Market News
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PM Modi inaugurates CG Semi chip plant in Sanand, Gujarat
Prime Minister Narendra Modi inaugurated India's third semiconductor manufacturing plant in Sanand, Gujarat, a significant stride in building a domestic chip ecosystem. This facility aims to bolster manufacturing, strengthen electronics supply chains, and reduce import reliance. Union Minister Ashwini Vaishnaw highlighted the rapid development of the sector, underscoring its national priority. Meanwhile, the Mumbai-Ahmedabad High-Speed Rail corridor is nearing completion, with an operational stretch anticipated in 2027.
Ethanol blending has strengthened India's energy security without hurting vehicle performance: Former IOCL Chairman
India's ethanol blending programme is bolstering energy security, boosting farmer incomes by nearly ₹1.6 lakh crore, and cutting emissions significantly. Former IOCL Chairman B. Ashok asserts that scientific studies show E20 fuel poses no threat to vehicle engines or mileage, dispelling common misconceptions. This initiative has saved the nation substantial crude oil imports, reinforcing its economic and environmental benefits.
Reliance market value now equals India's top five IT companies combined
A sharp selloff in Indian IT stocks has reduced the combined market capitalisation of the top five IT firms to nearly match Reliance Industries at around ₹18 lakh crore. AI disruption fears, weak technology spending and macro uncertainty continue to pressure the sector.
Dalal Street also smokes peace pipe, ends in green for 4th week in row
Indian stock markets concluded their fourth consecutive week of gains, buoyed by declining crude oil prices and improved geopolitical sentiment. Analysts anticipate further upward movement for the Nifty 50, with upcoming quarterly earnings reports expected to guide market direction. Sectoral strength was observed in Realty, Pharma, Healthcare, and Cement, while broader market indices showed mixed performance. Foreign investors were net buyers, contrasting with domestic institutional selling.
OMCs lost Rs 18.9/litre on diesel, ₹6 on petrol in Q1
State-run oil companies faced significant losses in the April-June quarter, losing ₹18.9 per litre on diesel and ₹6 on petrol. This downturn occurred as domestic fuel prices failed to keep pace with rising international rates. Previously, these companies enjoyed healthy profits, but fluctuating global prices and limited domestic revisions have led to volatile retail margins, impacting profitability.
US oil companies see big jump in profit
US oil giants are poised for record profits, potentially sparking a showdown with President Trump over high gasoline prices. Despite falling crude oil costs, pump prices remain elevated due to refining and inventory issues. Industry insiders acknowledge the political pressure, as Americans grapple with the cost of fuel ahead of crucial elections. Lobbyists are actively engaging with officials to counter criticism.
India, Japan agree on crude oil stockpiling & reserve systems
India and Japan are joining forces to bolster energy security, creating joint strategies for crude oil and petroleum product stockpiling to shield consumers and industries from West Asia conflict disruptions. The nations will share market insights, stabilize energy prices, and explore third-country energy sourcing and upstream investments. This collaboration aims to enhance regional energy resilience through shared mechanisms and dialogues.
Vedanta Oil & Gas Q1 output falls 17% as production declines across key fields
Vedanta Oil & Gas reported a 17% year-on-year decline in average daily production for the June quarter, with output falling across its Rajasthan, Ravva, Cambay and OALP assets. The company said it is stepping up drilling and enhanced oil recovery projects to help reverse the production decline.
LME approves Adani's major copper smelter in India as listed brand
The London Metal Exchange has approved Adani Copper for delivery against its contracts, enabling warrant issuance from July 10. Produced by Adani Enterprises’ Kutch Copper unit in Gujarat, the facility has 500,000-tonne capacity. The move may boost India’s copper self-reliance and reduce import dependence amid steady domestic demand.
Iran In Talks To Sell Oil To Japan As US Sanctions Get Lifted
Iran's petroleum exports only drastically decreased during the US naval blockade that started in mid-April.
Pulse of the Street: Realty and healthcare lifts markets, but weak rupee clouds rally
Markets rose nearly 1% this week as softer crude oil prices, easing volatility and buying in real estate, healthcare and consumption stocks lifted sentiment. However, weakness in capital goods and power, along with continued pressure on the rupee, showed that the recovery remained selective
Maersk places order for 1,000 shipping containers with DCM Shriram Group
Global shipping giant AP Moller-Maersk has ordered 1,000 more India-made shipping containers from DCM Shriram Group. Union Minister Sarbananda Sonowal unveiled the first such container, marking a significant step towards self-reliance in maritime manufacturing. This partnership is set to boost India's global supply chain presence and manufacturing capabilities, supported by government initiatives promoting domestic production.