Latest news with #Indian
Time of India
21 minutes ago
- Business
- Time of India
ET Market Watch: L&T lifts D-Street; Tata Motors tanks
Transcript Hi, you're listening to ET Markets Radio, I am your host Neha V Mahajan. Welcome to a fresh episode of ET Market Watch — where we bring you the latest news from the world of stock markets every single day. Let's get to it: Indian markets closed slightly higher on Wednesday, lifted by Larsen & Toubro, which jumped nearly 5% after posting a 30% rise in Q1 profits, beating estimates. The Sensex added 144 points, and the Nifty ended above 24,850, though broader gains were limited ahead of the U.S. Fed policy decision and fresh worries about U.S.-India trade ties. Sector-wise, IT and FMCG saw mild gains, while auto and realty stocks dragged. Tata Motors slumped over 3% on reports it may acquire Italy's Iveco for $4.5 billion, raising investor concerns about its balance sheet. In the broader markets, GNG Electronics debuted with a bang, soaring 41%, while Indiqube Spaces slipped 8% on listing. Meanwhile, the Rupee weakened sharply, closing at 87.42 per dollar, its lowest in 5 months, as traders braced for the Fed's rate signals and a possible tariff shock from the U.S. after President Trump warned of steep duties unless a trade deal is sealed by August 1. In commodities, Brent crude slipped to $71 a barrel, and spot gold recovered slightly. That's all for now on ET Market Watch. Make sure to follow us for daily updates. This is Neha V Mahajan, signing off.
India.com
21 minutes ago
- Business
- India.com
‘Will take….': Modi government issues big statement after Trump announces 25% tariff on India
Home News 'Will take….': Modi government issues big statement after Trump announces 25% tariff on India 'Will take….': Modi government issues big statement after Trump announces 25% tariff on India In response to the US tariff, the government has said that it will take all necessary steps to secure the country's national interest. India vs US New Delhi: In a significant development after US President Donald Trump imposed a massive 25 per cent tariffs on Indian goods, the government of India has issued the first reaction and said that it is studying the implications of US's announcement to impose 25 per cent tariffs on Indian goods, along with a penalty from August 1. The government also informed that it is still hopeful of concluding a fair, balanced and mutually beneficial bilateral trade agreement. How has government reacted to 25 per cent tariffs announcement? The government, an official statement said, will take all necessary steps to secure the country's national interest, as has been the case with other trade agreements, including the latest with the UK. 'The Government has taken note of a statement by the US President on bilateral trade. The Government is studying its implications,' the statement said. It added that India and the US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. 'We remain committed to that objective,' the statement said. Notably, US President Trump announced the imposition of a 25 per cent tariff on all goods coming from India, plus an unspecified penalty for buying military equipment and crude oil from Russia. 'Will take all steps necessary', says government 'The government attaches the utmost importance to protecting and promoting the welfare of farmers, entrepreneurs, and MSMEs. The Government will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest comprehensive economic and trade agreement with the UK,' it added. The two countries are negotiating a bilateral trade agreement (BTA) from March with an aim to more than double the bilateral trade in goods and services to USD 500 billion by 2030 from the current USD 191 billion. So far five rounds of talks have been completed. (With inputs from agencies) For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest India News on
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Business Standard
21 minutes ago
- Politics
- Business Standard
Congress gave away PoK, BJP committed to bring it back: Amit Shah
Union Home Minister Amit Shah on Wednesday slammed the Congress party in the Rajya Sabha for allegedly questioning the recent anti-terror operations in Jammu and Kashmir, and accused the party of prioritising vote-bank politics over national security. During the debate on Operation Sindoor, Shah said the Congress had once 'given away' Pakistan-occupied Kashmir, while the Bharatiya Janata Party (BJP) government was committed to taking it back. He added that the three terrorists involved in the incident were neutralised in 'Operation Mahadev' on Monday, and that investigations had confirmed their affiliation with terror outfit Lashkar-e-Taiba. 'Families of Pahalgam attack victims and many other people wanted the three terrorists to be shot in their heads, and they met the same fate in Operation Mahadev,' Shah said in the Upper House, according to PTI. Shah described the Pahalgam terrorist attack as a brutal act, saying: 'Such barbaric crime never happened where religion was asked before killing people in front of women and children.' The Opposition walked out of the House shortly after Shah began his remarks, demanding that Prime Minister Narendra Modi address the issue. The Chair, however, rejected the demand, prompting the walkout. 'Congress prioritises vote bank' Shah also responded to alleged criticism from Congress leader P Chidambaram, who had questioned the legitimacy of Operation Sindoor and had called for Shah's resignation. 'P Chidambaram demanded my resignation and questioned the Indian government's Operation Sindoor. He repeatedly challenged the evidence that those involved in the Pahalgam attack were Pakistani terrorists. Today, I want to ask him, who was he trying to protect? Pakistan? Lashkar-e-Taiba? Or the terrorists themselves? Aren't you ashamed of this? But by God's grace, on the very day he raised these questions, all three terrorists were killed,' Shah said. VIDEO | Parliament Monsoon Session: Union Home Minister Amit Shah(@AmitShah), addressing the Rajya Sabha, said, 'Mr. P. Chidambaram demanded my resignation and questioned the Indian government's Operation Sindoor. He repeatedly challenged the evidence that those involved in the… — Press Trust of India (@PTI_News) July 30, 2025 'Priority of Congress is not national security, but politics; it indulges in politics of vote bank, appeasement,' the Union home minister said. 'Congress has no right to ask the BJP questions about terrorism. The only reason terrorism spread in the country was because of Congress' vote-bank and appeasement politics,' he added. "Congress has no right to ask the BJP questions about terrorism. The only reason terrorism spread in the country was because of Congress' votebank and appeasement politics," says Union Home Minister Amit Shah in Rajya Sabha. — ANI (@ANI) July 30, 2025 Responding to remarks by Congress leader Prithviraj Chavan on the naming of Operation Mahadev, Shah said the reference had historical and military significance. 'When Shivaji Maharaj fought against the Mughals, his war slogan was 'Har Har Mahadev',' he said, adding that war slogans used by Indian soldiers often reflect religious or cultural heritage and are not meant to target any community.
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Business Standard
21 minutes ago
- Business
- Business Standard
Rupee hits 5-month low after Trump's tariff threat, logs 0.7% drop
The rupee depreciated 0.7 per cent against the dollar on Wednesday, marking its worst single-day fall in over two and a half months, after US President Donald Trump suggested a 20–25 per cent tariff on India. Post market hours, Trump announced a 25 per cent tariff along with an unspecified penalty from August 1 for India's purchases of oil and arms from Russia. The local unit weakened by 60 paise to settle at 87.42 per dollar — its lowest level since February 28 this year. So far this month, the rupee has declined 1.9 per cent and 2.12 per cent in calendar year 2025. It is heading for its worst monthly performance since September 2022, when it had fallen by 2.32 per cent. The rupee is expected to remain under pressure following the tariff and penalty announcements. The Reserve Bank of India (RBI) has previously intervened in the foreign exchange market to curb undue volatility. The country's foreign exchange reserves, currently at $695 billion, provide a cushion against such fluctuations. 'The tariff rate is higher than expected. The market was anticipating a rate below 20 per cent, which would have given us a distinct edge over our APAC peers,' said Abhishek Goenka, founder and chief executive officer, IFA Global. 'Moreover, there is uncertainty around the penalty that would be imposed for procuring crude from Russia. This will likely keep markets on edge. We may see the rupee continue weakening. Implied rupee spot is already close to all-time lows in the NDF (non-deliverable forward) market,' Goenka added. Dealers said the central bank was not seen intervening in the foreign exchange market on Wednesday. Adding to the rupee's weakness are ongoing foreign portfolio investor (FPI) outflows from Indian equity markets. Analysts noted that global investors are increasingly allocating capital to developed markets, which are trading at record highs. 'The breaching of the psychological level of 87, coupled with a technical breakout, spurred greater dollar demand from importers and triggered short covering. Following this substantial rally since the start of the month, the immediate support level for spot USDINR has shifted to 87, while the resistance is now seen at 87.70,' said Dilip Parmar, senior research analyst, HDFC Securities. The rupee is now near its all-time closing low of 87.58, touched on February 6 this year. Just days later, on February 10, it came close to 88, touching 87.95 during intra-day trade. Meanwhile, the US dollar continues to strengthen, marking its best monthly performance so far in 2025. On Wednesday, however, it slipped slightly by 0.05 per cent to 98.83. 'Tomorrow, the US Federal Reserve will announce its interest rate decision, and markets will respond accordingly. FPIs are also sellers in the market, keeping pressure on the rupee,' said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors.
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Business Standard
21 minutes ago
- Business
- Business Standard
US tariffs may hit India's IT sector indirectly via tech spend cuts: EY
Though the Indian IT services sector is not directly hit by the newly-announced 25 per cent US tariffs on goods, the ripple effects could be "substantial" as rising input costs may prompt US companies to scale back discretionary tech spends, Nitin Bhatt, Technology Sector Leader at EY India said on Thursday. The tariff announcement comes at a time when the export-led Indian IT industry is grappling with macroeconomic uncertainties and the advent of Artificial Intelligence (AI). "While the Indian IT services sector isn't directly hit by the newly announced 25 per cent US tariffs, the ripple effects could be substantial. Rising input costs may prompt US companies to scale back discretionary tech spending. Simultaneously, growing unease around workforce mobility and evolving digital taxation frameworks could redefine how cross-border services are priced and delivered," Bhatt said. Companies that pivot to hybrid delivery models, diversify geographically, and embed AI at scale will be better positioned, not just to weather demand volatility, but to lead in an increasingly fragmented and uncertain global landscape, Bhatt pointed out. India's largest IT services company TCS is preparing to lay off over 12,000 professionals, or two per cent of its global workforce this year, in what it describes as a broader strategy to become a future-ready organisation', with a focus on investments in technology, AI deployment, market expansion, and workforce realignment. Market watchers believe that firings at TCS' could send fresh tremors in the tech industry. India's top IT services companies have delivered single-digit revenue growth in Q1FY26, capping off a somewhat-sobering June quarter as macroeconomic instability and geopolitical tensions have weighed on global tech demand and delayed client decision-making. TCS MD and Chief Executive K Krithivasan recently said the company is experiencing a "demand contraction" due to the continued uncertainties on the macroeconomic and geopolitical fronts, and added that he does not see a double-digit revenue growth in FY26. Krithivasan had explained the delays in decision-making experienced in the preceding quarter have "intensified" now, and hoped for the discretionary spends - a prime mover of revenue growth for IT companies - would return once the uncertainties ebb.
