In response to US tariffs, a NITI Aayog paper suggests India selectively lower tariffs on non-sensitive US agricultural imports and offer concessions where supply gaps exist, like in edible oils. It also recommends negotiating greater US market access for Indian exports such as shrimp and spices.
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Foreign Portfolio Investors (FPIs) initially withdrew Rs 8,749 crore from Indian equities in early June amid global uncertainty. However, a significant shift occurred after the RBI's unexpected 50 basis points rate cut, boosting investor confidence.
The rupee strengthened marginally to 85.80 against the US dollar, supported by easing oil prices and positive domestic equities, reversing a two-day losing streak. Traders are cautious ahead of the RBI's rate decision, with expectations of a potential rate cut looming. The domestic equity market showed positive momentum, with both Sensex and Nifty closing higher.
Asia's factory activity experienced a decline in May, impacted by weak demand from China and the lingering effects of US tariffs. Manufacturing operations in Japan and South Korea continued to contract, while concerns over potential US automobile tariffs created uncertainty. China's manufacturing sector also showed contraction, signaling a broader economic slowdown in the region.
Aakash Educational Services has petitioned the NCLT in Bengaluru to dismiss Byju's petition, requesting that EY and Ajay Shah be included. AESL alleges a conflict of interest, pointing to EY's prior advisory positions in transactions now being challenged by Think & Learn's resolution professional. AESL claims EY played a key role in financial and legal matters.
The Mumbai consumer commission has directed Flynas, a Saudi-based budget airline, to compensate a passenger Rs 1.25 lakh for losing her baggage during a trip from Istanbul to Mumbai via Riyadh. The commission criticized the airline's lack of effort in tracing the lost bag and failure to attend the hearing, deeming their conduct as "mala fide negligence."
India's Ministry of Heavy Industries has launched the “Scheme to Promote Manufacturing of Electric Passenger Cars in India” (SPMEPCI) to attract EV manufacturing investments. The scheme offers reduced customs duties on imported EVs for approved applicants who meet minimum investment and localization targets.
Indian Railways is constructing its first dedicated Vande Bharat Express maintenance depot in Bhagat Ki Kothi, Jodhpur, expected to be operational by the end of 2025. This facility, the first of four planned nationwide, will service Vande Bharat trains from across the country.
IndiGo and Bangalore International Airport Ltd. (BIAL) have partnered to establish a dedicated MRO facility at Kempegowda International Airport, Bengaluru, with BIAL allocating 31 acres for the project. This collaboration aims to bolster Bengaluru's status as a premier aviation hub and supports IndiGo's fleet expansion plans, including long-haul operations and new domestic destinations.
Bank of Baroda has reduced its repo-linked lending rate by 50 basis points to 8.15%, effective June 7, following the Reserve Bank of India's policy rate cut. This move aims to make loans more affordable for homes, cars, and businesses, potentially boosting credit demand. The rate cut aligns with the bank's commitment to support customers with affordable credit.
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.