Indian benchmark indices, Sensex and Nifty, experienced a significant downturn as escalating tensions in West Asia led to a sharp surge in crude oil prices, coupled with fresh foreign fund outflows and a weakening rupee.
One person died, and more than 20 others were injured after a major fire broke out in a naphtha-carrying pipeline of Haldia Petrochemicals Ltd (HPL) in West Bengal's Purba Medinipur district in the early hours of Tuesday, the police said.
The Indian stock market's trajectory this week will be significantly influenced by crude oil prices, global market trends, and the commencement of the corporate earnings season, with IT major TCS set to announce its June-quarter results on July 9.
Indian Hotels Company Ltd (IHCL) is expected to benefit from higher room rates, rising occupancy, and strategic acquisitions, with analysts projecting double-digit revenue growth for FY27 driven by strong domestic demand and a favourable demand-supply dynamic.
Drone technology company ideaForge Technology has successfully raised Rs 500 crore through a Qualified Institutional Placement (QIP). The funding, which saw strong interest from domestic and international institutional investors, will be used to accelerate innovation, expand its product portfolio into combat drones and autonomous systems, and strengthen its working capital to meet growing demand in defence, homeland security, and civil sectors.
Drone technology company ideaForge Technology has successfully raised Rs 500 crore through a Qualified Institutional Placement (QIP). The funding, which saw strong interest from domestic and international institutional investors, will be used to accelerate innovation, expand its product portfolio into combat drones and autonomous systems, and strengthen its working capital to meet growing demand in defence, homeland security, and civil sectors.
BikeWo Green Tech and Kwik Flite Support have signed an initial pact to develop an integrated air cargo, aviation logistics, and multimodal freight platform. This collaboration aims to combine road mobility with aviation capabilities to serve various industries, focusing on high-value and time-sensitive logistics across India, including Tier-II and Tier-III cities.
Reliance Industries Ltd (RIL) is preparing for its next phase of growth by establishing advanced manufacturing and export platforms to strengthen its consumer products ecosystem and expand its global footprint, Chairman and MD Mukesh Ambani announced.
The Central Bureau of Investigation has filed a charge sheet against Ninex Developers Ltd and its director for alleged fraudulent activities in a Gurugram housing project. This marks the 11th charge sheet in the ongoing builder-banker nexus investigation, initiated by the Supreme Court, which involves 50 cases nationwide where homebuyers were allegedly cheated.
The Central Bureau of Investigation has filed a charge sheet against Ninex Developers Ltd and its director for alleged fraudulent activities in a Gurugram housing project. This marks the 11th charge sheet in the ongoing builder-banker nexus investigation, initiated by the Supreme Court, which involves 50 cases nationwide where homebuyers were allegedly cheated.
Hyderabad-based Nexon Geochem has partnered with Russia's Giredmet to establish integrated rare-earth processing and downstream facilities in India. This collaboration aims to bridge critical gaps in India's rare earth value chain, focusing on producing NdFeB permanent magnets essential for electric vehicles, wind turbines, and defence systems, reducing reliance on imports.
After four consecutive months of outflows, foreign portfolio investors (FPIs) have turned net buyers in Indian equities in July, investing over Rs 15,157 crore, driven by improving domestic macroeconomic indicators, a stable rupee, and better global risk sentiment.
Passenger vehicle sales in India are estimated to have surged by nearly 25 per cent in June 2024, reaching approximately 4 lakh units, with Maruti Suzuki, Tata Motors PV, and Mahindra & Mahindra leading the growth, despite concerns over geopolitical tensions and monsoon impact.
The asymmetry in deposit and credit growth is the biggest challenge before the Indian banking industry. For every 100 deposit that a bank mobilises, it needs to keep 3 with the banking regulator in the form of cash reserve ratio on which it doesn't earn any interest. Another 18 is used for buying government bonds (statutory liquidity ratio). This means, a bank is left with 79 for giving credit. Add to this, its capital which can be used for giving loans. Most banks are facing a fund crunch. They need to find ways to attract deposits if they want to sustain credit growth, explains Tamal Bandyopadhyay.
One 97 Communications Ltd, operating Paytm, is set to issue its first bonus shares, following a landmark year of achieving its maiden full-year profit and gaining significant market share. The board will meet on July 20 to decide on the bonus issue, reflecting confidence in its financial strength and aiming to improve stock accessibility for retail investors.
'The order has no practical effect unless and until he chooses to enter Singapore.'
Nayara Energy, India's largest private fuel retailer, has reduced petrol prices by Rs 5 per litre and diesel by Rs 3 per litre nationwide, marking the first such cut in over two years. This reduction follows easing tensions in West Asia and stabilised international crude oil prices, though public sector retailers have not yet followed suit.
Brokerages are forecasting a strong first quarter (April-June/Q1) for Reliance Industries Ltd (RIL) in FY2026-27, with double-digit revenue growth, Ebitda increases of around 12 per cent, and net profit rising up to 10 per cent, primarily driven by its oil-to-chemicals (O2C), retail, and Jio businesses.
Indian IT service providers face heightened competition from AI-native firms in the next three years, potentially eroding their revenue base unless they remain competitive and protect recurring businesses, according to a report by S&P Global Ratings.
The Enforcement Directorate has frozen bank deposits of the Trinamool Congress worth Rs 440 crore under the anti-money laundering law. This action follows searches in a funds misappropriation case, with allegations of significant transfers to a private aviation company and the purchase of luxury aircraft.
Indian benchmark indices, Sensex and Nifty, closed lower due to profit-taking after a four-day rally, influenced by weakness in Asian markets, with Trent shares tumbling over 12 per cent.
Shares of Tata group's retail firm Trent slumped over 11 per cent after its June quarter standalone revenue growth of 19 per cent to Rs 5,666 crore missed market expectations, which had anticipated a 22 per cent year-on-year increase.
The demerger of Vedanta's four new entities - Vedanta Aluminium Metal, Vedanta Oil & Gas, Vedanta Power, and Vedanta Iron & Steel - has led to a 16% appreciation in aggregated market capitalisation, with Vedanta Aluminium Metal identified as a likely near-term top performer due to its scale, low production costs, and favourable commodities cycle.
Gold and silver are expected to remain volatile with a corrective bias as investors assess the latest flare-up in the US-Iran conflict, movements in crude oil prices, and inflation data, which could reshape expectations for global interest rates, according to analysts.
India has launched anti-dumping investigations into imports of thermal paper, Biaxially Oriented Polyamide (BOPA) Film, and certain antioxidants from China, following complaints from domestic manufacturers alleging material injury due to cheap imports.
Legal database platform India Kanoon has approached the Delhi High Court, challenging a single-judge order that recognised an individual's 'right to be forgotten' and directed the platform to de-index and disable 'name-based search functionality' for certain judicial orders.
State-run Oil and Natural Gas Corporation (ONGC) has approved the development of a 1.75 million tonnes (mt) strategic petroleum reserve (SPR) in Mangaluru, a project deemed of national importance, with plans for broad commercial utilisation.
Jio Platforms Ltd, the digital services arm of Reliance Industries, has filed draft papers for an initial public offering (IPO) aiming to raise approximately USD 4 billion (about Rs 37,700 crore), which is expected to be India's largest ever IPO.
Specialty chemicals maker Anupam Rasayan India Ltd has become the first company globally to commercialise Ethyl trifluoroacetate (ETFA) production using its proprietary continuous flow chemistry platform. This innovative technology offers significant advantages over traditional methods, and ETFA is a crucial component for pharmaceuticals, life sciences, and performance materials, with a global market estimated at USD 500-600 million.
Despite international crude oil prices falling to a four-month low, retail petrol and diesel prices in India are unlikely to be cut immediately because state-run refiners are still processing costlier crude purchased during the peak of the West Asia crisis, Oil Minister Hardeep Singh Puri said.
The Enforcement Directorate conducted searches in Kolkata as part of an investigation into alleged fund routing from TMC's bank accounts for purchasing an Embraer jet and an AgustaWestland helicopter. The probe suggests Rs 160 crore was transferred to Carewell Aviation, with Rs 112 crore used for aircraft. The ED suspects the arrangement was designed to camouflage the true purpose of transactions. This comes amidst frozen TMC bank accounts and ongoing internal party disputes.
The Reserve Bank of India has approved a three-month extension for Keki Mistry as the interim chairman of HDFC Bank, continuing his tenure until September 18, 2026, or until a regular chairman is appointed.
Mahindra Group CEO Anish Shah emphasizes the critical role of Artificial Intelligence, advocating for its meaningful integration at scale across all aspects of the company. He highlights that AI is redefining industries and decision-making, urging a proactive approach to leverage its potential. Shah also addresses global uncertainties, stating the group's commitment to accelerate amidst challenges and aim for global leadership.
Indian benchmark indices Sensex and Nifty extended their winning streak to a fourth consecutive day, driven by strong buying in blue-chip bank stocks and a decline in global crude oil prices. Fresh foreign fund inflows also contributed to the optimistic sentiment in the domestic equity market.
The IRCTC has fined a catering firm Rs 1 lakh and issued a show-cause notice for licence termination after a passenger found a fly in his meal on the Ahmedabad-Mumbai Tejas Rajdhani Express. The firm, Araha Hospitality Pvt Ltd, was warned for lapses in meal preparation and packaging, and instructed to improve hygiene and quality control to prevent future incidents.
The Delhi High Court has sought the Centre's response regarding pleas from Delhi Gymkhana Club members and staff challenging a show-cause notice for eviction. The court has asked the Solicitor General to ensure the Estate Officer's hearing is adjourned until after the next court date, indicating judicial oversight in the ongoing dispute over the club's 27.3-acre premises.
With over 75 per cent indigenous content, the frigate is among the most self-reliant frontline warships built in India.
Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, appeared before the Enforcement Directorate in Kochi for questioning regarding a money laundering case involving her defunct IT firm, Exalogic Solutions Private Ltd, and mining company CMRL. The probe focuses on alleged payments made without services and loans extended despite repayment failures, leading to accusations of generating "proceeds of crime."
The Enforcement Directorate has arrested Sateesh Seth and Gautam Doshi, former directors of Reliance Telecom Ltd, under the Prevention of Money Laundering Act (PMLA) in Mumbai. They are being taken to Delhi for a case registered in the national capital.
Electronics manufacturing leader Foxconn has injected USD 37.2 million into its Indian subsidiary, Foxconn Hon Hai Technology India Mega Development Private Limited, increasing its stake to nearly 100 per cent. This investment reinforces Foxconn's commitment to iPhone manufacturing in India.
