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India-US trade pact first phase likely by mid-July
India and US set to finalize first phase of bilateral trade deal by mid-July after positive talks, aiming for preferential access and cooperation.
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India and US set to finalize first phase of bilateral trade deal by mid-July after positive talks, aiming for preferential access and cooperation.
India and the US are making rapid progress towards resolving the remaining issues in their proposed interim trade arrangement, with both countries expected to implement the first phase of the agreement by the middle of next month, Goyal said.
The shares of Vodafone Idea sharply surged nearly 7% to a new 52-week high of Rs 15.09 apiece on the NSE on Wednesday, even as the Sensex and Nifty crashed, as multiple tailwinds boosted investor sentiment for the telecom major.The stock has rallied 46% in one month and a whopping 121% in one year. The company currently has a market capitalisation of more than Rs 1.62 lakh crore.ICRA upgrades Vodafone Ideaโs rating, revises outlookRatings agency ICRA upgraded Vodafone Ideaโs rating to A- from its earlier BBB rating and revised its outlook on the companyโs long-term fund-based loans worth Rs 727 crore to โStableโ from โPositiveโ. ICRA said that the rating upgrade was driven by a change in rating approach for Vodafone Idea to factor in support from promoter Aditya Birla Group, which was further strengthened with the reโappointment of Kumar Mangalam Birla as the Chairman of the board and with the proposed equity infusion of approximately Rs 4,730 crore through a preferential allotment of warrants to a promoter group entity in May 2026. โThese developments reflect strong confidence in Viโs potential and long-term growth trajectory. The Aditya Birla Group has expressed its continued support to Vodafone Idea to ensure timely debt servicing and to ensure continuity of operations and improvement in its market position. The Aditya Birla Group has been consistent in providing operational and financial support to Vi and will continue to do so going forward. Further, the Groupโs brand equity and market position provided Vi with assistance in Government engagement and higher financial flexibility,โ it added.ICRA also highlighted the revision of Vodafone Ideaโs adjusted gross revenue (AGR) dues. In May, the Department of Telecommunications (DoT) cut Vodafone Idea's AGR dues by 27% to Rs 64,046 crore as of December 31. This revision significantly alleviates the companyโs liability burden and enhances cash flow visibility, the ratings agency said, adding that these will provide a push to the telcoโs capex plans.Citi removes โHigh Riskโ rating on Vodafone Idea sharesCiti removed its 'High Risk' rating on the stock and raised its target price to Rs 17, implying an upside potential of more than 20% from the previous closing price. In its latest note, Citi Research changed its rating on Vodafone Idea shares to โBuyโ from โBuy-High Riskโ, citing several tailwinds, including the governmentโs recent reassessment of AGR dues, rating upgrades, equity infusion by the Aditya Birla Group, and other factors into consideration.The brokerage, however, flagged key risks to its bullish view, including delays in bank funding, intensifying competition that could limit future tariff hikes, continued subscriber churn, and slower-than-expected growth in 4G and 5G users.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
India's commerce minister Piyush Goyal and Oman's ambassador to India Issa Saleh Al Shibani marked the occasion by flagging off the first consignments availing preferential tariff benefits under the pact, including agriculture and gems and jewellery exports from Mumbai, Kolkata and Chennai.
Sarthak Sidhant, 17, claimed several discrepancies in the tender process that pointed towards preferential treatment of a particular service provider.
Wall Street's main indexes hit record closing highs on โFriday and posted weekly and monthly gains as Dell results drove tech shares higher, while investors awaited details on a potential U.S.-Iran deal. President Donald Trump said in a social media post that he would make a final decision on the Iran deal on Friday. โTehran earlier said it โ was โ looking for action, not words, when it came to an agreement.Dell surged after raising its full-year profit and revenue forecasts on Thursday. The tech โsector climbed, fueled by gains in chip stocks.Peers Hewlett Packard Enterprise and Super Micro Computer gained. Microsoft climbed.The software services index โalso advanced.Earlier in the session, all three indexes hit intraday record highs, cruising on renewed optimism around AI and strong earnings growth, despite concerns about the Iran war's impact on inflation and the global economy.According to preliminary data, the โS&P 500 gained 16.11 points, or 0.21%, to end at 7,579.74 points, while โ the Nasdaq โComposite gained 53.74 points, or 0.20%, to 26,971.21. The Dow Jones Industrial Average rose 363.48 โpoints, or 0.72%, โto 51,032.45.EARNINGS-DRIVEN RALLY"There's definitely euphoric sentiment in the market around AI. The rally has really โ been driven by earnings," said Ohsung Kwon, chief equity strategist at Wells โFargo.He suggested investors buy and hold AI stocks, then earn extra income by โselling call options at prices much higher than the current stock price.Melissa Brown, head of investment decision research at SimCorp, said over the past few weeks volume has gone up, which suggests more people are coming into the market.The S&P 500 was on track for a ninth consecutive weekly gain, its longest winning streak since December 2023.The S&P 500 communications services sector dropped, as Alphabet declined. Consumer staples shares were weak with heavyweights Costco and Walmart both โdown.The S&P automaker index dropped after reports the Trump administration wants North American-built vehicles to have 82% regional content to qualify for preferential treatment under the U.S.-Mexico-Canada Agreement.Shares of General Motors and โU.S.-listed shares of Stellantis โfell. U.S. economic data on โ Thursday showed inflation increased at its fastest pace in three years in April, while GDP for the first quarter was revised lower to a 1.6% annual rise. The Fed's Kansas City President Jeffrey Schmid warned the energy shock may not โbe temporary. Vice Chair for Supervision Michelle Bowman said a persistent rise in inflation might require tighter monetary policy.Money markets expect the Federal Reserve to keep interest rates steady for the rest of the year, with expectations of a 25-basis-point hike in December. Among other movers, Gap shares tumbled after the apparel retailer cut its annual sales forecast, while American Eagle Outfitters dropped after keeping its annual comparable sales forecast unchanged.
The shares of Ranbir Kapoor-backed Prime Focus gained over 2% to their day's high of Rs 247.40 on the BSE on Friday after the post-production and visual effects company reported a consolidated net profit of Rs 82 crore for the fourth quarter of FY26, as against a net loss of nearly Rs 231 crore in the same quarter of FY25.Sequentially, the net profit grew more than 16% from the Rs 71 crore reported in the third quarter of FY26. Profit before tax and exceptional items, however, declined nearly 29% YoY to Rs 88 crore in Q4 FY26 from Rs 123 crore in Q4 FY25.Revenue from operations, meanwhile, jumped more than 42% year-on-year (YoY) to Rs 1,375 crore during the January-March quarter of FY26, from Rs 967 crore in the corresponding quarter of the previous financial year.Prime Focus saw its total expenses rise nearly 26% YoY to Rs 1,262 crore during the quarter under review, while total income increased around 20% YoY to Rs 1,350 crore. The companyโs earnings per share (EPS) rose to Rs 1.14 in Q4 FY26 from a negative Rs 7.70 in the year-ago period, after exceptional items.Insolvency plea against Prime FocusThis comes after the Mumbai bench of the National Company Law Tribunal (NCLT) earlier in May orally pronounced admission of an insolvency petition against Prime Focus filed by Reliance Alpha Services under Section 7 of the Insolvency and Bankruptcy Code (IBC). The petition relates to an alleged financial debt of Rs 353.79 crore, including interest.Prime Focus disputed the claim, saying no amount was ever disbursed under the 2019 loan agreement cited in the petition and argued that the petitioner therefore does not qualify as a โfinancial creditorโ under the IBC. The company said that it has already approached the National Company Law Appellate Tribunal (NCLAT) seeking urgent relief, including a stay on the operation of the order.Later NCLAT ordered a stay on the order, which was challenged in the Supreme Court. The company announced on Wednesday that the apex court has dismissed the appeal against the stay.Founded by Namit Malhotra in 1997, Prime Focus has grown into a global leader in visual effects and post-production. Its subsidiary, Double Negative (DNEG), has won multiple Academy Awards for work on films such as TENET, Dune: Part One, and Dune: Part Two, bringing its Oscar tally to eight.The group is also producing Ramayana, a two-part adaptation directed by Nitesh Tiwari and backed by Namit Malhotra. The film, starring Ranbir Kapoor, Yash and Sai Pallavi, is being positioned as one of the most ambitious and expensive Indian film projects to date.Prime Focus share pricePrime Focus shares have delivered 116% returns over one year. The stock has however fallen around 24% in one month and 1% in one week to close at Rs 239.85 apiece on NSE on Wednesday. In the longer term, the shares of the company have gained 162% in three years and 287% in five years.The company has a market capitalisation of more than Rs 18,639 crore. The stock has been in focus in recent months after reports of actor Ranbir Kapoor investing between Rs 15โ20 crore in Prime Focus Studio through a preferential issue of shares.The company had earlier approved the issuance of over 46 crore shares, with Kapoor among the proposed allottees aiming to acquire about 12.5 lakh shares, although independent verification of the final allotment has not yet been confirmed.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)