India's engineering exports face significant headwinds as the US prepares to impose a 50% tariff on steel and aluminium imports, effective June 4, 2025. This move, doubling existing duties, threatens approximately $5 billion in annual exports, prompting concerns from the EEPC and AAI.
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The IEA cautions that concentrated critical mineral mining could disrupt global supplies and prices, urging diversification. Executive Director Fatih Birol advises India to incentivize electric vehicles to reduce reliance on oil imports, highlighting the economic benefits of EVs. He also lauded India's successful green energy transition, noting the significant shift in investment towards clean energy sources.
Yes Bank shares plunged 7.4% to Rs 21.55 following reports of a 3% equity stake changing hands via block deals, potentially involving a PE investor.
Asian markets displayed caution amid tech-driven Wall Street gains, with trade headlines and geopolitical risks influencing investor sentiment. The US extended tariff exclusions on Chinese goods, while the Trump administration sought renewed trade proposals and a call between presidents.
Indian equities experienced a significant surge in May, propelled by strong performances in defence stocks and microcaps. The Nifty 50 rose by 1.71%, while the Nifty Microcap 250 soared by 12.10%. Investor optimism was further fueled in June by a surprise rate cut from the RBI, boosting rate-sensitive sectors.
The RBI maintains its cautious stance on cryptocurrency, citing potential risks to financial stability and monetary policy, despite the Supreme Court's view against a ban. A government committee is currently reviewing the matter. The RBI has also introduced a new regulation-making framework emphasizing public consultation, impact analysis, and regular reviews to adapt to evolving conditions.
India and the US are progressing towards a bilateral trade agreement, even as the impact of a US court order on potential tariffs is assessed. Commerce Minister Piyush Goyal highlighted the advancements alongside ongoing trade deal negotiations with the EU at the CII's Annual Business Summit 2025.
Ola Electric experienced a significant downturn in the March quarter, with revenue plummeting by 60% to Rs 649 crore and net losses widening to Rs 870 crore. Deliveries also sharply declined to 51,375 units, reflecting a substantial drop in demand, particularly in the premium segment.
IndiGo will launch direct daily flights connecting Mumbai and Adampur in Jalandhar. The service starts on July 2, 2025. Adampur becomes IndiGo’s 92nd domestic destination. This new route aims to boost connectivity for business and leisure travelers. It will also strengthen trade between Punjab and Mumbai. The airline focuses on affordable and hassle-free travel.
Hyundai Motor Company fully exited Ola Electric Mobility, selling its 2.47% stake for Rs 552 crore. Kia Corporation also divested a 0.62% stake for Rs 137.35 crore. Citigroup Global Markets Mauritius acquired a 1.95% stake for Rs 435.47 crore, leading to a fall in Ola Electric's stock price amidst reported net losses.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, were volatile in opening trade on Tuesday. While Nifty50 went below 24,650, BSE Sensex was near 81,000.