Direct-to-home operator Dish TV has been penalised again by leading bourses BSE and National Stock Exchange (NSE) over composition and lack of quorum on its board, according to a regulatory filing by the company.

Dish TV, which has been embroiled in a tussle at the board level for the last few years among its promoters, was fined by the bourses in 2023 and 2024 for the same reason.

It has received a latest notice on August 29 from the bourses, wherein a fine has been imposed on the company, for non-compliance of Regulations 17(1) and 19 (1)/(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (`Listing Regulations`), for the quarter ended June 30.

"The above-mentioned non-compliances in respect to reduction in the board strength was on account of non-approval of shareholders for the appointment of directors and that the same was beyond the control of the board or the company," Dish TV said.

Moreover, the company has also been advised by the bourses to "inform the promoters about the non-compliance and place the said communication before the board at its next meeting" and the comments made by the board shall be informed to the exchange.

Both the NSE and the BSE have imposed fines of ?5.69 lakh each on Dish TV for violation of listing rules and has directed it to pay within 15 days from the date of the stock exchange communication.

Dish TV said it "shall be making the payment of the fines as levied on the company" and added that "there is no impact on financial, operational or other activities of the company, other than the monetary fine amount payable".

As per the information available on the Dish TV portal, its board consists of seven persons. They include its Executive Director-Chairperson-CEO Manoj Dobhal, four independent directors, CFO, and the company secretary.

Subhash Chandra`s family-led promoter and promoter group holds around 4 per cent share and was in a tussle with YES Bank over the reconstitution of the board.

YBL, which was earlier Dish TV`s largest shareholder, has sold its 24.2 per cent in the company to JC Flowers Asset Reconstruction Pvt Ltd.

Over the past few occasions, Dish TV shareholders have jostled down the company`s proposals to approve new appointments on the board in the EGM.

On three previous occasions, shareholders had rejected several proposals, including the re-appointment of Jawahar Lal Goel as the managing director in June 2022 and the adoption of financial statements for 2020-21 (Apr-Mar) and 2021-22 in September 2022.

- by: (Business Line)

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India’s second-largest telecom services provider (TSP) Bharti Airtel is quietly building its own artificial intelligence (AI) agents across functions, such as buying, billing, payments and customer care that are used by its customer base of more than 380 million every day.

Over the last 18 months, the company has been experimenting with AI and has also actively begun integrating it within its operations over the past couple of quarters.

Six individual AI agents are being built on top of its proprietary data platform, which are being housed under its wholly-owned subsidiary Xtelify.

According to people aware of the plans, the


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Reliance Industries’ intention to list its digital services arm Jio Platforms (JPL) in the first half of 2026 accelerates the possibility of another round of tariff hikes by the end of 2025, analysts said.

IPO-driven strategy
The company, which houses the conglomerate’s telecom business under Jio Infocomm, will reportedly look to raise around Rs 50,000 crore through its initial public offering.

“As it gears up for the IPO, Jio will look to lift its Arpu (average revenue per user) and revenue metrics, which means the possibility of a tariff hike in November-December this year is high,” an analyst with a leading brokerage said.

Of the past three tariff hikes taken by private Indian telcos, two have come at the end of the festive season – in November or December, while the latest one in 2024 was affected in July.

Another analyst pointed out, Jio would want to show RoCE in the range of 12%-13%. “It currently clocks in the high single digits so a tariff hike could help push it up to the early teens which would be ideal in the run up to an IPO,” the analyst noted.

The timing of the next tariff hike has been a key focus area for analysts since the impact of the July 2024 hike is now behind the industry, with the last of the tailwinds felt in Q1 Arpu growth.

While neither RIL chairman Mukesh Ambani nor Reliance Jio Infocomm chairman Akash Ambani gave any indication on the amount the company intends to raise through listing, or the valuation at which it will go public, analysts peg Jio’s valuation at between Rs 10-12 lakh crore.

Broader Digital Play
UBS Research in a recent report has indicated that Jio’s performance metrics as of Q1FY26 put it in a good place to launch an IPO.

“With large investments in 5G and fibre completed, we expect capex to decline to Rs 35, 000-40, 000 crore annually in the coming years, resulting in strong improvement in free cash flows. This sets the stage for a value-realisation in the form of an IPO,” analysts from UBS noted in the report released this week.

BofA in its report highlighted that RIL’s digital business, which so far contributed 10% of JPL’s revenue (the remaining 90% comes from Jio Infocomm), is at an inflexion point and poised for growth by leverage new age technologies.

“We expect this business traction to be strong, given management focus to scale-up this business. The key contributors include cloud, content, enterprise and tech services,” BofA analysts said.

As per management commentary at the RIL annual general meeting on Friday, Jio’s AI Cloud offering is used by 40 million customers now. The company revealed plans to scale up the offering, positioning it as “more than just storage, but an AI-powered memory companion”.

RIL is tapping into new age businesses, like bundled connectivity, security, and Wi-Fi stack, analysts said adding that it is also growing as an end-to-end managed services partner of enterprises offering.

“It has been able to increase its wallet share with a lot of large enterprises, especially in the BFSI and the industrial segments, is seeing strong momentum in its IoT portfolio and has also won some good competitive tenders for government clients,” BofA analysts noted.

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Paytm has reasons to celebrate. After waiting nearly a year, the company has finally received the Reserve Bank of India’s in-principle approval to operate as an online payment aggregator.

On paper, this means Paytm can now directly onboard new online merchants, rather than working through other aggregators. For a company that has been trying to re-establish itself after a rough 2024, this is a regulatory green light it badly wanted.

But does it move the needle on earnings? That is less certain.

Most large online merchants already have relationships with rival aggregators. Switching costs are high, and Paytm will not suddenly walk in and capture their volumes. The approval is good optics, no doubt, but investors would do well to view it more as a sentiment boost than a profit driver.

The headlines look great, but beneath the surface, the picture is more complicated.

A profit with caveats
For the first time in its history as a listed company, Paytm posted a quarterly profit.

In the first quarter of financial year 2026, net profit came in at Rs 1.2 billion after a Rs 6.3 billion loss in financial year 2025.

Contribution margins jumped to 60%, and earnings before interest, tax, depreciation and amortisation (EBITDA) margins turned positive at 4%. After years of red ink, the company is finally in the black.

But there is an asterisk.

The improvement was not only about better execution. It also came from a change in the way Paytm’s lending business is structured. Its largest partner moved away from the default loss guarantee (DLG) model. Earlier, Paytm had to bear the upfront cost if a borrower defaulted. Now, it does not.

At the same time, Paytm is still recognising revenues from old loans where the DLG cost had been charged. That makes this quarter look better than it really is.

However, these tailwinds can fade by financial year 2027. In other words, Paytm’s first-ever profit is real, but it may not be fully repeatable.

Growth slows with UPI saturation
Another concern is growth.

Paytm’s gross merchandise value (GMV), which is the total value of all transactions processed on its platform, grew 6% sequentially to Rs 5.4 trillion. That is far slower than the double-digit growth seen in earlier quarters.

But this slowdown is not Paytm’s alone. It reflects a broader industry trend. The Unified Payments Interface (UPI) itself is slowing. Once every kirana store, cab driver and hospital has a QR code, volumes cannot keep doubling. Growth cools naturally.

This saturation in UPI growth is an important shift. It means the old scaling rapidly through new users will not work anymore. Paytm will need fresh levers.

Soundbox: The sticky moat
If there is one steady growth engine, it is the Soundbox.

In the first quarter of financial year 2026, Paytm added 600,000 new Soundboxes, taking the total to 13 million.

These little speakers may look trivial, but they are sticky. Once a shopkeeper gets used to the Soundbox announcing every payment, switching to another provider becomes unlikely.

These boxes are the real moat for the company. They deepen merchant relationships, drive subscription revenues and open the door for cross-selling loans. Paytm has even launched variants like a Solar Soundbox and one with a digital screen. These may sound gimmicky, but for a small shop in a tier-2 town, solar charging or a screen that shows payment confirmation can be genuinely useful.

Lending: The weak spot
Lending is where the cracks show.

Merchant loans are growing steadily, and trail revenue from older loans helped margins this quarter. But personal loans remain weak.

The Reserve Bank of India’s tighter norms on unsecured lending have made banks cautious. Paytm admitted on the earnings call that personal loan growth will remain muted unless the broader credit cycle turns. That could take two to three quarters.

Buy Now Pay Later (BNPL) is still paused due to restrictions on loans under Rs 50,000. Management is keen to revive it when conditions ease, seeing it as a future growth driver. But until then, lending growth will be modest at best.

Questions that bother investors
Will Paytm ever make money on UPI?
UPI has become India’s default payments system, but it is still free for merchants. Both management and analysts think merchant discount rates (MDR) on large-ticket transactions will come eventually. But the government has avoided it for political reasons. Until then, monetisation from UPI will stay limited.

Can artificial intelligence really cut costs further?
Paytm has leaned on artificial intelligence to automate customer support and improve employee productivity. That has helped costs, but the question is whether big savings are still left. Management’s answer was that efficiency gains will continue, but investors should not expect a sudden drop in expenses.

Are margins peaking already?
Contribution margins hit 60% this quarter, but management itself guided for the mid-to-high 50s going forward. Investors have to ask if this quarter was a high point, flattered by accounting quirks, rather than a sustainable new normal.

What about user growth?
Monthly transacting users ticked up slightly to 74 million. But the real shift is in focus. Paytm is no longer chasing headline user numbers. The strategy now revolves around deepening engagement with merchants. For the company, the growth story is more about strengthening merchant relationships than adding new users.

Valuation Puzzle
Here is the crux for investors. After a 20% rally since the beginning of 2025, Paytm now trades at roughly 33 times its financial year 2027 enterprise value to EBITDA (EV/EBITDA). For a company with slowing GMV growth, a lending business in flux, and accounting tailwinds fading, that looks steep.

The Investor’s dilemma
So where does all this leave investors?

In the short run, Paytm’s stock may get a small lift from the Reserve Bank of India approval and the profit headline.

But the bigger picture is murkier.

Growth is slowing. Margins are flattered by one-offs. Lending has headwinds. And regulatory clarity on UPI monetisation is still missing.

The question for investors is simple: Do you believe Paytm can reinvent itself once again?

Can it build new growth engines such as Buy Now Pay Later, merchant discount rate monetisation, or deeper merchant cross-sell in a market where UPI is already everywhere?

If yes, then the first quarter of financial year 2026 marks the start of a new phase. If not, then this quarter’s profit might be as good as it gets for a while.

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Marquee investors in Jio Platforms Ltd (JPL) are set for a windfall as the Reliance Industries Ltd (RIL) subsidiary prepares to go public in the first half of 2026. Analysts estimate the company could command a valuation of Rs 10–12 lakh crore compared with Rs 4.62 lakh crore in 2020.

The listing of the country’s largest digital services company, which also houses Reliance Jio Infocomm, will be one of India’s biggest stock market events in recent years.

Big tech bets to pay off
In 2020, JPL embarked on a fund-raising spree that fetched it Rs 1.5 lakh crore capital and brought on board big tech names like Meta (then Facebook), Google, and global investors like KKR, and Saudi Arabia’s Public Investment Fund (PIF).

All these investors stand to double their investments if they decide to offload their stakes in the company.

In 2020, Meta Platforms invested Rs 43,574 crore to acquire a 9.99% stake in JPL, a move that underpinned the company’s ambitions in e-commerce and digital payments. Soon after, Google committed Rs 33,737 crore for a 7.73% stake, tying the partnership to the launch of affordable smartphones built on Android.

Alongside these tech majors, US private equity firm KKR invested Rs 11,367 crore for a 2.32% stake, while Saudi Arabia’s Public Investment Fund (PIF) injected Rs 11,367 crore for 2.32%.

The rapid succession of deals triggered a re-rating of JPL’s enterprise value. When Meta came on board in April 2020, Jio Platforms was valued at Rs 4.62 lakh crore. Within a month, as subsequent investors came in at a higher price point, the valuation surged to Rs 5.16 lakh crore—an appreciation of more than 10% in record time.

The fundraising spree, which saw participation from 13 global investors, not only strengthened RIL’s balance sheet but also positioned JPL as a rare Indian digital platform with global backers.

IPO size and tariff hike outlook
Experts estimate that this would translate into an IPO size of Rs 50,000-60,000 crore under the current guidelines of minimum 5% dilution. However, the Securities and Exchange Board of India has recently proposed that companies with post-issue market capitalisation can opt for lower dilution of 2.5% or 2.75%. This would mean that Jio will have the option to launch an IPO of Rs 25,000-30,000 crore.

Ahead of the listing, the market is also anticipating another round of tariff hikes. Analysts expect Jio to raise tariffs in November–December 2025. The move is seen as essential to boosting average revenue per user (ARPU) and improving return on capital employed.

“We believe this increases the possibility of a "15% tariff hike in the telecom business by Nov–Dec’25, which is likely to be positive for RIL and Bharti (Airtel), though it will be subject to potential valuation for the Jio IPO,” analysts from JM Financial noted.

Airtel management including vice-chairman and managing director Gopal Vittal, and chief executive designate Shashwat Sharma at the recently held Singtel investor day meet said that ARPU growth will come from the natural cycle of upgradation, analysts from BofA said. On 5G, the executives said that monetisation will pick up when the unlimited 5G plans are removed.

Analysts pointed out that for an industry-wide tariff intervention, it is imperative that the subscriber market share leader initiates the exercise, so others can follow suit.

Airtel maintains that if the industry structure improves then it’s a great scenario for everyone, though it will require a few more rounds of tariff hikes. Jio’s path to IPO signals the possibility of one such round, allowing Airtel to inch closer to its target Arpu of Rs 300 per month.

For Vodafone Idea, another round of tariff hikes will mean better chances of improving its liquidity. The telco is grappling with cash flow woes and a lack of visibility on a fund-raise to invest in network expansion capex.

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Apple is all geared up to host its autumn keynote on 9 September 2025, with the event to be staged at the Steve Jobs Theatre in Apple Park, Cupertino. Branded “Awe Dropping”, the presentation is being billed as one of the company’s most consequential launches of the year. As expected, the focus will fall on the new iPhone 17 family, alongside expected updates to the Apple Watch, AirPods and the company’s growing suite of artificial intelligence (AI) features.

iPhone 17, iPhone 17 Pro, iPhone Air, iPhone 17 Pro Max: Expected specifications

The iPhone 17 series is anticipated to introduce five distinct models. The standard iPhone 17 is expected to debut with a slimmer aluminium body and the latest A19 Bionic chip. A larger-screen iPhone 17 Plus could also be unveiled, sharing most of the specifications of the base model but aimed at those seeking a bigger display. Higher up the range, the iPhone 17 Pro is rumoured to arrive in a titanium frame, powered by the A19 Pro processor, equipped with a triple-lens camera system including LiDAR, and offering storage options of up to 2TB.

Additionally, the flagship iPhone 17 Pro Max could also feature the largest display, a periscope telephoto lens and the series’ longest-lasting battery. In a move to diversify its line-up, Apple is also said to be preparing the iPhone 17 Air, an ultra-thin, fashion-first device measuring just 5.5 mm thick, with compromises to battery life and camera hardware in order to achieve its portability.

The design language across the range is expected to shift subtly. The new Air model will create a distinct identity, while titanium finishes are reserved for the Pro and Pro Max.

Display technology will likely continue to rely on Apple’s Super Retina XDR panels, although ProMotion’s 120Hz refresh rate is again expected to remain exclusive to the high-end versions.

iPhone 17, iPhone 17 Pro, iPhone Air, iPhone 17 Pro Max: Expected pricing
Pricing details have not been confirmed by Apple, but analyst reports and industry leaks suggest a wide spectrum, as per an ET report.

In India, the standard iPhone 17 could begin at ?79,900, rising to ?1,64,900 for the Pro Max.

In the United States, the iPhone 17 Air is tipped to start at $899, while the Pro Max may reach as high as $2,300.

Similar pricing leaks place the iPhone 17 Air at £849 in the United Kingdom, €1,019 in Europe, AU$1,599 in Australia, and ¥129,800 in Japan.

These figures remain speculative until Apple officially discloses its product line-up and pricing on keynote day.

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If you have waited for the iPhone 17 for all this time, Apple has now marked a date to end your woes. The ‘Awe inspiring’ launch event, which will be held on September 9, is expected to unveil the iPhone 17 series along with 10 other new products, with the highlights being the Apple Watch Series 11, HomePod Mini, a new Apple TV 4K and a new generation Apple Vision Pro. The iPhone 17 models, however, remain the core heroes of the show and in this article, we are going to explore everything about these highly anticipated devices.

Apple’s Awe inspiring’ iPhone 17 event: Day and time details
Apple has sent the invites for the ‘Awe inspiring’ event, which is officially scheduled for September 9 at 10:30 AM IST. The event will be livestreamed worldwide on Apple TV and the company’s YouTube channel.

Following the announcement, pre-orders for the new devices are widely anticipated to begin on September 12, with the official market sales beginning a week later on September 19.

iPhone 17 model range: New whiff of ‘Air’ in a Pro lineup
The iPhone 17 series is rumoured to refresh the lineup with a new ‘Air’ model, bringing the total number of variants to four: the standard iPhone 17, the new ultra-slim iPhone 17 Air, the high-end iPhone 17 Pro, and the top-tier iPhone 17 Pro Max.

In terms of performance, the standard iPhone 17 and iPhone 17 Air models are expected to be powered by the new A19 chip with 8GB of RAM, while the more premium Pro versions are tipped to feature an A19 Pro chipset and a substantial 12GB of RAM. Display sizes are also expected to see a slight bump, with the Pro Max model reportedly sporting a large 6.9-inch display. The iPhone 17 and iPhone 17 Air are also said to feature 120Hz refresh rate panels, although they won’t support variable refresh rates of 1Hz-120Hz like the Pro variants.

The Pro models are rumoured to receive more camera upgrades. Speculation suggests a new 48MP telephoto camera joining the 48MP main and 48MP ultrawide shooters. Even the front camera sensor will be upgraded to a 24MP sensor, thus promising sharper and more detailed selfies as well as video calls.

Other anticipated features for the Pro lineup include a new vapour chamber cooling system for improved heat management and a scratch-resistant, anti-reflective display coating. The article also mentions that the iPhone 17 Pro Max may replace its premium titanium build with an aluminium frame. The wired charging on all these models are expected to see a bump to 35W, whereas the MagSafe wireless charging could see speed upgrades as well.

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The India Post Payments Bank (IPPB) has awarded the contract to replace its fleet of 1,000 ATMs and cash dispensers to CMS Info Systems after the bankruptcy of ATM service provider AGS Transact Technologies. “One of the big wins we had was with the department of post. This was a former customer of AGS, and when they shut down, the department decided to close their sites and relaunch,” said Anush Raghavan, chief business officer, CMS, in an interaction with ET.

“We helped evacuate the old ATMs, won the contract, and are now deploying 1,000 new machines across post office locations.”The IPPB had been facing disruptions in its ATM operations due to the financial troubles of AGS, a key vendor managing its network earlier. As of March 31, 2025, CMS managed 73,000 ATMs—about 47% of all outsourced ATMs in India—and 65,000 retail touchpoints.

The collapse of AGS, which once operated nearly 40,000 ATMs, has forced several banks to transition to CMS. The total ATM network in the country contracted by 4% to 208,063 by end-July 2025, compared with 216,352 a year earlier, RBI data shows. “Our primary goal was to work with all customers to ensure the safety of cash in ATMs, which we managed for most of them,” Raghavan said. “The next step was ensuring continuity of service—helping both existing and new customers transition seamlessly.”

Raghavan noted that many private banks are using the AGS disruption as an opportunity to restructure their ATM strategies, shifting from the “brown label” model to fixed-cost contracts. Under the brown label model, service providers handle the entire ATM lifecycle—including hardware, leasing, maintenance, cash management, and connectivity—while the bank’s branding is displayed on the machines.

This allowed banks to expand ATM networks without investing directly in infrastructure. “Banks are increasingly opting for fixed-price contracts over transaction-based pricing,” Raghavan said. “Also, since many ATMs are 8-10 years old, lenders are moving to new outsourcing contracts that bring in cash recyclers. These not only replace traditional ATMs but also function as self-service kiosks, handling a wider range of transactions.”

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The upcoming $15 billion (around ?1.3 trillion) second phase of the India Semiconductor Mission (ISM) is expected to carve out special incentives for micro, small, and medium enterprises (MSMEs), encouraging them to become suppliers of critical raw materials for global chipmakers, according to senior government officials.

“Our focus now is to help build homegrown raw material suppliers for semiconductor companies. That will be one of the focus areas of ISM 2. The overall priority remains on building a complete ecosystem for semiconductors,” one official said.

To further improve the ease of doing business for global players likely to apply under

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India is racing to secure a top spot in the global semiconductor arena, making rapid strides in chip design, advanced packaging, and talent development. These ambitions were detailed by Minister for Electronics and Information Technology Ashwini Vaishnaw, in an email interview with Surajeet Das Gupta. He underscored the government’s goal of making India one of the top five semiconductor nations by 2032 and highlighted SEMICON India 2025 as a key platform for global collaborations, investments, and showcasing the country’s emerging semiconductor ecosystem. Edited excerpts:

The government has more or less committed $10 billion for the first phase of India’s Semiconductor
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