More than three years after GenAI launched, we remain well-positioned
On the morning of June 24, India's equity markets prepared to open with quiet optimism, yet the deeper story resided not in index points but in the layered decisions of banks, governments, and corporations navigating capital, technology, and transformation. From YES Bank's careful preparations for future fundraising to the government's measured divestment of IRFC shares, and from Infosys confronting the existential question of AI relevance to Honasa's bet on wellness, the day offered a portrait of an economy in purposeful motion — each move a small answer to the larger question of where India's financial and industrial future is being built.
- YES Bank's board is preparing to meet June 29 to authorize multiple fundraising pathways — equity, debt, and convertible instruments — signaling the bank is quietly fortifying its capital position before any window of opportunity closes.
- The government is selling a 2 percent stake in IRFC at ₹91 per share, a near 8 percent discount to market price, unlocking over ₹2,300 crore for the exchequer and opening retail bidding Thursday — a disinvestment agenda moving with visible urgency.
- Nexus Ventures has now sold Delhivery shares three times this year, trimming its stake steadily for a combined exit exceeding ₹900 crore, raising questions about long-term conviction in the logistics sector among early backers.
- Infosys CEO Nandan Nilekani pushed back against AI-era skepticism at the company's 45th AGM, arguing the firm remains well-positioned for the decade ahead — even as Wipro deepened its own AI-driven cybersecurity partnership with Palo Alto Networks.
- Steel and energy sectors are in active flux: an anti-dumping probe targets Chinese and Japanese electrical steel imports, while renewable energy agreements — solar, wind, and hybrid — are multiplying across Tamil Nadu and Maharashtra.
Indian equity markets were set for a modest opening on June 24, with NIFTY50 futures pointing to a gain of roughly 20 points. The real texture of the day, however, lay in the corporate and policy decisions rippling beneath the surface.
YES Bank announced its board would meet June 29 to consider a broad range of capital-raising options — from equity placements to debt instruments and convertible securities. The bank framed the move as preparatory rather than urgent, ensuring shareholder resolutions were in place under the Companies Act so it could act swiftly if market conditions aligned. No immediate fundraising was signaled, but the intent to stay ahead of its capital needs was clear.
The government, meanwhile, pressed forward with its disinvestment agenda, offering a 2 percent stake in IRFC — more than 26 crore shares — at a floor price of ₹91, representing a discount of nearly 8 percent to the previous day's close. The two-day offering, expected to raise over ₹2,300 crore, included a green shoe option for an additional 1 percent. Retail investors would be able to participate from Thursday.
In the logistics space, Nexus Ventures continued its gradual exit from Delhivery, offloading roughly 43 lakh shares at ₹481 apiece for approximately ₹208 crore — its third such sale this year, following earlier transactions totaling over ₹700 crore.
At Infosys's 45th annual general meeting, CEO Nandan Nilekani addressed the AI anxiety head-on, acknowledging that every major technology shift raises doubts about incumbents' relevance. More than three years into the generative AI era, he argued, Infosys remained not only relevant but well-positioned for the decade ahead. Wipro, for its part, was expanding its cybersecurity capabilities through a deepened partnership with Palo Alto Networks, offering AI-driven managed detection and response services.
Honasa Consumer made a strategic move into health supplements, acquiring a 58 percent stake in Fluence Pharma at an enterprise value of ₹135 crore, with plans to purchase the remaining 42 percent over the following five to seven years.
In the power sector, Tata Power's Mundra Thermal Plant received an extension of its operating directions through September 30, 2026, allowing the plant — which had restarted in April after a nine-month shutdown — to continue running at full capacity. Power Finance Corporation became the first central public sector undertaking to access international bond markets following the RBI's special swap facility announcement, issuing $300 million in five-year bonds at a coupon of 5.32 percent.
Rounding out the day's developments, an anti-dumping investigation was launched against cold rolled grain oriented electrical steel imports from China and Japan, while renewable energy agreements continued to multiply — NLCIL signing an MOU with Tamil Nadu for large-scale solar, wind, and hybrid projects, and Solarium Green Energy receiving a construction award in Maharashtra.
The Indian stock market was poised to open with modest gains on Wednesday, June 24, with futures suggesting the NIFTY50 would climb roughly 20 points at the bell. But the real action lay not in the index itself but in the constellation of corporate moves unfolding across the market—decisions that would shape the trajectory of some of India's largest financial and industrial players.
YES Bank had announced that its board would convene on June 29 to chart a course on capital raising. The bank was preparing the groundwork to pursue fundraising through multiple channels: equity securities via private placement or preferential issue, or debt instruments in various forms. The board would also consider borrowings and other eligible securities, convertible or otherwise. The bank framed this as a precautionary measure, ensuring it had the necessary shareholder resolutions in place under the Companies Act to move quickly if market conditions warranted. The move signaled that YES Bank was thinking ahead about its capital position, even if no immediate fundraising was imminent.
Meanwhile, the government was moving ahead with its disinvestment agenda. The Department of Investment and Public Asset Management was preparing to offload a 2 percent stake in IRFC—over 26 crore shares—through a two-day offering. The floor price was set at ₹91 per share, a discount of 7.79 percent to Tuesday's closing price on the BSE. At that valuation, the stake sale would deliver more than ₹2,300 crore to the exchequer. The government was also offering a green shoe option for an additional 1 percent stake. Retail investors would get their chance to bid starting Thursday.
In the venture capital world, Nexus Ventures was trimming its position in Delhivery. The US-based firm, through its affiliate Nexus Ventures III Ltd, had offloaded roughly 43 crore shares representing a 0.57 percent stake in the logistics company at an average price of ₹481 per share, for a total of ₹207.98 crore. This marked the third such sale by Nexus in Delhivery this year, following earlier transactions worth ₹530 crore and ₹186 crore in April. At the end of March, Nexus had held a 4.48 percent stake in the Gurugram-based firm.
On the technology front, Infosys was confronting the question that haunts the entire sector: relevance in an age of artificial intelligence. At its 45th annual general meeting, CEO Nandan Nilekani acknowledged that every major technology shift prompts questions about whether companies can protect their growth and margins. AI, he said, was no exception—the doubts were louder, the questions more insistent. Yet Nilekani argued that more than three years after generative AI's launch, Infosys remained not just relevant but well-positioned for the decade ahead. Wipro, meanwhile, was expanding its partnership with Palo Alto Networks to offer AI-driven managed detection and response services, deepening its footprint in the cybersecurity space.
Honasa Consumer was making a strategic bet on health and wellness. The company announced it would acquire a 58 percent majority stake in Fluence Pharma for an enterprise value of ₹135 crore, with the remaining 42 percent to be purchased over five to seven years. The deal marked Honasa's entry into the fast-growing supplements market, a natural extension of its existing consumer health portfolio.
Elsewhere, the Enforcement Directorate had conducted searches at nine premises linked to a Bengaluru-based company under the Foreign Exchange Management Act, with locations in Bengaluru and Mumbai. The company's founder and chairman, Rajesh Mehta, had recently denied any fund diversion or wrongdoing and pledged full cooperation with a forensic audit ordered by the Securities and Exchange Board of India.
In the power sector, Tata Power received good news: the Ministry of Power extended the validity of directions for its Mundra Thermal Plant in Gujarat through September 30, 2026, pushing back the previous deadline of June 30. The plant had restarted operations on April 1 after a nine-month shutdown, during which the company had suffered losses. The extension meant the plant could continue running at full capacity through the third quarter. Meanwhile, Power Finance Corporation had become the first central public sector undertaking to tap international bond markets following the Reserve Bank's announcement of a special swap facility, issuing $300 million in five-year senior unsecured bonds at a coupon of 5.32 percent per annum.
The market was also watching developments in steel and renewable energy. An anti-dumping investigation had been initiated against imports of cold rolled grain oriented electrical steel and amorphous metal from China and Japan, following a complaint by JSW JFE Electrical Steel. And across multiple sectors, renewable energy projects were gaining momentum—NLCIL had signed a memorandum of understanding with Tamil Nadu for large-scale solar, wind, and hybrid power projects, while Solarium Green Energy had received a letter of award for engineering, procurement, and construction work on a Maharashtra power generation initiative.
Notable Quotes
More than three years after GenAI was launched, Infosys is more relevant than ever before and well-positioned for the decade ahead.— Nandan Nilekani, CEO of Infosys
The company will fully cooperate with the fresh forensic audit ordered by Sebi and not challenge the market regulator's interim order.— Rajesh Mehta, Founder and Chairman
The Hearth Conversation Another angle on the story
Why does YES Bank need to prepare for fundraising now, when it's not actually raising capital yet?
It's about optionality and timing. If the board waits until it needs capital to get shareholder approval, it loses months. By getting the resolutions in place now, the bank can move quickly if market conditions turn favorable or if capital needs become urgent.
The IRFC stake sale is being offered at a discount. Doesn't that mean the government is leaving money on the table?
Not necessarily. A discount can actually attract more bidders and ensure the sale clears smoothly. The government gets ₹2,300 crore either way, and a successful offering builds confidence in future disinvestments.
Infosys seems defensive about AI. Is the company actually worried?
Every tech company is grappling with this. Nilekani's message was less about fear and more about reframing—saying AI makes them more necessary, not less. But the fact that he felt compelled to address it at the AGM tells you the question is real and persistent.
Why would Nexus Ventures keep selling Delhivery if it's a good investment?
Venture firms have fund lifecycles. They need to return capital to their investors. Three sales in one year suggests they're in harvest mode—taking profits and moving capital elsewhere.
What does Honasa's move into supplements signal about the broader consumer health market?
It signals that the market is consolidating and that companies see real growth potential in health and wellness. Honasa is leveraging its brand and distribution to move upstream into higher-margin categories.