Stock market update: Nifty Auto index advances 0.38%
Shares of MRF Ltd.(up 3.99 per cent), Bosch Ltd.(up 0.88 per cent), Hero MotoCorp Ltd.(up 0.77 per cent), Mahindra & Mahindra Ltd.(up 0.59 per cent) and Samvardhana Motherson International Ltd.(up 0.58 per cent) ended the day as top gainers in the pack.
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On the other hand, Bharat Forge Ltd.(down 1.53 per cent), Tube Investments of India Ltd.(down 1.02 per cent), Exide Industries Ltd.(down 0.31 per cent), Balkrishna Industries Ltd.(down 0.07 per cent) and Tata Motors Ltd.(down 0.06 per cent) finished as the top losers of the day.
The Nifty Auto index closed 0.38 per cent up at 23944.4.
Benchmark NSE Nifty50 index ended down 46.41 points at 25476.1, while the BSE Sensex stood down 176.43 points at 83536.08.
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Among the 50 stocks in the Nifty index, 22 ended in the green, while 28 closed in the red.
Shares of JP Power, Vodafone Idea, RattanIndia Power, PC Jeweller and Ibull Housing Fin were among the most traded shares on the NSE.
Shares of Prostarm Info System, Force Motors, Sambhv Steel Tubes, Samhi Hotels and SML Isuzu hit their fresh 52-week highs in today's trade, while Nectar Lifesc, Dreamfolks Services, Sadhana Nitro, TECIL Chemicals and Globale Tessile hit their fresh 52-week lows.
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Time of India
19 minutes ago
- Time of India
RBI keeps repo rate unchanged at 5.5%
MUMBAI: The Reserve Bank of India ( RBI ) held policy rates steady at 5.5% with a unanimous vote from all six members of the Monetary Policy Committee (MPC), maintaining a 'neutral' stance. The decision aligns with market expectations, as the central bank awaits further transmission of earlier rate cuts and clarity on tariffs. This marks the first status quo under Governor Sanjay Malhotra , who took office earlier this year. The RBI lowered its FY26 inflation forecast to 3.1% from 3.7% earlier, while retaining the growth projection at 6.5%. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Speaking to the media, Malhotra said there wasn't enough data to revise gross domestic production (GDP) forecasts and noted, 'India is less dependent on the outside so far as inflation is concerned.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like After Losing Weight Kevin James Looks Like A Model 33 Bridges Undo Deputy governor Poonam Gupta added that half of India's inflation basket consists of food, limiting global impact. In response to US President Donald Trump 's 'dead economy' comment, the RBI governor said, 'We are contributing about 18% to global GDP growth, which is more than the US, where the contribution is expected to be much lower at 11%." Live Events 'So, we are doing very well and will continue to further improve,' he said. 'Volatility Persists' In April, the RBI had cut its FY26 growth forecast from 6.7% to 6.5% in the backdrop of the first set of tariff announcements from the Oval Office 'It is very difficult to predict what the impact will be going forward,' Malhotra said, on whether the projections factor in the impact of punitive tariffs. 'We are hopeful that we will have an amicable solution,' the RBI governor told the media, ahead of the US announcing an additional 25% tariff on Indian goods, following a similar increase on Tuesday. SBI chairman CS Setty said the RBI's decision to hold rates was expected, citing trade uncertainties and lagged policy effects. 'Inflation is likely to remain under check at 3.1% for FY26, and growth impulse is expected to be intact,' he said. LOOMING TARIFF THREAT The MPC's decision came ahead of US President Donald Trump imposing fresh tariffs over New Delhi continuing to purchase oil from Moscow which the Oval Office believes has helped fuel Russia's war efforts. Economists estimate existing 25% tariffs could reduce growth by 20-30 basis points. One basis point is a hundredth of a percentage point. Malhotra said MPC chose to go for status quo amid geopolitical uncertainties and 'wait for further transmission of the frontloaded rate cuts to the credit markets and the broader economy'. The RBI had earlier cut rates by 100 bps and announced a phased 100 bps CRR cut starting September. Goldman Sachs described the policy announcement 'somewhat hawkish'. The 10-year government bond yield climbed 9 basis points (bps) to 6.42%, reaching levels last seen in early May. Yields have risen despite a 50 bps rate cut in June, and Wednesday's decision, along with the governor's comments, tempered expectations of a rate cut in October. 'There will be some volatility; we are living in very uncertain times,' he said. 'The US dollar has seen appreciation and then depreciation, movements on both sides of about 10%.' The Indian rupee edged higher to 87.73 against the dollar, up from its previous close of 87.80. The benchmark BSE Sensex retreated 0.21% to end at 80,543. 'GLOBAL GROWTH ENGINE' Refuting comments from President Trump that India is a 'dead economy,' the governor said that India is contributing significantly to global growth. Economists, including SBI's Soumya Kanti Ghosh, who had advocated easing rates by a quarter percentage point, said the central bank raised the threshold for any further rate cuts. However, Madhavi Arora, chief economist at Emkay Global , argued that focusing narrowly on one-year inflation projections is increasingly misplaced amid shifting global dynamics.
Time of India
25 minutes ago
- Time of India
Goa govt absorbed expenditure of Rs 65cr under zero water bill scheme
Porvorim: During the period for which the PWD implemented the Zero Water Bill Scheme, from Sep 1, 2021, to April 30, 2025, it issued 41.9 lakh zero bills to domestic consumers. The total bill amount of Rs 65.5 crore was waived under the scheme, stated the reply tabled in the assembly by chief minister Pramod Sawant to a question by Velim MLA Cruz Silva. Goa govt officially ended its zero-bill scheme on May 1. The scheme allowed the drinking water bill to be waived for families who limited their usage to less than 16,000 litres of water per month. The idea behind the scheme was to encourage the judicious use of drinking water resources. However, the CM said that earlier this year, the scheme of free water to consumers had to be stopped due to the misuse of water to wash cars or sustain gardens. He said govt is already supplying treated water to consumers by bearing a loss of Rs 16 per litre. Sawant said that the total water demand for domestic, commercial, and industrial uses is 695MLD — with system losses being factored in. The CM told the House that the highest demand for water at 146.5MLD is in Salcete taluka, followed by 123MLD in Bardez, and 94MLD in Tiswadi. He, however, said that no village of Goa faces an acute water shortage. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Jennifer Garner's sweet photo on sprawling family farm gets fans talking Watch More Undo 'The complaints regarding water shortages or non-supply of water are of a localised nature due to power failure, leakages, breakdowns, and the blockage of pipelines,' he said. The CM said these problems are attended to within the shortest possible time. 'In such eventualities, tanker supply is resorted to as a short-term measure. However, as a long-term measure, govt is investing in upgrading and modernising water treatment facilities, distribution networks, and storage systems,' he said. Sawant stated that 11 projects for new water treatment plants or augmentation of the capacity of existing plants are under process. He said that three plants — at Ganjem, Tuem, and Siolim — will be commissioned in Dec 2025.
Time of India
30 minutes ago
- Time of India
Saudi Arabia remains GCC's biggest borrower in H1 2025 despite 20% YoY drop in debt issuance
The Saudi riyal was the second most-used currency after the US dollar in GCC debt markets, raising $7 billion from eight issuances In the first half of 2025, Saudi Arabia retained its position as the top issuer in the Gulf Cooperation Council's debt markets, raising $47.93 billion through bonds and sukuk. While this figure reflects a nearly 20 percent drop from the same period last year, the Kingdom still commanded over half of the region's total issuances. A new report by Kuwait Financial Centre 'Markaz' provides a detailed view of the GCC's evolving fixed income landscape, highlighting shifting issuance preferences, currency trends, and sector-wise activity. Saudi Arabia at the Forefront – But Issuances Decline According to a comprehensive report by Kuwait Financial Centre (Markaz), Saudi Arabia raised $47.93 billion from 71 bond and sukuk issuances during the first six months of 2025. This accounted for 52.1 percent of total debt activity across the GCC, confirming the Kingdom's dominant role in the region's primary debt market. However, this volume represents a 19.8 percent decrease compared to $59.73 billion raised during the same period in 2024. Despite the drop, Saudi Arabia maintained a significant lead over its regional peers. Here's how other GCC countries performed in the first half of 2025, based on total issuance volume and market share: Saudi Arabia : Raised $47.93 billion through 71 issuances Accounted for 52.1% of total GCC debt issuance Down from $59.73 billion in H1 2024 (-19.8% year-on-year) United Arab Emirates (UAE) : Secured $24.03 billion from 69 issuances Represented 26.1% of the regional total Marked a 22.2% increase from the previous year Qatar : Raised $10 billion across 58 issuances Captured 10.9% of total GCC issuance Bahrain : Collected $5.62 billion from 7 issuances Made up 6.1% of the regional total Reflected a 49.7% increase year-on-year Kuwait : Issued $3.39 billion through 4 transactions Accounted for 3.7% of the GCC total Saw a 48% year-on-year increase Oman : Recorded $1.08 billion from 6 issuances Held the lowest market share at 1.2% Across the region, GCC-wide debt issuance totaled $92.04 billion from 215 issuances in H1 2025, down 5.5 percent year-on-year from H1 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like When Knee Pain Hits, Start Eating These Foods, and Feel Your Pain Go Away (It's Genius) Click Here Undo This regional total reflects the combined efforts of sovereigns, corporates, and financial institutions to tap into capital markets amid changing macroeconomic conditions. In its December review, Fitch Ratings noted that total outstanding debt in the GCC surpassed $1 trillion, a milestone reflecting the maturing debt ecosystem in the Gulf. Changing issuance preferences – rise of conventional debt Markaz highlighted a shift in issuance trends within the GCC in early 2025. Conventional bonds made up 56.1 percent of total debt instruments, marking a reversal from H1 2024, where sukuk (Sharia-compliant bonds) held a majority share. In terms of value: Conventional debt issuance rose 7.8 percent year-on-year to $51.61 billion. Sukuk issuances, in contrast, declined 18.2 percent, amounting to $40.43 billion. For context, sukuk are Islamic financial certificates that provide partial ownership in an asset pool and are structured to comply with Islamic law, serving as an alternative to interest-bearing bonds. The increasing appeal of conventional bonds in 2025 appears to reflect evolving investor appetite and greater flexibility in issuance terms. The GCC debt market is continuing to diversify in both format and funding sources. Currency landscape – USD dominates, riyal follows The US dollar remained the preferred currency across the GCC primary market. In the first half of 2025: USD-denominated issuances reached $73.1 billion across 146 deals, representing 79.4 percent of total issuance volume. The Saudi riyal was the second most-used currency, with $7 billion raised from eight issuances. Currencies grouped under "other" amounted to $2 billion, of which the Hong Kong dollar contributed $682 million from 20 issuances, accounting for 0.74 percent of the region's total. A separate Fitch Ratings report from April revealed that GCC countries were responsible for over 35 percent of all emerging-market US dollar debt issued in Q1 2025, up from approximately 25 percent in 2024, excluding China. These figures underscore the continued international appeal of GCC sovereign and corporate issuances, particularly among dollar-based investors. Sector & issuer breakdown – corporates lead activity Corporate issuances surged in H1 2025, rising 67.7 percent year-on-year to reach $60.20 billion. This represented 65.4 percent of the region's total debt activity. By contrast: Government-related entities issued $11.2 billion across 11 deals, posting a modest 1.8 percent increase from the prior year. Sovereign issuances fell sharply by 48.2 percent, totaling $31.85 billion across the region. In terms of sectoral distribution: The financial sector led with $40.1 billion raised through 167 issuances, making up 43.6 percent of all activity. Government entities followed with $31.9 billion from 25 issuances. The energy sector recorded $8.6 billion from nine deals, accounting for 9.4 percent of the total. Remaining sectors together comprised 12.5 percent of total issuance. The issuance size across the GCC ranged widely, from as little as $2 million to $5 billion, reflecting varying capital needs and issuer profiles across public and private institutions.
