Icra downgraded Utkarsh Small Finance Bank's debt ratings, citing elevated bad loans, weak earnings and rising stress in its microfinance portfolio. High credit costs, fresh slippages and lower operating profitability weighed on the lender despite improving collection efficiency.
Indian equities rallied as easing Middle East tensions pushed crude prices lower and dovish Fed remarks boosted sentiment. Sensex gained nearly 580 points, while analysts expect Q1 earnings, US jobs data and the India–Japan summit to guide market direction.
Indian markets advanced on easing crude prices and dovish Fed commentary, boosting risk appetite. Analysts recommend buying NDR Auto and Suven Life Sciences after bullish breakouts, while investors await US jobs data, the India–Japan summit and Q1FY27 earnings.
MacRitchie Investments is set to divest up to $200 million in PB Fintech, the parent company of Policybazaar and Paisabazaar. This move involves selling approximately 2.6% of the company's outstanding shares, with a floor price of 1,604 rupees per share, representing a slight discount. The transaction is anticipated to occur on July 3rd, with MacRitchie subject to a 60-day lock-up on its remaining stake.
Indian consumer demand shows surprising strength, with auto sales exceeding expectations across both traditional and electric vehicles. Exports, particularly in two-wheelers, are a key growth driver. Fund manager Sachin Relekar sees opportunities in auto OEMs with strong product cycles, ancillaries diversifying into new sectors, and companies benefiting from the energy transition and AI buildout. He remains bullish on financials but cautious on IT.
Adani Enterprises launched its qualified institutional placement to raise funds from institutional investors, fixing a floor price of Rs 3,034.68 per share. The issue follows board and shareholder approvals, with pricing to be finalised in consultation with lead managers.
US markets climbed after June hiring slowed more than expected, easing fears of further Fed tightening. The data pointed to a cooling but resilient labour market, lifting sentiment across sectors while prompting investors to reassess rate outlook and growth expectations.
Tata Motors reported a 46% rise in passenger vehicle sales for the June quarter, driven by strong demand and record EV sales. However, Jaguar Land Rover posted lower volumes due to supply disruptions, geopolitical challenges and the planned Jaguar model transition.
MF Performance
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