Trump Tax Bill Clears Critical Hurdle in House, Starmer Backs Reeves
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Business Upturn
7 minutes ago
- Business Upturn
Corporate highlights for today, July 3: Bajaj Finance, Reliance Retail, SpiceJet, Patanjali, HDFC Bank, Tata Power, GMR Airports, Vedanta, Nykaa, MOIL, Bosch and more
By Aditya Bhagchandani Published on July 3, 2025, 22:30 IST Indian corporates witnessed a busy day with several notable developments: CG Power and Industrial Solutions successfully closed its QIP at ₹660 per share, raising funds from institutional investors at ~2.8% discount. Bajaj Finance posted a robust Q1FY26 business update: customer franchise rose to 106.51 million (+21% YoY), new loans booked at 13.49 million (+23% YoY), AUM jumped 25% YoY to ₹4.41 lakh crore. Reliance Retail announced a strategic minority stake in UK-based FaceGym to bring its facial workout studios to India through Tira and standalone outlets. SpiceJet clarified that a cosmetic interior window frame became loose mid-flight on its Goa-Pune service, with no safety impact. Dabur India won an interim injunction from the Delhi High Court restraining Patanjali Ayurved from airing allegedly disparaging ads against Dabur chyawanprash. HDFC Bank CEO Sashidhar Jagdishan moved the Supreme Court seeking to quash an FIR filed by Lilavati Trust after three Bombay HC judges recused from hearing his plea. Tata Power was ordered to pay $490.32 million in damages to Kleros Capital Partners over a breach of NDA, even as it reported strong Q4 earnings. GMR Airports saw shares rise after TDSAT asked AERA to recalculate the HRAB for DIAL airport, which could raise tariffs and profitability. Reliance Communications was classified as 'fraud' by SBI, implicating former director Anil Ambani over alleged fund diversion of ~₹12,692 crore. Vedanta reported Q1FY26 production: aluminium output at 575,000 tonnes (+2% QoQ) and zinc output at 252,000 tonnes (-4% QoQ). Nykaa (FSN E-Commerce) shares fell after a ~2.3% block deal by the Banga family as they pared stake. MOIL reported a 15% YoY increase in manganese ore production in Q1FY26 and a 24% YoY rise in sales. Bosch announced plans to invest ₹800 crore over the next two years for localisation of EV components and new mobility solutions. Quess Corp said it plans to divest non-core businesses and focus on scaling staffing and digital services verticals. These developments reflect the legal, operational, financial, and strategic actions shaping corporate India today. Disclaimer: The information provided here is for informational purposes only and should not be considered as financial or investment advice. Please conduct your own research or consult a professional advisor before making any investment decisions. Neither the author nor the publisher is liable for any actions taken based on this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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Associated Press
11 minutes ago
- Associated Press
Hakeem Jeffries takes his 'sweet time' holding the floor to delay Trump's tax bill
WASHINGTON (AP) — There's no filibuster in the House, but Democratic leader Hakeem Jeffries essentially conducted one anyway. Jeffries held the House floor for more than eight hours Thursday, taking his 'sweet time' with a marathon floor speech that delayed passage of Republicans' massive tax and spending cuts legislation and gave his minority party a lengthy spotlight to excoriate what he called an 'immoral' bill. As Democratic leader, Jeffries can speak for as long as he wants during debate on legislation — hence its nickname on Capitol Hill, the 'magic minute,' that lasts as long as leaders are speaking. He began the speech at 4:53 a.m. EDT, and was on pace to break the record set by then-House Speaker Kevin McCarthy, R-Calif., in 2021, when he was the GOP leader. McCarthy spoke for 8 hours, 32 minutes when he angrily criticized Democrats' 'Build Back Better' legislation, breaking a record set by Rep. Nancy Pelosi, D-Calif., when she spoke about immigration for 8 hours, 7 minutes in 2018. 'I feel an obligation, Mr. Speaker, to stand on this House floor and take my sweet time,' Jeffries said as he opened. The speech pushed a final vote on Republican President Donald Trump's tax bill, initially expected in the early morning, into the daylight hours. The New York Democrat used the time to criticize the bill's health care and food aid cuts, tax breaks for the wealthy and rollbacks to renewable energy programs, among other parts of the bill that Democrats decry. He also killed time by riffing on hip-hop, King George III and his own life story, among other diversions. He called out Republicans who have voiced concerns about the bill, read stories from people concerned about their health care from those GOP lawmakers' districts and praised his own members, some of whom sat behind him and cheered, clapped, laughed and joined hands. 'This reckless Republican budget is an immoral document, and that is why I stand here on the floor of the House of Representatives with my colleagues in the House Democratic caucus to stand up and push back against it with everything we have,' Jeffries said. Jeffries sneaked small bites of food and drank liquids to boost his energy, but did not leave the chamber or his podium. The speech would be over if he did. Democrats were powerless to stop the huge bill, which Republicans are passing by using an obscure budget procedure that bypasses the Senate filibuster. So they were using the powers they do have, mostly to delay. In the Senate, Democratic leader Chuck Schumer of New York forced Senate clerks to read the bill for almost 16 hours over the weekend. Sen. Cory Booker, D-N.J., similarly gained attention in April when he spoke for more than 25 hours on the Senate floor and broke the record for the longest continuous Senate floor speech in the chamber's history. Booker was assisted by fellow Democrats who gave him a break from speaking by asking him questions on the Senate floor, but Jeffries' 'magic minute' did not allow for any interaction with other members. Republicans who were sitting on the floor when Jeffries started trickled out, leaving half the chamber empty. And as they anxiously awaited their vote, some mocked him on social media. 'Anything that drives House Minority Leader Hakeem Jeffries this crazy must be good,' posted South Carolina Sen. Lindsey Graham. 'Pass the One Big Beautiful Bill now.' ___ Associated Press writers Lisa Mascaro and Leah Askrinam contributed to this report.
