Category: BUSINESS

Mumbai: Indian equity indices opened a tad lower on Tuesday as heavyweights like L&T and Bajaj Finance were trading in the red.

At 9:24 am, Sensex was down 152 points or 0.19 per cent at 81,221.39 and Nifty was down 36.40 points or 0.16 per cent at 24,680.40.

Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 167.85 points or 0.29 per cent at 57,943.40 and Nifty smallcap 100 index was up 107.85 points or 0.60 per cent at 18,202.05.

On the Sectoral front, auto, PSU Bank, pharma, metal, realty, media were major gainers. Financial services, FMCG and energy and pvt bank were major losers.

According to analysts, after a flat opening, Nifty can find support at 24,700 followed by 24,600 and 24,500. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000.

In the Sensex pack, Eternal (Zomato), Tata Steel, M&M, IndusInd Bank, Tata Motors and Asian Paints were major gainers. L&T, Bajaj Finance, Bharti Airtel, HUL, ICICI Bank, Axis Bank, Maruti Suzuki were major losers.

Most of the Asian markets were trading in the green. Tokyo, Shanghai, Jakarta and Hong Kong were top contributors.

Analysts said that during a consolidation phase, where the market moves within a range, buy on dips is the ideal strategy.

“And this strategy is working well now. With a lot of uncertainty in geopolitics, tariffs and trade the market will continue to remain volatile. Therefore, investors may persist with the strategy of buying on dips,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Meanwhile, foreign institutional investors (FIIs) extended their selling for a second consecutive session on June 2 as they sold equities worth Rs 2,589 crore, while domestic institutional investors (DIIs) extended their buying on the tenth day as they bought equities of Rs 5,313 crore on the same day.

New Delhi: As the RBI’s Monetary Policy Committee (MPC) is set to meet later this week, analysts on Monday expected the Central Bank to go for a third consecutive rate cut of 25 basis points as inflation continues to remain below the median target of 4 per cent.

The Central Bank is projected to cut the repo rate by another 50 basis points (bps) this fiscal (FY26), after the 50 bps cut until April this year.

Bank lending rates have begun easing, which should support domestic demand, according to a latest Crisil note.

“Improving domestic consumption is likely to support industrial activity. We expect domestic consumption demand to improve, driven by healthy agricultural growth, easing inflation supporting discretionary spend and income tax relief this fiscal,” it noted.

According to Madan Sabnavis, Chief Economist at Bank of Baroda, “we do believe that given the rather benign inflation conditions and the liquidity situation which has been made very comfortable through various measures of the RBI, the MPC would go in for a 25 bps cut in the repo rate on June 6”.

The commentary on both growth and inflation will be important as there are expectations of revisions in their forecasts for both the parameters.

“It is also expected that the RBI will detail its analysis on how the global environment would be affecting the Indian economy considering that the tariff reprieve provided by the USA would end in July,” Sabnavis added.

The Reserve Bank has said it will continue to undertake liquidity management operations in sync with the monetary policy stance to keep system liquidity adequate to meet the productive requirements of the economy.

A benign inflation outlook and moderate growth warrant monetary policy to be growth-supportive, while remaining watchful about the rapidly evolving global macroeconomic conditions, said the Central Bank in its ‘2024-25 annual report’.

The RBI MPC in its April meeting unanimously voted to reduce the policy repo rate by 25 bps to 6.0 per cent. Moreover, the MPC also decided to change the stance from neutral to accommodative.

Mumbai: The Indian stock market opened in the red on Monday following negative cues from the global markets.

At around 9:18 am, Sensex was down 676.86 points or 0.83 per cent at 80,774.15 and Nifty was down 181.15 points or 0.74 per cent at 24,568.25.

Selling was seen in the midcap and smallcap stocks. Nifty midcap 100 index was down 104 points or 0.18 per cent at 57,315 and Nifty smallcap 100 index was trading 69 points or 0.39 per cent lower at 17,813.

In the Sensex pack, HUL, Adani Ports, IndusInd Bank, Nestle, SBI, Eternal (Zomato), Asian Paints and Power Grid were the top gainers. HDFC Bank, HCL Tech, Reliance Industries, Bajaj Finance, Infosys, Tata Steel and Tech Mahindra were the top losers.

According to analysts, the market structure favours continuation of the ongoing consolidation phase.

“US President Donald Trump’s 50 per cent tariffs on steel and aluminium is a clear message that the tariff and trade scenario will continue to be uncertain and turbulent,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

This headwind will impact markets. On the domestic front the tailwinds are getting stronger with the latest Q4 GDP growth data coming at 7.4 per cent, which is much better-than-expected, he added.

On the sectoral front, IT, financial service, metal, media, services and commodities were major laggards, as FMCG, PSU Bank, Realty and Energy were major gainers.

Trends in consumption expenditure and capital expenditure are promising. This, along with low inflation and the expected continuation of the rate cutting policy, provide the perfect setting for sustained economic growth in FY26, said analysts.

The primary trend is bullish, but a short-term consolidation is underway in the Nifty, they added.

Most Asian markets were trading in the red. Tokyo, Hong Kong, Jakarta and Seoul were major losers. Due to public holiday, Shanghai market was closed.

Meanwhile, the US market closed in the mixed zone on Friday. Dow Jones was up 0.31 per cent and technology index Nasdaq was down 0.32 per cent.

New Delhi: Adani Group is set to invest $15-20 billion over the next five years across businesses, the company’s Chairman Gautam Adani has said, touting the Group’s strong balance sheet and robust business growth.

In the latest annual report of the Group’s flagship Adani Enterprises, the billionaire industrialist said: “Despite facing consecutive acquisitions and intense scrutiny, Adani Group never backed down and instead adapted its strategy, emerging more resilient, formidable and unbreakable.”

“In the face of fierce headwinds and relentless scrutiny – we have never retreated. Instead – we have recalibrated. We have reimagined. And we have become – more formidable, more unbreakable, more stronger and more resilient!” Gautam Adani wrote.

“Our conviction is anchored in clarity. Our objectives are aligned with India’s ambitions. And our strength comes from the belief that you, our shareholders, place in us,” he added.

He further stated that “Every challenge sharpens our resolve. Every setback becomes a stepping stone”.

“We live in a world where negativity often echoes louder than truth. But as we cooperate with legal processes, let me also restate – emphatically – our governance is of global standards, and our compliance frameworks are robust and non-negotiable,” he noted.

The Adani Group’s businesses – from ports to airports, from renewable energy generation to data centres, defence manufacturing and city gas – have grown over the past couple of years.

“History should remember us not for the size of our balance sheet, but for the strength of our backbone. Not just for the markets we entered, but for the storms we handled and emerged stronger. For it is easy to lead in sunshine, but true leadership is forged in the face of crisis,” Gautam Adani emphasised.

“And while the numbers tell their own compelling story – in a year of record-breaking revenue, unprecedented growth and historic profitability – the deeper truth is that these milestones are reflections of our relentless strength and tenacity. They are proof of a Group that dares to dream beyond constraints, powered by a nation that breathes possibility into every tomorrow ahead of us,” he added.

New Delhi: Elon Musk’s father Errol Musk, Global Advisor to Servotech Renewable Power System Ltd, arrived in India on Sunday. He is scheduled to visit Servotech’s manufacturing plant with other high-level engagements, including a visit to the Ram Temple in Ayodhya this week.

According to the company, Errol Musk arrived in India for a visit focused on accelerating the nation’s green technology and electric vehicle (EV) charging infrastructure development.

His visit underscores the burgeoning global interest in India’s rapid strides towards sustainable development and its ambition to be a leader in green technology exports, said the company.

“We are incredibly excited to welcome Errol Musk to India,” said Raman Bhatia, Managing Director, Servotech Renewable Power System Ltd.

“His profound expertise and global vision as our Global Advisor are invaluable as we drive India’s mission to become a powerhouse in green technology and EV charging exports. This visit signifies a major step towards ‘Keeping Bharat Ahead’ on the global stage,” Bhatia added.

During his stay, Errol Musk will engage with a diverse set of stakeholders.

He is slated to deliver a keynote address at the India–Global Green Tech Vision Forum 2025 in the national capital.

This event will bring together policymakers, investors, business leaders, and senior bureaucrats to discuss India’s strategic push for leadership in green technologies.

He will also undertake a visit to Servotech Renewable’s state-of-the-art manufacturing plant in Sonipat, Haryana, to witness first-hand the innovative production of EV chargers, solar solutions, and other sustainable technologies, showcasing the ‘Make in India’ excellence, said the company.

“It is an immense privilege to be in India and witness its vibrant progress in green technology and sustainable development,” said Errol Musk.

“India’s commitment to a cleaner future and its burgeoning EV ecosystem present incredible opportunities. I am eager to contribute to Servotech’s vision and explore the potential for India to lead the global green revolution,” he added.

New Delhi: Union Minister of Commerce and Industry, Piyush Goyal, on Sunday commenced his official visit to France and Italy, reflecting India’s continued commitment to deepening strategic and economic ties with key European partners and advancing a shared vision for resilient and inclusive global growth.

During his three-day engagements in France, Union Minister Goyal is scheduled to hold bilateral meetings, including with Eric Lombard, Minister of Economy, and Laurent Saint-Martin, French Trade Minister, according to the Commerce Ministry.

The discussions will focus on strengthening the Indo-French economic partnership and exploring new avenues for enhancing trade and investment cooperation.

As part of the visit, the minister will meet top leadership of major French companies such as Vicat, Total Energies, L’Oreal, Renault, Valeo, EDF and ATR.

According to a ministry statement, the visit will feature the ‘India-France Business Round Table’ and the ‘India-France CEO Forum’, fostering dialogue between leading industry stakeholders from both countries.

Union Minister Goyal will also participate in the informal gathering of WTO Ministers on the margins of the OECD Ministerial Council Meeting. At this crucial forum, he will engage with global counterparts on key multilateral trade issues and articulate the perspectives and priorities of the country.

At the forum, the Commerce Minister will hold a series of high-level bilateral meetings with key international partners. These include the United Kingdom’s Secretary of State for Business and Trade, Jonathan Reynolds; Singapore’s Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong; and Saudi Arabia’s Minister of Commerce, Dr. Majid bin Abdullah Al-Kasabi.

He will also engage with Israel’s Minister for Trade and Investment, Nir Barkat; Nigeria’s Minister for Trade, Industry and Investment, Dr. Jumoke Oduwole OON; and Brazil’s Foreign Minister, Mauro Luis Iecker Vieira, said the ministry.

“These dialogues are aimed at advancing strategic economic cooperation and fostering mutually beneficial partnerships across regions. They will also provide significant impetus to India-EU FTA negotiations,” the ministry noted.

Following his engagements in France, the Union Minister will proceed to Italy for the next leg of his official visit.

New Delhi: India is on the cusp of becoming the world’s third-largest economy, and Andhra Pradesh is ready to lead from the front, Chief Minister Chandrababu Naidu said on Friday.

In his address at the CII Annual Business Summit here, Naidu outlined a blueprint for Andhra Pradesh’s rapid economic growth with a 15 per cent annual target over 22 years to support India to reach developed country status. Central to this vision is transforming the state into a hub of next gen technologies, green energy, logistics, and manufacturing.

He mentioned that Andhra Pradesh is integrating ports, airports, railways, and inland waterways to lower logistics costs from 14 per cent to 8 per cent of GDP, matching global standards.

Naidu, emphasising his commitment to promoting speed of doing business, said: “My promise: one application, and we’ll handle the rest. All clearances in record time.”

He also mentioned that the state has attracted Rs 5 lakh crore in investments, creating 4.5 lakh jobs in the past year alone. He urged industry leaders to invest in the state and become partners in its growth story.

Naidu expressed how he has always believed in creating ecosystems that don’t just attract investment but also inspire vision. He said that his mission is to build not just infrastructure but leadership – entrepreneurs who are job creators, not job seekers. Towards this, a Global Leadership Centre is being set up in Amravati to prepare the next generation of global visionaries.

The Chief Minister recalled India’s first-of-its-kind green building in Hyderabad, developed in partnership with the CII. He said that he now looks to building Amravati as the next frontier – a greenfield city driven by cutting-edge technologies, including quantum computing, AI, and biotechnology.

He announced that by January 2026, India’s first quantum computing facility will be operational in Amravati, and invited industry leaders to be co-architects of a futuristic, world-class urban ecosystem.

CII President Sanjiv Puri praised Naidu’s future-focused vision, saying: “From EoDB to Speed of Doing Business, from PPP to P4, you have always been ahead of the curve.” He welcomed the idea of integrated rural industrial hubs, asking for Naidu’s views on balancing AI with employment and the roadmap for achieving double-digit growth.

Mumbai: Aviation watchdog DGCA on Friday granted a one-time final extension of three months to IndiGo on damp leasing of two Boeing 777 aircraft from Turkish Airlines till August 31 to avoid sudden flight disruptions that will cause inconvenience to passengers but directed the airline to terminate the lease within the three-month period.

IndiGo has also been directed by the Directorate General of Civil Aviation (DGCA) not to seek any further extension.

The development also comes against the backdrop of Turkiye backing Pakistan and condemning India’s strikes on terror camps in the neighbouring country earlier this month.

On May 15, aviation security watchdog BCAS revoked the security clearance for Turkish company Celebi Airport Services India Pvt Ltd in the “interest of national security”. Some online travel portals and associations have also issued advisories asking people not to visit Turkiye.

Currently, IndiGo is operating two B777-300 ER aircraft under damp lease from Turkish Airlines and the current lease is to expire on May 31. These planes are used by IndiGo to operate direct flights from Delhi and Mumbai to Istanbul.

The Directorate General of Civil Aviation (DGCA) on Friday said IndiGo has been granted a “one-time last and final extension” of three months up to August 31 on the damp leasing of the two aircraft while the airlne had sought a six-month extension.

The development also comes against the backdrop of Turkiye backing Pakistan and condemning India’s strikes on terror camps in the neighbouring country earlier this month.

On May 15, aviation security watchdog BCAS revoked the security clearance for Turkish company Celebi Airport Services India Pvt Ltd in the “interest of national security”.

Some online travel portals and associations have also issued advisories asking people not to visit Turkiye.

“Indigo is currently operating two B777-300ER aircraft under damp lease from Turkish Airlines, which was permitted upto 31.05.2025. Indigo requested for a further extension of the same for another six months, which was not agreed to,” DGCA said in a statement.

However, the regulator said that in order to avoid passenger inconvenience due to immediate flight disruption, IndiGo has been granted a one-time last and final extension of three months upto 31.08.2025 for these damp leased aircraft.

The extension has been given “based on the undertaking from the airline that, they will terminate the damp lease with Turkish Airlines within this extension period, and shall not seek any further extension for these operations,” the statement said.

Earlier in the day, IndiGo CEO Pieter Elbers said it will comply with any government regulations amid the airline operating damp-leased planes of Turkish Airlines coming into focus.

“Flights between India and Turkiye are governed within the bilateral air service agreement. We are compliant today and we will continue to comply with any government regulations on those lines,” Elbers told PTI Videos.

Last week, Civil Aviation Minister K Rammohan Naidu said the civil aviation ministry was taking inputs from IndiGo and security agencies on the airline’s use of planes leased from Turkish Airlines and then will decide on the way forward.

Ahmedabad: Adani Ports and Special Economic Zone Ltd (APSEZ) on Friday said it has successfully raised Rs 5,000 crore through a 15-year Non-Convertible Debenture (NCD).

Backed by APSEZ’s strong financials and a ‘AAA/Stable’ domestic credit rating, the issue locked in a competitive coupon rate of 7.75 per cent per annum and was fully subscribed by the Life Insurance Corporation of India (LIC). The debentures will be listed on the BSE.

“This isn’t merely a financing exercise; it’s a proactive execution of a meticulously developed Capital Management Plan for APSEZ, focused on maintaining conservative leverage, extending the debt maturity profile, lowering cost, and diversifying funding sources. This plan is designed to support APSEZ with its long-term vision to become the world’s largest integrated transport utility,” said Ashwani Gupta, Whole-time Director and CEO, APSEZ.

Adani Ports has set a target of handling 1 billion tonnes of cargo by FY30, more than 2x the FY25 number. Beyond its port operations, the company has also laid out ambitious plans to expand its logistics and marine businesses.

The transaction highlights APSEZ access to domestic markets for its longest tenure issuance till date, and one of the longest in Indian capital markets history.

The proceeds will fund a proposed buyback of APSEZ’s US Dollar bonds, pending board approval on May 31 2025. A full subscription would extend the average debt maturity significantly longer — from 4.8 years to 6.2 years.

With consistently improving debt repayment timelines and the cost of capital, APSEZ gains greater access to patient capital and higher liquidity, crucial for long-term planning and large-scale projects.

Moreover, it also offers financial flexibility for inorganic opportunities and enables reallocation of resources towards innovation, technology upgrades, and enhancing operational efficiencies.

Adani Ports is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast and eight on the East coast, representing 27 per cent of the country’s total port volumes.

Mumbai: The rupee strengthened by 19 paise to 85.29 against the US dollar in early trade on Friday on the back of lower crude oil prices and sustained foreign fund inflows.

Forex traders said a firm greenback and volatile stock markets capped the rupee’s gain even as market participants stayed cautious ahead of the release of domestic GDP data.

At the interbank foreign exchange, the domestic unit opened at 85.35 and gained further to trade at 85.29 against the greenback in initial deals, registering a rise of 19 paise from its previous close.

The rupee ended 10 paise lower at 85.48 against the dollar on Thursday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.16 per cent at 99.36.

Analysts said the dollar’s recovery after the US federal court’s ruling against President Donald Trump’s sweeping reciprocal tariffs proved short-lived as a federal appeals court put a temporary stay on the ruling.

Brent crude, the global oil benchmark, declined 0.48 per cent to USD 63.84 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex fell 35.68 points, or 0.04 per cent, to 81,597.34, while the Nifty was unchanged at 24,833.70.

Foreign institutional investors (FIIs) purchased equities worth Rs 884.03 crore on a net basis on Thursday, according to exchange data.

The Reserve Bank, in its latest annual report on Thursday, said the country is poised to remain the fastest-growing major economy in the world even in FY26.