ED Investigates ₹65 Crore Mithi River Fraud

Benchmark indices in India faced a decline for the second consecutive session on July 10, with the Nifty closing below 25,400 as concerns over US tariffs and TCS earnings loomed large. The Sensex fell by 345.80 points, and most sectors, except metal and realty, ended lower. Key stocks like Bharti Airtel and HDFC Life experienced significant losses, while others like IndusInd Bank and Maruti Suzuki saw gains. Analysts predict continued bearish sentiment, with critical support levels at 25,250–25,200, highlighting a cautious outlook for upcoming trading sessions.

Amidst initial panic over President Trump's tariffs, optimism is returning as business confidence grows and stock markets soar. However, the recently passed One Big Beautiful Bill (BBB) raises concerns. While it extends tax cuts, it also threatens economic stability with a high budget deficit and cuts to social programs. Critics warn this approach neglects long-term sustainability and may worsen health insurance access for millions. The bill's passage reflects deeper dysfunction in governance, leaving question marks over the future of America's economic resilience.

Glen Industries, based in Kolkata, has seen an overwhelming response for its IPO, which closed with a staggering 242.32 times subscription on July 10. The company raised Rs 63.02 crore by offering 64.96 lakh shares at Rs 97 each. Investors across categories, especially non-institutional ones, significantly boosted subscriptions. The IPO will fund a new manufacturing facility in Jamalpur, West Bengal, enhancing its food packaging services. With equity shares available for trading on BSE SME from July 15, Glen Industries is poised for growth.

The Indian government has introduced tax-saving bonds through the Indian Renewable Energy Development Agency (IREDA) to promote renewable energy projects. Effective from July 9, 2025, these bonds will allow investors to enjoy capital gains tax exemptions, making them an attractive option for those looking to save on taxes while supporting sustainable energy initiatives. The funds raised will directly support renewable projects without government aid, enhancing financial discipline. This move is expected to accelerate India's shift towards achieving its ambitious renewable energy targets by 2030.

Gold prices in India saw a slight decline on July 7, with 24 carat gold priced at ₹98,993 and 22 carat gold at ₹90,763 for 10 grams. Major cities like Delhi and Bengaluru recorded the highest and lowest prices, respectively. The drop in gold rates was influenced by a decrease in international gold prices, driven by positive trade agreement news from the US. As demand for gold weakens, the market is watching closely for live updates on future price changes.

Nvidia has made history as the first public company to surpass a $4 trillion valuation, driven by the explosive growth of artificial intelligence. Shares soared to over $164 from just $14 at the beginning of 2023. Founded in 1993, Nvidia has seen rapid growth, now outperforming tech giants like Microsoft and Apple. In its latest quarter, the company reported a staggering profit of $18.8 billion, fueled by an incredible 69% revenue increase to $44.1 billion. With Wall Street anticipating another record quarter, Nvidia's success underlines the AI boom's impact on the market.

Hindustan Unilever has appointed Priya Nair as the new managing director and CEO, succeeding Rohit Jawa, who will step down on July 31 after 37 years with the company. Priya Nair, who has been with HUL since 1995, brings extensive experience in sales and marketing across various sectors, including beauty, wellbeing, and personal care. Her appointment marks a significant moment for HUL, as she becomes one of the few women to lead a major corporation in India, inspiring future generations and showcasing the potential of women in leadership.

Nikhil Kamath, the billionaire co-founder of Zerodha, has invested between ₹4-5 crore in Cafe Amudham, a rapidly expanding chain of South Indian restaurants in Bengaluru and Delhi. Founded in 2022 by Priyanka Rudrappa, Cafe Amudham now boasts eight outlets and aims to grow quickly, positioning itself as a competitor to the renowned Rameshwaram Cafe. Unlike Rameshwaram, which has a more traditional approach, Cafe Amudham operates similarly to fast-food chains, focusing on quick service and expansion across multiple cities. Kamath's interest in food investments continues with this strategic move.

A strong earthquake measuring 4.4 struck near Jhajjar in Haryana, sending tremors across Delhi-NCR on Thursday morning. At 9:04 am, residents rushed out of buildings in fear, though no casualties or damage were reported. The quake, occurring at a depth of 10 km, also affected Noida, Gurugram, Ghaziabad, and parts of Rajasthan and Uttar Pradesh. Eyewitnesses described the intensity as alarming, with items shaking in shops and homes. This event highlights the seismic activity in the region, classified as Zone IV, indicating that such tremors are not unusual for Delhi and its surroundings.

Elon Musk's AI startup xAI has launched Grok 4, claiming it's smarter than most graduate students. The new chatbot features enhanced voice conversations and outperforms competitors like OpenAI. However, Musk acknowledged its limitations, saying it may lack common sense and hasn't yet made groundbreaking discoveries. This launch follows controversy over Grok's previous posts, leading to a crackdown on hate speech. As xAI merges with X, Musk seeks funding to compete against tech giants, facing significant financial challenges.

Bajel Projects saw a 5% share price increase on July 9 after announcing a significant capacity expansion at its Ranjangaon facility. The investment of ₹170 crore will boost production from 40,500 MT to 1,10,000 MT per annum, aimed at meeting rising domestic and international demand. This expansion will be phased from FY26 to FY27. Additionally, the company recently secured major power contracts worth ₹300-400 crore and ₹100-200 crore, ensuring a strong position in the energy sector.

Meenal Baheti, former Head of Risk at Axis Mutual Fund, has agreed to pay Rs 19.50 lakh to settle a case with Sebi. She was found to have shared insider trading information with relatives, leading to suspicious trading patterns that matched those of Axis Mutual Fund. A thorough forensic audit revealed similarities in trades and extensive communication between her and her relatives. Sebi determined that Baheti violated regulations by passing on sensitive data, prompting a settlement application that was accepted in June 2025. This case highlights the importance of compliance and ethical conduct in the financial sector.

In a major leadership change, Apple has appointed Sabih Khan as the new Chief Operating Officer, succeeding Jeff Williams, a veteran with 27 years in the company. Khan, originally from Moradabad, Uttar Pradesh, has been a key player in Apple’s supply chain for over 30 years and is known for his strategic thinking. While Williams will continue to guide Apple’s design and health initiatives until his retirement, Khan's leadership promises to maintain Apple’s innovative edge, especially in manufacturing and global operations. His background in engineering and economics adds to his impressive credentials.

The Commission for Air Quality Management (CAQM) has postponed the ban on refuelling end-of-life (EoL) vehicles in Delhi, shifting the enforcement date from July 1 to November 1. This delay addresses concerns over technical issues and potential misuse at state borders. The ban will affect diesel vehicles older than 10 years and petrol vehicles older than 15 years, with a broader rollout planned for the National Capital Region in 2026. Delhi's Environment Minister raised concerns about operational challenges, including flaws in the automated number plate recognition system. The delay aims to ensure effective implementation and reduce air pollution.

SEBI is looking to relax rules for credit rating agencies (CRAs) in India, allowing them to engage in activities not regulated by it. This includes rating financial instruments overseen by other financial regulators, provided they follow specific guidelines. Agencies must create separate units for these activities, ensuring transparency and adherence to regulations. They need to maintain clear records and disclose non-SEBI-regulated activities on their websites. Stakeholders must be informed about the risks involved. SEBI is seeking public feedback on this proposal, aiming for a more flexible yet secure financial environment.

Peyush Bansal, the CEO of Lenskart, is negotiating a Rs 200 crore loan to boost his stake in the eyewear startup ahead of its IPO. With plans to acquire shares at a valuation of $1 billion, Bansal aims to increase his ownership from 4% to 6%. This move comes as Lenskart prepares for an IPO targeting a valuation of $10 billion. Despite recent losses of Rs 10 crore, the company has seen significant investment and growth. Bansal's strategy reflects a common trend among founders to buy shares before going public.

India's IPO market is booming, potentially adding $2-3 trillion in value over the next decade. Vishal Kampani from JM Financial highlights that local investors now hold more pricing power. With over $6 billion raised this year and significant upcoming IPOs from major players like Tata Capital and Phonepe, the market is thriving. This surge reflects confidence in India's growth potential, even as M&A activity rises. Kampani believes that deal-making will continue robustly as the economy expands, making India an exciting market for investors.

Gold prices continued their decline, hitting ₹97,015 for 10 grams of 24-carat gold as of Friday morning. The 22-carat gold rate stands at ₹89,238. Despite a slight increase, concerns over the US economy and the dollar's weakness are influencing prices. Additionally, US President Trump's tariff announcements could impact the market further. In India, gold rates vary by city, with Kolkata having the highest MCX prices. Investors should stay informed as global economic developments could affect future gold valuations.