Business

Mumbai, July 11 (IANS) After rallying for four consecutive weeks, the Indian equity benchmarks posted mild weekly loss, as escalating tensions in West Asia sent crude prices higher.

Nifty lost 0.26 per cent during the week and edged up 1.02 per cent on the last trading day to reach 24,206. At close, Sensex was up 827 points, or 1.08 per cent, at 77,569. It lost 0.25 per cent during the week.

Indian equities experienced a volatile week, with early optimism giving way to a sharp bout of risk aversion due to geopolitical tensions.

Investor sentiment weakened after fresh military strikes and concerns over the progress of the US–Iran peace negotiations triggered a risk-off mood across global markets.

"However, the sell-off proved to be short-lived, as investor sentiment improved markedly following encouraging Q1 FY27 business updates from the banking and IT sectors, which provided a constructive backdrop for the upcoming earnings season," an analyst said.

Indian equities gradually recovered in the latter half of the week as crude oil prices declined from nearly $76 per barrel to the $71–72 range, global technology stocks rebounded, and optimism surrounding the ongoing diplomatic discussions helped improve overall market sentiment.

Sustained earnings outperformance in Q1FY27 is likely to reinforce confidence in the FY27 corporate earnings outlook which could help catalyse a recovery in FII inflows, they said.

Foreign Institutional Investors (FIIs) remained net buyers through most of the trading sessions, ending the week with net inflows of approximately Rs 4,670 crore.

On the sectoral front, real estate, consumer durables, and IT outperformed, whereas media, FMCG and chemicals lagged. Mid and small-cap segments outperformed the broader market, supported by gains in realty, consumer durables, and metal stocks.

Broad market indices showed divergence with benchmark indices, as Nifty Midcap100 added 1.36 per cent, while Nifty Smallcap100 rallied 1.26 per cent during the week.

Immediate resistance levels for Nifty are placed at the 24,300 level and the 24,100 level is expected to provide immediate support, followed by the 24,000 level.

Also, immediate support for Bank Nifty is placed in the 57,800–57,700 zone, while resistance is seen at 58,200–58,300 zone.

Investors remain keen on Q1FY27 earnings and the domestic inflation print, US core inflation data and commentary from Federal Reserve officials.

"Despite the hawkish tone of the recent FOMC meeting, easing inflationary pressures and slowing growth across the US, the EU, and China have strengthened expectations of a more accommodative monetary policy stance," a market participant said.

—IANS

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Mumbai, July 11 (IANS) Foreign institutional investors (FIIs) turned net buyer in the Indian equity markets this week, purchasing Rs 4,670 crore based on provisional exchange data.

Domestic institutional investors (DIIs) were also net buyers as usual, purchasing Rs 8,280 crore.

Mutual fund systematic investment plan (SIP) contributions reached a three-month high of Rs 31,780 crore in June, according to the latest data released by the Association of Mutual Funds in India (AMFI).

This reflects a steady 2.7 per cent month-on-month increase compared to Rs 30,950 crore in May, alongside a 16.5 per cent jump from the Rs 27,270 billion recorded in June 2025, according to analysts.

“Benchmark Indices snapped it's four-week winning streak as it traded with high volatility and closed marginally lower during last week. Nifty started the week on a positive note and rallied to form an intra-week high of 24,530 on Tuesday’s session,” said Pabitro Mukherjee, Deputy Vice President-Research, Bajaj Broking.

However sharp decline during the midweek on account of renewed geopolitical tensions between US and Iran saw the index gave up entire recent gains and formed an intra-week low of 23,805 on Wednesday’s session.

Index witnessed a rebound in the last two session of the week to close around 24,200 levels down by 0.3 per cent.

According to analysts, as far as policy initiatives are concerned, improvements made in the tax structure for foreign debt investors and policies to bring in foreign currency flows have boosted investor confidence.

There has been considerable participation of FIIs in the domestic markets with the flow of FII funds in debt markets being around $5-$6 billion, said market watchers.

FIIs were net sellers ($3 billion) in June while domestic institutional investors (DIIs) were net buyers ($9 billion) in the Indian equity market.

Over the last 12 months, Indian primary markets recorded FII net inflows of $8.1 billion while secondary markets suffered FII net outflows of $49.3 billion, said the report by JM Financial Institutional.

—IANS

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Washington, July 11 (IANS) The United States has assumed the chairmanship of a coalition for cooperation in critical mineral supply chains following South Korea's "successful" term as its chair, the State Department announced in a media note.

The U.S. undertook the chairmanship of the Forum on Resource Geostrategic Engagement (FORGE), a coalition of like-minded nations working together to establish "secure, diversified and resilient" critical mineral supply chains, according to the department, reports Yonhap news agency.

Secretary of State Marco Rubio launched FORGE during a ministerial meeting in Washington in February, amid U.S. efforts to step up cooperation with allies to strengthen and diversify supply chains for critical minerals, over which China has wielded formidable influence.

"During its chairmanship, the United States will continue championing efforts to safeguard the national and economic security of the United States by working alongside FORGE partners to accelerate critical mineral projects that power our economy and underpin our security," the department said.

"The United States looks forward to a productive tenure as chair and remains committed to working with our partners to create secure supply chains of some of the key critical minerals," it added.

Previously, South Korea also chaired the Minerals Security Partnership, a precursor to FORGE.

Meanwhile, the United States has told Iran that the ceasefire with it is "over" though Washington agreed to continue talks with the Islamic Republic, U.S. President Donald Trump said, following an escalation of tensions caused by an exchange of strikes this week.

Trump made the remarks in a social media post, amid concerns that the exchange of attacks could derail negotiations aimed at fully reopening the crucial Strait of Hormuz, ending Iran's disputed nuclear programme and bringing a permanent end to their months-long war.

"The Islamic Republic of Iran has asked us to continue 'talks'," he wrote on Truth Social. "We have agreed to do so, but the United States has stated to them, in no uncertain terms, that the Cease Fire is OVER!”

—IANS

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New Delhi, July 11 (IANS) Apple has sued the leading artificial intelligence (AI) firm OpenAI and its hardware chief for allegedly engaging in a coordinated campaign to steal information about upcoming products.

The iPhone maker alleged that OpenAI pushed Apple employees to divulge information, components, drawings and other materials related to upcoming products, according to multiple reports.

In a suit filed in the Northern District of California, Apple alleged that Tang Tan, the chief hardware officer at OpenAI, encouraged employees to share information about Apple’s upcoming products in job interviews.

He worked previously as Apple’s vice president of product design, leading development of the iPhone, smartwatch, AirPods and several other offerings in the company’s hardware engineering division.

The suit also named a former iPhone hardware engineer, Chang Liu, saying he provided materials, said reports.

It alleged that Liu developed hardware for OpenAI by illegally accessing dozens of Apple’s confidential hardware-related files, including voluminous, detailed information about unreleased products and engineering presentations, the lawsuit said.

Apple alleged that OpenAI “actively coached” many employees on how to handle their exits so that access to secret files is not lost.

OpenAI dismissed the allegations saying it has “no interest in other companies’ trade secrets and remains focused on building innovative technology that empowers people everywhere.”

Both companies have worked in close collaboration in recent years, where OpenAI had supplied vital technology to the Apple Intelligence platform and Siri digital assistant.

However, tensions grew in the past year, and was fuelled by OpenAI enlisting former Apple design visionary Jony Ive to help develop devices.

Just a few months ahead of its initial public offering OpenAI has successfully lured around 400 Apple employees to its flock, according to the lawsuit.

“At every level, from members of its technical staff to its chief hardware officer, and in coordination with business partners, OpenAI has been stealing Apple’s trade secrets and confidential information,” the tech giant said in the suit.

Apple demanded OpenAI to destroy any proprietary materials and redesign upcoming products discarding copied technology.

—IANS

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New Delhi, July 10 (IANS) Finance Minister Nirmala Sitharaman is scheduled to meet heads of public sector banks (PSBs) and financial institutions on Monday to review the progress of foreign currency deposit mobilisation and overseas borrowing initiatives aimed at strengthening external capital inflows, as per sources.

The meeting comes after the Reserve Bank of India (RBI) last month announced a series of measures to encourage banks to mobilise foreign currency deposits from Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Persons of Indian Origin (PIOs).

FM Sitharaman will review the mobilisation of Foreign Currency Non-Resident (Bank) or FCNR(B) deposits, overseas foreign currency bonds and external commercial borrowings (ECBs) by public sector banks and financial institutions, including IDBI Bank.

Until September 30, the central bank had withdrawn the interest rate ceiling on fresh FCNR(B) deposits with maturities of three to five years to help banks attract higher foreign currency deposits.

In addition, the RBI has introduced a concessional foreign exchange swap facility for FCNR(B) deposits of three to five years, reducing the cost of hedging foreign currency exposure for banks.

Moreover, the central bank announced a similar concessional forex swap facility to encourage public sector undertakings (PSUs) to raise funds through External Commercial Borrowings until September 30.

Following this, banks have registered a gradual increase in the flow of overseas funds and expect collections to accelerate further this month as awareness among NRIs is growing.

NDTV Profit reported that the industry has mobilised an estimated $3-4 billion through FCNR-B deposits as of July 3.

Bankers expect inflows to gather pace in the coming weeks, particularly from non-resident Indians based in the Gulf region, the report added.

Additionally, the revised scheme is expected to attract $40-50 billion in fresh FCNR-B deposits over time, according to bankers.

--IANS

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New Delhi, July 10 (IANS) Messaging platform Telegram has submitted its reply to the Ministry of Electronics and Information Technology's (MeitY) notice on its 'username' feature, following a similar response from WhatsApp, according to sources.

The government is currently examining the submissions made by both messaging platforms, according to them.

The 'username' feature allows users to communicate without sharing their mobile phone numbers, a functionality that has drawn the Centre's attention over concerns that it could facilitate online fraud, phishing, impersonation and so-called digital arrest scams.

Earlier, WhatsApp had submitted its response to the government's notice over its proposed username feature, with the Ministry of Electronics and Information Technology (MeitY) currently examining the company's submissions.

The ministry had issued a notice to WhatsApp last week, raising concerns that the proposed feature could potentially lead to a rise in online fraud, phishing, digital-arrest scams and impersonation attacks.

The government also directed the messaging platform not to roll out the username feature in India until consultations on the issue were completed to the government's satisfaction.

The proposed feature would allow users to communicate on WhatsApp without sharing their mobile phone numbers, providing an additional layer of privacy.

Earlier this week, IT Secretary S. Krishnan had said WhatsApp's response was expected by Thursday.

He had also confirmed that similar notices were issued to Telegram and Signal over their username features, with the government seeking details on the safeguards adopted by the platforms to address fraud and impersonation risks.

"We will await the formal response to the notice that we have issued, and thereafter we will take a view based on what the response is," Krishnan had said.

Separately, IT Minister Ashwini Vaishnaw recently directed ministry officials to seek an explanation from Meta over the alleged presence of child sexual abuse material in advertisements on Instagram.

--IANS

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New Delhi, July 10 (IANS) The Forum for Internet Retailers, Sellers and Traders (FIRST) -- an association of online retailers under the India SME Forum -- has approached the Competition Commission of India (CCI) alleging that Flipkart engaged in predatory and discriminatory business practices that distorted competition on its marketplace, according to a report.

NDTV Profit reported that according to the complaint, FIRST alleged that Flipkart's GST avoidance created a pool of nearly Rs 3,000 crore, enabling the Walmart-owned e-commerce platform to offer deep discounts and undercut independent sellers.

The retailers' body also alleged that Flipkart gave preferential treatment to 33 select sellers, allowing them to list products below cost and placing other marketplace sellers at a competitive disadvantage.

FIRST further claimed that Flipkart was effectively operating an inventory-led model despite being permitted to function only as a marketplace under India's foreign direct investment (FDI) rules for e-commerce.

The association has urged the competition watchdog to investigate Flipkart, its parent Walmart, and group companies Myntra, Ekart and Cleartrip for alleged violations of the Competition Act.

However, responding to the allegations, Flipkart said it operates in compliance with all applicable laws and regulations and would cooperate with any regulatory process, according to the report.

"Flipkart operates in compliance with all applicable laws and regulations and will cooperate with any regulatory process, as required," a company spokesperson said in a statement.

The company said it currently enables more than 1.4 million sellers, most of them MSMEs, farmer producer organisations (FPOs) and small businesses to reach customers across India and remains focused on creating value for sellers, consumers and the broader digital commerce ecosystem.

The complaint comes as Flipkart prepares for a public listing and adds to the regulatory scrutiny facing large e-commerce platforms over allegations of preferential treatment, deep discounting and marketplace neutrality.

--IANS

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New Delhi, July 10 (IANS) Monthly rents for retail space in Delhi's upscale Khan Market rose 9 per cent year over year in the Q1 FY27 as demand strengthened amid constrained supply, a report has said.

The report from real estate services firm Cushman & Wakefield said that asking rents in Khan Market were Rs 1,700 to Rs 1,800 per square foot for the quarter, keeping the market’s position as India’s most expensive high street.

Rents across major high‑street locations in the Delhi‑National Capital Region rose between 2 per cent and 10 per cent, with Kamla Nagar the only market to remain flat.

"Major main street rentals across Delhi NCR witnessed growth compared to last year. Khan Market witnessed 9 per cent year-on-year growth, while Galleria Market (Gurugram) and Connaught Place have seen annual rental increases of 4 per cent and 2 per cent, respectively," the report said.

South Extension I and II recorded the biggest annual growth, up 10 per cent to Rs 850 to Rs 900 per square foot.

Connaught Place’s Inner Circle saw rents rise 2 per cent to Rs 1,250 to Rs 1,300 per square foot, while main street rentals in Galleria Market of Gurugram grew 4 per cent to Rs 1,250 to Rs 1,350 per sq ft.

Delhi’s Greater Kailash-I, M Block, saw a 2 per cent increase to Rs 490–510 per square ft per month, while Karol Bagh witnessed a 2 per cent surge to Rs 415-425 per square foot.

Rent in Delhi’s Lajpat Nagar stood at Rs 300-320 per square foot a month, up 3 per cent annually and Rajouri Garden saw a 2 per cent hike to Rs 260–270 per square foot.

The leasing of retail spaces in shopping malls and major high-streets across Delhi-NCR more than doubled to 0.67 million sq ft during the quarter on an annual basis.

Malls secured 63 per cent of the quarterly leasing volume, while main streets accounted for 37 per cent, the report noted.

—IANS

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New Delhi, July 10 (IANS) India’s electric vehicle components market is expected to expand eightfold from Rs 41,000 crore in 2025 to Rs 3.55 lakh crore by 2032, a report said on Friday.

The report from India Energy Storage Alliance and Customized Energy Solutions said battery packs, motors and power electronics will drive unprecedented growth in the domestic EV supply chain.

The report unveiled at India Energy Storage Week 2026 at Yashobhoomi (IICC), here, projected a compound annual growth rate of 38 per cent between 2025 and 2032, far outpacing global averages.

Battery packs will account for more than half of the component market in 2025, with motors, inverters and battery management systems rising as OEMs increase drivetrain integration.

The incremental opportunity of Rs 3.14 lakh crore over this period will disproportionately reward domestic firms that invest in R&D, manufacturing capability, and supply chain resilience, it noted.

The future of India’s EV sector depends on building robust technology ownership, local supply chains, and intellectual property that can anchor the nation’s mobility landscape for the next decade.

The summit drew over 200 exhibitors and more than 10,000 industry leaders for policy discussion, technical exchange, and major announcements set to define India’s clean energy transition.

“Western Australia is ready to partner with India not just as a supplier of critical minerals, but as an innovation and investment ally in the EV revolution,” said Dr. Ian Martinus, Investment and Trade Commissioner, India-Gulf, Government of Western Australia.

Avanthika Satheesh, Director, Consulting, CES, said that India’s EV component market surge signals the country's readiness to lead in technology and manufacturing.

The report also flagged that battery packs and inverters remain the most import-dependent segments of the value chain, together representing nearly 60% of an EV’s cost structure, while motors and BMS are localising faster due to their software-driven and lower capital intensity characteristics.

—IANS

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New Delhi, July 10 (IANS) The Central government’s decision to rationalise customs duties on capital equipment and critical inputs for electronic good production will deepen domestic value addition and attract investment, industry bodies said on Friday.

The government has rationalised duties for inputs in lithium‑ion battery cell manufacturing, display assemblies and wireless charging inductor coil modules.

Ashok Chandak, President of the India Electronics and Semiconductor Association (IESA) found the relief as “much more than a customs duty rationalisation” as it would lower capital costs, improve project viability and catalyse investments across the electronics value chain.

The move will accelerate India's transition from an assembly-led economy to a globally competitive electronics manufacturing hub, Chandak added.

The policy complements existing schemes such as the Electronics Component Manufacturing Scheme (ECMS) and the Semicon India Programme.

“"This is much more than a customs duty rationalisation—it is a strategic investment in India's manufacturing future. The government is enabling higher domestic value addition, improving global competitiveness and making India a more attractive destination for electronics manufacturing investments,” Chandak said.

Smartphones, EVs, telecom systems, medical devices and energy storage solutions built in India creates demand for semiconductors. A stronger component ecosystem today lays the foundation for a stronger semiconductor ecosystem tomorrow, he added.

Pankaj Mohindroo, Chairman of the Indian Cellular and Electronics Association (ICEA), welcomed the broadening of duty dispensation for display assemblies to include automotive, medical and industrial displays, saying it would help build industry verticals in these segments similar to the growth seen in mobile and consumer electronics display assembly.

India's electronics market is projected to exceed $400 billion by 2030, while semiconductor demand is expected to cross $103 billion during the same period.

Simultaneously, India is building a multi-hundred GWh lithium-ion battery manufacturing ecosystem to support the rapid growth of electric mobility and energy storage.

Lower duties on manufacturing equipment will improve the competitiveness of these investments and strengthen supply chain resilience.

--IANS

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