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Deccan Herald
9 minutes ago
- Deccan Herald
Sensex declines 115.04 points; Nifty dips 18.20 points in early trade
Benchmark BSE Sensex rose by nearly 419 points to close above the 81,000 level while Nifty jumped 157 points on Monday following gains in metal, commodities and auto shares amid a firm trend in global markets.
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Business Standard
9 minutes ago
- Business Standard
IndusInd Bank share rally 5% on new MD & CEO appointment; time to buy?
Shares of IndusInd Bank soared over 5 per cent on Tuesday after the lender appointed Rajiv Anand as the chief executive officer and managing director for three years, effective from August 25, 2025. The crisis-hit bank's stock rose as much as 5.3 per cent during the day to ₹847 per share, the steepest intraday climb since June 27 this year. The stock pared gains to trade 4.9 per cent higher at ₹843 apiece, compared to a 0.35 per cent advance in Nifty 50 as of 9:45 AM. Shares of the company rose for the second day and currently trade at 8 times the average 30-day trading volume, according to Bloomberg. The counter has fallen 13.3 per cent this year, compared to a 4.3 per cent advance in the benchmark Nifty 50. IndusInd Bank has a total market capitalisation of ₹65,393.95 crore. IndusInd appoints Rajiv Anand as MD & CEO The appointment of Anand has received approval from the Reserve Bank of India (RBI), but is subject to shareholder approval, the company said in an exchange filing on Monday. Anand's appointment as MD&CEO follows the resignation of Sumant Kathpalia, the former MD&CEO of the bank, in April, who took moral responsibility for the accounting lapses at the bank. Prior to this role, Anand was Deputy MD at Axis Bank, where he led the bank's wholesale banking business and was responsible for driving its digital agenda. He joined Axis Asset Management in 2009 as its founding MD & CEO. Anand was one of three candidates recommended by the bank's board to the RBI for the position of MD&CEO. The RBI had given the board until June 30 to submit its list of candidates for the role. Anand brings extensive experience across banking verticals and is well-positioned to lead the bank, Kotak Securities said in a report. The appointment helps ease those fears and signals a step toward restoring confidence, it added While no major announcements are expected immediately following the transition, the initial focus is likely to be on attracting high-quality talent, tightening underwriting standards to mitigate risk, and strengthening compliance and governance, Kotak said. "The current rating (Reduce) reflects the view that it is still early to factor these changes into the investment thesis." IndusInd Bank Q1 results IndusInd Bank reported a 72 per cent year-on-year (Y-o-Y) decline in net profit to ₹604 crore in Q1FY26, as compared to ₹2,170.79 crore. The bank's net interest income (NII) declined 14 per cent Y-o-Y during the April-June period to ₹4,640 crore due to a shrinking loan book. Sequentially, NII was up 52 per cent. Other income was down 12 per cent Y-o-Y to ₹2,157 crore. The private sector lender's NIM declined 79 basis points (bps) Y-o-Y to 3.46 per cent, but increased 121 bps sequentially.
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First Post
9 minutes ago
- First Post
Trump pledges to raise tariffs on India over Russian oil. Why this may not deter New Delhi
Donald Trump has doubled down on India purchasing oil from Russia. The US president has threatened to raise tariffs 'substantially' on goods over its continued purchase of crude. But New Delhi, it seems, will continue to source oil from Moscow read more A Russian crude oil tanker transits the Bosphorus in Istanbul. Trump has threatened to raise tariffs on India over its purchase of Russian oil. File image/Reuters To buy or not to buy… That's the question India is having to ask after US President Donald Trump has stepped up his attacks against the country for its purchase of oil from the Vladimir Putin-led nation. On Monday, the US leader threatened to 'substantially' raise tariffs on goods from India over its purchase of Russian oil. This came after Trump has already announced a 25 per cent tariff on New Delhi along with a 'penalty' for buying Russian crude. STORY CONTINUES BELOW THIS AD Since last week, Trump has taken aim at India along with his officials, including Secretary of State Marco Rubio and White House Deputy Chief of Staff Stephen Miller, questioning India's purchase of Russian oil. However, the question is — will Prime Minister Modi acquiesce to Trump's demands and stop buying Russian oil? The answer: it seems quite unlikely, and here's why. Trump's threats to India on Russian oil The current tension between India and the US stems from when Donald Trump first announced that he would slap tariffs of up to 100 per cent on countries that buy Russian oil unless Moscow reaches a peace deal with Ukraine by August 7-9. Then last week, Trump announced 25 per cent tariffs on Indian goods, citing New Delhi's levies on US products and purchases of Russian oil and military equipment. While India was 'our friend', it had always bought most of its military equipment from Russia and was 'Russia's largest buyer of energy, along with China, at a time when everyone wants Russia to stop the killing in Ukraine — all things not good'! Trump posted on his Truth Social platform on July 30. This was followed up by US Secretary of State Marco Rubio stating that the purchase of Russian crude was a 'point of irritation' in US-Indo ties, telling Fox News that while India was an 'ally' and 'strategic partner', Delhi's purchase of Russian oil was hampering its relationship with Washington. US President Donald Trump and some of his officials from the administration have been pressuring India to forego its oil trade with Russia in the past one week. File image/Reuters Then on Sunday (August 3), Trump's top aide accused India of financing Russia's war in Ukraine by buying oil from Moscow. 'What he (Trump) said very clearly is that it is not acceptable for India to continue financing this war by purchasing the oil from Russia,' said Stephen Miller, deputy chief of staff at the White House and one of Trump's most influential aides, in an interview with Fox News, adding, 'People will be shocked to learn that India is basically tied with China in purchasing Russian oil. That's an astonishing fact.' STORY CONTINUES BELOW THIS AD And Trump himself doubled down on the pressure on Monday (August 4) with a fresh post on Truth Social, in which he accused India of buying 'massive amounts' of oil from Russia and then 'selling it on the open market for big profits.' 'They don't care how many people in Ukraine are being killed by the Russian war machine. Because of this, I will be substantially raising the tariff paid by India to the USA,' he said. India's purchase of Russian oil The strain in India-US ties has also to do with oil, namely Russian oil. Earlier, India purchased most of its oil from West Asia, but this changed after Russia began selling its oil at discounted rates after the West shunned it as punishment for its full-scale invasion of Ukraine in February 2022. In fact, an US Energy Information Administration report reveals that India increased its purchases of Russian oil more than sixfold after the conflict broke out. Moreover, the International Energy Agency notes that 70 per cent of Russian crude was exported to India in 2024. Compiling data, Bloomberg reports that India, on an average, has been buying Russian crude at about 1.7 million barrels a day so far this year. Bloomberg reports that India, on an average, has been buying Russian crude at about 1.7 million barrels a day so far this year. Representational image/Reuters India's stance on Russian oil On Monday (August 4), a little after Trump threatened additional tariffs on India, India responded to the situation, indicating that it wouldn't stop purchasing crude and even stated that 'the targeting of India is unjustified and unreasonable'. Ministry of External Affairs spokesperson Randhir Jaiswal in a statement said that India has 'been targeted by the United States and the European Union for importing oil from Russia after the commencement of the Ukraine conflict'. STORY CONTINUES BELOW THIS AD He called out the US and Europe's double standards noting that while they criticised India, they themselves were carrying out trade with Russia. 'India's imports are meant to ensure predictable and affordable energy costs to the Indian consumer. They are a necessity compelled by global market situation. However, it is revealing that the very nations criticising India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion. 'The European Union in 2024 had a bilateral trade of €67.5 billion in goods with Russia. In addition, it had trade in services estimated at €17.2 billion in 2023. This is significantly more than India's total trade with Russia that year or subsequently. European imports of LNG in 2024, in fact, reached a record 16.5 million tonnes, surpassing the last record of 15.21 million tonnes in 2022. 'Europe-Russia trade includes not just energy, but also fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment. STORY CONTINUES BELOW THIS AD 'Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers as well as chemicals.' He further noted that India began importing from Russia traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability. Other officials in the Indian administration note that despite Trump's threats, India will continue its trade with Russia for a number of reasons. Representational image/Reuters Let the Russian oil flow Other officials in the Indian administration note that despite Trump's threats, India will continue its trade with Russia for a number of reasons. Firstly, they noted that there was a growing sense within the administration that it shouldn't allow for American policymaking to shape its choices on vital energy supplies for its 1.4 billion people. Analysts and officials from the government also note that if even India suspended its oil trade with Moscow it wouldn't help the US. As Pankaj Saran, a former Indian deputy national security adviser and ambassador to Moscow, told the New York Times, 'What we also have to keep in mind is that even if India may cut to zero, China is not going to. You will have a kind of a bizarre situation where Russia will sell to China at cheap prices, and so you would have China being the ultimate beneficiary.' STORY CONTINUES BELOW THIS AD Moreover, Indian experts note that it was owing to its purchase of oil that helped keep global oil prices in check. Indians kept the Russian oil flowing at the capped price, helping to shrink Russia's revenue but also ensuring that global prices would remain in check. One source was quoted as telling the Mint, 'Had India not absorbed discounted Russian crude combined with OPEC production cuts of 5.86 mb/d, global oil prices could have surged well beyond the March 2022 peak of US$137/bbl, intensifying inflationary pressures worldwide.' In fact, former US ambassador to India Eric Garcetti had lauded New Delhi's purchase of Russian oil in 2024. In the now widely circulated video, Garcetti is heard saying, 'They (India) bought Russian oil because we wanted somebody to buy Russian oil at a price cap. That was not a violation or anything. It was actually the design of the policy because, as a commodity, we didn't want the oil prices going up, and they fulfilled that.' STORY CONTINUES BELOW THIS AD "India brought Russian Oil, because we wanted somebody to buy Russian oil...", says US ambassador Garcetti on India buying Russian oil ; Adds,'no Price Cap violation, we did not want oil prices to go up..' — Sidhant Sibal (@sidhant) May 11, 2024 Experts also noted that India's contracts are long-term and 'it's not so simple to just stop buying overnight'. Trade research body GTRI also noted, 'India's oil trade with Russia has taken place with full transparency and broad understanding with the US. One of the key reasons India stepped up Russian oil purchases was to help stabilise global oil markets after Western sanctions disrupted traditional supply chains. STORY CONTINUES BELOW THIS AD 'By maintaining diversified and affordable energy access, India contributed to preventing a global oil price shock. Trump's decision to raise tariffs on India citing oil trade is not only unjustified — it ignores market realities misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific.' India also has to consider the price of moving away from Russian oil. New Delhi would have to pay more if it went with sources of oil like Saudi Arabia, who sells at a higher price to Asian countries because of a policy called the 'Asian premium' maintained by the Organisation of the Petroleum Exporting Countries (Ospec). We will just have to wait and watch to see what happens next — will Trump drop his demand or will India give in. With inputs from agencies
