ET Intelligence Group: Wipro reported sustained momentum in order bookings and large deal wins for the June quarter. However, its revenue fell 1.4% sequentially to $2,614.5 million after a marginal improvement seen in the previous three quarters while operating margin contracted by 130 basis points to 16%, the lowest since the December 2023 quarter when it was at the same level. The country’s fourth largest software exporter continued to show weakness in execution as clients took more time to roll out projects.

The company’s management iterated in a post-result media call that it did not notice any material change in demand scenario from the previous quarter. In addition, the deal flow worth $3,370 million during the June quarter was supported by cost optimisation drive and vendor consolidation by clients. In this backdrop, its September quarter guidance continues to be cautious as it expects revenue to either drop by 1.5% or improve marginally by 0.5% sequentially. This spells no respite for the stock, which has fallen by 15% since April 16 when the company declared the March quarter numbers.

Notwithstanding the short term growth challenges, the company’s annual revenue trend has started looking less bleak, helped by a steady flow of orders and a series of acquisitions. The extent of revenue decline moderated significantly to 0.3% in FY26 from 3.2% in FY24. Additionally, the year-on-year difference in the trailing 12 month (TTM) revenue turned positive at $32 million in June quarter for the first time in 11 quarters. To retain this trend reversal in the coming quarters, Wipro will require to speed up project ramp ups. The management stated that project execution has taken speed in some of the recently won large deal wins. This will be a key factor to monitor in the near term.

Unlike the larger peers including Tata Consultancy Services (TCS) and HCL Technologies (HCLTech), Wipro has not yet committed any capital expenditure (capex) in creating its own data centre capacity. Instead, it has been focussing on the designing and deploying solutions for clients through partnerships in the artificial intelligence (AI) ecosystem. While this approach prevents any short term stress on the balance sheet arising from debt arrangements required for the AI related capex, investors would keenly watch the effectiveness of different AI strategies over the next few quarters.
At Thursday’s closing price of ₹177.8 on the BSE, Wipro’s stock traded at a trailing price-earnings (P/E) multiple of 13.4. It is at a discount to the 10-year average multiple of over 18, reflecting weak investor sentiment. A revival in the valuation depends upon the how quickly the company’s revenue and profitability improve.

Asian stocks edged lower after a selloff in chipmakers dragged down Wall Street as investors questioned whether massive artificial-intelligence investments can justify lofty valuations. Oil climbed.

The MSCI Asia Pacific Index slid 0.3%, with declines in Japan and Australia. South Korea is closed for a public holiday. Contracts on the Nasdaq 100 dropped 0.5% after the underlying gauge lost 1.6% on Thursday. Also weighing on sentiment was Netflix Inc., whose shares fell over 8% in extended trading after forecasting a second straight quarter of slowing sales growth.

In a renewed bout of volatility Thursday, a US gauge of chip giants slumped more than 4% as investors questioned whether tech stocks have grown too richly valued amid massive capex plans. Taiwan Semiconductor Manufacturing Co.’s American depositary receipts dropped 2% as a solid outlook was overshadowed by a higher spending forecast.

Elsewhere, Brent recouped some of the previous session’s losses as hostilities across the Middle East continued to escalate and shipping traffic slumped in the Strait of Hormuz. The commodity traded just under $85 a barrel. Government bonds edged lower in Australia and New Zealand, while Treasuries were steady.

“The action in the chip stocks going forward is still the most important issue for the stock market,” said Matt Maley, chief market strategist at Miller Tabak. “They are definitely showing some meaningful cracks, so they’re going to have to see a strong and sustainable rebound soon or it will raise some real warning flags.”

Heightened geopolitical tension helped keep a lid on risk appetite and pushed oil prices higher this week, fueling concerns about inflationary pressures that could prompt the Federal Reserve to raise interest rates before the year is over. Treasury yields edged higher Thursday and the dollar notched modest gains.
Fed Bank of Kansas City President Jeff Schmid said inflation is his biggest worry given the risk of a further acceleration in the months ahead. His Dallas counterpart Lorie Logan called for higher rates, saying inflation does not appear to be heading sustainably back to the target.Traders also parsed key economic reports. Jobless claims fell last week while retail sales rose modestly in June, dragged down by a drop in gas-station receipts that masked strong gains at some merchants.

“Despite challenges, consumers are still spending and the labor market shows no signs of cracking,” said Ellen Zentner at Morgan Stanley Wealth Management. “This type of data won’t move the Fed’s needle either way, but it underscores the ongoing resilience of the US economy.”

LeBron James’s search for a new NBA home is entering its final stretch, with league insiders reporting that every team still in the running has now made its formal pitch to the four-time champion and his camp is simply waiting for him to make up his mind.

James informed the Los Angeles Lakers last month that he intends to play his 24th NBA season with a different franchise, ending an eight-year run in Los Angeles that included a championship in the pandemic-shortened 2020 bubble season. Lakers governor Jeanie Buss addressed the departure in a statement, calling James “one of the greatest athletes in history” and adding, “We will always be thankful for his eight years with the Lakers — including the title he led us to in 2020 under the toughest imaginable circumstances and the countless records he broke in purple and gold. We wish him all the best in the future, both on the court and off. He will always be a cherished part of the Lakers family.”

James responded on social media, writing that it was “truly a honor to wear” the Lakers’ colors and adding, “I hope I made a few proud during my stint.”

Since then, the 41-year-old has become the biggest remaining piece on the free agent board, with his decision expected to set off a chain reaction across the league. ESPN’s Shams Charania reported this week that the presentation process has wrapped for every interested team. “The voice notes have all been listened to, the rosters are set, the decks are all laid out,” Charania said. “We’ll see when he’s ready to make his decision.”

The Golden State Warriors, Cleveland Cavaliers, Miami Heat, Philadelphia 76ers and Minnesota Timberwolves have emerged as the group of finalists most frequently cited by league insiders, according to multiple reports. James’s agent, Rich Paul, told reporters last week that he had spoken with 27 teams on his client’s behalf, including Golden State, Cleveland and Miami — the three organizations James has played for at some point in his career.

A source familiar with James’s thinking told ESPN’s Dave McMenamin that the star wants to play “meaningful, competitive basketball” wherever he lands next, suggesting he remains focused on contending for a fifth championship rather than simply picking the highest bidder or the most comfortable situation.

Golden State’s pursuit has been complicated by roster mechanics and, according to some reports, internal uncertainty about its odds. Andscape’s Marc J. Spears said on ESPN’s “NBA Today” that Warriors decision-makers have grown less confident in their chances. “I’m kind of hearing today that the Warriors internally kind of feel like they’re a dark horse at this point, that LeBron James is probably going out East,” Spears said. Still, Golden State has kept its books open, and Draymond Green declined his $27.6 million player option earlier this month in part to preserve the team’s financial flexibility to pursue James and a possible trade for Washington Wizards forward Anthony Davis, James’s former Lakers teammate. “Personally, I’m always willing to work with the team on whatever is best, especially at this point in my career,” Green said on his podcast, explaining his decision to opt out. “I’ve always taken the approach of working with the organization. I’ve been in one place for 14 years. It’s more of a family to me than anything.”

Warriors star Stephen Curry, who played alongside James on the gold medal-winning U.S. Olympic team in 2024, has also made his case publicly. “The pitch is: Do you want to play good basketball and be around people who know how to play the game?” Curry said. “Hopefully raise our floor, our competitiveness this year. There’s good golf in the Bay.”

The Cavaliers, meanwhile, are widely viewed as offering James a storybook homecoming to the franchise where he began his career and later delivered Cleveland its first NBA title in 2016. James has played 1,001 regular-season and playoff games for the organization across two stints, and his offseason home outside Akron sits an easy drive from the team’s practice facility. Cleveland bolstered its case for contention this offseason by locking up guard Donovan Mitchell to a four-year, $273 million maximum extension.

Miami, James’s other former team, presents a different kind of pitch: pairing him with Giannis Antetokounmpo and Bam Adebayo in what would be one of the most physically imposing frontcourts in league history, backed by the coaching staff of Erik Spoelstra, Pat Riley and Andy Elisburg.

Attention has increasingly turned to timing. James is scheduled to appear at the 2026 Fanatics Fest at the Javits Center in New York City, running from Thursday, July 16, through Sunday, July 19, alongside a roster of major sports figures including Tom Brady, Serena Williams and David Beckham. James is also set to host a live episode of his “Mind the Game” podcast at the event on July 16 and 17 with special co-host Tyrese Haliburton, fueling speculation among insiders that the podcast could double as the venue for his announcement — a format that would fit James’s history of controlling the rollout of his major career decisions, from his 2010 television special to a 2014 first-person essay and a 2018 social media post.

Not everyone expects a straightforward outcome. Phoenix Suns forward Dillon Brooks predicted during an appearance on the “NBA 2K League” broadcast that James would ultimately land with Golden State, offering one of several public guesses that have circulated as the decision drags into the middle of July. Meanwhile, questions remain about how the move could affect James’s son, Bronny, a member of the Lakers’ roster, with reports suggesting his situation may not necessarily be tied to his father’s choice.

For now, the NBA’s all-time leading scorer remains the league’s biggest domino still standing in an offseason that has already reshaped several rosters, with teams like the Timberwolves, Cavaliers, Heat, 76ers and Warriors left waiting to see whether their pitches were enough to convince James to keep chasing championships somewhere new.

Adam Warby

Good morning, everyone. It’s a pleasure to be with you here today and welcome you to Ocado’s 2026 First Half Results. For disappointed England football fans in the room, I can confirm that there are no immediate plans for us to develop our business in Argentina.

Before we kick off in earnest, I did want to reflect briefly on last week’s announcements about succession planning at Ocado. I appreciate that there’s been a lot of public speculation and commentary on this topic over recent weeks. We’ve announced a clear succession plan that gives certainty to everyone connected with the business, and that allows us now to focus on — our full attention on executing our strategy and continuing to deliver for our shareholders and partners. So with that in mind, I hope you’ll understand that it’s all — that’s all we’ll be saying on the matter this morning.

Today is about our strategy, updating on our strategy, the progress we’re making with our clients and our reinvigorated commercial focus worldwide. I’m going to hand over to Tim shortly, who’ll take you through the highlights, but I first wanted to reflect briefly on a few key items of progress that we’re making towards important goals for Ocado at this midpoint of the financial year.

Firstly, following the significant organizational changes at the end of the large R&D cycle

Mumbai: The ₹9,813-crore initial public offering (IPO) of SBI Funds Management, India’s biggest asset manager by some distance, is a tale of multiple eye-popping superlatives. The biggest IPO of 2026 is also the most subscribed ever among billion-dollar domestic issues, with investors bidding nearly 42 times the shares on offer by the money manager that oversees about ₹12.5 lakh crore in mutual fund assets.

In total, buyers placed bids for 5.19 billion shares in the issue against 124.5 million shares offered by the State Bank of India (SBI) subsidiary. In terms of the value of bids received, the issue drew allotment applications worth ₹2.97 lakh crore. The Qualified Institutional Buyers (QIBs) portion received the highest subscription – at 140.11 times the stock on offer. The Non-Institutional Investors (NIIs) subscribed 22.51 times of their reserved portion, while retail investors subscribed 3.6 times.

Grey Market Premium
The employee reserved category and the portion reserved for shareholders of its parent company, SBI, were subscribed 4.65 times and 9.52 times, respectively. Among the 13 issuances raising more than $1 billion since 2020, SBI Funds’ IPO received the maximum number of bids, followed by LG Electronics India‘s October 2025 issue that was subscribed 38 times, data from primedatabase.com showed.In terms of value or amount of bids received, SBI Funds ranks third – after peer ICICI Prudential Asset Management at nearly Rs 2.99 lakh crore, and LG India’s Rs 4.4 lakh crore, which tops the charts. “The robust subscription levels bode well for the primary market as a whole and point to the possibility of healthy listing gains as well,” said Pranav Haldea, Managing Director, Prime Database Group.

First of Many?
SBI Funds’ issue may kick off the arrival of other large main-board issuances, such as those by Manipal Health Enterprises and Zepto, in the coming weeks.

Toyota is the latest company facing a lawsuit over its website’s use of online tracking technology — aka cookies — highlighting a growing legal risk for businesses that rely on digital advertising and consumer data.

A proposed class action filed Wednesday in Los Angeles County Superior Court accuses the automaker of continuing to track visitors to Toyota.com even after they declined third-party cookies, allegedly violating California privacy law.

Lead plaintiff Brittany Conner alleges Toyota installed tracking technology on users’ devices despite their opting out through the website’s cookie consent banner. 

According to the complaint, the technology allowed third parties to collect browsing activity, device information, online identifiers and other data used for targeted advertising.

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The lawsuit alleges the tracking relied on a practice known as “fingerprinting,” which can identify internet users by combining information about their devices and browsing activity, even when traditional tracking cookies are rejected.

Toyota’s website presents visitors with a consent banner offering the option to accept or decline cookies and similar tracking technologies. The lawsuit alleges the company nevertheless deployed tracking tools after users selected “decline.”

Ticker	Security	Last	Change	Change %
TM	TOYOTA MOTOR CORP.	179.76	+2.84	+1.61%

The case comes as businesses across industries face mounting litigation under the California Invasion of Privacy Act, or CIPA, a 1967 law originally enacted to prohibit wiretapping. In recent years, however, plaintiffs have increasingly used the statute to challenge website tracking technologies and other online data collection practices.

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According to privacy compliance firm OneTrust, more than 800 CIPA lawsuits were filed in 2025, targeting companies over technologies that plaintiffs argue collect consumer data without users’ consent.

Several companies have recently resolved similar claims. Forbes Media agreed in May to pay $10 million to settle a proposed “trap and trace” class action, while the Los Angeles Times agreed to a $3.85 million settlement. 

DraftKings and the NFL have also been sued over alleged website tracking practices.

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Conner is represented by Pacific Trial Attorneys. The firm did not immediately respond to FOX Business’ request for comment.

Toyota did not immediately respond to FOX Business’ request for comment.

Robert Banks
President, CEO & Director

I’m really super excited about this. I got a few more people still logging in, so I’m going to pause just a little bit while we get those last few stragglers logged in. So good stuff, good stuff. So welcome to the Nephros investor event. Thank you for taking the time to join us today and for your interest in Nephros.

Whether you’ve been a shareholder for years or just beginning to learn about the company, I hope you leave today’s event with a much deeper understanding of who we are, why we exist and perhaps most importantly, where we’re headed.

Because today’s event isn’t really about filters, it’s about water. Water is necessary for life. Clean, safe water is fundamental to health. And yet most people don’t think about it until something goes wrong. When water quality fails, the consequences can be significant.

Patients become ill, buildings can shut down, equipment can fail, businesses lose confidence, trust is lost. At Nephros, our purpose is simple. We purify water where it matters most. That includes hospitals, dialysis clinics, commercial buildings, laboratories, food service and many other environments where water quality has real consequences for patients, customers, caregivers, equipment, operations, ultimately, trust.

The interesting thing that the market around us is just changing so rapidly. Just a few years ago, most conversations centered around legionella. Today, the discussion is much broader. Customers are thinking about opportunistic premise plumbing pathogens, biofilm, antibiotic-resistant organisms, PFAS, lead, aging infrastructure and increasingly micro and nanoplastics.

The