc through an all-cash transaction worth $28.5 million. The company said the transaction is expected to be completed by June 5.Earlier this year, the company acquired Mindsprint for $375 million as part of a broader $1 billion transaction with its parent, Olam Group. It also purchased select customer contracts from US-based Alpha Net Consulting LLC and its subsidiaries for $71 million.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Cowboys, Eagles Eye Blockbuster move for $160M Defensive Standout

The Dallas Cowboys and Philadelphia Eagles were among the teams linked to former Cleveland Browns star Myles Garrett before the Los Angeles Rams completed a blockbuster trade. Cleveland received rising pass rusher Jared Verse, a 2027 first-round pick, and additional draft assets. Garrett, whose contract is worth roughly $160 million, is expected to receive a new deal in Los Angeles as the Rams strengthen their championship hopes.

Making of a powerhouse: With Kohli & Bhuvi at heart, how RCB conquered IPL 2026

RCB completed a remarkable transformation by winning back-to-back IPL titles, defeating Gujarat Titans in the 2026 final after years of heartbreak. Rajat Patidar's side dominated the season with 11 wins, powered by a balanced squad rather than relying solely on Virat Kohli. Kohli led the batting with 675 runs, while Patidar, Devdutt Padikkal, Tim David and Krunal Pandya provided strong support.

Can India And US Finally Seal The Deal? US Trade Representatives In Delhi Ahead Of High-Stakes Talks

Last week, US Ambassador Sergio Gor said that India and the United States had completed about 99 per cent of negotiations for an interim agreement.

Mini Mathur, Kabir Khan's daughter graduates, proud mother pens emotional note

Mini Mathur and Kabir Khan celebrated their daughter Sairah's International Baccalaureate diploma graduation. Sairah completed her two-year program with dedication. The family shared joyful moments from the ceremony. Mini expressed pride in Sairah's kindness and compassion. She also thanked Oberoi International School teachers for their support. Separately, Mini commented on actor Kirti Kulhari's remarks about domestic worker wages.

80% of SLBC works completed: Komatireddy

Poll Body Begins Electoral Roll Revision In Manipur, Final List By September

Chief Electoral Officer said all preparatory activities for the revision exercise have been completed

Zepto shares crash 30% in unlisted market despite Sebi nod for IPO. What's cooking?

The unlisted shares of Zepto Limited have fallen nearly 30% over the past month despite the company securing regulatory approval for its IPO, highlighting growing caution among investors amid volatile market conditions.Zepto's shares, which were changing hands at around Rs 52 in the unlisted market a month ago, have dropped to about Rs 40, according to dealers tracking pre-IPO transactions.The decline comes even as the quick commerce startup recently received approval from Sebi to launch its much-awaited public issue. The company had taken the confidential route to file the DRHP but may soon file its papers publicly in June, according to Bloomberg.Analysts said the fall reflects weakness in the unlisted market and a broader reassessment of valuations rather than any company-specific development. The company is being valued at around Rs 38,000 crore in the dealer market.Several companies that had planned public offerings this year have either delayed listings or adopted a wait-and-watch approach because of volatility in equity markets, geopolitical tensions and uncertainty around investor demand.The benchmark Nifty has remained under pressure for much of 2026, while foreign institutional investors have continued to remain cautious on Indian equities amid concerns over crude oil prices, global growth and the earnings outlook.The weakness in the secondary market for pre-IPO shares has also affected several startup names, with investors becoming more selective on valuations after a strong rally in the segment over the past two years.Zepto is preparing for a public market debut that could raise around $1.3 billion, or roughly Rs 11,000-12,000 crore, making it one of the largest internet IPOs since the listing of Swiggy.If the issue proceeds as planned, Zepto could become the youngest venture-backed Indian startup to enter public markets, just four years after its founding.The proposed offering is expected to comprise a substantial fresh issue of around Rs 11,000 crore along with an offer-for-sale component by existing investors.The IPO assumes significance because it comes amid intensifying competition in India's fast-growing quick commerce sector.Zepto competes with Blinkit, owned by Eternal, as well as Swiggy Instamart, Flipkart Minutes and Amazon Now.The listing is also expected to strengthen the company's balance sheet at a time when the quick commerce industry continues to spend aggressively on expansion, dark stores and customer acquisition.As of late last year, Zepto had around Rs 7,000 crore in cash, significantly lower than the roughly Rs 17,000-18,000 crore cash reserves reported by listed rivals Eternal and Swiggy.The company raised $450 million in October last year at a valuation of $7 billion. Following the fundraise, it accelerated customer acquisition efforts through higher discounts and promotional campaigns as competition intensified across major cities.Zepto had also completed its domicile shift from Singapore to India, a move increasingly adopted by venture-backed startups preparing for domestic listings.The company has appointed a consortium of investment bankers including Morgan Stanley, HSBC, Goldman Sachs, Axis Capital, JM Financial, IIFL Securities and Motilal Oswal Financial Services to manage the public issue. The IPO is expected to hit the market in the July-September quarter of 2026.While the recent decline in the unlisted share price may reflect near-term market caution, investors will closely watch the final valuation and broader market conditions when Zepto eventually launches what is expected to be one of the year's most closely watched public offerings.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

West Bengal CM Suvendu Adhikari launches cervical cancer vaccination drive for over 7.5 lakh girls aged 14 years

Under the campaign, girls who have completed 14 years of age but are yet to turn 15 will receive a single dose of the quadrivalent Gardasil-4 vaccine free of cost

Kerala start-up unveils first AI system-on-chip

The chip has successfully completed silicon bring-up, a critical stage of laboratory testing, and is being readied for commercial production, says the company

Karnataka duo scales Mt. Everest, cautions against climbing without adequate training

Though their summit was completed in 46 days, the preparation for it began years ago

JP Power shares surge 28% in 2 days, Adani Power hits fresh 52-week high amid optimism around stake acquisition

Shares of Jaiprakash Power Ventures (JP Power) jumped another 7% on Friday, extending gains to a whopping 28% over just two sessions, while Adani Power shares hit a fresh 52-week high amid optimism over the latter's stake acquisition in the former.Shares of JP Power rose to Rs 24.50 apiece on Friday morning. The stock has rallied nearly 31% so far this week. Trading volumes continue to remain high, as more than 24 crore shares worth Rs 572 crore were traded on NSE in just 15 minutes from opening.Adani Power shares, meanwhile, gained more than 2% to hit a fresh 52-week high of Rs 254 apiece on Friday. The stock has jumped more than 69% so far in 2026 and 128% in one year as soaring temperatures across India hiked hopes for higher power demand.Last week, Adani Power said it has signed definitive agreements with Jaiprakash Associates (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) along with the 180 MW Churk thermal power plant in Uttar Pradesh under the NCLT-approved resolution plan for JAL.The Adani Group company said it entered into a share purchase agreement to acquire JAL’s 24% stake in JPVL for around Rs 2,994 crore. Additionally, it has signed a business transfer agreement to acquire the Churk thermal power plant and associated assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Limited, for Rs 1,200 crore.Adani Power's acquisitions will strengthen its generation portfolio and expand its footprint in the thermal power sector, the company said. It added that they will be completed through cash consideration and are expected to close on the “Effective Date” under the approved resolution plan, which is scheduled to occur within 90 days from the NCLT approval granted on March 17, 2026.The Adani Group last Thursday paid around Rs 6,000 crore to lenders of debt-ridden Jaiprakash Associates as the first tranche of its Rs 14,535 crore resolution plan, marking a key milestone in one of the longest-running insolvency cases. "The fund transfer happened on Thursday. This was a big day for lenders because they will receive a large amount after such a long delay," a person aware of the development told The Economic Times.The insolvency proceedings involving Jaiprakash Associates have been underway for a few years, after the company formally entered the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises' resolution plan on March 17 this year.Also read: Legacy of Jaiprakash Associates will be carried forward under Adani, says Jaiprakash Gaur(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Anthropic eclipses OpenAI with valuation of $965 billion

Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time.The funding, announced Thursday, was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital. Each of the lead investors put in more than $2 billion, according to people familiar with the matter. Sequoia declined to comment. The other three firms did not respond to a request for comment.Alphabet Inc.’s Google contributed several billion dollars to the round as part of a previously announced commitment to invest up to $40 billion in Anthropic over time, according to people familiar with the matter. Amazon.com Inc. invested $5 billion in the round, also as part of a prior commitment, Anthropic said in a blog post.Google declined to comment. Micron Technology Inc., Samsung Electronics Co. and SK Hynix Inc. also contributed an undisclosed amount, helping to push the round well above Anthropic’s initial $30 billion target.The large round came together in a matter of weeks, a sign of strong investor demand for the Claude maker. In late April, Anthropic had been weighing whether to pursue new financing at a more than $900 billion valuation after receiving several inbound proposals, Bloomberg News has reported. The artificial intelligence startup then kicked off advanced discussions earlier this month.Founded in 2021 by a group of former OpenAI employees, Anthropic has since emerged as a leader in the AI sector. Anthropic has developed a series of AI tools aimed at overhauling the way businesses handle tasks from coding to cybersecurity. Anthropic and OpenAI are both expected to go public as soon as this fall, Bloomberg News has reported. Anthropic is still expected to proceed with an IPO on that timeline after the latest funding, one person said.Anthropic declined to comment.Anthropic expects to post $10.9 billion in revenue for the second quarter, more than doubling from the prior three-month period as demand surges for its AI software, Bloomberg News has reported. The company is also on pace for its first profitable quarter.The company has told investors that its annualized run rate revenue will surpass $50 billion by the end of next month, people familiar with the matter said. Anthropic’s run rate, a metric that projects full-year revenue based on sales from a shorter period, was $4 billion in July of last year.OpenAI was most recently valued at $852 billion in a funding round completed in March. The company is expected to confidentially file draft paperwork to go public in the coming days or weeks.