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Mcap of five of top-10 most valued firms erodes by Rs 1 lakh cr; HDFC Bank biggest laggard

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Mcap of five of top-10 most valued firms erodes by Rs 1 lakh cr; HDFC Bank biggest laggard
The combined market valuation of five of the top-10 most-valued firms eroded by Rs 1 lakh crore last week, with HDFC Bank taking the biggest hit.

Last week, the BSE benchmark Sensex dipped 30.96 points, or 0.04 per cent, and the NSE Nifty slipped 36.6 points, or 0.15 per cent.

“Markets ended the week on a largely flat note with a negative bias, reflecting underlying caution among participants. The tone remained positive during the first three sessions; however, a sharp decline on Thursday erased the gains, followed by a volatile final session,” Ajit Mishra, SVP, Research, Religare Broking Ltd, said.

While HDFC Bank, ICICI Bank, Tata Consultancy Services (TCS), Bajaj Finance and Hindustan Unilever were the laggards, Reliance Industries, Bharti Airtel, State Bank of India, Infosys, and Life Insurance Corporation of India (LIC) emerged as the winners.

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The combined market valuation of the five firms eroded by Rs 1,02,771.87 crore.


HDFC Bank’s valuation tumbled Rs 56,124.48 crore to Rs 12,01,267.28 crore.
The market valuation of Hindustan Unilever dropped Rs 18,009.62 crore to Rs 4,89,631.32 crore.Bajaj Finance lost Rs 15,338.42 crore to Rs 5,16,715.12 crore.

The market capitalisation (mcap) of TCS declined Rs 7,127.63 crore to Rs 8,64,940 crore and that of ICICI Bank edged lower by Rs 6,171.72 crore to Rs 8,91,673.06 crore.

However, the valuation Reliance Industries jumped Rs 45,942.75 crore to Rs 19,14,235.92 crore.

The mcap of Bharti Airtel surged Rs 24,462.03 crore to Rs 10,52,893.75 crore and that of State Bank of India climbed Rs 10,707.52 crore to Rs 9,76,968.57 crore.

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The market valuation of LIC edged higher by Rs 2,624.88 crore to Rs 4,91,610.45 crore and Infosys added Rs 2,473.79 crore taking its mcap to Rs 5,08,789.37 crore.

Reliance Industries remained the most-valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Infosys, LIC and Hindustan Unilever Ltd.

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ECU confirms CBD expansion

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ECU confirms CBD expansion

The university plans to grow its Perth campus into Kings Square 3, following its recent acquisition of that building.

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LATCH Solves Puzzle 1781 in Tough Early-Week Challenge

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Air travellers wearing a protective face masks, amid the coronavirus disease (COVID-19) pandemic, at JFK International airport in New York

NEW YORK — The New York Times Wordle answer for Tuesday, May 5, 2026, is LATCH, giving players a moderately challenging start to the week with a five-letter word that doubles as both a common household object and a verb meaning to fasten or attach firmly.

Wordle #1781 tested solvers with a word containing common consonants and a single vowel, starting with L and ending in a soft CH sound. The solution refers to a fastening device on doors, gates or windows — or the action of securing something in place. It also carries figurative meanings, such as latching onto an idea or opportunity.

Players who opened with strong starters like RAISE, SLATE or CRANE likely narrowed possibilities quickly, though the combination of L, A, T, C and H proved elusive for many. According to early community reports on platforms like Reddit, average scores hovered around 4.2 guesses, with a notable spike in six-guess finishes compared to easier recent puzzles.

How Players Solved It

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Many successful solvers began with vowel-heavy openers and pivoted after identifying the A early. Common paths included testing words with T and CH clusters. One popular sequence shared online: STEAL → TALON → FAULT → LATCH, securing the win in four guesses.

Hard-mode players faced extra difficulty, as rules require using confirmed letters in subsequent guesses. The absence of repeated letters and the less common “TCH” ending caught some off guard after early vowel or R-heavy attempts.

The New York Times noted the word’s dual noun-verb usage in its official review, highlighting its everyday relevance. Webster’s defines it as a bar or catch that falls into a notch, or the act of fastening with such a device.

Wordle’s Enduring Popularity

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Since its acquisition by The New York Times in 2022, Wordle has maintained massive daily engagement, with millions attempting the single daily puzzle worldwide. The game’s simple green-yellow-gray feedback system, limited to six tries, creates a perfect balance of accessibility and challenge that keeps players returning.

May 2026 has delivered a mix of straightforward and trickier solutions. Monday’s answer, RISER, focused on a common architectural term, while Tuesday’s LATCH shifted toward practical objects. The puzzle’s difficulty curve keeps the community engaged, with dedicated trackers and analysis sites breaking down statistics like letter frequency and solve distributions.

Social media platforms buzz with reactions each morning. On X and Reddit’s r/wordle community, players share grids, celebrate streaks and commiserate over tough days. Hashtags like #Wordle1781 and #WordleToday trended as solvers discussed strategies and near-misses involving similar words like CATCH, MATCH or BATCH.

Tips for Future Puzzles

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Wordle enthusiasts recommend starting with words containing multiple vowels and common consonants — ADIEU, SLATE or CRANE remain popular. Tracking eliminated letters helps narrow options efficiently. For harder days, considering double meanings or less obvious usages can unlock solutions faster.

The game also offers optional variants like Wordle Unlimited for practice and connections-style spin-offs, but the official daily puzzle retains its special status. Families and offices often compete for lowest average scores, turning the simple word game into a daily ritual.

Cultural Impact and Community

Wordle’s influence extends beyond casual play. It has inspired books, merchandise, classroom vocabulary exercises and even competitive leagues. Its accessibility appeals across age groups, with many older players appreciating the mental exercise and younger users enjoying the social sharing aspect.

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The NYT continues subtle updates while preserving the core experience that made it a phenomenon. No ads interrupt the clean interface, and the single daily puzzle prevents bingeing while building anticipation. This restraint has contributed to its longevity in an era of attention-grabbing apps.

For those who missed LATCH, tomorrow brings a fresh challenge. Wordle resets at midnight in each time zone, offering another opportunity to build or maintain streaks. Serious players guard multi-month streaks carefully, with some reaching hundreds of consecutive solves.

Broader Word Game Trends

Wordle’s success has spawned numerous imitators and related games, from geography-focused Worldle to music Quordle variants. The NYT portfolio now includes Connections, Mini Crosswords and Strands, creating a daily puzzle ecosystem that keeps word lovers engaged.

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Educators note benefits including improved vocabulary, pattern recognition and deductive reasoning. The game’s gentle difficulty curve makes it suitable for all skill levels while rewarding strategic thinking.

As May 5, 2026, draws to a close, solvers reflect on their performance with LATCH. Whether celebrated in four guesses or salvaged in six, the word provided a satisfying mental workout. The global Wordle community will reconvene tomorrow for puzzle #1782, ready for whatever five letters the New York Times has prepared next.

For players seeking yesterday’s solution, May 4’s Wordle was RISER. Archives and analysis sites offer complete historical lists for those tracking patterns or curious about past answers.

The simplicity and universality of Wordle ensure its place in daily routines. On a day when LATCH clicked for thousands, it reminded players why this unassuming game continues captivating millions years after its viral explosion. One puzzle at a time, one green square at a time, the streak lives on.

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Sushi chain to open five new UK sites including in Bristol and Ipswich

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The fast-growing brand is looking to establish 100 branches by 2030

Iro Sushi is opening five new locations in Basingstoke, Bristol, Ipswich, Ilford and Maidenhead

Iro Sushi is opening five new locations in Basingstoke, Bristol, Ipswich, Ilford and Maidenhead(Image: Iro Sushi)

A fast-growing sushi chain is opening five new UK sites as part of an ambitious expansion strategy. Iro Sushi has agreed deals to open outlets in Bristol, Basingstoke, Ipswich, Ilford and Maidenhead.

The brand, which was founded in 2014 by trained sushi chef Chhong Sherpa, serves fresh, made-to-order, restaurant-quality sushi and Japanese-inspired dishes.

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The new openings will take chain’s estate to 38 locations, strengthening its presence in existing regions including the Thames Valley and Home Counties, while also marking entry into new towns and cities such as Bristol and Ipswich.

It is understood the design of the new stores will be inspired by ‘Izakayas’ – a traditional Japanese drinking establishment, but will also use technology to drive operational performance.

Mr Sherpa said: “This is another significant milestone for Iro Sushi. Over the last six months, we’ve worked hard to refine our proposition with the launch of our new store format and continue evolving our menu.

“Now, with the foundations firmly in place, we’re ready to turbocharge our growth with the opening of new sites across the UK.”

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Mr Sherpa said the openings would “create new opportunities” for the company to introduce the brand to more consumers. “[It will also] take Iro Sushi a step closer to becoming the brand of choice for lovers of sushi and Japanese cuisine across the country,” he added.

The new signings follow continued momentum across the business for Iro Sushi. Last year, the group delivered system sales of £18.5m, up 29 per cent year-on-year, and 19 per cent on a like-for-like basis.

According to Iro Sushi, the company has a “growing pipeline of committed sites and franchise partners” and is on track to deliver on its ambition to reach 100 locations by 2030.

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'Vodafone sold us a dream – the reality was something different'

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'Vodafone sold us a dream - the reality was something different'

Two women from Lincolnshire are among 62 former franchisees taking the phone company to court.

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(PHOTO) Tate McRae Shines as Golden Goddess in Custom Ludovic de Saint Sernin Gown at First Met Gala

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Tate McRae

NEW YORK — Pop star Tate McRae made a dazzling debut on fashion’s biggest stage Monday night, gliding down the Met Gala red carpet in a luminous custom gold gown that perfectly embodied the “Fashion Is Art” theme and cemented her status as one of the evening’s breakout style stars.

Tate McRae
Tate McRae

The 22-year-old Canadian singer, known for hits like “Greedy” and her rising dance-pop dominance, arrived at the Metropolitan Museum of Art radiating confidence in her first-ever Met Gala appearance. Her look, a collaboration with designer Ludovic de Saint Sernin, transformed her into a living sculpture of golden-hour glamour.

The floor-skimming gown featured intricate lace detailing through the bodice, fluid Grecian-inspired pleats, and soft draping that skimmed her figure with effortless movement. Delicate feathering at the neckline added texture and dimension, while the warm metallic finish caught every flash of light as she ascended the iconic steps. Styled with jewelry from The Back Vault, the ensemble balanced ethereal beauty with modern edge.

McRae told Vogue interviewer Emma Chamberlain on the carpet that she felt “a little nervous” walking her first Met but was thrilled to collaborate with de Saint Sernin, with whom she has worked closely over the past nine months. “He’s actually here tonight,” she shared, highlighting the personal connection behind the custom creation.

A Perfect Fit for ‘Fashion Is Art’

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The 2026 Met Gala honored the Costume Institute’s “Costume Art” exhibition, challenging guests to treat fashion as fine art. McRae’s golden goddess interpretation stood out for its sculptural quality and luminous palette, evoking classical statues brought to life. Critics and fans quickly dubbed her a highlight, with social media exploding over the “golden goddess” aesthetic.

Stylists Chloe and Chenelle, who helped execute the look, emphasized its focus on movement and light. The gown’s construction allowed for dramatic yet natural flow, making McRae appear as if she had stepped out of a Renaissance painting or ancient frieze reimagined for the 21st century.

Her hair and makeup complemented the theme with soft, undone waves and glowing, sun-kissed tones that enhanced the metallic fabric. Minimal yet impactful accessories kept the focus on the gown’s artistry, proving that restraint can be as powerful as extravagance on the Met carpet.

From Dance Floors to High Fashion

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McRae’s Met Gala debut caps a meteoric year that included her first Grammy nomination and high-profile red carpet appearances, such as a striking custom Balenciaga look at the 2026 Grammys. Her evolution from viral TikTok dancer to fashion risk-taker has been deliberate, with bold choices that blend pop accessibility and couture ambition.

This gold moment builds on recent successes, including a plunging red Ludovic de Saint Sernin gown at the Vanity Fair Oscar Party. Her growing partnership with the designer reflects a shared vision of sensual, body-conscious dressing with artistic depth.

Industry insiders note McRae’s appeal lies in her authenticity. Unlike some attendees who opted for overt theatricality, her look felt personal — a celebration of confidence and femininity that resonated widely. Fans flooded social platforms praising the “effortless” yet meticulously crafted result.

Reactions and Cultural Impact

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Social media lit up within minutes of her arrival. Hashtags like #TateMcRaeMetGala and #GoldenGoddess trended as users shared side-by-side comparisons to classical art and modern icons. Fashion commentators hailed it as one of the night’s most wearable yet memorable interpretations of the theme.

Cosmopolitan and other outlets quickly named her among the best dressed, noting how the gown’s luminous quality stood out against the evening’s varied palette. The look’s success underscores McRae’s transition into a new phase of her career where music and fashion mutually reinforce her brand.

De Saint Sernin, known for provocative and body-positive designs, found an ideal muse in McRae. The collaboration reportedly involved extensive fittings to ensure the gown moved with her signature dance-trained grace. Sources close to the process described it as a true artistic partnership rather than a standard celebrity dressing.

Broader Evening Context

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McRae’s appearance fit into a night filled with artistic statements. Co-chairs including Beyoncé and Anna Wintour set an elevated tone, while fellow newcomers and veterans alike embraced painting, sculpture and performance-inspired looks. Her golden ensemble provided a warm, radiant counterpoint to more dramatic or minimalist offerings.

The Met Gala remains one of the year’s most scrutinized events, raising millions for the Costume Institute while shaping fashion conversations for months. McRae’s debut adds her name to a growing list of young musicians using the platform to expand their cultural footprint beyond charts and streams.

For McRae, the night represented more than fashion. In interviews leading up to the event, she spoke about embracing vulnerability and growth. Her poised carpet walk and genuine excitement in post-arrival chats reflected that mindset, charming observers and solidifying fan loyalty.

Looking Ahead

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As McRae continues her global tour and prepares new music, last night’s Met moment will likely influence her upcoming public appearances. The golden gown’s success may open doors to further high-fashion collaborations and cement her as a red-carpet force.

Fans can expect more boundary-pushing style from the artist who once said she wants her fashion to feel as free and expressive as her dancing. Monday’s Met Gala debut delivered exactly that — a luminous, artistic statement from a star clearly comfortable in the spotlight.

Tate McRae’s first Met Gala wasn’t just an attendance; it was a declaration. In a sea of elaborate creations, her golden goddess look shone with clarity, confidence and artistry, marking her arrival as a multifaceted talent ready to conquer both stages and staircases.

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Amazon opens supply chain services to all shippers; stocks plunge, reaction overdone says Stifel

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Amazon opens supply chain services to all shippers; stocks plunge, reaction overdone says Stifel

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Inflation risk more persistent than growth shock, says Tanvee Gupta Jain amid oil price surge

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Inflation risk more persistent than growth shock, says Tanvee Gupta Jain amid oil price surge
The ongoing geopolitical tensions in West Asia and their ripple effects on global energy markets are beginning to weigh on India’s macro outlook, prompting a downward revision in growth estimates and a reassessment of inflation risks, according to Tanvee Gupta Jain from UBS Securities.

Speaking on ET Now, she underlined that the Middle East conflict represents “a historically large energy shock with an asymmetric macro risk,” adding that high-frequency indicators are already signalling a moderation in momentum.

Growth momentum softens as activity indicators weaken
Gupta Jain pointed to internal indicators tracking economic momentum, noting a divergence between demand and activity trends.She said, “As you rightly pointed out, this Middle East conflict represents a historically large energy shock with an asymmetric macro risk. In fact, we have a lead indicator known as UBS India Composite Economic Indicator, which is basically a compilation of 15 high frequency data points on India. And this is telling me that for the month of March, economic momentum has started to moderate.”

However, she highlighted resilience in consumption demand even as broader activity cools.
“If I look at the auto sales data for the month of March, even for the month of April, the demand indicators are actually holding up. The activity indicators have started to moderate and that is where the problem is because supply disruptions is having a disproportionate impact on selective sectors.”
GDP forecast cut to 6.2%, downside risks remain open
The growth forecast has been revised downward, incorporating both external energy shocks and domestic monsoon uncertainty.

“We are now estimating GDP growth from 6.7% which was our estimate earlier to 6.2%. This is almost 50 basis point below consensus and this is actually taking into account both the external shock on account of the energy and as well as monsoon related uncertainty,” she said.

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She added that scenarios remain highly fluid:

“In case the conflict deescalates quickly and from June onwards we start to see oil starting to flow through the Hormuz, there will be upside towards 6.5% to my GDP growth forecast. But in an extended energy shock scenario where say oil is at $150, eventually India’s GDP can even slow down to 5–5.5%.”

Supply-side stress visible; demand impact likely delayed
On transmission of shocks, Gupta Jain noted that supply-side disruptions are already visible in data, while demand tends to respond with a lag.

“I can clearly see fertiliser production contracting by nearly 25% year-on-year. We did realise that now the gas supply to the fertiliser sector was actually adjusted higher in the month of April, so that would have provided some relief,” she said.

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She added that demand resilience may not last indefinitely if supply pressures persist.

“Supply disruptions at least in the data is already visible. Demand side data points when you start seeing a slowdown, it should happen with at least a quarter lag.”

Inflation concerns rise; CPI forecast revised upward
While growth risks remain significant, inflation appears to be the more persistent macro challenge.

“Even if there is a quick deescalation, the inflation concerns could linger a bit longer than the growth concerns,” she said.

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The CPI inflation forecast has been revised higher.

“We have also revised our CPI inflation forecast from 4.6% which we were estimating earlier to 5.2%. This is reflecting both higher energy prices plus the broader spillover from the Middle East conflict.”

She flagged multiple inflationary triggers already visible:

“Airfare prices have started going up driven by elevated ATF prices, prices because of higher commercial LPG cost, there are supply chain disruptions on the ground. Rupee has underperformed and there are inflation risks coming because of weaker INR.”

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Fiscal pressure manageable, but risks of overshoot remain
On the fiscal side, Gupta Jain said policy response has leaned more on fiscal tools in the current global stagflation-like environment.

“We have seen that the policy mix has actually tilted towards fiscal rather than monetary,” she noted.

She added that while the official fiscal target remains largely intact, risks persist if energy disruptions continue.

“The central government targeted a fiscal deficit of 4.3% of GDP. My starting point of fiscal deficit is coming at 4.4% of GDP. As of now, we are seeing that the government might actually stick to the 4.4% GDP fiscal deficit target. There is definitely a risk of temporary overshoot of around 20 to 30 basis points if the energy disruptions persist for longer.”

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Outlook: Inflation to outlast growth shock
Even in a scenario of geopolitical de-escalation, Gupta Jain believes inflation pressures may prove stickier than growth disruptions, with food inflation and currency weakness emerging as key watchpoints for policymakers in the coming quarters.

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At Close of Business podcast May 5 2026

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At Close of Business podcast May 5 2026

Claire Tyrrell and Ella Loneragan discuss the growth of Perth’s large format retail sector.

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Referees Ruled Self-Employed in Landmark Ruling

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Referees Ruled Self-Employed in Landmark Ruling

HM Revenue & Customs has suffered a major blow in one of the longest-running and most consequential employment status disputes in British tax history, with a tribunal ruling that 60 football referees engaged by the Professional Game Match Officials Limited (PGMOL) were genuinely self-employed, not employees, as the tax authority had insisted for almost a decade.

The decision, handed down at the First-tier Tribunal, means HMRC will be denied £584,000 in employment taxes it had argued were owed. The department retains the right to appeal, but the verdict has already been seized upon by tax specialists as a potentially seismic moment for the millions of contractors, freelancers and businesses operating in the UK’s flexible labour market.

Specialist contractor insurance provider Qdos described the outcome as one of the most significant employment status rulings in history, warning that it lays bare a “fundamental flaw” in HMRC’s own Check Employment Status for Tax (CEST) tool, the digital instrument introduced in 2017 and used millions of times to determine whether a worker should be taxed as employed or self-employed.

The case turned on two principles long regarded as the bedrock of employment case law: mutuality of obligation (MOO), whether a worker is obliged to accept work and the engager obliged to provide it, and control, namely the extent to which a business directs how services are performed. The tribunal ruled that referees were neither mutually obliged to work for PGMOL nor sufficiently controlled in how they performed their duties to be classed as employees.

Seb Maley, chief executive of Qdos, said the ruling directly undermines HMRC’s interpretation of the very rules it polices.

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“This landmark verdict directly challenges HMRC’s very understanding of employment status, exposing a fundamental flaw in the tax office’s employment status tool, which is in desperate need of an overhaul,” he said.

“For years, HMRC has insisted that mutuality of obligation exists in every contract, so much so that its CEST tool barely scratches the surface on it. The latest twist in this case highlights the need for a rigorous review of CEST, which has been used millions of times to set the employment status of individuals, in turn determining whether they pay tax as a self-employed worker or employee.”

Maley added that the result should reassure firms that engage contractors. “Make no mistake, this result is good news for businesses that engage contractors and self-employed workers, ultimately because it proves that factors like mutuality of obligation and control really aren’t as narrow as HMRC has been contending.”

He also took aim at the sheer length of the proceedings. “With the first hearing in 2018, we’re nearly a decade into this case, the result of which could yet be appealed. If that doesn’t highlight the desperate need for the simplification of employment status, I don’t know what does. With a government consultation on the matter underway, it’s vital that verdicts like this, which put people through hugely stressful ordeals and cost the taxpayer a staggering amount, are taken into account.”

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A decade in the courts

The dispute stretches back to PGMOL’s engagement of referees as self-employed contractors during the 2014/15 and 2015/16 tax years. HMRC opened the first front in 2018, arguing at the First-tier Tribunal that the officials should have been treated as employees because they were mutually obliged to work for PGMOL.

The FTT disagreed, finding insufficient mutuality of obligation. HMRC appealed and lost again at the Upper Tribunal in 2020, which upheld the original ruling that the minimum test for employment had not been met.

A further HMRC appeal took the case to the Court of Appeal in 2022, which reversed the earlier decisions and concluded that mutuality of obligation did exist on each match day, sending the dispute back to the FTT for reconsideration.

PGMOL escalated matters to the Supreme Court in 2024, where its appeal was dismissed, again sending the case back to the FTT. It is at this latest hearing that PGMOL’s position has now finally been vindicated, with the judge ruling that the referees were neither mutually obliged to work nor sufficiently controlled by PGMOL to be employees.

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For Britain’s SME community, which leans heavily on freelance and contract labour, the decision is more than a footnote in a niche sporting dispute. It strikes at the heart of how HMRC interprets and enforces the very employment status rules it designed, and adds further pressure on Whitehall to deliver the long-promised simplification of a system that has tied businesses, workers and the courts in knots for years.


Jamie Young

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

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Aussie shares trim losses but higher rates here to stay

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Aussie shares fall as war dims hopes for US rate cuts

Australia’s share market has pared back some early losses after falling to its lowest level in a month, with a Reserve Bank rate hike and the ongoing Persian Gulf conflict gutting investor confidence.

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