US stocks today: Dow posts closing record high, S&P 500, Nasdaq muted as AI rally pauses
INDIA MARKET | Thu, 28 May 2026, 1:36AM IST
US stocks ended mixed as the Dow hit a record closing high driven by healthcare and consumer gains, while tech and chip stocks lagged. Banking shares fell after JPMorgan flagged higher expenses, and Zscaler dropped on weak guidance. Goldman Sachs raised its S&P 500 forecast to 8,000 amid strong earnings outlook.
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Fed's Cook says she is prepared to raise rates if inflation doesn't ease
INDIA MARKET | Thu, 28 May 2026, 1:33AM IST
Federal Reserve Governor Lisa Cook signaled support for keeping US interest rates steady, citing mixed economic risks from tariffs, the Iran war, and rising AI investment. She warned inflation is trending higher due to energy costs and wage pressures but said the labor market remains stable with no immediate need for cuts.
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Non-banks increase microfinance share amid muted demand
INDIA BUSINESS | Thu, 28 May 2026, 12:46AM IST
The overall microfinance gross loan portfolio stood at 3.34 lakh crore at the end of April, down from 3.39 lakh crore a month ago, said the credit information company.
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India eyes record $1 billion hotel transactions in 2026 amid travel uncertainties
INDIA BUSINESS | Thu, 28 May 2026, 12:42AM IST
India's hotel transaction market is poised for a record year, potentially reaching nearly $1 billion in sales despite global uncertainties. This surge follows a significant 67% year-on-year increase in 2025 and a strong first quarter in 2026, placing India among the top APAC investment destinations for the first time.
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India eyes record $1 bn hotel transactions
INDIA NEWS | Thu, 28 May 2026, 12:42AM IST
New Delhi: India could see record hotel transactions worth nearly $1 billion this year despite geopolitical uncertainties and travel disruptions, data and estimates shared by consultancy firm JLL indicate.As per JLL, India recorded $567 million worth of hotel transactions in 2025, up 67% year-on-year.In the first quarter of 2026, hotel transactions in the country touched $345 million, up from $98 million a year ago, putting India among the top five APAC markets for the first time, according to JLL data."The most active investment markets historically have been Japan, China, Korea, Australia and Singapore, and collectively these markets account for 70-80% of the transaction volume in the region," said Nihat Ercan, CEO, Hotels and Hospitality Group, Asia Pacific at JLL. "But what is interesting is that in the first quarter of 2026, India has made it to the top five markets for the first time. Earlier, we were projecting India volumes to be worth about half a billion dollars in 2026, but if the quarter one momentum continues, we may get closer to seeing $1 billion worth of sales activity in 2026 in India," he said. 131358455As per JLL, in Q1 of 2026, Japan recorded about $1 billion worth of sales, China was at $724 million and South Korea at $471 million. India came in fourth at $345 million and Australia followed at $235 million. India accounted for 13% of the Q1 transaction volume for the region. "The total volume in 2025 was $10.8 billion for APAC, down 20% year-on-year, from $13.3 billion in 2024," said Ercan. "We have seen a strong momentum in transaction activity in the last quarter of 2025 that has continued into 2026. We are expecting transaction activity in excess of $13 billion in 2026," he said.Gaurav Sharma, MD hotels, India, and senior director, hotels capital markets Asia at JLL, said that besides private equity firms and family offices, several listed entities have become active in India. "All of them are looking for opportunities to invest, so the market will get stronger in India," he said. "Global issues keep cropping up, but the larger investment community is getting used to it. New destinations are being explored in India, and more hotels are being signed," he said. "People are continuing to build and the signing activity is another indication that investors believe in the asset class."Ercan said domestic demand is buoyant in India and other APAC markets and that is helping sustain travel demand and tourism. "Investors are looking at India as a growth market. Sentiments for hospitality assets across the region are quite strong. That's driving the volume of activity," he said. "A sustained or prolonged conflict is not good for anyone, but the investors that we are talking to, see long-term potential and opportunity not just in India but across APAC markets as well."
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IndiGo, Air India cut flights as fuel costs bite; fares set to rise
INDIA BUSINESS | Thu, 28 May 2026, 12:42AM IST
IndiGo and Air India are reducing domestic flights from June to August. Higher jet fuel prices are impacting operations. This will likely lead to increased airfares. The monsoon season also typically sees lower travel demand. Airlines usually trim flights for maintenance, but this year's cuts are steeper due to fuel costs. Air India has already reduced international flights.
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GCCs to hand out more jobs to freshers
INDIA NEWS | Thu, 28 May 2026, 12:39AM IST
New Delhi: Global capability centres (GCCs) will maintain fresher hiring momentum, boosting their intake by 12% this fiscal year. This contrasts with an overall subdued market for fresher hiring in India's IT services sector, according to a TeamLease study shared with ET.Notably, overall IT services sector fresher pay is expected to stay unchanged in FY27, while those of entry-level staff for conventional skills will rise, reflecting a widening of compensation gap.Annual entry-level salaries at GCCs are projected to surge about 50% to 7.5 lakh this fiscal. Fresher pay for IT services firms will stagnate at 4.5 lakh. Executives at leading GCCs, including Goldman Sachs and JPMorganChase, confirmed they are actively continuing campus recruitment drives.Also read | Gen Z is normalising therapy at work: Report"Campus hiring remains a consistent and key talent pipeline for us, reflecting strong momentum in our global businesses and the presence of world-class talent in India," said Gunjan Samtani, co-chairman, Goldman Sachs India and country head at Goldman Sachs Services India. "Over the past three years, we have hired about 600 freshers annually from more than 100 schools across business and engineering functions."131358381JPMorganChase has centres in multiple cities across India supporting a range of technology and business operations in India, said a company spokesperson."Entry-level hiring remains aligned to business needs and may vary over time by role and location," the spokesperson said, adding that as roles evolve, the firm would continue to scout for candidates with strong foundational skills, ability to learn quickly and working in a more tech and AI-enabled environment. "This is while (we) continue to hire across a mix of technology and business roles," said the spokesperson.GCC fresher hiring rose to 140,000-150,000 in FY26, buoyed by the opening of 100 new centres and expansion of existing ones, according to the report which surveyed 30 companies across tier 1 and 2 IT services firms and GCCs.Also read | Can AI financial advice help you retire more comfortably?"AI-fluent freshers are now strategic hires, not cost plays-87% of GCCs own end-to-end global processes requiring continuous talent pipelines," said Neeti Sharma, CEO, TeamLease Digital.Lateral movement from IT services firms to GCCs-currently at 23%-is being backfilled at entry level, while tier-2 expansion is unlocking new campus catchments, according to the report."IT services fresher hiring declined ~11% in FY26 (from 125,000 in FY25 to 110,000 in FY26) as AI automated the L1 work-coding, testing, support-that historically absorbed freshers," said Sharma, pointing out that "the revenue-headcount link is breaking; for instance, TCS cut 23,460 jobs while growing revenue." Every year, about 1.5 million students tend to graduate from computer science and IT streams alone.
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HDFC Bank denies allegations of disguising interest payout
INDIA BUSINESS | Thu, 28 May 2026, 12:38AM IST
HDFC Bank stands resolutely against accusations of misconduct as an investigative report alleges that it masked differential interest payments to MSRDC as part of its marketing budget. The bank emphasizes its stringent internal controls and refutes any speculation of wrongdoing.
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Avaada seeks $800 million to refinance Brookfield Asset Management debt
INDIA BUSINESS | Thu, 28 May 2026, 12:38AM IST
Avaada Group is raising $800 million to refinance existing debt. This move aims to reduce finance costs before the group's planned public market listing. The funds will come from offshore loans and local bonds. This refinancing will replace part of the debt from Brookfield Asset Management. Avaada is expanding its renewable energy and manufacturing businesses.
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KFFs Chief Executive to Retire
GLOBAL NEWS | Thu, 28 May 2026, 12:31AM IST
Drew Altman, who transformed KFF from a little-known family foundation to a major source of U.S. health policy research, will step down at the end of the year.
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Flex office firms' earnings jump on strong demand, premium shift
INDIA BUSINESS | Thu, 28 May 2026, 12:29AM IST
Flexible workspace firms WeWork India, Smartworks, IndiQube, and Awfis reported robust revenue growth and improved margins in the last fiscal year. Sustained demand from global capability centers and a shift to managed offices fueled this performance.
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TCS bags multi-year deal from Sweden's SKF
INDIA BUSINESS | Thu, 28 May 2026, 12:01AM IST
The country's largest IT services company TCS on Wednesday announced that it has bagged a multi-year deal from Swedish bearings maker SKF.
The financial details were not shared, but people in the know called it a multi-year, multi-million dollar engagement.
The deal, which comes at a time when concerns are being raised about the IT sector story following the advent of AI, involves modernisation of SKF's existing IT landscape.
TCS will enable SKF to build a future-ready digital enterprise, leveraging AI to reimagine industrial manufacturing business, a statement said.
The Indian IT major will provide end-to-end managed services across applications, infrastructure, data, end-user services, security, and connectivity for SKF across the globe.
"Together, we are applying data-driven intelligence and AI to create an agile enterprise that can adapt to technological and market change while supporting long-term sustainable growth and competitiveness," TCS' chief executive and managing dire
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India issues tender for 1.7 mn tonnes of urea ahead of sowing season
INDIA BUSINESS | Thu, 28 May 2026, 12:01AM IST
India is securing vital fertilizer supplies. A new tender seeks 1.7 million tonnes of urea. This comes before the crucial planting season. It is the second such tender recently. India is the world's largest fertilizer importer. Shipments are expected by July 20. This ensures farmers have the necessary nutrients for crops.
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Tata Consultancy Services inks multi-year AI transformation deal with SKF
INDIA BUSINESS | Thu, 28 May 2026, 12:01AM IST
The country's largest IT services company TCS on Wednesday announced that it has bagged a multi-year deal from Swedish bearings maker SKF.
The financial details were not shared, but people in the know called it a multi-year, multi-million dollar engagement.
The deal, which comes at a time when concerns are being raised about the IT sector story following the advent of AI, involves modernisation of SKF's existing IT landscape.
TCS will enable SKF to build a future-ready digital enterprise, leveraging AI to reimagine industrial manufacturing business, a statement said.
The Indian IT major will provide end-to-end managed services across applications, infrastructure, data, end-user services, security, and connectivity for SKF across the globe.
"Together, we are applying data-driven intelligence and AI to create an agile enterprise that can adapt to technological and market change while supporting long-term sustainable growth and competitiveness," TCS' chief executive and managing dire
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Cabinet nod: Sarthak PDS gets Rs 25,530 cr
INDIA NEWS | Wed, 27 May 2026, 11:44PM IST
New Delhi: The Union Cabinet on Wednesday approved an outlay of Rs 25,530 crore for Sarthak Public Distribution System (PDS) scheme to modernise it and ensure food security for nearly 80 crore beneficiaries. The outlay is for the next five years.Apart from modernising the distribution and logistics network, the scheme seeks to strengthen fair price shops (FPS) and to assist state agencies for intra-state movement of food grains.The government has also decided to revise the norms of Central assistance to meet the expenditure incurred by states and UTs on intra-state movement and handling of foodgrains and FPS dealers' margin and continuation of the existing funding pattern of central assistance. It will provide a unified, citizen-centric, intelligent and interoperable PDS architecture that ensures last-mile service delivery, minimizes leakages and strengthens the nation's commitment to food security under NFSA, with the merged scheme to operate up to March 2031, the government said in a statement. "SARTHAK-PDS Scheme seeks to modernize, integrate and intelligently optimize PDS operations through advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), Natural Language Processing (NLP) and Blockchain, by creating standardized architectures and unified databases for real-time monitoring, AI-driven grievance and analytics systems, State Command Control Centres for data-driven oversight, and ISO-certified process frameworks to ensure transparency, security and sustainability in PDS operations," it added.Over the past decade, the government has implemented multiple digitisation initiatives such as end-to-end computerisation of TPDS, Integrated Management of PDS (IM-PDS) and SMART PDS.
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India, Russia deepen rare earths ties amid Quad critical minerals push
INDIA BUSINESS | Wed, 27 May 2026, 11:42PM IST
India and Russia are joining forces for rare earth extraction and processing. Agreements have been signed for joint research and development. This collaboration aims to produce high-purity metals and compounds. It also includes developing technologies for permanent magnets.
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IPL Eliminator Highlights: Sooryavanshi, Archer Star As Rajasthan Royals Reach Qualifier 2
INDIA MARKET | Wed, 27 May 2026, 11:41PM IST
Jofra Archer ripped through the SRH top-order at New Chandigarh, removing Hyderabad's top three batters.
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Goyal Recommends Dual Degree Programs To Canada For Furthering Cooperation On Education
INDIA MARKET | Wed, 27 May 2026, 11:37PM IST
Goyal invited young boys and girls from Canada to come to India and observe the developmental activities.
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INDIA MARKET | Wed, 27 May 2026, 11:36PM IST
Vaibhav Sooryavanshi hammered a monumental 12 sixes and five fours for RR against SRH in IPL 2026 Eliminator.
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INDIA MARKET | Wed, 27 May 2026, 11:26PM IST
Jofra Archer ripped through the SRH top-order at New Chandigarh.
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NEET Paper Leak Case: Delhi Court Sends Paediatrician, Physicis Tutor To CBI Custody For Five Days
INDIA MARKET | Wed, 27 May 2026, 11:21PM IST
Both the accused will be produced before the court on June 1.
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ISRO Spots Potential Surface Ice Near Lunar South Pole Using Chandrayaan-2 Data
INDIA MARKET | Wed, 27 May 2026, 11:11PM IST
Faustini is a lunar impact crater that lies near the south pole of the Moon.
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Govt says India has ample petrol, diesel supply, calls for crackdown on diversion
INDIA BUSINESS | Wed, 27 May 2026, 11:11PM IST
The govt has confirmed that petrol and diesel supplies are ample for every home and community in the country. Instances of regional shortages are owing to the misallocation of subsidised fuel for industrial activities, not due to an overall lack, it said.
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No shortage of fuel, assures govt
INDIA NEWS | Wed, 27 May 2026, 11:11PM IST
New Delhi: The government on Wednesday said the country has "more than adequate" supplies of petrol and diesel to meet all domestic demand, asserting that no supply shortage exists even as it warned against diversion of subsidised retail fuel into industrial use.India, the world's fourth-largest refining hub with 258.1 million tonnes of annual capacity across 22 refineries, produced sufficient fuel to meet domestic consumption of 243.2 million tonnes in FY26, while exporting 61.5 million tonnes of petroleum products, the oil ministry said in a statement."Union Petroleum and Natural Gas Minister Hardeep Singh Puri has been in continuous coordination with public sector oil marketing companies (OMCs), state governments and industry bodies to ensure uninterrupted supply," it said.Also read | Stealth, skies and sovereignty: India's fighter jet plan takes offA review of the situation with chief secretaries of states and Union Territories, as well as industry bodies FICCI and CII, found "no scarcity of petroleum products" on the ground, the ministry said, adding that any apparent tightness in pockets stems from "arbitrage", not supply constraints.The government said state-run OMCs are absorbing losses of about Rs 550 crore per day on petrol, diesel and domestic LPG to shield retail consumers from full international price pass-through amid volatility linked to West Asia tensions.This subsidy buffer, it said, is intended for households, commuters and farmers using retail pumps.However, it warned that industrial buyers diverting purchases from bulk channels to retail outlets are capturing this pricing cushion, distorting local availability and creating artificial pressure at fuel stations.Also read | India races to secure fertilisers as crucial sowing season approaches amid war disruptions"There is no scarcity of any petroleum product. There is, in pockets, a pattern of arbitrage that is creating the appearance of one," the statement said.The ministry also noted a shift in market share, with private fuel retailers seeing a roughly 38 per cent decline in high-speed diesel sales this month, while bulk industrial offtake through PSU OMCs has fallen about 29 per cent, volumes that are reportedly moving to retail outlets.The government said it has asked industry associations to sensitise members against such practices and urged states and Union Territories to deploy special enforcement squads to curb hoarding, black marketing, unauthorised storage and diversion of petroleum products under relevant legal provisions.Reaffirming supply stability, the government said India's refining capacity, coordinated operations of public sector fuel retailers, and Centre-state cooperation form a "working architecture of energy security".It urged citizens to rely on official communications and avoid rumours that confuse "arbitrage-driven distortions" with actual fuel shortages.It said the states/UTs have been requested to form special squads and take strict action against malpractice of bulk consumers and hoarders taking supplies meant for retail consumers, black marketing, unauthorised stocking and diversion of petroleum products under relevant provisions of Essential Commodities Act and Control orders issued thereunder."The government remains fully seized of the international situation. India's refining strength, the disciplined operation of the Public Sector OMCs and the active coordination across Centre, states and industry constitute the working architecture of energy security during this period," the statement added.Petrol and diesel prices have risen about Rs 7.5 per litre and CNG by Rs 6 a litre as a part of the increased cost of energy caused by the Iran war is passed on to consumers. PTI
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Adani firms extend rally to recoup losses sparked by Hindenburg
INDIA MARKET | Wed, 27 May 2026, 10:57PM IST
Adani Group stocks have erased losses triggered by the 2023 Hindenburg report as investor confidence returns amid easing regulatory pressures
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'FIIs Jump On The Bandwagon': Equity Strategist Warns Of Risks In Letting Rupee Slide Too Much
INDIA MARKET | Wed, 27 May 2026, 10:54PM IST
"If you let the rupee depreciate too much, a certain reflexivity kicks in," the expert said.
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