Elliott Investment Management is pressuring Daikin Industries to execute a significant share buyback, marking one of the U.S. activist fund's most prominent pushes into the Japanese industrial sector. The campaign targets Daikin, the world's largest air conditioning manufacturer, whose share price and capital allocation practices Elliott believes have underperformed relative to the company's earnings power and balance sheet capacity. Elliott's core argument centers on excess capital sitting idle: the fund contends Daikin holds more cash and liquid assets than its operational and strategic needs require, making a buyback the most direct path to closing the gap between intrinsic value and market price. This type of activist pressure on Japanese corporates has accelerated since the Tokyo Stock Exchange introduced reforms urging companies trading below book value to improve capital efficiency. Whether Daikin's board engages constructively or resists will signal how receptive large-cap Japanese industrials remain to foreign shareholder demands. Investors should watch for any board response, a formal buyback announcement, or escalation by Elliott toward a public proxy campaign.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
