Business

Mumbai, July 6 (IANS) Indian equity benchmarks extended their winning streak to a fourth consecutive session on Monday, supported by strong buying in realty, auto, oil and gas stocks.

The Nifty closed 159.50 points, or 0.66 per cent, higher at 24,430.35, while the Sensex advanced 521.16 points, or 0.67 per cent, to settle at 78,285.07.

Commenting on Nifty technical outlook, experts said that the 24,500–24,600 zone will remain a crucial region to watch in the upcoming sessions, as a decisive move above this band could confirm the continuation of the ongoing bullish trend.

"On the downside, the 24,200 level is expected to act as immediate support in case of any profit booking, followed by the 24,000 psychological zone, which remains the crucial zone," an analyst said.

Among the Nifty constituents, HDFC Bank, Hindalco Industries and Oil and Natural Gas Corporation (ONGC) emerged as the top gainers, helping lift the benchmark indices.

The broader market also ended on a positive note. The Nifty MidCap index gained 0.45 per cent, while the Nifty SmallCap index outperformed with a 0.75 per cent rise.

Sectoral indices largely traded in the green, with the Nifty Realty index leading the gains and closing at a six-month high. The Nifty Auto index climbed to its highest level in a month, while the Nifty Oil and Gas and Nifty Consumer Durables indices also posted strong gains.

Experts said that the day's rally marked the fourth straight session of gains for the benchmark indices, with sustained buying across rate-sensitive and cyclical sectors underpinning market sentiment.

"Market sentiment remains positive, supported by the decline in the India VIX, which reflects improving investor confidence," an analyst stated.

"The rally was broad-based, with real estate, oil & gas, automobiles and consumer durables emerging as the top-performing sectors, each advancing around 1 per cent during the session, as buying interest remained widespread across the market," as per the expert.

--IANS

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Stanlow (UK), July 6 (IANS) Essar Energy Transition is pleased to confirm it has successfully renewed a 300 million US dollar crude facility between Essar Energy Transition Fuels and Petraco Oil Company SA, demonstrating market confidence in the company’s performance, market position and strategic importance.

Essar Energy Transition Fuels, owner and operator of the Stanlow Refinery UK, is delivering strong commercial performance following a landmark investment year, with Essar Energy Transition Fuels also achieving its highest-ever domestic sales and production since acquisition.

It is investing in low-carbon energy solutions and the decarbonisation of its industrial assets. The company has renewed a three-year, US $ 300m strategic crude and product facility.

The transaction represents an important next step as Essar Energy Transition Fuels strengthens strategic relationships with leading industry players, like Petraco Oil Company SA.

Petraco has been a valuable business partner for Essar over the years. The facility enables Essar Energy Transition Fuels to diversify the crude sourcing and marketing options for its products.

It further strengthens feedstock security in an increasingly volatile global energy market, enhancing Essar Energy Transition Fuel’s ability to respond to changing market conditions and capture value across its refining and trading activities.

This facility also provides stability and strength to its capital structure.

Satish Vasooja, Chief Financial Officer at Essar Energy Transition Fuels, said: “We’re delighted to renew our partnership with Petraco. This important transaction demonstrates the strength of this strategic relationship and will ensure that we can build on our strong commercial performance.”

Alberto Salsiccia, Chief Financial Officer at Petraco Oil Company SA, said: “We’re pleased to have concluded this trading facility for the next 3 years with Essar, a UK national energy player. This demonstrates Petraco’s varied ability to collaborate with business partners and drive mutual benefits.”

--IANS

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New Delhi, July 6 (IANS) Major benefits have already accrued from the recently signed New Zealand–India free trade agreement, Trade Minister Todd McClay said, with export volumes and visitor arrivals from India rising even before the pact formally enters into force, a new report has said.

The report from Australia-based Mirage News said around 8,000 Indian visitors arrived in April 2026, a sharp increase from previous years, marking a major impact of the FTA.

"The New Zealand-India FTA has been signed and is now before Parliament. We expect it to enter into force later this year, but we're already seeing a strong halo effect. Export volumes are up because businesses and customers can see the quality of what New Zealand has to offer," McClay said as per the report, adding that the benefits will only keep growing once the agreement becomes operational.

Apples exports have jumped 63 per cent in 2026 so far, rising from 27,000 tonnes in 2024 to about 45,000 tonnes. India has moved from New Zealand’s seventh‑largest apple market to fourth in two years.

"In just two years India has climbed from our seventh-largest apple market to our fourth," the minister said.

Apple tariffs will halve to 25 per cent from day one of FTA implementation on an initial quota of 32,500 tonnes, rising to 45,000 tonnes by year six, which will be a significant real financial boost for growers, according to the minister.

The deal provides tariff‑free access for Kiwifruit within a new quota starting at 6,250 tonnes, rising to 15,000 tonnes by year six, while tariffs outside the quota are halved from the start.

Matariki Forests sent its first shipment of logs from Bluff to India since 2020, in June 2026, and chip and pulp exporters reported strong momentum.

“Air New Zealand just announced it is working on joint venture plans with Air India that would allow it to start the first direct services between our countries,” the report noted.

--IANS

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New Delhi, July 6 (IANS) India's dealmaking landscape witnessed a sharp rise in transaction values during the second quarter of 2026, with the combined value of mergers and acquisitions (M&A) and private equity (PE) deals surging 127 per cent quarter-on-quarter to $36.3 billion, according to a report.

According to a report by Grant Thornton Bharat, M&A activity emerged as the key driver of dealmaking during the quarter, with 240 transactions worth $27.9 billion.

While M&A deal volumes declined 12 per cent quarter-on-quarter, deal values jumped 302 per cent, supported by five billion-dollar cross-border acquisitions, it added.

Outbound deals accounted for 84 per cent of the total M&A value, reflecting growing confidence among Indian companies in pursuing global expansion opportunities.

The largest transaction of the quarter was an $11.8 billion overseas acquisition by an Indian pharmaceutical company, making it the biggest outbound acquisition by an Indian pharma firm.

Meanwhile, private equity activity moderated during the quarter, with 325 deals worth $8.4 billion, down 22 per cent in volume and 8 per cent in value compared to the previous quarter.

Despite the slowdown, average deal sizes increased, indicating a shift towards fewer but larger investments.

Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat, said India's deal activity reflected a divergence, with deal values rising sharply on the back of strategic outbound acquisitions even as domestic and private equity activity remained relatively measured amid global uncertainties.

The report further noted that investor confidence in high-growth businesses remained resilient, with four new unicorns emerging during the quarter.

The largest private equity transaction was the $1.6 billion acquisition of the Rajasthan Royals IPL franchise.

In the public markets, IPO activity remained subdued, with 11 listings raising $1.1 billion during the quarter.

In contrast, qualified institutional placements (QIPs) gathered pace, with 16 issuances raising $2.3 billion.

Among sectors, retail and consumer led deal volumes with 95 transactions, followed by IT and IT-enabled services (80 deals) and banking and financial services (62 deals).

In terms of value, pharma, healthcare and biotechnology topped the list with $13.7 billion.

Manufacturing followed with $3.5 billion, while telecom and infrastructure management recorded deal values of $3 billion and $2.9 billion, respectively.

--IANS

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New Delhi, July 6 (IANS) India has one of the largest cooperative ecosystems in the world, spanning nearly every sector of the economy and in five years, the Ministry of Cooperation has transformed cooperatives into engines of inclusive growth, an official factsheet said on Monday.

Stronger institutions, improved service delivery, and broader digital adoption have enhanced grassroots' impact. Expanded infrastructure and better market access have strengthened rural economies. Women and farmers now have greater opportunities through cooperative-led development.

The 5th Foundation Day of the Ministry of Cooperation was celebrated on July 6, which included the key highlight of the transformation of 50,000 Primary Agricultural Credit Societies (PACS) into e-PACS.

The programme also witnessed the laying of foundation stones for 47 grain storage godowns to enhance cooperative storage infrastructure.

A Milk Supply Review Dashboard Portal for the National Dairy Development Board was launched to improve management of milk procurement and distribution.

Additionally, two flagship initiatives of the National Urban Cooperative Finance and Development Corporation (NUCFDC) were unveiled - Sahakar CBS and Sahakar Sahyogi.

Sahakar CBS is a centralized Core Banking Solution for Urban Cooperative Banks. Sahakar Sahyogi is a conversational AI-powered platform designed to enhance customer services and banking operations.

According to the factsheet, technology has become central to strengthening cooperative governance and efficiency.

Towards the digitalisation of PACS, total financial outlay has been increased to Rs 2,925.39 crore in 2025 from the initial allocation of Rs 2,516 crore in 2022.

The cooperative dairy sector is being strengthened under the ‘White Revolution 2.0’ with a focus on increasing milk procurement by 50 per cent by 2028-29. About 25,282 dairy cooperative societies have been registered so far, according to the factsheet.

The National Cooperative Development Corporation (NCDC) has played a major role in financing the growth of cooperatives.

During FY2025-26, NCDC has sanctioned Rs 1.55 lakh crore and disbursed Rs 1.27 lakh crore. It has also disbursed Rs 2,320 crore to FPOs/Cluster-Based Business Organizations (CBBOs) under the scheme for formation and promotion of 10,000 FPOs (as of May 2026).

Bharat Taxi is an initiative of Sahakar Taxi Cooperative Limited. At present, Bharat Taxi has 6.37 lakh registered drivers and 35.77 lakh registered customers.

The service is operational in Delhi-NCR, Gujarat, Lucknow, Chandigarh, Mumbai, Jaipur, and Kanpur. Operations are planned to be launched in Ranchi, Patna, Guwahati, Bhopal, Kolkata, Indore, and Nagpur in the next few months.

“As India advances on its path of inclusive and sustainable development, cooperatives will continue to foster equitable growth and resilience,” said the official statement.

--IANS

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New Delhi, July 6 (IANS) India and Japan have signed their first bilateral agreement for the joint development of defence equipment, marking a significant step forward in their growing strategic and security partnership.

According to Japan's Ministry of Foreign Affairs, the inaugural project under the agreement will focus on the development and licensed production of the UNICORN (Unified Complex Radio Antenna) shipborne communications mast, an advanced integrated mast system developed by Japan's NEC Corporation.

Under the arrangement, Bharat Electronics Limited (BEL) will manufacture the system in India in collaboration with Japanese partners. Japan will provide the design and core technologies, while India will undertake system integration, localisation and production in line with the government's "Make in India" initiative.

Although the UNICORN system was originally developed by NEC, India plans to integrate its own sensors and antennas into the mast for deployment on Indian Navy warships. The integrated mast is expected to gradually replace existing communication and sensor mast systems across the Navy's fleet.

India has shown interest in acquiring the technology for several years. In November 2024, the two countries concluded an agreement for the export of UNICORN multifunctional masts to India under their broader strategic partnership, paving the way for the latest co-development initiative.

UNICORN, also known as NORA-50, was jointly developed by NEC Corporation, Sampa Kogyo K.K. and The Yokohama Rubber Co., Ltd. for Japan's Mogami-class frigates. Designed as an integrated mast, the system consolidates multiple communication, surveillance and electronic warfare antennas into a single structure, reducing the number of externally mounted antennas on a ship's superstructure.

The mast incorporates an omnidirectional surveillance radar antenna, electronic support measures (ESM) antennas, Wi-Fi and Link 16 antennas, UHF transmit and receive antennas, identification friend-or-foe (IFF) systems, VHF/UHF communication antennas, a tactical navigation system and a lightning conductor.

Apart from improving space utilisation and reducing maintenance complexity, the integrated design lowers a vessel's radar cross-section, enhancing stealth characteristics and making naval platforms more difficult to detect.

Development of the UNICORN system took place between 2015 and 2016, with serial production beginning in 2018. The mast was first installed on Japan's Mogami-class frigates in 2019.

--IANS

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Seoul, July 6 (IANS) Prosecutors said on Monday they have indicted major domestic refiner HD Hyundai Oilbank and two company officials in a price-fixing case believed to be worth 26 trillion won ($17 billion) following the outbreak of the US-Iran war.

The company is accused of engaging in collusive activities to raise prices of petroleum products after the war triggered sharp rises in global energy prices in late February, according to the Seoul Central District Prosecutors Office, reports Yonhap news agency.

Two officials from HD Hyundai Oilbank's pricing department have also been indicted in the case.

Prosecutors accused HD Hyundai Oilbank and another refiner SK Energy Co. of direct collusion valued at 14.2 trillion won and two other refiners -- GS Caltex Corp. and S-Oil Corp. -- of matching the rigged price hikes, undermining market competition by a total of around 26 trillion won.

They did not indict SK Energy under a leniency program. The other two companies also did not face charges as the alleged activities did not fall under fair trade law violations.

Their investigation found that HD Hyundai Oilbank and SK Energy colluded on the timing and scale of price increases for petroleum products after the outbreak of the war.

GS Caltex and S-Oil, which determine price levels based on those of HD Hyundai Oilbank and SK Energy in the domestic market, followed the price hikes, resulting in the overall price increases in the country, according to the prosecution.

Prosecutors believe that the refiners imposed aggressive price hikes despite having stockpiled considerable amounts of crude oil when the war began.

"The collusion that came immediately after the war was not a temporary deviation but chronic collusive practices being made in an international crisis situation," the prosecution said.

Separately, the prosecution indicted the four companies on charges of violating the fair trade act by forcing independent gas stations into purchasing their products under unfair contracts.

The prosecution accused the refiners of blocking such gas stations from buying cheaper products from others by filing massive damages suits and suspending consumer benefits.

It also indicted a HD Hyundai Oilbank employee and a GS Galtex employee on charges of destroying evidence in connection with the Fair Trade Commission's on-site inspection of the refiners in March.

--IANS

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New Delhi, July 6 (IANS) Strong growth in bank lending is expected to be the main driver of Indian banks’ profitability even as net interest margins remain flat or marginally lower in the first quarter of FY27, a report said on Monday.

The report from Systematix Institutional Equities said banking system advances expanded by 17.7 per cent year‑on‑year as of May 2026, compared with 9 per cent YoY growth recorded in May 2025, marking the highest annual growth rate since June 2024.

The report forecasted YoY earnings growth to accelerate in Q1FY27, at over 13.7 per cent (excluding IIB and BOB) compared to over 11.9 per cent in Q4FY26, primarily driven by strong YoY advances growth and lower provisioning costs.

Segment-wise, services was the fastest growing segment among advances at 20.4 per cent growth, led by non-bank finance companies surging 33.7 per cent.

The industrial segment accelerated to 17.5 per cent, led by micro & small industries at 26.2 per cent, while retail advances grew 15.4 per cent, including vehicle loans up 17.3 per cent and housing loans up 10.9 per cent, the report added.

"In contrast, credit card outstanding growth remained subdued at just 1.3 per cent YoY, marking its weakest growth rate in the last five quarters. For our coverage universe, we estimate aggregate advances growth of 16.1 per cent YoY and 1.7 per cent QoQ," the report said.

Deposit growth continued to lag advances, with system‑level deposits up 12 per cent year‑on‑year as of June 15, 2026, leaving the credit‑deposit ratio near 83.4 per cent.

System-level liquidity remained largely comfortable during the quarter, with surplus liquidity prevailing across the banking system except for a brief liquidity deficit between 22 and 29 June 2026, which subsequently reversed.

The firm forecasted net interest margins to remain broadly stable or witness marginal sequential compression in Q1FY27.

The 1-year MCLR continued its downward trajectory during the quarter, while the share of EBLR-linked floating-rate loans increased to 90.5 per cent for PVBs and 53 per cent for PSBs, with the corresponding share of MCLR-linked loans declining to 8.8 per cent and 43.8 per cent, respectively.

Most banks have kept rates steady on both savings accounts and term deposits in the quarter, the report noted.

—IANS

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Mumbai, July 6 (IANS) Ola Electric Mobility shares fell more than 5 per cent in intra-day trade on Monday, after a report said two suppliers of its operating arm had approached the National Company Law Tribunal (NCLT) seeking insolvency proceedings over alleged unpaid dues exceeding Rs 40 crore.

Ola Electric share price dropped as much as 5.3 per cent to an intra-day low of Rs 42.10 apiece.

At noon, the stock was trading 5.02 per cent lower, even as the benchmark Nifty index was up 0.78 per cent.

According to multiple reports, Sterling and Anevolve Mando, both suppliers to Ola Electric Technologies Private Limited, have approached the NCLT seeking insolvency proceedings against the company over unpaid dues of more than Rs 40 crore.

The report, citing filings made by Ola Electric Technologies with the Ministry of Corporate Affairs (MCA), said dues of Rs 29.8 crore owed to Sterling and Rs 10.8 crore owed to Anevolve have remained unpaid for more than 45 days. The delayed payments reportedly prompted both companies to initiate insolvency proceedings before the tribunal.

The NCLT's Bengaluru bench is scheduled to hear Sterling's petition on Monday, July 6, nearly a month after it heard Anevolve Mando's plea, according to the report.

The development marks the latest supplier-related dispute involving the electric vehicle maker. It follows a similar insolvency petition filed in 2025 by one of the company's vehicle registration agencies over payment-related issues.

Over the last five days, the shares were nearly flat, gaining Rs 1.14, or 2.79 per cent.

Over the last one month, the shares declined by Rs 2.39, or 5.38 per cent. Over the last six months, the stock delivered a negative return, falling by Rs 1.54, or 3.53 per cent.

--IANS

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Mumbai, July 6 (IANS) Aastha Spintex shares made a weak stock market debut on Monday, listing at Rs 130 apiece on both the BSE and NSE, compared with the IPO issue price of Rs 136.

The listing reflected a discount of 4.41 per cent for investors who were allotted shares in the public issue.

Despite the weak start, investor sentiment improved soon after trading began. Fresh buying interest lifted the stock to its 5 per cent upper circuit limit, reversing early losses and signalling strong demand in the secondary market.

Following the listing, the company's market capitalisation stood at Rs 598.13 crore.

The Rs 170-crore initial public offering (IPO) of Aastha Spintex was subscribed 4.64 times at the close of bidding last week. The public issue was priced in the range of Rs 125 to Rs 136 per equity share.

The IPO consisted entirely of a fresh issue of equity shares, with no offer-for-sale (OFS) component by existing shareholders.

Aastha Spintex manufactures and trades carded, combed and compact combed cotton yarn, cotton bales and allied by-products. The company operates an integrated spinning and ginning facility in Halvad in Gujarat's Morbi district.

According to the company, it plans to use Rs 111.51 crore from the net IPO proceeds to fund the acquisition of Falcon Yarns Private Limited. Another Rs 10 crore has been allocated towards meeting the acquired company's working capital requirements, while the remaining proceeds will be used for general corporate purposes.

BOI Merchant Bankers Limited and PNB Investment Services Limited acted as the book-running lead managers for the public issue.

Aastha Spintex Limited is a Gujarat-based textile company engaged in the manufacturing of contamination-controlled cotton yarn and cotton bales. The company primarily serves the B2B segment, supplying its products to fabric manufacturers, weavers and knitting units.

--IANS

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