New Delhi: The Directorate General of GST Intelligence (DGGI) is set to press ahead with tax recovery proceedings against online gaming companies, after the Supreme Court upheld its decision to retroactively levy 28% GST on the full face value of bets.

“This is a big win and now we can go ahead with the aggressive recovery process,” a DGGI official told ET.

The DGGI had issued show-cause notices alleging tax evasion of around ₹1 lakh crore against about 80 online gaming companies and casinos. Gaming companies approached various high courts challenging the tax demands. The Supreme Court later transferred pleas from nine high courts to itself.

The top court’s ruling on Wednesday validates the revenue authorities’ stance.

Senior officials from the revenue department said they will study the judgment.

The revenue department remains open to engaging with industry stakeholders on concerns regarding penalties and interest following the Supreme Court ruling, the official added.
In the original show-cause notice issued to Gameskraft in 2022, the DGGI had sought GST dues of about ₹21,000 crore for the period between 2017 and 2022, along with interest and penalties, in one of the largest tax demands ever raised.This became a template for similar proceedings initiated against several online gaming operators.

The verdict is expected to impact major gaming companies including Gameskraft, Dream11, Mobile Premier League, Games24x7, Junglee Games and Delta Corp, several of which are facing ongoing GST investigations or disputes.

Good morning, I’m filling in for Spencer Jakab. The U.S. and Iran appeared headed for a deal to extend their cease-fire over the long weekend, until hostilities broke out again on Monday. That’s left markets searching for direction, with oil and overseas stocks both mixed. American equities appear to be headed for a positive open, with futures tied to the S&P 500 about half a percent higher.

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NEW YORK — SanDisk Corporation (NASDAQ: SNDK) has delivered extraordinary returns in 2026, with shares surging over 500 percent year-to-date amid booming demand for NAND flash memory driven by artificial intelligence data centers, leaving investors debating whether the rally has further room to run or if current valuations warrant caution.

The former Western Digital subsidiary, which became an independent publicly traded company following its spin-off in February 2025, has benefited enormously from the global AI infrastructure buildout. Strong multi-year supply agreements and favorable NAND market dynamics have propelled the company’s financial performance and stock price to new heights.

SanDisk reported robust fiscal third-quarter 2026 results in late April, with revenue significantly exceeding expectations and earnings showing dramatic year-over-year improvement. The company has secured long-term contracts guaranteeing substantial revenue through 2031, providing greater visibility and stability in the traditionally cyclical memory industry.

Strong AI Tailwinds Support Bull Case

Analysts bullish on SanDisk point to structural demand growth for high-capacity NAND used in AI servers, enterprise storage and consumer electronics. Barclays recently doubled its price target to $2,300 from $1,200, citing innovative multi-year contracts that guarantee at least $42 billion in revenue through 2031, backed by $11 billion in safeguards. These deals provide supply certainty for customers and steady revenue streams for SanDisk.

The company’s focus on high-performance SSDs and enterprise solutions has positioned it well as data centers expand to support large language models and generative AI applications. Analysts project continued strong earnings growth, with some forecasting EPS could reach triple digits in coming years if current trends persist.

SanDisk’s rebranding efforts and product innovation, including new Optimus and Optimus GX lines, have helped maintain momentum. The stock’s inclusion in major indices and strong institutional interest have further supported its upward trajectory.

Valuation Concerns Temper Enthusiasm

Despite the impressive performance, some analysts recommend a more measured approach. SanDisk trades at elevated multiples compared to historical memory sector averages, reflecting high expectations for sustained growth. A recent analysis suggested the stock could face downside risk if NAND pricing weakens or if AI capital expenditure slows.

Western Digital’s ongoing sale of its remaining stake in SanDisk, announced earlier in 2026, has added some selling pressure at times but has not derailed the overall bullish sentiment. The parent company’s decision to monetize its position was viewed as a positive step for balance sheet management rather than a lack of confidence in SanDisk’s prospects.

Market Context and Competitive Position

SanDisk operates in a NAND flash market that has tightened considerably due to AI-driven demand. The company competes with Samsung, Micron, SK Hynix and others, but has carved out a strong position in enterprise and high-end consumer segments.

Global semiconductor industry forecasts remain robust, with memory demand expected to grow significantly through the end of the decade. However, the sector’s cyclical nature means periods of oversupply can emerge quickly if new manufacturing capacity comes online faster than expected.

Geopolitical factors, including U.S.-China technology tensions, represent additional variables that could impact supply chains and pricing dynamics. SanDisk has worked to diversify its manufacturing footprint to mitigate these risks.

Analyst Consensus

Wall Street coverage of SanDisk is generally positive but shows a wider range of opinions than more mature technology names. The consensus leans toward Buy, with average price targets implying moderate upside from current levels, though some firms have Hold ratings citing valuation.

Recent upgrades have focused on the company’s contract wins and margin expansion potential. However, a minority view suggests the stock’s rapid appreciation has already priced in much of the near-term optimism.

Investment Considerations for 2026

Investors considering SanDisk stock face a classic growth-versus-valuation decision. The bull case rests on continued AI infrastructure spending and SanDisk’s ability to maintain strong pricing and market share. The bear case centers on potential cyclical downturns in memory pricing and execution risks in a highly competitive industry.

For long-term investors comfortable with volatility, SanDisk offers exposure to a critical component of the AI megatrend. Shorter-term traders may prefer waiting for pullbacks before establishing positions. Diversification across the semiconductor sector is advisable given the inherent cyclicality of memory stocks.

The company’s strong balance sheet and focus on high-value enterprise solutions provide some downside protection compared to pure commodity memory plays. However, investors should monitor quarterly results closely for any signs of softening demand or margin pressure.

As 2026 progresses, key catalysts will include additional contract announcements, production ramp updates and broader AI spending trends. SanDisk’s performance will likely remain closely tied to the overall health of the artificial intelligence investment cycle.

The remarkable turnaround and growth story since its spin-off demonstrate the potential rewards in the memory sector during periods of strong secular demand. Whether SanDisk represents a buy or sell opportunity in 2026 ultimately depends on individual risk tolerance and conviction in the sustainability of current AI-driven tailwinds.

U.S. chip and memory stocks rallied premarket following gains for artificial intelligence-related names in Hong Kong and South Korea.

Micron Technology shares rose 4.9%, or $36.50, while Arm Holdings rose 3% premarket.

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Atlassian Corporation (TEAM) Jefferies Software, Internet & AI Conference May 27, 2026 1:00 PM EDT

Company Participants

James Chuong – CFO & Principal Financial Officer

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Conference Call Participants

Brent Thill – Jefferies LLC, Research Division

Presentation

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Brent Thill
Jefferies LLC, Research Division

But yes, I want to welcome James on stage, newly appointed CFO of Atlassian. Thanks again for coming, and Martin for — Martin is in the back. He has been with the company for many years and been a big supporter of our team. Thanks again for doing this.

James Chuong
CFO & Principal Financial Officer

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Well, thank you, Brent, for having me. Hopefully, you guys can hear me okay, and thank you all for being here today.

Question-and-Answer Session

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Brent Thill
Jefferies LLC, Research Division

Yes. James spent 13 years at LinkedIn, including 5 years as the CFO. And he basically took the company from $10 billion to $18 billion, so an incredible trajectory. Congrats on that.

And for those that don’t know you as well, maybe talk to why you made the jump over? It’s been only a few months, right? And maybe just give us your first impressions, kind of first observations, and then ultimately, kind of what you think — what you’re really focused on over the next year?

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James Chuong
CFO & Principal Financial Officer

Yes. As Brent said, it’s been coming up on 2 months at Atlassian. And I would say there’s no major surprises per se, but I would say I’m seeing more and more evidence in terms of what drove my conviction to the opportunity.

And I’ll speak to some of those areas. I think the first is just how I underappreciated, I think, how well diversified the business really is. For those maybe not following Atlassian closely, you could sort of pigeonhole it into

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DUBAI — Dubai International Airport is open and operating today, with passenger flights moving through its terminals as the airport continues to recover from earlier regional airspace disruptions.

Current flight information shows DXB functioning, though airline schedules remain reduced compared with normal levels. Emirates and flydubai continue to operate limited service, and passengers are being told to check directly with their airlines before traveling because schedules can change quickly.

The airport’s current status is one of partial recovery rather than a full return to routine. Recent flight-status updates show DXB with very low delay conditions, indicating that aircraft are moving through the airport with limited disruption. Dubai Airports also continues to provide real-time arrivals and departures information through its official channels.

Emirates says it is still operating a reduced number of flights and has not fully restored its full schedule. The airline advises passengers to verify flight status before leaving for the airport, especially because some cancellations and schedule changes may not be reflected immediately elsewhere.

flydubai has also said it has resumed operations on a reduced schedule. That means the airport is open, but the number of flights and available destinations remains lower than before the regional disruptions.

Current operations

Dubai International Airport remains the main aviation hub for the city and is still handling arrivals and departures across its terminals. Flight tracking updates indicate that the airport is active, with low delay status and normal processing conditions at the time of the latest available reports.

Earlier reporting from April said the airport was operating across all three terminals with a significantly reduced schedule while Dubai continued its gradual recovery from airspace restrictions and security disruptions tied to the Iran conflict. That same reporting said Dubai Airports confirmed arrivals and departures were processing normally, even though passengers were urged to confirm their flights directly with airlines.

The airport’s operating picture has improved since the period of greatest disruption, but airlines still appear to be managing capacity carefully. The current environment suggests that travel is possible, but not yet fully back to pre-disruption levels.

Airline schedules

Emirates remains one of the key carriers shaping DXB’s recovery. The airline’s current flight-status page says it is still operating fewer flights than usual and has not fully resumed its full schedule. That is important because Emirates is the airport’s largest operator and a major driver of traffic through Dubai.

flydubai has likewise resumed with a reduced schedule, according to its own flight-status page. The airline’s return is significant because it serves a large number of regional and medium-haul destinations that support the airport’s broader traffic network.

Together, the two carriers remain central to Dubai International’s recovery. Their return has helped restore movement through the airport, but the airlines’ own guidance makes clear that the schedule is still constrained.

Passenger guidance

Travelers using Dubai International Airport today are being advised to check flight status with their airline before heading to the airport. That advice remains especially important because reduced schedules and rapid changes can affect both departures and arrivals.

Passengers should also expect that not every route has returned to normal. While the airport is open, some services remain limited, and airline notifications may be the first place cancellations or changes appear.

Dubai Airports continues to provide live flight information online for both arrivals and departures, which can help passengers verify terminal, timing and gate details. The official airport channels remain the best source for real-time updates.

Recovery context

Dubai’s airport recovery has been closely watched because DXB is one of the busiest international hubs in the world. Earlier disruptions in the region forced the airport to reduce operations, and the return to normal has been gradual rather than immediate.

Reporting from April showed the airport handling a much improved schedule, with Emirates and flydubai together operating more than 220 passenger flights on some recent days. That suggested a steady rebound from earlier tensions, even though full capacity had not yet returned.

The current flight data and airline guidance suggest that the recovery is continuing. The airport is open, arrivals and departures are being processed, and delay levels remain low, but the airline network is still rebuilding.

What this means now

For travelers, the clearest answer is yes: Dubai International Airport is open today. But the airport is still operating under a reduced and carefully managed schedule, and passengers should expect some lingering limitations.

That means travel is available, but not every route is back at full frequency. Emirates and flydubai continue to run limited service, and the airport’s current status reflects an active but still incomplete recovery.

Dubai International’s official channels and airline updates remain the most reliable way to confirm the latest status before a trip. For now, the airport is open, flights are moving, and the recovery is still in progress.

Shares of Finolex Industries surged 8% to Rs 192 during Wednesday’s trading session after the company posted a stellar set of Q4FY26 numbers, driven by sharp margin expansion and strong operational performance.

The company reported a 59% year-on-year (YoY) jump in consolidated net profit to Rs 261 crore for the March quarter, compared to Rs 164.58 crore in the corresponding quarter last year.

Revenue from operations rose 12% YoY to Rs 1,314 crore in Q4FY26 versus Rs 1,172 crore in Q4FY25, supported by improved realizations during the quarter.

Operationally, the performance remained robust. EBITDA nearly doubled to Rs 332 crore in Q4FY26 from Rs 171 crore a year ago, while EBITDA margins expanded sharply to 25% from 15% in the same period last year. Profit before tax (PBT) also climbed significantly to Rs 334 crore against Rs 203 crore in Q4FY25.

Despite the strong quarterly momentum, the company’s full-year performance remained under pressure. For FY26, net profit declined 25% to Rs 599 crore compared to Rs 800 crore in FY25. Revenue from operations also edged lower to Rs 4,113.43 crore from Rs 4,141.97 crore in the previous financial year.

However, annual operating performance showed improvement. EBITDA for FY26 stood at Rs 679 crore, up from Rs 476 crore in FY25, with EBITDA margins improving from 11% to 17% on a year-on-year basis.
Adding to investor optimism, the board recommended a final dividend of Rs 2 per equity share along with a special dividend of Rs 0.75 per share, taking the total payout to Rs 2.75 per equity share for FY26, subject to shareholder approval at the upcoming 45th Annual General Meeting.The stock has witnessed strong buying interest lately, rallying nearly 20% over the past one week. Finolex Industries currently commands a market capitalization of around Rs 11,053 crore, while its 52-week high stands at Rs 238.

On the technical charts, momentum indicators remain positive. The stock’s 14-day RSI is at 60.5, indicating healthy strength while still remaining below the overbought zone of 70. Further supporting the bullish trend, the stock is trading above all 8 out of 8 key simple moving averages (SMAs), signaling sustained upward momentum.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)