Wall Street saw slight gains this Monday, staying close to record highs. Telecom giant Verizon led the way after strong earnings. Microsoft shares dipped due to a software patch. Block Inc joined the S&P 500. Steelmaker Cleveland-Cliffs rose, crediting Trump-era tariffs. Investors are watching upcoming earnings from companies like General Motors and Tesla.
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India faces trade deficits with most countries having free trade agreements. These partners contribute significantly to India's overall trade deficit. Newer agreements show better utilization compared to older ones. Reviews of trade pacts with ASEAN and Korea are underway. India's reliance on FTA partners has increased, with imports rising. Efforts are ongoing to balance trade and improve agreement utilization.
The government is preparing to establish the 8th Central Pay Commission. Consultations are underway with various ministries and state governments. This commission will revise the pay for central government employees and pensioners. The 8th CPC is expected to be implemented from January 1, 2026. The government revises dearness allowance twice a year to adjust for inflation.
Malaysia has placed immediate restrictions on the movement of high-performance AI chips from the US. This is to prevent unauthorized rerouting to countries like China. All movements of US-origin AI chips now need a permit. This move follows concerns about transshipment of chips via Malaysia. Malaysia is investigating reports of Chinese firms circumventing US export controls.
The Cabinet Committee on Economic Affairs has approved an exemption for NLC India Ltd, allowing a Rs 7,000 crore investment in its renewable energy subsidiary without prior government approval or net worth restrictions. This decision supports NLCIL's ambitious renewable energy targets of 10.11 GW by 2030 and 32 GW by 2047, aligning with India's COP26 commitments and Net Zero goals.
SpaceX has pledged $2 billion to xAI as part of a $5 billion equity round, strengthening Elon Musk's AI startup's position against OpenAI. Following xAI's merger with X, the combined entity is valued at $113 billion, with the Grok chatbot now supporting Starlink and potentially integrating into Tesla's Optimus robots.
In 2024-25, the Indian government disbursed Rs 10,114 crore under Production-Linked Incentive (PLI) schemes, with large-scale electronics manufacturing receiving Rs 5,732 crore and pharmaceuticals securing Rs 2,328 crore. These two sectors collectively accounted for approximately 70% of the total incentive disbursements, highlighting their significant role in the PLI initiative.
Costa Coffee India witnessed substantial growth in FY25, with revenue reaching Rs 198.5 crore and profit climbing to Rs 149.7 crore, fueled by expansion to 220 outlets. Despite a slight dip in gross margin and same-store sales growth, the company is aggressively expanding, targeting 40-50 new outlets annually.
Prime Minister Narendra Modi is set to visit London on July 24 to sign a free trade agreement with the United Kingdom, accompanied by Commerce Minister Piyush Goyal. The FTA, finalized on May 6, aims to boost bilateral trade to $120 billion by 2030 by eliminating duties on key exports and reducing import tariffs.
India has significantly increased the flying rights for Kuwait, raising weekly seat capacity by 50% to 18,000. This agreement, signed by aviation officials from both nations, marks Kuwait's first bilateral capacity increase in 18 years. The move comes amid rising travel demand and aligns with India's policy to bolster its carriers' international presence through strategic agreements and infrastructure development.
TCS CEO K Krithivasan anticipates international revenue surpassing FY25 levels in FY26, pending trade clarity expected by late July or August. While projects with immediate ROI continue, longer-term initiatives face delays or scope reduction. The BSNL deal's wind-down impacted revenue by 2.8%. AI is driving efficiency, prompting discussions with clients about sharing productivity gains.