India must reduce high tariffs to stay competitive and attract investment amidst the US-China trade war, says outgoing US Ambassador Eric Garcetti. Although American companies see potential in India's market, they find it easier to operate in Southeast Asia and Mexico. Strengthening US-India relations, especially in defense and technology, remains crucial despite some challenges.
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Major US benchmarks experienced a continuous five-day selloff, resulting in over a trillion dollars loss in share prices. The Nasdaq 100 and S&P 500 indices faced declines, with significant drops in Tesla stock. Concerns over economic factors and market volatility were compounded by deadly attacks and geopolitical tensions, impacting investor sentiment.
The rupee dropped to an all-time low of 85.21 against the US dollar for the sixth consecutive session due to rising US bond yields and strong demand for the dollar from importers. The RBI intervened to limit losses, but underlying issues such as tepid capital flows and a widening trade deficit persist.
Sun Pharma, India's largest pharmaceutical company, is set to acquire Checkpoint Therapeutics for $355 million. This strategic acquisition will enhance Sun Pharma's specialty portfolio, including UNLOXCYT, an FDA-approved treatment for advanced skin cancer, expanding its global presence in oncology treatments.
The rupee closed at 86.58 against the dollar, slightly weaker than the previous day, as early gains were erased due to a rebound in the dollar following tariff threats by US President Trump. Most emerging market currencies weakened, with the Mexican peso and Canadian dollar experiencing significant declines.
Reliance Industries has acquired oncology-focused healthcare platform Karkinos for Rs 375 crore through its subsidiary Reliance Strategic Business Ventures. Karkinos, founded in July 2020, specializes in early cancer detection and treatment. The acquisition was approved by the National Company Law Tribunal without requiring additional regulatory approvals.
Niti Aayog CEO BVR Subrahmanyam emphasized that India must reduce tariffs for its own benefit, regardless of external pressures. He highlighted the need for India to prioritize openness to global markets and finalize trade agreements with major economies like the EU and UK. Deregulation at both central and state levels is also crucial for integrating into global supply chains.
Waaree Renewable Technologies Ltd has secured a 2 GW solar project from Sunbreeze Renewables Nine Pvt Ltd, a Jindal Renewables SPV, to be implemented in Bikaner, Rajasthan. The project, valued at WRTL's largest-ever order, will enhance energy efficiency using advanced technologies. Jindal Renewables aims to be a leader in renewable energy, targeting 12 GW of assets by 2030.
Fintech unicorn Razorpay is shifting its headquarters from the US to India, aiming for a 2026 IPO. Despite facing potential $300 million tax implications, the move is underway, pending regulatory approvals. The company, valued at $7.5 billion, seeks to list where it's recognized and projects a 50%+ growth rate over the next few years.
Zepto is launching a separate app, Zepto Café, to deliver food items like chai, samosa, and pizza within 10 minutes. This move challenges established players like Zomato and Swiggy in the rapidly growing quick-commerce food delivery market.
RailTel Corporation's shares jumped 9.6% after securing a Rs 25.15 crore contract from HPCL for MPLS/Internet services over five years. Despite recent gains, RailTel stocks have seen a YTD decline of 16.80%. Currently trading at Rs 328 with a 6.10% increase, the stock shows neutral momentum with an RSI of 52.