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Bloomberg Quint
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Microsoft To Cut 9,000 Workers In Second Wave Of Major Layoffs
- Microsoft is set to cut around 9,000 jobs in a second wave of major layoffs, affecting less than 4% of the total workforce.
- The cuts are part of an effort to streamline processes, reduce layers of management, and position the company for success in a dynamic marketplace.
- The layoffs will impact various teams, geographies, and tenure levels, following a previous round of job cuts in May that primarily affected product and engineering positions.
- Microsoft's top sales executive is planning a two-month sabbatical, and the company often implements organizational changes near the end of its fiscal year in June.
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Bloomberg Quint
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Stranded British F-35B Jet In Kerala Becomes Unlikely Tourism Star
- A British Royal Navy F-35B Lightning fighter jet made an emergency landing at Thiruvananthapuram International Airport in Kerala.
- The jet, worth over USD 110 million, is part of the UK's advanced stealth fleet and is awaiting repairs after developing a technical fault.
- Kerala Tourism seized the opportunity and created marketing material featuring the jet against a Kerala backdrop, sparking online buzz and humor.
- Despite its military origin, the stranded F-35B jet has unexpectedly become a tourism attraction, with users creatively reimagining its stay in Kerala.
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Bloomberg Quint
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Consumer Panel Pulls Up MakeMyTrip For Failing Of Act On Fraudulent Transactions
- A consumer court held MakeMyTrip accountable for grievance related to fraudulent transactions and cancellations.
- The court ordered compensation for remaining airfare, mental agony, and legal expenses to the customer.
- MakeMyTrip was criticized for lack of response to compromised customer data and fraudulent activities.
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Bloomberg Quint
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NITI Aayog Withdraws Paper Backing Agri Concessions In India–US Trade Talks
- NITI Aayog has withdrawn a discussion paper that advocated for agricultural concessions in India–US trade negotiations.
- The paper suggested selective concessions on imports like edible oils and nuts, while protecting sensitive products like dairy and poultry.
- The recommendations in the paper raised concerns due to the sensitivity of India's agricultural sector in trade talks.
- The withdrawal of the paper comes as agriculture and dairy remain contentious issues in the India–US Bilateral Trade Agreement discussions.
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Eu-Startups
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Polish startup Proteine Resources raises €9.5 million to build autonomous insect protein factory and launch beef alternative for pets
- Polish startup Proteine Resources has secured €9.5 million in funding from the EIC Accelerator to develop functional proteins from insects.
- The company aims to create high-performance proteins for pets, focusing on health, digestibility, and sustainability.
- Proteine will build an autonomous insect protein factory, launch a beef alternative for pets, and reduce operational costs through AI-based controls.
- Their solution helps turn waste materials into profit centers, reduces greenhouse gas emissions, and provides sustainable protein ingredients.
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Bloomberg Quint
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FPIs Stay Net Sellers Of Indian Equities For Third Day
- Foreign portfolio investors (FPIs) remained net sellers of Indian equities for the third consecutive day, selling shares worth Rs 1,542.6 crore.
- Domestic institutional investors, on the other hand, were net buyers, acquiring equities worth Rs 2,763.1 crore for the third straight session.
- FPIs have purchased shares worth Rs 14,590 crore in June, with a total of Rs 19,860 crore in the previous month and have sold equities worth Rs 75,966 crore in 2025 so far.
- India's benchmark indices closed lower on Wednesday, affected by HDFC Bank Ltd. and Larsen & Toubro Ltd. performance.
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HDFC Life, SBI Life — Preferred Stock By DRChoksey; Life Insurance Q1 Results Preview
- DRChoksey maintains a positive view on HDFC Life and SBI Life due to their strong brand equity, diverse product portfolios, and consistent execution capabilities.
- The life insurance sector continues to trade at a discount to historical levels from a valuation perspective, with the average FY27E price/embedded value for the coverage universe at 1.9x.
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The Robot Report
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Luminous gets funding to bring LUMI solar construction robot to Australia
- Luminous Robotics receives funding from the Australian government for LUMI solar construction robot.
- LUMI automates solar panel installation process, assists existing workforces, and improves productivity and safety.
- The project aims to reduce solar farm costs and drive global adoption of LUMI technology.
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Bloomberg Quint
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Microsoft Begins Deep Job Cuts Across Xbox Division
- Microsoft's gaming division has initiated widespread layoffs, with the Barcelona-based King division cutting 10% of its staff.
- Other European offices, including ZeniMax, are also expected to have job cuts.
- This marks the fourth mass layoff at Xbox in the last 18 months.
- The gaming division has been under pressure to boost profit margins since acquiring Activision Blizzard for $69 billion.
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Bloomberg Quint
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Anil Ambani Responds To SBI's Fraud Tag On Reliance Communications' Loan Account, Calls For Withdrawal
- Anil Ambani's legal team has responded to SBI's classification of the Reliance Communications loan account as 'fraud,' calling for withdrawal.
- The legal team emphasized that Ambani was serving as a non-executive director at the time of the alleged transactions and had no involvement in the company's operations.
- Concerns were raised over due process, with allegations that SBI did not provide Ambani with a personal hearing or relevant documents regarding the fraud classification.
- SBI marked RCom's loan account as 'fraud' based on transactions dating back to August 2016, leading to the potential reporting of Ambani to the Reserve Bank of India.
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Bloomberg Quint
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African Swine Fever Case Detected In Arunachal Pradesh
- A confirmed case of African Swine Fever has been reported in Arunachal Pradesh's Longding district.
- The case was detected after a positive blood sample was confirmed at the National Research Centre on Pig in Assam.
- The veterinary department in Longding has issued a public advisory to contain and control the spread of ASF, declaring specific infected and surveillance zones.
- Restrictions have been imposed on the movement, sale, and slaughter of pigs in the notified areas to prevent further spread of the virus.
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Bloomberg Quint
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Trade Setup For July 3: Nifty Resistance At 25,640–25,740
- The Nifty 50 formed a bearish candle, indicating a negative trend, with analyst Nandish Shah suggesting support levels at 25,317 and 25,222.
- Nifty faces strong resistance at 25,640–25,740, hindering upward movement, according to analyst Nandish Shah.
- Bank Nifty also experienced profit booking with immediate support at 56,800-57,000.
- Market closed lower, with NSE Nifty 50 down by 0.35% and BSE Sensex down by 0.34%, while the Indian rupee depreciated by 17 paise.
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Bloomberg Quint
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Himachal Cloudburst: Death Toll in Mandi Rises To 10; 34 Feared Missing As Rescue Efforts Continue
- The death toll in the Himachal Pradesh cloudburst in Mandi has risen to 10 with the recovery of five more bodies, and 34 individuals are feared missing.
- Multiple cloudbursts were reported in Mandi, including locations like Gohar, Karsog, Dharampur, and Thunag.
- The state witnessed a total of 11 cloudburst incidents, four flash floods, and a major landslide on Tuesday, causing disruption to normal life.
- Search and rescue operations are ongoing, with a significant number of roads closed, transformers disrupted, and water schemes affected in the region.
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Bloomberg Quint
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Pavna Industries Announces First-Ever Stock Split
- Pavna Industries Ltd. announced its first-ever stock split, approved by the board of directors.
- The stock split involves subdividing one fully paid-up equity share of face value Rs 10 each into 10 equity shares of face value Re 1 each.
- Investors need to hold shares as of the record date to be eligible for the stock split, which enhances liquidity without changing total investment value.
- Pavna Industries, part of the Pavna Group, closed 0.62% lower at Rs 415.10 per share, with a decline in the last 12 months and year-to-date.
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Bloomberg Quint
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Zee Refuses Specifics On Utilising Rs 2,237-Crore Line From Promoters, Urges Investors For Positive Vote
- Zee refuses specifics on utilizing Rs 2,237-crore fundraise, urging investors for positive vote.
- Promoters seek board representation with a promoter-led funding, facing opposition from some advisory firms.
- Shareholders warned about excessive dilution in promoter stakes without clear fund usage details.
- Zee plans to raise funds through warrants issuance, facing governance issues with director appointments.
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