Latest Developments

Asia
The Hindu BusinessLine

Alt exits Mumbai office investment with 103% rate of return in nine months

Alt, a Bengaluru-based alternative investment platform, has exited its investment in GCorp Tech Park in Thane, Mumbai, delivering a pre-tax internal rate of return of 103 per cent and a 1.50x multiple on invested capital within nine months. The platform deployed ₹69.21 crore in equity in July 2025 across 170,000 square feet spanning three floors of the Grade-A+ commercial office asset. By April 2026, the investment was to a family office and real estate fund, generating a realised value of ₹104.03 crore and a gross pre-tax profit of ₹34.82 crore. The exit coincides with broader institutional interest in the same property. Property Share, India’s first SEBI-registered Small and Medium REIT, recently closed its second scheme — PropShare Titania — acquiring 4.4 lakh square feet of leasable area within the same GCorp Tech Park development. GCorp Tech Park is located on Ghodbunder Road, adjacent to a planned metro station. The building holds LEED Platinum, WELL Health-Safety, and BEE 5-Star certifications and counts Aditya Birla Group entities and Concentrix among its tenants. Alt CEO and Co-founder Kunal Moktan attributed the returns to a pricing gap between institutional and high-net-worth investor cap rates on prime commercial real estate. Property Share Co-founder Hashim Khan said the exit was executed as institutional demand for the asset had strengthened. Alt, which is Series-B funded with backing from Westbridge Capital, Lightspeed, Beenext and Pravega Ventures, manages over $300 million in assets across more than 350,000 users. The platform offers exposure to private credit, private real estate in India and the UK, and listed REITs across the US, Canada, the UK and India. Property Share, Alt’s fractional ownership platform founded in 2015, listed India’s first SM REIT — PropShare Platina — on the Bombay Stock Exchange in December 2024 and has since grown its AUM to approximately ₹1,000 crore across three listed schemes. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Alt exits Mumbai office investment with 103% rate of return in nine months
North America
CNBC

Ulta shares pop as beauty retailer beats Wall Street expectations and hikes earnings outlook

Ulta Beauty on Tuesday reported quarterly results that beat on the top and bottom lines and hiked its earnings outlook as the retailer saw a strong start to its fiscal year. For the three-month period ended May 2, Ulta saw net sales increase roughly 11% compared to the year-ago period. It reported comparable sales rose 5.3%, compared to StreetAccount estimates of up 4.6%. Ulta reaffirmed its full-year same-store sales and revenue projections, but raised its full-year EPS guidance to between $28.36 and $28.80. Its previous outlook was earnings per share between $28.05 and $28.55. "Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories," CEO Kecia Steelman said in a statement. "Our results demonstrate the strengths of our model, focused execution of our talented associates and the effectiveness of our strategy in an uncertain macroeconomic landscape." On a call with analysts on Tuesday, Steelman said the launch of Ulta's TikTok Shop, with a focus on Ulta-specific products, during the quarter contributed to its success. The company also launched more than 20 new brands during the quarter, including Selena Gomez's popular makeup brand, Rare Beauty. The company said its strongest category for the quarter was fragrances, increasing from 11% to 12% of total revenue. The earnings come as consumer confidence takes a dip amid soaring gas prices and rising inflation, leading to a pullback in discretionary spending. "We are operating from a position of strength in this environment and have multiple levers to satisfy guests' value needs," Steelman said on the call. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Ulta shares pop as beauty retailer beats Wall Street expectations and hikes earnings outlook
Asia
The Hindu BusinessLine

Titan, Kalyan Jewellers, Thangamayil, Vedanta, Hindustan Zinc in focus for second session after silver import curbs

Shares of listed jewellery makers and metal companies remained in focus for the last two trading sessions after the government tightened silver import regulations by making Directorate General of Foreign Trade (DGFT) authorisation mandatory for eligible importers. Jewellery stocks saw mixed movement on Thursday after most of them dipped in the previous trading session. Shares of Titan Company rose 2 per cent to ₹4,178 on the NSE, while Kalyan Jewellers gained nearly 3 per cent to ₹362.55. Thangamayil Jewellery surged to a 52-week high of ₹5,219.70, about 9 per cent higher than its previous close of ₹4,795. The government, through a notification issued on Tuesday, said silver imports by RBI-nominated agencies, DGFT-authorised entities and qualified jewellers importing through the India International Bullion Exchange (IIBX) will now require a valid import licence from the DGFT. The notification stated that imports of silver, including silver plated with gold or platinum, in unwrought, semi-manufactured or powder form, and containing 99.9 per cent or more silver by weight, will be permitted only against a valid import authorisation. Market participants are tracking the impact of the tighter norms on bullion availability, import flows and procurement costs for jewellers and industrial users of silver. Among metal stocks, Hindalco Industries shares declined 1 per cent to ₹1,124.70, while Vedanta fell to ₹327.65 on the NSE. National Aluminium Company shares dropped 4.55 per cent to ₹417 from the previous close of ₹436.90. Hindustan Zinc traded flat at ₹610. Other metal and mining companies, including SAIL, Jindal Steel, JSW Steel, NMDC and Lloyds Metals, remained in focus amid expectations that stricter import controls could influence domestic precious metals trade and related industrial activity. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Titan, Kalyan Jewellers, Thangamayil, Vedanta, Hindustan Zinc in focus for second session after silver import curbs
Asia
The Hindu BusinessLine

PMK slams Centre for decreasing TN's allocation under 125-day employment guarantee scheme

PMK leader Dr Anbumani Ramadoss on Thursday lashed out at the Centre for its decision to cut Tamil Nadu's allocation for the 125-day employment guarantee scheme, which is to be implemented from next month. Pointing out that since 2006, the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) has been implemented to build rural infrastructure and provide livelihoods to the poor, the PMK leader said that the central government has made various changes to that scheme and has now introduced the 125-day employment plan, effective from July 1. "The Tamil Nadu government must not accept this decision that robs the state of its rights," the former union minister said in a statement here. The Parliament in December 2025 passed the Viksit Bharat Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) Bill, which replaces the MGNREGA and has a provision for 125 days of wage employment for rural workers. According to the government, the VB-G RAM G scheme aims to establish a rural development framework aligned with the national vision of 'Viksit Bharat 2047'. "Although the scheme has been allocated ₹95,692 crore nationwide, the draft allocation sent to the Tamil Nadu government shows that the state has been allotted only ₹3,923 crore," Anbumani claimed. "Tamil Nadu’s share of the total allocation for the 125-day scheme is a mere 4.09 per cent," he said, adding, "In earlier years the state received more than 10 per cent of allocations for the scheme, and reducing it now to 4.09 per cent is unacceptable." Anbumani said that under the 100-day employment guarantee scheme, Tamil Nadu received ₹12,136.33 crore in 2023–24, ₹7,587.58 crore in 2024–25, and ₹7,702.89 crore last year. "Critics have said even those amounts were insufficient for the state’s needs," he added. Stating that with the current central allocation for the 125-day scheme, Tamil Nadu will not be able to provide even 12 days of work per year to those who registered for employment under the programme, he said, "It is unjust to promise 125 days of work annually while allocating funds that will cover only a fraction of that commitment." Demanding that the Tamil Nadu government should not accept this method of fund allocation that undermines state rights, Anbumani said, "Instead, it should insist that allocations be made based on actual need as before, and demand that at least 10 per cent of the scheme’s total funds be earmarked for Tamil Nadu". Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

PMK slams Centre for decreasing TN's allocation under 125-day employment guarantee scheme
Asia
The Hindu BusinessLine

India’s spice exports dip 6% in FY26 to $4.43 billion on weak demand for chilli, cumin

Chilli, the largest product in the spices export basket both in terms of volumes and value, was down by 4 and 12% respectively on reduced off-take from key buyers such as China and Bangladesh. Weak overseas demand for key spice products such as chilli and cumin have pulled down the Indian spices exports during financial year ended March 2026. Indian spices registered a 6 per cent decline in exports at $4.43 billion during 2025-26 over corresponding last year’s $4.72 billion. In volumes, the spices shipments were down 4 per cent at 17.34 lakh tonnes over corresponding last year’s 17.99 lakh tonnes. However, in rupee terms the decline was 2 per cent at ₹39,140 crore over previous year’s ₹39,994 crore. Chilli, the largest product in the spices export basket both in terms of volumes and value, was down by 4 and 12 per cent respectively on reduced off-take from key buyers such as China and Bangladesh. Chilli exports in value was down 12 per cent at $1.17 billion over previous year’s $1.34 billion. Cumin exports were down 14 per cent in volumes at 1.96 lakh tonnes over previous year’s 2.29 lakh tonnes. In value, the cumin shipments were down 28 per cent at $524.22 million from previous year’s $732 million. Spice oils and oleoresin exports were also down by 1 per cent at $528.73 million over previous year’s $535 million. Turmeric shipments were down 4 per cent at $327 million over previous year’s $341 million. Pepper exports, despite a 5 per cent drop in volumes, were up 11 per cent in value on higher realisations at $137.84 million over previous year’s $124.5 million. Other spices products that saw an increase during the year include cardamom, ginger, tamarind, coriander and curry powder and paste. Small cardamom exports were up 124 per cent at $413 million on higher volumes over previous year’s $184 million. Small cardamom export volumes also registered a 124 per cent growth at 15,050 tonne over previous year’s 6,728 tonne. Large cardamom exports saw an increase of 31 per cent at $35.52 million over previous year’s $27.02 million. Tamarind exports grew 42 per cent to $50.77 million over prevoius year’s $35.78 million. Currypowder and paste exports were up 5 per cent at $259.98 million over previous year’s $247.59 million. Exports of mint products registered a 15 per cent decline at $354 million over previous year’s $417 million.

India’s spice exports dip 6% in FY26 to $4.43 billion on weak demand for chilli, cumin
North America
CNBC

Victoria's Secret shares spike 40% after big earnings beat, raised sales outlook

Shoppers may be feeling gloomy about high prices at the pump, but they're still shelling out for new bras and underwear at Victoria's Secret. The lingerie retailer raised its full-year guidance on Tuesday after blowing past earnings estimates in its fiscal first quarter, citing lower tariff costs and more customers willing to spend full price on its products. Shares of Victoria's Secret closed 47% higher. There was "very consistent, double-digit [sales] increases across Victoria's Secret, Pink, beauty channels, digital, stores and international, all very positive," CEO Hillary Super told CNBC in an interview. "Supercharging bras being one of our most important initiatives, double-digit [comparable sales growth] there, and I think the loyalty that bras creates and the anchor that it is in the business is just so important." Super added the company grew sales with "significantly" fewer promotions and gained market share during the quarter, particularly with shoppers ages 18 to 24. During the first quarter, some retailers saw strong growth that they attributed partially to higher tax refunds. While Victoria's Secret finance chief Scott Sekella said some customers used that extra stimulus to go shopping at its stores, it was a "normal amount," and trends have remained consistent so far this quarter, even with tax refunds having dried up for many people. Victoria's Secret is now expecting full-year sales to be between $7.03 billion and $7.13 billion, up from a previous range of between $6.85 billion to $6.95 billion and well ahead of estimates of $6.99 billion, according to LSEG. The company also raised its full-year guidance for adjusted opening income by more than $100 million. It's now expecting adjusted operating income to be between $550 million and $580 million, up from a previous range of between $430 million to $460 million. Sekella said the company hiked its outlook because better-than-expected sales led to stronger leverage on fixed costs, and it also factored in lower tariff rates now that many of President Donald Trump's sweeping duties have been ruled illegal. "All of this is predicated on the Q1 that we had, the momentum we see into Q2 and how we feel about our back half launches," said Sekella. The company also issued rosy guidance for the current quarter, even as some peers released conservative outlooks as they monitor whether consumers pull back on spending without the boost from tax refunds. It said it's expecting sales to be between $1.59 billion and $1.62 billion, beating expectations of $1.56 billion, according to LSEG. The company's reported net income for the three-month period that ended May 2 was $47.7 million, or 56 cents per share, compared with a loss of $1.66 million, or 2 cents per share, a year earlier. Excluding one-time restructuring costs, Victoria's Secret saw earnings per share of 60 cents. Sales rose to $1.56 billion, up about 15% from $1.35 billion a year earlier. Comparable sales, including stores and e-commerce revenue, grew 13%, beating expectations of 11.4%, according to StreetAccount.

Victoria's Secret shares spike 40% after big earnings beat, raised sales outlook
Asia-Pacific
Channel NewsAsia

Indian police arrest hotel owner after deadly fire

NEW DELHI: Indian police have arrested the owner of a New Delhi hotel where a fire killed 21 people, as investigators probe safety failures. Police said owner Lavkesh Bajaj was arrested late on Wednesday (Jun 3), hours after the blaze gutted the building, killing at least nine Indians and several foreigners. Two foreigners have so far been identified - one a citizen of Liberia and another from Mozambique. Building fires in India are common due to a lack of firefighting equipment and routine disregard for safety regulations. People trapped on upper floors were seen jumping onto mattresses below as fire ripped through the Flourish Stay hotel in a densely packed neighbourhood of the city. Several residents were taken to hospital suffering from severe burns, as well as fractured bones after leaping onto the street. In a separate fire on Thursday morning, at least four people died in an intensive care ward in a hospital in Muzaffarpur in the eastern state of Bihar, district government official Subrat Kumar Sen said.

Indian police arrest hotel owner after deadly fire
Asia-Pacific
Channel NewsAsia

South Korea ruling party sweeps most seats in local elections but faces losing Seoul

The loss of Seoul would deliver a symbolic blow to South Korean President Lee Jae Myung despite his party’s broader gains. Election officials carrying the ballots for local elections arrive at a counting center in Seoul, South Korea, on Jun 3, 2026. (File photo: Reuters/Kim Hong-Ji) SEOUL: South Korean President Lee Jae Myung's ruling Democratic Party swept the majority of seats in local elections, early vote counts showed on Thursday (Jun 4), but looked set to lose the crucial Seoul mayoralty amid a controversy over a shortage of ballot papers. Opposition People Power Party (PPP) incumbent Mayor Oh Se-hoon was projected to clinch a narrow victory in the capital, leading Democratic Party challenger Chong Won-o by a razor-thin margin as of 8am local time (7am, Singapore time). National Election Commission (NEC) tallies at the same time showed Democratic Party candidates winning Busan and leading in 12 of 16 mayoral and provincial contests nationwide, though counting was still underway in some regions. The loss of Seoul, South Korea’s largest city and top political prize, would deliver a symbolic blow to Lee despite his party’s broader gains, complicating what had been expected to be a sweeping endorsement of his first year in office. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Analysts said control of the capital carries outsized political weight, and the result could temper the ruling party’s claim of a decisive national mandate even if it secures a majority of local governments. Even so, the Democratic Party’s overall performance suggests Lee retains significant nationwide support, buoyed by robust export growth due to an AI chip boom and an accompanying stock market rally that has helped underpin strong approval ratings. The vote was marred by disruption in parts of Seoul, where ballot papers ran out at multiple polling stations amid higher-than-expected turnout. The shortages, reported at more than a dozen polling stations, forced some voters to wait hours or leave without casting ballots, with voting extended at affected sites. The incident triggered protests by some voters and conservative groups, with PPP figures - before it became clear they were on track to retain the Seoul mayoralty - gathering outside the NEC to call for a halt to vote counting and a rerun of the race, arguing it had been “tainted”. The NEC apologised and said it would conduct a full investigation, but said the incidents did not constitute grounds for delaying the election or holding a rerun.

South Korea ruling party sweeps most seats in local elections but faces losing Seoul
Asia-Pacific
The Straits Times

Broadcom shares tumble after its AI chip forecast disappoints investors

SAN FRANCISCO - AI chipmaker Broadcom missed Wall Street expectations for second-quarter revenue on June 3 and its top executive left a previous 2027 sales forecast unchanged, sending its shares down nearly 13 per cent in extended trading. Second-quarter revenue of US$22.19 billion (S$28.5 billion) missed estimates of US$22.27 billion, as Broadcom races with Nvidia whose dominant graphics processing units remain the industry standard for artificial intelligence workloads. Broadcom also said it expects AI chip revenue of US$16 billion in its current third quarter, slightly below estimates of US$16.36 billion, according to analysts polled by Visible Alpha. Chief executive officer Tan Hock Eng said Broadcom now expects to ship more than 10 gigawatts’ worth of AI chips in 2027 - a slight increase from previous estimates - but stuck to the company’s long-range forecast of US$100 billion in sales from those chips. “Nothing slows down what was estimated prior - they just didn’t raise it,” Ben Bajarin, CEO of technology consultancy Creative Strategies, said of the long-range forecast. Rivals such as Marvell Technology are also making inroads with key hyperscale customers. At the end of May, Marvell said its custom chip business would surpass US$10 billion in revenue in 2029, and forecast second-quarter revenue above estimates. The boom in inference - the process by which models respond to user queries - has made custom chips crucial to the industry, driving more orders for advanced processors and intensifying competition. Broadcom’s ability to meet AI demand has also been tested by a strained supply chain. But company executives on the post-earnings call assuaged such concerns, saying Broadcom is “very comfortable” that it has secured supply for 2026 and 2027. “Today’s miss on revenue and subsequent post-market pull back (in shares) shows the market demands perfection for this chip rally to keep running,” said Ryan Lee, senior vice president of product and strategy at Direxion. Still, Broadcom has been one of the biggest beneficiaries of the AI race. Analysts view its core business as robust due to its lead position in the custom chip market with Meta and Alphabet’s Google as its hyperscale customers. Big Tech firms are expected to spend more than US$700 billion on AI infrastructure in 2026, up from around US$400 billion in 2025. As the AI industry evolves rapidly, machine learning capabilities and requirements vary greatly from company to company, resulting in large cloud companies building their own processors to slash costs and personalize workloads. Broadcom plans to ship 10 gigawatts worth of compute capacity next year and plans “a lot more” in 2028, Tan said during the earnings call. “Q2 semiconductor revenue from AI of US$10.8 billion grew 143 per cent year-over-year, above our forecast, driven by increasing demand for custom AI accelerators and AI networking,” he said in a statement. REUTERS

Broadcom shares tumble after its AI chip forecast disappoints investors