New Delhi, July 21 (IANS) Senior IAS officer Sanjay Kaul on Monday took over as the Managing Director and Group Chief Executive Officer of GIFT City, India’s first smart city and International Financial Services Centre (IFSC), in Gujarat. He replaces Tapan Ray, a retired IAS officer who led GIFT City since 2019 and played a key role in its growth and development.After assuming charge, Kaul said it was a privilege to lead GIFT City at such an important stage.“It is a privilege to take on the leadership of GIFT City at this pivotal time in its journey toward becoming a globally successful financial and technology hub,” Kaul stated.He added that he looks forward to building on the strong foundation already laid, driving new strategies, and creating global partnerships to make GIFT City a world-class financial and technology hub.“I look forward to building on the strong foundation laid so far, driving strategic initiatives, forging global partnerships, and delivering a world-class city experience that reinforces GIFT City’s status as a project of national importance,” he mentioned.Kaul is a 2001-batch Indian Administrative Service (IAS) officer with over 20 years of experience in public policy, infrastructure, technology, and finance.Before taking up his new role, he served as Joint Secretary in the Ministry of Culture. He has also worked earlier in Gujarat as the Managing Director of Gujarat Informatics Limited and the Tourism Corporation of Gujarat Limited.Kaul, who is originally from Gujarat, holds a degree in electronics and communication engineering from the National Institute of Technology (NIT), Surat, and a degree in public policy from Syracuse University in New York, USA.Meanwhile, last week, the Gujarat government’s General Administration Department (GAD) issued an official notification regarding his appointment on July 15.According to the GAD notification, Kaul’s deputation to GIFT City will be for a period of three years from the date he assumes charge, or until further orders.–IANSpk/na

New Delhi, July 21 (IANS) Venture-backed Indian startups raised over Rs 44,000 crore ($5.3 billion) in FY25 from public markets via initial public offerings (IPOs), follow-on public offerings (FPOs), and qualified institutional placements (QIPs), a report said on Monday.Public markets outpaced private capital for late-stage fundraising, solidifying their role as the dominant source of growth capital, according to Rainmaker Group’s ‘RainGauge Index FY25 Annual Report’.FY25 also marked the first full market cycle for India’s startup listings after a euphoric period for IPOs in 2021–22, sharp corrections in 2023, and rationalisation in 2024.”All of this unfolded with a backdrop of a cyclical economic slowdown in India in FY25, causing a lot of consumer-facing companies to battle margin compression and weak topline momentum, the report said.The fiscal year also saw a secondary exit of over Rs 20,000 crore as private equity/venture capital (PE/VCs) harvested early bets through block deals.“FY25 didn’t just test India’s startup listings, it matured them,” said Kashyap Chanchani, Managing Partner, The Rainmaker Group.The public market has become the preferred playground for India’s breakout companies. We’ve now seen the full arc – the IPO frenzy, the valuation winter, and now a clear re-rating driven by fundamentals, Chanchani said. The financial year also saw some symbolic structural changes.Meanwhile, mutual fund participation surged, with average holdings in RainGauge Index companies, a pool of listed startups prepared by Rainmaker Group, rose from 10 per cent in March 2024 to 14 per cent in March 2025, the report said. Despite the early correction and record FII outflows of over Rs 78,000 crore in the first quarter of FY25, foreign investors returned strongly by Q4, driven by rate-cut expectations and India’s steady macro indicators, the report stated.The Rainmaker Group is one of India’s investment banks focused exclusively on the private markets.–IANS aps/na

Mumbai, July 21 (IANS) Hyderabad-based Dodla Dairy on Monday reported a 3.4 per cent year-on-year (YoY) decline in net profit for the June quarter (Q1 FY26) to Rs 62.8 crore, compared to Rs 65 crore in the same quarter in previous fiscal (Q1 FY25). Similarly, the company’s profit before tax (PBT) came in at Rs 80.98 crore, lower than Rs 92.80 crore in the year-ago period, according to its stock exchange filing.However, revenue for the quarter grew 10 per cent YoY to Rs 1,007 crore, driven by higher sales.Including other income of Rs 0.99 crore, the total comprehensive income for the quarter was Rs 63.87 crore, the company added in its filing.Additionally, operational performance remained weak. The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) fell 22 per cent to Rs 83 crore.Margins also narrowed significantly to 8.2 per cent from 11.5 per cent in the year-ago period — showing a drop of over 300 basis points.Dodla Dairy’s expenses during the quarter included Rs 710.61 crore in raw material costs, Rs 36.72 crore due to changes in inventory, Rs 47.14 crore in employee benefits, Rs 0.69 crore in finance costs, and Rs 17.77 crore for depreciation and amortisation.Other expenses stood at Rs 129.88 crore, as per its regulatory filing.Following the results announcement, shares of Dodla Dairy declined as much as nearly 8 per cent during the intra-day trading session.At last check, the stock was trading Rs 111.3 or 7.68 per cent lower at Rs 1,338.40, as per the official data.Despite today’s fall, the stock has gained 6.72 per cent so far this year.Meanwhile, the Board of Directors also announced the appointment of Rajani Kumar KVVS as Senior Management Personnel (SMP) and Head — Production & Maintenance, effective July 21.–IANSpk/na

New Delhi, July 21 (IANS) The financial services sector in the country recorded 79 transactions valued at $5.6 billion, including initial public offerings (IPO) and qualified institutional placement (QIP) activity, in the April-June period (Q2), a report said on Monday.While overall deal volumes rose by 18 per cent and values saw a modest 5 per cent uptick over Q1 2025, the quarter reflected a measured investment approach amid ongoing global uncertainties and trade tensions, according to the Grant Thornton Bharat ‘Q2 Financial Services Dealtracker’ report.According to the report, excluding public market activity, the sector reported 73 deals valued at $4.5 billion — up 12 per cent in volume but down 10 per cent in value quarter-on-quarter — driven by a sharp 92 per cent decline in domestic deal values in the quarter.”Despite this, high-value activity remained strong, with six deals over $100 million collectively contributing $3.7 billion,” the report stated.The sector accounted for 14 per cent of overall volumes and a commanding 33 per cent of total values this quarter, continuing to play a pivotal role in the deal landscape.“Q2 continued the trend of high deal volumes driven by small-ticket transactions, punctuated by a few notable big-ticket moves, particularly in Indian banking,” said Vishal Agarwal, Partner, Private Equity Group and Deals Tax Advisory Leader, Grant Thornton Bharat.As consolidation deepens across banks and small finance banks, and regulatory clarity improves, we anticipate more M&A and PE activity in this space. Fintech remains the top draw for investors, while wealth and asset management is emerging as a fast-growing asset class, Agarwal added.Meanwhile, Mergers & Acquisitions (M&A) activity saw a slowdown in Q2 2025, with volumes declining 43 per cent and values falling 35 per cent compared to Q1.The quarter recorded 16 deals worth $2.6 billion, with domestic transactions continuing to dominate volumes despite a 35 per cent dip from the previous quarter, the report highlighted.Due in large part to Sumitomo Mitsui Banking Corporation’s $1.5 billion acquisition of a Yes Bank stake, inbound deals accounted for 88 per cent of total M&A value this quarter, the highest percentage since Q2 2024.Private Equity (PE) surged in Q2 2025, recording 57 deals worth USD 1.9 billion—marking the highest quarterly volumes since Q2 2022 and the highest values since Q2 2023, the report said.–IANSaps/na

New Delhi, July 21 (IANS) Meta is taking a big step to make money from WhatsApp by testing new ad features and in its latest Android beta update (version 2.25.21.11), the messaging platform has introduced two new tools – ‘Status Ads’ and ‘Promoted Channels’.These features are now available to select beta users on Android, according to WABetaInfo.Status Ads are similar to the ads you see on Instagram Stories. Business accounts can now post sponsored content that will appear in users’ Status feeds.These ads will show up between updates from friends and family but will have a clear “sponsored” label, so users can easily tell them apart from personal posts.WhatsApp is also giving users control over what they see. If someone doesn’t want to see ads from a particular advertiser, they can block them, and those ads won’t appear again.The second feature, Promoted Channels, will help public channels become more visible in WhatsApp’s channel directory.Just like Status Ads, these promoted channels will be marked as “sponsored”. When a business or creator pays to promote their channel, it will appear higher in search results, making it easier for users to find and follow them.These changes could be very useful for brands, creators, and organisations who want to grow their audience quickly.It also signals WhatsApp’s serious entry into the world of advertising and creator monetisation — something already common on platforms like Instagram and YouTube.Meta has assured that these ads won’t affect users’ privacy. The company says all promotional content will only be shown in public areas like Status and Channels, not in private chats. So, your personal messages will remain ad-free.Earlier, in a previous beta update (2.25.19.15), WhatsApp also started testing a feature that lets users download detailed ad activity reports.These reports show which ads were displayed, who the advertisers were, and when the ads were seen. This adds more transparency compared to traditional ad platforms.–IANSpk/na

New Delhi, July 21 (IANS) A Crisil report on Monday projected India’s gross domestic product (GDP) to grow at 6.5 per cent this fiscal (FY26), supported by improving domestic consumption, among other positive indicators.The Crisil Intelligence’s near-term outlook report suggested US tariff-related global uncertainty as the top risk to India’s growth. “However, growth is expected to be supported by improving domestic consumption driven by an above-normal monsoon, income tax relief and the RBI MPC’s rate cuts,” the report mentioned.GDP growth accelerated to 7.4 per cent on-year in the fourth quarter of last fiscal from 6.4 per cent in the previous quarter. Overall, GDP grew 6.5 per cent last fiscal (FY25).Consumer Price Index (CPI) inflation slid to 2.1 per cent in June, the lowest in 77 months, as food inflation turned negative.“Based on the inflation trajectory, prediction of an above-normal monsoon, and the expectation of soft global oil and commodity prices, we expect CPI inflation to soften to 4 per cent on average this fiscal from 4.6 per cent last fiscal,” the report mentioned.The report expects one more RBI repo rate cut this fiscal, and a pause thereafter.“The MPC cut the rate by 100 bps between February and June 2025. Its change in stance from accommodative to neutral in June highlights the front-loading of rate cuts and the data-dependent approach hereon The 100 bps CRR cut will be implemented in four tranches between September and November 2025,” it mentioned.On fiscal health, the Union Budget has targeted a reduction in the central government’s fiscal deficit to 4.4 per cent of GDP this fiscal from 4.8 per cent last fiscal.”Gross market borrowing is estimated at Rs 14.8 lakh crore for this fiscal, 5.8 per cent higher on-year. The government plans to carry out 54 per cent of the budgeted borrowing in the first half of the fiscal,” said the report.Fiscal deficit stood at 0.8 per cent of this fiscal’s Budget target until May, lower than 3.1 per cent in the corresponding period last fiscal, driven by higher revenue receipts and lower revenue expenditure than last fiscal.The report further stated that it expects the current account deficit (CAD) to average 1.3 per cent of GDP this fiscal, compared with 0.6 per cent last fiscal.–IANSna/

New Delhi, July 21 (IANS) Prime Minister Narendra Modi on Monday described the Monsoon Session of Parliament as a ‘session of celebration’ and referred to the hoisting of the national flag at the International Space Station (ISS) as a moment of immense pride and jubilation for the nation.PM Modi said this while addressing the media ahead of the beginning of the Monsoon Session of Parliament.“India’s flag being hoisted at the International Space Station (ISS) for the first time is a moment of pride for every citizen. There has been a renewed vigour and excitement in the country after India’s successful sojourn in space,” PM Modi said while lauding the Indian astronaut, Subhanshu Shukla’s recent endeavours at the International Space Station.He further said that all Parliamentarians, along with countrymen, are proud of his feat and will continue to glorify it and added this will serve as an inspiration for the country’s future space missions.The Prime Minister also spoke about Operation Sindoor, spotlighting how the Indian forces responded to a dastardly terror attack in Jammu and Kashmir’s Pahalgam and pulverised a series of terror bases and hideouts in Pakistani territory within 22 minutes.“Under Operation Sindoor, the houses of the masters of terrorists were razed to the ground within 22 minutes,” he said.PM Modi emphasised the growing respect for the Indian military’s prowess, in the aftermath of Operation Sindoor and also about the global interest in the ‘Made in India’ arsenal.“Indian military’s prowess built on the foundation of Made in India defence capabilities is drawing the attention of global powers,” he said.Prime Minister further stated that if the Parliament acknowledges and celebrates this victory in one voice, it will strengthen and encourage India’s Armed Forces even further.–IANSmr/dpb

New Delhi, July 21 (IANS) Tech giant Microsoft has issued urgent security patch after observing “active attacks” on server software used by government agencies and businesses to share documents within organisations. According to Microsoft, the vulnerabilities apply only to SharePoint servers used within organisations. SharePoint Online in Microsoft 365, which is in the cloud, was not hit by the attacks, the organisation informed.“Microsoft is aware of active attacks targeting on-premises SharePoint Server customers by exploiting vulnerabilities partially addressed by the July Security Update,” said the tech giant in ints security advisory.The company recommended security updates that customers should apply immediately.The US Federal Bureau of Investigation (FBI) also said it is aware of the attacks and is working closely with its federal and private-sector partners.The vulnerability is related to a case of remote code execution that arises due to the deserialization of untrusted data in on-premise versions of Microsoft SharePoint Server.Microsoft said the current published content is correct and that the previous inconsistency does not impact the company’s guidance for customers.”After applying the latest security updates above or enabling AMSI, it is critical that customers rotate SharePoint server ASP.NET machine keys and restart IIS on all SharePoint servers,” Microsoft said.”If you cannot enable AMSI, you will need to rotate your keys after you install the new security update,” its added.The US Cybersecurity and Infrastructure Security Agency (CISA) has added ‘CVE-2025-53770’ vulnerability to its Known Exploited Vulnerabilities (KEV) catalog, requiring Federal Civilian Executive Branch (FCEB) agencies to apply the fixes by July 21, 2025.“Microsoft has released security updates that fully protect customers using SharePoint Subscription Edition and SharePoint 2019 against the risks posed by CVE-2025-53770, and CVE-2025-53771. Customers should apply these updates immediately to ensure they’re protected,” said the company in its security update.–IANSna/

Mumbai, July 21 (IANS) The Indian equity market opened almost flat on Monday amid mixed cues from global markets, as investors continue to look for some positive news on the interim India-US trade deal.At 9:20 am, Sensex was down 50 points or 0.05 per cent at 81,714 and Nifty was down 17 points or 0.07 per cent at 24,951.Marginal selling was also seen in midcap and smallcap stocks. Nifty midcap 100 index was down 87 points or 0.15 per cent at 59,017 and Nifty smallcap 100 index was down 65 points or 0.36 per cent at 18,892.According to analysts, the single-most important factor which the market will be focusing on in the coming days will be the outcome of the trade talks between the US and India.“If an interim trade deal between the two countries is reached with a tariff rate of less than 20 per cent on India, that would be a positive from the market perspective,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.On the sectoral front, auto, IT, PSU bank, pharma, FMCG, media, energy, infra, consumption and PSE were major losers, while financial services, metal and realty were trading in the green.In the Sensex pack, Axis Bank, Reliance, Infosys, HCL tech, Tech Mahindra, TCS, Sun Pharma, Titan, M&M, HUL, Asian Paints, NTPC, Tata Motors and BEL were losers. Tata Steel, HDFC Bank, ICICI Bank, Eternal, UltraTech Cement, Bajaj Finance and Trent were major gainers.Most Asian markets were trading with gains. Shanghai, HongKong, Seoul, Bangkok and Jakarta were in the green, while Tokyo was trading in the red. US markets closed in mixed zone. Main indices Dow Jones was down 0.32 per cent and Nasdaq was up 0.05 per cent.On the institutional front, foreign institutional investors (FIIs) turned net buyers on July 18 with purchases worth Rs 374.74 crore, while domestic institutional investors (DIIs) continued their tenth session of buying, with net purchases worth Rs 2,103.51 crore.Considering the current environment of elevated volatility and mixed global cues, traders should maintain a cautious sell-on-rise strategy, especially when using leverage, said Mandar Bhojane from Choice Equity Broking Private Limited.—IANSna/

Seoul, July 21 (IANS) Nearly 60 per cent of South Korea’s mid-sized companies have no plans to hire new employees in the second half of the year due to an economic slowdown, a local business lobby group said on Monday.In a recent survey of 800 mid-sized companies, the Federation of Middle Market Enterprises of Korea (FOMEK) found that 56 percent do not plan to hire in the second half, reports Yonhap news agency.Respondents cited worsening business performance, rising labor costs and the economic downturn as the main reasons for not hiring.In South Korea, companies with total assets between 500 billion and 10 trillion won are classified as mid-sized businesses.The remaining 44 percent said they plan to hire in the second half, though some expect to reduce the scale of hiring compared with the first half due to sluggish demand.Companies urged the government to increase financial support for hiring, create a more flexible job market and offer additional tax benefits.”The government needs to come up with solutions to key labor issues such as extending the retirement age, reorganizing ordinary wages and adjusting working hours,” a FOMEK official said.Meanwhile, Seoul shares traded higher on Monday, driven by the strong performance of big-cap tech shares and foreign purchases.The benchmark Korea Composite Stock Price Index (KOSPI) had added 14.29 points, or 0.45 percent, to 3,202.36 as of 11:20 a.m.Foreign investors purchased 427.7 billion won (US$307 million) worth of local shares, while institutions bought 161.4 billion won. Retail investors had dumped 627.3 billion won worth of shares for profit taking.On Friday, Wall Street closed mixed as concerns over the Trump administration’s tariff policies offset the risky appetite brewed by strong U.S. retail sales data.The Dow Jones Industrial Average shed 0.32 percent, and the S&P 500 edged down 0.01 percent, while the tech-heavy Nasdaq composite inched up 0.05 percent.—IANSna/