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ED summoned Zepto founders under FEMA ahead of IPO: Here’s what the updated DRHP reveals

Quick commerce platform Zepto revealed in its updated draft red herring prospectus (DRHP) on Monday that the Enforcement Directorate (ED) had summoned its founders Aadit Palicha and Kaivalya Vohra in relation to the Foreign Exchange Management Act (FEMA) in April 2026.In its updated DRHP filed with SEBI for a $1 billion (Rs 9,500 crore) initial public offering, Zepto said that Palicha and Vohra were required to produce some documents with regard to foreign investments, audited balance sheets for the financial year 2020-21, shareholding patterns, details on loans and guarantees, income tax returns and bank accounts, along with other information.Complying with the summons, Vohra appeared before the ED on April 17 and April 22. Palicha appeared before the authority on April 20 and May 15 this year. "As on the date of this Updated Draft Red Herring Prospectus – I, they have provided relevant information and documents as requested by ED pursuant to the Summons, as well as follow-on information requested by the ED further to their interactions, including certain details in relation to our holding structure, the Scheme, and additional information in relation to our business such as business agreements and invoices," Zepto said.The quick commerce company said it has not yet received any further communication from ED. It assured that there will not be future inquiries or that these could escalate to investigations, legal proceedings or any possible penalties.Zepto IPOThe much-awaited IPO of Zepto will comprise a fresh issue of shares worth Rs 8,010 crore and an offer-for-sale (OFS) of nearly 11.35 crore shares by existing shareholders, according to the updated prospectus. The five-year-old company had filed its IPO papers confidentially with market regulator SEBI back in December 2025 and received the regulator's approval in May this year.Zepto is aiming to debut on stock markets in July, people familiar with the matter told The Economic Times. This would make the firm the third quick commerce player on Dalal Street, along with Blinkit parent Eternal and Instamart parent Swiggy.Also Read | Zepto files updated papers for Rs 9,500 crore IPO; aims July listingZepto earnings snapshotZepto reported a 75% year-on-year (YoY) jump in consolidated revenue for the fourth quarter of FY26 to Rs 7,498 crore, according to its updated DRHP. The Bengaluru-based company also narrowed its net loss to Rs 1,539 crore during the January-March quarter from Rs 1,832 crore a year earlier, the filing showed.Zepto processed 210 million orders during the quarter, i.e. over 2 million orders a day. It ended March 2026 with 1,139 dark stores, up from 1,029 a year earlier. Orders per store per day rose to 2,140 from 1,425 in the year-ago period, indicating higher throughput across its network.Also Read | Zepto Q4 revenue up 75% at Rs 7,498 crore, narrows loss to Rs 1,538 crore(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

US, Israel can't hide their differences on Iran

No wonder Donald Trump swore at his supposed friend and ally Benjamin Netanyahu last week. Within days of that June 1 phone call, Israel and Iran were back on track for the kind of military escalation that can no longer be explained away as a ceasefire breach, presenting a potentially fatal threat to the US president’s attempts to end the war.The cause of their dispute is, on the surface, simple. Israel says the April ceasefire between Tehran and Washington did not cover Lebanon, and that its troops would therefore go on fighting Hezbollah so long as the Shiite group posed a security threat to Israeli’s northern border communities. Iran says the deal did cover Lebanon, which is just another front in the same war — and of course it is.It’s precisely because it sees Hezbollah as a tool of Iran’s Islamic Revolutionary Guard Corps that Israel wanted the war in the first place. Israelis correctly blamed the IRGC for having orchestrated an entire proxy network of militias — from the Houthis in Yemen, to Hamas in Gaza, to Hezbollah in Lebanon — against the world’s only Jewish state. That Iranian strategy contributed directly to the atrocities of Oct. 7, 2023.Also Read: US Army Apache helicopter crashes near Strait of Hormuz, says reportOnly such an Iran-controlled or -inspired network can explain why Hezbollah opened a second front against the Israelis on Oct. 8 of that year, long before it could be described as a response to Israeli military excesses against Palestinian civilians in Gaza. Likewise that Hezbollah would join in the fight again when the US and Israel attacked Iran, in February. And it’s why the Houthis chose this weekend to lob a missile at Israel and announce they were closing the Bab al-Mandeb Strait to Israeli shipping.These last Houthi gestures were largely symbolic. Yet the collective message Tehran seeks to deliver is clear; it is that reports of the death of its so-called Axis of Resistance have been greatly exaggerated. The latest bout of escalation has notably been directed at Israel alone, serving to drive a wedge between it and the US, as it exposed the point at which their interests divide.Tehran on Monday appeared to want to draw a line under spiraling tit-for-tat air and missile strikes, saying it would refrain from further attacks — so long as Israel doesn’t bomb Hezbollah’s strongholds in Beirut. Netanyahu now faces a painful dilemma: Should he obey Trump by limiting his campaign against Hezbollah in the face of Iranian threats, thus granting them a level of impunity and deterrent power? Or should he ignore Trump and unleash the Israel Defense Forces on the Lebanese capital?Also Read: US carriers spent $6. 5B on fuel in April; global profit forecast is cut nearly in halfTehran’s new leaders understand this. No doubt they see it as a win-win for themselves. They know, too, that Hezbollah has recovered some of the military utility it had lost before the war after acquiring remote-controlled first-person view drones that the IDF seem ill-prepared to counter.This would present a genuine predicament to any Israeli government, because popular support for “finishing the job” in Lebanon is high. Netanyahu faces anger from across the political spectrum over his apparent submission of Israeli security interests to American ones.But this isn’t any Israeli government. Not every Israeli leader would have overseen a decades-long security policy that prioritized the suppression of the Palestinian Authority over Hamas, allowing the terrorist group to succeed beyond its wildest dreams on Oct. 7. Nor would every Israeli leader have refused to draw up a political strategy to accompany the use of force that followed in Gaza, the West Bank, and Lebanon — despite being coerced by Trump into recent talks with its central government.As the former Israeli Prime Minister Ehud Barak put it in an article for the liberal Haaretz newspaper on Monday, the story being sold to Israelis — that the IDF could eradicate Hezbollah once and for all if only its hands weren’t tied — is “a dangerous illusion.” The history of previous, painful failed incursions into Lebanon says as much.Nor would every Israeli leader have misled Trump into believing (against the advice of the US military and intelligence community) that assassinating Iran’s supreme leader would swiftly precipitate a collapse of the Islamic Republic as a whole. Nor might they have allowed their country to become quite as diplomatically isolated as it has.It is these strategic failures, amid undoubted military success, that have left Israel with few good options. Netanyahu can hope for a rapid collapse of the regime in Tehran to resolve his dilemma, but that’s unlikely. Alternatively, he can try to persuade the US to join in a long-term mow-the-lawn policy to keep Iran weak, amounting to a forever war. This, too, seems unlikely — or at least not in the interests of the US, its Gulf allies or the global economy.Failing one of these minor miracles, the risk of Israel being forced to accept a peace deal that leaves an enraged and emboldened Islamic Republic in place is real. No doubt Netanyahu, like Trump, believed in February that a short, victorious Iranian war might salvage his dimming political prospects, ahead of the Israeli elections due by October. That was a bad bet.

US lawmakers cheer as court blocks $100K H-1B fee

A chorus of US lawmakers from across the political spectrum has come out in support of a federal court order dismantling a proposed USD 100,000 H-1B visa application fee, even as the White House prepares to challenge the judicial setback in the appeals court. Breaking ranks with the executive branch, several Republican lawmakers backed the decision by shifting the spotlight away from the information technology sector, which heavily utilises this visa category, and focusing instead on how the massive financial penalty would cripple healthcare systems and educational institutions in remote regions. These conservative representatives pointed out that employers in rural areas depend heavily on international professionals to fill severe staffing voids. Stressing the severe local impact, Republican Senator Lisa Murkowski from Alaska emphasised that the issue transcended partisan politics in her state. She pointed out that the judicial intervention arrived at a pivotal juncture as academic institutions actively finalise their faculty rosters for the upcoming school term. Senator Murkowski stated, "Many school districts in rural and remote parts of the state rely on the H-1B visa programme to bring quality teachers to their communities." Unmoved by the legislative backlash, the White House strongly dug in its heels to defend the executive measure and signalled immediate plans to get the ruling overturned. White House spokesperson Taylor Rogers argued, "The H-1B programme has been abused for decades, and President Trump finally took action to fix it." Expressing absolute confidence in a legal reversal, Rogers added, "A federal judge in Washington already upheld a nearly identical order, and the administration is confident this order will be reversed on appeal." Conversely, the political opposition welcomed the court's intervention as necessary relief for critical public infrastructure. Democratic Congressman Don Beyer praised the judgment, warning that the steep executive fee would have slammed healthcare facilities already pushed to the brink by severe personnel deficits with unsustainable operational costs. Echoing this sentiment from across the aisle, Republican Congressman Mike Lawler also threw his weight behind the judicial freeze. He highlighted his own ongoing, cross-party legislative efforts to shield medical personnel from the financial burden. Congressman Lawler noted, "I have been working to exempt healthcare workers from this fee that only exacerbates the current staffing shortages in healthcare. That's why I introduced the bipartisan H-1Bs for Physicians and the Healthcare Workforce Act. While we continue to push this legislation through Congress, this ruling is welcome news." Further criticising the administration's economic logic, Congressman Sanford D. Bishop Jr. cautioned that the premium pricing would effectively slam the door on global talent, hurting domestic growth. Congressman Bishop argued, "The USD 100,000 fee for employers' H-1B applications would have discouraged the best and the brightest from coming to America and helping our economy grow and innovate." The legal architects behind the successful lawsuit also celebrated the verdict. Leading the state-level resistance, California Attorney General Rob Bonta remarked that the executive fiscal policy directly undermined the nation's capacity to import specialised professionals for sectors struggling with systemic labour deficits. Bonta stated, "This tax was an attack on America's ability to attract and retain the high-skilled talent that strengthens our economy and helps us meet critical workforce needs." Validating the multi-state legal push, New Jersey Attorney General Jennifer Davenport expressed an identical view, noting that the judiciary clearly agreed that the executive branch had completely overreached its mandate by attempting to levy the financial requirement on H-1B petitioners. However, the Republican consensus on the matter remained fractured. Voices from the conservative wing, like Arizona Congressman Eli Crane, explicitly denounced the ruling. Crane, who has been aggressively pushing for restrictive immigration overhauls, bypassed the judicial roadblock to call for a definitive legislative remedy. Congressman Crane stated, "Although an activist judge blocked President Trump's reforms to the H-1B program, Congress can fix it without judicial obstruction. Urge your representative to cosponsor the End H-1B Visa Abuse Act of 2026, which halts and significantly reforms this broken system." This highly publicised judicial verdict represents a major blow to the Trump administration's broader strategy aimed at restricting employment-driven immigration channels and creating steep hurdles for US employers trying to onboard international professionals. The development has triggered significant interest in India, given that the H-1B framework serves as a vital pipeline for the Indian workforce to access lucrative professional opportunities in the US. The non-immigrant work permit enables US corporations to recruit overseas experts with niche expertise across highly technical fields, including technology, engineering, healthcare, and finance. Because of India's robust talent pool in these specialised industries, Indian citizens systematically secure the lion's share of the total H-1B allocations distributed on an annual basis, making any disruption to the fee structure a critical economic talking point for New Delhi. Structurally, the H-1B visa has long solidified its status as an essential foundation for the American guest-worker immigration model. Under the statutory guidelines, the US government caps the yearly allocation at 65,000 standard permits, while reserving an extra 20,000 slots specifically for candidates who have earned advanced graduate degrees from US institutions. Data provided by immigration advocacy group FWD.us reveals the massive scale of this demographic, noting that approximately 730,000 H-1B visa holders reside across the US, living alongside an estimated 550,000 dependents, which includes their spouses and children.

Commercial LPG crunch disrupts rail catering, IRCTC uses induction stoves

To maintain catering services across 1,400 trains serving around 1.7 million meals daily, the railway catering arm has begun preparing food inside Linke Hofmann Busch (LHB) pantry cars using electricity.

Odisha cabinet approves two tourism schemes with total outlay of ₹2,000 cr

Odisha cabinet approves two tourism schemes with total outlay of ₹2,000 cr

Ex-Bombay HC Judge Receives Death Threats Over Dawoodi Bohra Verdict; Daughter Attacked In London

Aditi Patel, who lives in London, received an anonymous letter on June 5 threatening the "cremation" of her family unless Justice Patel publicly retracted his April 2024 judgment.

Kospi surges 5% after 15% rout in three days. What’s fuelling 2026’s top mkt?

South Korean technology stocks staged a strong rebound on Tuesday, mirroring gains on Wall Street, as investors returned to artificial intelligence-related counters following a steep three-day selloff that dragged the KOSPI down more than 15% during the period.Semiconductor heavyweights led the recovery. SK Hynix rose 8%, Samsung Electronics gained 4%, while Seoul Semiconductor surged more than 14%. At the day’s high, Kospi rose 5% to 7,848 or 364 points higher. The rebound followed a positive session in the United States, where chipmakers helped lift broader markets. The S&P 500 advanced 0.3% on Monday, while the technology-focused Nasdaq Composite climbed 0.86%, recovering some of the losses suffered during last week's sharp decline in technology stocks.Investor sentiment also received support from growing excitement around a potential new wave of high-profile AI-related listings. OpenAI recently disclosed that it had confidentially filed for an initial public offering, following a similar step by Anthropic. The development comes just days before SpaceX shares are expected to start trading.The recovery follows a brutal session for South Korean equities on Monday, when the benchmark KOSPI slumped 9% as investors abruptly pulled back from the market's AI-driven rally. The decline highlighted the extent to which the index had become reliant on a small number of semiconductor companies.The benchmark index is now roughly 12.7% below the record high it reached last week. Semiconductor giants bore the brunt of the selloff, with Samsung Electronics dropping more than 6% and SK Hynix falling over 4% on Monday.As investors rushed to book profits, concerns over market concentration became increasingly evident. Much of the KOSPI's rally had been fuelled by a handful of AI-linked stocks, leaving the broader market exposed to a shift in investor sentiment.Samsung Electronics and SK Hynix together account for nearly half of the KOSPI's total weighting and have generated around two-thirds of the benchmark's gains so far this year. Even after the recent correction, the two stocks remain higher by 138% and 196%, respectively, on a year-to-date basis.Despite the sharp pullback, the KOSPI remains the world's top-performing stock indexe in 2026. Driven largely by the surge in semiconductor shares linked to the artificial intelligence boom, the index is still up an impressive 79% this year.Demand for AI infrastructure has accelerated dramatically over the past year as technology companies around the world race to develop advanced AI models and expand computing capacity. That trend has sparked strong demand for high-bandwidth memory chips, prompting investors to pour money into South Korean chipmakers that occupy a critical position in the global AI supply chain.Sensex, Nifty today: Catch all the LIVE stock market action here(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Stokes’s England captaincy under serious threat after nightclub incident

Ben Stokes’s England captaincy is under threat after he and Gus Atkinson allegedly broke a team curfew and became involved in a nightclub altercation following the win over New Zealand. The ECB is investigating, though sources say the players “were not the aggressors.” A security guard was injured, Stokes may miss the next Test, and Harry Brook is expected to captain.

School Software To Metals Consultancy: Probe Questions Rs 2.78 Crore Paid To Veena Vijayan's Firm

Investigators questioned how the company came to be engaged as an IT and marketing consultant for a mineral sands manufacturer.

OpenAI IPO: ChatGPT maker files paperwork, set to hit Wall Street soon

AI giant OpenAI has confidentially filed paperwork for an initial public offering (IPO) with the SEC, signaling a potential Wall Street debut. While details remain undisclosed, the move aligns with a wave of anticipated tech listings, offering investors a chance to buy into leading AI firms.

Mid and smallcaps get the money as Nifty lags

The Advance-Decline Ratio (ADR), a widely watched indicator of overall market health, was above one for May, pointing to growing investor confidence in mid and small-cap stocks despite weakness in the headline index.The monthly average ADR reading of all BSE stocks continued to remain strong as the ratio remained above one for two consecutive months. In May, the ratio was at 1.06 while the reading was at 1.5 in April, the highest since June 2020 in nearly six years. In June, the ratio has advanced to 0.86 as of Monday."The domestic investors continued to pump money into equities and midcaps typically attract retailers," said Jay Vora, technical analyst, Mirae Asset Sharekhan. "The large-caps however, bore the brunt of the foreign sell off," he said.The Nifty Midcap 100 index hit a record high in May and jumped 3.2% during the month, while the Nifty Smallcap 100 index rose 0.7%. The benchmarks Nifty and Sensex fell 2% and 2.8% respectively."Benchmark Nifty and the smallcap index remained 8-9% away from their peaks in May, while the midcap index scaled a fresh new high in the month," said Nilesh Jain, VP-head of Technical and Derivative Research, Centrum Finverse."This led to the divergence between the advance-decline ratio and benchmark Nifty," Jain said. 131599534Jain added that the smallcaps had slumped 24% from peaks but recovered almost 20% signaling that the rebound could sustain.An advancing Advance-Decline Ratio means more stocks are gaining and points to a strengthening market. While benchmark Nifty is likely to remain in a range, the broader market is expected to relatively outperform."The midcap index is holding above its breakout levels in May, and the momentum seems to be picking up in the smallcap index as well," said Vipin Kumar, AVP Equity Research & PMS (Derivatives & Technical Analyst), Globe Capital Market. For the Nifty Midcap 100, gains could extend to 63,500 levels while the Smallcap 100 index is expected to test its record high around 19,600 in June, he said."The midcaps and smallcaps are likely to outperform while the Nifty is anticipated to remain in a range with a negative bias," said Jain. "The largecaps are not looking promising currently and are likely to remain under pressure," he said.

MSCI confirms early index inclusion rules ahead of SpaceX IPO

Index provider MSCI confirmed on Monday it will apply existing rules for early inclusion of large IPOs in its Global Standard Indexes, likely clearing the way for SpaceX to join, which will fuel demand from passively managed investment funds. Investment funds with trillions of dollars in assets track MSCI's indexes, and they ‌would have ⁠to buy ⁠shares of SpaceX if it is added to those benchmarks, adding to demand from funds tracking the Nasdaq 100 and FTSE Russell indexes. SpaceX is raising $75 billion and targeting a $1.75 trillion valuation that would place it among the top 10 most valuable U.S.-listed firms, even as only around 7% of its listed shares will be freely tradeable at launch on June ⁠12. The rocket ‌maker led by Elon Musk is expected to easily clear MSCI's size and free-float thresholds for early inclusion in its ⁠indexes. MSCI's decision contrasts with S&P Global, which last week shut out SpaceX from quick inclusion in the S&P 500 index after deciding it would not change its criteria, including a rule that a company must be profitable. SpaceX posted a net loss of $4.94 billion in 2025, even as revenue rose 33% to $18.67 billion. The final IPO price is due to be set on June 11, ‌with trading on Nasdaq starting the next day, which would put SpaceX on track to join MSCI's indexes 10 trading days later, according to MSCI. Passively managed funds ⁠tracking MSCI indexes had around $5.79 trillion in assets, according to an MSCI blogpost published in February. Nasdaq has already made changes that will make it easier for SpaceX, Anthropic and other newly listed megacaps to join its Nasdaq 100 index. SpaceX is set to be eligible for inclusion in both the Russell U.S. Equity Indexes and the FTSE Global Equity Index Series under the newly announced fast-entry rules from the index provider FTSE Russell.

Asian stocks rebound on Iran optimism, AI trade

Asian stocks rebounded from their biggest drop since March as tensions in the Middle East eased and a selloff in artificial intelligence shares abated.The Kospi Index, the world’s best-performing gauge this year on the back of AI trade, gained 4.4% and the Nikkei rose 0.9%. That sent the broader MSCI Asia Pacific Index higher by 0.9%, following three days of losses spurred by factors including bets for an interest-rate hike by the Federal Reserve.Advances in Asia came after Wall Street gauges recovered, with chipmakers such as Nvidia Corp. and Micron Technology Inc. climbing. Intel Corp. shares rose the most in a month after the Information reported that Alphabet Inc.’s Google will use it to make chips.Brent crude traded steady at around $94.40 per barrel. The commodity pared much of its advance in the previous session as Iran and Israel pledged to ease strikes that threatened the peace talks in the Middle East.131599215After a brief interruption to the rally that propelled stocks to record highs, investors returned to risk assets during the New York session, signaling confidence that the bull market remains intact. The recovery was aided by easing geopolitical concerns and renewed demand for AI shares after last week’s steep decline.“Markets rarely move in a straight line at the pace seen since the March lows,” according to Morgan Stanley’s Mike Wilson, who maintained his constructive outlook, supported by earnings and strong economic data. “A correction was inevitable and ultimately healthy if this bull market is going to extend into year-end.” Meanwhile, Iran and Israel agreed to ease strikes against each other after a flare-up in violence threatened to derail peace negotiations and led President Donald Trump to appeal for de-escalation.Attention remains focused on whether energy flows will resume meaningfully via the Strait of Hormuz. A trickle of commercial shipping returned to the waterway over the weekend, even as the risks prompted some vessels to travel with their digital transponders switched off.Oil prices and their impact on inflation are key factors traders are watching after Friday’s blowout payrolls report reinforced bets on a rate hike. The May consumer price index due Wednesday is expected to jump by 4.2% from a year earlier — the highest rate in more than three years. But the core CPI is seen cooling slightly on a monthly basis — potentially providing a welcome signal to Fed officials. Meantime, Citigroup Inc. strategists led by Scott Chronert raised their year-end target for the S&P 500 after a “big step up” in earnings expectations.“We do not expect investors to lose confidence in the AI outlook,” said Mark Haefele at UBS Global Wealth Management. “Although tech stocks have come under pressure in recent days amid concerns about whether expectations can be met, business fundamentals remain strong.”Not everyone was as bullish. Investors should exercise caution regarding US stocks as an increasing number of “bear market signposts” point to an approaching top, according to Bank of America Securities.There are “too many red flags,” strategists led by Savita Subramanian wrote in a note dated June 5. “Take profits,” they said.

UP Man Accuses Wife Of Killing 7-Month-Old Son Over Affair: Cops

Police said investigation into the matter is underway based on the father's complaint. (Representational)

Yamal, Endrick, Guler: The young guns ready to storm FIFA World Cup 2026

The 2026 FIFA World Cup will have 48 nations, 104 matches and a thousand storylines, but nothing like the arrival of a new generation of players announcing themselves on the world's biggest stage. These are the players who watched the 2022 Qatar finals as schoolboys and are now walking into dressing rooms alongside Messi, Ronaldo and Mbappé. The expanded format means more room for young talent to showcase their game. Here are 10 under-21 players stepping onto the World Cup stage for the very first time.

US stocks: S&P 500, Nasdaq end up as tech, chipmakers rebound

U.S. stocks ended mostly higher on Monday, led by gains in the Nasdaq and chipmakers as investors sought bargains after Friday's sharp selloff and were relieved after Iran and Israel said they had halted attacks on each other. The halt came after an appeal from U.S. President Donald Trump that they immediately "stop shooting." The attacks over 24 hours were the most ‌direct confrontation between ⁠Iran and ⁠Israel since an April ceasefire in the war. The Dow ended lower and stocks overall closed off the highs of the day. Apple shares eased late in the session even as the company unveiled a series of AI upgrades to Siri. The S&P 500 technology sector and Philadelphia SE Semiconductor Index advanced, rebounding from Friday's losses that wiped out $1 trillion in market value for U.S.-listed chipmakers. Intel shares also jumped after news website the Information reported that Alphabet's Google had placed an order to manufacture more than 3 million tensor processing units in 2028. "Today looks like a day where investors are doing a little bit of bargain hunting ⁠off the ‌big tech selloff," said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. "What normally happens after that is you get analysts coming in and reiterating buys." He added: "This market has ⁠been priced for quite a while for perfection, and these are certainly imperfect times. In that environment, you are going to see some back-and-forth, and some fear of prices having gone too far." Stocks sold off late last week after hitting a series of record highs recently. Underwhelming results from chipmaker Broadcom last week had raised concerns that the chip sector was growing too fast, while much stronger than expected jobs data for May contributed to Friday's rout, as traders priced in interest rate increases this year. According to preliminary data, the S&P 500 gained 22.07 points, or 0.30%, to end at 7,405.81 points, while the Nasdaq Composite gained 222.13 points, or 0.86%, ‌to 25,931.56. The Dow Jones Industrial Average fell 75.61 points, or 0.15%, to 50,791.17.Also Read | US stocks: Alphabet taps Intel to make three million in-house chips: Report Apple announced the Siri revamp at its annual Worldwide Developers Conference at its Cupertino, California, headquarters. Investors may be having a "sell-on-the-news" response, said Bruce Zaro, managing director at Granite Wealth Management in Plymouth, Massachusetts. "Perception has ⁠been for quite some time that Apple had been behind the curve as far as their AI offerings. That's why the stock widely underperformed many of the other big techs for some time until recently," he said. SpaceX's initial public offering on Friday could also prove a major test for U.S. stock markets, with investors wary of possible overexuberance. Other big tech advancers included Marvell Technology, which jumped as the chipmaker was set to join the benchmark S&P 500 before the start of trading on June 22. Eli Lilly gained after the drugmaker's trial results showed its next-generation obesity drug, retatrutide, curbed sleep apnea severity in addition to boosting weight loss and helping knee pain.

Grasim to invest Rs 3k cr in Lyocell Plant

Mumbai: Grasim Industries has approved a plan to spend ₹3,094 crore on the second phase of its Lyocell plant at Harihar in Karnataka.The first phase of this plant will have a capacity of 55,000 tonnes each year, while the second will add another 110,000 tonnes capacity.The under-construction first phase is set to be commissioned by mid-2027. The second phase will have two lines, with the first line set to be commissioned in 2028 and the second in 2030. "This investment...marks another significant step in Grasim's strategic expansion of advanced fibre capabilities, catering to the growing global demand for sustainable and high-performance textile materials," Kumar Mangalam Birla, the chairman of the Aditya Birla Group, said."This fresh expansion will catapult Grasim's overall Cellulosic Fibres capacity beyond 1 million tonnes per annum, reinforcing its position as a global leader in sustainable man-made Cellulosic Fibres."Lyocell, a semi-synthetic fibre, is used across apparel, home textiles and technical textile applications. Grasim already produces Lyocell at one of its plants in Gujarat. The completion of both the phases at its plant in Harihar in Karnataka will make it one of the largest producers of Lyocell globally, with a capacity of 210,000 tonnes per annum.

RBI moves Madras High Court against order to transfer Swami Satyananda’s money to Italy

Chief Justice Sushrut Arvind Dharmadhikari and Justice G. Arul Murugan entertain the appeal and stay the single judge’s order

'Industrial parks scheme to help get investments'

EU Delegation Arrives In Assam for 2-Day Visit To Boost Ties

The delegation will also visit India's first-ever semiconductor plant