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Stock market today: Nifty50 above 24,900; BSE Sensex opens on a choppy note
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened on a choppy note on Tuesday. While Nifty50 was above 24,900, BSE Sensex was near 81,750.
Meesho to pay $288 million tax to come back
Meesho has received approval from the NCLT to move its domicile from the US back to India, a process involving the demerger of its Indian operations from its US parent. This reverse flipping allows Meesho to align its corporate structure with its primarily India-based business.
Reliance Industries sells 0.9% in Asian Paints for Rs 1,876 crore
Siddhant Commercials, a Reliance Industries group entity, divested 85 lakh Asian Paints shares for approximately Rs 1,876 crore via a block deal on the NSE, with ICICI Prudential Mutual Fund acquiring the entire stake.
Wholesale inflation eases to 14-month low
India's wholesale price inflation hit a 14-month low of 0.4% in May, driven by cheaper food, fuel, and metals, according to commerce ministry data. Vegetable prices significantly declined, with notable drops in onion, tomato, and potato costs. Experts, however, caution that geopolitical tensions could impact crude oil prices, potentially affecting the overall price situation in the coming months.
Meta names Srinivas as India MD, head
Meta has appointed Arun Srinivas as the managing director and head of its India operations, effective July 1, 2025. He succeeds Sandhya Devanathan, who now oversees India and Southeast Asia. Srinivas will be responsible for aligning business, innovation, and revenue strategies for Meta in India, reporting to Devanathan.
West Asia unrest: Government to meet stakeholders
The government is convening a meeting with shipping lines and container firms to evaluate the impact of the escalating conflict in West Asia on India's trade. Concerns include potential increases in shipping rates, longer routes for vessels, and higher insurance premiums.
Zee to raise Rs 2,200 crore from promoter group entities
Zee Entertainment Enterprises will raise Rs 2,237 crore from its promoters through convertible warrants to bolster growth plans after the failed Sony merger. This infusion will significantly increase the Subhash Chandra family's stake in Zee to 18.39%. The company aims to stabilize operations, invest in digital growth, and build its core business, with shareholder approval sought on July 10.
TCS deployment policy: 225 billing days mandatory, bench time capped at 35 days
TCS has updated its associate deployment policy, mandating employees to be billable for 225 days annually and limiting bench time to 35 days. The policy emphasizes proactive engagement from associates in seeking project allocations and continuous upskilling through TCS platforms. Failure to meet allocation targets may impact compensation, career growth, and future opportunities.
Goods exports shrink, trade deficit narrows
India's goods exports experienced a slight contraction of 2.3% in May, mirroring a 2.8% dip in imports, leading to a reduced trade deficit of $21.9 billion. The decline in exports was primarily driven by falling oil prices, impacting petroleum product shipments, while imports decreased due to lower gold and crude oil prices.
Dalal Street ignores Iran-Israel conflict, sensex up 678 points
Indian stock market soared on Monday. Sensex closed 678 points higher. Nifty also saw a significant rise. HDFC Bank, ICICI Bank, and Infosys led the gains. Domestic funds invested heavily, offsetting foreign fund outflows. Investors grew richer by Rs 3.3 lakh crore. A potential ceasefire between Israel and Iran may further boost the market. Gold prices fell on ceasefire news.
Crude awakening: Companies wait & watch
Escalating tensions between Israel and Iran are causing volatility in crude oil prices, impacting various sectors from FMCG to paints. Companies face challenges in protecting margins amid rising input costs, potentially affecting consumer spending on discretionary items.
US trade deal: Government looks at duty cuts by both sides
India aims for a "preferential and sustained advantage" in its trade deal with the US, seeking tariff reductions to boost market access and double trade to $500 billion. Negotiations are progressing towards an early tranche before July 9, with India focusing on lower duties for its labor-intensive products. Both countries are targeting a comprehensive bilateral trade pact by Fall.
NPCI cuts by half response time for UPI transactions
The National Payments Corporation of India (NPCI) has reduced the response time for various stages of Unified Payments Interface (UPI) transactions to improve user experience and system efficiency. Effective June 16, the response time for debit and credit processing under Request Pay and Response Pay APIs has been halved from 30 seconds to 15 seconds.
Top stocks to buy today: Stock market recommendations for June 17, 2025 - check list
Stock market recommendations: Mirae Asset Sharekhan's Somil Mehta recommends buying Apollo Hospitals and Persistent. Apollo Hospitals, currently trading around Rs 7,100, is expected to reach Rs 7,545, while Persistent, near Rs 6,010, aims for Rs 6,300.
South Delhi India's capital for FMCG consumption
West Delhi leads India in FMCG spending, averaging Rs 39,325 annually per household, while South Delhi consumes the most volume at 240kg per household. Bengaluru tops in premium FMCG product spending. Mumbai's GDSC cluster shops most frequently, though with smaller basket sizes, and both Delhi clusters favor home-cooked meals but also consume bottled soft drinks.
Odisha mega projects: State approves Rs 1.51 lakh crore industrial push; over 62,000 jobs on the horizon
Odisha's industrial sector is set for a major boost as the state government approved eight mega projects worth Rs 1.51 lakh crore. These ventures, spanning across six districts, are expected to create over 62,000 jobs in sectors like aluminium, chemicals, and steel.
From cars to couture: Kering appoints Renault’s Luca De Meo to lead Gucci; French high-fashion brand hopes for revival
Kering has appointed Luca de Meo, renowned for revitalizing Renault, as its new CEO to revive Gucci. This strategic move follows a significant drop in Kering's revenue and profit, largely attributed to Gucci's declining sales. De Meo's track record of turning around struggling companies has raised cautious optimism among analysts, hoping for a similar transformation at Gucci.
RBI's new regulation? Issues draft norms on Rupee interest rate derivatives; allows non-resident to undertake transactions
The Reserve Bank of India has released draft regulations to update rules for Rupee Interest Rate Derivatives, aligning the framework with market practices and increased non-resident participation. These proposed changes allow non-residents to undertake IRD transactions and simplify reporting requirements. The RBI seeks feedback on the draft by July 7, 2025, aiming to enhance market transparency.
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