Business

New Delhi, July 11 (IANS) US-based technology giant Meta said it has discontinued a feature that allows users to generate AI images using content from public Instagram accounts after public backlash within 3 days of its launch.

“Our intent was to provide a useful creative tool and to give people control over whether their public content could be referenced in this way. We’ve heard the feedback that this feature missed the mark, so it’s no longer available,” the company said.

The feature was introduced on July 7 alongside Muse Image, the first in‑house AI image generator developed by Meta Superintelligence Labs. It enabled users to create AI images by using photos from public adult Instagram profiles by simply entering their username in a prompt.

The feature did not notify the account holder that their photos were being used. Public accounts for users 18 and older were opted in by default, while Meta said people could opt out through app settings.

The feature drew immediate criticism from privacy advocates, talent agencies, actors' unions and social media users. India’s electronics and information technology secretary, S. Krishnan, said the government was prepared to examine whether the feature complied with Indian law if it received a complaint in this regard.

The tech company has recently officially switched off the end‑to‑end encrypted direct messages – a privacy‑focused feature on Instagram.

The company urged users to download any important media or messages they wish to keep before the feature is fully discontinued. The move marked a reversal from Meta's earlier plans to make encrypted messaging a standard feature across its apps.

End‑to‑end encryption, often abbreviated E2EE, ensures only the sender and receiver can read messages and when the feature is removed, Meta will be able to access message content, including photos, videos and voice notes, if required.

—IANS

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New Delhi, July 11 (IANS) SBI Funds Management Ltd, whose Rs 11,693 crore initial public offering (IPO) opens on July 14, has dependence on assets under management (AUM), market volatility, concentration in a few mutual fund schemes, reliance on the SBI distribution network and regulatory changes among the key risks to its business, according to its Red Herring Prospectus (RHP).

According to the company's offer documents, its revenue and profitability are substantially dependent on quarterly average assets under management (QAAUM).

Any decline in AUM due to adverse market movements, investor redemptions, lower inflows or changes in the product mix could reduce fee income and adversely impact profitability and cash flows.

The company also said around 22.82 per cent of its mutual fund AUM (MAAUM) as of March 31, 2026, was sourced from B-30 cities, where investors may exhibit higher redemption volatility during market downturns. This could lead to a sharper fall in AUM and affect revenues.

SBIFM said a significant portion of its mutual fund QAAUM and revenue is concentrated in a limited number of schemes, and any prolonged underperformance or adverse developments affecting these schemes could materially impact its business.

The offer document also highlighted the company's reliance on the SBI distribution network and brand for mobilising assets and acquiring customers.

Any disruption in these relationships, deterioration in the SBI brand or changes in commercial arrangements could adversely affect business growth.

Operational and technology-related risks also feature among the key concerns, the company highlighted saying, “We are exposed to operational risks, including technology failures, cybersecurity breaches, business continuity,”

It said technology failures, cyber-security incidents, disruptions to business continuity, dependence on third-party service providers or risks associated with the adoption of artificial intelligence could impair operations, affect investor servicing, attract regulatory action and damage its reputation.

Another key risk relates to the investment management agreement (IMA), which forms the foundation of SBIFM's business and generates substantially all of its revenue. The company said termination of the agreement under specified circumstances, without a replacement arrangement, could result in the loss of its primary revenue source.

In addition, the regulatory framework governing the mutual fund industry, including revisions to fee and commission structures, lower total expense ratio (TER) limits and the growing share of passive investment products, could put pressure on operating margins and profitability.

The IPO -- which is entirely an offer for sale (OFS) -- will open for subscription on July 14 and close on July 16.

The company has fixed a price band of Rs 545-574 per share for the issue.

--IANS

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New Delhi, July 11 (IANS) India’s listed new‑age ecosystem could touch $1 trillion in market capitalisation by 2030 and about 210 new‑age companies are IPO-ready over the next 24 months, a new report has said.

The report from consulting firm Redseer said India's IPO market has grown nearly 8 times in proceeds, making it the only major capital market to sustain uninterrupted growth in primary issuance.

It now ranks third globally by proceeds while leading all major markets in long-term trajectory, and the sector shows sustained momentum.

The firm's projection of surge in the listed new‑age ecosystem is based on analysis of over 300 mainboard IPOs between FY21 and FY26 and a proprietary assessment of 1,400 new‑age companies.

CY26 is already on course to become the biggest listing year in history globally, the report said, adding that after a measured first half, India poised is expected to out-raise CY25's record $18.5 billion from just six months of listings in the second half alone.

The report said that domestic institutional capital supported by sustained SIP inflows has increased its participation in IPOs, creating a stronger domestic foundation and reducing dependence on foreign flows.

"Foreign institutions were net sellers in the secondary market through three of the last four years, a trend that has often dominated the broader market narrative," the report noted.

“The market now rewards profitable scale rather than growth alone, and the companies preparing to go public have evolved accordingly,” it added.

Between the FY22 and FY26 new-age cohorts, the share of companies that were PAT positive at the time of listing increased from 50 per cent to 70 per cent and median pre-IPO revenue growth eased from 50 per cent to 33 per cent.

More than 50 new-age companies are already listed, with a combined market capitalisation of roughly $150 billion, accounting for about 4.6 per cent of India's total market capitalisation.

—IANS

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New Delhi, July 11 (IANS) More than 1.7 crore income tax returns (ITRs) have been filed so far for the assessment year (AY) 2026-27, the Income Tax Department said on Saturday.

"Over 1.7 crore taxpayers have already taken the smart step and filed their ITRs for A.Y. 2026-27," the department said in a post on X.

According to the department, more than 10 lakh returns were filed on Friday alone.

Moreover, the Income Tax Department has urged eligible taxpayers who are yet to file their returns to complete the process before the July 31 deadline to avoid a last-minute rush.

In May, the I-T Department enabled the filing of Income Tax Returns (ITRs) for the financial year 2025-26 (assessment year 2026-27) with the release of Excel utilities for ITR-1 and ITR-4 forms on e-filing portal, saying that taxpayers can now access both the Excel utility and online filing options for the two forms.

ITR-1 (Sahaj) is meant for resident individuals with an annual income of up to Rs 50 lakh from salary, one house property and other sources, including agricultural income of up to Rs 5,000 a year.

ITR-2 is applicable to individuals and Hindu Undivided Families (HUFs) that do not have income from profits and gains of business or profession but have income from sources such as capital gains.

Earlier, the Central Board of Direct Taxes (CBDT) had notified the ITR forms for AY 2026-27 with revised disclosure norms.

The changes include additional reporting requirements related to long-term capital gains, losses from share buybacks and certain trading transactions.

Notably, India’s net direct tax collections surged 14.64 per cent (year-on-year) to Rs 5.21 lakh crore in the April 1-June 17 FY27, as per the Income Tax Department. In the meantime, gross direct tax collections increased 12.46 per cent to Rs 6.1 lakh crore from Rs 5.4 lakh crore from the year-ago period.

--IANS

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Mumbai, July 11 (IANS) Gold prices dipped 1.47 per cent on a weekly basis as minutes from the Federal Reserve’s latest policy meeting reinforced expectations of higher‑for‑longer interest rates.

However, on Friday, MCX gold August futures were flat while MCX silver July futures inched up 0.01 per cent.

At the last close, gold futures stand at Rs 1,43,480, while silver futures at Rs 2,22,680 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,43,368 on Friday down from Rs 1,45,512 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Renewed Middle East tensions kept risk premiums of precious metals but signals of a more restrictive US monetary policy stance checked a price surge.

The United States launched fresh military strikes on Iran, prompting retaliatory attacks on US bases. President Donald Trump declared the ceasefire “effectively over” and warned of further military action, sanctions and blockades.

The stronger dollar backdrop also acted as a headwind for recovery of precious metals.

Minutes from the Federal Reserve's latest policy meeting indicated that inflation remains more persistent than previously anticipated, with price pressures extending beyond energy and tariffs into broader segments of the economy, including transportation, airfares, and services, an analyst said.

"The minutes reinforced the view that the Federal Reserve is likely to maintain a higher-for-longer interest rate stance, with policymakers noting that further policy tightening could be warranted if inflation fails to moderate," he added.

Lower energy costs and softer job growth had previously led analysts to predict a gradual easing of inflationary pressures in coming months.

Immediate resistance is placed at $4,200–$4,230 for COMEX Gold, followed by $4,350–$4,400, a market participant said. For MCX Gold, immediate resistance is placed at Rs 1,45,000–Rs 1,45,500, followed by the major support at Rs 1,41,000–Rs 1,40,000, he added.

Immediate resistance is placed at Rs 2,26,000–Rs 2,27,000 zone for MCX Silver, and Rs 2,21,000–Rs 2,20,000 remains the immediate support zone.

—IANS

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New Delhi, July 11 (IANS) A recovery in global oil demand from a low of 97.9 million barrel per day (mb/d) in May (a decline of 5.3 mb/d year-on-year) is underway and by October, the International Energy Agency (IEA) expects global demand to be up by more than 8 mb/d from the May low point, putting it above 2025 levels for the first time since February.

According to the agency, the upswing in fuel use during the peak summer travel season is set to get an additional boost from the release of pent-up demand.

“Even so, global oil demand is projected to decline by 1 mb/d this year before rebounding by 2 mb/d in 2027,” the IEA said in its latest ‘Oil market Report.’

While the global oil market balance looks set to swing back to surplus towards the end of the year, the forecast hinges on the assumption that tanker flows through the Strait will gradually recover, allowing producers to restart fields and refiners in the Middle East and elsewhere to resume product shipments.

“Renewed exchanges of fire in the Gulf this week highlight the risks of not reaching a lasting peace agreement, which is a must for the normalisation in oil markets,” said the agency.

Global observed oil inventories rose for the first time in four months in June, by 21 mb, as sharply higher oil on water volumes more than offset continued draws in onshore tanks.

Following a decline of 73 mb in May, total OECD stocks fell by a further 62 mb in June, of which an estimated 44 mb came from government stock releases. Non-OECD crude stocks eased by 37 mb in June, led by a 41 mb draw in China, said the report.

The IEA further stated that benchmark crude oil prices continued to spiral lower in June, erasing all of their wartime gains, as tanker traffic out of the Gulf picked up and market focus shifted to the prospect of oversupply.

North Sea Dated crude plunged by $22/bbl month-on-month, to around $68/bbl, with prompt time spreads reverting to contango.

“Prices rose after the ceasefire agreement was breached on July 7-8, with dated trading around $77/bbl at the time of writing,” said the IEA.

While a wave of crude oil hit the market, refinery activity and product supplies have been much slower to respond.

Gulf exports of refined products and LPG in June remained less than half their pre-war levels, compared with crude flows that reached nearly three-quarters of their February rates.

“Loadings from key export refineries in the Gulf have yet to resume, suggesting operations remain constrained. Against this backdrop, intensifying Ukrainian attacks on Russian refineries and export infrastructure have further tightened product markets in Russia and beyond, with exports and domestic fuel deliveries both significantly impacted,” said the IEA.

--IANS

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New Delhi, July 11 (IANS) The government is considering introducing uniform standards for messaging platforms operating in India following the controversy over WhatsApp's proposed username feature, according to multiple reports.

Reports suggested that the Ministry of Electronics and Information Technology (MeitY) is exploring a common regulatory framework that would apply across messaging platforms, instead of taking platform-specific decisions.

The move comes after the government opposed WhatsApp's proposed username feature, which would allow users to communicate without sharing their phone numbers.

The government argued that the feature could make it easier for fraudsters to impersonate users, facilitate digital arrest scams and phishing attempts, and make law enforcement investigations more difficult.

In addition, the government is now looking at introducing common standards for all messaging platforms to ensure a uniform regulatory approach.

Reports claim that the Centre will consult major messaging platforms before taking a final decision on the proposed framework.

Earlier in July, messaging platform Telegram submitted its reply to the government’s notice on the username feature, following a similar response from WhatsApp.

The 'username' feature allows users to communicate without sharing their mobile phone numbers, a functionality that has drawn the Centre's attention over concerns that it could facilitate online fraud, phishing, impersonation and so-called digital arrest scams.

Similarly, WhatsApp had submitted its response to the government's notice over its proposed username feature.

The government had issued a notice to WhatsApp last week, raising concerns that the proposed feature could potentially lead to a rise in online fraud, phishing, digital-arrest scams and impersonation attacks.

It also directed the messaging platform not to roll out the username feature in India until consultations on the issue were completed to the government's satisfaction.

The proposed feature would allow users to communicate on WhatsApp without sharing their mobile phone numbers, providing an additional layer of privacy.

--IANS

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New Delhi, July 11 (IANS) Hybrid Long‑Short Funds accounted for 67 per cent of Specialised Investment Fund assets under management, contributing Rs 11,910 crore to total SIF AUM of Rs 17,858 crore, a report said on Saturday.

The report from ValueMetrics said Hybrid Long‑Short Funds had an average folio size of Rs 35 lakh.

Hybrid Investment Strategies accounted for 72 per cent of total SIF AUM at Rs 12,822 crore, with an average folio size of Rs 32.7 lakh.

Total SIF inflows stood at Rs 3,782 crore in June 2026, marking a sharp 171 per cent increase over Rs 1,396 crore recorded in May 2026. Since October 2024, cumulative SIF inflows have reached Rs 17,407 crore.

Equity‑Oriented Strategies contributed 28 per cent of the total AUM at Rs 5,036 crore, with an average folio size of Rs 14.1 lakh. Total SIF AUM stood at Rs 17,858 crore as of June 30, 2026, with an average folio size of Rs 23.8 lakh, the report added.

Hybrid Long‑Short Funds attracted Rs 2,043 crore in June, marking a 189 per cent increase from May, and have drawn cumulative inflows of Rs 11,568 crore since October 2024, accounting for 66 per cent of total SIF inflows.

Equity‑Oriented Strategies received Rs 1,097 crore in June, up 68 per cent month‑on‑month, with cumulative inflows of Rs 4,938 crore since October 2024.

Overall, the mutual fund industry continued to witness healthy investor participation in June 2026.

Total mutual fund AUM increased to Rs 82.2 lakh crore, while net inflows into Active Equity and Hybrid Funds stood at approximately Rs 36,000 crore, supported by sustained retail participation through SIPs and continued interest in equity-oriented investment products, the report noted.

Gold ETFs witnessed a strong comeback with net inflows of Rs 3,443 crore in June 2026, reversing the net outflows of Rs 725 crore recorded in May.

—IANS

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New Delhi, July 11 (IANS) Overall deposits in India’s banking system jumped by around Rs 7 lakh crore for the fortnight ended June 30, 2026, marking the third‑highest fortnightly growth in 29 years, a new report has said.

The report from State Bank of India (SBI) Research said the surge reflected buoyant capital flows aided by recent Reserve Bank of India and government measures.

Further, commercial paper and bank credit have expanded indicating that economic activity has surprised on the upside in Q1FY27.

Netting out quarter‑end mobilisation, the bank estimated that jump in capital flows could be about $15 billion, driven in part by renewed Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits, External Commercial Borrowings (ECBs), and Overseas Foreign Currency Borrowings (OFCBs) inflows.

India has also received $7 billion in FII inflows since the measures announced by the government to bring the foreign inflows and boost the rupee.

"Separately, RBI foreign currency reserves increased by $4.4 billion during the fortnight, indicating the desire of RBI to also recoup foreign exchange reserves," the report said.

Long tenor G-sec yields rallied faster than corporate bond yields in May and June, supported by foreign inflows and stronger sovereign bond demand, with corporate yields being sticky amid continued liquidity demand, credit and duration premium demand by investors.

The report noted three‑year AAA bonds saw better demand as issuers shifted partly to commercial paper, bank loans and short‑tenor funding.

Commercial paper issuances increased in Q1FY27 with June issuances at 55-month high, and incremental bank credit showed higher growth.

The rupee appreciated about 2.2 per cent till June‑end from its low of Rs 96.8 per USD on May 20, 2026, though recent geopolitical tensions and rising Brent crude pushed the currency down about 0.4 per cent.

The report said the outlook for INR remains positive, with average crude oil price for India’s basket now expected at $80 or lower, leading to potential savings of at least $30 to $35 billion in the oil import bill.

—IANS

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New Delhi, July 11 (IANS) Commerce Secretary Rajesh Agrawal has said that India's policy framework must provide the predictability and stability required for global value chains to expand their presence in the country.

The global electronics industry is increasingly driven by these value chains, he said at Chintan Shivir organised here by the Department of Commerce, to develop policy recommendations for strengthening India’s electronics manufacturing and export competitiveness.

He observed that policy approaches for production aimed at the domestic market may differ from those needed to promote export-oriented manufacturing.

He further stated that the Chintan Shivir had been convened to facilitate constructive dialogue and develop tangible, balanced, equitable and actionable policy recommendations while strengthening India's position as a globally competitive electronics manufacturing and export hub.

The event brought together senior government officials, industry leaders, policy experts and stakeholders to deliberate on "India's evolving electronics manufacturing landscape and strategies to strengthen the country's global competitiveness."

The Chintan Shivir featured presentations on India's roadmap to achieving $150 billion in electronics exports by 2030 and on strengthening the country's semiconductor and electronics components ecosystem.

Presentations outlined sector opportunities across smartphones, servers, specialty electronics and components. The sessions laid the foundation for detailed deliberations on policy priorities required to accelerate long-term growth and enhance export competitiveness.

Participants emphasised the importance of integrating MSMEs into global value chains, which account for nearly 90 per cent of global electronics trade, to enable them to scale as suppliers to large manufacturers.

Deliberations also focused on harmonisation of HS Codes and closer coordination with Customs authorities to minimise product misclassification and facilitate smoother exports.

Focused marketing efforts to build the visibility and acceptance of Indian products in strategic overseas markets is necessary to sustain export momentum, according to Special Secretary, Department of Commerce, Suchindra Misra.

Misra noted that the Indian Institute of Foreign Trade is developing training programmes for exporters, making industry feedback invaluable in refining the curriculum to strengthen understanding of trade agreements, market access opportunities and evolving demand patterns across global markets.

—IANS

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