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DUBAI: Israel launched airstrikes early Monday targeting central and western Iran in response to missile fire from Tehran, attacks that threatened to drag the wider Middle East back into a regional war.Iranian state television reported the sound of explosions being heard in Isfahan, Karaj, Tabriz and Tehran, without immediately elaborating. A witness in Tehran described hearing at least one large blast somewhere to the west of the country's capital city. Iran closed the airspace around Tehran's Imam Khomeini International Airport, the country's main airfield, after the Israeli attack.Iranian officials offered no details on what had been struck, nor any damage information. Iran's paramilitary Revolutionary Guard said that Israel used air-launched ballistic missiles in its attack Monday morning, without elaborating.The Israeli military at dawn in Iran issued a short statement as the strikes started: "A short while ago, the Israeli Air Force struck military targets belonging to the Iranian terror regime in western and central Iran." It did not elaborate.Also read | Iran launches missiles at Israel for first time since Mideast truceThe White House did not respond to messages about the strikes and whether they were done in coordination with the U.S.For days, negotiations between Iran and the United States over the fragile ceasefire in the war had been stalled by the fighting between Israel and the Lebanese Shiite militia Hezbollah. Israel now occupies southern Lebanon and had moved into areas of the country it hadn't held in a quarter century - leading to fears about them further widening their campaign.On Sunday, Israel launched airstrikes in Beirut's southern suburbs. Iran retaliated with its own strike on Israel, which led to Monday morning's attack by Israel on Iran.U.S. President Donald Trump earlier told a Fox News Channel reporter that he wanted the Iranians to stop firing missiles and return to the negotiating table. He also said that Israel's strikes in Lebanon earlier Sunday were not coordinated with the U.S. and "I'm not happy about it."Also read | War, debt and cuts: The price of Israel's security pushA senior U.S. official said Trump had called Netanyahu to urge him not to retaliate immediately for the Iranian missile attack. The official, who spoke on condition of anonymity to describe a private phone call, said that Trump believed he had convinced Netanyahu to wait.Trump "got Bibi to hold off for the time being," the official said. The official would not offer any other details of the call, and there was no immediate comment from Netanyahu's office.
Mumbai: Beneath a busy flyover in India's financial capital Mumbai, a row of pastel-coloured shipping containers houses an unlikely school serving some of the city's most marginalised children.Despite laws guaranteeing free schooling for children aged six to 14, poverty and migration continue to keep many out of classrooms, particularly in sprawling cities like Mumbai where many families survive through low-paying informal work.Crippling urban poverty also means young children selling knick-knacks on streets are still a fairly common sight at crowded traffic intersections in big Indian cities.But the non-profit that runs the free school is determined to educate its underprivileged cohort, many of whom come from homeless families that barely eke out a living.Wedged between gleaming skyscrapers and busy roads, the "Signal Shala", or traffic signal school, caters to several dozen children who have been left out of the formal education system, according to Bhatu Sawant, founder of the initiative."These children can't go to (a regular) school. So (I thought) let's do this. Let's bring the school to them," Sawant, 45, told AFP.Also read | Major change in buyer behaviour as e-scooters race deeper into BharatIndia runs one of the world's largest public school systems, but government data for 2024-25 still identified nearly 1.2 million children as "out of school", a catch-all categorisation that covers both those who have never been to school or dropped out.Free mealsFor Sawant, India's government-run schools are simply "not flexible enough for these children", while private ones charging exorbitant fees are out of the question.The signal school operates from repurposed air-conditioned containers placed on a narrow strip of land beneath a flyover, where classes and play unfold amid the constant rumble of traffic overhead.Its approach is tailored to the realities of street life.Every morning, the school bus drives through the cramped lanes of Mumbai's slums, picking up students -- a lifeline for parents who can't afford transportation.When the children file in, the first order of business is a shower, as many have no easy access to bathing facilities.Lockers are provided for books and uniforms that otherwise cannot be kept safe or clean while living in slums or on the streets.Three meals are provided free, with school hours longer than normal.Also read | Indian tourists go viral for all wrong reasons. Here's how not to become the next horror storyClasses are split by ability rather than age, with teachers adapting lessons for children who may never have held a pencil before.Older students are also taught basic skills like sitting still, speaking clearly and staying focused.The challenges are particularly acute when it comes to kids from the semi-nomadic Pardhi community, who often do not speak the local language."When the children came here, they didn't know what the days of the week were, what the 12 months were or what the seasons were," said teacher Tejasvi Borade, as the container walls rumbled from the steady stream of cars passing above.Robotics and AIFor the students, the school serves as a sanctuary from the harshness of the real world."I feel very happy seeing the school bus," said 12-year-old Pooja Pawar, whose parents take on odd jobs at construction sites."The school clothes feel nice. The breakfast is good... In school, we make cake... and dance."For others, it represents an opportunity long denied.Balaji Laxman, who once sold tissues at traffic lights to earn a few hundred rupees -- the equivalent of several US dollars -- a day, said the classrooms represent a chance to imagine a different future."I want to become a doctor," Laxman, 12, said with a shy smile.While the school steers many children towards vocational pathways, Sawant said the broader ambition is to ensure they are not left behind in a rapidly changing world."We have to prepare them for the 21st century," said Sawant, who has set up two similar schools on the outskirts of Mumbai which have robotics labs among other facilities."They should know robotics, AI, computers, 3D printing," said the educator who relies on private and corporate donations for funding, with the government helping with the infrastructure."Everything that elite class children are doing well in, they should know all of that."
New Delhi: State-run oil companies will sell E85 fuel — a blend of 85% ethanol and 15% petrol — at a discount of Rs 20 per litre to offset the biofuel’s lower energy content, Oil Minister Hardeep Singh Puri said on Friday after inaugurating an E85 dispensing facility at a Delhi petrol pump.The government plans to roll out E85 fuel in phases, with 500 fuel stations targeted by the end of this year and 5,000 by the end of 2027 across India, Puri said.Indian Oil already has a network of 400 fuel stations that can dispense E100 fuel, or pure ethanol with no mix of petrol, across Delhi, Uttar Pradesh, Maharashtra, Karnataka, and Tamil Nadu.Also Read: India to launch E85 fuel today in push for flex fuel mobilityEthanol’s energy content is about one-third lower than that of petrol. To compensate for this, E85 users will receive a Rs 20 per litre discount compared with E20, the regular fuel blend sold across the country that contains 20% ethanol and 80% petrol.The E20 blend will continue to be available at all fuel stations, as most vehicles currently on Indian roads can use blends of up to 20% ethanol.In recent days, Maruti Suzuki and Hero MotoCorp have each launched one vehicle model capable of running on E85 fuel.The simultaneous rollout of compatible vehicles and fuel dispensing infrastructure will help accelerate E85 adoption, Puri said, adding that there was a “pretty compelling case” for shifting to E85 because it would be cheaper, lower emissions and reduce dependence on fuel imports.
Traders in Reliance Industries Ltd.’s treasury department are strategizing over where to park the company’s cash in case the Reserve Bank of India starts raising interest rates in the coming months.One proposal involves moving Reliance’s cash holdings from liquid mutual funds into short-dated money market instruments, people aware of the conglomerate’s thinking said. The switch may pay off because the yield spread between money-market papers and the benchmark rate has widened beyond its five-year average and is likely to narrow in the coming months, resulting in capital gains, the people said, asking not to be named as the information is private. Markets are currently expecting about 50 basis points of rate hikes this year, they said.Traders also mulled reducing allocation to longer-dated bonds, which tend to be more sensitive to interest-rate changes, the people said.The strategy discussion cited market expectations and the conglomerate didn’t take an explicit view on interest rates. Treasury departments typically consider a range of market scenarios when evaluating trading strategies.“We categorically deny the information you have provided in your email regarding our opinion on interest rates and the behaviour of the rupee,” a Reliance spokesperson said by email.131502003India's Overnight Swaps Reflect RBI Rate HikesThe view carries weight because Reliance runs one of the largest corporate treasuries in India. The discussion also come ahead of the Reserve Bank of India’s rate decision on Friday, where the central bank is expected to announce measures to support the rupee.While most economists — 29 out of 35 — surveyed by Bloomberg News expect the authority to keep the benchmark rate unchanged, they see the RBI adopting a hawkish stance to prepare markets for potential rate hikes later this year amid inflation pressures triggered by an oil price shock.India’s sovereign bond yields have remained broadly stable this quarter even as the rupee has slid to record lows. The currency has recovered in recent days, helped by RBI intervention and optimism that a US and Iran agreement may lead to the reopening of the Strait of Hormuz, a vital route for the country’s energy imports.The rupee is down 6% this year and recently approached a record low of 97 per dollar. It has been hovering around 95-96 levels in recent days.Reliance’s traders expect the rupee to strengthen if a Middle East peace deal is reached and if the RBI takes measures to attract capital inflows, one of the people said. They have proposed that the owner of world’s largest oil-refining complex partly hedge its long-term forward contract positions as well as coupon payments dues in fiscal year starting March 2028, the person said.
The Indian rupee is trading around Rs. 95-96 to the dollar in late May 2026, setting fresh record lows. Markets are openly discussing the Rs. 100 threshold. The rupee has weakened in almost every year since 2014 and has lost approximately half its value against the dollar over that period. The end of this currency depreciation is not in sight. The factors that would stop it are not yet visible.The government is acting. State run oil companies have implemented four fuel price hikes in ten days as of May 25, taking petrol in Delhi past Rs. 102 per litre. This is the right and necessary response to the energy cost reality created by the Iran war. Crucially, the Modi government has also done its part on the macroeconomic front, consistently and aggressively reducing the fiscal deficit as a percentage of GDP to maintain structural stability.Yet, the currency pressure persists. The energy price impact has not yet fully reached Indian consumers and supply chains. It is coming.Uday Kotak said it plainly at the CII Annual Business Summit on May 12: "Be ready for tough times rather than waiting for the shock to hit us." He was right.Also read | Manufactured monopoly: How industrial policy is structuring monopolies in IndiaThis is not a time to panic. But it is a time to act. The leaders who move now will have options. Those who wait will not.The Overriding Factor: The Psychology of the PlayersWhy is the currency declining despite strong domestic fiscal discipline? Because exchange rates are not driven by mathematical models alone. The currency decline is highly affected—and accelerated—by the psychology of all players engaged in this endeavor.Currency movements are deeply behavioral. When a currency visualizes a downward trend, psychology shifts from calculation to self-protection and speculation. Every player in the ecosystem operates under this psychological weight:Corporate CFOs and Treasurers: Instead of hedging normally, they rush to cover future dollar liabilities early, hoarding hard currency and inadvertently worsening the scarcity.Foreign Investors: They begin to judge their returns not by the quality of Indian business operations, but by the eroding value of the conversion rate.Importers and Exporters: Importers advance their payments to avoid paying more tomorrow; exporters delay converting their dollar earnings back into rupees, waiting for a "better" rate. This collective psychology creates a self-fulfilling prophecy.Investors, CFOs, and FDI decision makers extrapolate what is happening now into the future. When they see a currency that has lost approximately half its value since 2014 with no clear floor in sight, their psychological pivot alters market realities.Also read | India tightens checks on overseas flows as currency pressure mounts, sources sayThe cascading timeline of Foreign Portfolio Investor (FPI) equity behavior perfectly mirrors this psychological shift from rational evaluation to systemic risk aversion:2024 (The Calculation Phase): Rupee averages Rs. 83-84. FPI flows remain positive (+$12 billion) as investors trade on strong domestic corporate earnings.2025 (The Self-Protection Phase): Rupee slides past Rs. 89. Collective psychology shifts to risk mitigation. FPIs withdraw a record $18.4 billion from Indian equities—the largest annual equity outflow on record.Early 2026 (The Capitulation Phase): Rupee breaks past Rs. 95. Sentiment turns into an outright exit strategy. In the first four months of 2026 alone, outflows have already reached $19.1 billion, completely bypassing the entire previous year's record loss in a fraction of the time.FDI agreements are being signed, but capital is delayed because players are psychologically hesitant to deploy funds into a depreciating asset.The Trap of Hard Currency Debt: A Broken Business Model There is a highly significant and dangerous phenomenon unfolding in India today that requires immediate exposure. For years, a specific class of Indian corporates adopted a regular strategy of borrowing heavily in hard currency (External Commercial Borrowings, or ECBs). Lured by low nominal global interest rates, several of these companies over borrowed, treating cheap dollar debt as a permanent structural advantage.Today, that strategy has become a trap. The compounding effect of a depreciating rupee, skyrocketing hedging costs, and brutal refinancing realities is fundamentally breaking their business models.Consider the mechanics of this crisis:The Hedging Penalty: Leaving dollar debt unhedged is now corporate roulette. However, buying hedges at current rupee levels has become structurally prohibitive. The cost of protection completely wipes out any interest rate advantage.The Refinancing Wall: Billions in foreign debt are coming due. These over-borrowed companies must now refinance their liabilities at a time when the rupee value has materially deteriorated. They are effectively forced to borrow far more rupees just to pay back the same amount of original dollars.The Crushing Cost of Rupee Capital: As these companies try to pivot back to domestic lenders, they face a severe escalation in their rupee cost of capital.The Growth Verdict: When your cost of capital spikes and your cash flows are consumed by servicing legacy dollar debt, future growth stops. Capital expenditure (CapEx) plans are being frozen. These companies can no longer invest in innovation, capacity, or market expansion. Their business model shifts overnight from aggressive value creation to basic survival. Boards must realize that this is not a temporary treasury headache; it is a structural threat to the company’s future viability.India's forex reserves stand at approximately 10 to 11 months of import cover. Substantial, but being actively deployed to defend the currency. Some imports are non-negotiable: oil, critical inputs, components. These will now cost more. That cost passes through every supply chain.Six Actions for Business Leaders1. Protect your cash and liquidity first. This is the most immediate priority. Map your cash position today. Identify every source of liquidity across the next twelve months. Stress-test it at Rs. 100 and beyond. Which receivables are at risk? Which credit lines are rupee-denominated and which are not? Companies that run into a cash crisis during a currency depreciation cycle lose their options entirely. The CFO must own this analysis and present it to the board within days, not weeks.2. Act now on your foreign currency borrowings, hedging, and refinancing. Do not assume the rupee will recover to Rs. 80. Analyse your full foreign currency exposure across the next three years: every loan, every refinancing date, every hedging contract, every procurement price denominated in foreign currency. Hard currency loans now face refinancing at rupee values that have materially deteriorated. Model every scenario at Rs. 100 and beyond. Your CFO, treasury, and procurement team must be aligned on one instruction: do not run into a liquidity crisis. This analysis must happen now, not at the next quarterly review.3. Build a war room. Most companies have begun thinking about war rooms for supply chain disruptions. Expand the mandate. Currency exposure belongs in the same room. Which of your costs are dollar or euro denominated? Which of your revenues are rupee denominated? Where is the mismatch? What is your break-even exchange rate? If you do not have clear answers today, you are exposed. The war room is not a committee. It is a real-time decision environment with live data, a clear owner, and the authority to act.4. Use the currency depreciation advantage: double your export salesforce. A weaker rupee makes Indian exports more competitive. This window will not stay open indefinitely. Double the salesforce in your export markets now. Use this period to upgrade quality, improve service delivery, and build customer relationships that will last beyond the currency advantage. Indian exporters who invest in capability during this period will emerge stronger regardless of what the rupee does next. Those who simply ride the price advantage without building the underlying business will lose when conditions change.5. Watch your stock and your sector. Banks and financial institutions should already be on high alert. Companies with large foreign currency exposure will see pressure on their financials. Some stock prices are already reflecting this. Go through your sector company by company. Identify who is most exposed. If you are an investor or a lender, this analysis is not optional. The combination of currency depreciation, rising oil prices, and FPI outflows creates a compounding pressure that will surface in earnings before it surfaces in headlines.6. Cut costs aggressively. AI will help. There has never been more urgency to reduce costs than now. And there has never been a better tool to do it. AI can cut most operational costs by as much as 30% across functions: procurement, finance, customer service, logistics, and compliance. McKinsey data confirms companies adopting AI and automation reduce operational costs by 20 to 30 percent. This is not a future opportunity. It is a present imperative. Every rupee of cost removed through AI is a rupee that does not need to be recovered through revenue in a deteriorating currency environment. Start now with your highest-cost functions.The CFO as CaptainCurrency risk is a cash flow risk. Every function that touches foreign currency—procurement, treasury, sales, capex planning— must now report into a single coordinating authority. That authority is the CFO. This is not about hierarchy. It is about clarity. In a currency crisis, fragmented decision-making is as dangerous as wrong decision making. One captain. One consolidated view. Weekly reviews minimum.The Bigger PictureThis currency depreciation is a structural signal, not a cyclical one. India's economy must move from a cheap labour advantage to genuine global value creation.The companies that will survive and thrive are those building products and services that command premium prices in global markets. The rupee's weakness is a reminder that competing on cost alone has limits.The recently concluded trade agreements are a genuine opportunity. Execute them with full force. Build the export pipelines. Add the sales capacity.The businesses that move now, with discipline and clarity, will manage market psychology, navigate the debt trap, and define the next chapter of Indian industry.The shock is coming. Prepare before it arrives.Ram Charan is the author of China’s 90% model. It is restricting India’s industrial progress. Former Director of Hindalco and Muyuan (China).
Wall Street stocks pulled back from record highs on Wednesday as flaring tensions in the Middle East and rising crude prices stoked inflation jitters and convinced investors to take some profits.All three major U.S. stock indexes closed in negative territory, dragged lower by financials and tech , with the small-cap Russell 2000 underperforming its larger-cap counterparts.Chips advanced, indicating the artificial intelligence fervor is alive and well. Still, most of the Magnificent Seven group of AI-related megacaps were lower."The AI names are trading on their own completely separate world, largely oblivious to macro and geopolitical risk, at least within reason," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "And so there's going to be a bid for those names, especially on days where everything else looks a little bit less attractive."The S&P Software & Services index declined. It has been battered in recent months by fears of AI disruption.Middle East hostilities intensified as the U.S. and Iran traded a new round of air strikes, the latest test of a shaky ceasefire.Oil prices rose, adding to worries that upward pressure on energy prices could metastasize into broader, systemic inflation."This market continues to demonstrate a tug of war between fundamentals in the U.S. economy, which are incredibly positive, and concerns that the duration of the conflict in the Middle East will lead to downside risks," said Bill Northey, senior investment director at U.S. Bank Wealth Management, Billings, Montana. "Our framework is centered around the duration of the closure of the Strait of Hormuz as the primary input to inflation expectations.""The longer the duration of that closure, the less likely the Federal Reserve will be able to ease in 2026," Northey added.In fact, financial markets are pricing more than a 40% likelihood of a rate hike at the conclusion of the U.S. Federal Reserve's December meeting, up from 9.1% one month ago, according to CME's FedWatch tool.New York Fed President John Williams reiterated his position that the central bank does not need to change interest rates despite upside inflation risks, stating monetary policy is "in the right place."Economic data suggested the labor market was stable, and the services sector continued to expand, but input prices remained elevated and corporate spending plans appeared soft amid rising energy costs and geopolitical uncertainties.The Beige Book, the Fed's regional economic survey, showed economic activity gathered steam in recent weeks, employment was little changed, but the fallout from higher energy prices due to the war was pervasive.According to preliminary data, the S&P 500 lost 54.11 points, or 0.74%, to end at 7,555.67 points, while the Nasdaq Composite lost 230.97 points, or 0.85%, to 26,862.93. The Dow Jones Industrial Average fell 581.84 points, or 1.13%, to 50,725.95.Among chipmakers, Marvell, Intel, Qualcomm , and Sandisk outperformed.Asset managers dropped after Switzerland's Partners Group capped withdrawals from an $8.6 billion private equity fund. KKR, Blackstone, Blue Owl and Ares Management all lost ground.GameStop advanced after the original meme-stock posted a rise in quarterly revenue and unveiled a $2 billion share buyback program.Elon Musk's SpaceX plans to price its IPO at $135 a share to raise a record $75 billion, a source familiar with the matter told Reuters on Tuesday.Broadcom results were expected shortly.
New Delhi [India]: In a major boost to strengthen the long-range air defence capabilities of the country, the fourth squadron of the S-400 Sudarshan air defence systems reached India from Russia a few days ago.The S-400 Sudarshan long-range air defence system from Russia reached India on a ship and will be deployed in the operational area very soon, defence sources told ANI.The S-400 air defence system is part of a 2018 contract under which India was to acquire five S-400 squadrons from Russia, three of which arrived two years ago and the remaining two were delayed due to the ongoing Russia-Ukraine war.Also Read: India set for $2-billion drone order in biggest buy, industry body saysThe Sudarshan played a huge role in thwarting the Pakistan Air Force's capabilities during Operation Sindoor, where it secured the longest recorded surface-to-air kill by bringing down a high-value Pakistan Air Force surveillance aircraft flying at over 300 km.The fifth squadron of the S-400 air defence mission system is expected to reach India in the next few months.The Defence Acquisition Council (DAC) has already cleared the acquisition of five more squadrons of the S-400s.India is also working on an indigenous programme, codenamed Project Kusha, to develop its own air defence systems capable of shooting down enemy drones at similar ranges as the Russian system.Also Read: Tata chairman reviews defence manufacturing push at Bengaluru facilitiesIndian defence major Solar Industries has been involved in the project as a development cum production partner.
Kolkata Mayor and Trinamool Congress (TMC) MLA Firhad Hakim has resigned from his post after receiving permission from party supremo Mamata Banerjee, senior TMC leader Kunal Ghosh said on Wednesday, amid deepening turmoil within the opposition party following its electoral defeat in West Bengal.The announcement came as the TMC grappled with its most serious internal crisis since losing power, with a large section of its legislators openly rebelling against the party leadership and seeking a reorganisation of the legislature wing.Also read: TMC crisis deepens as Mamata loyalists attend BJP-led review meetingThe political churn was visible on Wednesday when Hakim, along with TMC MLAs Nayana Bandyopadhyay, Ashok Deb and Kunal Ghosh, attended an administrative review meeting convened by Chief Minister Suvendu Adhikari at Nabanna, a development that added a fresh dimension to the ongoing unrest within the party, PTI reported.The attendance of several leaders considered close to Banerjee at the government meeting came even as the party's legislative wing appeared headed for an unprecedented split.Rebels stake claim to legislature leadershipHours earlier, 58 dissident TMC MLAs formally extended support to expelled legislator Ritabrata Banerjee as the new leader of the legislature party and conveyed their decision to Assembly Speaker Rathindra Bose, according to PTI.Ritabrata Banerjee, accompanied by fellow rebel MLA Sandipan Saha and other dissident legislators, met the Speaker and submitted letters of support purportedly signed by 58 MLAs.The rebel faction also proposed a new leadership structure, naming Ritabrata Banerjee as legislature party leader, Javed Khan, Sandipan Saha and Shiuli Saha as deputy leaders, and Raghunathganj MLA Akhruzzaman as the chief whip.Ritabrata Banerjee, Khan and Saha were also present at the chief minister's administrative review meeting later in the day.The developments followed a gathering of dissident legislators at the Assembly earlier on Wednesday. Significantly, none of the MLAs who attended the rebels' meeting had participated in Mamata Banerjee's dharna in central Kolkata on Tuesday, highlighting the growing divide between the party leadership and the dissident bloc.Also read: TMC rebels back expelled MLA Ritabrata Banerjee as legislature party leader in BengalPolitical signals from administrative meetingsSeveral leaders identified with the Kalighat leadership, including Hakim, Bandyopadhyay, Deb and Ghosh, skipped the Assembly meeting and instead attended the Nabanna review meeting.The latest development comes days after senior TMC MP Kakoli Ghosh Dastidar and six party MLAs attended an administrative review meeting chaired by Adhikari in Kalyani, triggering speculation over shifting political equations within the opposition camp after the assembly election setback.Political observers told PTI that with another set of TMC leaders attending Wednesday's meeting, the line between administrative engagement and political messaging was becoming increasingly blurred in West Bengal's evolving post-election landscape.The BJP government has maintained that such meetings are inclusive administrative exercises. During the previous TMC regime, BJP leaders had often alleged that opposition legislators were excluded from official review meetings.Soon after assuming office, Adhikari announced that opposition MPs and MLAs would be invited to government programmes and district-level administrative review meetings.Also read: TMC dissolves West Bengal units, launches overhaul after poll drubbingParty debates participationReacting to the participation of TMC legislators in such meetings last week, Kunal Ghosh had said the matter was being discussed within the party."We are not in favour of boycotting administrative meetings called by the state government. But when our party workers are being assaulted and rendered homeless in post-poll violence, we need to think twice before attending such meetings. Our party is also discussing whether we should continue participating in these meetings or not," he had said.The ongoing turmoil comes against the backdrop of the TMC's crushing assembly election defeat and growing uncertainty over the party's future leadership structure.
More than two lakh applicants opted to pay USD 100,000 for their H-1B visas to work in the US in the fiscal year 2026, Markwayne Mullin, Secretary, Department of Homeland Security (DHS), said here.Testifying before the Senate Appropriations Subcommittee on Tuesday, Mullin said the DHS had received about 2.86 lakh H-1B applications in the fiscal year 2026."We had 286,000 applicants a year to date for the H-1B visas, out of those, over 200,000 of them paid USD 100,000 to be able to come in because it allows us to process them in a little bit faster of a manner," Mullin said in response to a question by US Senator Susan Collins on the shortage of doctors in rural parts of the country.Mullin said applicants paying USD 100,000 get their papers processed in about 15 days and it takes about 7.5 months to process other applications.Collins told the subcommittee that a hospital in Presque Isle, a rural community in northern Maine, recently had to pay the fee to secure a much-needed surgeon from overseas.She said that medical service providers serving remote areas should be treated differently from employers recruiting highly skilled workers in sectors with larger domestic labour pools."Would you be willing to consider carving out an exemption for medical professionals from this fee when a community can demonstrate that there is not a medical professional available?" Collins asked.Mullin assured the Senator that he would look at possible solutions on whether such applications could be dealt with some flexibility on a case-by-case basis."I would suggest that there's a huge difference between bringing in a computer expert from another country to work in wealthy California and Silicon Valley versus a much-needed surgeon to work at a rural hospital in northern Maine," she said.Republican Senator from Alaska Lisa Murkowski flagged concerns about the shortage of teachers in school districts in rural areas of her state."I'll follow up with you about the issue that I raised previously with regards to H-1B visas for teachers," Murkowski told Mullin.
The S&P 500 and the Dow closed modestly higher on Tuesday as risk appetite driven by AI fervor was counterbalanced by tensions arising from U.S.-Iran talks to reopen the Strait of Hormuz and end the months-long war.Gains in most of the 11 major S&P sectors kept the S&P 500 and the Dow in the green, with the small-cap Russell 2000 outperforming its larger-cap peers. The Nasdaq ended the session essentially unchanged.Small-cap stocks have been some of the biggest beneficiaries of the ongoing enthusiasm surrounding artificial intelligence stocks, which provided some upside muscle. The Philadelphia SE Semiconductor Index advanced on the day.The Software & Services Index, battered in recent months over worries of AI disruption, closed in negative territory.Strong results from Hewlett Packard Enterprise and a funding commitment from Alphabet reinforced confidence in the AI buildout."The market is kind of muted at the surface level, but there is a lot going on under the hood, and that describes much of this year," said Mike Dickson, head of portfolio management at Horizon Investments in Charlotte, North Carolina. "There's some massive dispersion in the whole AI infrastructure ecosystem.""Markets could be in for one of these heated, melt-up rallies where the momentum keeps winning," Dickson added. "I would not be surprised at all to be sitting here at the end of the summer a good bit higher."Tehran is studying a U.S. proposal to bring the war to a halt, but has not been in contact with Washington for days, according to Iranian media, which also said Iran is taking a "stern" approach, given what it views as a history of U.S. noncompliance and mutual distrust. Simultaneously, Israel is continuing its strikes on Lebanon, despite Tehran's warnings that the attacks are threatening to derail the fragile truce.The war has sent crude prices soaring, reviving worries over inflation and giving rise to an increasing likelihood that the U.S. Federal Reserve could hike interest rates by year-end. Cleveland Fed President Beth Hammack said on Tuesday that such a hike could become necessary if already-elevated inflation pressures continue to mount. On the economic front, a report from the Labor Department showed an unexpected spike in job openings, driven by the volatile professional and business services sector. Otherwise, hiring, firing and quits all decreased, suggesting a slowdown in labor market churn in the face of uncertainties related to strife in the Middle East and inflationary effects.Analysts look to the May employment report due on Friday, which is expected to show the U.S. economy added 85,000 jobs last month, a monthly deceleration of 26.1%. The unemployment rate is forecast to stand pat at 4.3%.According to preliminary data, the S&P 500 gained 10.07 points, or 0.13%, to end at 7,610.03 points, while the Nasdaq Composite gained 8.78 points, or 0.03%, to 27,095.59. The Dow Jones Industrial Average rose 237.13 points, or 0.46%, to 51,316.01.Hewlett Packard Enterprise jumped after the AI server maker pulled forward its long-term financial targets by two years. In further evidence of AI buildout, Alphabet said it was looking to raise $80 billion in equity offerings, including an investment from Berkshire Hathaway, to fund a costly expansion of its AI infrastructure. Its shares lost ground on the day. Marvell Technology's shares surged after Nvidia Chief Executive Officer Jensen Huang called the chipmaker the next "trillion-dollar company" at the Computex conference in Taipei. Nvidia invested $2 billion in Marvell in March.A drop in bitcoin hit cryptocurrency firms Coinbase and Strategy Inc.Broadcom is expected to report quarterly results on Wednesday.
New Delhi: The Enforcement Directorate (ED) has arrested four promoters of a real estate group in connection with a money laundering probe into an alleged Rs 2,004-crore homebuyer fraud that affected more than 19,000 buyers and investors.The accused, Avdhesh Kumar Goel, Rajnish Mittal, Atul Gupta and Vikas Gupta, are promoters/directors of Earth Infrastructures Ltd. They were arrested on June 1 under the Prevention of Money Laundering Act (PMLA), an official statement said on Tuesday.The accused were produced before a special PMLA court in Delhi, which granted the agency five days' custody for interrogation, it said.Read More: Signature Global commits Rs 1,200-1,500 crore for land acquisitions in FY27According to the federal agency, the group collected around Rs 2,004 crore from more than 19,425 homebuyers and investors by promising timely delivery of residential and commercial units and assured returns.The agency alleged that its probe found approximately Rs 467 crore had been diverted or siphoned off through various group entities and related concerns and individuals."Despite receipt of substantial funds from the buyers/investors, the projects were either left incomplete or possession of units was not handed over, thereby causing wrongful loss to the homebuyers and investors," the ED said.The probe further revealed that a part of the alleged proceeds of crime was used for acquisition of movable and immovable assets in the names of various entities and individuals connected with the promoters and directors of the group, it said.The investigation was initiated based on five FIRs registered by the Economic Offences Wing (EOW) of Delhi Police against Earth Infrastructures Ltd, its directors and related entities under various provisions of the Indian Penal Code.The Serious Fraud Investigation Office (SFIO) has also filed a criminal complaint under Section 447 of the Companies Act against the promoters and directors of the group.Read More: Amazon adds 10.6 acres to Mumbai data centre campus in Rs 125 crore dealEarlier in April, the ED had conducted searches at premises linked to the Earth Group across Delhi-NCR.During the raids, the agency seized cash worth about Rs 6.30 crore, jewellery valued at around Rs 8.78 crore and property documents relating to more than 100 immovable properties estimated to be worth over Rs 100 crore.
Bhopal: A court in Bhopal on Tuesday remanded late model Twisha Sharma's husband, Samarth Singh and mother-in-law Giribala Singh, both accused of dowry harassment, in judicial custody for 14 days on completion of their CBI remand.Twisha was found hanging in her marital home in Bhopal on May 12.The CBI produced Samarth Singh and his mother, a retired district judge, in the court of Shobhna Bhalave, after completion of their remand, following which they were sent in judicial custody till June 16, said Twisha's family lawyer, Ankur Pandey.Read More: Twisha Sharma Death Case: CBI seeks five-day remand for Giribala; asks for five-day custody extension for Samarth SinghA day earlier, the CBI reconstructed the circumstances of the former model's alleged suicide at her marital home here using dummies.The central agency, along with forensic and crime scene experts, asked Samarth Singh and Giribala Singh to give a detailed account of happenings on the night of May 12, officials had said.
Shares of NHPC fell nearly 5% to Rs 73.42 apiece on Tuesday after the government launched an offer for sale (OFS) to divest up to a 6% stake in the PSU. The OFS, which opened for non-retail investors on Tuesday, was priced at Rs 71 apiece, a discount of nearly 8% to the stock's previous closing price, weighing on investor sentiment.NHPC announced on Monday that the government aims to sell 3% of the company’s total paid-up equity capital as part of the base offer. The government also retains an oversubscription option to sell an additional 30 crore shares, taking the total potential offer size to 60.27 crore shares or 6% equity. At the floor price of Rs 71 per share, this would be worth more than Rs 4,279 crore.The offer for sale opened for non-retail investors on June 2, while retail investors, eligible employees and non-retail investors carrying forward unallotted bids can participate on June 3.Also read: Vedanta shares fall after media reports of ED searches at Mumbai, Delhi officeThe government owned more than 67% stake in the PSU company as of March 31, 2026. NHPC, in its exchange filing, further said that the share sale by its promoter will be conducted through a separate window mechanism on BSE and the National Stock Exchange in accordance with the Securities and Exchange Board of India’s OFS guidelines.NHPC’s OFS comes days after the government divested some of its stake in state-run miner Coal India through an offer for sale at a floor price of Rs 412 per share. The government owned more than 63% stake in the PSU company as on March 31, 2026.NHPC share priceNHPC shares have fallen more than 6% in one week and 12% in one month. The stock is down around 8% in 2026 so far and 16% in one year. In the longer term, the stock delivered 70% returns over three years and 185% over five years.Also read: Morgan Stanley says Indian stock market poised for strong year ahead. Here’s why The company currently has a market capitalisation of more than Rs 73,760 crore. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Foreign travellers entering, leaving, or transiting through Vietnam will be required to submit a health declaration before travel from July 1, 2026, under new government regulations aimed at monitoring infectious disease risks. According to a report by Fragomen, the expanded requirement will apply to all travellers entering, departing from, or transiting through Vietnam. Individuals will need to complete a health declaration within seven days before their travel date. The Vietnamese Ministry of Health will decide when and for which infectious diseases the requirement will be enforced. The decision will be based on global disease trends and the risk of diseases being imported into the country. Authorities have not yet announced how travellers will submit the declaration. Details about the platform and application process are expected in future guidance. Employers and travellers should prepare for possible delays when the new system is introduced, as authorities and passengers adjust to the requirement, as per Fragomen report.129876802New travel requirement follows Ho Chi Minh City airport trial Foreign nationals arriving at Tan Son Nhat International Airport in Ho Chi Minh City have already been subject to a similar requirement since April 21, 2026. Under the pilot programme, travellers must complete an online declaration form within three days before arrival. Immigration processing delays were expected through the end of April as authorities and passengers adjusted to the new system.Vietnam introduced the digital arrival card system to streamline arrival procedures and reduce waiting times at immigration counters as part of broader efforts to modernise border management and digitise entry processes.
Shares of Zee Entertainment Enterprises jumped 7% on Monday, extending gains for the fifth consecutive session, with its market cap swelling by over Rs 1,662 crore during the gaining streak.The stock has surged 20% in the last five sessions to hit a nearly six-month high of Rs 99.44 apiece on Monday morning. The company’s market capitalisation increased to Rs 9,551 crore.What's driving the rally in Zee's share price?The recent surge comes amid buzz over the company nearing a deal to bag India media rights for 2026 FIFA World Cup after Reliance Industries’ JioStar exited the race. In an exchange filing released last week, Zee confirmed it is in talks with Fédération Internationale de Football Association (FIFA) to broadcast and stream the World Cup in India as part of its efforts to “build a competitive sports content offering.”The 2026 FIFA World Cup will run from June 11 to July 19 in the United States, Canada and Mexico. People familiar with the matter told The Economic Times that JioStar had made a final offer of about $15 million before backing out, citing the narrow window between the signing of the agreement and the start of the tournament, leaving limited time for monetisation.Notably, Zee had exited sports broadcasting in 2016 after selling Ten Sports to Sony Pictures Networks India for $385 million. Zee re-entered sports in 2021 by acquiring the long-term global media rights for the International League T20 (ILT20) in a deal estimated at $100-150 million, signalling its intent to rebuild a sports portfolio.The broadcaster is now sharpening its focus on sports with plans to launch four channels: Unite8 Sports 1 and Unite8 Sports 1 HD in Hindi, and Unite8 Sports 2 and Unite8 Sports 2 HD in English.Zee share priceZee shares have surged over 20% in one week and 11% in one month. The stock has gained around 10% in 2026 so far. In the longer term, however, the stock declined nearly 24% in one year, over 48% in three years and 53% in five years.The stock currently has a P/E ratio of more than 32x.Zee earnings snapshotEarlier in May, Zee Entertainment Enterprises reported a consolidated net loss of Rs 104 crore for the January-March quarter of FY26, as against a net profit of Rs 188 crore in the year-ago period. The media & entertainment company's operating revenue declined 7% to Rs 2,025 crore in Q4 FY26, compared to Rs 2,184 crore posted by the company in the corresponding quarter of the previous financial year.The Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) loss stood at Rs 269 crore versus Rs 285 crore in Q4 FY25 and Rs 240 crore in Q3 FY26. The adjusted EBITDA declined 51% YoY and 42% QoQ.(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Shares of Indian IT companies, including heavyweights Infosys, Tech Mahindra, TCS and Persistent Systems jumped up to 5% on Monday as multiple tailwinds boosted investor sentiment, pushing the Nifty IT index up around 3% to emerge as the top sectoral gainer.The index rose to 29,905 in the morning trading hours of Monday, extending sharp gains for the second consecutive session. The index has now jumped nearly 4% over two days.The sharp surge in IT stocks comes after a significant decline earlier this year, following the launch of plug-ins for AI startup Anthropic's Claude Cowork agent, which could automate tasks across legal, sales, marketing, and data analysis. "We call it the ‘SaaSpocalypse,’ an apocalypse for software-as-a-service stocks," Bloomberg quoted Jeffrey Favuzza from the equity trading desk at Jefferies as saying.While doomsday prophets continue to debate the future of IT companies following fresh AI advancements, investors were quick to analyse the cheap valuations, leading to some pockets of buying. Nuvama, in its note, had highlighted that the IT sector is setting up for a powerful comeback, not a collapse after the brutal AI-driven selloff.“We see no existential threat from Gen-AI,” the brokerage writes, arguing that enterprises will still need a “system integrator” to customise plug-and-play AI and software tools for their highly complex, brownfield technology stacks and to take ownership when “the system fails at 2 am.”Also read: Reports of my death are greatly exaggerated! Why Nuvama is screaming buy on all top 10 IT stocksThe latest round of buying also comes ahead of the Federal Reserve’s policy meeting next month, which would be the first under Chair Kevin Warsh. US President Donald Trump had selected Warsh partly on expectations that he would support lower borrowing costs to stimulate economic growth. However, rising inflation raised questions over the possibility of lowering rates.Technical view on Nifty ITThe Nifty IT index has witnessed a strong rebound after taking support near its crucial support zone, indicating the possibility of a short-term recovery in the sector, Kunal Kamble, Senior Technical Research Analyst at Bonanza had said. “On the hourly time frame, the index is currently forming an inverse Head and Shoulders pattern. A decisive breakout is seen above the neckline of this pattern and has triggered further upside momentum in the index. Such a move is likely to positively impact heavyweight IT stocks that share a high correlation with the index, including Infosys, Tata Consultancy Services, and HCL Technologies,” he added.Technically, the analyst had suggested that if the index manages to sustain above the 29,650 mark, it may open the door for a further recovery towards the 31,280 zone in the near term. However, he added that the current price action appears to be a retracement within the broader trend rather than a complete trend reversal. Therefore, traders should approach the sector with a cautious outlook.“Aggressive or high-risk traders may consider short-term trading opportunities in select IT counters, provided the index maintains strength above key support levels. On the downside, a breach below 28,800 could once again invite selling pressure across the Nifty IT index and associated IT stocks, potentially weakening the ongoing recovery structure,” he said.IT stocksPersistent Systems shares were the top gainers on the Nifty IT index, jumping nearly 5%. Infosys shares followed, surging nearly 4%. Mphasis, Tech Mahindra, LTI Mindtree and Coforge shares gained over 3% each.Also read: Wockhardt shares rocket 19% after FDA approval for antibiotic targeting drug-resistant infectionsTata Consultancy Services (TCS) and OFSS shares jumped around 2% each, while HCL Technologies and Wipro shares gained around 1% each.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
The shares of Indian Renewable Energy Development Agency (IREDA) fell more than 4% on Monday after the company reported a consolidated net profit of Rs 493 crore for the fourth quarter of FY26, marking a nearly 2% year-on-year (YoY) decline from the Rs 502 crore net profit reported in the corresponding quarter of the previous fiscal year.IREDA shares dropped to Rs 127.81 apiece on the NSE, bucking the broader market optimism. The company on Friday reported a 14% YoY increase in revenue from operations to Rs 2,175 crore in Q4FY26, compared with Rs 1,905 crore in the year-ago period. Total income also rose 14% YoY to Rs 2,181 crore, while total expenses increased around 21.5% YoY to Rs 1,562 crore during the quarter under review.IREDA announces dividendAlong with its Q4 results, IREDA said its board of directors has recommended a final dividend of Rs 0.75 per share (7.5%) on a face value of Rs 10 each for FY26, subject to shareholders' approval at the upcoming Annual General Meeting (AGM). If approved, the dividend will be paid within 30 days of its declaration at the AGM. The record date for determining shareholder eligibility will be announced later.IREDA also said its board of directors has discussed the recent fines imposed on the company by BSE and NSE. The company said last week that the stock exchanges had levied fines of Rs 2,02,960 each for alleged non-compliance related to the composition of its board and certain other SEBI provisions during Q4."The company is regularly following up with the Administrative Ministry, i.e., the Ministry of New and Renewable Energy (MNRE), for the appointment of the requisite number of Independent Directors on the Board of IREDA and has requested that MNRE expedite the process for the appointment of Independent Directors (including a woman director). The Board also requested that the stock exchanges waive the fines imposed on the company and refrain from imposing any further fine or penalty, since the matter relating to the appointment of Independent Directors is beyond the control of the company and there is no violation on the part of the company," IREDA said in an exchange filing.IREDA share priceIREDA shares have declined more than 1% over the past week and 5% over the past month. The stock has fallen over 8% so far in 2026 and nearly 27% over the past year.The company currently has a market capitalisation of over Rs 35,930 crore and a price-to-earnings (P/E) ratio of nearly 20x.(Disclaimer: Recommendations, suggestions, views and opinions expressed by experts are their own and do not represent the views of The Economic Times.)
Shares of Asian Paints rallied as much as 4% to their day’s high of Rs 2,778 on the BSE on Monday after the company reported a consolidated net profit of Rs 1,172 crore for the fourth quarter of FY26, marking a 69% year-on-year increase from Rs 692 crore posted in the corresponding quarter last year. Revenue from operations during the January-March quarter rose 11% to Rs 9,228.46 crore, compared with Rs 8,349.59 crore reported a year earlier.During the quarter under review, total income increased by more than 11% year-on-year to Rs 9,418 crore. Total expenses rose at a slower pace, increasing nearly 8% to Rs 7,829.17 crore.EBITDA for the quarter rose 24.4% year-on-year to Rs 1,787 crore from Rs 1,436.2 crore in the corresponding period last year. EBITDA margin expanded by more than 200 basis points to 19.3%, compared with 17.2% a year earlier. For the full financial year ended March 31, 2026, Asian Paints reported a consolidated net profit of Rs 4,325.35 crore, up 18% from Rs 3,667.23 crore recorded in the previous financial year. Annual revenue from operations rose around 5% year-on-year to Rs 35,583.54 crore in FY26.Asian Paints shares: Buy, sell or hold?Nomura raised its target price to Rs 3,600 (35% upside) while maintaining a Buy rating, highlighting that the company not only retained but improved its guidance despite cumulative price hikes of around 13.5% year-to-date, including 10.5% implemented in April-May and a further 3% increase announced to dealers. The brokerage noted that management's decision to maintain volume growth guidance of 8-10% signals confidence in a strong demand environment. It also pointed to improved product mix guidance of -3% to -4%, compared with the earlier expectation of -5% to -6%, driven by a greater push towards premium and luxury paints, implying high-teens sales growth in FY27. The brokerage also maintained its operating margin guidance of 18-20% despite raw material inflation and competitive pressures. Nomura believes there is a high probability of crude oil prices moderating from current levels over the next six months, which could further support margins.Motilal Oswal maintained its Neutral rating on Asian Paints with a target price of Rs 2,750, implying a modest upside of up to 3%. The brokerage raised its FY27 and FY28 earnings estimates by 3%-4%, citing better-than-expected revenue performance. However, it cautioned that the uncertain geopolitical environment and persistent inflationary pressures could continue to weigh on overall demand. Management has guided for high single-digit volume growth in FY27 despite significant price hikes, supported by a favourable base, more painting days due to El Niño conditions and an extended festive season. The brokerage expects standalone EBITDA margins of 19.1% and 19.5% for FY27 and FY28, respectively, while consolidated margins are projected at 18.2% and 18.6%. It also noted that paint demand has remained subdued over the past two years, and recent price increases could delay a broader demand recovery. To counter competitive pressures, Asian Paints continues to focus on product innovation, strengthening brand salience, regionalisation and execution.JM Financial upgraded Asian Paints to Add with a target price of Rs 2,815, implying an upside of 5.4%. The brokerage believes the company's FY27 revenue outlook remains encouraging, supported by management's volume growth guidance of 8-10%. Combined with double-digit price increases, including hikes of around 10.4% already implemented and an additional 2-4% announced from June, along with a lower adverse mix impact of 3-4%, this is expected to drive mid-teen sales growth in FY27. JM Financial noted that demand trends remained stable during April and May, while management remains optimistic about business momentum in the second and third quarters of FY27, aided by a longer festive season. Also read: PSU bank stocks vs private banks in FY27: The valuation trap you need to avoidThe brokerage also highlighted that management has reiterated its EBITDA margin guidance of 18-20% despite significant raw material inflation, supported by price hikes, sourcing efficiencies, an improved product mix and calibrated spending. However, the company expects competitive intensity in the paints sector to remain elevated. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)