India and Russia on Tuesday set a target of $100 billion in annual trade volume by 2030 and vowed to develop a robust bilateral payment settlement mechanism using national currencies. The two sides also inked a total of nine agreements to further broadbase cooperation in a range of areas including in the economic domain following summit talks between Prime Minister Narendra Modi and Russian President Vladimir Putin.
Reliance Industries Ltd on Monday reported a 5 per cent fall in the net profit for the July-September quarter, as weak oil refining and petrochemical business hurt operational performance.
In a major development, India and the US have agreed to end six trade disputes at the WTO through mutually agreed solutions, while New Delhi will remove retaliatory customs duties on certain American products such as almonds, walnuts, and apples.
India registered its protest at the board of IMF, which met on Friday to review the EFF lending programme for Pakistan.
'Investors looking at the next 6-12 months can be certain that the Fed will maintain its easing cycle, and we expect the overall environment to be conducive for fixed income investments for portfolio diversification.'
Prime Minister Narendra Modi congratulated Donald Trump on his historic inauguration as the 47th US president and said he looks forward to working closely together once again, to benefit both the countries as well as to shape a better future for the world.
'Inflation is not good for industry. Nor for the economy as a whole.'
From the Sensex pack, Reliance Industries, Bajaj Finserv, HDFC Bank, Adani Ports, Maruti Suzuki India, Axis Bank, Hindustan Unilever, Sun Pharmaceuticals and Asian Paints were among the laggards. Reliance Industries fell the most by 2.38 per cent to close at Rs 1,171.10 apiece.
'If the Trump administration decides to put guardrails on H-1B visas, that will surely impact both US and Indian firms.'
With India's EV penetration at just 2.5 per cent, the market presents an opportunity -- provided Tesla gets its pricing right.
Chinese Ambassador to Pakistan Jiang Zaidong urged that the government should launch a crackdown against all anti-China terrorist groups after two deadly attacks took place in Pakistan within only six months, The Express Tribune reported.
DeepSeek is a case in point on how economic interdependence between nations are utilised for geopolitical ambitions and global domination efforts, observes China expert Srikanth Kondapalli.
He said that the two nations will have issues in the foreseeable future. However, there are ways of addressing those issues and what happened in 2020 was not the way to address those issues.
'Modi's intention was to create goodwill that will allow India to be seen by Trump as more than just a bad tariff problem.' 'He succeeded brilliantly on that count but none of these wins are unfortunately permanent.' 'Modi will have to do this again and again if Trump's grievances are to be durably assuaged.'
India's jugalbandhi with coal and clean energy is coming unstuck, neither achieving adequate renewable generation nor ensuring sufficient coal-fired power in the quest to become a $5-trillion economy. Six months have elapsed since Prime Minister Narendra Modi announced an ambitious climate agenda for India at COP26 at Glasgow. The net zero emissions target by 2070 is a distant one, but there are nearer-term plans to meet 50 per cent of energy demand with renewables by 2030 by increasing capacity to 450 Gw. A cursory look at the balance sheet of India's climate progress since November reveals ponderous progress towards meeting the renewables target even as the country is scrambling to expand coal-fired generation in the face of a power crisis.
India will be the world's third-largest economy by 2028 as it becomes the world's most sought-after consumer market and gains share in global output, driven by macro stability influenced policy and better infrastructure, Morgan Stanley said. From a $3.5 trillion economy in 2023, the Indian economy is projected to expand to $4.7 trillion in 2026, which will make it the fourth largest in the world behind the US, China and Germany.
Foreign Secretary Vikram Misri arrived in Dhaka on Monday on a day-long visit to hold talks with his Bangladeshi counterpart, amid strained bilateral ties since August following the ouster of prime minister Sheikh Hasina.
'Consider 40% to 50% in equities, 10% in gold as a hedge, and the remaining 30% to 40% split between multi-asset funds and hybrid funds.'
In response to the panic triggered by Trump's trade policies, the RBI net sold approximately $43 billion in the second half of FY25 to curb volatility, as the rupee plunged to a low of 87.95 per dollar in February this year.
We no longer have the ambition to rival China save through words. We are happy to be fighting ourselves and digging up disputes from centuries ago as a substitute for real development, argues Aakar Patel.
'The border deal offers a hedge for India against Trump's unpredictability when it comes to his approach to competition with China.'
Lisa Curtis, who served as deputy assistant to President Trump and as National Security Council senior director for South and Central Asia from 2017 to 2021, said she expected the same bumps for India and the US, as in Trump's first term, including tariff, dependence on Russia over arms supply and oil purchase from Iran. Curtis, however, said both countries could never enter an alliance but develop a partnership that is "short of an alliance". She hoped them to achieve a cooperation that deters China, but also prepares both countries in case of a crisis or conflict, be it in the Taiwan Strait, the South China Sea, or another flare-up on the India-China border.
'Expect India to keep doing well irrespective of geopolitics.'
Consolidated earnings for oil-to-telecom conglomerate Reliance Industries (RIL) may report sequential weakness, and modest year-on-year (Y-o-Y) growth in the June 2024 quarter (Q1FY25), said analysts. Lower refining margins are expected to moderate gains made from other businesses. RIL is slated to report its financial performance for Q1FY25 on July 19.
Zomato emerged as the biggest gainer, followed by Reliance, Nestle, Asian Paints and Power Grid.
Railways had earlier hiked the freight rate by 5.7 per cent in April while linking the fuel adjustment component with goods tariff. FAC is linked with fuel and energy prices and calculated accordingly.
Trumponomics, poor growth, and high valuation certainly don't make a bullish recipe for Indian markets, warns Debashis Basu.
"The new structure will substantially reduce taxes on the middle class and leave more money in their hands, boosting household consumption, savings and investment," Sitharaman said presenting what was dubbed as 'reformist' budget for the next fiscal in Lok Sabha.
While the industry has been given the highest benefits, farmers will have to contend with 1 per cent reduction in electricity costs.
India has raised tariffs on 28 items, including almond, pulses and walnut, exported from the US in retaliation to America's withdrawal of preferential access for Indian products.
As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers. Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
Novelis' Q3FY25 volume stood at 904,000 tonnes (down 1 per cent Y-o-Y, down 4 per cent Q-o-Q), due to lower VAP and automotive shipments. Revenue stood at $4.1 billion (+4 per cent Y-o-Y, down 5 per cent Q-o-Q).
Reacting to Trump's latest move, China has vowed to immediately retaliate.
Shares of Mukesh Ambani-owned Reliance Industries Limited (RIL) rose nearly 1 per cent on Tuesday, hitting an intraday high of Rs 2,986.05 per share, after most brokerages reacted positively to the company's March quarter (Q4FY24) results. The bullish outlook stems from Reliance Jio's potential tariff hikes, given the competitive landscape, along with slow but steady improvement in the oil-to-chemical (O2C) vertical.
Congress MPs Sanjay Nirupam and Priya Dutt on Monday led a protest morcha outside the Reliance Energy office in suburban Kandivli, seeking reduction in power tariffs in the metropolis.
GAIL India's second quarter (Q2FY25) performance met expectations.
ITC was the top loser in the Sensex pack, shedding 1.97 per cent, followed by Tata Steel 1.80 per cent, HUL 1.57 per cent, Vedanta 1.44 per cent, Bharti Airtel 1.37 per cent and M&M 1.35 per cent.
Higher power tariff would have fetched Tata's Mundra UMPP Rs 25,000 crore (Rs 250 billion) and Adani's project an additional Rs 18,500 crore (Rs 185 billion)
'With technology advancing, we should go all out and put up solar, wind, pumped storage, and battery, and make India go green.'
Besides seeking vacation of the apex court's interim order, which stayed the electricity tribunal's judgement on May 14, Reliance also sought a direction to Maharashtra Electricity Regulatory Commission to allocate TPC's generating capacity as was done for financial years 2006-07 and 2007-08.
