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L&T signs ₹18,600 cr Tamil Nadu investment deal

Engineering and infrastructure major Larsen & Toubro (L&T) has signed a memorandum of understanding (MoU) with the Tamil Nadu government to invest ₹18,600 crore in the state. The investment will support three major projects and is expected to generate more than 8,200 employment opportunities.

The agreement was signed in the presence of Chief Minister M.K. Stalin as part of the state’s efforts to attract large-scale industrial investments and strengthen economic growth. The projects will span multiple sectors and are aimed at boosting industrial development, infrastructure and manufacturing capabilities in Tamil Nadu.

According to officials, the proposed investments will be implemented in phases and are expected to contribute significantly to the state’s industrial ecosystem. The projects are likely to create both direct and indirect employment opportunities, benefiting local communities and supporting skill development initiatives.

L&T said the investment reflects its confidence in Tamil Nadu’s business environment, skilled workforce and strong infrastructure network. The company has a long-standing presence in the state and views Tamil Nadu as an important hub for its future expansion plans.

The state government highlighted that the agreement aligns with its broader strategy of attracting high-value investments, promoting industrialisation and creating jobs. Tamil Nadu has emerged as one of India’s leading investment destinations, drawing significant commitments across sectors such as manufacturing, electronics, renewable energy, automobiles and infrastructure.

The agreement marks one of the largest recent investment commitments in Tamil Nadu and underscores the state’s continued focus on industrial growth and employment generation. Both the government and L&T expressed confidence that the projects will contribute to long-term economic development and create substantial opportunities for businesses and workers across the region.

Officials said the new projects would help strengthen the state’s position as a major industrial and economic centre. The investments are also expected to support ancillary industries and encourage further private sector participation.

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India offers tax relief on foreign bond investors

India has abolished capital gains tax on certain foreign investments in government securities, a move aimed at attracting more overseas capital into the country’s debt market. The decision was announced through an ordinance and is expected to boost foreign investor participation in Indian government bonds.

The tax relief applies to foreign investors investing through the Fully Accessible Route (FAR), a mechanism that allows non-residents to invest in specified government securities without investment limits. The government hopes the measure will make Indian bonds more competitive compared to other emerging markets.

Officials said the move is part of a broader strategy to deepen India’s bond market and improve access to long-term foreign capital. The exemption removes a key concern for global investors, who had previously faced capital gains tax liabilities on profits earned from government securities.

The decision comes at a time when India is seeking to attract larger foreign portfolio investments following the inclusion of Indian government bonds in major global bond indices. Policymakers believe increased foreign participation will improve market liquidity, reduce borrowing costs and support economic growth.

Market experts welcomed the announcement, noting that tax clarity and lower investment costs could encourage greater inflows from global funds. They said the measure aligns India’s taxation framework more closely with international standards and could enhance the appeal of Indian debt instruments.

The exemption is also expected to support the Indian rupee by encouraging additional foreign currency inflows. Analysts believe stronger participation from overseas investors may help stabilize financial markets and strengthen India’s position as a preferred investment destination.

The government’s decision marks another step in integrating India’s financial markets with global capital markets while ensuring a steady flow of overseas investment into the country’s growing economy.

Industry participants said the reform reflects the government’s commitment to creating a more investor-friendly environment and developing India’s financial markets. With foreign interest in Indian bonds already rising, the latest tax relief could further accelerate investment activity.

Also Read: Rupee inches up 11 paise to 85.63 

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Rupee inches up 11 paise to 85.63

The Indian rupee strengthened on June 5 after the Reserve Bank of India (RBI) unveiled measures aimed at supporting the currency and attracting foreign investment. The move came alongside the central bank’s monetary policy announcement.

The rupee rose 11 paise to close at ₹85.63 against the US dollar, supported by RBI initiatives to encourage foreign capital inflows and improve liquidity in the foreign exchange market. Investors welcomed the measures, which are expected to strengthen confidence in India’s external sector.

Among the key announcements were steps to make investments in government securities more attractive for foreign investors and measures to facilitate additional dollar inflows into the country.

The RBI said the initiatives are aimed at reducing pressure on the rupee amid global economic uncertainty, volatile crude oil prices and fluctuating foreign fund flows. The currency has faced challenges in recent months due to external risks and geopolitical tensions.

RBI Governor Sanjay Malhotra said the central bank does not target any specific exchange rate but remains focused on preventing excessive volatility in the forex market. He reiterated that the rupee’s value will continue to be determined by market forces.

The central bank also cut the repo rate by 50 basis points to 5.50% and changed its policy stance to neutral. While announcing the policy, the RBI revised its inflation and growth projections for the current financial year.

Also Read: Sensex gains 50 points, Nifty holds above 23,400

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Gold falls to ₹1,56,100, Silver drops to ₹2,79,900

Gold and silver prices witnessed a mild decline in domestic markets on Friday as investors booked profits following a strong rally in recent sessions. Despite the pullback, market experts remain optimistic about the outlook for precious metals due to ongoing global uncertainties and strong safe-haven demand.

According to market data, gold prices fell by ₹10 to ₹1,56,100 per 10 grams in the national capital. Silver prices also declined by ₹100, with the metal trading at ₹2,79,900 per kilogram. The correction came after both metals recorded sharp gains earlier in the week amid heightened geopolitical concerns and expectations surrounding global interest rate trends.

Across major Indian cities, 24-carat gold continued to trade above ₹98,000 per 10 grams, while 22-carat gold remained above ₹90,000. Prices varied slightly depending on local taxes and demand conditions. Jewellery retailers reported steady consumer interest despite elevated prices, especially from buyers preparing for upcoming wedding and festive purchases.

Gold remains supported by uncertainty surrounding the global economy and geopolitical tensions in the Middle East. Investors continue to monitor developments related to the US-Iran situation, which has increased demand for safe-haven assets. At the same time, expectations that major central banks could move towards lower interest rates later this year have also strengthened sentiment for precious metals.

Market participants noted that while short-term profit booking may lead to occasional corrections, the broader trend for gold remains positive. International gold prices have stayed near record levels, supported by central bank purchases, a weaker dollar outlook and continued investor demand for defensive assets.

Silver, which often tracks gold’s movement, is also expected to remain supported due to strong industrial demand from sectors such as renewable energy, electric vehicles and electronics.

Also Read: Sensex gains 50 points, Nifty holds above 23,400

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Apple shares India financial data in CCI probe

Apple has agreed to provide financial details of its India operations to the Competition Commission of India (CCI), marking a significant development in a long-running antitrust investigation into the company’s App Store business practices. The decision is expected to help the regulator move the case closer to a final ruling.

The investigation began after complaints that Apple abused its dominant position in the market for app distribution on iPhones. The CCI’s probe examined Apple’s App Store policies, including its requirement that developers use the company’s in-app payment system for digital purchases. Critics argue that these rules limit competition and increase costs for app developers.

Apple has consistently denied any wrongdoing and has maintained that its App Store policies are designed to protect user privacy, security and the overall customer experience. The company had previously resisted sharing detailed financial information, arguing that legal issues related to India’s competition law needed to be resolved first.

However, following directions from the courts and repeated requests from the regulator, Apple has now agreed to submit India-specific financial data. The information is considered important because it will help the CCI assess the company’s revenues and determine any financial penalties if violations are ultimately established.

The case is being closely watched by technology companies, app developers and regulators around the world. India is one of Apple’s fastest-growing markets, and any decision could have implications for how digital platforms operate in the country

While the investigation is yet to reach its final stage, Apple’s agreement to provide the requested financial information removes a major hurdle and is expected to accelerate the regulator’s review.

Also Read: Cabinet clears ₹10,000 cr ATF support fund

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Cabinet clears ₹10,000 cr ATF support fund

The Union Cabinet has approved a ₹10,000-crore Aviation Turbine Fuel (ATF) Price Stabilisation Fund to protect Indian airlines from sharp increases in jet fuel prices triggered by geopolitical tensions in West Asia.

The decision comes as airlines face rising operating costs due to volatility in global crude oil markets. Aviation fuel is one of the biggest expenses for carriers and typically accounts for 35-40% of their operating costs. Recent concerns over supply disruptions and escalating tensions in the Middle East have pushed energy prices higher, increasing pressure on airline finances.

Under the new mechanism, the government will provide temporary financial support when ATF prices rise sharply beyond a predetermined threshold. The fund is designed to reduce the impact of sudden fuel price spikes and help airlines maintain operations without passing the entire burden on to passengers.

Officials said the measure aims to ensure stability in the aviation sector, which has witnessed strong growth in passenger traffic over the past few years. The fund is expected to benefit both full-service and low-cost carriers by providing a buffer against external shocks.

The government believes the initiative will support the long-term growth of India’s aviation sector while safeguarding connectivity and passenger demand. The fund is expected to become operational after detailed implementation guidelines are finalised.

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SEBI bars Rajesh Exports promoter

The Securities and Exchange Board of India (SEBI) has barred the promoter of Rajesh Exports from accessing the securities market after alleging large-scale misrepresentation of the company’s revenue figures.

In an interim order, SEBI said the Bengaluru-based gold exporter and jewellery manufacturer overstated its revenue by more than ₹15 lakh crore over multiple financial years. According to the regulator, the company reported sales transactions that lacked genuine economic substance, resulting in an inflated picture of its business operations and financial performance.

SEBI’s investigation found that a significant portion of the reported turnover came from transactions involving related entities and circular trading arrangements. The regulator said these transactions appeared to have been structured mainly to inflate reported revenues rather than reflect actual business activity.

The market watchdog stated that such disclosures may have misled investors, analysts and shareholders by portraying Rajesh Exports as a much larger business than it actually was. SEBI stressed that accurate financial reporting is essential for maintaining investor confidence and ensuring fair functioning of capital markets.

As part of the interim action, the promoter has been restrained from buying, selling or dealing in securities until further orders. SEBI has also launched a detailed investigation to examine the extent of the alleged violations and determine whether other individuals or entities were involved.

Rajesh Exports is one of India’s largest gold refining and jewellery companies and has often reported among the highest revenues in the corporate sector. Its turnover figures had frequently drawn attention because of their scale relative to the company’s profitability.

SEBI clarified that the interim order is based on preliminary findings and does not amount to a final determination of wrongdoing. The company and its promoter will have an opportunity to present their responses during the investigation.

The case has attracted significant attention due to the scale of the alleged revenue overstatement. Investors and market participants will closely monitor further developments as SEBI’s probe progresses and more details emerge about the company’s financial reporting practices.

Also Read: Gold falls to ₹1,56,210, silver trades at ₹2,79,900

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Gold falls to ₹1,56,210, silver trades at ₹2,79,900

Gold prices edged lower in the domestic bullion market on Thursday, while silver prices also witnessed a slight decline amid mixed global cues. According to market data, the price of 24-carat gold fell by ₹10 to ₹1,56,210 per 10 grams, while silver declined ₹100 to ₹2,79,900 per kilogram.

The price of 22-carat gold also recorded a marginal drop, with rates easing across major cities including Delhi, Mumbai, Kolkata and Chennai. Market participants said retail demand remained steady, though buyers continued to track price movements before making fresh purchases.

In the international market, gold prices found support from a weaker US dollar, which increased the appeal of the yellow metal among global investors. At the same time, hopes of easing tensions in the Middle East and softer crude oil prices influenced overall sentiment in commodity markets.

While gold continues to benefit from its status as a safe-haven asset, improving geopolitical conditions and reduced inflation concerns have capped significant gains. Silver, which is influenced by both investment demand and industrial consumption, also traded in a narrow range.

On the Multi Commodity Exchange (MCX), bullion futures remained largely stable, reflecting cautious investor sentiment. Traders are closely monitoring developments related to global economic growth, movements in the US dollar and geopolitical events for further direction in precious metal prices.

Despite the day’s marginal decline, gold continues to trade near record-high levels, supported by strong investment demand and global uncertainty. Silver, meanwhile, remains underpinned by its growing use in industrial sectors, particularly renewable energy and electronics.

Any major changes in monetary policy outlooks or geopolitical developments could impact the direction of gold and silver prices.

Also Read: Sensex dips beyond 100 points, Nifty slips below 23,400

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India’s tyre exports cross record ₹27,300 cr

India’s tyre industry has achieved a record-breaking export performance, with overseas shipments reaching ₹27,312 crore in FY26, reflecting a 9% increase over the previous year’s ₹25,057 crore. The achievement comes despite global trade uncertainties, rising logistics costs and higher tariffs imposed by the United States, one of the industry’s key export markets.

The United States remained the largest destination for Indian tyre exports, accounting for ₹4,082 crore, or 15% of total export value. However, the country’s share declined from 17% a year earlier after the US raised tariffs on Indian tyre imports from 25% to 50% in August 2025. The tariff increase made Indian products less competitive compared to those from several rival exporting nations.

Despite this setback, Indian manufacturers successfully expanded their presence in other international markets. Germany emerged as the second-largest export destination, followed by Italy, Brazil and France. Industry data shows Indian tyres are now exported to more than 170 countries, highlighting the sector’s growing global reach.

Industry body Automotive Tyre Manufacturers Association (ATMA) credited the strong performance to market diversification, improved competitiveness and sustained investments in manufacturing capacity. Over the past four to five years, tyre companies have invested nearly ₹30,000 crore in greenfield and brownfield expansion projects to boost production and strengthen export capabilities.

The industry also received some relief when the US reduced tariffs on most Indian goods to 18% in February 2026. Industry leaders believe the move could support export growth in the coming months and improve India’s competitiveness in the American market.

With an annual turnover of around ₹1 lakh crore, the tyre sector remains one of India’s leading manufacturing industries.

Also Read: South Korea tops India as World’s sixth-largest stock market

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OYO parent gets SEBI approval for ₹6,500 cr IPO

Oravel Stays Ltd, the parent company of hospitality and travel platform OYO, has received approval from the Securities and Exchange Board of India (SEBI) to launch its much-awaited initial public offering (IPO).

The company plans to raise around ₹6,500 crore through the public issue, marking a major step in its journey towards becoming a publicly listed company. The approval comes after multiple attempts by OYO to enter the stock market over the past few years.

According to reports, the IPO will include a fresh issue of shares as well as an offer-for-sale component. The funds raised are expected to be used for business expansion, debt reduction, technology investments and other corporate requirements.

Founded by entrepreneur Ritesh Agarwal in 2013, OYO has grown from a budget hotel aggregation platform into one of the world’s largest hospitality technology companies. The company operates hotels, homes and vacation rentals across several countries and has built a significant presence in India and international markets.

In recent years, OYO has focused on improving profitability, streamlining operations and strengthening its balance sheet. The company has reported better financial performance, supported by higher occupancy rates, stronger demand for travel and cost-control measures. These improvements are believed to have helped the company secure regulatory approval for its IPO plans.

The proposed public offering comes at a time when India’s primary market remains active, with investors showing interest in companies that have demonstrated a clear path to profitability. Market participants will closely watch OYO’s valuation, growth strategy and financial performance as details of the IPO emerge.

With SEBI’s approval now in hand, OYO is expected to move ahead with the next stages of the IPO process, including finalising issue details and launch timelines. The offering is likely to be among the most closely watched public issues in India’s startup ecosystem this year.

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