The Economic Times (India)
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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 2026 FIFA World Cup will be the biggest tournament in soccer history, spread across 16 cities in the United States, Canada and Mexico. For millions of fans, getting to the games may prove almost as challenging as the matches themselves.With airfares climbing, gasoline prices rising and airport security lines stretching patience to the limit, North America's rail and bus operators see the month-long tournament as a rare opportunity: a chance to persuade travelers to swap planes and cars for trains, buses and public transit.For transportation providers, the World Cup is more than a sporting spectacle. It is a high-stakes audition before a global audience."We want you to be able to use our system seamlessly from the minute you decide to come to the World Cup, all the way into the games, and after that to get home," said Conan Cheung, chief operations officer for LA Metro, the public transportation authority serving the Los Angeles region.Los Angeles, which will host eight matches including the U.S. team's opening game, hopes the tournament will help reshape perceptions of a city often synonymous with traffic jams and sprawling freeways.For Cheung, the objective extends beyond impressing foreign visitors. The World Cup is also an opportunity to convince more Angelenos to embrace a public transportation system that has expanded significantly in recent years.That challenge resonates across much of the United States and Canada, where public transit networks are often less extensive than those found in Europe or Asia and where private vehicles remain the preferred mode of transport."Transit providers have an opportunity to provide service to a group of people who do not typically use transit on a day-to-day basis," said Yonah Freemark, a principal research associate at the Washington-based Urban Institute."Many of the World Cup fans coming from the U.S. or Canada do not necessarily use transit services regularly."The impressions those travelers form during the tournament could have lasting consequences."They should be making sure that the services they provide are high quality and not too expensive, because the people who are riding them are going to form an impression of those transit agencies — and there's a chance to really prove that they can provide a good service," Freemark said.Opportunity meets realityYet attracting new riders may prove easier than accommodating them.The World Cup's 104 matches will unfold across four time zones and thousands of miles, placing enormous demands on transportation networks already operating close to capacity.Ground transportation companies are eager to capitalize on soaring airline costs, but many are also wrestling with higher operating expenses of their own, particularly fuel prices.That leaves operators balancing competing priorities: attracting new customers while avoiding disruptions or price increases that could alienate the commuters who rely on them every day.For intercity bus giant FlixBus, the tournament represents a significant growth opportunity.Together with sister brand Greyhound, the company operates one of North America's largest transportation networks and says demand between host cities is already accelerating, with some departures sold out and others filling rapidly.Ahead of the tournament, the company has invested heavily in new buses and technology while placing renewed emphasis on punctuality."What is critical here is every Flix experience needs to be a happy one. That's how we actually grow our business. And this is a great opportunity," said Flix North America CEO Kai Boysan."We will welcome all the new customers and we want them to see what a change we've done and what a great experience they're going to have."Boysan believes buses are well-positioned to benefit from frustrations increasingly associated with air travel."Airports are congested and the costs are rising. And clearly travelers are naturally looking for alternatives. And there we come into effect," he said.The price problemWhile operators hope to lure travelers away from planes, some transit agencies have faced criticism for sharply increasing fares during the tournament.Few examples generated more backlash than New Jersey Transit, whose train service between Manhattan and MetLife Stadium — venue for eight matches including the July 19 final — initially carried a round-trip fare of $150 for a journey that normally costs less than $13.NJ Transit argued that the increase was necessary to cover approximately $48 million in additional costs related to security, crowd management and World Cup operations.Public criticism forced a rethink.The agency subsequently lowered the fare to $98 after securing additional advertising revenue, while shuttle bus prices on the same route were cut to $20 from the originally proposed $80 after organizers arranged additional capacity through local school buses.Boston has also announced higher event-day transportation prices. Round-trip rail tickets between downtown Boston and the stadium hosting seven World Cup matches will cost $80, compared with the usual $20 to $30, while a bus ride will cost $95.The fare hikes have drawn criticism from politicians, including U.S. Senator Chuck Schumer."Charging more than 11 times the normal fare for a train ride is a ripoff, plain and simple. FIFA is making billions from this World Cup," Schumer said after the original New Jersey fare was announced."FIFA should cover the ride, not stick New York fans with the bill."FIFA has countered that high transit costs could encourage fans to seek alternative ways to reach stadiums and noted that comparable international sporting events have generally not required organizers to fund transportation impacts.Different approachesNot every city has opted for higher prices.In Los Angeles, riders heading to World Cup matches will pay standard fares."Our regular fare is $1.75, so people will be able to pay that," said Cheung. "We will honor all of the discounts we have."Philadelphia is going a step further.Fans attending matches in the city will pay just $2.90 to travel to the stadium by train and receive a free ride home, courtesy of tournament sponsor Airbnb.National rail operator Amtrak is also preparing for increased demand as supporters move between host cities throughout the month-long competition."We are fully committed to running a world-class railroad ... and ensuring our infrastructure is ready to accommodate new and returning guests," said W. Kyle Anderson, Amtrak's director of communications.For transportation providers across North America, the World Cup offers a fleeting but valuable chance to showcase what their systems can do.The tournament will crown a world champion on the field. Away from the stadiums, trains, buses and transit networks will be competing in a contest of their own — to convince millions of travelers that public transportation can be fast, reliable and worth returning to long after the final whistle.
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.
Bengaluru: Electric vehicle maker Ola Electric Mobility on Monday approved the opening of its qualified institutional placement (QIP) and set a floor price of ₹37.74 per equity share for the issue, according to a stock exchange filing.The company's fund raising committee approved the launch of the issue on June 1 and cleared the preliminary placement document for institutional investors. The company may also offer a discount of up to 5% on the floor price in line with Sebi regulations, the filings read.QIP is a way for listed companies to raise money from large institutional investors such as mutual funds, insurance firms, sovereign funds and foreign portfolio investors, without going through a public issue process.The fundraising comes at a time when Ola Electric is navigating slowing sales, market share pressures and continued losses in the electric two-wheeler market. The company on May 14 also announced ₹2,000 crore investment into its wholly-owned subsidiaries focused on electric vehicle and battery manufacturing, as it looks to double down on localisation and vertical integration.Ola reported a consolidated net loss of Rs 500 crore for the fourth quarter ended March 2026, narrowing 42.5% from Rs 870 crore in the year-ago period, aided by lower expenses. In Q3, the company had reported a loss of Rs 487 crore. For the full 2026 financial year, the company posted a consolidated net loss of Rs 1,833 crore compared with Rs 2,276 crore in FY25. Revenue from operations fell sharply to Rs 2,253 crore from Rs 4,514 crore a year ago. Brokerages have also flagged concerns around market share erosion and cash burn. Citi earlier downgraded the stock to and cut its target price, citing persistent challenges to volume growth and rising balance sheet pressures. The company recently reported a recovery in registrations, with May registrations rising to 14,752 units. Ola said the issue price will be determined in consultation with the book running lead managers. “For Q1 FY27, we expect 40,000- 45,000 orders and consolidated revenue of Rs 500-550 crore, nearly double Q4 levels. As volumes recover, we expect the auto business to move towards adjusted operating EBITDA and free cash flow positivity through FY27,” Aggarwal said in its shareholder’s letter. The company’s focus remains on its EV products, particularly electric motorcycles and cell manufacturing, he added. Ola’s shares on Monday closed at Rs 39.53 on BSE, 4.91% lower compared to previous trading session. The QIP announcement was made post market hours.
BEIJING: Oil prices rose more than 2% in early trading on Monday after Israel ordered troops to move further into Lebanon in the battle with the Iranian-backed Hezbollah militant group, despite a ceasefire announced more than six weeks ago. U.S. crude futures rose $2.17 or 2.48% to $89.53 a barrel as of 2312 GMT (Sunday). Brent futures rose $1.93 or 2.12% to $93.05 a barrel. The stepped-up fighting, coming just after the U.S. hosted Israeli-Lebanon peace talks in Washington on Friday, dimmed expectations that the U.S. and Iran could soon announce an extension to their ceasefire agreement, which had driven Brent and WTI to settle up 1.8% and 1.7%, respectively, on Friday. The Israel-Lebanon conflict has been the broadest spillover of the Iran war. It started on March 2 when Hezbollah began firing rockets and drones across the border into Israel to back its ally Iran. The two sides reached a ceasefire in mid-April but have continued to trade fire. U.S. President Donald Trump said on Friday that he would soon decide on a proposed deal to extend a ceasefire with Iran announced in early April, giving negotiators more time to seek a permanent end to the conflict and find a solution to the underlying dispute over Iran's nuclear program. Israel would be key to any such deal, and Iran has also said repeatedly that Hezbollah must be included. Meanwhile, concerns are rising about mines in key oil and gas shipping lane the Strait of Hormuz, IG analyst Tony Sycamore said in a note. That could slow the process of reopening the strait and mean that relief comes more slowly for the oil market even after it is reopened. "Even if an agreement is reached, it won't deliver a flood of supply," Sycamore said. An Axios reporter said on X on Friday that Iran had dropped more mines in the strait earlier in the week, shortly after U.S. Defense Secretary Pete Hegseth said that attempts to lay more mines would be a violation of the ceasefire. Hormuz is a conduit for about a fifth of global oil and gas flows and Iran has effectively closed it since the conflict began with U.S. and Israeli strikes in February. Concerns over supply outweighed lacklustre economic data from China over the weekend, which showed stalling factory activity. This added to concerns the world's second-largest economy is losing momentum, weighed down by a contraction in exports and cost pressures.
India's primary market is set for an active week in the mainboard segment, with two public issues scheduled to open for subscription even as investor sentiment remains selective amid volatile equity markets and heightened global uncertainty. The spotlight will be on the IPOs of CMR Green Technologies and Hexagon Nutrition, which together aim to raise nearly Rs 770 crore.The offerings come at a time when the IPO market has seen a lull for a few weeks in a tepid 2026. While several companies have secured regulatory approvals in recent weeks, many have put off their IPO plans due to market volatility.The first issue to hit the market next week will be CMR Green Technologies. The company's IPO will open on June 3 and close on June 5. The issue is priced in the range of Rs 182-192 per share and aims to raise Rs 630.9 crore. Equirus Capital is managing the offering.CMR Green Technologies operates in the metal recycling and circular economy segment, manufacturing recycled aluminium and zinc products for automotive and industrial applications. The company counts several leading automotive manufacturers among its customers and is positioned to benefit from increasing adoption of recycled metals and sustainability-focused manufacturing practices.The company is expected to attract investor interest given the growing focus on resource efficiency, electric vehicles and environmental regulations that are encouraging the use of recycled materials.The second mainboard issue scheduled for next week is Hexagon Nutrition.The IPO will open on June 5 and close on June 9. The company has fixed a price band of Rs 42-45 per share and plans to raise Rs 138.9 crore through an offer for sale of 3.09 crore shares. Since the issue is entirely an OFS, the company will not receive any proceeds from the public offering.Hexagon Nutrition is a research-driven nutrition company engaged in manufacturing micronutrient premixes, wellness and clinical nutrition products, therapeutic formulations and ready-to-use nutritional foods.Founded in 1993, the company operates manufacturing facilities in Maharashtra, Tamil Nadu and Uzbekistan and exports products to more than 75 countries. Its products are sold through both business-to-consumer and business-to-business channels and include brands such as Pentasure, Obesigo, Pediagold and Nutrone.The company has reported steady financial growth in recent years. Profit after tax rose to Rs 24.4 crore in FY25 from Rs 12.2 crore in FY24 and Rs 5.8 crore in FY23, while total income increased to Rs 331 crore.At the upper end of the price band, Hexagon Nutrition is valued at around 15 times post-issue earnings.Market participants will closely watch subscription trends in both issues as they could provide a signal on investor appetite for new listings after months of fluctuating market sentiment.The broader market environment remains mixed. Indian equities have faced pressure this year from elevated crude oil prices, geopolitical tensions in West Asia and foreign institutional investor outflows. However, strong domestic liquidity and continued retail participation have helped support primary market activity.SME segmentApart from the mainboard issues, the SME segment is also expected to remain active next week.Genxai Analytics plans to raise about Rs 55 crore through its NSE SME IPO, which opens on June 5 and closes on June 9. The issue is priced at Rs 110-116 per share. Vahh Chemicals will launch a fixed-price SME issue worth Rs 13.5 crore between June 4 and June 8 on the BSE SME platform.Merritronix will also tap the SME market with a Rs 70 crore issue opening on June 1 and closing on June 3.While SME offerings continue to attract investor interest, listing performance has remained mixed in recent months, making subscription quality and valuation discipline increasingly important factors for investors.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
The Indian stock market witnessed a sharp selloff on Friday afternoon, with the Sensex and Nifty falling over 1% as passive fund flows linked to the MSCI index reshuffle weighed on sentiment.Sensex dropped over 1,092 points to 74,776 while Nifty 50 crashed nearly 359 points to 23,547. This came as India VIX, which measures volatility in markets, jumped around 8% to 16.18. The sharp losses wiped off nearly Rs 6 lakh crore from the total market capitalisation of all companies listed on BSE, pulling it down to Rs 465 lakh crore.Analyst Sudeep Shah, Vice President and Head of Technical & Derivatives Research at SBI Securities, interacted with ETMarkets regarding the outlook for the Nifty and Bank Nifty, as well as an index strategy for the upcoming week. The following are the edited excerpts from his chat:Nifty rollover for May expiry came in below both the three-month and six-month averages. Does this suggest traders are turning cautious near higher levels, or is it simply profit-booking after the recent recovery?In the month of May, the benchmark index Nifty traded within a narrow range of 1219 points, marking its smallest monthly range since December 2025. The rollover in the May series also came below the prior month and 3-month average. Notably, a majority of the trading sessions during the month witnessed either an upside or downside gap at the opening, followed by range-bound price action throughout the day. As a result, opportunities for intraday and short-term traders remained limited despite the frequent gap openings. But what made this phase even more unusual was the message hidden within the broader monthly price structure.On the monthly chart, Nifty has formed a bearish candle with shadows on either side, reflecting indecisiveness among market participants amid ongoing geopolitical uncertainties. Zooming into the final week of May, the index continued to trade within a narrow range for most of the week before witnessing a sharp decline during the final hour of Friday's trading session, which tilted the balance in favour of the bears. While the market remained range-bound for most of the week, the late sell-off has raised an important question—was this merely profit booking or the beginning of a larger directional move?From a technical standpoint, Nifty continues to trade below all its key moving averages. More importantly, these moving averages have flattened out, indicating the absence of a strong trend. The daily RSI remains in a sideways zone as per the RSI Range Shift framework, while the daily Stochastic oscillator is also moving within a narrow band. Adding to this, the trend strength indicator, Daily ADX, is placed at near 15 level and continues to decline, suggesting a lack of directional momentum in the index. While these indicators point towards a lack of trend, Friday's late sell-off has injected fresh uncertainty into the market setup.Talking about crucial levels, on the upside, the 20-day EMA zone of 23,750-23,800 is likely to act as an immediate hurdle for the index. On the downside, the zone of 23,300-23,250 remains a crucial support area. A breach below 23,250 could intensify selling pressure and open the doors for a decline towards the psychologically important 23,000 mark. With the index approaching key support levels, the market's next move could set the tone for the coming weeks.Bank Nifty rollover saw a sharper decline and futures data indicates short build-up despite price weakness. Are banking stocks likely to remain drags on the market in the June series?In the month of May, the banking benchmark index Bank Nifty traded within a narrow range of 3,550 points, marking its tightest monthly range since January 2026. On the monthly timeframe, it has formed a High Wave candle, reflecting market indecisiveness.During the past week, the index witnessed a strong upmove in the first half; however, it failed to sustain above the 55,500 level and subsequently underwent a sharp correction. This led to the formation of a bearish candle with a long upper shadow, indicating selling pressure at higher levels.At present, the index is trading below its key moving averages, which are trending downward, suggesting a weak bias. The daily RSI remains in a sideways zone as per the RSI range shift rules, indicating lack of clear momentum.Going ahead, the 53,500–53,400 zone is expected to act as an important support for the index. A breach below 53,400 could trigger further downside, with the next key support placed around 52,700. On the upside, the 50-day EMA zone of 55,300–55,200 is likely to act as a crucial hurdle.FIIs reduced nearly 9,800 index shorts while also adding fresh longs. Do you see this as the beginning of a more constructive stance from foreign investors, or is positioning still defensive overall?There were clear signs of short covering in Index futures between 21st May and 27th May, with FII net Index futures shorts reducing sharply from 2,31,190 contracts to 1,63,012 contracts. This also led to the long-short ratio improving from 11.80% to 16.14%, indicating a relatively constructive shift in positioning. On Friday, massive short positions were built up leading to net index futures short contracts once again rising to 2,01,309 and the long short ratio dipping to 11.98%. Similar phases of short covering in the past were quickly followed by aggressive selling, causing bullish expectations to fade rapidly. This pattern has persisted for quite some time and is likely to continue until there is greater clarity on the US-Iran deal, a meaningful fall in the Dollar Index (DXY), stability in crude oil prices, and depreciation in the dollar against the rupee. Until these external factors stabilize, FII sentiment is likely to remain cautious rather than decisively bullish.What are key levels to watch out for in June series? What triggers could push Nifty decisively beyond in either direction?Talking about crucial levels, on the upside, the 20-day EMA zone of 23,750-23,800 is likely to act as an immediate hurdle for the index. On the downside, the zone of 23,300-23,250 remains a crucial support area. A breach below 23,250 could intensify selling pressure and open the doors for a decline towards the psychologically important 23,000 mark. With the index approaching key support levels, the market's next move could set the tone for the coming weeks.IT continues to trade near 52-week lows with elevated open interest and negative carry. Is the sector still witnessing aggressive short positions, and what would it take for sentiment to improve meaningfully?The Nifty IT Index has rebounded nearly 8% from its 14th May low of 27,078. However, over the last seven sessions, the Index has remained range-bound between 29,747 and 28,678, indicating a lack of strong directional momentum. The RSI remains flat, while a subdued ADX reflects low volatility and absence of trend strength. Additionally, the MACD continues to trade below both the zero line and signal line, highlighting weak underlying momentum. On the Relative Rotation Graph (RRG), the Index has shifted from the lagging to the improving quadrant, suggesting early signs of momentum recovery, though relative strength remains limited. The Index continues to trade below its 50, 100, and 200-day EMAs, keeping the near-term trend weak. The 29,900–30,000 zone remains a crucial resistance area, and a decisive breakout above this level could trigger a stronger pullback rally in the IT pack.Given that the broader market structure remains range-bound with elevated volatility, should traders focus more on stock-specific opportunities rather than aggressive index directional bets in the June series?With the broader market remaining range-bound amid elevated volatility, traders are likely to find better opportunities in stock-specific setups rather than aggressive directional bets on the Index in the June series. The rising ratio line in the Midcap and Smallcap indices relative to Nifty highlights continued outperformance in the broader market space. Despite the strong bearish candle on 29th May, the overall market structure remains bullish, with no concrete signs of a major reversal yet. Currently, strength is visible in sectors such as private banks, PSU banks, financial services, and select midcap IT names. Meanwhile, the Index continues to react sharply to geopolitical developments, leading to frequent gap-ups and gap-downs that reduce trading clarity. In such an environment, strong price-action structures backed by robust technicals in trending sectors are likely to outperform across market conditions.What stocks are you looking out for?For the short term, Tamilnad Mercantile Bank, Nuvama Wealth Management, RR Kabel, Syrma SGS Technology, Krishna Institute of Medical Sciences (KIMS), and Minda Corporation are looking attractive based on their current market setup.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
It was a strong week for global markets as oil prices tumbled to their lowest levels in seven weeks, easing concerns over energy-driven inflation after reports suggested the United States, Israel and Iran were nearing a much-awaited peace deal agreement. Oil prices this weekBrent crude tumbled about 11% during the week, marking its steepest weekly decline in seven weeks, while U.S. West Texas Intermediate (WTI) fell more than 9%, its biggest weekly drop in six weeks. Both benchmarks touched their lowest levels since mid-April. On Friday, Brent crude futures for July, which expired on Friday, settled at $92.05 a barrel, down $1.66 or 1.8%. WTI crude futures closed at $87.36 a barrel, a decline of $1.54 or 1.7%.The three-month conflict involving the U.S. and Iran has repeatedly seen expectations of a potential resolution that could lead to the reopening of the Strait of Hormuz, a key shipping route through which roughly one-fifth of the world's oil and gas supplies pass. While both sides indicated that an agreement may be near, their descriptions of the proposed deal continued to differ.U.S. President Donald Trump once again urged Iran to immediately reopen the strait. The closure of the vital waterway has pushed energy prices higher across global markets. This week, trading has remained highly volatile, with both Brent and WTI swinging by as much as $6 on changing signals surrounding the possibility of the strait reopening.Geopolitical tensions escalated on Thursday after fresh U.S. strikes targeted an Iranian military facility overnight, despite ongoing diplomatic engagement between Washington and Tehran.Iran's Revolutionary Guards later claimed responsibility for a strike on a U.S. airbase, according to the semi-official Tasnim news agency. The location of the base was not disclosed.Where is oil headed?Market analysts noted that even if a ceasefire is agreed upon, restoring normal shipping activity through the Strait of Hormuz could take several months. Any damaged energy infrastructure may require an even longer period to return to full operation.Earlier this month, Saudi Aramco Chief Executive Officer Amin Nasser warned that disruptions in the Strait of Hormuz could postpone stability in global oil markets until 2027. He said nearly 100 million barrels of oil supply per week could be affected by continued disruptions. Saudi Aramco is the world's largest oil producer.Morgan Stanley described the oil market as being in "a race against time," saying the factors that have so far prevented a more pronounced rise in crude prices could begin to fade if the Strait of Hormuz remains closed through June.According to the brokerage, higher U.S. crude exports and softer demand from China have helped absorb part of the supply shock. However, it cautioned that an extended shutdown of the strait could tighten global oil supplies again if disruptions persist beyond the levels that the U.S. and China can comfortably offset.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
US President Donald Trump will only make a peace deal with Iran if it meets all of his conditions, a White House official told AFP on Friday, as questions swirled about the state of negotiations to end the war.The White House had indicated Trump was close to a decision on a potential deal, even as Tehran insisted there was still "no final agreement" on ending the Middle East conflict.Also read: To the Situation Room, now! With new message, Trump stirs Iran cauldron again An Iranian state media report also rebutted several key elements of Trump's characterization of the deal, with sources calling his remarks a "mixture of truth and lies."US sources had told AFP the deal was waiting on Trump's sign-off following weeks of halting negotiations over a conflict that has engulfed the Middle East and shaken the global economy. Trump attended a two-hour meeting in the White House Situation Room on Friday but did not reach a decision."President Trump will only make a deal that is good for America and satisfies his red lines," a White House official told AFP afterward. "Iran can never possess a nuclear weapon," the official added.Trump had announced the meeting in a lengthy social media post, reiterating long-held demands that Iran agree never to develop nuclear weapons and reopen the vital Strait of Hormuz shipping lane. Iranian foreign ministry spokesman Esmaeil Baqaei pushed back, telling state media that the Islamic republic "said goodbye to the language of 'must' 47 years ago." Exchanges of messages were continuing, he added, but "no final agreement has been reached yet."In a phone call with the Emir of Qatar, Iranian President Masoud Pezeshkian said Iran was ready to achieve a "dignified framework" to end the war, according to state news agency IRNA.In his post, Trump said Tehran would remove mines from the Strait of Hormuz and end its blockade of the waterway with "no tolls," while the US would lift its parallel blockade of Iranian ports. The two countries would also coordinate on removing and destroying Iran's enriched uranium, he said, adding that "no money will be exchanged, until further notice."Iran's Fars news agency, however, cited sources as saying Tehran was demanding "the immediate release of $12 billion in frozen Iranian assets" before moving to the next phase of negotiations. On the toll-free reopening of Hormuz, the sources said "no such clause appears in the text of the agreement," while Trump's comment on destroying Iran's nuclear material "is fundamentally baseless."Also read: ‘Tehran said goodbye to “must” 47 years ago’: Iran rejects Trump’s claims of imminent dealBaqaei also told state TV there were currently "no negotiations" taking place on Iran's nuclear program, as Iran's top diplomat suggested the US was holding up a deal with its approach to the talks.'Telling the truth'? Ali, a resident of the city of Tonekabon north of Tehran, said that whatever the deal was, there would likely be more strife to come."Both sides are speaking in a way that keeps their supporters satisfied. It's not clear who is telling the truth," the 49-year-old said.Hopes of an agreement had risen on Thursday after US officials voiced optimism about the diplomatic progress.Energy markets have whipsawed this week as investors parse the chances of an agreement that could potentially resume normal shipping through the crucial Strait of Hormuz.Washington and Tehran have accused each other of violating the truce in and around the strait as recently as this week, with US strikes on the southern Iranian port of Bandar Abbas countered by retaliatory Iranian fire.Iranian state TV said Friday that 24 ships had transited the strait in the past 24 hours, in coordination with the Revolutionary Guards and the foreign ministry.But it warned that "ships from hostile countries face a severe response" from Iran's military.Lebanon fighting On the war's Lebanon front, Israeli Prime Minister Benjamin Netanyahu said Friday that his country's forces had pushed deeper inside Lebanon, while Iran-backed Lebanese group Hezbollah claimed responsibility for a series of drone attacks on military targets in northern Israel, including troop gatherings and barracks.It also said its forces were attacking Israeli troops trying to advance in the area of the medieval Beaufort fortress, near the city of Nabatieh.The attacks came as Israeli and Lebanese military delegations held security talks in Washington, which were called "productive" by Elbridge Colby, the Pentagon's second-in-command.Israel kept up its heavy bombardment of southern Lebanon, where the Lebanese health ministry said a rescuer was among the 11 killed.A ceasefire between Israel and Hezbollah was supposed to have taken effect on April 17, but has never been observed.Both sides accuse each other of violating it and justify their attacks by the other camp's alleged breaches.Lebanon was drawn into the war in early March when Hezbollah launched rockets at Israel over the killing of Iran's supreme leader in US-Israeli attacks, prompting Israeli strikes and a ground invasion.
Capital markets regulator Sebi has relaxed nomination norms for demat accounts and mutual fund folios, making the process simpler for investors while continuing its push to reduce the buildup of unclaimed financial assets.In a circular issued on Friday, the regulator said investors opening single-holder demat accounts or mutual fund folios after September 1, 2026, will be required to either nominate a beneficiary or formally opt out through a declaration.The move modifies rules introduced last year after market participants flagged operational challenges in implementing the earlier framework.Sebi said the revised norms are aimed at improving ease of investing and simplifying the nomination process.Under the new framework, nomination will remain mandatory for single-holder accounts unless the investor explicitly chooses to opt out. For jointly held accounts and folios, however, nomination will be optional.Investors will be allowed to appoint up to three nominees.In a significant simplification, Sebi has removed the requirement for a witness signature when investors submit nomination forms with a regular signature. A witness will now be required only when an investor uses a thumb impression instead of a signature.The regulator has also reduced the amount of information investors must provide while filing nominations.Only the nominee's name and relationship with the investor will be mandatory. In the case of minor nominees, the date of birth will also be required.Details such as mobile number, email address, percentage share, Aadhaar, PAN, passport or other identification documents will remain optional.Where multiple nominees are appointed but percentage allocation is not specified, the assets will be distributed equally among the nominees.Sebi has also expanded digital options for filing nominations. Investors will be able to submit nominations online using a digital signature certificate, Aadhaar-based e-sign, any recognised e-sign facility, or through two-factor authentication using a one-time password sent to their registered mobile number and email address.The regulator has directed depositories, depository participants, mutual fund registrars and asset management companies to provide both online and offline nomination facilities. The revised framework also allows investors to modify or cancel nominations any number of times.For jointly held accounts, all account holders must consent to any nomination or nomination change regardless of the mode of operation.Sebi has also introduced measures to encourage investors who have not provided nominations. Depository participants and mutual fund registrars will be required to send biannual SMS and email reminders to investors who have neither nominated a beneficiary nor formally opted out.In addition, online platforms will have to display pop-up messages highlighting the benefits of nomination whenever such investors log in to their accounts. The regulator said these nudges are intended to reduce the risk of securities and mutual fund units remaining unclaimed after the death of an investor.Sebi also wants greater transparency in account statements. Going forward, account and holding statements will either display the names of nominees or indicate whether a nomination exists, depending on the investor's preference.The market regulator has repeatedly expressed concerns over growing unclaimed financial assets and has been encouraging investors to update nominations across investment products.Under existing rules, securities that remain unclaimed for prolonged periods can eventually be transferred to the Investor Education and Protection Fund Authority (IEPF) under applicable regulations.Sebi said the revised norms supersede all previous circulars relating to nominations for demat accounts and mutual fund folios. The new framework will come into effect from September 1, 2026, giving market intermediaries time to upgrade their systems and implement the revised procedures.The changes are expected to make account opening and nomination management easier while ensuring smoother transmission of securities and mutual fund holdings to legal heirs and nominees.
The United States and Iran have reached an agreement to extend a ceasefire, allow shipping through the Strait of Hormuz and lift a U.S. blockade and some sanctions on Iran, sources told Reuters, but the deal has not been finalised.An agreement would represent a big step towards ending a war that has pushed the world towards an energy crisis, though the underlying dispute over Iran's nuclear programme would only be thrashed out in talks over subsequent weeks.Where Have The Discussions Got To?Following a ceasefire in early April, the two sides have remained at odds on issues including Iran's nuclear ambitions, Israel's war in Lebanon with the Iranian-backed Hezbollah militia, and Tehran's demands for the lifting of sanctions and the release of frozen assets.After weeks of mainly indirect talks, four sources familiar with the matter said on Thursday that the U.S. and Iran had agreed a memorandum of understanding that would halt the war and give negotiators 60 days to reach a final deal.Read More: Bigger proportion of non-Iran ships crossing Hormuz strait: DataHowever, both sides have said several times before that they believed an agreement was close but without ever concluding an agreement. The position of Israel, which launched the air war on Iran on February 28 alongside the United States, is central to any deal but its role in the agreement is unclear.U.S. President Donald Trump has not yet approved the deal, according to the sources. Vice President JD Vance said on Thursday: "We're not there, but we're very close and we're going to keep working on it".Iran has not yet formally commented, but the semi-official Tasnim news agency cited a source close to the negotiating team as saying the text of the agreement had not yet been finalised or confirmed.Iranian sources have previously said a framework deal is only about ending the war on all fronts, establishing a 30-day framework for international and Iranian movement through the Strait of Hormuz and possibly providing some financial relief.There would then be negotiations on the more difficult issues, such as the status of Iran's highly enriched uranium and details concerning the strait, and the sequencing of the many points in the preliminary deal such as sanctions relief and security.The last deal over the nuclear programme - struck in 2015 and torn up by Trump in 2018 - took years of negotiations between large teams of technical experts.What Are The Main Issues?Hormuz And Gulf BlockadeIran's closure of the Strait of Hormuz, the conduit for a fifth of global supplies of oil and liquefied natural gas, has pushed up oil prices. Reopening the strait is the U.S. priority and Iran's main point of leverage, but it could take time.Many vessels are stuck in the Gulf and Iran says it has laid some sea mines that could be difficult to locate.The U.S. blockade on Iranian ports is hitting Iran's own exports and state revenue. Lifting this is one of Tehran's main goals. A sensitive issue could be how far U.S. forces withdraw.NuclearThe U.S. says it believes Iran wants to build a nuclear bomb. Iran has always denied this, saying its atomic programme is for peaceful purposes only. The focus is on its enrichment of uranium, which generates fuel for nuclear power but can also make material for a warhead.The nuclear question is extremely complicated. Iran might eventually agree to dilute part of its highly enriched uranium in a friendly country into uranium enriched to 5% purity and then have it returned, Iranian sources said.Read more: US inflation hits three-year high in April as Iran war fuels energy price surgeBut many other issues would still need to be addressed: how long the nuclear program would be halted, whether nuclear sites would be dismantled, what happens to stockpiles of uranium enriched to 20% and 5%, the future of Iran's advanced centrifuges and research and development programs and the rules governing an inspections regime, among others.Ballistic MissilesA prominent U.S. demand before the war was that Iran limit the range of its ballistic missiles so that they could not reach Israel. Iran has always said its right to conventional weapons is non-negotiable and that it still has a large arsenal.Sanctions And Frozen AssetsIran's economy has been hurt by sanctions for years, contributing to the nationwide unrest in January. Tehran badly needs them to be lifted and tens of billions of dollars of Iranian oil revenues frozen in foreign banks to be released. It also wants reparations for war damage.The United States has resisted this, with Trump having lambasted former president Barack Obama for having returned some frozen assets to Iran under the 2015 nuclear deal. Some media have reported that the latest draft agreement would include an investment programme for Iran.LebanonIran has repeatedly said that Israel's war against its main ally Hezbollah in Lebanon must be included in any deal. Israel and Lebanon agreed a ceasefire last month but both Israel and Hezbollah accuse each other of repeated violations and Israel's military is ramping up its campaign in southern Lebanon. Israel would oppose any U.S.-Iran agreement that limits its ability to act in Lebanon.
Shares of PC Jeweller India rallied as much as 14% to their day’s high of Rs 10.48 on the BSE on Friday after the company reported a 58% increase in Q4 net profit to Rs 150 crore, higher from Rs 95 crore in the year-ago period.PC Jeweller reported strong operational performance for the quarter, supported by sustained consumer demand and steady sales momentum. Standalone revenue for Q4 FY26 rose 33% year-on-year (YoY) to Rs 927 crore, compared with Rs 699 crore in the corresponding quarter last year. For the full financial year FY26, the company posted revenue of Rs 3,353 crore, marking a 49% increase over Rs 2,243 crore reported in FY25.EBITDA for the March quarter stood at a profit of Rs 180 crore, up 25% from Rs 144 crore in Q4 FY25, aided by operating leverage and improved cost efficiencies. On a full-year basis, EBITDA rose 67% to Rs 861 crore in FY26, compared with a profit of Rs 517 crore in the previous financial year.Robust outlookThe company said it continues to progress towards its goal of becoming debt-free. As of date, the company has reduced its outstanding debt by more than 90% since the execution of the settlement agreement with banks on 30 September 2024, reflecting significant improvement in its financial position.“We plan for a debt-free balance sheet soon, rapid expansion through opening large format franchise showrooms, market penetration and expansion through opening franchise showrooms under government tie-ups and value chain integration through mining activities,” the management said.During the quarter, a subsidiary of PC Jeweller incorporated PCJ Mining SARL in the Republic of Chad to undertake the extraction of precious metal ores. The company said that in April 2026, PCJ Mining SARL received a licence for semi-mechanized artisanal gold mining from the Ministry of Petroleum, Mining and Oil Geology, Republic of Chad.According to the company, the development offers an opportunity to explore mining operations and could help create vertical integration opportunities across its value chain.Separately, the company received enquiries and feedback from prospective business partners regarding establishing large-format franchise showrooms. The company believes this expansion strategy could help it gain market share from the unorganised sector without requiring additional capital investment.PC Jeweller added that discussions with several prospective partners are at an advanced stage and align with its broader plan to open up to 100 large franchise showrooms over the next 12 to 18 months.(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 Jaiprakash Power Ventures (JP Power) jumped another 7% on Friday, extending gains to a whopping 28% over just two sessions, while Adani Power shares hit a fresh 52-week high amid optimism over the latter's stake acquisition in the former.Shares of JP Power rose to Rs 24.50 apiece on Friday morning. The stock has rallied nearly 31% so far this week. Trading volumes continue to remain high, as more than 24 crore shares worth Rs 572 crore were traded on NSE in just 15 minutes from opening.Adani Power shares, meanwhile, gained more than 2% to hit a fresh 52-week high of Rs 254 apiece on Friday. The stock has jumped more than 69% so far in 2026 and 128% in one year as soaring temperatures across India hiked hopes for higher power demand.Last week, Adani Power said it has signed definitive agreements with Jaiprakash Associates (JAL) to acquire a 24% stake in Jaiprakash Power Ventures Limited (JPVL) along with the 180 MW Churk thermal power plant in Uttar Pradesh under the NCLT-approved resolution plan for JAL.The Adani Group company said it entered into a share purchase agreement to acquire JAL’s 24% stake in JPVL for around Rs 2,994 crore. Additionally, it has signed a business transfer agreement to acquire the Churk thermal power plant and associated assets, including JAL’s 11.49% stake in Prayagraj Power Generation Company Limited, for Rs 1,200 crore.Adani Power's acquisitions will strengthen its generation portfolio and expand its footprint in the thermal power sector, the company said. It added that they will be completed through cash consideration and are expected to close on the “Effective Date” under the approved resolution plan, which is scheduled to occur within 90 days from the NCLT approval granted on March 17, 2026.The Adani Group last Thursday paid around Rs 6,000 crore to lenders of debt-ridden Jaiprakash Associates as the first tranche of its Rs 14,535 crore resolution plan, marking a key milestone in one of the longest-running insolvency cases. "The fund transfer happened on Thursday. This was a big day for lenders because they will receive a large amount after such a long delay," a person aware of the development told The Economic Times.The insolvency proceedings involving Jaiprakash Associates have been underway for a few years, after the company formally entered the Corporate Insolvency Resolution Process (CIRP) in June 2024. The Allahabad bench of the National Company Law Tribunal approved Adani Enterprises' resolution plan on March 17 this year.Also read: Legacy of Jaiprakash Associates will be carried forward under Adani, says Jaiprakash Gaur(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Interest in overseas investing has risen as Indian equities lag several global markets over the past year. A look at different ways to invest overseas, the costs involved, and what to watch out for.What's the rush for investing overseas these days?The recent interest is largely because global markets have done better than India over the past year or so. Some hot global themes, such as AI and semiconductors, have seen strong gains. Since Indian investors have limited direct exposure to these themes through local markets, it's encouraging them to look outside India.How can resident Indian investors allocate money overseas?Resident Indian investors have three main ways to invest overseas. The simplest route is through international mutual funds offered by Indian fund houses. The second option is investing through GIFT City-based funds, and the third route is by opening an international brokerage account to directly buy global stocks or ETFs.If investing through domestic MFs is simple, why are investors facing restrictions?International mutual funds are indeed the simplest way to invest overseas, as they work like any domestic scheme and allow both lump sum and SIP investments across markets such as the US and other global indices. Indian funds offer funds that bet on the US, China, Nasdaq, Taiwan, Brazil, Japan, Europe and Asia, among others. However, investors are currently facing restrictions because The Reserve Bank of India has set an overall industry-wide limit of $7 billion for such overseas investments, which has already been largely utilised.As a result, many fund houses have stopped accepting lump sum inflows, while some allow SIPs but with monthly caps. This has reduced the availability of fresh investment avenues through this route.What about the GIFT City-based international funds?GIFT City-based funds offered by Indian AMCs, which are denominated in dollars and invest across global markets, themes and indices. These typically require a higher minimum investment of around $5,000 and fall under the Liberalised Remittance Scheme (LRS) limit of $250,000 a year. But the issue is that not every fund house has a presence there.What are the products currently on offer for domestic investors through GIFT City?Some of the popular products available for resident investors from GIFT city currently are DSP Global Equity Fund, Edelweiss Greater China Equity Fund, Parag Parikh IFSC Nasdaq 100 FoF and Parag Parikh IFSC S&P 500 FoF. Many others are in the process of launching their products there.How can an investor put money into GIFT City funds?For a Resident Indian, the process of investing through GIFT City is different from that for a domestic mutual fund. Investing through GIFT City involves sending money abroad under the Reserve Bank of India's Liberalised Remittance Scheme (LRS), since it is treated as an offshore jurisdiction. Investors need to complete KYC and then transfer funds from their bank account by filling out an LRS declaration (A2 form). The money is converted into dollars, and banks charge forex conversion and wire transfer fees.If total remittances exceed ₹7 lakh in a year, a 20% TCS is collected upfront, which can be adjusted while filing taxes. Once invested, these funds function like mutual funds with a daily NAV, and redemptions take around T+5 days.How does direct investing work?In direct investing, investors open an international trading account through an Indian platform offering global access to buy shares of overseas companies or global ETFs. The investment is made by remitting money abroad under the LRS, after which funds are converted into foreign currency and used to trade. This route offers the widest choice, but it comes with added complexities, including forex conversion costs, brokerage charges, and compliance requirements.How are the gains taxed on the investments? Investments in international funds through the mutual fund route attract capital gains tax to be paid by investors at the rate of 12.5% for units, if held for more than two years. For units held for less than two years, the gains are added to your total income and taxed according to the tax slab. In GIFT City funds, the income earned from investments is taxable at the fund level, with no taxation at the investor level. For holding periods less than 24 months, a short term capital gains tax at the rate of 30% and a long-term capital gains tax of 12.5% is levied, which includes surcharge, health and education cess. Will the estate tax be applicable for resident Indians investing in US stocks from India? Yes, the estate tax can apply if resident Indians invest directly in USlisted stocks. For non-US residents, the exemption limit is $60,000. So, if the value of US assets held directly exceeds this at the time of death, the excess can be taxed by the US at rates ranging from 18% to 40%. This applies only to direct holdings of US stocks or assets. Investments routed through funds, such as those based in GIFT City, typically do not attract US estate tax at the investor level. So, what are my best options? If you are looking to deploy small amounts like Rs 5000 or Rs 10,000 per month or a lumpsum amount of Rs 1 lakh, the mutual fund route works well, though there are limited choices, and the GIFT City route is highly impractical. However, if you are looking to park a substantial lump sum of more than $5000 into a dollar denominated asset, you could opt for the GIFT City route or direct investing.