Author: Staff Writer

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Beyond

Yen slides to four-decade low against dollar

The Japanese yen has fallen to its lowest level against the US dollar in nearly four decades, reflecting growing pressure on Japan’s economy and raising fresh concerns about possible government intervention in the currency market.

The yen’s sharp decline has been driven largely by the widening interest rate gap between Japan and the United States. While the US Federal Reserve has maintained relatively high interest rates, the Bank of Japan (BoJ) has been slow to tighten monetary policy, making the yen less attractive to global investors.

Another factor behind the currency’s weakness is Japan’s fragile economic recovery. Slow domestic growth and subdued inflation have limited the central bank’s ability to raise interest rates aggressively, even as other major economies continue to maintain tighter monetary policies.

The weak yen has mixed consequences for Japan. Export-oriented companies benefit because their overseas earnings become more valuable when converted into yen. However, households and businesses face higher costs for imported goods, including fuel, food and raw materials, increasing pressure on consumer spending.

The currency’s latest fall has also fuelled speculation that Japanese authorities could step into the foreign exchange market to support the yen. The government has intervened in the past when excessive currency movements threatened economic stability, although officials have not indicated whether immediate action is planned.

Financial markets are closely watching comments from the Japanese government and the Bank of Japan for any signs of policy changes. Investors also remain focused on upcoming US economic data, which could influence expectations on future interest rates and further impact currency markets.

Also Read: Centre lifts fuel sale restrictions from July 1 nationwide

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Technology

Apple challenges CCI App Store findings

Apple has challenged the findings of the Competition Commission of India (CCI) in its investigation into the company’s App Store practices, taking the matter to the National Company Law Appellate Tribunal (NCLAT).

The technology giant has objected to the CCI’s investigation report, which alleged that Apple abused its dominant position by imposing restrictive conditions on app developers and requiring them to use its in-app payment system. The regulator’s findings could pave the way for further action against the company.

In its appeal, Apple argued that the investigation was not based on an independent assessment of the Indian market. It claimed the report was largely a “copy-paste exercise”, relying heavily on findings from similar antitrust cases in other countries instead of examining India’s unique market conditions.

Apple also maintained that it does not dominate India’s smartphone market, pointing to strong competition from Android device makers. The company said its App Store policies are intended to protect users by ensuring privacy, security and a consistent experience for developers and customers.

The CCI’s probe began after complaints from app developers, who alleged that Apple’s rules limited competition and forced them to use the company’s payment system while paying commissions on digital transactions.

The case is being closely watched by the technology industry, as its outcome could influence how global digital platforms operate in India. If regulators uphold the findings, Apple may have to modify some of its App Store policies for Indian developers.

The tribunal will now examine Apple’s appeal before deciding whether the CCI’s investigation was conducted fairly and whether its findings should stand. The case marks another chapter in India’s growing scrutiny of large technology companies and their business practices in the country’s expanding digital economy.

Also Read: Dr Reddy’s biologics unit in Hyderabad gets USFDA notice

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1 Minute-Read

Dr Reddy’s biologics unit in Hyderabad gets USFDA notice

Dr Reddy’s Laboratories has received a Form 483 from the US Food and Drug Administration (USFDA) after an inspection of its biologics manufacturing facility in Hyderabad.

The regulator issued seven observations, highlighting concerns related to manufacturing practices and quality systems. A Form 483 is issued when inspectors identify conditions that may require corrective action and does not indicate a final regulatory decision.

Dr Reddy’s said it will respond to the observations within the prescribed timeline and work closely with the USFDA to implement necessary corrective and preventive measures.

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Beyond

Gold at ₹1,40,950, Silver falls to ₹2.20 lakh

Gold and silver prices remained under pressure on Tuesday, June 30, with weakness in the futures market mirrored by a slight decline in retail bullion rates across major Indian cities. While the fall in physical gold prices was modest, investors continued to track global developments that are influencing precious metal markets.

On the Multi Commodity Exchange (MCX), gold for August delivery was trading 1.3 per cent lower at ₹1,40,950 per 10 grams, while silver futures slipped 1.08 per cent to ₹2,20,670 per kilogram at around 9:13 am.

In the retail market, 24-carat gold was priced at ₹98,880 per 10 grams in Delhi, while 22-carat gold was selling at ₹90,650. In Mumbai and Kolkata, 24-carat gold was available at ₹98,730 per 10 grams, with 22-carat gold priced at ₹90,500. Other major cities, including Chennai, Bengaluru and Hyderabad, also recorded similar rates, with slight differences due to local taxes and transportation costs.

Retail silver prices remained steady at around ₹1,10,000 per kilogram in Delhi, Mumbai, Kolkata and several other major cities, despite the decline in MCX futures.

Market participants said bullion prices continue to react to international factors such as movements in the US dollar, expectations surrounding interest rate decisions by major central banks and geopolitical developments. A stronger dollar generally puts pressure on gold prices by making the metal more expensive for overseas buyers, while changing global risk sentiment also influences investor demand for safe-haven assets.

Jewellers said stable retail prices have kept customer interest intact, particularly among those planning purchases for weddings, festive occasions and long-term investment. However, buyers have been advised to compare prices across jewellers, as making charges, GST and local levies can significantly increase the final purchase cost.

Also Read: Rupee falls 7 paise to 94.58 against dollar

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Corporate

Sensex rises over 200 points, Nifty climbs above 24,000

Markets opened on a strong note on Tuesday, with benchmark indices extending their gains in early trade. The BSE Sensex advanced more than 200 points, while the NSE Nifty crossed the key 24,000 mark, supported by buying in auto, banking and pharmaceutical stocks.

Investor sentiment remained upbeat following positive global cues and steady foreign fund inflows. Buying in heavyweight stocks helped lift the indices, even as traders stayed watchful ahead of key global economic developments.

Among the top performers, Maruti Suzuki jumped nearly 3% after witnessing strong buying interest, emerging as one of the biggest gainers on the Sensex. Other stocks such as Sun Pharma, ICICI Bank and Mahindra & Mahindra also traded higher, contributing to the market’s early strength.

However, gains in the broader market were capped by weakness in select information technology stocks. Infosys, TCS and Wipro remained under pressure as investors turned cautious over the sector amid concerns about global demand and the outlook for technology spending.

Investors continue to favour domestic-focused sectors such as automobiles, banking and healthcare, while remaining selective in export-oriented segments like IT. They added that global market trends, crude oil prices, foreign institutional investor activity and upcoming economic data will remain key drivers for market direction in the coming sessions.

Also Read: Astral Limited shares slides 6% after demerger move

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Beyond

PFC, REC boards approve merger through share swap

The boards of Power Finance Corporation (PFC) and REC Ltd have approved a proposal to merge the two state-owned power sector financiers through a share-swap arrangement, marking a major step towards creating a larger lending institution for India’s energy sector.

Under the approved scheme, REC shareholders will receive 88 shares of PFC for every 100 shares they hold. The merger is subject to approvals from shareholders, creditors, regulators and other statutory authorities before it can be implemented.

The proposed combination aims to create a stronger financial institution with a larger balance sheet, improved lending capacity and greater operational efficiency. Both companies play a key role in financing power generation, transmission, distribution and renewable energy projects across the country.

The government, which holds a majority stake in both companies, has been exploring ways to improve efficiency among public sector enterprises. The merger is expected to reduce overlapping operations, optimise resources and strengthen support for India’s growing infrastructure and clean energy requirements.

Despite the strategic rationale, investors reacted cautiously to the announcement. Shares of both PFC and REC declined by up to 2 per cent during Monday’s trading session as the market assessed the implications of the merger, including the share-swap ratio and the timeline for regulatory approvals.

The combined entity is expected to play a bigger role in financing India’s energy transition, including renewable energy, transmission networks and distribution reforms. It could also strengthen the country’s ability to mobilise capital for ambitious infrastructure expansion plans.

Company officials said customers, borrowers and lenders are expected to benefit from the combined strengths of both organisations once the transaction is completed.

The merger proposal now moves to the next stage of regulatory and shareholder approvals. If completed as planned, it will create one of India’s largest specialised infrastructure financing institutions, reinforcing the government’s focus on strengthening financing support for the power sector and broader economic growth.

Also Read: Prestige Group holds ₹65,000 cr unrecognised revenue pipeline

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Corporate

Prestige Group holds ₹65,000 cr unrecognised revenue pipeline

Prestige Group has said it is sitting on nearly ₹65,000 crore of unrecognised revenue, highlighting the strong sales momentum the Bengaluru-based real estate developer has achieved in recent years. The amount represents revenue from homes and commercial properties already sold but not yet recognised in the company’s financial statements, as accounting rules require developers to book revenue only after projects reach specified stages of completion.

Chairman and Managing Director Irfan Razack described the figure as a significant indicator of the company’s future earnings visibility. He said the large revenue pipeline reflects robust customer demand and provides confidence about Prestige’s long-term growth prospects. According to the company, the unrecognised revenue is spread across multiple residential and commercial projects currently under various stages of construction.

Prestige Group has been one of the country’s strongest-performing real estate developers, driven by sustained demand for premium housing, luxury apartments and mixed-use developments. The company has also expanded its presence beyond southern India, strengthening operations in cities such as Mumbai, Delhi-NCR and Hyderabad.

The company has witnessed strong pre-sales over the past few years, supported by rising homebuyer confidence, improving affordability and continued demand for branded residential projects. Prestige expects this momentum to continue as urban housing demand remains resilient despite higher property prices and elevated interest rates.

Executives said the company remains focused on timely project execution and delivery, which will enable the gradual recognition of the pending revenue in future quarters. They also expressed confidence in maintaining growth through new project launches and continued expansion into key property markets.

Also Read: Persistent Systems slumps 8% after Nagarro deal sparks concerns

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Corporate

Persistent Systems slumps 8% after Nagarro deal sparks concerns

Persistent Systems shares came under heavy selling pressure on Monday after the company announced its proposed acquisition of German IT services firm Nagarro. The stock fell nearly 8% during the session, making it one of the biggest losers among mid-cap IT stocks as investors reacted cautiously to the size and valuation of the deal.

The acquisition, valued at around €1.35 billion, is expected to expand Persistent Systems’ global footprint and strengthen its capabilities in digital engineering, artificial intelligence and enterprise technology services. But the announcement also raised concerns among investors about the price being paid and the difficulty of integrating a company of Nagarro’s scale.

Brokerages were divided in their first reaction. While some analysts said the deal could offer strategic benefits over time, many described it as expensive. They pointed out that Persistent is paying a premium for Nagarro, which has led to questions about how quickly the acquisition can generate meaningful returns.

Market participants also flagged the funding structure and its possible impact on the company’s financial performance. Analysts said the transaction could weigh on earnings in the near term because of higher borrowing costs, integration expenses and execution risks linked to combining two large technology businesses.

Despite the weak market response, Persistent Systems said the acquisition would strengthen its position in key global markets and broaden its service portfolio. The company believes the combined business will have greater scale, access to new clients and stronger capabilities in fast-growing technology segments.

The acquisition comes at a time when Indian IT companies are trying to expand internationally even as global technology spending remains uneven. Persistent’s management remains confident that the deal will support future growth and improve its competitive position.

Investors are now expected to watch regulatory approvals, financing plans and integration progress closely before reassessing the company’s long-term outlook.

Also Read: Candere signs Smriti Mandhana as ambassador

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Beyond

Gold nears ₹1.44 lakh, Silver hits ₹2.40 lakh

Gold prices remained steady across major Indian cities on Monday, offering stability to buyers after recent fluctuations in the bullion market. Silver, however, continued its upward march, supported by firm global demand and positive investor sentiment.

According to the latest retail rates, 24-carat gold was priced at ₹1,43,950 per 10 grams, while 22-carat gold stood at ₹1,31,950 per 10 grams. The price of 18-carat gold was ₹1,07,960 per 10 grams. Silver was trading at ₹2,40,000 per kilogram, extending its recent gains.

In Kochi, 24-carat gold was quoted at around ₹1,43,940 per 10 grams, while 22-carat gold was available at approximately ₹1,31,100 per 10 grams, with slight variations depending on the jeweller.

Jewellers said customer enquiries remained steady, but many buyers continued to delay large purchases in anticipation of a possible correction in prices. Although gold has cooled from its record highs, it remains significantly costlier than last year, making consumers cautious.

Silver continued to outperform gold as industrial demand stayed robust. Traders attributed the metal’s strength to growing consumption from sectors such as electronics, solar energy and electric vehicles, along with supportive global price trends.

Internationally, bullion prices remained firm as investors closely tracked the US Federal Reserve’s interest rate outlook and the broader global economic situation.

Also Read: Sensex trades flat, Nifty holds above 24,050

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Corporate

Sensex trades flat, Nifty holds above 24,050

Indian equity markets opened largely unchanged on Monday, with the Sensex trading flat and the Nifty holding above 24,050 for most of the session.

Sentiment improved after reports of renewed diplomatic engagement between the United States and Iran. That helped ease worries about possible supply disruptions through the Strait of Hormuz. Even so, crude oil prices stayed elevated, which kept traders cautious and limited the market’s upside.

Stock-specific moves drove most of the action. Dr Reddy’s Laboratories was among the top gainers after investors reacted positively to updates linked to its Hyderabad biologics facility. FMCG stocks also attracted buying interest and helped support the broader market. On the other hand, Persistent Systems fell sharply after announcing an overseas acquisition, with investors worried about the deal’s valuation and integration risks.

Kotak Mahindra Bank also slipped after chief executive Ashok Vaswani said he would not seek another term after 2026. Analysts said the move was more of a sentiment-driven reaction than a reflection of the bank’s underlying strength.

Broader markets remained weak, with several sectoral indices ending in the red. Traders said investors are now waiting for fresh domestic triggers such as corporate earnings and macroeconomic data before taking larger positions.

Going ahead, market participants will closely track crude oil trends, foreign fund flows and global market cues. These factors are likely to decide whether Indian equities can extend their recent gains or continue moving in a narrow range in the coming sessions.

Also Read: BYJU’S lenders eye 30% Aakash stake settlement