India-Russia Trade to Deepen Amid US Pressure: Russian President Vladimir Putin is looking to significantly increase imports of agricultural products, medicinal products, and pharmaceuticals from India. Referring to the relationship as “special,” this move comes while the US, under President Donald Trump, is simultaneously pressuring New Delhi to halt its oil purchases from Moscow. Separately, Putin warned that the supply of US long-range missiles to Ukraine would “seriously damage relations” between Washington and Moscow, though he maintained it wouldn’t change the military situation.
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S&P Global Trims US Recession Risk to 30%: S&P Global Ratings is more optimistic about the US economy, reducing the probability of a recession starting in the next 12 months to below 30%, down from an earlier peak of 35%. Satyam Panday, the Chief US and Canada Economist at S&P Global, also projects the Federal Reserve will implement two more 25-basis-point rate cuts this year, with one in October and another in December.
Key Stock Market Movements:
- Sammaan Capital’s shares fell over 5% despite a recent rally, reacting to a landmark deal where the Abu Dhabi-based International Holding Company (IHC)—through its affiliate, Avenir Investment—will invest ₹8,850 crore (nearly $1 billion) to acquire a majority stake, marking a major entry into India’s financial services sector.
- V-Mart Retail shares jumped over 10% after the company reported a strong second quarter, with total revenue from operations rising 22% to ₹807 crore.
- TruAlt Bioenergy made its stock market debut at a 10% premium, opening at ₹545.4 per share compared to its issue price of ₹496.
- Alibaba’s US-listed shares have more than doubled this year, extending a $250 billion rally, as investors bet on the company’s prospects as China’s leading Artificial Intelligence trade.
Domestic India Highlights
Supreme Court Petitioned for Sonam Wangchuk’s Release: Climate activist Sonam Wangchuk’s wife, Gitanjali Angmo, has moved the Supreme Court to seek his release. Wangchuk was detained under the National Security Act (NSA) following violent protests in Ladakh that resulted in four deaths. The protests were demanding statehood and Sixth Schedule status for Ladakh, which would provide constitutional protection for the region’s land, culture, and governance.
RBI Proposes New Benefits for Zero Balance Accounts: The Reserve Bank of India (RBI) has proposed major changes to Basic Savings Bank Deposit (BSBD) accounts (zero balance accounts). The shift aims to provide customers with wider access, enhanced digital services, and stronger overall protection.
Weather Update: While Mumbai woke up to a sunny sky after days of heavy rain, the India Meteorological Department (IMD) forecasts light to moderate rain with gusty winds in parts of Uttar Pradesh, Bihar, and the Delhi-NCR region.
Do any of these stories pique your interest for a deeper dive, such as the details of the Sammaan Capital deal or the specifics of the Ladakh protest demands?
