Asianet Newsable

Hydrogen trucks, buses to hit Indian roads soon, says Nitin Gadkari

Asianet News Central — Tue, 07 Jul 2026 23:31:12 +0530

Union Minister of Road Transport and Highways Nitin Gadkari on Tuesday made a strong push for hydrogen-powered mobility, saying he is already using hydrogen vehicles and that trucks and buses running on the fuel are set to hit Indian roads soon.

Speaking at the Navbharat Conclave, Gadkari said he personally drives multiple alternative-fuel vehicles and wants more people to adopt hydrogen. "I drive electric, flex-fuel and hydrogen vehicles; I have all three at home right now," he said. "I have all three cars in my house. Those who have understood, come to my house after the program, and take a ride in all three cars."

The Minister recounted how he got his first hydrogen car after a conversation with his wife and Toyota India's Vikram Kirloskar. "I travel in a hydrogen car. It is better than Mercedes," Gadkari said, adding that the experience convinced him of the technology's potential.

Focus on Commercial Vehicles: Hydrogen Trucks and Buses

Gadkari said the focus is now shifting from passenger cars to commercial vehicles. He announced that hydrogen-powered trucks and buses are arriving. "Now, hydrogen trucks are arriving. I recently launched Tata's hydrogen-powered trucks--one running on a hydrogen fuel cell and another new one that uses an internal combustion (IC) engine modified to run on hydrogen," he said.

Nagpur Pilot Project for Hydrogen Buses

The Minister outlined a pilot aimed at public transport. "Now hydrogen buses are coming too. I am running a pilot project in Nagpur: hydrogen will be produced, filled into buses, and the buses will run," Gadkari said.

He described the Nagpur project as a template for scaling. "Hydrogen will be ready. We will fill it in the buses and the buses will run," he added.

Part of Broader Push for Alternative Fuels

Gadkari has been advocating for a shift away from fossil fuels to cut import dependence and emissions. At the conclave, he linked hydrogen to India's broader alternative fuel push, which already includes ethanol and electric vehicles. While he acknowledged skepticism around the technology, he urged people to experience it directly.

The Minister's remarks come as automakers like Tata are testing both fuel cell and hydrogen-IC engine platforms for trucks, signaling early commercial interest. With pilots for buses in Nagpur and the rollout of hydrogen trucks, the government appears to be moving hydrogen from demonstration to deployment in heavy transport -- a segment considered critical for India's net-zero and energy security goals. (ANI)

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Battery storage key for India's grid stability, says EAC-PM report

Asianet News Central — Tue, 07 Jul 2026 22:00:28 +0530

India's power grid is no longer primarily constrained by electricity generation capacity but by its ability to respond quickly to changing demand, making battery storage the key solution for ensuring grid stability, according to a report by the Economic Advisory Council to the Prime Minister (EAC-PM).

The report 'The Duck and The Camel: Tracing the Net Load on the Indian Power Grid' brought out in the EAC Working Paper Series, said the rapid growth of solar power has fundamentally changed the nature of stress on India's electricity system. It stated that "the best way to smoothen these fluctuations in demand and price is to store electricity when it is abundant and release it when it is scarce."

The 'Duck and Camel' Phenomenon

According to the report, India's electricity demand is increasingly witnessing sharp fluctuations within a single day as solar generation rises during the day and falls rapidly after sunset. To examine this trend, the report mapped the net-load curve -- total demand met minus solar output -- using high-frequency grid data at every 15-minute interval over a 24-hour period.

It analysed individual summer and winter days and then compared monthly averages across years to identify structural changes in the power system. The report found that during summer, when cooling demand is high and solar generation is at its strongest, the net-load curve resembles the globally recognised "duck curve", with a deep midday trough followed by a steep evening rise.

In winter, however, the pattern changes into a "double-humped Bactrian camel", with electricity demand peaking in the morning and again in the evening, separated by a midday dip supported by solar generation.

Shift From Capacity to Flexibility

The report said these changing demand patterns have shifted the focus from adding generation capacity to improving the flexibility of the grid. "The grid is now bound by when it can generate the electricity required, and how fast it can change what it generates. In other words, the active constraint for the grid has shifted from generation capacity to flexibility. Storage is the obvious solution. However, the storage gap is large and needs to be filled quickly," the report said.

India's Massive Storage Gap

According to the report, flattening even half of the evening rise in electricity demand during a typical summer day would require about 130 GWh of battery discharge between 1 pm and 8 pm. However, India's existing storage infrastructure remains significantly below the required level.

The report noted that India's entire pumped-storage and battery fleet discharged only about 23.8 GWh across an average day in May 2026. It added that "the shortfall is overwhelmingly a battery shortfall." Against the National Electricity Plan's projection of 8.68 GW of grid-scale batteries for 2026-27, only 0.27 GW was operational till January 2026. While recent capacity additions have increased Battery Energy Storage System (BESS) capacity to 2.7 GW, the report said "the gap still remains large."

California's Battery Success Story

The report also cited California as an example of how battery storage can reduce pressure on the electricity grid. It said California's battery fleet, capable of discharging more than 10 GW, stores excess solar power during the day and releases it during the evening, reducing the evening net-load swing from nearly 28 GW to about 10 GW.

According to the report, this is the capability India will require as its solar power capacity continues to expand. The report concluded that expanding battery storage alongside renewable energy capacity would be essential to reduce grid stress and improve the flexibility of India's power system.

(ANI)

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Govt committed to strengthening steel sector competitiveness: Piyush Goyal

Asianet News Central — Tue, 07 Jul 2026 20:30:25 +0530

Union Minister of Commerce and Industry Piyush Goyal on Tuesday said the government remains committed to strengthening the competitiveness of India's steel sector and unlocking new growth opportunities through close collaboration with industry stakeholders.

In a post on social media, Goyal said he held a stakeholder consultation meeting along with Union Minister for Heavy Industries and Steel H.D. Kumaraswamy with representatives from the steel, stainless steel and metcoke industries.

Productive Stakeholder Consultation

The Commerce and Industry Minister described the meeting as "highly productive" and said discussions focused on measures to enhance the competitiveness of the sector and create new avenues for growth. "Held a highly productive stakeholder consultation meeting today alongside the Minister of Heavy Industries & Steel, @HD_Kumaraswamyavaru. Engaged in a constructive discussion with key leaders from the steel, stainless steel & metcoke industries on strengthening the sector's competitiveness & unlocking new growth opportunities," Goyal said.

He reiterated that the Modi Government remains fully committed to working closely with industry and supporting its aspirations. "The Modi Government remains fully committed to fostering close collaboration with industry, supporting its aspirations and driving robust growth across these critical sectors to build a stronger, more self-reliant India," he added.

Steel Sector Reports Strong Growth

The meeting comes at a time when India's steel sector has reported broad-based growth during the first quarter of FY2026-27. According to provisional data released by the Ministry of Steel on Monday, finished steel consumption increased 8.3 per cent year-on-year to 41.6 million tonnes during the April-June 2026 period.

Finished steel production also recorded growth during the quarter, rising 5.9 per cent year-on-year to 41.0 million tonnes. The faster growth in consumption compared with production reflected continued strength in domestic demand. The ministry's data also showed that India remained a net importer of finished steel during the period.

On a monthly basis, finished steel consumption increased 7.2 per cent year-on-year to 14.2 million tonnes in June, while finished steel production rose 6 per cent to 13.8 million tonnes. The stakeholder consultation with industry representatives was held against the backdrop of rising domestic steel demand, with the government reiterating its focus on working with industry to enhance competitiveness, promote growth and strengthen India's steel ecosystem as part of its broader vision of building a self-reliant economy. (ANI)

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Cochin Shipyard OFS gets massive response; govt to sell more shares

Asianet News Central — Tue, 07 Jul 2026 19:31:33 +0530

The Government of India's Offer for Sale (OFS) in Cochin Shipyard Ltd received an overwhelming response from investors on the first day, with the issue being subscribed 3.52 times, prompting the government to exercise the entire green-shoe option.

The update was shared by the Secretary, Department of Investment and Public Asset Management (DIPAM), through a social media post on Tuesday. According to the Secretary, the government has decided to exercise the entire green-shoe option following the strong response from investors. Retail investors and eligible employees will be able to place their bids on July 8. The post stated "Offer for Sale in Cochin Shipyard Ltd received an overwhelming response from the investors and was oversubscribed 3.52 times on day one. Government has decided to exercise the entire green shoe option. Retail investors and employees get to bid tomorrow on 8th July 2026".

Offer Details and Structure

The government had announced the OFS on Monday with a base offer of 2.52 per cent of Cochin Shipyard's paid-up equity share capital. It had also included an additional 2.52 per cent under the green-shoe option, which could be exercised in case of oversubscription. The floor price for the OFS was fixed at Rs 1,400 per share. The offer opened for non-retail investors on Tuesday, while retail investors have been allowed to participate on Wednesday.

An Offer for Sale (OFS) is a stock market mechanism that enables promoters or large shareholders of listed companies to sell their existing shares directly to investors through a transparent bidding process on the stock exchanges.

The government had structured the Cochin Shipyard OFS with the provision to increase the size of the offer by exercising the green-shoe option if investor demand exceeded the base offer. Following the issue being subscribed 3.52 times on the first day, the government has now decided to fully exercise this option.

Market Reaction and Government Disinvestment

Despite the strong investor response to the OFS, shares of Cochin Shipyard Ltd ended the trading session lower on Monday. The stock declined by more than 5 per cent to close at Rs 1,430.70 per share.

The OFS forms part of the government's disinvestment programme through the Department of Investment and Public Asset Management (DIPAM), which periodically offers stakes in public sector enterprises to investors through the stock exchange mechanism.

With the entire green-shoe option now exercised, the focus shifts to retail investors and employees, who will bid for the shares on Tuesday. (ANI)

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India's New Index of Services Production to See Phased Rollout

Asianet News Central — Tue, 07 Jul 2026 19:31:29 +0530

A Technical Advisory Committee (TAC) constituted by the Ministry of Statistics and Programme Implementation (MoSPI) has recommended a phased rollout of the proposed Index of Services Production (ISP), with both the overall index and sub-sectoral indices to be released initially on a trial basis before regular publication.

The committee, in its report released by MoSPI on Tuesday, recommended that the trial series be used to gather stakeholder feedback, validate the methodology against quarterly and annual datasets, and assess the resilience of the indices before full-scale implementation.

"MoSPI embarks on compilation of the Index of Services Production (ISP) as a high-frequency indicator for the services sector representing more than 50 per cent of Gross Value Added (GVA) contribution," the ministry said while releasing the report.

Recommendations and Methodology

The report also recommended compiling the index using 2024-25 as the base year, adopting a Laspeyres volume index methodology and aggregating sectoral indices using Gross Value Added (GVA) weights. It further suggested releasing the monthly index within 60 days of the reference month to provide a timely measure of activity in India's services sector.

The committee recommended that the index primarily use aggregated Goods and Services Tax (GST) data to measure production across market-based services such as trade, hospitality, telecommunications, professional services and real estate. For sectors outside the GST framework, including health, education, parts of transport, banking and insurance, the index will rely on administrative datasets and other official data sources.

Significance of the New Index

According to the report, the proposed ISP will, for the first time, provide a monthly indicator of short-term movements in India's formal services economy, complementing the Index of Industrial Production (IIP). The services sector currently contributes nearly 53 per cent of India's Gross Value Added, making it the country's largest economic sector.

"The proposed ISP represents an important milestone in strengthening India's statistical system and improving the measurement of the services sector, which accounts for more than half of the country's economic activity," the report said.

Launch and Future Impact

MoSPI said the trial series of the Index of Services Production will be released on July 14, 2026.

The new index is expected to provide policymakers, businesses and investors with a high-frequency indicator to track trends in India's services economy and complement existing measures of industrial activity.

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)

RBI launches 115th Industrial Outlook Survey for manufacturing sector

Asianet News Central — Tue, 07 Jul 2026 19:31:25 +0530

The Reserve Bank of India (RBI) on Tuesday launched the 115th round of its Quarterly Industrial Outlook Survey (IOS) for the Indian manufacturing sector to assess business sentiment for the July-September 2026 quarter and gather expectations for the quarters ahead.

According to an official statement issued by the RBI, the survey will cover the reference period July-September 2026 (Q2:2026-27) and will assess the current business situation as well as expectations for the October-December 2026 (Q3:2026-27) quarter. RBI said, "The survey assesses business sentiments for the current quarter (Q2:2026-27) and expectations for the ensuing quarter".

Survey Scope and Objectives

The survey is aimed at capturing qualitative responses from manufacturing companies on key business indicators, including demand conditions, financial conditions, employment conditions and the price situation.

The central bank said the survey will also collect the outlook on important business parameters for the following two quarters, namely January-March 2027 (Q4:2026-27) and April-June 2027 (Q1:2027-28).

Participation and Conduction Details

The Industrial Outlook Survey is conducted by the RBI on a quarterly basis to assess business confidence and expectations in the manufacturing sector. The findings are released in summary form on the RBI's website, with the identity of participating companies kept confidential.

For the current round, M/s Genesis Management & Market Research Pvt. Ltd. has been authorised by the RBI to conduct the survey on its behalf. The agency will approach selected manufacturing companies to participate in the survey.

However, the RBI has also encouraged other manufacturing companies to take part by downloading the survey questionnaire from the central bank's website under the "Survey" section. According to the RBI, interested companies can fill in the questionnaire and submit the duly authenticated responses through e-mail using the contact details provided in the survey document.

The central bank said the survey seeks qualitative assessments and expectations from manufacturing companies on various aspects of business activity. These include demand conditions, financial conditions, employment trends and the price environment, providing an assessment of current business sentiment as well as expectations for future quarters.

The RBI regularly publishes the findings of the Industrial Outlook Survey in a summary format, which helps provide an indication of business confidence and expectations in the manufacturing sector while maintaining the confidentiality of individual respondents.

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Puri dismisses E20 fuel issues, calls reports 'misrepresentation'

Asianet News Central — Tue, 07 Jul 2026 19:30:54 +0530

Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Monday said reports of customer problems with E20 fuel are a "misrepresentation", and stressed that the move to a higher E25 blend will only happen after tests are completed and discussed with automakers.

Dismissing the controversy around 20 per cent ethanol-blended petrol, Puri said both car manufacturers and consumers have accepted the fuel. "The automobile manufacturers, as well as the people who service these vehicles, all say there is no difficulty. Why this sudden interest?" he said. "It is a misrepresentation and I don't want to use stronger words."

E20 Rollout and Acceptance

The Minister noted that India has been gradually increasing ethanol blending. "We have been using E15 for the last three and a half years. We have been on E20 since April of last year. From April 2025 to April 2026, it has already been one year, and we are now another five months beyond that," he said.

According to Puri, 20 crore two-wheelers and 20 lakh four-wheelers are currently running on ethanol-blended petrol. "The car manufacturers are comfortable with E20. Each one of them has made a statement to that effect. Consumers also appreciate the product," he added.

Future Blends: E25 and E85

On calls to move to E25, Puri said the government is not rushing the decision. "If someone is suggesting E25, we have made it clear that we are conducting tests. Those tests will take time. Once the reports are available, we will evaluate them. Then we will discuss the findings with the stakeholders and the automobile manufacturers. After all, I neither manufacture the cars nor the fuel," he said.

The Minister also updated on E85 rollout, saying it has only just begun. "We have only begun the rollout of E85, and that rollout will take some time because new petrol pumps and related infrastructure need to be put in place," he said.

Phased Transition Based on Industry Feedback

The government is targeting 20 per cent ethanol blending nationwide under its Ethanol Blended Petrol programme to cut import dependence and support farmers. Puri maintained that the transition is proceeding in phases, based on technical data and industry feedback. (ANI)

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India can capture larger slice of global toy market: Nirmala Sitharaman

Asianet News Central — Tue, 07 Jul 2026 18:30:51 +0530

Union Finance Minister Nirmala Sitharaman on Tuesday called on the Indian toy industry to set more ambitious export goals, stating that India has the capability to capture a much larger slice of the projected USD 179 billion global toy market by 2032, instead of limiting itself to the projected USD 5 billion market by 2034. Addressing the 17th Toy Biz International B2B Expo organised by the Toy Association of India, Sitharaman highlighted the turnaround in the sector over the last five to six years.

Industry Turnaround and Policy Impact

"In FY 2025-26, India's toy exports reached USD 186 million and are now going to 153 countries," she said. "Equally, imports of toys, which were earlier concentrated from one country and included a lot of cheap, unsafe products, have declined by 71 per cent between 2019 and 2026."

The Minister credited targeted policy measures for the shift. In February 2020, basic customs duty on toys was raised from 20 per cent to 60 per cent to curb dumping of unsafe imports. Enforcement by the Bureau of Indian Standards was also intensified at airports and markets.

Government Support and Ecosystem Development

She noted that the National Action Plan for Toys, renewed in the 2024 Budget, brings together 14 central ministries for cluster development, skilling and building a globally competitive manufacturing ecosystem. Under the MSME SPURTI scheme, toy clusters have been set up in Karnataka, Rajasthan, Tamil Nadu, Uttar Pradesh and Andhra Pradesh with support for infrastructure, design and market access.

Trade agreements have also opened new avenues. Under the India-UAE CEPA and India-Australia ECTA, Indian toys now enter these markets duty free. Exporters can also avail benefits under the RoDTEP scheme, while small manufacturers have access to credit through PM Mudra and CGTMSE.

Focus on Innovation and Branding

Sitharaman stressed innovation and branding. She cited the E-Toy-Cathon by MeitY as an incubator for AR games, coding kits and homegrown electronic toys. Digital public infrastructure like UPI, Account Aggregator and ONDC is helping artisans in small towns sell directly across India. She also urged a focus on branding and added, "Manufacturing is important but branding creates value. Enduring value is only when your brand can be identified."

'Made in India' for the World

Invoking India's civilizational link with toys, from traditional "Bommai Kolu" during Navaratri to 5,000-year-old toys found in Sindhu-Saraswati sites, the FM said, "Let toys carry the mark 'Made in India'. Let that Made in India toy travel the world."

She concluded by telling children present at the event to "Play without fear. Play a lot." (ANI)

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RBI launches 50th round of Services and Infrastructure Outlook Survey

Asianet News Central — Tue, 07 Jul 2026 18:30:42 +0530

The Reserve Bank of India (RBI) has launched the 50th round of its quarterly Services and Infrastructure Outlook Survey (SIOS) for the reference period July-September 2026, as per a statement by the apex bank on Tuesday. The survey aims to assesses the business conditions and expectations in key sectors of the economy.

In the release, the apex bank said, "The Reserve Bank has launched the 50th round of the quarterly Services and Infrastructure Outlook Survey (SIOS) for the reference period July-September 2026."

What the Survey Assesses

The survey assesses business conditions in current quarter and expectations for the upcoming quarter based on qualitative responses from selected services and infrastructure companies on demand, financial conditions, employment and prices.

"The survey assesses the business situation for the current quarter (Q2:2026-27) from selected companies in the services and infrastructure sectors in India and their expectations for the ensuing quarter (Q3:2026-27) based on qualitative responses on a set of indicators pertaining to demand conditions, financial conditions, employment conditions and the price situation," the release added.

The survey also captures the outlook on key business parameters for next quarters. The RBI publishes the findings in summary form on its website without disclosing the identity of respondents.

"The survey findings are released in summary form on the website of the Bank regularly, where identity of the respondents is not revealed," it noted.

Survey Conduction and Participation

For the July-September 2026 quarter, the RBI has authorised Genesis Management & Market Research Pvt. Ltd. to conduct the survey.

Additionally, "The outlook on key parameters for the two subsequent quarters (Q4:2026-27 and Q1:2027-28) are also covered," the release added.

Besides selected firms, other companies in the services and infrastructure sectors can also participate by downloading the questionnaire from the RBI website and submitting their responses electronically.

"M/s Genesis Management & Market Research Pvt. Ltd. has been authorised to conduct the survey for July-September 2026 quarter on behalf of the Reserve Bank," it said.

The quarterly survey is part of the RBI's broader effort to track sectoral trends and gauge business sentiment across key areas of the economy. (ANI)

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AI in Finance: Experts Urge Integration with Human Oversight for Audits

Asianet News Central — Tue, 07 Jul 2026 18:00:37 +0530

Industry leaders and financial experts highlighted the necessity of integrating Artificial Intelligence (AI) into financial reporting and corporate auditing while maintaining rigorous human oversight to safeguard against rising fraud risks. Speaking exclusively to ANI on the sidelines of the Federation of Indian Chambers of Commerce & Industry's (FICCI) 2nd National Conference on Agile Governance: Navigating AI & Regulatory Landscape in Mumbai on Tuesday, Rajneesh Jain, Chair of the FICCI CFO Council & CFO for Reliance Jio Infocomm, and Abhishek Rara, Partner at Price Waterhouse LLP, shared how tech-driven agile governance is reshaping modern corporate ecosystems.

AI: A Necessary Tool for Navigating Data Overload

Rajneesh Jain categorised AI as an invaluable asset for navigating the current data-heavy landscape, noting that the sheer volume of financial records makes manual oversight impossible. "AI is a reality because the enormity of data is so much that we cannot function without a tool... we have got AI as that particular tool, which can actually take care of your governance," Jain said.

Detailing how AI elevates fraud detection from selective checking to universal analysis, Jain stated, "Earlier, the auditors were doing only sampling. Now you don't have to do sampling; you actually dip into the entire data... do an analytics, and through that, you are able to find out whether your data is speaking correctly or not". He strongly advocated for its full integration across Indian businesses, noting that when applied alongside ESG frameworks, it provides unparalleled assurance to management, regulatory bodies, and capital providers.

The Call for Human-Led, AI-Enabled Auditing

Echoing these thoughts, Abhishek Rara focused on how technology elevates precision on the audit side, noting that analysing entire data sets allows corporate entities to identify hidden anomalies. Rara noted, "When you can look at the entire data set of a company, if you can compare it with their peers in a more meaningful way, it gives them a better ability to demonstrate or actually identify anomalies which may be fraud risks".

However, Rara issued a strong caution against relying strictly on autonomous platforms, arguing that technology must serve strictly as an ally to human intelligence. "Just using AI is not going to work; you will always need to have human oversight. So, AI auditing or work is going to be human-led, AI-enabled... There must be a human who will own whatever that AI has produced," Rara asserted.

He added that strong structural governance serves a critical strategic purpose, drawing an analogy that "we have to look at strong governance like a brake in the car. It's not there to slow you down, but it actually makes you drive faster and be comfortable to drive".

Both experts conclusively agreed that AI is fundamentally a boon for financial accounting, provided it is deployed with structural responsibility, strict accountability, and deliberate human vigilance. (ANI)

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NBFC credit growth surges to 14.2% in May 2026, retail loans lead

Asianet News Central — Tue, 07 Jul 2026 17:30:33 +0530

NBFC Credit Growth Accelerates to 14.2% in May 2026

Credit extended by non-banking financial companies (NBFCs) grew 14.2 per cent year-on-year in May 2026 from 11.4 per cent a year ago with retail loans emerging as major credit contributor, as per a statement by the Reserve Bank of India (RBI).

As per the release, while NBFC lending momentum remained healthy in May, growth was increasingly driven by retail and agriculture segments, even as credit expansion to industry and services lost some pace.

Retail and Agriculture Drive Growth

Credit to agriculture and allied activities recorded the sharpest growth, rising 17.9 per cent year-on-year in May 2026 reflecting stronger lending to the farm sector. "Credit growth in agriculture and allied activities recorded a robust growth of 17.9 per cent (y-o-y) in May 2026 against 5.0 per cent a year ago," the release said.

At the same time, retail loans remained the biggest contributor to overall NBFC credit growth, expanding 19.5 per cent year-on-year against 14.9 per cent in May 2025. "Retail loans contributed the most in overall credit growth by NBFCs with 19.5 per cent (y-o-y) growth in May 2026," it said. Within the retail segment, housing loans, vehicle loans and loans against gold jewellery registered robust growth, indicating sustained consumer demand across key loan categories.

Moderation in Industry and Services Credit

In contrast, credit growth to industry moderated to 7.3 per cent in May 2026 from 10 per cent a year ago. The slowdown was primarily attributed to weaker growth in lending to infrastructure, which constitutes a significant share of industrial credit.

Credit to the services sector also witnessed moderation, growing 16.7 per cent year-on-year compared with 23.9 per cent in May 2025. Despite the overall slowdown, lending to the commercial real estate segment continued to record strong expansion, making it one of the key contributors within the services category. "Credit growth in services sector moderated to 16.7 per cent (y-o-y) in May 2026 against 23.9 per cent a year ago. Among major contributors, growth (y-o-y) in credit to 'Commercial Real Estate' marked buoyant expansion," the release said. (ANI)

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Hical Technologies breaks ground on new aerospace facility in Hosur

Asianet News Central — Tue, 07 Jul 2026 17:00:58 +0530

Hical Technologies has announced the groundbreaking of its new 160,000 sq ft manufacturing facility in Hosur, Tamil Nadu. The facility is being developed to expand Hical's aerospace-qualified precision machining, fabrication and special process capabilities for global original equipment manufacturer programmes, a release said.

"The new facility marks the next phase of Hical's aerospace and defence manufacturing growth and is expected to strengthen the company's ability to support complex, high-precision programmes for international customers," the release said.

Strategic Expansion and Capabilities

The facility will complement Hical's existing electromechanical manufacturing capabilities and help address rising demand for reliable, India-based aerospace supply chain partners.

Advanced Manufacturing and Certification

Designed as an aerospace-qualified manufacturing centre, the Hosur facility will house precision machining, fabrication and special process capabilities, with planned investments in automation, digitalisation, advanced manufacturing skills, operational flexibility and sustainability. The facility is expected to meet NADCAP certification requirements and other aerospace qualifications required for global customer programmes.

Supporting India's Aerospace Growth

Yashas Jaiveer, Managing Director, Hical Technologies, said the groundbreaking of Hosur facility marks an important new chapter in Hical's four-decade journey. "Global aerospace customers are placing greater confidence in India's ability to deliver complex, high-precision manufacturing at global standards, and this facility is designed to support that opportunity With investments in advanced processes, automation and aerospace qualifications, we believe the Hosur facility will strengthen Hical's capabilities and contribute to India's role in the global aerospace supply chain."

Hosur: A Precision Manufacturing Hub

Hosur, located in Tamil Nadu's Krishnagiri district on the Karnataka border, has emerged as an important precision manufacturing hub, supported by proximity to Bengaluru's aerospace and defence ecosystem, industrial infrastructure and access to a skilled technical workforce, the release said. (ANI)

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Reliance's Strand Life Sciences patents blood test for early cancer

Asianet News Central — Tue, 07 Jul 2026 17:00:24 +0530

Patent for AI-enabled Cancer Detection

Strand Life Sciences, a subsidiary of Reliance Industries Limited, has been granted an Indian patent for its integrated platform that enables early cancer detection from a simple blood test using cell-free DNA (cfDNA) analysis, the company said in a press release on Tuesday.

The patented platform combines high-quality genome sequencing, rigorous quality control, biologically informed methylation and fragmentomic feature extraction, and machine learning to detect cancer and predict its tissue-of-origin from a blood sample.

A key innovation highlighted in the patent is the ability to capture widespread methylation pattern changes across the genome with minimal loss or failure. Such methylation changes are a hallmark of cancer, and reliably detecting them is critical for sensitive early-stage diagnosis.

Addressing India's Public Health Challenge

More than 1.5 million new cancer cases are estimated to occur annually, and unfortunately a large number of patients are still diagnosed at advanced stages, when treatment options are limited and outcomes are significantly poorer. Early detection has the potential to shift diagnoses to earlier stages.

Current guideline-recommended screening covers only a small fraction of cancers and is not easy to scale. With decreasing costs of sequencing, the patented platform can potentially enable early detection at scale without expanding local infrastructure.

"Early detection is an increasingly relevant topic as cancer is becoming one of India's greatest public health challenges," said Ramesh Hariharan, CEO, Strand Life Sciences. "This patent reflects our commitment to developing scientifically rigorous, AI-enabled liquid biopsy technologies that can help detect cancer earlier from a simple blood sample. We believe this innovation represents an important step towards making precision cancer screening more accurate, scalable, and accessible."

Future of Cancer Screening

The granted patent adds to Strand's intellectual property portfolio in liquid biopsy and reinforces the company's strategy of building integrated, AI-enabled molecular approaches for early cancer detection and precision oncology.

The company said Strand Life Sciences has been working on genomics, bioinformatics and clinical diagnostics solutions. With this patent, it aims to push forward research and eventual deployment of blood-based screening tools that can complement existing cancer screening programs.

The development comes as both government and private players in India look to invest in affordable, scalable diagnostics to tackle the growing cancer burden. (ANI)

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Sensex, Nifty close in red on profit booking ahead of US Fed minutes

Asianet News Central — Tue, 07 Jul 2026 16:30:38 +0530

Indian equity markets ended marginally lower on Tuesday as investors booked profits in the second half of the trading session amid weakness across Asian markets and caution ahead of the release of the US Federal Reserve meeting minutes. The NSE Nifty 50 settled at 24,398.70, down 31.65 points or 0.13 per cent, while the BSE Sensex closed at 78,180.72, falling 104.35 points or 0.13 per cent.

Investor Caution Weighs on Sentiment

Market experts said investor sentiment turned cautious as markets tracked weak cues from other Asian markets while participants awaited the US Fed minutes for further direction. Vinod Nair, Head of Research at Geojit Investments Limited, said, "Profit booking emerged in the latter half of the session as weakness across Asian markets and investor caution ahead of the US Fed minutes weighed on sentiment. However, IT stocks continued to lend support, extending gains ahead of the June-quarter earnings season as the sector recovered from recent corrections." He added that with concerns surrounding the US-Iran conflict and trade tariffs easing, market attention is now shifting towards Q1FY27 corporate earnings and the progress of the monsoon. According to Nair, improving foreign institutional investor (FII) inflows and a stable rupee are expected to provide near-term support to the broader market.

Sectoral Performance

Among sectoral indices on the NSE, Nifty IT was the only sector to close in positive territory, rising 2.43 per cent on expectations ahead of the June-quarter earnings season. All other major sectoral indices ended lower. Nifty Realty declined 1.73 per cent, Nifty Metal lost 1.14 per cent, Nifty Pharma fell 0.76 per cent, Nifty Media slipped 0.75 per cent, Nifty PSU Bank was down 0.47 per cent, while Nifty Auto declined 0.12 per cent.

Top Movers

Among the Nifty 50 stocks, HCL Technologies, Tech Mahindra, Infosys, SBI Life Insurance and Titan were the top gainers at the close. On the losing side, Trent, Adani Enterprises, Bharat Electronics (BEL), Adani Ports, Max Healthcare and TMPV were among the major laggards.

Global Markets and Commodities

In the commodities market, Brent crude oil prices rose 1.18 per cent and were trading at USD 72.86 per barrel at the time of filing this report. Asian markets largely remained under pressure during the day. Japan's Nikkei 225 declined 1.61 per cent to 68,630, Hong Kong's Hang Seng fell 0.83 per cent to 23,421, Taiwan's weighted index dropped 2.37 per cent to 45,479, while South Korea's KOSPI plunged 5 per cent to 7,656. Singapore's Straits Times was the only major Asian index to end higher, gaining 1.57 per cent.

Market Outlook

The market's focus is now expected to remain on the US Fed minutes, the upcoming Q1FY27 earnings season and the progress of the monsoon. (ANI)

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PM-SETU scheme rolls out nationwide, ITIs get Rs 1,237 cr upgrade

Asianet News Central — Tue, 07 Jul 2026 16:00:25 +0530

The Centre has approved the rollout of PM-SETU (Pradhan Mantri Skilling and Employability Transformation through Upgraded ITIs) across 200 ITI clusters and cleared Strategic Investment Plans worth Rs 1,237.58 crore to upgrade industrial training institutes in Odisha, Gujarat and Telangana.

PM-SETU transitions to nationwide programme

According to a statement by the Ministry of Skill Development and Entrepreneurship, the decision was taken at the 4th National Steering Committee (NSC) meeting of PM-SETU, chaired by Secretary, Ministry of Skill Development and Entrepreneurship, Debashree Mukherjee.

The meeting was attended by representatives from state governments, industry leaders, multilateral development partners and other stakeholders.

The Committee approved the transition of PM-SETU from its pilot phase to a nationwide programme, allowing States and Union Territories to implement the scheme based on industry readiness and execution capacity. "In a major decision, the Committee approved the transition of PM-SETU from its pilot phase to a nationwide rollout across all 200 identified ITI clusters, enabling States and Union Territories to take up implementation based on industry readiness and implementation capacity," the release said.

Strategic Investment Plans Approved

The Committee approved Strategic Investment Plans (SIPs) worth Rs 1,237.58 crore, with industry leaders including Jindal Naveen Avasar Limited in Odisha, ArcelorMittal Nippon Steel India in Gujarat, and Apollo Medskills along with two other partners in Telangana joining as Anchor Industry Partners. Recommended by the respective State Steering Committees, these plans will drive industry-led upgrades across multiple ITI clusters nationwide. "The standout outcome of the meeting was the approval of Strategic Investment Plans (SIPs) worth a combined outlay of Rs 1,237.58 crore, with leading industrial names Jindal Naveen Avasar Limited in Odisha and ArcelorMittal Nippon Steel India in Gujarat stepping in as Anchor Industry Partners, alongside Apollo Medskills and other two approved ITI clusters in Telangana. The SIPs, recommended by the respective State Steering Committees, pave the way for industry-led upgradation of multiple ITI clusters nationwide," the release said.

State-wise Investment Breakdown

As per the release, the proposed investment made to Odisha and Gujarat were Rs 240.21 crore and Rs 240.18 crore each, respectively. However, for Telangana the proposed investment totals Rs 757.19 crore.

PM-SETU is a government backed scheme aimed at modernising India's ITI ecosystem. (ANI)

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India, Australia to deepen economic ties, focus on critical minerals

Asianet News Central — Tue, 07 Jul 2026 15:30:36 +0530

India and Australia are poised to deepen their economic partnership beyond traditional trade, with critical minerals expected to emerge as the next major pillar of bilateral cooperation under the India-Australia Economic Cooperation and Trade Agreement (ECTA), according to a report by Rubix Data Sciences released ahead of Prime Minister Narendra Modi's visit to Australia this week.

The report said the visit comes at a time when the two countries are strengthening collaboration in trade, investment, clean energy and strategic supply chains. It noted that the India-Australia Economic Cooperation and Trade Agreement (ECTA), which came into force in 2022, has significantly improved market access for businesses in both countries, with all Indian exports receiving duty-free access to the Australian market from January 2026. According to the report, India's trade deficit with Australia narrowed sharply to USD 6.5 billion in FY2026, as imports from Australia declined faster than the growth in exports, reflecting a gradual rebalancing of bilateral trade.

Critical Minerals: The New Pillar of Cooperation

"What most conversations about India-Australia trade miss is the minerals dependency running through it," Rubix Data Sciences President Tushar Bhaskar said. "Australia holds 21 of the 49 minerals India has flagged as critical, at a time when India's clean energy and semiconductor ambitions need exactly that kind of supply security. We feel that is a bigger long-term story than the trade deficit numbers," he added.

Supporting India's Tech and Energy Ambitions

The report said Australia's reserves of critical minerals such as lithium, cobalt and rare earth elements position it as an important partner for India's plans to expand electric vehicle manufacturing, renewable energy capacity and semiconductor production. As both countries seek to build resilient supply chains, cooperation in these sectors is expected to gain further momentum.

Expanding Trade Horizons

Energy remains the main part of trade between India and Australia. India mainly exports refined petroleum products to Australia, while Australia mainly exports coal to India. However, their trade is now expanding into new areas such as defence, advanced manufacturing, and critical technologies.

Future Outlook and Opportunities

Rubix expects stronger collaboration under ECTA to create new opportunities for businesses in both countries as Australia expands investments in critical minerals, hydrogen and clean energy, while India's growing manufacturing sector drives demand for secure and diversified supply chains. (ANI)

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Jharkhand's Amrapali mangoes reach Dubai, empowering women farmers

Asianet News Central — Tue, 07 Jul 2026 15:00:34 +0530

The Agricultural and Processed Food Products Export Development Authority (APEDA) facilitated the commercial export of two metric tonnes of Amrapali mangoes from Jharkhand to Dubai.

Union Minister of Commerce & Industry Piyush Goyal lauded the export on X: "Thanks to the efforts of the Modi government, local agricultural products are continuously establishing their identity in foreign markets." "With the support of @APEDADOC, Aamrupali mangoes from aspirational districts and blocks such as Gumla and Deoghar in Jharkhand are now carving out a distinct identity in Dubai's markets through their unique taste, with the aim of empowering tribal women farmers," Goyal added.

Empowering Women Farmers Through Export

Sourced from the Aspirational District of Gumla and the Aspirational Block of Deoghar, the initiative delivered 180 per cent higher returns to women-led Farmer Producer Companies (FPCs) compared to prevailing local market prices.

The consignment went to Dubai for retail distribution across Lulu stores, marking a milestone in promoting exports from tribal and women-led farmer collectives.

According to the Ministry of Commerce & Industry, M/s Fair Exports (India) Pvt. Ltd. handled the export consignment, which comprised premium-quality Amrapali mangoes from three women-led FPCs promoted by Palash - Jharkhand State Livelihood Promotion Society (JSLPS).

One metric tonne came from the APEDA-registered MVM Baghima Palkot Producer Company Limited and Raidih Agri Producer Company Limited in Gumla district. The remaining one metric tonne came from the Mohanpur Ajeevika Mahila Kisan Producer Society in Deoghar district.

Tribal women farmers developed these orchards under the Birsa Harit Gram Yojana, implemented in convergence with MGNREGA and supported by the Government of Jharkhand. The participating FPCs each have more than 1,500 shareholders and collectively represent over 50,000 member farmers.

A Collaborative Effort

The Deputy Commissioner and Deputy Development Commissioner of the respective districts, along with representatives of APEDA, JSLPS, and other line departments, ceremonially flagged off the consignment. This flag-off symbolised the collaboration among APEDA, the Government of Jharkhand, district administrations, women-led FPCs, exporters, and development partners in connecting rural producers with international markets.

APEDA's Support and Training Initiatives

The export reflects APEDA's sustained efforts to develop export-ready farmer collectives through capacity building, quality enhancement, and market facilitation.

APEDA organised a dedicated capacity-building programme in the Palkot area of Gumla district to sensitise members and Board of Directors of eight FPCs on international quality standards, post-harvest handling practices, and export procedures. Representatives from the district offices of Agriculture, Horticulture, JSLPS, District Industries Centre, and other line departments also participated in the session.

Further strengthening its outreach among women entrepreneurs, APEDA's Regional Office in Kolkata organised an Export-Oriented Capacity Development Programme for Women Entrepreneurs and Self-Help Groups at Baswariya village in Devipur block of Deoghar district. Around 105 participants, including women entrepreneurs, Self-Help Groups, Farmer Producer Organisations, and officials from the Department of Horticulture, Agriculture Department, NABARD, and APEDA, attended the programme. The session focused on creating awareness about APEDA's mandate, Financial Assistance Scheme, export opportunities, key export procedures, and institutional support available for women entrepreneurs to participate in global agricultural trade. (ANI)

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EV retail sales surge in June 2026, passenger vehicles sales double

Asianet News Central — Tue, 07 Jul 2026 15:00:23 +0530

The retail sales of electric vehicles continued to witness strong growth across major vehicle segments in June 2026, with electric passenger vehicles more than doubling from a year ago, while electric two-wheelers and three-wheelers also registered robust growth, according to retail sales data released by the Federation of Automobile Dealers Associations (FADA).

Electric Passenger Vehicle Sales Double

The data showed that retail sales of electric passenger vehicles surged 107.75 per cent year-on-year to 31,823 units in June 2026 from 15,318 units in June 2025. On a month-on-month basis, sales also increased 19.27 per cent from 26,682 units in May 2026. The share of electric passenger vehicles in the overall passenger vehicle market also improved to 7.7 per cent in June 2026, compared with 6.6 per cent in May 2026 and 4.8 per cent in June 2025.

Strong Growth in Electric Two-Wheelers

The data also highlighted that electric two-wheelers recorded strong growth during the month. Retail sales increased 74.98 per cent year-on-year to 1,93,735 units in June 2026 from 1,10,719 units a year earlier. Compared with May 2026, sales were up 13.47 per cent from 1,70,733 units. The market share of electric two-wheelers rose to 10.6 per cent in June 2026, up from 9.3 per cent in May 2026 and 7.0 per cent in June 2025.

Electric Three-Wheelers Maintain Momentum

Electric three-wheelers also maintained strong momentum. Retail sales rose 27.38 per cent year-on-year to 77,448 units in June 2026 from 60,802 units in the same month last year. On a monthly basis, sales increased 7.77 per cent from 71,867 units recorded in May 2026. For the electric three-wheelers continued to dominate the segment, accounting for 64.1 per cent of total three-wheeler retail sales in June 2026. The share was 64.4 per cent in May 2026 and 58.4 per cent in June 2025.

Commercial EV Segment Records Strong Growth

The commercial electric vehicle segment also recorded strong growth. Retail sales increased 163.7 per cent year-on-year to 3,214 units in June 2026 from 1,219 units in June 2025. On a month-on-month basis, sales rose 33.92 per cent from 2,400 units. The market share of electric commercial vehicles improved marginally to 3.53 per cent in June 2026 from 2.86 per cent in May 2026 and 1.57 per cent in June 2025.

The latest FADA retail data indicates continued growth in electric vehicle adoption across major vehicle categories, with market penetration improving in two-wheelers, passenger vehicles and commercial vehicles. (ANI)

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EaseMyTrip's 'Monsoon Travel Sale' offers up to INR 15,000 off

Asianet News Central — Tue, 07 Jul 2026 14:31:22 +0530

EaseMyTrip, one of India's leading online travel-tech platforms, has announced the launch of its 'Monsoon Travel Sale', scheduled to run from July 7 to July 10, 2026. The campaign is designed to encourage travellers to make the most of the monsoon season with attractive offers across travel categories.

Key Offers and Benefits

The 'Monsoon Travel Sale' brings a range of offers for customers across: Flights: Up to INR 15,000 OFF* Hotels: Up to INR 15,000 OFF* Buses: Up to INR 500 OFF* Cabs: Up to INR 500 OFF* Holiday Packages Starting at INR 11,599/-* Customers can avail these benefits using the promo code 'MONSOON' while booking through EaseMyTrip's website or mobile application.

The sale includes offers across credit cards from AU Small Finance Bank and Punjab National Bank, along with credit card EMI offers from Axis Bank, ICICI Bank, IDFC FIRST Bank, IndusInd Bank and Kotak Mahindra Bank. The sale also features exciting offers from the Indian luxury watch brand - Qorum.

Airline and Hotel Partnerships

As part of the campaign, EaseMyTrip has partnered with leading airline partners including Air Arabia, Air Astana, Air France, KLM Royal Dutch Airlines and Delta Air Lines (AF/KL/DL), Air India and Air India Express, Air New Zealand, American Airlines, Azerbaijan Airlines, British Airways, EgyptAir, FLY91, Gulf Air, IndiGo, ITA Airways, Kenya Airways, LOT Polish Airlines, Lufthansa, SWISS, Air Canada and United Airlines (LH/LX/AC/UA), Malaysia Airlines, Myanmar Airways, Nok Air, Oman Air, Qantas, Qatar Airways, Royal Jordanian, Singapore Airlines, SpiceJet and Virgin Atlantic.

EaseMyTrip has also established partnerships with an extensive network of hotel brands, including 7 Apple Hotels, Ahuja Residences, Alivaa Hotels & Resorts, AM Hotel Kollection, Amritara Hotels & Resorts, Ananta Hotels & Resorts, Astra Hotels & Suites, Bloom Hotels, Brij Hotels, Byke Hotels, Cygnett Hotels & Resorts, DLS Hotels, Eight Continents Hotels & Resorts, Ecko Hotels & Resorts, Ginger Hotels (IHCL), Hotel Sonar Bangla, Hotels at Ramoji Film City, Icon Hotels, Inde Hotels, juSTa Hotels & Resorts, KLG Starlite Business Hotel, LaLiT Hotels, Lemon Tree Hotels, Madhav Pradeep Hotels, Magnus Hotels & Serviced Apartments, Moustache Hostels, Mount Hotels, Mumbai House, One Earth Hotels, Pride Hotels & Resorts, Ramee Group of Hotels, Sayaji Hotels, Shahpura Hotels & Resorts, Shrigo Hotels, Sinclairs Hotels & Resorts, Spree Hotels & Resorts, Sterling, Summit Hotels & Resorts, Sumi Yashshree Hotels & Resorts, Tathastu Resorts, TGI - The Great Indian Hotels, Resorts & Inns, The Altruist Hotels, The Fern Hotels & Resorts, The Windflower Resorts & Spa, Treat Hotels & Resorts, Vesta Hotels & Resorts, VITS Hotels, WelcomHeritage Hotels, X Hotels, Z Express and Zone by The Park.

Featured Monsoon Destinations

As part of the 'Monsoon Travel Sale', EaseMyTrip is offering a wide selection of travel options across popular domestic destinations such as Goa, Himachal Pradesh, Kashmir, Kerala, Ladakh, the North East and Uttarakhand, along with international destinations including Bali, Malaysia, Maldives, Mauritius, Singapore, South Korea, Sri Lanka, Thailand and Vietnam.

Timed to coincide with the peak monsoon travel period, the sale aims to drive bookings across both domestic and international destinations, catering to the growing demand for leisure holidays, family vacations, and short seasonal getaways.

Company Leadership on the Sale

Commenting on the launch of the 'Monsoon Travel Sale', Manmeet Ahluwalia, Chief Marketing Officer of EaseMyTrip, said, "The monsoon has a way of making travel feel special. Whether it's a quick weekend escape or a long-awaited family holiday, this season encourages people to slow down and explore destinations in a different light. With the EaseMyTrip Monsoon Travel Sale, we want to make those travel plans even more rewarding by offering great value across flights, hotels, buses, cabs and holiday packages. We are seeing travellers become more intentional about how they plan their holidays, looking for the right mix of value, convenience and memorable experiences. At EaseMyTrip, our focus is to make that decision easier by offering great value, a seamless booking experience and the convenience of planning every aspect of the journey through our platform."

About EaseMyTrip

With its continued focus on enhancing value-driven travel experiences and making travel more accessible, EaseMyTrip remains committed to offering customers convenient and rewarding solutions across every stage of their journey.

EaseMyTrip (listed on NSE and BSE) is one of India's largest online travel-tech platforms in terms of air ticket bookings, as per the Crisil Report-Assessment of the OTA Industry in India (Feb 2021). (ANI)

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AI, clean energy may trigger new commodity supercycle: Centrum report

Asianet News Central — Tue, 07 Jul 2026 14:30:28 +0530

New Commodity Supercycle on the Horizon?

Investments in artificial intelligence (AI) infrastructure, the global clean energy transition and supply-chain reshoring could trigger a new commodity supercycle, creating long-term opportunities in copper, power infrastructure and electrification-related sectors, according to a Centrum report.

The report said the world may be in the early phase of a commodity supercycle -- a prolonged period of rising commodity prices -- with the current upcycle still having significant room to run. A supercycle happens when a huge, lasting jump in demand meets a supply base that takes years to grow. Looking at over a century of inflation-adjusted commodity prices, the last major low came in 2020, it noted.

Historical Context and Future Projections

Further, the current upcycle is around six years old and, based on past cycles that typically lasted 13-21 years, it may still have further room to run as prices remain below their long-term average. "Dating 113 years of inflation-adjusted prices puts the last low in 2020; we are about six years into an upswing that has historically run 13-21 years, with prices still slightly below their long-run average, room to rise, not a peak to fear," it said.

Key Drivers: AI Demand and Copper Supply Constraints

Further, short-term volatility in gold and oil has faded, while structural strength is emerging in copper due to supply constraints which is also reflected in Indian equities. Three demand engines are pulling at once while supply struggles to respond. AI-driven computing is becoming a major driver of global power demand.

Data centres consumed around 485 TWh of electricity in 2025, and this is expected to nearly double to about 950 TWh by 2030, accounting for nearly 3 per cent of global electricity use.

Growing Supply-Demand Gap

Furthermore, copper supply is facing growing constraints, with new mines taking around 17-18 years from discovery to production and ore grades declining significantly over time. A slowdown in major discoveries has further tightened the supply pipeline, with the IEA projecting a potential 30 per cent copper supply gap by 2035 and S&P expecting a significant shortfall by 2040, the report said.

Policy-Backed Supercycle

Additionally, the supercycle becomes policy-backed rather than a passing spike as "the metals are mined in a handful of countries, and one country, China, dominates the refining of almost all of them," it said.

Overall, AI-driven power demand is boosting copper consumption, but slow mine development is creating a supply gap, supporting expectations of a long-term commodity upcycle, the report noted. (ANI)

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DMRC sets up Delhi Metro International Limited for global expansion

Asianet News Central — Tue, 07 Jul 2026 14:30:22 +0530

Delhi Metro Rail Corporation (DMRC) has set up a wholly-owned subsidiary, Delhi Metro International Limited (DMIL), to expand its consultancy, operations and maintenance business in India and overseas, as it looks to leverage its experience in building and operating one of the world's largest metro networks.

DMIL to Offer End-to-End Services

The newly incorporated subsidiary will provide end-to-end services for metro, railway and urban transit projects, including consultancy, project management, operations and maintenance, feasibility studies, asset management and strategic advisory services.

The move comes as Indian infrastructure companies increasingly look to export engineering and project management expertise to international markets, particularly in urban transport, where several countries are investing in metro rail and mass transit systems.

"Building on over two decades of expertise in developing and operating one of the world's most respected metro systems, Delhi Metro Rail Corporation (DMRC) has established Delhi Metro International Limited (DMIL)," the company said in the release.

Leveraging Extensive Experience

Delhi Metro currently operates a network of more than 416 kilometres with over 300 stations, serving nearly 6.5 million passenger journeys daily.

The corporation said the experience gained in planning, constructing and operating the network would enable DMIL to support transit projects across their entire lifecycle, from planning and implementation to operations and maintenance.

DMRC already manages operations and maintenance for metro systems in several Indian cities, including Mumbai Metro Line 3, Chennai Metro Phase 2, Patna Metro, Noida-Greater Noida Metro and Rapid Metro Gurugram, demonstrating its growing presence beyond the National Capital Region.

Strengthening Global Presence

DMIL is expected to strengthen DMRC's presence in the global urban mobility sector by offering integrated engineering, operational and advisory services to governments and transit authorities.

The company said it will leverage DMRC's expertise in areas such as driverless metro operations, predictive maintenance and multimodal integration to deliver end-to-end mobility solutions. (ANI)

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Adani Copper gets LME brand status; eligible for futures contracts

Asianet News Central — Tue, 07 Jul 2026 14:00:59 +0530

Adani Enterprises' Kutch Copper Limited achieved London Metal Exchange (LME) brand registration for 'Adani Copper' Grade-A Cathodes. The LME approved the brand, making it eligible to be delivered against LME Copper futures contracts. The warrants for delivery become eligible for issuance starting July 10, 2026.

Kutch Copper Limited is a wholly owned subsidiary of Adani Enterprises Limited and operates as a part of the metals and mining portfolio of the Group. The certification by the global centre for industrial metals trading validates the manufacturing excellence and responsible sourcing practices of the company against strict global benchmarks. The registration marks a significant milestone as the company operates a custom copper smelter at Mundra with a capacity of 0.5 million tonnes per annum, making it one of the largest single-location facilities of its kind globally.

Strengthening India's Role in Global Copper Market

"Copper is the backbone of the global energy transition. Achieving LME brand status places Adani among the world's leading copper producers and strengthens India's role in building a resilient, responsible supply chain for this vital metal," said Vinay Prakash, CEO - Natural Resources, Adani Enterprises, and Managing Director, Kutch Copper Limited.

The inclusion places Adani Copper alongside leading global copper brands, granting international market credibility to the Group as it enters the metals sector. The rigorous LME certification process requires strict quality assurances regarding chemical composition, shape, and weight, alongside adherence to responsible sourcing protocols. "Kutch Copper's world-class infrastructure and ESG standards make this recognition both timely and well deserved. It will enhance the global acceptance of Adani Copper," Prakash said.

Enhancing Market Liquidity and Financing

The LME listing allows the copper cathodes to be stored in approved warehouses, which enhances financing flexibility because the listed metal serves as a highly liquid asset for collateral. This addition expands the deliverable base of the exchange with high-quality cathodes from a new major production hub, enhancing the liquidity and geographic diversity of the global copper market.

Bolstering National Self-Reliance

"Apart from reinforcing India's growing stature in the international metals industry, the registration is a landmark step towards self-reliance in refined copper," Prakash added.

The USD 1.2 billion facility utilizes advanced process automation, state-of-the-art technology, and sustainability-led design principles across its operations. The domestic production hub aims to reduce the reliance of the country on imported copper while supporting national self-reliance goals for metals essential to renewable energy, electrification, and the broader energy transition. (ANI)

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Bright Side Stories: At 11, This Young Founder Built a Rs 25 Crore Startup by Rethinking Business Cards

Divya Danu — Tue, 07 Jul 2026 13:49:22 +0530

An 11-year-old entrepreneur has drawn attention after reports claimed his startup is valued at around Rs 25 crore. His idea focuses on replacing traditional paper business cards with a digital alternative that can be updated instantly.

Children are often praised for their imagination, but some use it to solve problems that even adults overlook. At an age when many are still discovering their hobbies, 11-year-old Athvik Amith Kumar has made headlines by building a startup that is encouraging professionals to rethink the way they exchange business cards.

Athvik has caught attention after building a startup around a simple problem that millions of professionals deal with every day, showing that curiosity and fresh thinking can sometimes achieve what experience alone cannot.

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Andhra Pradesh's 18 Lakh Farmers Win World's Biggest Food Planet Prize, Natural Farming Model Goes Global

The young founder of ZOZO Connect, Athvik is making headlines after reports claimed his company has reached a valuation of around Rs 25 crore. While the reported valuation has not been independently verified, his journey is being widely discussed for showing how a simple everyday problem can lead to a business idea.

The idea began with something almost every working professional has used, a paper business card.

Traditional visiting cards often become useless when contact details change. Many are misplaced, forgotten in wallets or drawers, or thrown away after meetings. They also need to be printed again whenever information is updated, adding both cost and paper waste.

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A post shared by Athvik Amith Kumar (@athvikamithkumar)

Instead of accepting this as normal, Athvik looked for a better solution. He worked on a digital business card that allows users to share their contact details through NFC technology or a QR code, removing the need to carry printed cards.

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The platform allows users to update their contact information whenever needed without printing fresh cards. It also lets professionals include links to portfolios, websites and social media profiles in one digital profile.

The system supports sharing through NFC, QR codes and web links, making it easier to exchange contact details during meetings, business events or conferences.

As more workplaces move towards digital tools, the idea reflects a wider shift in how professionals connect and share information.

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What has surprised many people is not only the product but also the founder's age.

Many people believe entrepreneurship begins after university, professional training or years of work experience. Athvik's story challenges that view by showing that ideas can come from anyone who notices a problem and thinks differently.

His journey has started conversations about how technology and online learning have made it easier for young people to explore innovation much earlier than before.

Bright Side Stories: From Selling Flowers To Civil Judge, Bengaluru Woman's Inspiring Journey

The story also arrives at a time when many students spend years preparing for competitive exams, higher education or overseas studies before entering the business world.

Athvik chose a different route by focusing on solving a practical problem first. Whether or not others follow the same path, his experience highlights that innovation often begins with curiosity rather than qualifications.

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The reported Rs 25 crore valuation has added to public interest, but the larger takeaway is the value of observing everyday challenges and finding practical ways to improve them.

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While many believe business success comes only with age and experience, positive and bright stories like this remind us that a good idea can come from anyone.

As Athvik's story continues to inspire others, many see it as an example of how fresh thinking and ideas can develop at any age.

And while the company's reported valuation and other business details remain based on publicly available information, the young founder's journey has become an inspiring example of how simple ideas can grow into meaningful ventures.

Disclaimer: This article is based on publicly available information. The reported valuation and business details have not been independently verified.

Quick commerce leads India's digital retail boom, set for 40% growth

Asianet News Central — Tue, 07 Jul 2026 13:31:00 +0530

Quick Commerce Growth Trajectory

India's quick commerce segment is set to remain the fastest-growing part of the country's digital retail market in 2026, expanding at more than twice the pace of overall digital commerce as companies continue to invest in dark-store networks and rapid delivery infrastructure, according to an Equirus report.

"India's digital commerce market is estimated at INR 8 lakh crore in 2026, with quick commerce at INR 1.08 lakh crore growing at 40% YoY - over 2x the pace of overall digital commerce," the report said.

Infrastructure Expansion and Consumer Trends

The report noted that the combined dark-store networks of Blinkit, Instamart and Zepto expanded to 5,026 locations in May 2026, up from 3,405 a year earlier, highlighting the sector's continued focus on expanding delivery capacity to meet rising consumer demand. Ice cream, beverages and face-care products emerged as the strongest seasonal gainers during the period.

Drivers of Digital Adoption

Going forward, Equirus expects digital channels to remain a key driver of India's retail sector, supported by resilient consumer spending, increasing adoption in Tier-II and Tier-III cities, and rising household incomes.

The report said digitalisation and financing partnerships are reshaping retail channels and supporting demand for discretionary and durable products, although growth may become more selective.

Economic Risks and Industry Response

The report, however, cautioned that consumer demand could face pressure from weather-related risks. India recorded a 46 per cent rainfall deficit between June 4 and June 22, making the month one of the driest in more than a century.

A below-normal monsoon and food inflation could weigh on rural incomes and FMCG demand, with industry estimates suggesting FMCG volume growth may remain capped at 3-4 per cent if inflationary pressures persist.

At the same time, consumer packaged goods companies are responding through price reductions and product innovation to revive volumes and encourage higher spending on essential categories, the report added. (ANI)

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)

UK financial sector needs urgent reform to regain edge: BCG report

Asianet News Central — Tue, 07 Jul 2026 13:01:19 +0530

The UK's financial services industry, long regarded as one of the country's biggest competitive strengths, has lost momentum over the past 15 years and requires urgent structural reforms to regain its global edge, according to a new report by Boston Consulting Group (BCG).

The report argues that while the sector continues to rank among the world's largest, its contribution to domestic economic growth has weakened significantly. "While the UK's financial services sector continues to appear a world leader on the surface, analysis beyond superficial metrics reveals fifteen years of underperformance," the report said. It added that "the virtuous circle - where a thriving financial sector feeds lending, investment and productivity growth across the economy - has broken down."

According to BCG, the sector would have been around 40% larger had it maintained its pre-financial crisis growth trajectory, translating into an additional £66 billion in output and nearly £100 billion in wider economic value.

Enduring Strengths Amidst Slowdown

Despite the slowdown, the report highlights several enduring strengths. The UK remains the world's second-largest exporter of financial services with a 13-15% share of global exports over the past decade. It also hosts one of the world's most vibrant fintech ecosystems, having created 40 fintech unicorns over the past two decades while attracting a significant share of global AI talent.

Domestic Economic Disconnect

However, BCG notes that these strengths have failed to translate into stronger domestic economic performance. Business lending has stagnated, productivity growth has turned negative, shareholder returns have lagged international peers, and employment in financial services has declined since 2011.

The report also points to a sharp fall in pension fund allocations to UK equities, signalling weaker domestic capital formation.

Causes of Underperformance

The consultancy attributes the sector's underperformance to a combination of overly risk-averse regulation, declining business credit availability, chronic underinvestment in technology and weak growth in fee-based income. It argues that post-financial crisis reforms, while improving resilience, have inadvertently constrained growth and innovation.

Proposed Strategic Priorities

To reverse the trend, BCG proposes four strategic priorities. These include embedding artificial intelligence across financial services, improving credit flows to businesses through new public-private lending mechanisms, positioning the UK as a global hub for digital asset infrastructure, and creating a new policy compact between government, regulators and the industry that gives growth equal importance alongside financial stability.

AI as a Growth Driver

The report stresses that artificial intelligence should be viewed not merely as a cost-saving tool but as a growth driver. "The most urgent AI opportunity for UK firms is not cost reduction, it is revenue growth," it said, urging firms to use AI to deepen customer engagement, improve lending decisions and develop new revenue streams. (ANI)

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Delhi-NCR sees record flex office space leasing in Q2 2026: Report

Asianet News Central — Tue, 07 Jul 2026 13:00:29 +0530

Delhi-NCR recorded its highest-ever quarterly flexible office space take-up in the second quarter of 2026 (April-June), with flexible space operators accounting for 45 per cent of the region's total leasing of approximately 3.6 million square feet (msf). The data in the latest CBRE report titled 'India Office Figures' for Q2 2026 showcased a strong shift toward adaptable workspace options in the commercial real estate market.

Other sectors also drove commercial demand in NCR during the April-June period. Research, consulting, and analytics firms accounted for 17 per cent of the leasing volume, while technology enterprises secured a 12 per cent share. This surge occurred alongside the introduction of roughly 2.0 msf of fresh office supply to the regional market.

National Expansion and Market Resilience

The performance of Delhi-NCR mirrors a broader national expansion. Flexible space operators emerged as the primary occupier segment across India, capturing a 27 per cent share of the office sector. Together with technology and banking, financial services, and insurance (BFSI) firms, these operators drove nearly 63 per cent of the country's second-quarter leasing and 58 per cent of leasing for the first half of the year. This demand propelled India's total office market absorption to a historic quarterly high of about 24.6 msf, representing an 18 per cent sequential increase and a 14 per cent year-over-year rise.

"India's office market continues to demonstrate its structural depth and resilience, delivering back-to-back record quarters even as the world navigates a volatile geopolitical and economic backdrop," said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & North Africa, CBRE.

Magazine added, "This strength is broad-based from GCCs deepening their presence to flexible space operators scaling rapidly across gateway and emerging cities alike. We expect this momentum, anchored by strong fundamentals and sustained occupier confidence, to continue through the rest of 2026."

Delhi-NCR's Role in National Leasing

Delhi-NCR stood among the top three contributors to national leasing during the quarter, joining Bengaluru and Pune to represent a combined 58 per cent share of India's total absorption. Global capability centers (GCCs) remained highly active, with Delhi-NCR accounting for an 8 per cent share of pan-India GCC leasing. On a national scale, GCCs comprised 42 per cent of total office absorption, marking the highest-ever quarterly share on record, while overall Indian office supply climbed to approximately 21.0 msf, up 91 per cent quarter-on-quarter.

"The demand across cities, asset classes and occupier types remains consistent. Occupiers are prioritising quality, sustainability and flexibility in equal measure - reflected in the scale-up of flex space adoption, the continued dominance of green-certified assets, and record activity in markets like Delhi-NCR and Pune," said Ram Chandnani, Managing Director, Leasing Services, India, CBRE.

Chandnani further stated, "With investment-grade supply remaining tight relative to demand, we anticipate sustained rental appreciation across core micro-markets in the coming quarters."

Occupier Strategy and Future Outlook

According to the report, occupiers in Delhi-NCR are increasingly adopting 'core + flex' models as part of their long-term portfolio strategies. This trend follows steady growth in regional flex leasing, which rose from 0.3 msf in the second quarter of 2025 to 1.6 msf this quarter.

CBRE expects flexible space operators to continue securing quality, well-connected assets across the region through the remainder of the year. (ANI)

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NSE IPO to complete market 'troika'; Jefferies notes dominance: Report

Asianet News Central — Tue, 07 Jul 2026 12:31:28 +0530

The National Stock Exchange's (NSE) proposed initial public offering (IPO) could mark the completion of the "troika" of listed Indian market infrastructure institutions, according to a report by global brokerage Jefferies, which said the country's largest exchange is well-positioned because of its dominant market share, diversified revenue streams and robust profitability.

NSE's Market Dominance and Diversification

In a report released on Tuesday, Jefferies said, "NSE Listing Will Complete The Trioka," noting that the exchange is more diversified than its domestic peer BSE and enjoys over 90 per cent market share across most business segments.

The brokerage said NSE has built a sizeable technology products business, which contributes around 13 per cent of revenues, while it is also expanding its presence in commodities. "NSE is more product diversified relative to BSE/MCX, with >90% share in most categories. NSE has also built a tech product suite (13% of revenues) similar to global peers, and is expanding in commodities," the report said.

It added that regulatory provisions impacted operating performance in FY25 and FY26, but the exchange continues to generate strong cash flows with limited capital expenditure requirements.

'Options-Driven Market' and Profitability

Highlighting the structural shift in India's capital markets, the report said, "India has become an options-driven market." It noted that the Indian equity options market recorded a 56 per cent CAGR during FY20-FY26 compared with 19 per cent CAGR in cash market turnover, with derivatives contributing nearly 70 per cent of operating revenues for Indian exchanges.

According to Jefferies, NSE's dominance extends across equity cash, equity futures, single-stock options, bonds, currency derivatives and several other segments. The report said the exchange has over 90 per cent market share in most categories and also operates a growing technology and data business.

On profitability, the brokerage said regulatory settlements related to SEBI's co-location and dark fibre matters weighed on reported earnings over the past two financial years. However, it added that the underlying business remains resilient.

The report stated, "Excluding regulatory expenses, NSE is one of the most profitable exchanges globally," with normalised operating EBITDA margins remaining largely stable in the 76-77 per cent range during FY24-FY26.

Strong Balance Sheet and Outlook

Jefferies also pointed to NSE's strong balance sheet, saying the exchange generated healthy operating cash flows while maintaining low capital expenditure of around 3-3.5 per cent of revenues. This enabled it to distribute 74 per cent and 85 per cent of earnings as dividends in FY25 and FY26, respectively.

The brokerage noted that while regulatory actions and litigation remain key overhangs, the one-off nature of recent settlement costs suggests the core operating performance of the exchange remains intact. It also said the proposed offer for sale by PSU general insurers could improve their solvency position through stake monetisation in the exchange. (ANI)

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Adani Power's earnings potential compelling, says IIFL Capital report

Asianet News Central — Tue, 07 Jul 2026 12:01:02 +0530

Adani Power's long-term earnings potential, industry-leading execution capabilities and rapidly expanding cash flow profile position it as one of India's most compelling conventional power generation stories, according to a report by IIFL Capital.

The brokerage believes the market is underappreciating the company's ability to create value through disciplined capital allocation, counter-cyclical investments and a large expansion pipeline that is expected to more than double its operating capacity over the coming years. Adani Power is India's largest private thermal power producer with an operational capacity of 18.2 GW and a 23.7 GW under-construction pipeline. According to IIFL, this growth pipeline, supported by complementary renewable and energy management businesses within the group, could significantly strengthen the company's earnings trajectory over the next decade.

Strategic Acquisitions Drive Returns

A key pillar of the investment case is the company's strategy of acquiring stressed thermal assets at deeply discounted valuations. IIFL noted that Adani assembled a 7.3 GW portfolio at an average acquisition cost of around ₹42 million per MW, significantly below the roughly ₹100 million per MW required for greenfield projects. The report states, "Counter-cyclical calls drive segment-leading returns," highlighting that these acquisitions now generate industry-leading returns.

Proactive Procurement Lowers Costs

The brokerage also highlighted Adani Power's early procurement strategy for boiler-turbine-generator (BTG) equipment. By placing orders ahead of the industry capex cycle, the company locked in project costs roughly 20 per cent below peers, lowering capital costs while improving expected project returns and execution certainty.

Strong Financial Outlook and Revenue Visibility

On the financial front, IIFL expects Adani Power to deliver around 20 per cent EBITDA CAGR between FY26 and FY29, with EBITDA margins expanding from 36 per cent to over 42 per cent as new projects become operational. The report says, "We forecast a c.20% Ebitda Cagr over FY26-29E," making it one of the fastest-growing conventional power generators in India.

Revenue visibility remains strong, with nearly 96 per cent of the existing capacity tied to long-term power purchase agreements (PPAs), while more than half of the upcoming capacity has already secured PPAs. According to the brokerage, this provides predictable cash flows while preserving some upside from merchant power markets.

IIFL expects free cash flow to increase sharply from around Rs 170 billion to nearly Rs 570 billion after the expansion pipeline is commissioned, creating financial flexibility for future investments in nuclear power, hydro projects and commercial and industrial power supply.

The Enduring Need for Thermal Power

The report also argues that thermal power will remain indispensable to India's electricity system through at least FY35 despite rapid renewable additions. It notes that renewable intermittency, rising evening peak demand and the relatively high cost of battery storage will continue to support coal-based generation. As the report puts it, "Coal stays structurally sticky for baseload," reflecting its view that affordable large-scale energy storage remains some distance away.

Valuation Justified by Growth Prospects

While acknowledging that Adani Power trades at a premium to sector valuation multiples, IIFL argues the premium is supported by the company's superior growth prospects, execution track record, profitability and long runway for capacity expansion. (ANI)

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90% of European banks need urgent payment modernisation, says BCG report

Asianet News Central — Tue, 07 Jul 2026 12:00:29 +0530

Nearly 90 per cent of European banks say they face an urgent need to modernise their payments infrastructure, but most are making slow progress due to fragmented legacy systems, regulatory complexity, funding constraints and talent shortages, according to a report by Boston Consulting Group (BCG).

The report said the payments business is becoming increasingly critical as competition from fintech firms, big technology companies and payment service providers intensifies, while new regulations and rising customer expectations require banks to upgrade their technology platforms.

"Many banks tell us their modernization programs are making slow progress, amid fragmented legacy systems, regulatory complexity, skills gaps in the workforce, and pressure on funding." the report noted.

Without faster modernisation, banks risk losing market share and profitability, it added.

Sobering Picture and Market Outlook

"The results of our study paint a sobering picture," BCG said, noting that while banks recognise the urgency of modernisation, many continue to allocate less than 10 per cent of their annual change budgets to payments, with nearly half of that spending directed towards regulatory and market infrastructure requirements.

Looking ahead, the report estimates that the global payments market could expand from USD 1.9 trillion in 2024 to USD 2.4 trillion by 2029, driven by growing demand for real-time payments, embedded finance and digital payment solutions. At the same time, regulatory changes, including Europe's PSD3 and Financial Data Access (FiDA) framework, are expected to accelerate the need for technology upgrades.

Execution Remains a Challenge

However, execution remains a challenge. Around 20 per cent of banks surveyed said they had stopped or abandoned at least one payments modernisation project because of issues such as vendor performance, budget constraints, regulatory changes and mismatches between technology solutions and business requirements.

Strategic Priorities and Fintech Collaboration

The study found that banks are increasingly prioritising artificial intelligence, cross-border payments and real-time payments as part of their long-term payments strategy, while fintech firms are emerging as key partners in the transformation process. Larger banks are generally ahead of their mid-sized and regional peers in adopting these technologies.

BCG's Recommendations for Banks

BCG said banks should treat regulation as a catalyst rather than a constraint and commit to long-term investments, modern cloud-enabled architecture and stronger collaboration across business and technology teams to remain competitive.

"Banking leaders must now either seize the moment and commit fully, or risk watching market share continue to flow toward more agile peers," the report said.

(ANI)

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Samsung's new foldable phones to be pricier due to AI memory crunch

Asianet News Central — Tue, 07 Jul 2026 11:31:13 +0530

Samsung's Upcoming Foldables Face Price Hikes

The ongoing AI memory crunch is pushing tech giant Samsung Electronics to raise the prices of its upcoming foldable smartphone lineup once again, highlighting how the AI chip boom is altering consumer electronics pricing. The upcoming price adjustments mark a distinct departure from Samsung's historical pricing strategies.

According to a news report by The Korea Herald, leaked pricing from South Korean telecom distribution channels indicates that the entry-level Galaxy Z Flip8 will see an approximate 13 per cent price increase over its predecessor, driven by a global shortage of essential memory components. The Galaxy Z Flip8 offers the clearest year-on-year comparison as it has a direct predecessor in the market. Citing a local outlet Bloter, the news report stated that the domestic price for the 256-gigabyte version of the Flip8 is expected to reach about 1.68 million won (USD 1,100). This represents a jump of roughly 198,000 won, or 13.3 per cent, from the Flip7.

As per the news report, the larger Galaxy Z Fold line presents a more complex comparison due to a structural split in the upcoming generation. Samsung is dividing the line into a premium Fold8 Ultra, projected to cost around 2.58 million won (USD 1,842), and a new wider-format Fold8, expected near 2.28 million won (USD 1,628). Neither model has a direct, like-for-like predecessor from the previous year. This upward price trajectory is visible outside of South Korea as well. German publication WinFuture, citing retail sources, reports that the 1-terabyte version of the Fold8 Ultra will experience a price hike of EUR 280 (USD 320), bringing its retail price to EUR 2,799 (USD 3201.13). The steepest increases are heavily concentrated on these high-capacity models where memory costs weigh most on production.

AI Boom Fuels Component Shortage

The broader industry shift stems directly from a dramatic reallocation of memory manufacturing resources. With massive AI data centers absorbing global memory production, the standard DRAM and NAND flash chips that smartphones rely on have grown increasingly scarce and expensive.

Dual Impact on Samsung's Divisions

According to the news report, this component squeeze impacts Samsung in two opposing directions. While the memory chip shortage is expected to deliver a blockbuster quarter for Samsung's semiconductor division, the identical supply crunch is severely eroding margins within its mobile phone division. Some analysts believe the smartphone unit may have posted its first quarterly loss as component costs outran what the division could internalize.

Wider Industry Ramifications

Samsung is reportedly scheduled to unveil the new devices in London on July 22, with a subsequent commercial release in South Korea on August 7, though the company has not formally confirmed these figures.

The inflationary pressure is affecting the wider mobile industry as well. Apple has previously raised its MacBook and iPad prices by up to USD 300, and several Chinese manufacturers have implemented similar increases. Citing market research firm IDC, the news report noted that global smartphone shipments will contract by 12.9 per cent this year, with the decline heavily concentrated at the low end as rising component costs effectively price out the cheapest devices on the market.

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flyadeal enters India, connects Hyderabad and Riyadh with daily flights

Asianet News Central — Tue, 07 Jul 2026 11:00:21 +0530

Saudi Arabia's low-cost carrier flyadeal has entered the Indian market with the launch of daily direct flights between Hyderabad and Riyadh, strengthening air connectivity between India and the Kingdom while targeting growing demand from business travellers, expatriates and leisure passengers.

The inaugural flight landed at the GMR Hyderabad International Airport on Monday, marking the airline's India debut. The carrier, part of the Saudia Group, will operate seven weekly services on the Hyderabad-Riyadh route using Airbus A320 aircraft.

Hyderabad Airport Welcomes New Service

The new service comes as airlines continue to expand connectivity between India and the Middle East amid rising passenger traffic and growing business ties between the two regions. "We are delighted to welcome flyadeal to Hyderabad, marking their debut entry into the Indian market. This new connection to Riyadh... significantly enhances our Middle East network, reflecting Hyderabad Airport's growing importance as a global aviation hub," said Kadhir Kadhiravan, Chief Executive Officer of GMR Hyderabad International Airport Ltd (GHIAL).

He said the service would strengthen connectivity for the Indian diaspora and business community while creating fresh opportunities for tourism and trade between India and Saudi Arabia.

With the addition of flyadeal, Hyderabad Airport is now connected to 76 domestic and 24 international destinations, further expanding its international network. Passengers travelling from Hyderabad will also gain onward connectivity to multiple destinations across Saudi Arabia through flyadeal's domestic network.

flyadeal on Indian Market Entry

Calling India one of the world's fastest-growing aviation markets, flyadeal said the launch reflects the increasing demand for travel between the two countries. "Launching our inaugural service to Hyderabad marks a significant milestone for flyadeal as we commence operations in India... This new route reflects the growing demand for travel between the two countries and underscores our commitment to expanding our international network while offering passengers greater choice, convenience, and value," said Loyd Misquitta, Chief Commercial Officer (Acting) at flyadeal.

Flight Schedule

The airline will offer daily departures, with flights leaving Riyadh at 11:20 pm and arriving in Hyderabad at 6:50 am the following day. The return service will depart Hyderabad at 7:55 am and reach Riyadh at 11:05 am.

The launch also aligns with Hyderabad Airport's strategy of expanding international connectivity and diversifying airline partnerships as it seeks to strengthen its position as a key gateway for international travel. (ANI)

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Indian markets continue winning streak; Sensex, Nifty trade higher

Asianet News Central — Tue, 07 Jul 2026 10:00:33 +0530

Domestic stock markets continued their green streak on Tuesday as benchmark indices edged higher in early trade. The BSE Sensex started at 78,380.69 points, up by 95.62 points or 0.12 per cent, while the NSE Nifty 50 began at 24,455.65 points, gaining 25.30 points or 0.10 per cent.

The upward movement follows a broad-based rally in international indices, particularly across the US markets. The Nasdaq climbed 288.49 points or 1.12 per cent to 26,121.16, alongside an S&P 500 gain of 0.72 per cent to 7,537.43 and a 0.12 per cent rise in Dow Jones Futures.

Expert's Take on Market Momentum

Ajay Bagga, banking and market expert, said, "The global market setup is highly encouraging this morning. Wall Street saw a strong tech-led resurgence overnight, while domestic structural tailwinds--including improving monsoon progress and softer crude oil prices--are giving Indian equities solid upward momentum. Dalal Street extended its winning streak to a fourth consecutive session on Monday, and GIFT Nifty indicates the bulls remain firmly in the driver's seat."

Asian Markets and Commodities

Meanwhile, performance across Asian markets remained mixed as the Nikkei 225 dropped 1.37 per cent and the KOSPI slid 7.48 per cent. On the other hand, Straits Times and Jakarta Composite saw modest 0.58 per cent gains. GIFT Nifty hovered at 24,481.50, reflecting a minor easing of 0.04 per cent in early charts.

At the time of filing, in the commodities segment, Brent Crude stood at USD 72.46 per barrel, up 0.65 per cent, while Crude Oil traded at USD 68.96 per barrel. In contrast, Gold traded lower at USD 4,132.42, dropping by USD 32.40, which represents a 0.78 per cent decrease.

Technical Outlook and Key Levels

Shrikant Chouhan Head Equity Research Kotak Securities, highlighted specific key levels for the indices moving forward. In terms of potential upside targets, Chouhan mentioned that the Nifty could advance towards 24,500-24,600, while the Sensex may move towards 78,500-78,800.

However, he cautioned about potential support levels and risks of short-term declines if the current momentum weakens. "If the market slips below 24,350/78,000, a quick intraday correction cannot be ruled out. A sustained move below this level could drag the indices towards 24,200-24,250 on the Nifty and 77,300-77,500 on the Sensex," Chouhan said. (ANI)

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52% of India faces rainfall deficit, Kharif sowing lags by 92 lakh ha

Asianet News Central — Tue, 07 Jul 2026 09:30:33 +0530

Around 52 per cent of the country remains rainfall-deficient despite a recent sequential improvement in monsoon coverage. According to a report by Dolat Capital, the agricultural backdrop across India continues to face a sizable seasonal rainfall deficit, acute moisture stress in Central India, and limited reservoir replenishment. Total kharif sowing stands at 350.9 lakh hectares, which reflects a meaningful lag of 92.0 lakh hectares compared to the early monsoon onset of the previous year.

Kharif Sowing Faces Meaningful Lag

"The current acreage position still points to a meaningful lag, with total kharif sowing 92.0 lakh ha below last year, although last year's early monsoon onset creates an adverse base for YoY comparison. Against the five-year normal, however, the seasonal shortfall is considerably narrower at 22.5 lakh ha; pulses and coarse cereals are already above normal, while the deficit remains concentrated in oilseeds, cotton and rice," the report stated.

Widespread Rainfall Deficit

On the weather front, all-India cumulative seasonal rainfall is 38 per cent below normal due to dry conditions throughout June. Central India carries the sharpest seasonal deficit at 45 per cent, followed closely by East and Northeast India at 40 per cent below normal levels.

The report stated that "The divergence between improving weekly rainfall and still-large seasonal deficits suggests that while the monsoon is gaining traction, cumulative soil-moisture conditions remain weak across several key cropping belts."

Impact on Crops and Water Storage

Deficit Concentrated in Key Crops

The report showcased rice acreage at 60.2 lakh hectares, staying 6.3 lakh hectares below the five-year normal because subdued rainfall across eastern paddy belts limits transplanting activity. Similarly, oilseeds acreage is 17.2 lakh hectares below normal at 66.3 lakh hectares, while cotton sowing stays 12.9 lakh hectares below normal at 63.2 lakh hectares. Conversely, coarse cereals and pulses show expansion, standing at 60.1 lakh hectares and 37.2 lakh hectares respectively.

Reservoir Levels and Water Stress

Water availability mirrors the rainfall crunch, as all-India live storage capacities drop marginally to 26.0 per cent. Eastern India experiences the worst water stress, with reservoirs functioning at just 19.4 per cent capacity, which represents a 23.4 per cent deficit compared to normal volumes.

Future Outlook

Looking forward, the report noted that "The southward shift of the monsoon trough towards its normal position, alongside an emerging Bay of Bengal low-pressure system, is expected to drive heavier rainfall across Central India and Maharashtra. If sustained, this should accelerate inflows into key reservoirs and support a more visible recovery in storage levels through mid-July."

(ANI)

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Consumer durables to see 21% YoY sales growth in Q1 FY27: Report

Asianet News Central — Tue, 07 Jul 2026 08:30:29 +0530

The first quarter of financial year 2026-2027 is likely to be a seasonally healthy quarter for the consumer durable sector, according to a report by Centrum. Driven by an intense summer season and a higher prevalence of cooling products, the report expects a healthy Q1 led by favourable base and seasonality. "Q1FY27 is likely to be a seasonally healthy quarter for Consumer Durable sector with our coverage universe posting 21% YoY value growth in sales," the report stated.

Product Category Outlook

The product category outlook indicates distinct growth trajectories across different appliances. Room air conditioners are likely to see 30 per cent value growth, with 18-20 per cent of this expansion driven by volumes stemming from the heatwave, while price hikes contribute another 8-10 per cent. Washing machines and televisions are expected to grow in early double digits, supported by a 5-7 per cent price hike. Conversely, the refrigerator segment underperformed and faced visible growth constraints.

Summer Demand and Favourable Base Boost Growth

This surge is further supported by a low base from the previous year when widespread rains during the summer months restricted sector growth to just 1 per cent in the first quarter of financial year 2025-2026. "For Q1FY27, we expect our coverage universe to post 21% YoY sales growth at Rs461bn (on a favourable base of 1% growth)," the report mentioned.

The demand driven by summer heat picked up significantly from mid-April and remained robust through May before it started tapering off in June. Value growth is projected to remain exceptionally high in the cables and wires, alongside the air conditioners segment, with both categories seeing growth upwards of 30 per cent.

Financials and Operational Headwinds

On the financial performance front, the sector shows signs of overall recovery despite persistent operational challenges. The report stated, "EBITDA margin is likely to rise 10bps YoY to 9.4% (100bps YoY margin decline in base qtr). PAT growth is likely at 22% YoY to Rs29bn (11% de-growth in base qtr)." However, the sector continues to face pricing pressures on its margin front. High commodity costs for essential raw materials like copper, aluminum, PVC, and resins weigh on manufacturers. This is further compounded by the depreciation of the rupee, import delays, higher ocean freight, and rising petrol and diesel prices across the country.

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Gold, Silver Prices Today (July 7): Check Latest Gold and Silver Rates in Delhi, Mumbai, Bengaluru & More

Deevika NM — Tue, 07 Jul 2026 08:20:49 +0530

Gold and silver prices in India continued to reflect global bullion market trends on July 7, with investors closely tracking international gold prices, the US dollar, central bank policy expectations and domestic demand. While precious metals remain a preferred hedge against inflation and economic uncertainty, retail prices continue to vary across cities due to local taxes, transportation costs and jewellers' pricing policies.

According to the latest market update, 24-carat and 22-carat gold prices remained largely stable across major cities, while silver prices also witnessed limited movement. Analysts say bullion prices are being influenced by global economic cues, fluctuations in the rupee against the US dollar and expectations surrounding interest rate decisions by major central banks.

City-wise Gold & Silver Rates (July 7)

City 22K Gold (Rs /10g) 24K Gold (Rs /10g) Silver (Rs /kg)

Delhi Rs 1,34,820 Rs 1,47,080 Rs 2,39,900

Mumbai Rs 1,34,670 Rs 1,46,930 Rs 2,39,900

Chennai Rs 1,37,190 Rs 1,49,660 Rs 2,49,900

Kolkata Rs 1,34,670 Rs 1,46,930 Rs 2,39,900

Bengaluru Rs 1,34,670 Rs 1,46,930 Rs 2,39,900

Hyderabad Rs 1,34,670 Rs 1,46,930 Rs 2,39,900

For jewellery buyers, 22-carat gold remains the preferred choice because of its durability, while 24-carat gold is commonly purchased for investment purposes. Silver continues to attract both investors and industrial buyers due to its growing use in electronics, solar energy and manufacturing.

Also Read: Gold, Silver Prices Today, July 6: Precious Metal Rates Rise; Check Latest Prices in Delhi, Mumbai, Kolkata & More

Industry experts advise consumers to compare prices across jewellers before making purchases, as making charges, GST and other levies can significantly increase the final bill. Buyers should also verify BIS hallmark certification to ensure the purity and authenticity of gold jewellery.

Gold and silver prices are updated regularly based on movements in international bullion markets. Factors such as geopolitical developments, inflation expectations, global economic data and currency fluctuations continue to determine the direction of precious metal prices in India. As a result, retail rates may differ from one city to another and can change throughout the trading session.

With the festive and wedding season expected to boost demand in the coming months, market participants will continue monitoring international developments for further cues on bullion prices. Investors are also keeping a close watch on global monetary policy signals, which could influence the movement of both gold and silver in the near term. Consumers planning to purchase jewellery or invest in bullion are advised to check the latest rates before making a buying decision.

Also Read: Gold, Silver Rates Today, July 4: Check Latest Gold and Silver Prices Across Major Indian Cities

Piyush Goyal meets UAE envoy, discusses strengthening strategic ties

Asianet News Central — Mon, 06 Jul 2026 22:01:17 +0530

Union Minister of Commerce and Industry Piyush Goyal on Monday met Abdulnasser Alshaali, Ambassador of the UAE to India, with discussions centred on deepening the India-UAE Comprehensive Strategic Partnership. According to a social media post by the Minister's office, Goyal appreciated the Ambassador's efforts in strengthening bilateral ties and also extended best wishes for his future endeavours. "Minister @PiyushGoyal held a meeting with Dr. Abdulnasser Alshaali, Ambassador of the UAE to India. Minister appreciated his efforts towards strengthening the India-UAE Comprehensive Strategic Partnership and also extended best wishes for his future endeavours," the Minister's office said in a post on X.

Economic Partnership and Trade Growth

The meeting comes at a time when trade and investment relations between India and the UAE have seen significant momentum following the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into effect in May 2022. The agreement has been a key driver for boosting two-way trade, easing market access, and encouraging investment flows across sectors including energy, infrastructure, logistics, fintech and food processing.

The UAE is one of India's top trading partners and a major source of foreign direct investment. Bilateral trade has grown steadily post-CEPA, with both countries targeting USD 100 billion in non-oil trade by 2030. The partnership also covers collaboration in renewable energy, food security, digital payments, and supply chain resilience.

Key Initiatives and Ambassador's Role

Alshaali has been instrumental in taking forward several India-UAE initiatives during his tenure as Ambassador. These include expanding cooperation under the India-UAE Virtual Trade Corridor, collaboration in education and skill development, and strengthening people-to-people linkages given the large Indian diaspora in the UAE.

Expanding Scope of Strategic Partnership

The Comprehensive Strategic Partnership between the two countries, elevated in 2017, now spans trade, defence, energy, health, space and climate. Both sides have also been working closely in multilateral forums and on regional connectivity projects.

Future Outlook and Strategic Importance

The meeting with the UAE envoy is part of a broader push by the Commerce Ministry to engage with key partner nations to unlock new export opportunities and attract investment into India. With global supply chains realigning, officials have been focusing on leveraging FTAs and strategic partnerships to enhance India's presence in West Asia and beyond.

The India-UAE relationship is expected to remain a priority area for the government, given the UAE's role as a trade hub and its investments in Indian infrastructure, ports and food parks. (ANI)

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India-EFTA TEPA: Chintan Shivir eyes seafood export opportunities

Asianet News Central — Mon, 06 Jul 2026 22:00:56 +0530

The Department of Commerce organised a Chintan Shivir on 'Opportunities for the Seafood Sector under the India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA)' last week and stakeholders discussed investment opportunities, export facilitation and market access for seafood exports under TEPA.

Understanding the India-EFTA TEPA

TEPA is India's first trade agreement with the four EFTA countries -- Iceland, Liechtenstein, Norway and Switzerland. Collectively, the EFTA economies have a combined GDP of about USD 1.79 trillion and are major players in merchandise and services trade. It is also India's first operational trade arrangement with a European economic bloc, complementing ongoing engagements with the EU and the UK.

The agreement aims to facilitate USD 100 billion in investments into India and support the creation of one million direct jobs. It also opens avenues for technology transfer, joint ventures and collaboration with niche firms from EFTA countries. For coastal states like Tamil Nadu, it is expected to significantly expand export opportunities for fishermen and seafood stakeholders.

Significant Tariff Benefits

The agreement offers substantial tariff benefits for Indian exporters. Iceland has eliminated its 55 per cent import duty on feed, including fish feed. Switzerland has cut duty on fats and oils of fish, other than liver oil, from 18.05 per cent to zero. Norway has removed its 13.16 per cent duty on feed, including fish and mp feed, bringing it to zero. These concessions are expected to improve market access and competitiveness for Indian seafood products in EFTA markets.

Highlights from the Chintan Shivir

The session was attended by Joint Secretary, Department of Commerce, Mohit Yadav, along with representatives from Invest India, DGFT Regional Office Chennai, Export Inspection Council (EIC) and FIEO. Leading seafood exporters and businesses targeting EFTA markets also participated, a release said.

Yadav gave an overview of TEPA and highlighted trade and investment opportunities for Indian businesses. Invest India made a presentation on emerging investment opportunities across the seafood value chain. DGFT outlined export promotion and facilitation schemes to improve ease of doing business. EIC and FIEO shared inputs on regulatory requirements, quality standards and strategies to leverage TEPA benefits.

A key highlight was an interactive open-house where exporters engaged directly with officials on market access, compliance with international regulations, and ways to strengthen exports to EFTA.

The Chintan Shivir concluded with a commitment from government and industry to work together to maximise benefits from TEPA, leverage tariff concessions, and expand India's seafood exports in EFTA markets. (ANI)

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RBI to auction government securities worth Rs 32,000 crore on Friday

Asianet News Central — Mon, 06 Jul 2026 21:30:32 +0530

The Reserve Bank of India will auction Government of India dated securities worth Rs 32,000 crore on Friday.

Auction Details

The auction involves the re-issue of two bonds. These are Rs 21,000 crore of the 6.36 per cent GS 2031 maturing on February 16, 2031, and Rs 11,000 crore of the 7.71 per cent GS 2066 maturing on May 18, 2066. The government will also have the option to retain an additional subscription of up to Rs 2,000 crore against each security.

Bidding Process and Schedule

The sale will be conducted by the RBI Mumbai Office using the multiple price method. Bids have to be submitted electronically on the RBI Core Banking Solution, or e-Kuber system.

Non-competitive bids will be accepted between 10:30 a.m. and 11:00 a.m., while competitive bids can be submitted between 10:30 a.m. and 11:30 a.m.

The results will be announced on the same day, and payment by successful bidders will be made on Monday, July 13, 2026.

Primary Dealers can submit bids for the Additional Competitive Underwriting portion between 9:00 a.m. and 9:30 a.m. on July 10.

The minimum bid size is Rs 10,000 and in multiples of Rs 10,000 thereafter. Up to 5 per cent of the notified amount for each security will be reserved for non-competitive bidding for eligible individuals and institutions.

Retail investors can also place bids through the RBI Retail Direct portal.

Key Terms and Conditions

Allotment under the non-competitive segment will be at the weighted average yield or price of successful competitive bids.

The securities will be eligible for "When Issued" trading from July 7 to July 10. They will also be eligible for repurchase transactions or repo as per RBI guidelines.

Interest on the government securities will generally be paid half-yearly, with details mentioned in the specific notification.

The auction is being conducted under the a general notification dated March 26, 2025. Investments by non-residents will be subject to the Fully Accessible Route guidelines.

The RBI has said it reserves full discretion to accept or reject any or all bids wholly or partially without assigning any reason.

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Fitch upgrades JSW Steel's rating to 'BB+' with a Positive Outlook

Asianet News Central — Mon, 06 Jul 2026 21:01:17 +0530

Fitch Ratings has upgraded JSW Steel Limited's Long-Term Issuer Default Rating and senior unsecured bonds to 'BB+' from 'BB', and removed the ratings from Rating Watch Positive, the company said in an exchange filing on Monday. The outlook is now Positive on the company, JSW said in a press release citing the rating agency's report.

The upgrade follows JSW Steel receiving Rs 294 billion in March 2026 and Rs 79 billion in June 2026 from the sale of steel assets to JSW JFE Kalinga Steel Limited (JJKSL), its newly formed 50:50 JV with Japan's JFE Steel Corporation.

Rating Rationale and Future Outlook

Fitch said the upgrade reflects its expectation that EBITDA net leverage, including proportionate consolidation of JJKSL, will remain below 2.7x and could improve further to around 2.0x from FY27. A sustained fall below 2.0x could trigger an upgrade to 'BBB-'. Leverage was 4.0x in FY25 and is estimated at 2.5x in FY26.

Fitch expects deleveraging to be aided by rising EBITDA, cost efficiencies and debt reduction using JJKSL proceeds, even as capex stays high and free cash flow remains negative. JSW has also set lower public net debt/EBITDA and net debt/equity targets.

Standalone EBITDA/tonne is forecast at INR10,750 in FY27 and INR11,250 in FY28, up from around INR9,700 in FY26. Support comes from India's 11 per cent-12 per cent safeguard duties on certain steel imports until April 2028, strong domestic demand, and easing iron ore prices.

Sales volume is projected to grow about 8 per cent annually over FY28-FY30, driven by the 5 mtpa brownfield expansion at Dolvi, debottlenecking, and the merger of BMM Ispat. Fitch expects India's steel consumption to expand 8 per cent on infrastructure, construction and manufacturing demand.

Expansion and Investment Strategy

JSW has raised its capex plan to INR230-275 billion annually over FY27-FY29 as it targets 50.3 mtpa capacity by FY30, up from 44.4 mtpa earlier.

Joint Venture and Self-Sufficiency Goals

Equity investment in JJKSL and a new JV with POSCO is pegged at INR21 billion a year over FY28-FY31, with limited impact on metrics. The two JVs are expected to add 11.5 mtpa by FY32.

Iron ore self-sufficiency is seen rising to 50 per cent by FY31 from 33 per cent in FY26. Vijayanagar remains in the first quartile of WoodMac's global cost curve.

Financial Health and Rating Triggers

Fitch noted liquidity remains strong with INR413 billion cash at FYE26, plus undrawn lines. The Positive Outlook reflects potential for further leverage improvement. A sustained rise above 2.7x could lead to negative action.

JSW Steel had 31.9 mtpa primary capacity in India as of 1HFY26, rising to 35.7 mtpa on a consolidated basis, including its share of JJKSL.

Market Response

Monday, the stock ended nearly 1 per cent higher at Rs 1,242.10 on the National Stock Exchange. (ANI)

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Ferrari unveils 12Cilindri Manuale with new manual V12 experience

Asianet News Central — Mon, 06 Jul 2026 19:01:17 +0530

Ferrari has introduced Ferrari 12Cilindri Manuale, a limited-edition version, as per a statement by the company. The naturally aspirated V12 engine is paired with a new manual control architecture featuring a gear lever and clutch-by-wire pedal to deliver a modern manual driving experience, while also offering the option of fully automatic driving. Limited to 1,499 units, the Ferrari 12Cilindri Manuale can also be driven in fully automatic mode.

A Tribute to Heritage

"The Ferrari 12Cilindri Manuale is offered as a limited series of just 1,499 cars, a number that recalls the displacement of the first Ferrari twelve-cylinder engine produced in 1947, becoming an integral part of the new model's identity," the release added. The car is offered through Ferrari's Tailor Made personalisation programme, featuring exclusive specifications that combine bespoke craftsmanship, distinctive design and meticulous attention to detail.

Powertrain and Performance

Powering the Ferrari 12Cilindri Manuale is a naturally aspirated 6.5-litre V12 engine producing 830 hp and revving up to 9,500 rpm. The car has a top speed of over 340 km/h and can accelerate from 0 to 100 km/h in around 3.0 seconds.

"Within this balance, the naturally aspirated V12 is the ideal engine for enhancing the progression and handling of gear changes, thanks to its rev range extending up to 9,500 rpm and the character of its power at high revs," the release added.

Innovative Manual By-Wire System

The release further said that the new Manuale by-wire system combines Ferrari's eight-speed dual-clutch transmission with a newly developed manual control setup featuring a gear lever, clutch-by-wire pedal, control panel and updated transmission software.

Redesigned Cabin Interior

Inside the cabin of the Ferrari 12Cilindri Manuale, the centre tunnel console, gear lever, gear shift gate and pedals reinterpret Ferrari's classic manual transmission design in a modern form. The gear shift gate follows a six-speed layout with reverse positioned at the top left, while the aluminium gear knob features a backlit display indicating all six gears and the active driving mode (automatic or manual), as per the release. (ANI)

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Govt eases rules for weighing instrument verification, cuts compliance

Asianet News Central — Mon, 06 Jul 2026 19:01:07 +0530

In a move aimed at reducing compliance costs and improving ease of doing business, the Department of Consumer Affairs has amended the Legal Metrology (General) Rules, 2011 to significantly cut the quantity of standard weights required for verifying high-capacity weighing instruments.

According to a Ministry of Consumer Affairs, Food & Public Distribution press release, the amendment introduces "a scientific, repeatability-based verification approach" for weighing instruments with a maximum capacity of one tonne and above.

Details of the Amended Rule

The ministry said the earlier rules required "standard weights of at least one tonne or 50 per cent of the maximum capacity of the instrument, whichever was greater," before verification could be completed using constant loads. Under the revised provisions, this requirement has been reduced substantially. "Based on the successful conduct of the repeatability test, the mandatory quantity of standard weights required before substitution with constant loads has been reduced from 50 per cent of the maximum capacity to only one-fifth (20 per cent) of the maximum capacity, while maintaining the prescribed standards of verification accuracy and reliability," the release said.

Benefits for Industries and Operators

The ministry said the earlier requirement often created "significant logistical challenges, transportation costs and operational difficulties for industries and weighbridge operators."

It added that the amendment is expected to deliver multiple benefits, including a "significant reduction in compliance burden for industries, warehouses, logistics operators and weighbridge owners," while also lowering transportation and handling costs associated with moving large quantities of standard weights. The revised rules are also expected to enable "faster verification of high-capacity weighing instruments, reducing operational downtime" and improve the efficiency of Legal Metrology verification activities "without compromising accuracy or consumer protection."

Scientific Basis for the Reform

Explaining the basis of the reform, the ministry said it is "based on internationally accepted metrological principles, wherein the repeatability test establishes the consistency and stability of the weighing instrument, thereby enabling reliable verification with a reduced quantity of standard weights."

Modernising Legal Metrology Framework

According to the ministry, the amendment reflects the Department's "continued commitment to modernising the Legal Metrology framework through evidence-based regulatory reforms that balance facilitation of trade with robust consumer protection." It added that the Department has been carrying out reforms to simplify compliance, reduce regulatory burden, strengthen the verification ecosystem and promote technology adoption in Legal Metrology, with the latest amendment aimed at creating "a more efficient, transparent and industry-friendly regulatory environment while ensuring accuracy, fairness and confidence in commercial transactions." (ANI)

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Indian markets surge: Sensex up 521 pts, Nifty crosses 24,430 mark

Asianet News Central — Mon, 06 Jul 2026 16:30:58 +0530

Indian equity markets ended higher on Monday, with the benchmark indices gaining more than 0.6 per cent, supported by stable crude oil prices and buying in financial, auto and realty stocks. The NSE Nifty 50 closed at 24,430.35, up 159.50 points or 0.66 per cent, while the BSE Sensex settled at 78,285.07, gaining 521.16 points or 0.67 per cent.

Expert Analysis

Market experts said stable crude oil prices supported investor sentiment and strengthened the broader macroeconomic outlook. Vinod Nair, Head of Research at Geojit Investments Limited, said Indian equities traded with a positive bias despite mixed global cues, supported by stable crude prices. He said, "Indian equities traded with a positive bias despite mixed global cues, supported by stable crude prices. Continued softness in crude would support inflation, the current account balance, OMC profitability, and overall macro stability. Globally, profit-booking in crowded AI-led trades impacted the global market while India could perform well led by large caps due to improvement in FIIs inflows trend. On the domestic front, financials, autos, realty, and oil & gas led the gains". He further added, "Financials were supported by expectations of healthy private bank earnings, while autos benefited from strong volume trends and improving demand outlook. Realty remained buoyed by resilient housing demand."

Sectoral Performance

Among the sectoral indices on the NSE, Nifty Realty emerged as the top performer, rising 1.75 per cent, followed by Nifty Auto, which gained 1.38 per cent. Nifty Metal advanced 0.88 per cent, Nifty Pharma rose 0.54 per cent, and Nifty FMCG added 0.27 per cent. On the other hand, Nifty PSU Bank declined 0.83 per cent, Nifty Media slipped 0.87 per cent, while Nifty IT fell 0.52 per cent.

Top Gainers and Losers

Among the Nifty 50 stocks, the top gainers included HDFC Bank, Hindalco, ONGC, Bajaj Auto and Mahindra & Mahindra. The top losers included Kotak Bank, Max Healthcare, TCS, Coal India, Bajaj Finserv and Wipro.

Commodity and Currency Markets

In the commodities market, Brent crude oil prices continued to soften, trading 0.61 per cent lower at USD 71.66 per barrel at the time of filing this report. Gold prices also declined 0.48 per cent to Rs 1,46,672 per 10 grams for 24-karat gold, while silver prices fell 0.26 per cent to Rs 2,36,800 per kg.

Asian Markets Overview

Asian markets witnessed a mixed trend. Japan's Nikkei 225 slipped 0.15 per cent to 69,637, Taiwan's weighted index declined 0.48 per cent to 46,556, and South Korea's KOSPI fell 0.46 per cent to 8,051. Meanwhile, Singapore's Straits Times gained 0.30 per cent to 5,259, while Hong Kong's Hang Seng advanced 0.78 per cent to 23,533. (ANI)

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PM Modi in Indonesia: Diaspora seeks deeper ties in mining, energy

Asianet News Central — Mon, 06 Jul 2026 16:30:25 +0530

Diaspora Calls for Deeper Economic Cooperation

Members of the Indian diaspora expressed their expectations for PM Modi's visit, calling for deeper cooperation across mining, energy, infrastructure and emerging technologies. Bharat Kumar Jain, CEO and promoter of Urja Group, said companies engaged in coal, nickel and gold mining are highly optimistic about expanding bilateral trade between the two countries.

He noted that while trade has been steadily increasing in recent years, there remains significant untapped potential, particularly in sectors where collaboration is still limited. He highlighted, "The economy of Indonesia is mainly based on resources and commodities. They have a lot of natural resources; you will see that nickel is the largest in the world, gold is the fourth biggest, and there is a lot in coal as well." However, he pointed out that Indian participation in these sectors remains lower compared to other major global players, particularly China.

Strengthening Ties and Mutual Trust

Anand Chandak, who works with PT Universal Support in the coal mining sector, highlighted the strengthening ties between the two nations. He said repeated high-level engagements since 2018 have deepened mutual trust and cooperation, making the Indian diaspora feel more connected and comfortable in Indonesia. "It has been a great strength, mutual bond, respect and strengthening our relationship between both the nations," he added.

Synergies in Defence, Infrastructure and AI

Siddharth Taparia, a long-time employee of a major business group involved in natural resources, ports, defence and the power sector, highlighted, "Indonesia is getting a large market in India." Noting strong enthusiasm on both sides, he said, "Synergies are possible in many places like defense, infrastructure, AI and manufacturing." "There are a lot of opportunities for MOUs. Ease of business will be given priority," he concluded. (ANI)

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OPEC+ unlikely to defend price floor, eyes oil availability: Expert

Asianet News Central — Mon, 06 Jul 2026 16:00:29 +0530

OPEC+ is unlikely to focus on defending a price floor in the near term and will instead be more concerned with oil availability, as the Strait of Hormuz remains only half-normalized according to Anindya Banerjee, Senior Vice President and Head of Commodity Research, Currency, Commodities and Interest Rates, Kotak Securities.

OPEC+ is an alliance of oil-producing nations that coordinates global crude oil production to manage and stabilize prices. It combines the 12 core members of the Organization of the Petroleum Exporting Countries (OPEC) with 11 non-member nations, most notably Russia.

Brent Crude Outlook and 'Perfect Storm' Risk

Banerjee sees Brent crude staying below $85/bbl as beneficial for India, but flagged that a full normalization of Hormuz over the next six to nine months could push the market into a "perfect storm" of surplus if OPEC+ continues rolling back cuts amid weak demand.

OPEC+ Internal Challenges

On the OPEC+ handling Iraq and Kazakhstan's persistent overproduction while allowing an August output increase, Banerjee said the group is facing a fragmented and challenging environment. "Since Covid they had to cut back... first 2 million barrels, again And then they had to ensure every member adheres to that. That was a huge challenge. And now we have seen how the OPEC is fragmented. UAE has stepped out. Iraq is saying that we want a higher quota."

He noted that despite official cuts of around 6 million bpd, the market still had an estimated 2-3 million bpd surplus pre-war. Currently, 5-6 million bpd remains offline, which is acting as a floor for prices. The recent rollback announcements are "more of a sentimental thing" to cap prices, he said.

Strait of Hormuz and Price Crash Scenario

Banerjee said that on a good month about 2,000 tankers used to transit. "Now it is still, I would say on a very good day, you are able to do half of that." Empty tankers need to return and shipping companies need comfort, so full normalization will take 6-9 months.

"If things were to come back online completely over the next six to nine months in Hormuz, this oil prices would crash," Banerjee said, adding that a resolution in Ukraine and Russia's return could add more supply just as demand lags.

Impact on India

For India, lower oil prices are a net positive. "India is very well-placed because... with the current dynamics which is playing out the lower oil prices which is going to be quite beneficial to us." He said inflation pressures start to build only if Brent goes above $85.

Gas Market Outlook

Gas markets remain tighter and won't crash like oil due to logistics constraints, though Qatar supply should improve over 6 months.

Indian Rupee Outlook

On currency, Banerjee sees the rupee with a "great taping till September." His base case is USD-INR at 92-93, with a pessimistic dollar scenario at 90-91, supported by RBI opening the debt market to FPIs and potential $50 billion+ inflows from FCNRB and ECB deposits offering 7 per cent+ rates to NRIs. However, the RBI may intervene to rebuild reserves, limiting appreciation.

(ANI)

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LIC's FY26 net profit hits $6.07 billion amid stronger profitability

Asianet News Central — Mon, 06 Jul 2026 15:31:38 +0530

State-owned Life Insurance Corporation of India (LIC) has showcased stronger profitability, sustained market leadership and an improving business mix in its investor presentation, released ahead of meetings with institutional investors and analysts.

Key Financial Highlights

The presentation, filed with stock exchanges on Monday, highlighted that LIC's net profit rose to USD 6.07 billion in FY26, while total premium income increased to USD 56.63 billion.

The insurer also reported an improvement in its Value of New Business (VNB) margin to 21.2 per cent from 17.6 per cent a year earlier, reflecting its focus on higher-margin products.

LIC further said its assets under management (AUM) expanded to about USD 605.3 billion in FY26, while its solvency ratio improved to 2.35 from 2.11 in the previous financial year, indicating a stronger capital position.

Market Leadership and Strategic Shifts

Emphasising its dominant position, the presentation said, "LIC continues to lead, after 25+ years of liberalisation," while describing the corporation as India's largest life insurer with a market share of 56.7 per cent in new business premium during FY26.

The insurer said its strategic shift towards non-participating products has continued to improve margins. The share of non-participating products in individual new business premium increased to 60.8 per cent in FY26 from 53.3 per cent in FY25 and 29.6 per cent before the company's IPO.

Operational Strength and Digital Transformation

Highlighting its nationwide reach, LIC said it has around 1.5 million agents, over 3,600 branches and satellite offices, and operations across 36 states and Union Territories, covering 92 per cent of India's districts.

The presentation also underlined the company's digital transformation efforts. "LIC is embarking on a digital transformation journey to become the most valued life insurer globally," it said, adding that investments in technology, data analytics and digital platforms are aimed at enhancing customer experience and operational efficiency.

Future Priorities and Outlook

Outlining its future priorities, the corporation said its strategy would focus on increasing the share of non-participating products, strengthening profitability, expanding bancassurance and alternate distribution channels, accelerating digital transformation, and maximising investment yields while maintaining prudent risk management.

The presentation also reaffirmed LIC's long-term leadership in the Indian insurance industry, stating that the corporation remains "India's largest life insurance company" with a robust product suite with a focus on margins and a technology-enabled customer experience driving operational performance. (ANI)

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PM Modi's Indonesia visit sparks excitement, boosts strategic ties

Asianet News Central — Mon, 06 Jul 2026 15:30:57 +0530

Excitement Builds for PM's Strategic Visit

Prime Minister Narendra Modi's upcoming visit to Indonesia has generated significant excitement among the Indian diaspora and business leaders, highlighting the deeply rooted cultural ties and growing economic cooperation between the two nations.

The PM will arrive in Indonesia today for a three-day official visit. The visit, scheduled from July 6 to 8, marks the Prime Minister's first bilateral trip to the country since relations were elevated to a Comprehensive Strategic Partnership in May 2018. The visit to Indonesia forms part of a wider three-nation tour by the PM that also includes Australia and New Zealand.

Business Community Eager for Collaboration

Members of the Indian diaspora in Indonesia, speaking to ANI, expressed immense enthusiasm about welcoming the Indian Prime Minister. Vinod Srinivasan, CEO of Jayata Consulting and Honorary Secretary of the India-Indonesia Chamber of Commerce, noted that the business community is actively exploring fresh collaborations focused on upskilling, talent, and technology.

"In terms of our business relationship there's a lot of collaboration opportunities that we are looking at specifically in the healthcare, agriculture and IT sector," Srinivasan stated. "So we see a lot of opportunities in the way India has evolved over a period of time both in terms of technology and the way people are very conscious about sustainability. So Indonesia is also embarking on that journey."

Srinivasan also described a palpable energy within the local community ahead of the Prime Minister's arrival. "There's a lot of energy around, because the moment this was announced, a lot of my fellow friends from Indonesia started asking me how they can be part of this," Srinivasan said. "They would like to register, see him, because, you know, Modi has been a global face, and everybody has heard him and everybody knows the kind of change that he has brought in our country."

Strengthened Ground-Level Connections

Industrial leaders operating in the region for decades also noted that the ground-level connection between the two nations has strengthened significantly over the years. Shailendra Halbe, APAC Head of Kirloskar Oil Engines, noted that the cultural amalgamation has been excellent. He stated that Indonesian businesses are very eager to engage with Indian firms across multiple sectors, including power generation, agriculture, and data centers.

"We are also excited to receive Modi ji here. The energy around is amazing now," Halbe said. "We are preparing ourselves for the event tomorrow, which is a community event for Modi ji where we expect President Prabowo also to join and everybody is really very excited."

Addressing the broader economic environment, Halbe noted that despite global pressures, the Southeast Asian nation remains fundamentally strong. "Of course, the turmoil in the Middle Eastern area currently has had its impact on the business relationship, business scenario in Indonesia," Halbe said. "But Indonesia itself is a self-propagating economy with a large population, in fact the largest population in Southeast Asia. So they have their own strengths and they are able to handle that turmoil or ups and downs very easily."

Shared Culture and National Pride

Long-term residents and investors also reflected on the seamless cultural integration they experience daily, citing shared epics like the Ramayana and Mahabharata. Shiv Dave, an investor who has spent 33 years in the country, stated that he has never felt like a foreigner due to the mutual respect and absence of discrimination. He expressed great pride in India's rising global stature under the current leadership.

"We are very excited to welcome Modi ji. Since Modi ji became the Prime Minister, I think the pride of the country is on a different level. Many countries are inspired by him. Indonesia is one of them," Dave said.

"So, I pray that the relationship between the two countries develops further," Dave added. "The culture here is very similar to that of India."

(ANI)

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Consumer durables sales to rise, but raw material costs a concern

Asianet News Central — Mon, 06 Jul 2026 15:30:37 +0530

Consumer durables companies are likely to report better sales in the June quarter, supported by healthy demand in key product categories. However, higher raw material costs are expected to put pressure on profit margins, according to a Kotak Institutional Equities 1QFY27 consumer durables earnings preview report.

Wires and Cables to Lead Growth

The brokerage expects the wires and cables segment to lead the sector's performance during the quarter, driven by higher metal prices and improving volumes. "Volume growth is likely to improve sequentially. Pricing growth is expected to remain healthy as copper and aluminium prices were up around 51 per cent and 57 per cent year-on-year, respectively, on an M-1 basis in the first quarter," the report said.

Performance of Home Appliances

Kotak expects room air conditioners (RACs) to remain the best-performing appliance category in the June quarter, helped by a weak base and price hikes. The report also expects washing machines and televisions to post healthy growth, while refrigerator sales may remain weak.

Electrical Consumer Durables Outlook

In the electrical consumer durables segment, the brokerage expects growth to be supported by price hikes in fans and strong demand for small domestic appliances, kitchen appliances and water purifiers. "We expect pricing-led growth of 10-12 per cent in fans, even as volumes could remain weak. TPW fans and air coolers are likely to disappoint despite a weak base, while small domestic and kitchen appliances, along with water purifiers, are expected to perform well," the report said.

Impact on Profitability

Despite stronger sales, Kotak said higher raw material costs are likely to affect profitability across the sector. "Most companies have only partially passed on raw material inflation through price hikes and lower channel incentives, which is likely to weigh on gross margins," the report said.

It added that lower advertising and promotion spending could help reduce some of the pressure on margins.

Overall, the brokerage expects price hikes, favourable base effects and healthy demand across select product categories to support consumer durables sales in the June quarter, while rising raw material costs remain the biggest challenge for margins. (ANI)

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Gadkari pushes for expeditious completion of multimodal infra projects

Asianet News Central — Mon, 06 Jul 2026 15:30:31 +0530

Union Minister Nitin Gadkari reviewed the progress of National Highways Logistics Management Limited (NHLML) projects today, calling for the expeditious completion of multimodal infrastructure initiatives to streamline India's transport network.

The review meeting, held in New Delhi, focused on project-level advancements for Multi Modal Logistics Parks (MMLPs), ropeways, intermodal stations, and wayside amenities across the country. According to the Ministry of Road Transport & Highways, the evaluation targeted specific implementation challenges to prevent prolonged delays in the infrastructure rollout.

Shaping Future-Ready Transport

"These transformative projects are shaping the next generation of India's infrastructure by fostering seamless multimodal integration and creating a future-ready transport network," Gadkari stated in a post on X. The development of these interconnected hubs aims to address long-standing inefficiencies in domestic supply chains.

The ministry's current strategy focuses heavily on linking different modes of transport to allow smoother freight and passenger movement. "They will unlock new economic opportunities, strengthen regional development, and enhance the nation's overall competitiveness," Gadkari said.

Addressing Execution Bottlenecks

During the session, the minister analyzed the specific systemic bottlenecks that slow down field execution. Department officials received direct instructions to coordinate with local authorities and concessionaires to clear pending land, regulatory, or financial hurdles delaying the construction schedule.

"Addressed the key challenges affecting project execution and directed all concerned stakeholders to resolve bottlenecks on priority and expedite project completion," Gadkari noted.

Boosting Economic Competitiveness

The government expects these projects to play a central role in restructuring the national economic landscape. High logistics costs remain a significant hurdle for Indian exports, and the current infrastructure push seeks to bring these expenses down to competitive global benchmarks.

"Their timely execution will improve logistics efficiency, reduce transportation costs, and provide world-class facilities for commuters, further advancing the vision of a Viksit Bharat and an Aatmanirbhar Bharat," Gadkari added. (ANI)

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Cross-border deals push India M&A value to $27.9 bn in Q2 2026

Asianet News Central — Mon, 06 Jul 2026 15:30:26 +0530

Strategic cross-border acquisitions helped India's mergers and acquisitions (M&A) market register its highest quarterly value in four years during the April-June quarter of 2026, even as the overall number of deals declined, according to Grant Thornton Bharat's Q2 2026 Dealtracker report.

The report said Indian M&A activity reached 240 deals worth USD 27.9 billion in the second quarter, marking the highest quarterly M&A value since Q2 2022. Overall deal activity, including private equity transactions, stood at 565 deals worth USD 36.3 billion, with aggregate deal value rising 127 per cent over the previous quarter despite a decline in transaction volumes.

Cross-Border Deals Drive Record Values

According to the report, "Strategic cross-border acquisitions drive values to a four-year high amid declining volumes." Grant Thornton Bharat noted that outbound acquisitions emerged as the primary driver of the surge in deal values.

Outbound Acquisitions Dominate

It stated, "A key highlight of the quarter was the dominance of outbound activity. All five billion-dollar deals were cross-border, with outbound transactions accounting for 84% of total M&A value and a sixfold increase over the previous quarter." The largest transaction during the quarter was Sun Pharmaceutical Industries' USD 11.8 billion acquisition of Organon & Co., making it the biggest overseas acquisition by an Indian pharmaceutical company.

Domestic and Mid-Market Trends

The report added that while overall deal volumes moderated, larger transactions significantly lifted aggregate values. Domestic transactions continued to account for the majority of deal volumes at 64 per cent, although outbound transactions overwhelmingly contributed to deal value. Even after excluding the five billion-dollar deals, overall M&A values rose 23 per cent sequentially, indicating sustained momentum in mid-market transactions.

Private Equity Activity Softens

Private equity activity, however, softened during the quarter, with 325 deals worth USD 8.4 billion, reflecting a 22 per cent decline in deal volume and an 8 per cent decline in value compared with the January-March quarter. Despite the moderation, average deal sizes increased, signalling higher capital deployment in fewer transactions.

Sector-wise Performance

Sector-wise, pharma, healthcare and biotechnology led deal values, followed by manufacturing, telecom and infrastructure, while retail remained the most active sector by transaction volume.

The report concludes that India's deal landscape in the second quarter was characterised by fewer but significantly larger transactions, with outbound strategic acquisitions driving overall market value to its strongest quarterly performance in four years.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Odisha petrol dealers urge govt to reconsider E-20 fuel rollout

Asianet News Central — Mon, 06 Jul 2026 15:01:02 +0530

Petrol dealers in Odisha have asked the government to reconsider the E-20 fuel rollout, flagging customer complaints, vehicle compatibility issues and a pending commitment on dealer margins, Odisha Petroleum Dealers Association President, Sasanka Sekhar Sahu said in an exclusive conversation with ANI.

The government began rolling out ethanol blended petrol, in 2023 as part of its Ethanol Blended Petrol programme under the National Biofuel Policy. The aim was to cut oil import dependence, reduce emissions and support farmers.

Vehicle Compatibility and Customer Complaints

Sahu said dealers are facing problems at the pump since E-20 was introduced in 2026. "Earlier, there were no complaints. Now that the E-20 has been introduced, we have problems," he said.

According to him, many vehicles on Indian roads, especially BS-6 models, are not fully compatible. "A car's carburettor gets jammed. There are many problems. They come and make a mess in the petrol pump. The owner of the petrol pump has nothing to do with it. The government has introduced it. It has sent us. We have sold it."

He argued that globally most markets use only 10 per cent ethanol blend in fuel, while India has moved to 20 per cent blend. The vehicles that are made in India are largely not compatible to the new fuel" Sahu said, adding that dealers are being questioned by customers even though the fuel switch was a policy decision.

Call for Dealer Margin Revision

The association also sought action on dealer margins. Sahu said, in 2024 the three OMCs had committed to revise dealer margins every six months. "The dealer margin has not increased by one or ten percent since 2024," he said.

He noted that in India the dealer margin is around 10 per cent, and urged the government to address this along with the fuel blend issue.

Dealers Propose Return to E-10 Blend

Sahu said the association will formally request the government to reconsider the E-20 mandate. "We will request the government to reconsider the E-20. We will introduce the ethanol at ten percent. There will be no problem," he said, suggesting a return to E-10 until vehicle compatibility improves.

Sahu signaled that dealers support the broader ethanol programme but want a phased approach and start with a 10 per cent ethanol blend rather than a 20 per cent that aligns with vehicle readiness and ensures margins keep pace with costs. (ANI)

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India's power discoms see financial turnaround amid policy reforms

Asianet News Central — Mon, 06 Jul 2026 14:30:59 +0530

India's power distribution companies (discoms) are witnessing an improvement in their financial health, supported by policy reforms proposed under the Draft National Electricity Policy 2026, the Electricity (Amendment) Bill 2026 and the Digital India Energy Stack, according to a report by Macquarie.

The report said India's power sector is undergoing a dual-track transition, with coal continuing to provide baseload power at plant load factors (PLFs) of over 65 per cent, while new reforms are aimed at making the sector more market-driven and financially stronger. Peak power demand reached a record high of around 271 GW in May 2026, highlighting pressure on the grid despite adequate base generation capacity.

Financial Turnaround and Key Initiatives

The report also noted that India's power sector recorded a profit of about Rs 25 billion in FY25 after remaining loss-making for decades. According to the report, the financial performance of discoms has improved with support from investments under the Revamped Distribution Sector Scheme (RDSS) and the rollout of smart meters.

The RDSS aims to reduce aggregate technical and commercial (AT&C) losses to 12-15 per cent and bridge the gap between average cost of supply (ACS) and average revenue realised (ARR) to zero. Under the scheme, projects worth Rs 1.53 trillion have been sanctioned to strengthen distribution infrastructure, while projects worth Rs 1.3 trillion have been approved for smart metering.

"Power distribution companies (discoms) financial health has improved while AT&C losses have narrowed over the years, with FY25 profits at about Rs 25 bn after decades of loss-making previously," the report noted.

The report said that as of March 2026, 59.7 million smart meters had been installed across the country. It added that AT&C losses declined to 16 per cent in FY25 from 21.9 per cent in FY21, moving closer to the national target of 12-15 per cent.

Ongoing Regulatory Reforms

The report also highlighted ongoing regulatory reforms across the power sector.

Draft National Electricity Policy 2026

It said the Draft National Electricity Policy 2026 proposes a shift towards market-based power systems instead of relying on long-term coal power purchase agreements (PPAs). "The Draft National Electricity Policy 2026 signals a clear pivot toward market-based power systems, moving away from rigid, long-term coal PPAs," the report said.

Electricity (Amendment) Bill 2026

The report added that the Electricity (Amendment) Bill 2026 seeks to improve the efficiency of state discoms by mandating cost-reflective tariffs. This is expected to reduce cross-subsidies and strengthen the sector's credit profile.

Digital Infrastructure: India Energy Stack

It further said the India Energy Stack will provide a digital backbone for the power sector by standardising data exchange and identity systems.

Overall, "Improved billing, reduced leakages, and LPS-driven decline in overdue payables indicate materially stronger financial health versus historical levels," the report said. (ANI)

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India's market decline temporary, growth recovery to boost equities

Asianet News Central — Mon, 06 Jul 2026 14:30:23 +0530

India's recent decline in market valuations is temporary rather than structural, and a recovery in economic growth could help reverse the trend and provide a boost to equities, according to a report by Morgan Stanley.

The report said that the combination of subdued recent market performance and lower foreign investor ownership could create a favourable environment for Indian equities going forward. It stated, "India's relative de-rating is cyclical and with growth acceleration in the pipeline, it has potential to reverse"

Addressing Structural Concerns

Morgan Stanley argued that concerns suggesting India's valuation decline is structural are overstated. According to the report, one argument for a structural de-rating is that India's long-term growth could slow because of a declining fertility rate. Another concern is that artificial intelligence (AI) could hurt India's services exports and trade.

However, the report said both concerns are exaggerated. It noted that while fertility rates are slowing, the change has not been abrupt and is likely to support economic growth over the next two decades, even though it may gradually reduce India's long-term demographic advantage. On artificial intelligence, the report said AI could pose a near-term challenge to the country's services export momentum. However, over the medium term, it also presents a significant opportunity to improve labour productivity from India's relatively low productivity base.

Long-Term Growth Outlook

Morgan Stanley further said India's long-term growth outlook remains supported by several structural factors, including a multi-polar global economy that could increase India's share in global goods trade, a growing consumer base and a significant pickup in investments.

Market Triggers and Outlook

The report therefore concluded that the decline in India's market valuation is mainly cyclical and reflects the gap in relative economic growth compared with the rest of the world. However, the report also shared that although India's economic growth appears to have bottomed out and is now moving higher, it still trails growth in some other economies, particularly those benefiting from the global artificial intelligence capital expenditure cycle.

Looking ahead, Morgan Stanley said the key trigger for Indian markets will be how investors assess the growth gap between India and the global economy. The report said market sentiment could improve if optimism around global AI-related capital expenditure moderates or if India's economic growth accelerates further. Morgan Stanley also expects the upcoming quarterly earnings season to provide important signals for investors and believes companies could deliver positive earnings surprises, supported by strong high-frequency economic indicators. (ANI)

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NBFCs to report strong Q1 FY27, may raise growth guidance: Report

Asianet News Central — Mon, 06 Jul 2026 13:01:35 +0530

NBFCs, including both large- and mid-cap companies as well as diversified and monoline players, are expected to report a strong first quarter of FY27. Despite global challenges such as the escalating West Asia conflict and ongoing inflation concerns that weighed on investor sentiment during much of the quarter, the sector remained operationally resilient, according to a Kotak Institutional Equities report.

Growth Guidance and Margin Expansion

The report said, "We expect NBFCs to raise guidance on growth, which was mixed last quarter due to the overhang of the West Asia war; most diversified NBFCs are firmly above 20% loan growth; expect guidance to inch up to ~25% for the larger pack."

The sector experiences a favourable shift in earnings dynamics, primarily driven by an expansion in margins. As per the report, most non-banking financial companies (NBFCs) will report healthy net interest margin expansion of 9 to 80 basis points year-on-year (YoY), though some compression remains visible in specific players.

Profitability Drivers: Costs and Yields

A primary catalyst for this performance is the reduction in liabilities costs, as borrowing costs declined by 22 to 90 basis points YoY for most players over the past four quarters. The benefit of lower exit cost of borrowings drives the margin expansion in Q1FY27.

At the same time, asset yields present a varied landscape across the industry. Yields contracted 5 to 80 basis points YoY, but likely inched up quarter-on-quarter for most firms, except affordable housing finance companies that recently cut benchmark rates. While the incremental cost of funds rose toward the end of the year, the same softened by June 2026, aided by a rally in bond markets. Looking ahead, increases in marginal cost of funds-based lending rates by banks by 5 to 10 basis points in select buckets will weigh on margins. With comfortable liquidity, competitive intensity remains intense, which puts pressure on asset yields.

Strong disbursements and insurance fees fuel fee income growth, though impending insurance commission guidance requires close monitoring.

Segment-Specific Momentum and Outlook

The report further added that "Affordable HFCs, with encouraging incremental growth trends, will likely be more assertive about growth. Concerns of a weak monsoon and food inflation will be the only outliers."

Individual segments showed a clear revival in momentum across the board. Unsecured lending segments regain traction, while vehicle finance gains support from major automotive manufacturers reporting healthy 15 to 20 per cent volume growth across most segments alongside a stronger exit month. Gold loans held well despite process changes from new regulations and a fall in gold prices. Affordable housing finance companies, which faced a slowdown over the last two years, show early signs of improvement since the fourth quarter of the financial year 2026, with momentum expected to pick up through the financial year 2027. (ANI)

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India's power demand to grow 6% annually, renewable sector robust

Asianet News Central — Mon, 06 Jul 2026 13:00:34 +0530

Power Demand to Grow Amidst Renewable Push

India's power demand is expected to grow at around 6 per cent annually over the next four to five years, supported by continued renewable energy capacity additions of 45-50 GW every year, according to a Centrum Institutional Research Q1FY27 power sector results preview report.

"Power demand is expected to grow at 6% pa as we expect renewable capacity additions to continue in the range 45-50 GW per year over next 4-5 years," the brokerage said in its report.

Healthy Performance Expected for Renewable Sector

Against this favourable demand backdrop, the report expects renewable energy companies to post healthy June-quarter performance despite the first quarter typically being a seasonally weak period for renewable energy equipment manufacturers. It added that independent power producers (IPPs) are likely to sustain the growth trend seen over the past few quarters.

Capacity Addition on Track

According to the report, India added 6.8 GW of solar capacity and 712 MW of wind capacity during the first two months of FY27, keeping the country on track to achieve 45-50 GW of renewable energy capacity additions in FY27. The brokerage said solar manufacturers continue to benefit from strong domestic demand and import substitution opportunities, while renewable IPPs are expanding their operational portfolios through faster project commissioning and increasing participation in hybrid renewable, Firm and Dispatch able Renewable Energy (FDRE), and energy storage projects.

Key Growth Drivers and Positive Outlook

The report said, "Industry growth remains underpinned by India's target of achieving approx. 500 GW of non-fossil fuel capacity by 2030, rising power demand, favourable regulatory support, and increasing adoption of BESS solutions."

The report also highlighted the continued rise in electricity consumption, noting that "Power demand continues to see strong growth as India achieved peak power demand of 271 GW in May 2026 vs 242 GW for FY26."

Looking ahead, the brokerage maintained a positive outlook on the sector, citing "capacity expansion, backward integration and growing project pipelines." It added that "Rising corporate decarbonisation commitments, growing demand for RTC renewable power and rapid deployment of battery energy storage systems are further expected to accelerate investment and capacity addition momentum over the medium term."

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Indian banks to see better CD ratio in FY27, credit growth at 14%

Asianet News Central — Mon, 06 Jul 2026 13:00:30 +0530

Indian banks are expected to see an improvement in the credit-to-deposit (CD) ratio in FY27, led by public sector banks (PSBs), while overall credit growth is likely to remain steady at around 14 per cent year-on-year, according to a report by Motilal Oswal Financial Services (MOSFL).

The report said systemic credit growth rose to 17.7 per cent as of June 15, 2026. The growth was driven by strong demand for working capital loans due to higher input costs, a regulatory shift from the loan-to-deposit ratio (LDR) to the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR), and higher corporate borrowings following the rise in bond yields during the first quarter of FY27.

RBI Measures to Boost Inflows

MOSFL also said the Reserve Bank of India's (RBI) decision to exempt FCNR(B) deposits with a tenure of three to five years from cash reserve ratio (CRR) and statutory liquidity ratio (SLR) requirements has made the scheme more attractive for banks. "The measure alone is expected to generate USD 40-50 billion of foreign exchange inflows in FY27 and should support overall business growth," the report said.

Outlook on Margins and Yields

According to the report, yields on fresh loans increased by 6 basis points (bp) for public sector banks and fell by 7 bp for private banks, resulting in a 1 bp increase for the banking sector in May 2026.

The report said the outlook for net interest margins (NIMs) remains mixed, with a negative bias for mid-sized banks. It added that the impact of earlier repo rate cuts on external benchmark-linked loans has largely been absorbed as the repo rate has remained unchanged over the past six months. "Going forward, movements in asset yields are expected to be driven primarily by changes in the product mix and residual deposit repricing," the report said.

Healthy Asset Quality Amidst Risks

The report said asset quality remains healthy across most segments, with no immediate impact from the West Asia conflict. However, higher input costs and pressure on operating margins could affect the profitability of borrowers.

Future Credit Growth Drivers

MOSFL expects credit growth to remain supported by a recovery in corporate lending, steady retail loan demand, and continued growth in MSME and gold loans. "Accordingly, we expect systemic credit growth at around 14 per cent in FY27," the report said. (ANI)

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Indian auto retail records best-ever June with 21.83% YoY growth

Asianet News Central — Mon, 06 Jul 2026 11:30:55 +0530

The Indian auto retail sector registered its best-ever June performance in history, achieving a robust year-on-year (YoY) growth of 21.83 per cent and a 1.03 per cent increase over May. According to data released by the Federation of Automobile Dealers Associations (FADA), the industry retailed 25,57,234 units during the month. Two-wheelers, three-wheelers, commercial vehicles, and passenger vehicles each posted their highest-ever June registration figures.

Reflecting on the June 2026 performance, FADA President C S Vigneshwar said, "June'26 has been a landmark month for Indian Auto Retail -- the best June ever recorded, with Two-Wheelers, Three-Wheelers, Commercial Vehicles, Passenger Vehicles and overall registrations each posting their highest-ever June figures."

Passenger Vehicle Sales and Inventory Concerns

Passenger vehicle retail emerged as a major driver, growing 28.63 per cent YoY and 2.05 per cent month-on-month (MoM) to reach 4,10,853 units. The alternative-fuel share in the passenger vehicle segment, comprising CNG, hybrid, and electric vehicles, crossed the 40 per cent mark for the first time, settling at 40.35 per cent. Electric passenger vehicles achieved an all-time high of 31,823 units. However, passenger vehicle inventory levels rose by one day over May-end to 32-34 days, exceeding the recommended benchmark.

Addressing the inventory situation, Vigneshwar stated, "We once again urge PV OEMs to calibrate dispatches to retail through the monsoon-soft July window so that dealer capital is not locked in aged stock."

Two-Wheeler Segment Growth

The two-wheeler segment recorded 18,28,458 units, marking a 21.22 per cent YoY growth, despite a minor month-on-month (MoM) decline of 0.89 per cent. FADA noted that the sequential dip was entirely rural, caused by the late onset and uneven progress of the south-west monsoon. At the same time, the electric vehicle share in two-wheelers crossed double digits for the first time at 10.60 per cent.

Performance Across Other Segments

Commercial vehicle retail sales grew 16.88 per cent YoY to 90,972 units. Rural commercial vehicle sales outpaced urban demand with a 21.63 per cent growth.

Three-wheelers recorded 1,20,889 units, showing a 16.20 per cent increase, while tractor sales grew 25.31 per cent YoY to 1,00,818 units, marking the second-best June in history.

Total electric vehicle sales across all categories touched 3,06,220 units.

Future Outlook and Risks

Looking forward to July, dealer sentiment remains constructive, with 51.24 per cent of dealers expecting growth.

For the upcoming July-September period, confidence strengthens further, as 66.17 per cent of dealers anticipate growth.

FADA noted that 38.31 per cent of dealers revised their FY27 retail outlook upward, supported by a 15.35 per cent YoY growth in the first quarter of the fiscal year. The primary risks identified for the upcoming quarter include monsoon shortfalls and potential inventory pile-up pressures. (ANI)

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OPEC+ nations to boost oil production by 188,000 bpd in August 2026

Asianet News Central — Mon, 06 Jul 2026 10:30:25 +0530

Seven key OPEC+ producers have agreed to increase oil production by a combined 188,000 barrels per day (bpd) in August 2026, while reaffirming their commitment to maintaining stability in the global crude market amid evolving demand and supply dynamics.

The decision was taken through a virtual meeting by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, the group of countries that had earlier announced additional voluntary production adjustments in April and November 2023.

According to the official statement, the participating countries reviewed global market conditions and the overall outlook before deciding to proceed with the next phase of easing their voluntary production cuts. "In their collective commitment to support oil market stability, the seven participating countries decided to implement a production adjustment of 188 thousand barrels per day from the additional voluntary adjustments announced in April 2023," the statement said.

Production Breakdown by Country

As per the production schedule for August 2026, Saudi Arabia and Russia will each raise output by 62,000 bpd, the largest increase among the participating countries. Iraq will increase production by 26,000 bpd, followed by Kuwait with 16,000 bpd, Kazakhstan with 10,000 bpd, Algeria with 6,000 bpd, and Oman with 5,000 bpd.

New Production Levels

Following the adjustment, Saudi Arabia's required production level will stand at 10.416 million bpd, Russia at 9.887 million bpd, Iraq at 4.405 million bpd, Kuwait at 2.660 million bpd, Kazakhstan at 1.618 million bpd, Algeria at 1.001 million bpd, and Oman at 836,000 bpd.

Conditional Increase and Market Flexibility

The seven countries emphasised that the production increases remain conditional and can be modified depending on market developments. The producers also reiterated the importance of maintaining flexibility in implementing production policy, including the ability to increase, pause or reverse the phase-out of voluntary output adjustments if required to support market stability.

Commitment to Conformity and Compensation

The statement noted that the latest production adjustment would also enable participating countries to accelerate compensation for previous overproduction and reaffirmed their commitment to achieving full conformity with the Declaration of Cooperation and all additional voluntary production adjustments monitored by the Joint Ministerial Monitoring Committee (JMMC).

The seven OPEC+ producers further confirmed their intention to fully compensate for any excess production since January 2024 and said they would continue holding monthly meetings to assess market conditions, production conformity and compensation efforts. Their next meeting is scheduled for August 2, 2026.

Current Market Prices

At the time of filing this report, Brent crude was trading at USD 71.73 per barrel, down 0.51%, while crude oil was trading at USD 68.44 per barrel, down 0.47%. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Legal experts weigh in on US DoJ's decision to drop Adani case

Asianet News Central — Mon, 06 Jul 2026 10:30:22 +0530

Expert: Prosecution's Discretion is Key

Seth DuCharme, Partner Bracewell LP says that it reasons to stand that if the prosecution decides not to pursue a case then it will not happen. "The letter points out where the discretion lies to prosecute in the Executive Branch as opposed to the Judicial Branch. And if we think ahead to the ultimate conclusion of what would happen, the basic principle here is can a court essentially compel a prosecutor to continue to prosecute a case in which they have determined there's no longer a public interest or a prosecutorial interest in pursuing. And I think it's inevitable that if the prosecution decides not to pursue a case, then it will evaporate...I think collectively that were a prosecutor to determine that it was no longer just to prosecute. I think that's where the empathy for the defendant lies," he said.

"The Department has responded with far more detail than they typically do. And ultimately if the Department doesn't want to prosecute the case, there will be no prosecution. Whether Judge Garaufis finds the letter sufficient from his point of view remains to be seen. But the law is pretty clear. I would say, that a court cannot compel a prosecution to continue," he added.

"The presumption is that if you indict a person they should have the opportunity to have their day in court, and that's the only time that the government's case can really be challenged publicly. So, if you indict someone without ever expecting them uh to appear and if you have a rule of reason, in other words, why would someone appear, in federal court to face charges in the United States when they don't have to, it's really the only way that you can defend and vindicate your rights under most circumstances. Here, the indictment was dismissed and so certainly there was advocacy that prevailed and discretion that was exercised," Seth DuCharme said.

Aggressive Prosecutors and Shifting Policies

"The Eastern District of New York US Attorney's Office is known for being a very aggressive office. They often prosecute cases that involve people outside the United States...In that way when you have entrepreneurial prosecutors trying to show positive results within the policies of the administration in which the indictment was brought, it's not, uh, unusual that the office would make an aggressive case, and it's similarly reasonable that a new DoJ with new policies would take a more conservative view of how those statutes should be used," Seth DuCharme added.

Weak Evidence and Expected Outcome

The case against Gautam Adani and others had alleged a bribery scheme linked to solar power contracts in India which further allegedly misled US investors. In May this year the US DoJ had moved to dismiss these charges following which the US Court of the Eastern District of New York has sought a reply from the DoJ. With that reply cementing the US DoJ's position, legal experts argue that the Judge in all likelihood would back the DoJ stand. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

Indian markets open in green; Sensex gains 177 pts, Nifty above 24300

Asianet News Central — Mon, 06 Jul 2026 10:00:30 +0530

Indian markets open in green on Monday as domestic equity benchmarks trade higher at the opening bell. The BSE Sensex gained 176.99 points, or 0.23 per cent, to reach 77,940.90, while the Nifty 50 rose by 36.00 points, or 0.15 per cent, to trade at 24,306.85.

The positive start followed mixed trends across Asian peers, where the GIFT Nifty traded at 24,365.50, and the Hang Seng advanced to 23,476.00. Minor positive movements are also seen in the Shanghai Composite at 4,046.71 and Thailand's SET Composite at 1,612.30. On the other hand, South Korea's KOSPI showed the sharpest decline, dropping to 7,933.28, closely followed by Japan's Nikkei 225, Taiwan Weighted, Singapore's Straits Times, and the Jakarta Composite.

The Indian primary market also sees a substantial wave of capital raising. Institutional promoters and private equity players utilize mega public issues and massive Offers for Sale (OFS) to monetize current valuations.

Market Outlook and Sectoral View

Ajay Bagga, banking and market expert, said, "India remains a buy-on-dips market, with the Nifty 200EMA a key resistance, which once pierced could lead to a sustainable rally after years of underperformance. Sectors that look attractive are financials, pharma, telecom, real estate and defence."

Commodity Market Trends

The commodities segment reflected a downward movement. At the time of filing, Brent Crude traded lower at USD 71.74 per barrel, down by 0.51 per cent; Crude oil sat at USD 68.44 per barrel, down by 0.47 per cent; and Gold registered a minor drop to USD 4,165.62, down by 0.11 per cent.

"To address high structural oil prices, seven core OPEC+ nations (led by Saudi Arabia and Russia) have enacted their second consecutive monthly production adjustment, increasing July output quotas by 188,000 barrels per day (bpd)," Bagga noted.

"While the Strait of Hormuz experiences tight regulatory and security pressures, the actual movement of physical barrels is restricted. If or when shipping tensions ease, the market could shift rapidly from an artificial shortage to a physical surplus," Bagga added.

Meanwhile, global commodity trends remain highly sensitive to macroeconomic indicators from the United States, particularly labor data and central bank policy expectations. Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, said, "Gold prices edged higher as a weaker US dollar and softer-than-expected US labor market data prompted investors to reduce expectations of a Federal Reserve interest rate hike this year. The weaker nonfarm payrolls and unemployment data released last week eased concerns that the Fed would need to tighten monetary policy further, providing support to bullion after months of pressure from elevated rate expectations."

Modi mentioned that gains remained limited as inflation continues to stay above the Fed's target, keeping policymakers cautious about easing financial conditions.

US Markets and Week Ahead

In the US markets the Dow Jones Futures stood at 52,841.29, showing a decline of 0.11 per cent. Meanwhile, the S&P 500 stood relatively flat at 7,483.24. At the same time, the Nasdaq experienced a more notable drop, standing at 25,832.67, representing a dip of 0.80 per cent.

"Focus this week will remain on the Fed minutes, U.S. inflation expectations, and speeches from Federal Reserve officials for further guidance on the interest rate outlook and the direction of gold prices. Market could see some volatility after Friday's US Independence Day holiday," Modi noted. (ANI)

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Why US DoJ dropped charges against Gautam Adani: Legal expert explains

Asianet News Central — Mon, 06 Jul 2026 10:00:24 +0530

The US Department of Justice (DoJ) strongly defended its decision to drop the high-profile charges of the alleged criminal bribery case against Gautam Adani, citing evidentiary weakness, jurisdictional overreach, and constitutional limits on judicial power. US legal expert Adam Goldberg, Partner Pillsbury Winthrop Shaw Pittman said that the US DoJ in its reply had detailed that the case falls outside the very clearly delineated priorities of this administration.

Expert Explains Rationale Behind DoJ's Decision

"The most significant is likely the fact that the case falls outside the very clearly delineated priorities of this administration. So there was no, for example, national security basis. There was no tie to transnational criminal organizations. In pausing anti-corruption enforcement, FCPA enforcement specifically, the Department of Justice, under the Trump administration has been very clear that they were resetting the priorities, which is not to say that they were stopping enforcement, but that they were looking in different places. This case falls outside of that fact. I think that piece of it, as well as the fact that no US investors were injured because as has been widely discussed, you know, people made money, nobody lost money. Had significant US investors lost money, uh, then I think there would have been a different discussion potentially. But because there was no harm to US investors and there was no national security tie, and on top of that, as the DOJ noted, Indian authorities investigated and didn't seem to find anything, those were all very significant bases," Adam Goldberg said.

The US DoJ in its reply had argued that the case was weak due to evidentiary problems. It further said that most of the alleged evidence was based in India making US prosecution difficult. In its reply, the DoJ also said that forcing prosecutors to spell out their reasoning in detail could undermine constitutional authority over prosecutorial decisions. Prosecutors say the alleged case took place in India and it was not appropriate for US prosecutors to get into it. This, experts believe leaves the court with very little room but to agree with the DoJ.

Court's Role and Likely Outcome

"It would be very unusual if the court did something other than close the case quickly. It is very unusual in the United States for the courts to tell the Department of Justice that they cannot stop a prosecution that they do not wish to prosecute...The judicial branch, which is the courts, has the authority under the rules of criminal procedure applicable to this case, they have to approve the dismissal, but they do not have the authority to second-guess the executive branch and tell the executive branch how to prosecute cases. It is not so uncommon for a judge to ask the Department of Justice for more information. They tend to want to pursue that approval requirement under Rule 48 of the Federal Rules of Criminal Procedure to make sure that a dismissal is in good faith. But the Department of Justice response here was very detailed. They laid out in a lot of detail, a number of bases why they no longer wish to prosecute, from the difficulties of pursuing the case, the jurisdictional bases, the fact that Indian authorities had already investigated this and hadn't seemed to- to find any misconduct, and the fact that no US investors had been harmed. So given the amount of detail that the Department of Justice provided here, it would be even more unusual for the court to somehow say, No, I am not going to approve this," Goldberg said.

Case Background

The case against Gautam Adani and others had alleged a bribery scheme linked to solar power contracts in India which further allegedly misled US investors. In May this year the US DoJ had moved to dismiss these charges following which the US Court of the Eastern District of New York has sought a reply from the DoJ. With that reply cementing the US DoJ's position, legal experts argue that teh the Judge in all likelihood would back the DoJ stand. (ANI)

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US DoJ justifies dismissing case against Adani, cites weak evidence

Asianet News Central — Mon, 06 Jul 2026 09:31:06 +0530

The US Department of Justice has filed a strongly worded reply to the Judge of the US District Court of the Eastern District of New York which detailed out its reason for seeking the dismissal of its case against Gautam Adani, his nephew Sagar Adani and others. Legal experts in the US say that the US DoJ has complete discretion to decide on whether it should bring a case or not and in their reply the DoJ had raised questions on the quality of evidence presented to bring the case.

Expert: DoJ Has Discretion to Dismiss Case

Seth Levine, Partner at Levine Lee LLP says that the prosecutors have exercised this discretion in deciding to seek the dismissal of its case. "I think that when one steps back and analyses what's happened, one has to understand that first, the Department is taking an important step of dismissing an indictment, which no administration does lightly. In that context, the court has properly asked for an explanation and I think the most important thing is DoJ has provided a fairly detailed explanation of multiple reasons why they believe that it is in the public interest to dismiss this indictment, both legal reasons, policy reasons, procedural reasons, and they've laid that all out. There is another debate in the United States about the role of courts in dismissing indictments because unlike other matters, the role of the courts is limited in these matters. Department, even though it has given a substantive response, staked out its position, not only for this case but for others, that there should be real limits on what the court's discretion is and the inquiry that the court should make here to determine whether or not dismissal is appropriate," he said.

"The Department has responded with far more detail than they typically do. And, ultimately, if the Department doesn't want to prosecute the case, there will be no prosecution. Whether Judge Garaufis finds the letter sufficient from his point of view remains to be seen. But the law is pretty clear, is very clear. I would say that a court cannot compel a prosecution to continue," he added.

In its reply the US DoJ argues that the prosecution should never have been brought and questioned the legal and jurisdictional basis of the case. "I think that the key point is the DoJ has laid out in detail, various reasons for dismissal and the standard here really is to establish that there's a good faith, a reason for this rather than having a searching inquiry on every aspect of whether or not someone could second guess the decision. So while I agree with the question, think the key part is the DoJ has laid out a lot of specific reasons of why they think this is the appropriate thing to do at this time, "said Seth Levine.

"The letter points out where the discretion lies, to prosecute in the Executive Branch as opposed to the Judicial Branch. If we think ahead to the ultimate conclusion of what would happen, the basic principle here is can a court essentially compel a prosecutor to continue to prosecute a case in which they have determined there's no longer a public interest or a prosecutorial interest in pursuing. And I think it's inevitable that if the prosecution decides not to pursue a case then it will evaporate...I think collectively that were a prosecutor to determine that it was no longer just to prosecute, that the prosecutor could dismiss the charges without much inquiry. And I think that's where the empathy for the defendant lies," he added.

Prosecutors Cite Jurisdictional Concerns

'Not Unusual' for New Administration to Drop Case

"The Eastern District of New York US Attorney's Office is known for being a very aggressive office. They often prosecute cases that involve people outside the United States. In that way when you have entrepreneurial prosecutors trying to show positive results within the policies of the administration in which the indictment was brought. It's not unusual that the office would make an aggressive case, and it's similarly reasonable that a new DOJ with new policies would take a more conservative view of how those statutes should be used...I really don't see anything unusual about the office bringing the case in the first place, and I don't see anything on its face that's utterly unreasonable in the current Department deciding to no longer pursue the case on policy grounds among other grounds," said Seth Levine

Bribery Allegations and Expected Dismissal

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

US DoJ defends dropping Adani case, cites weak evidence, overreach

Asianet News Central — Mon, 06 Jul 2026 09:30:54 +0530

'Name and Shame' Exercise

The alleged case against Adani and others was filed merely as a "name and shame" exercise designed to levy accusations without any prospect of a trial occurring, said Senior Advocate Harish Salve. Salve stated that the original indictment reflected a broader political agenda rather than a standard legal proceeding. "This is what I have always said, at least it was my view, that the timing of this was such that the Biden administration had a constant anti-India narrative running," Salve told ANI. "There are senators there, I don't want to name them, who constantly have this India's bad on human rights, India's this, India's corrupt all the time trying to paint India in a bad light. And they were trying to pressure India. I don't think it's any secret. The Biden administration was not in love with India. That's why they are saying. They said it was filed as a 'name and shame' design to levy accusations without any prospect of any trial occurring. It was a political move."

DoJ Cites Jurisdictional and Constitutional Limits

The US Department of Justice in its reply said that forcing prosecutors to spell out their reasoning in detail could undermine constitutional authority over prosecutorial decisions. Prosecutors say the alleged case took place in India and it was not appropriate for US prosecutors to get into it. The US DoJ in its reply had argued that the case was weak due to evidentiary problems. It further said that most of the alleged evidence was based in India making US prosecution difficult.

'Hard-Hitting' Response Leaves Judge Little Room

Legal experts noted that the firm stance taken by the DoJ leaves the presiding judge with very little room to keep the matter alive. "Will the judge close the case soon? I think he will have to. After this, he may have to. I mean, I don't see why he will not close it," Salve said. "If he doesn't close, for them, they are raising it to a larger issue. I'd end by saying it is the Constitution wastes the prosecutorial power in the executive not the judiciary. They are telling the judge whether to prosecute or not is for us to decide, not for you."

The Senior Advocate also observed that the tone used by the US Justice Department in its response to the court was remarkably firm, even when accounting for the direct nature of American legal communications. "See, because the judge, the attorney general's office obviously has taken offense. See, American English, the way they address courts and the way they write, it's very different from even the British here in England, the kind of language we use. And India, of course, is even more differential. America is more direct. Even their judgments are in more direct language. So you have to account for that. even by the American standard, this is a pretty hard hitting statement."

"They even said that they were not satisfied. They should never have brought this case," Salve added.

Case Background and Likely Outcome

The case against Gautam Adani and others had alleged a bribery scheme linked to solar power contracts in India which further allegedly misled US investors. In May this year the US DoJ had moved to dismiss these charges following which the US Court of the Eastern District of New York has sought a reply from the DoJ. With that reply cementing the US DoJ's position, legal experts argue that teh the Judge in all likelihood would back the DoJ stand. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

US DoJ defends dropping Adani case; expert sees dismissal as certain

Asianet News Central — Mon, 06 Jul 2026 09:30:29 +0530

DoJ's Strong Reply on Adani Case

With the US Department of Justice defending its decision to seek the dismissal of the alleged bribery case against Gautam Adani and others, legal experts have weighed in to say that the reply is sufficient and raises questions on the quality of evidence presented to bring the case. Jim Walden, Partner at Walden Haran Williams LLP said that the Judge of the Eastern District Court of New York was now left with very little option except to rule in favour of the DoJ.

"The response of the DOJ was strong. It is not unusual that the DOJ tries to provide clarity so that the judge understands the basis for it, particularly when there have been allegations of partial treatment... Now the judge's responsibility is clear; their only possible decision is dismissal here and that is clearly the finish line here," he said "Dismissal is the only finish line here. The court is of limited jurisdiction, especially with an issue like this. He has some power of oversight, but he cannot veto the prosecutors. So I expect that he's going to dismiss this week,' he added.

'A Jurisdictional Theatre'

"The US subjected one of its allies to 2 years of scrutiny, where there were Euro investor losses, and Indian agencies who are fully capable of looking into it in an ethical way, found no misconduct... There is a clear case law in the US that American justice should not be pursuing foreign transgressions, real or perceived. For me, this was a jurisdictional theatre rather than a serious criminal case and I hope this stands as a lesson and a reminder that American courts are courts of limited jurisdiction... We should be respecting the criminal justice system of the entire world, particularly our allies," Jim Walden said.

"One of the things that I think makes American justice extraordinary is the importance that we've always placed on making sure that people who are accused of serious crimes have due process of law. And I'm glad that the defendants in this case got due process of law," he added.

Weak Case and Evidentiary Problems

The US DoJ in its reply had argued that the case was weak due to evidentiary problems. It further said that most of the alleged evidence was based in India making US prosecution difficult.

"Because somebody had misguided priorities and really didn't carefully look at all of the things that I've focused on before. There were no losses. You know, there was no jurisdiction in the United States. No American citizens hurt. And the Indian authorities are sophisticated and capable and can carry out these investigations on their own. So I hope whether it's a Republican or Democratic administration in the future, if they think about doing something like this, they'll think again," Walden said.

The case against Gautam Adani and others had alleged a bribery scheme linked to solar power contracts in India which further allegedly misled US investors. In May this year the US DoJ had moved to dismiss these charges following which the US Court of the Eastern District of New York has sought a reply from the DoJ. With that reply cementing the US DoJ's position, legal experts argue that teh the Judge in all likelihood would back the DoJ stand. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)

PM Modi in Indonesia to deepen strategic ties, review bilateral relations

Asianet News Central — Mon, 06 Jul 2026 09:00:40 +0530

Prime Minister Narendra Modi will arrive in Indonesia today for a three-day official visit aimed at reviewing bilateral ties and deepening the comprehensive strategic partnership between the two nations. The visit, scheduled from July 6 to 8, marks the Prime Minister's first bilateral trip to the country since relations were elevated to a Comprehensive Strategic Partnership in May 2018.

High Expectations from Indian Diaspora

Members of the Indian diaspora speaking to ANI expressed high expectations for the visit, particularly regarding trade, financial integration, and technological cooperation.

Focus on Financial Integration

Akash Damniwala, President Director of Bank SBI Indonesia, highlighted the potential progress on a local currency settlement framework. "PM Modi is coming. For the banker side, we have one big expectation in line. Indonesia and RBI had signed in 2024 one agreement, which is local settlement; the current settlement was signed," Damniwala said. He noted that the framework would facilitate a de-dollarized method for transactions between the Indonesian rupiah and the Indian rupee.

"If the formulation will happen, we hope that when PM Modi visits, the signing will happen and a procedure will come in place that will actually help the trade between both the countries in the local currency," Damniwala added. "The requirement of dollars will come down, which is one of the important things for both countries."

Official Engagements and Community Outreach

The Ministry of External Affairs confirmed that Prime Minister Modi is undertaking the visit at the invitation of the President of the Republic of Indonesia, Prabowo Subianto. This trip represents the Prime Minister's fourth visit to Indonesia. During his time in Jakarta, Modi is scheduled to hold bilateral discussions with President Prabowo and address a gathering of the Indian diaspora.

Bipin Mishra, CEO of PT. Leap Digital Indonesia stated that approximately 5,000 people are expected to attend the community event. "The excitement is at an all-time high... We are looking at close to 5,000 people coming in... The bilateral ties are at an all-time high," Mishra said.

Expanding Cooperation in Trade, Tech, and Healthcare

Mishra indicated that trade relationships possess further room for expansion, alongside existing academic exchanges. "We definitely feel that there's still a lot of opportunity for the trade relationships to grow further. We now have a lot of student programs where Indonesian students are visiting India. I think that can also be ramped up further. But the bilateral ties are growing. They have grown tremendously in the last 10 years," Mishra stated.

Prashanth Jayaraman Iyer, Group Chief Marketing Officer and Country Head for Nityo Infotech, observed that enthusiasm among the community remained consistent across the Prime Minister's successive visits. "This is the fourth visit of PM Modi. The level of excitement remains the same for every visit... We are looking forward to collaboration between India and Indonesia in the AI and technology sectors," Iyer said.

The official itinerary also includes a visit to the Prambanan Temple complex at Yogyakarta, a UNESCO World Heritage site, reflecting the historical links between the two countries.

Healthcare Collaboration on the Rise

Ashok Bajpai, Chief Transformation Officer of Indonesia Healthcare Corporation, noted expanding bilateral cooperation within the medical field, referencing an initiative by the local ministry to arrange training for 1,000 Indonesian doctors in India. "I have witnessed this kind of enthusiasm here for the first time. When the news arrived that the Prime Minister was coming to Indonesia, the excitement I saw not just within the Indian community but also among the Indonesian people was truly unprecedented," Bajpai said.

"If you look at the developments over the last few years, cooperation between India and Indonesia in the healthcare sector has been steadily growing," Bajpai added. "The local ministry has engaged with Indian hospitals to arrange training for 1,000 doctors in India. This serves as a recognition that Indian doctors, hospitals, and expertise can be effectively shared with Indonesia."

The visit to Indonesia forms part of a wider three-nation tour by the Prime Minister that also includes Australia and New Zealand. (ANI)

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)

Gold, Silver Prices Today, July 6: Precious Metal Rates Rise; Check Latest Prices in Delhi, Mumbai, Kolkata & More

Deevika NM — Mon, 06 Jul 2026 07:43:57 +0530

Gold prices remained firm on July 6 as both domestic and international bullion markets traded higher, reflecting sustained investor interest in precious metals amid global economic uncertainty. Silver also witnessed gains, tracking positive momentum across commodity markets.

In India, gold prices varied across cities depending on local taxes and jewellers' premiums. Buyers looking to purchase jewellery or invest in bullion should note that rates differ for 18-carat, 22-carat and 24-carat gold. Major markets including Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Noida and Pune continued to report strong prices for the yellow metal.

City-wise Gold & Silver Rates Today (July 6, 2026)

City	24K Gold (10g)	22K Gold (10g)	Silver (1 kg)
Delhi	Rs 1,46,870	Rs 1,34,640	Rs 2,49,900
Mumbai	Rs 1,46,720	Rs 1,34,490	Rs 2,49,900
Kolkata	Rs 1,46,720	Rs 1,34,490	Rs 2,49,900
Chennai	Rs 1,49,450	Rs 1,36,990	Rs 2,59,900
Bengaluru	Rs 1,46,720	Rs 1,34,490	Rs 2,49,900
Hyderabad	Rs 1,46,720	Rs 1,34,490	Rs 2,59,900

In the futures market, gold contracts on the Multi Commodity Exchange (MCX) traded with an upward bias, while silver futures also edged higher. Internationally, bullion prices on COMEX remained supported by expectations surrounding interest rates, currency movements and continued safe-haven demand from investors. A softer US dollar and uncertainty over the global economic outlook have continued to lend support to precious metals.

Also Read: Gold, Silver Rates Today, July 4: Check Latest Gold and Silver Prices Across Major Indian Cities

Market experts say gold continues to attract investors seeking protection against inflation and financial market volatility. Silver, meanwhile, is benefiting from both its appeal as a safe-haven asset and its growing industrial demand, particularly from the renewable energy and electronics sectors.

Investors are closely monitoring upcoming global economic data and signals from major central banks, as these are expected to influence the near-term direction of bullion prices. Any changes in monetary policy expectations, inflation trends or geopolitical developments could trigger fresh movement in gold and silver.

For jewellery buyers, checking city-wise rates before making purchases remains important, as prices can differ due to local levies, making charges and retailer margins. Long-term investors also continue to view gold as an effective portfolio diversifier during periods of economic uncertainty.

With bullion markets remaining volatile, analysts recommend keeping a close watch on both domestic MCX trends and international COMEX prices before making investment decisions. Gold and silver are likely to remain in focus this week as traders react to fresh global cues, currency fluctuations and developments in international financial markets.

Also Read: Gold, Silver Prices Today, July 3: Check Latest 22K, 24K Gold and Silver Rates Across Major Indian Cities