The International Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group, announced the provision of a syndicated credit line worth $75 million to Ipak Yuli Bank in Uzbekistan. This agreement was signed in May 2026.
The International Trade Finance Corporation (ITFC), part of the Islamic Development Bank Group, announced the provision of a syndicated credit line worth $75 million to Ipak Yuli Bank in Uzbekistan. This agreement was signed in May 2026.
These funds are intended to meet the growing demand for Sharia-compliant financial solutions in Uzbekistan's private sector. A portion of the allocated funds will be directed towards supporting small and medium-sized enterprises, as well as projects related to women's entrepreneurship, green financing, and food security, including the SME segment.
Adib Yusuf Al-Aama, CEO of ITFC, emphasized that Uzbekistan's private sector requires financing that enables companies to purchase goods, conduct trade operations, and maintain supply chains. He added that the line for Ipak Yuli Bank allows businesses to access Sharia-compliant trade finance through an established local institution.
In turn, Farrukh Iskhakov, Deputy Chairman of the Board of Ipak Yuli Bank, called this agreement an important step in the bank's cooperation with ITFC and in the development of Islamic financial solutions in Uzbekistan. He noted that it provides the bank with flexibility in financing businesses across the country, with a special focus on SMEs, women's entrepreneurship, green financing, and food security.
ITFC reported that through its credit lines, the corporation collaborates with local banks, providing companies with access to capital for importing goods, maintaining supply chains, and participating in trade. The corporation began its operations in January 2008 and has since provided over $96 billion in financing to member countries of the Organisation of Islamic Cooperation.
Cognizant's net profit in the second quarter decreased by 1.4% year-over-year to $636 million, compared to $645 million the previous year. This decline was attributed to an increase in income tax reserves.
The company's revenue for the second fiscal quarter of 2026 (FY26) increased by 4.5% to reach $5.5 billion. When calculated in constant currency, the growth was 4.1%. The company, whose shares are listed on Nasdaq, showed better results than its Indian competitors in both dollar and constant currency terms.
Despite the achieved growth, Cognizant, similar to Infosys, adjusted the upper limit of its annual forecast. This decision reflects slowing macroeconomic conditions, sluggish consumer spending, and persistent uncertainty. The company now expects growth at 4–5.5% in constant currency, which is lower than the previous forecast of 4–6.5% announced three months ago.
Chief Executive Officer (CEO) Ravi Kumar stated on Wednesday that this forecast aligns with the current reality. He noted that the macroeconomic situation has not improved as desired due to ongoing military actions, the Middle East crisis, oil prices, and inflation.
Deal metrics over the last twelve months amounted to $29.1 billion, showing a decrease of 1.7% compared to the previous quarter. Seven large contracts, each worth $100 million, were signed in the second quarter. Slowing spending may also be affecting this metric.
Financial services were the main driver of growth in the second quarter, showing an increase of 11.7% and achieving double-digit growth for the second consecutive quarter. The healthcare sector, a strength of the company, showed more modest growth of only 1% after a contraction in the first quarter. Chief Financial Officer Jatin Dalal reported that most large deals are related to 'using AI to improve efficiency,' with initial successes observed in new projects concerning cybersecurity and data analytics.
Kumar added that while healthcare performed well, especially in life sciences, there are certain segments where issues stem from regulatory pressure and reduced discretionary spending. This is a concern because growth appears to depend on only one sector and is not widespread.
The margin improved by 30 basis points, reaching 15.9%. Cognizant maintained its target margin level of 16–16.2% for the year, supported by portfolio optimization, previously announced staff reductions, and hiring a larger number of engineering graduates for cost control. Dalal also noted that the company achieved a 4.1% growth in constant currency revenue and an expansion of adjusted operating margin by 40 basis points year-over-year, despite the challenging environment.
The employee turnover rate rose to 13% from 12.3% in the previous quarter, while the total number of employees decreased by 900, standing at 356,700.
Larsen & Toubro (L&T) has announced its entry into the automotive components sector, planning to invest 500 billion rupees over the next five years. The investment aims to produce electric motors for electric vehicles (EVs), safety systems, and connected vehicle technologies at a new manufacturing center in Tamil Nadu.
This initiative is being executed through L&T Electronic Products & Systems (EPS), led by Prashant Chiranjive Jain, Managing Director of L&T Vyom and head of the company's EPS group. This move is part of the conglomerate Lakshya 31's broader strategy. Beyond mobility, the EPS platform covers the development and production of electronic systems, robotics, automation, and power electronics, leveraging L&T's existing strengths in strategic electronics.
Jain refuted suggestions that this is merely a diversification effort for L&T. He emphasized that engineering has always been an integral part of L&T's DNA from the outset, viewing the ambition to become a Tier-I auto component supplier as a natural evolution of these engineering capabilities.
According to L&T, the target B2B electronics market in the industrial sector is currently valued at approximately $2 billion, with a projected growth to $4.85 billion by 2031. The company aims to capture a 10–15 percent market share within the EPS portfolio, although a specific revenue target for the mobility business was not disclosed.
Jain clarified that the 500 billion rupee investment will be distributed over five years across manufacturing, research and development (R&D), technology licensing, creation of testing infrastructure, and intellectual property (IP)-based business development.
These investments come amid the push by Indian auto component manufacturers to transition from predominantly mechanical products to higher-value solutions in electronics and software. Goldman Sachs forecasts that India's auto component industry will grow at a CAGR of 10 percent, increasing from $86 billion in 2025–26 to $124 billion by 2029–30, driven by electrification and new opportunities in semiconductors and electronics. However, the broker noted that Indian companies spend only about 0.5 percent of sales on R&D, compared to the global industry median of 3.1 percent, allowing L&T to differentiate itself through its focus on proprietary technology and engineering prowess.
Jain reported that the first phase of the project has already commenced, including a printed circuit board assembly line and a housing assembly line in Coimbatore, Tamil Nadu. The specialized motor manufacturing plant is expected to begin production in August–September, and the G+2 expansion, part of the future 40-acre manufacturing campus, is scheduled for completion by the end of the current year.
The entire manufacturing ecosystem is expected to create around 5,000 direct and indirect jobs. Support will be provided by engineering and testing laboratories in Bengaluru and Coimbatore, as well as a battery energy storage system integration facility near Chennai. L&T will continue to develop its product through technology licensing, joint ventures, and startup investments. In addition to a licensing agreement with EVR Motors from Israel, the company has already invested in a power electronics startup developing DC-DC converters and remains open to new partnerships and acquisitions, striving to create a 'strong IP-based manufacturing ecosystem, not just mass production.'
L&T's mobility business, headed by Sudeepth Puthumana, has secured its first commercial order—a contract to supply 500,000 traction motors to a two-wheeler (2W) manufacturer over three years. Mass production is set to begin next month at the Coimbatore facility. These motors are based on technology licensed from EVR Motors and utilize a patented trapezoidal coil architecture, which L&T claims provides higher torque density while reducing material consumption and casing size.
According to the company, the motor has achieved nearly 98 percent localization in terms of components and about 70 percent localization in terms of cost. Nevertheless, management acknowledged that the high-performance version still relies on imported rare-earth magnets sourced from supply chains not subject to export controls. Concurrently, the company is developing an alternative without heavy rare-earth elements for less demanding applications.
Goldman Sachs observes that the level of localization in India currently slightly exceeds 50 percent for EV components and about 75 percent for e-bikes, compared to 90–95 percent for internal combustion engine vehicles. Experts believe that EV component localization represents a significant opportunity, though achieving price competitiveness and technological readiness against Chinese and South Korean suppliers will take time.
In addition to traction motors, L&T is building a portfolio that includes scalable motor control units, integrated 'X-in-1' electric drive systems combining the motor, gearbox, and electronics, an ADAS platform tailored for India, and 4G and 5G communication solutions developed jointly with its subsidiary L&T Semiconductor Technologies.
The company positions ADAS as a mass-market opportunity rather than a premium feature. Management noted that approximately 80 percent of vehicles on Indian roads currently lack driver assistance systems, creating substantial potential, especially in light of regulations coming into effect in 2027 requiring features such as automatic emergency braking for commercial transport, subsequently expanding to passenger cars. Current ADAS penetration stands at only 7–8 percent.
Instead of copying expensive global offerings, the company is developing ADAS specifically for Indian road conditions, accounting for factors like unmarked roads, mixed traffic, potholes, and stray animals. Regarding commercial transport, Jain and Puthumana admitted that EV adoption has been slow because fleet operators focused on operational costs and were concerned about charging infrastructure availability on highways. To address this, L&T is developing a 50-kilowatt bidirectional DC-DC converter, scalable up to 1 megawatt, to support high-capacity charging infrastructure for long-haul transport.
}} , 2. {The new public companies of the Vedanta group demonstrated mixed dynamics in the first quarter of fiscal year 27. Despite revenue growth across all segments—oil and gas, energy, and metallurgy—profitability significantly improved in the iron and steel and oil and gas sectors, while the energy business incurred a loss.
Vedanta Iron and Steel Ltd (VISL) showed the strongest revenue growth for the reporting period. Revenue increased by 18% compared to the previous year, reaching 3,662 crore rupees. Earnings before interest, taxes, depreciation, and amortization (Ebitda) jumped by 54%, amounting to 515 crore rupees. The company recorded a net profit after tax (PAT) of 121 crore rupees, contrasting with a net loss of 145 crore rupees in the same quarter last year. This success was driven by rising prices for iron ore and steel, as well as improved operational efficiency and reduced financial costs. Cast iron production reached a record 291 thousand tonnes, and iron ore extraction grew by 4% to 2.6 million dry metric tonnes.
Pankaj Kumar Sharma, CEO of VISL, noted that the company demonstrated stable operational and financial performance in the first quarter of fiscal year 27, despite the dynamic market environment. He emphasized that the high volume of iron ore extraction, record cast iron output for the quarter, operational efficiency in the steel business, and continuous focus on value-added products contributed to a significant margin improvement.
Vedanta Oil and Gas Ltd (VOGL), which debuted on the stock market this quarter, reported a 9% increase in revenue to 2,507 crore rupees. The Ebitda figure reached 1,232 crore rupees, and the net profit after tax (PAT), including discontinued operations, amounted to 945 crore rupees. These figures are significantly better than the losses recorded by the company in the previous year and the fourth quarter of the previous fiscal year (Q4 FY26 loss was 480 crore rupees, and Q1 FY26 was 104 crore rupees). Furthermore, the company announced the discovery of a gas field at the Kaam BCP-1ST well in the Barmer basin in Rajasthan state, expanding its exploration portfolio.
Arpit Mundra, CFO of Vedanta Oil and Gas Ltd, stated that the strong results in the first quarter of fiscal year 27 were ensured by favorable commodity prices, healthy revenues, and strict operational discipline.
However, Vedanta Power Ltd incurred a loss of 423 crore rupees in the first quarter of fiscal year 27, sharply contrasting with a profit of 88 crore rupees in the same quarter last year. Meanwhile, the company's revenue grew by 31% compared to last year, reaching 2,607 crore rupees. The revenue growth was driven by a 38% increase in electricity sales, totaling 5.224 million units. The Ebitda figure stood at 291 crore rupees. Operationally, Meenakshi Energy registered its highest quarterly Ebitda of 112 crore rupees, and the Talwandi Sabo Thermal Plant achieved an equipment availability of 86%.
