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BEML shares in focus after licensing deal With DRDO to manufacture advanced combat support vehicles for Army

BEML shares are set to be in focus after the company signed three licensing agreements with DRDO’s VRDE to manufacture key support systems for the Indian Army’s Armoured Corps. The deal includes indigenous production of UMV, URV for the Arjun tank, and a 70-tonne tank trailer, aligning with the Aatmanirbhar Bharat vision for defence self-reliance.

OpenAI's annualised revenue hits $10 billion, up from $5.5 billion in December 2024

The $10 billion figure excludes licensing revenue from OpenAI-backer Microsoft and large one-time deals. This topline print means OpenAI is on track to achieve its revenue target of $12.7 billion in 2025, which it had shared with investors earlier.

Jana Small Finance Bank applies for universal banking licence

Jana Small Finance Bank has applied to the Reserve Bank of India for approval to transition into a universal bank, marking a key step in its growth. Jana SFB has built a strong retail and MSME franchise with a national presence and digital services. The bank is well-positioned for this evolution due to its deposit base and asset quality.

Qualcomm strengthens AI portfolio with $2.4 billion Alphawave deal

Alphawave, which designs and licenses semiconductor technology for data centers, networking and storage, had garnered takeover interest from Qualcomm and SoftBank-owned chip tech provider Arm in early April for its 'serdes' technology. The technology underpins the speed at which data is processed by chips - crucial for AI development - and serves as the foundation for Broadcom's and Marvell Technology's multibillion-dollar bespoke chip businesses.

TReDS platform M1xchange plans IPO in 3-5 years

M1xchange a leading RBI-licensed Trade Receivables Discounting System (TReDS) platform, which is witnessing an 80-90 per cent annual growth in business, is planning to go public in the next 3-5 years.

Russian intelligence says it collects WeChat data: What does that mean?

The disclosure highlights the rising level of concern about Chinese influence in Russia as the two countries deepen their relationship. As Russia has become isolated from the West over its war in Ukraine, it has become increasingly reliant on Chinese money, companies and technology. But it has also faced what the document describes as increased Chinese espionage efforts.

Get 63% discount on old ACs and fans exchange through BSES Yamuna & BSES Rajdhani AC, fan replacement scheme 2025, check details

Residents of Delhi can exchange old ACs and fans for new ones with discounts up to 63%. BSES Yamuna and BSES Rajdhani are offering this scheme. BSES Rajdhani's scheme is valid until July 10, 2026. Consumers can register online or at Consumer Help Desks. Several brands like Voltas, LG, and Godrej are participating. The offer promotes energy-efficient appliances.

RBI rejects Annapurna Finance's application for setting up universal bank

The Reserve Bank of India (RBI) has declined the application of Annapurna Finance Private Limited to establish a universal bank. After assessing the application based on existing guidelines, the RBI deemed Annapurna Finance unsuitable for in-principle approval. The application was submitted under the 'on tap' licensing guidelines for universal banks.

Price wars hurt payment firms; CG Power’s fab play falters

Happy Friday! Payment aggregators are slashing fees to stay in the game. This and more in today’s ETtech Morning Dispatch.

Digital payment firms in a no-win game as margins hit rock bottom

Online payment aggregators (PAs) are locked in a race to the bottom on pricing, each trying to outbid the others to win market share in an increasingly cutthroat sector. The online PA space has seen frenetic activity over the past year, including new licenses issued, major players re-entering growth mode, and a couple of large fundraises.

These large- and mid-cap stocks can give more than 30% return in 1 year, according to analysts

History suggests that recoveries in the markets are led by large-cap stocks. But in the past two years, because a large amount of money has started to flow into mid-cap MF schemes, there have been phases where the rally and recovery have been led by mid-caps. If we go with the assumption that the markets will remain in bullish mode, it would be better to have exposure to stocks from both the mid- and large-cap segments. It also ensures diversification both in terms of market cap as well as sector. Remember: There are a number of sectors that only have mid-cap companies and some of them are doing well.

Quick commerce trade-off; Google still wants engineers

Quick commerce is gaining popularity at the expense of sales in other retail channels. This and more in today’s ETtech Top 5.

'Not available in your region': what is a VPN and how can I use one safely?

A VPN is like a secure tunnel between your device and the internet. When you use a VPN, your internal traffic is scrambled into unreadable data and routed through a remote server, which also masks your real IP address. Think of it like this: instead of sending a postcard with your return address, you send it in an envelope to a trusted friend overseas who mails it on your behalf. To anyone looking at the envelope, it looks like the message came from your friend and not you.

Hydrocarbons found in Brahmaputra’s North Bank, says Oil India CMD

Oil India Limited (OIL) has identified the presence of hydrocarbons in Kobochapori, located on the North Bank of Brahmaputra, and is assessing its commercial viability through further surveys and drilling. OIL is also analyzing seismic data from the entire North bank to explore additional drilling prospects.

Klarna trials debit card in US, plans Europe launch later this year

Klarna in April paused its plans for a US initial public offering for the second time in the last few years as president Donald Trump's sweeping tariffs rattled global markets. The company, which has over 100 million global active users, is currently trialling the debit card in the U.S. before a broader rollout in the US and Europe later this year.

UK threatens to sue Abramovich over use of money from Chelsea sale

Britain is threatening legal action against Roman Abramovich over the frozen £2.5 billion from the Chelsea sale, intended for Ukrainian war victims. The government expresses frustration at the lack of agreement on fund distribution, seeking to ensure the money benefits Ukraine. While negotiations remain open, Britain is prepared to pursue the matter in court to resolve the impasse.

India considers easing bank ownership rules as foreign interest grows

India's banking regulator is considering easing foreign ownership rules to attract more long-term capital and facilitate acquisitions, driven by strong economic growth and the need for increased banking capital. The Reserve Bank of India is reviewing shareholding and licensing rules, potentially allowing regulated financial institutions to own larger stakes on a case-by-case basis.

India a top growth market but still underowned globally: Matt Orton

Matt Orton from Raymond James Investment visited India for an investor conference. He finds Indian infrastructure development exciting. Orton is looking deeper into L&T due to its clean balance sheet and exposure to Indian and GCC infrastructure. He notes India is underpenetrated from an investment perspective. Orton sees long-term growth opportunities in India, especially compared to Europe.

Gold prices may fall 12-15% in next 2 months, warns Quant Mutual Fund

June is typically a bullish month for crude oil, and most of the downside has likely already played out. However, if the risk-off sentiment in emerging markets intensifies, there could be significant upside potential. A price increase of 10–12% wouldn’t be unexpected, according to the monthly report.

Amit Goenka on why Rs 4,000- crore AUM for FY26 is a reasonable target for Nisus Finance

Nisus Finance is expanding its urban infrastructure finance operations in India and the UAE. The company aims for Rs 4,000 crore in AUM by FY26. They are leveraging opportunities in both markets, including the newly listed REITs in the UAE. Nisus Finance is focusing on fund and asset management to drive future revenue growth.

Spark Capital PWM establishes strategic presence in Dubai International Financial Centre to serve global investors

Online gambling: Illegal sites target minors, vulnerable groups with fast bets, big payouts, reveals report

A CUTS International report reveals illegal online gambling platforms in India are booming, attracting vulnerable users with aggressive incentives and rapid-fire betting. These platforms, bypassing regulations and taxes, offer attractive payouts and instant-gratification games, leading to an estimated USD 100 billion in annual deposits. Over 5.

HDFC Bank faces regulatory scrutiny over alleged mis-selling of Credit Suisse bonds in UAE

HDFC Bank faces scrutiny in the UAE over the alleged mis-selling of Credit Suisse bonds. A regulator is examining potential breaches of licensing conditions related to how HDFC conducted business across different jurisdictions, specifically between its UAE, DIFC, and Bahrain operations. Investor complaints have triggered investigations into whether clients were properly onboarded and advised, raising concerns about regulatory compliance.